UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04791
AB MUNICIPAL INCOME FUND, INC.
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip code)
Stephen M. Woetzel
AllianceBernstein L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)
Registrants telephone number, including area code: (800) 221-5672
Date of fiscal year end: May 31, 2024
Date of reporting period: November 30, 2023
ITEM 1. | REPORTS TO STOCKHOLDERS. |
NOV 11.30.23
SEMI-ANNUAL REPORT
AB MUNICIPAL INCOME FUND
+ | AB CALIFORNIA PORTFOLIO |
+ | AB HIGH INCOME MUNICIPAL PORTFOLIO |
+ | AB NATIONAL PORTFOLIO |
+ | AB NEW YORK PORTFOLIO |
Investment Products Offered | Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed |
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
This shareholder report must be preceded or accompanied by the Funds prospectus for individuals who are not current shareholders of the Fund.
You may obtain a description of the Funds proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit ABs website at www.abfunds.com, or go to the Securities and Exchange Commissions (the Commission) website at www.sec.gov, or call AB at (800) 227 4618.
The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds Form N-PORT reports are available on the Commissions website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.
AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
FROM THE PRESIDENT |
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Dear Shareholder,
Were pleased to provide this report for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio (each a Portfolio, and collectively, the Portfolios). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios investment strategies.
As always, AB strives to keep clients ahead of whats next by:
+ | Transforming uncommon insights into uncommon knowledge with a global research scope |
+ | Navigating markets with seasoned investment experience and sophisticated solutions |
+ | Providing thoughtful investment insights and actionable ideas |
Whether youre an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.
ABs global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunitiesanywhere in the world.
For additional information about ABs range of products and shareholder resources, please log on to www.abfunds.com.
Thank you for your investment in the AB Mutual Funds.
Sincerely,
Onur Erzan
President and Chief Executive Officer, AB Mutual Funds
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SEMI-ANNUAL REPORT
January 24, 2024
This report provides managements discussion of fund performance for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio for the semi-annual reporting period ended November 30, 2023.
The investment objective of the California, National and New York Portfolios is to earn the highest level of current income, exempt from federal income taxand in the case of the California and New York Portfolios, state taxation of the respective statethat is available without assuming what the Adviser considers to be undue risk to principal or income. The investment objective of the High Income Municipal Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available, consistent with what the Adviser considers to be an appropriate level of risk.
NAV RETURNS AS OF NOVEMBER 30, 2023 (unaudited)
6 Months | 12 Months | |||||||
AB CALIFORNIA PORTFOLIO | ||||||||
Class A Shares | 1.76% | 4.14% | ||||||
Class C Shares | 1.47% | 3.36% | ||||||
Advisor Class Shares1 | 1.89% | 4.40% | ||||||
Bloomberg Municipal Bond Index | 2.29% | 4.28% |
6 Months | 12 Months | |||||||
AB HIGH INCOME MUNICIPAL PORTFOLIO | ||||||||
Class A Shares | -0.20% | 1.72% | ||||||
Class C Shares | -0.47% | 1.05% | ||||||
Advisor Class Shares1 | 0.03% | 2.07% | ||||||
Class Z Shares1 | -0.07% | 1.97% | ||||||
Bloomberg Municipal Bond Index | 2.29% | 4.28% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
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NAV RETURNS AS OF NOVEMBER 30, 2023 (unaudited)
6 Months | 12 Months | |||||||
AB NATIONAL PORTFOLIO | ||||||||
Class A Shares | 1.42% | 3.29% | ||||||
Class C Shares | 0.93% | 2.52% | ||||||
Advisor Class Shares1 | 1.55% | 3.55% | ||||||
Bloomberg Municipal Bond Index | 2.29% | 4.28% |
6 Months | 12 Months | |||||||
AB NEW YORK PORTFOLIO | ||||||||
Class A Shares | 0.76% | 2.65% | ||||||
Class C Shares | 0.38% | 1.99% | ||||||
Advisor Class Shares1 | 1.00% | 3.01% | ||||||
Bloomberg Municipal Bond Index | 2.29% | 4.28% |
1 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
INVESTMENT RESULTS
The preceding tables show performance for each Portfolio compared with its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended November 30, 2023.
During both periods, all share classes underperformed the benchmark with the exception of the Advisor Class Shares of the California Portfolio, which outperformed during the 12-month period, before sales charges. An overweight to municipal credit contributed, relative to the benchmark, for all Portfolios.
California Portfolio: For the six-month period, security selection detracted from performance, while the Portfolios overweight to credit and sector allocation contributed. For the 12-month period, security selection, sector allocation and the Portfolios overweight to credit all contributed to performance.
High Income Municipal Portfolio: While the benchmark is fully invested in investment-grade securities, the Portfolio invests in below-investment-grade securities, which detracted over both periods. For the six-month period, security selection, sector allocation and credit detracted from performance. Yield-curve positioning contributed to performance. For the 12-month period, security selection, sector allocation and credit detracted from performance. Yield-curve positioning contributed to performance.
National Portfolio: For the six-month period, security selection and sector allocation detracted from performance. Yield-curve positioning and an
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overweight to credit contributed to performance. For the 12-month period, security selection detracted from performance. Sector allocation, yield-curve positioning and an overweight to credit contributed to performance.
New York Portfolio: For the six-month period, security selection and sector allocation detracted from performance, while yield-curve positioning and an overweight to credit contributed. For the 12-month period, security selection detracted, while sector allocation, yield-curve positioning and an overweight to credit contributed to performance.
All Portfolios used derivatives in the form of inflation Consumer Price Index (CPI) swaps and interest rate swaps for hedging purposes. The National Municipal Portfolio used credit default swaps for hedging purposes, while the High Income Portfolio used credit default swaps for hedging and investment purposes. During both periods, CPI swaps had no material impact on absolute returns for all Portfolios. During the six-month period, interest rate swaps had no material impact on the New York Portfolio and detracted from the High Income Portfolio. During both periods for the National and California Portfolios and the 12-month period for the New York and High Income Portfolios, interest rate swaps contributed to performance. Credit default swaps had no material impact on the National and High Income Portfolios during either period. Municipal market data rate locks were used for hedging purposes, which had no material impact on the National Portfolio and added to absolute performance for the High Income Portfolio during both periods.
MARKET REVIEW AND INVESTMENT STRATEGY
For the six-month period ending November 30, 2023, the yield on a 10-Year AAA municipal bond rose modestly to 2.63% from 2.59% and the yield on the 10-Year US Treasury rose to 4.34% from 3.61%. After-tax spreads compressed across the curve, indicating municipals became more expensive relative to Treasuries. During this period, the market endured early performance headwinds, in which robust economic indicators, particularly a strong jobs print in September, led to concerns of the Fed elongating their tightening cycle. This roiled markets, giving back all the gains earned up to that point in the year. However, the market strongly rebounded with an impressive November rally, which was the highest monthly performance for the municipal market since the early 1980s.
The Portfolios Senior Investment Management Team continues to focus on real after-tax return by investing in municipal bonds that generate income exempt from federal income taxes.
The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. In the past, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond
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insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance companys rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline.
Portfolio | Insured Bonds1 | Pre-refunded/ ETM2/Insured Bonds1 |
||||||
California | 4.06% | 0.00% | ||||||
High Income Municipal | 1.66% | 0.00% | ||||||
National | 5.40% | 0.00% | ||||||
New York | 3.12% | 0.00% |
1 | Breakdowns expressed as a percentage of investments in municipal bonds. |
2 | Escrowed to maturity. |
INVESTMENT POLICIES
Each of the California, National and New York Portfolios pursues its objective by investing principally in high-yielding, predominantly investment-grade municipal securities. The High Income Municipal Portfolio pursues its objective by investing principally in high-yielding municipal securities that may be noninvestment grade or investment grade.
Each Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax for certain taxpayers. Each of the Portfolios that invests in a named state pursues its objective by investing at least 80% of its net assets in municipal securities issued by the named state or municipal securities with interest that is otherwise exempt from the named states income tax. The National Portfolio may invest 25% or more of its net assets in a single state.
The California, National and New York Portfolios may also invest in forward commitments; tender option bonds (TOBs); zero-coupon municipal securities; and variable-, floating- and inverse-floating-rate municipal securities; and derivatives, such as options, futures contracts, forwards and swaps.
The High Income Municipal Portfolio may invest without limit in lower-rated securities (junk bonds), which may include securities having
(continued on next page)
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the lowest rating, and in unrated securities that, in the Advisers judgment, would be lower-rated securities if rated. The Portfolio may invest in fixed-income securities with any maturity or duration. The Portfolio will seek to increase income for shareholders by investing in longer-maturity bonds. Consistent with its objective of seeking a higher level of income, the Portfolio may experience greater volatility and a higher risk of loss of principal than other municipal funds. The Portfolio may also invest in forward commitments; zero-coupon municipal securities and variable-, floating-and inverse-floating-rate municipal securities; and certain types of mortgage-related securities. The Portfolio may invest in derivatives, such as options, futures contracts, forwards and swaps. The Portfolio may make short sales of securities or maintain a short position and may use other investment techniques. The Portfolio may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.
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DISCLOSURES AND RISKS
Benchmark Disclosure
The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolios.
A Word About Risk
Market Risk: The value of the Portfolios assets will fluctuate as the bond market fluctuates. The value of the Portfolios investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.
Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.
Below Investment-Grade Securities Risk (High Income Municipal Portfolio): Investments in fixed-income securities with lower ratings (commonly known as junk bonds) have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.
Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Portfolios invest more of their assets in a particular states municipal securities, the Portfolios may be vulnerable to events adversely affecting that state,
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DISCLOSURES AND RISKS (continued)
including economic, political and regulatory occurrences, court decisions, terrorism public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires, flooding or earthquakes. The Portfolios investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the projects ability to make payments of principal and interest on these securities.
In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.
The Portfolios invest from time to time in the municipal securities of Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.
Tax Risk: There is no guarantee that the income on the Portfolios municipal securities will be exempt from regular federal, and if applicable, state income taxes. From time to time, the US government and the US Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolios by increasing taxes on that income. In such event, the Portfolios net asset value (NAV) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Portfolio shares as investors anticipate adverse effects on the Portfolios or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolios would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolios yield.
Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this
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DISCLOSURES AND RISKS (continued)
decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.
Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.
Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios assets can decline as can the value of the Portfolios distributions. This risk is significantly greater for fixed-income securities with longer maturities.
Leverage Risk (High Income Municipal Portfolio): To the extent the Portfolio uses leveraging techniques, such as TOBs, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolios investments.
Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolios. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Portfolios to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios.
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DISCLOSURES AND RISKS (continued)
Management Risk: The Portfolios are subject to management risk because they are actively managed investment funds. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
These risks are fully discussed in the Portfolios prospectus. As with all investments, you may lose money by investing in the Portfolios.
An Important Note About Historical Performance
The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.
All fees and expenses related to the operation of the Portfolios have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to their different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.
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HISTORICAL PERFORMANCE
AB CALIFORNIA PORTFOLIO
AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) |
SEC Yields1 | Taxable Equivalent Yields2 |
|||||||||||||
CLASS A SHARES | 3.49% | 6.19% | ||||||||||||||
1 Year | 4.14% | 0.98% | ||||||||||||||
5 Years | 1.81% | 1.18% | ||||||||||||||
10 Years | 2.65% | 2.34% | ||||||||||||||
CLASS C SHARES | 2.87% | 5.09% | ||||||||||||||
1 Year | 3.36% | 2.36% | ||||||||||||||
5 Years | 1.04% | 1.04% | ||||||||||||||
10 Years3 | 1.89% | 1.89% | ||||||||||||||
ADVISOR CLASS SHARES4 | 3.85% | 6.83% | ||||||||||||||
1 Year | 4.40% | 4.40% | ||||||||||||||
5 Years | 2.06% | 2.06% | ||||||||||||||
10 Years | 2.92% | 2.92% |
The Portfolios current prospectus fee table shows the Portfolios total annual operating expense ratios as 0.78%, 1.53% and 0.53% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolios total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2024, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.
1 | SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2023. |
2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
3 | Assumes conversion of Class C shares into Class A shares after eight years. |
4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
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HISTORICAL PERFORMANCE (continued)
AB CALIFORNIA PORTFOLIO
SEC AVERAGE ANNUAL RETURNS AS OF THE MOST RECENT CALENDAR QUARTER-END DECEMBER 31, 2023 (unaudited)
SEC Returns (reflects applicable sales charges) |
||||
CLASS A SHARES | ||||
1 Year | 3.42% | |||
5 Years | 1.53% | |||
10 Years | 2.63% | |||
CLASS C SHARES | ||||
1 Year | 4.86% | |||
5 Years | 1.41% | |||
10 Years1 | 2.19% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 6.92% | |||
5 Years | 2.41% | |||
10 Years | 3.20% |
1 | Assumes conversion of Class C shares into Class A shares after eight years. |
2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
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HISTORICAL PERFORMANCE
AB HIGH INCOME MUNICIPAL PORTFOLIO
AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) |
SEC Yields1 | Taxable Equivalent Yields2 |
|||||||||||||
CLASS A SHARES | 4.30% | 6.62% | ||||||||||||||
1 Year | 1.72% | -1.30% | ||||||||||||||
5 Years | 1.46% | 0.85% | ||||||||||||||
10 Years | 3.75% | 3.43% | ||||||||||||||
CLASS C SHARES | 3.71% | 5.71% | ||||||||||||||
1 Year | 1.05% | 0.07% | ||||||||||||||
5 Years | 0.70% | 0.70% | ||||||||||||||
10 Years3 | 2.98% | 2.98% | ||||||||||||||
ADVISOR CLASS SHARES4 | 4.68% | 7.20% | ||||||||||||||
1 Year | 2.07% | 2.07% | ||||||||||||||
5 Years | 1.72% | 1.72% | ||||||||||||||
10 Years | 4.03% | 4.03% | ||||||||||||||
CLASS Z SHARES4 | 4.69% | 7.22% | ||||||||||||||
1 Year | 1.97% | 1.97% | ||||||||||||||
5 Years | 1.71% | 1.71% | ||||||||||||||
Since Inception5 | 1.53% | 1.53% |
The Portfolios current prospectus fee table shows the Portfolios total annual operating expense ratios inclusive of interest expense as 1.16%, 1.90%, 0.90% and 0.91% for Class A, Class C, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolios total annual operating expenses to 1.15%, 1.90%, 0.90% and 0.90% for Class A, Class C and Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2024, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.
1 | SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2023. |
2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
3 | Assumes conversion of Class C shares into Class A shares after eight years. |
4 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
5 | Inception date: 9/28/2018. |
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HISTORICAL PERFORMANCE (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
SEC AVERAGE ANNUAL RETURNS AS OF THE MOST RECENT CALENDAR QUARTER-END DECEMBER 31, 2023 (unaudited)
SEC Returns (reflects applicable sales charges) |
||||
CLASS A SHARES | ||||
1 Year | 3.16% | |||
5 Years | 1.47% | |||
10 Years | 3.92% | |||
CLASS C SHARES | ||||
1 Year | 4.54% | |||
5 Years | 1.30% | |||
10 Years1 | 3.46% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 6.60% | |||
5 Years | 2.34% | |||
10 Years | 4.51% | |||
CLASS Z SHARES2 | ||||
1 Year | 6.60% | |||
5 Years | 2.36% | |||
Since Inception3 | 2.26% |
1 | Assumes conversion of Class C shares into Class A shares after eight years. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
3 | Inception date: 9/28/2018. |
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HISTORICAL PERFORMANCE
AB NATIONAL PORTFOLIO
AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) |
SEC Yields1 | Taxable Equivalent Yields2 |
|||||||||||||
CLASS A SHARES | 3.55% | 5.46% | ||||||||||||||
1 Year | 3.29% | 0.23% | ||||||||||||||
5 Years | 1.59% | 0.97% | ||||||||||||||
10 Years | 2.54% | 2.23% | ||||||||||||||
CLASS C SHARES | 2.93% | 4.51% | ||||||||||||||
1 Year | 2.52% | 1.52% | ||||||||||||||
5 Years | 0.81% | 0.81% | ||||||||||||||
10 Years3 | 1.77% | 1.77% | ||||||||||||||
ADVISOR CLASS SHARES4 | 3.90% | 6.00% | ||||||||||||||
1 Year | 3.55% | 3.55% | ||||||||||||||
5 Years | 1.84% | 1.84% | ||||||||||||||
10 Years | 2.80% | 2.80% |
The Portfolios current prospectus fee table shows the Portfolios total annual operating expense ratios as 0.80%, 1.55% and 0.55% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolios total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2024, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.
1 | SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2023. |
2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
3 | Assumes conversion of Class C shares into Class A shares after eight years. |
4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
abfunds.com | AB MUNICIPAL INCOME FUND | 15 |
HISTORICAL PERFORMANCE (continued)
AB NATIONAL PORTFOLIO
SEC AVERAGE ANNUAL RETURNS AS OF THE MOST RECENT CALENDAR QUARTER-END DECEMBER 31, 2023 (unaudited)
SEC Returns (reflects applicable sales charges) |
||||
CLASS A SHARES | ||||
1 Year | 2.88% | |||
5 Years | 1.28% | |||
10 Years | 2.53% | |||
CLASS C SHARES | ||||
1 Year | 4.25% | |||
5 Years | 1.16% | |||
10 Years1 | 2.08% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 6.30% | |||
5 Years | 2.15% | |||
10 Years | 3.10% |
1 | Assumes conversion of Class C shares into Class A shares after eight years. |
2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
16 | AB MUNICIPAL INCOME FUND |
abfunds.com |
HISTORICAL PERFORMANCE
AB NEW YORK PORTFOLIO
AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) |
SEC Yields1 | Taxable Equivalent Yields2 |
|||||||||||||
CLASS A SHARES | 3.53% | 6.10% | ||||||||||||||
1 Year | 2.65% | -0.41% | ||||||||||||||
5 Years | 1.35% | 0.73% | ||||||||||||||
10 Years | 2.22% | 1.91% | ||||||||||||||
CLASS C SHARES | 2.91% | 5.02% | ||||||||||||||
1 Year | 1.99% | 0.99% | ||||||||||||||
5 Years | 0.61% | 0.61% | ||||||||||||||
10 Years3 | 1.46% | 1.46% | ||||||||||||||
ADVISOR CLASS SHARES4 | 3.88% | 6.70% | ||||||||||||||
1 Year | 3.01% | 3.01% | ||||||||||||||
5 Years | 1.62% | 1.62% | ||||||||||||||
10 Years | 2.49% | 2.49% |
The Portfolios current prospectus fee table shows the Portfolios total annual operating expense ratios as 0.83%, 1.58% and 0.58% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolios total annual operating expenses to 0.76%, 1.50% and 0.51% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2024, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.
1 | SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2023. |
2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable. |
3 | Assumes conversion of Class C shares into Class A shares after eight years. |
4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
abfunds.com | AB MUNICIPAL INCOME FUND | 17 |
HISTORICAL PERFORMANCE (continued)
AB NEW YORK PORTFOLIO
SEC AVERAGE ANNUAL RETURNS AS OF THE MOST RECENT CALENDAR QUARTER-END DECEMBER 31, 2023 (unaudited)
SEC Returns (reflects applicable sales charges) |
||||
CLASS A SHARES | ||||
1 Year | 2.11% | |||
5 Years | 1.01% | |||
10 Years | 2.16% | |||
CLASS C SHARES | ||||
1 Year | 3.48% | |||
5 Years | 0.88% | |||
10 Years1 | 1.73% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 5.64% | |||
5 Years | 1.90% | |||
10 Years | 2.75% |
1 | Assumes conversion of Class C shares into Class A shares after eight years. |
2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios. |
18 | AB MUNICIPAL INCOME FUND |
abfunds.com |
EXPENSE EXAMPLE
(unaudited)
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolios actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolios actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
abfunds.com | AB MUNICIPAL INCOME FUND | 19 |
EXPENSE EXAMPLE (continued)
(unaudited)
AB California Portfolio
Beginning Account Value June 1, 2023 |
Ending Account Value November 30, 2023 |
Expenses Paid During Period* |
Annualized Expense Ratio* |
|||||||||||||
Class A | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,017.60 | $ | 3.78 | 0.75 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,021.25 | $ | 3.79 | 0.75 | % | ||||||||
Class C | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,014.70 | $ | 7.56 | 1.50 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,017.50 | $ | 7.57 | 1.50 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,018.90 | $ | 2.52 | 0.50 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,022.50 | $ | 2.53 | 0.50 | % |
AB High Income Municipal Portfolio
Beginning Account Value June 1, 2023 |
Ending Account Value November 30, 2023 |
Expenses Paid During Period* |
Annualized Expense Ratio* |
|||||||||||||
Class A | ||||||||||||||||
Actual |
$ | 1,000 | $ | 998.00 | $ | 5.94 | 1.19 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,019.05 | $ | 6.01 | 1.19 | % | ||||||||
Class C | ||||||||||||||||
Actual |
$ | 1,000 | $ | 995.30 | $ | 9.68 | 1.94 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,015.30 | $ | 9.77 | 1.94 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,000.30 | $ | 4.70 | 0.94 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,020.30 | $ | 4.75 | 0.94 | % | ||||||||
Class Z | ||||||||||||||||
Actual |
$ | 1,000 | $ | 999.30 | $ | 4.65 | 0.93 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,020.35 | $ | 4.70 | 0.93 | % |
AB National Portfolio
Beginning Account Value June 1, 2023 |
Ending Account Value November 30, 2023 |
Expenses Paid During Period* |
Annualized Expense Ratio* |
|||||||||||||
Class A | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,014.20 | $ | 3.78 | 0.75 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,021.25 | $ | 3.79 | 0.75 | % | ||||||||
Class C | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,009.30 | $ | 7.53 | 1.50 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,017.50 | $ | 7.57 | 1.50 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,015.50 | $ | 2.52 | 0.50 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,022.50 | $ | 2.53 | 0.50 | % |
20 | AB MUNICIPAL INCOME FUND |
abfunds.com |
EXPENSE EXAMPLE (continued)
(unaudited)
AB New York Portfolio
Beginning Account Value June 1, 2023 |
Ending Account Value November 30, 2023 |
Expenses Paid During Period* |
Annualized Expense Ratio* |
|||||||||||||
Class A | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,007.60 | $ | 3.76 | 0.75 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,021.25 | $ | 3.79 | 0.75 | % | ||||||||
Class C | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,003.80 | $ | 7.51 | 1.50 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,017.50 | $ | 7.57 | 1.50 | % | ||||||||
Advisor Class | ||||||||||||||||
Actual |
$ | 1,000 | $ | 1,010.00 | $ | 2.51 | 0.50 | % | ||||||||
Hypothetical** |
$ | 1,000 | $ | 1,022.50 | $ | 2.53 | 0.50 | % |
* | Expenses are equal to the classes annualized expense ratios(interest expense incurred), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
** | Assumes 5% annual return before expenses. |
abfunds.com | AB MUNICIPAL INCOME FUND | 21 |
BOND RATING SUMMARY1
November 30, 2023 (unaudited)
1 | The Portfolios quality rating breakdown is expressed as a percentage of the Portfolios total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see Portfolio of Investments section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings (S&P), Moodys Investors Services, Inc. (Moodys) and Fitch Ratings, Ltd. (Fitch). The Portfolio considers the credit ratings issued by S&P, Moodys and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuers financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments, such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
22 | AB MUNICIPAL INCOME FUND |
abfunds.com |
BOND RATING SUMMARY1 (continued)
November 30, 2023 (unaudited)
1 | The Portfolios quality rating breakdown is expressed as a percentage of the Portfolios total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see Portfolio of Investments section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings (S&P), Moodys Investors Services, Inc. (Moodys) and Fitch Ratings, Ltd. (Fitch). The Portfolio considers the credit ratings issued by S&P, Moodys and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuers financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments; such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
abfunds.com | AB MUNICIPAL INCOME FUND | 23 |
PORTFOLIO OF INVESTMENTS
AB CALIFORNIA PORTFOLIO
November 30, 2023 (unaudited)
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
MUNICIPAL OBLIGATIONS 95.7% |
||||||||
Long-Term Municipal Bonds 95.5% |
||||||||
California 90.9% |
||||||||
Alameda Corridor Transportation Authority |
$ | 17,955 | $ | 9,244,301 | ||||
Anaheim Housing & Public Improvements Authority |
5,000 | 4,106,798 | ||||||
5.00%, 10/01/2045 |
2,500 | 2,544,440 | ||||||
Bay Area Toll Authority |
2,500 | 2,494,426 | ||||||
3.60% (MUNIPSA + 0.30%), 04/01/2056(b) |
2,000 | 1,942,139 | ||||||
3.71% (MUNIPSA + 0.41%), 04/01/2056(b) |
10,000 | 9,650,995 | ||||||
Series 2023-F |
2,525 | 2,595,204 | ||||||
California Community Choice Financing Authority |
5,000 | 5,284,553 | ||||||
California Community Choice Financing Authority |
10,375 | 10,690,690 | ||||||
California Community Choice Financing Authority |
5,745 | 5,706,128 | ||||||
Series 2023 |
8,650 | 8,999,340 | ||||||
California Community Choice Financing Authority |
4,000 | 3,900,360 |
24 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2022-A |
$ | 3,675 | $ | 3,645,829 | ||||
Series 2023 |
12,500 | 13,077,851 | ||||||
5.194% (SOFR + 1.63%), 07/01/2053(b) |
5,000 | 5,017,681 | ||||||
5.234% (SOFR + 1.67%), 02/01/2054(b) |
5,000 | 5,012,986 | ||||||
California Community College Financing Authority |
3,600 | 3,636,458 | ||||||
5.25%, 05/01/2048 |
2,750 | 2,763,813 | ||||||
California Community Housing Agency |
1,000 | 806,825 | ||||||
California Community Housing Agency |
2,000 | 1,575,327 | ||||||
California Community Housing Agency |
500 | 325,707 | ||||||
California Community Housing Agency |
2,000 | 1,256,352 | ||||||
California County Tobacco Securitization Agency |
1,365 | 1,311,292 | ||||||
4.00%, 06/01/2049 |
12,155 | 10,931,930 | ||||||
California Earthquake Authority |
2,170 | 2,170,649 | ||||||
California Educational Facilities Authority |
2,100 | 2,150,729 | ||||||
5.50%, 10/01/2053 |
2,435 | 2,500,206 |
abfunds.com | AB MUNICIPAL INCOME FUND | 25 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California Educational Facilities Authority |
$ | 1,265 | $ | 1,304,166 | ||||
5.00%, 12/01/2044 |
6,885 | 6,971,096 | ||||||
California Educational Facilities Authority |
4,415 | 4,503,397 | ||||||
California Educational Facilities Authority |
4,000 | 4,066,762 | ||||||
California Educational Facilities Authority |
2,500 | 2,552,453 | ||||||
California Educational Facilities Authority |
2,000 | 2,061,180 | ||||||
Series 2023 |
3,230 | 3,182,480 | ||||||
California Enterprise Development Authority |
2,000 | 1,927,106 | ||||||
California Enterprise Development Authority |
1,000 | 784,990 | ||||||
California Enterprise Development Authority |
1,875 | 1,424,437 | ||||||
4.00%, 06/01/2061(c) |
840 | 605,917 | ||||||
California Health Facilities Financing Authority |
1,365 | 1,414,266 | ||||||
5.00%, 08/15/2036 |
3,000 | 3,094,383 | ||||||
5.00%, 08/15/2042 |
2,000 | 2,025,979 | ||||||
California Health Facilities Financing Authority |
5,165 | 5,150,746 |
26 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
4.00%, 04/01/2038 |
$ | 7,000 | $ | 6,946,351 | ||||
4.00%, 04/01/2040 |
3,000 | 2,926,266 | ||||||
California Health Facilities Financing Authority |
13,865 | 13,139,903 | ||||||
California Health Facilities Financing Authority |
10,000 | 11,905,096 | ||||||
California Infrastructure & Economic Development Bank |
6,300 | 6,252,720 | ||||||
California Infrastructure & Economic Development Bank |
17,215 | 17,170,695 | ||||||
8.00%, 01/01/2050(c) |
3,025 | 3,063,548 | ||||||
California Infrastructure & Economic Development Bank |
1,500 | 1,241,585 | ||||||
California Municipal Finance Authority |
1,900 | 1,918,965 | ||||||
5.00%, 06/01/2046 |
1,500 | 1,444,225 | ||||||
California Municipal Finance Authority |
2,960 | 2,915,063 | ||||||
5.00%, 04/01/2041 |
3,000 | 2,792,353 | ||||||
California Municipal Finance Authority |
565 | 589,238 | ||||||
5.00%, 10/01/2033 |
625 | 650,747 | ||||||
5.00%, 10/01/2034 |
570 | 592,231 |
abfunds.com | AB MUNICIPAL INCOME FUND | 27 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 10/01/2035 |
$ | 600 | $ | 621,471 | ||||
5.00%, 10/01/2036 |
1,150 | 1,184,906 | ||||||
5.00%, 10/01/2037 |
2,000 | 2,049,501 | ||||||
California Municipal Finance Authority |
1,340 | 1,164,594 | ||||||
4.00%, 10/01/2051 |
1,200 | 1,009,344 | ||||||
California Municipal Finance Authority |
3,470 | 3,528,774 | ||||||
5.00%, 05/15/2042 |
4,705 | 4,767,626 | ||||||
5.00%, 05/15/2049 |
4,500 | 4,509,044 | ||||||
5.00%, 05/15/2052 |
1,575 | 1,574,954 | ||||||
California Municipal Finance Authority |
1,000 | 937,523 | ||||||
California Municipal Finance Authority |
560 | 443,374 | ||||||
4.00%, 11/15/2052 |
3,605 | 2,593,257 | ||||||
4.00%, 11/15/2056 |
1,685 | 1,183,167 | ||||||
California Municipal Finance Authority |
1,295 | 990,817 | ||||||
California Municipal Finance Authority |
5,000 | 5,138,199 | ||||||
California Municipal Finance Authority |
5,000 | 4,392,010 | ||||||
5.00%, 12/31/2036 |
5,685 | 5,855,569 | ||||||
5.00%, 12/31/2037 |
4,000 | 4,096,514 | ||||||
5.00%, 12/31/2047 |
8,005 | 8,059,170 | ||||||
California Municipal Finance Authority |
10,000 | 10,604,029 |
28 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California Municipal Finance Authority |
$ | 2,745 | $ | 54,900 | ||||
California Pollution Control Financing Authority |
||||||||
Series 2023 |
2,000 | 2,120,153 | ||||||
5.00%, 07/01/2038(c) |
1,000 | 1,040,093 | ||||||
California Pollution Control Financing Authority |
2,200 | 836,000 | ||||||
California Pollution Control Financing Authority |
8,740 | 8,920,108 | ||||||
5.00%, 11/21/2045(c) |
8,000 | 8,060,264 | ||||||
California Public Finance Authority |
2,000 | 2,093,512 | ||||||
California Public Finance Authority |
2,500 | 2,380,492 | ||||||
California Public Finance Authority |
1,000 | 1,019,278 | ||||||
California School Finance Authority |
1,500 | 1,475,023 | ||||||
5.00%, 06/01/2053(c) |
3,800 | 3,697,300 | ||||||
California School Finance Authority |
2,750 | 2,505,355 |
abfunds.com | AB MUNICIPAL INCOME FUND | 29 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California School Finance Authority |
$ | 4,675 | $ | 4,648,245 | ||||
Series 2016 |
2,500 | 2,502,527 | ||||||
California School Finance Authority |
2,000 | 1,951,113 | ||||||
California School Finance Authority |
1,200 | 1,162,236 | ||||||
5.00%, 06/01/2047(c) |
1,565 | 1,409,510 | ||||||
California School Finance Authority |
3,000 | 2,885,006 | ||||||
Series 2021 |
1,250 | 1,038,477 | ||||||
Series 2022 |
2,000 | 1,878,080 | ||||||
California School Finance Authority |
2,325 | 2,167,491 | ||||||
5.00%, 06/01/2051(c) |
2,910 | 2,658,904 | ||||||
California School Finance Authority |
430 | 406,963 | ||||||
California School Finance Authority |
4,770 | 4,616,107 | ||||||
California School Finance Authority |
625 | 566,168 | ||||||
California School Finance Authority |
1,000 | 999,494 |
30 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2022 |
$ | 750 | $ | 780,833 | ||||
5.75%, 08/01/2052(c) |
1,650 | 1,728,168 | ||||||
California School Finance Authority |
1,860 | 1,822,461 | ||||||
5.25%, 07/01/2052(c) |
2,755 | 2,675,525 | ||||||
5.375%, 07/01/2056(c) |
1,990 | 1,955,364 | ||||||
5.50%, 07/01/2062(c) |
1,775 | 1,760,859 | ||||||
California School Finance Authority |
935 | 955,724 | ||||||
5.00%, 07/01/2047(c) |
2,735 | 2,742,666 | ||||||
Series 2019-A
|
2,000 | 2,003,434 | ||||||
Series 2020-A
|
835 | 688,398 | ||||||
California School Finance Authority |
1,200 | 1,205,970 | ||||||
California School Finance Authority |
2,300 | 2,342,372 | ||||||
California School Finance Authority |
550 | 549,956 | ||||||
5.50%, 08/01/2047(c) |
525 | 515,420 | ||||||
California School Finance Authority |
1,000 | 1,002,556 | ||||||
5.00%, 06/01/2046(c) |
2,500 | 2,373,784 | ||||||
Series 2017 |
700 | 673,643 | ||||||
Series 2017-G
|
360 | 360,424 | ||||||
5.00%, 06/01/2053(c) |
2,075 | 1,924,432 |
abfunds.com | AB MUNICIPAL INCOME FUND | 31 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California School Finance Authority |
$ | 575 | $ | 576,165 | ||||
6.00%, 10/01/2049 |
715 | 712,137 | ||||||
California State Public Works Board |
2,000 | 2,043,552 | ||||||
California State University |
1,500 | 1,277,520 | ||||||
Series 2021-B |
6,000 | 4,570,061 | ||||||
California Statewide Communities Development Authority |
9,000 | 9,483,990 | ||||||
AGM Series 2014 |
2,000 | 2,037,530 | ||||||
California Statewide Communities Development Authority |
1,135 | 1,146,980 | ||||||
California Statewide Communities Development
Authority |
1,000 | 1,023,147 | ||||||
5.00%, 05/15/2035 |
1,410 | 1,439,464 | ||||||
5.00%, 05/15/2036 |
1,500 | 1,525,580 | ||||||
California Statewide Communities Development Authority |
1,000 | 1,081,593 | ||||||
California Statewide Communities Development Authority |
2,000 | 2,172,910 |
32 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California Statewide Communities Development Authority |
$ | 1,000 | $ | 993,575 | ||||
Series 2019 |
3,165 | 2,835,031 | ||||||
California Statewide Communities Development Authority |
5,000 | 5,057,383 | ||||||
5.25%, 12/01/2056(c) |
1,700 | 1,648,189 | ||||||
California Statewide Communities Development Authority |
2,295 | 2,298,194 | ||||||
5.25%, 07/01/2049(c) |
2,675 | 2,580,089 | ||||||
5.25%, 07/01/2052(c) |
1,565 | 1,500,194 | ||||||
Capistrano Unified School District School Facilities Improvement District No. 1 |
3,050 | 2,850,765 | ||||||
Cerritos Community College District |
2,230 | 2,235,439 | ||||||
City & County of San Francisco CA |
3,520 | 3,616,477 | ||||||
City of Atwater CA Wastewater Revenue |
1,000 | 1,043,628 | ||||||
5.00%, 05/01/2043 |
1,000 | 1,038,316 | ||||||
City of Fairfield CA |
3,700 | 2,402,786 | ||||||
City of Fremont CA Community Facilities District No. 1 |
4,000 | 4,034,549 |
abfunds.com | AB MUNICIPAL INCOME FUND | 33 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
City of Irvine CA |
$ | 650 | $ | 653,268 | ||||
5.00%, 09/02/2029 |
1,110 | 1,115,523 | ||||||
City of Irvine CA |
2,400 | 2,459,310 | ||||||
5.00%, 09/01/2048 |
4,250 | 4,326,963 | ||||||
City of Long Beach CA Marina System Revenue |
1,100 | 1,113,006 | ||||||
5.00%, 05/15/2040 |
2,250 | 2,267,265 | ||||||
5.00%, 05/15/2045 |
2,250 | 2,259,792 | ||||||
City of Los Angeles CA |
30,000 | 30,331,788 | ||||||
City of Los Angeles CA Wastewater System Revenue |
5,000 | 5,002,275 | ||||||
City of Los Angeles Department of Airports |
1,325 | 1,352,678 | ||||||
Series 2022 |
2,000 | 1,530,744 | ||||||
5.00%, 05/15/2045 |
1,500 | 1,573,298 | ||||||
City of Palo Alto CA |
1,685 | 1,693,139 | ||||||
5.00%, 09/02/2028 |
530 | 532,714 | ||||||
5.00%, 09/02/2030 |
745 | 748,632 | ||||||
City of Riverside CA Sewer Revenue |
10,090 | 10,381,606 | ||||||
City of Roseville CA |
1,315 | 1,365,344 |
34 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 09/01/2034 |
$ | 1,000 | $ | 1,036,927 | ||||
City of Roseville CA |
640 | 651,601 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue |
4,840 | 3,530,632 | ||||||
City of San Jose CA Airport Revenue |
1,100 | 1,138,819 | ||||||
5.00%, 03/01/2034 |
2,000 | 2,069,055 | ||||||
5.00%, 03/01/2035 |
3,500 | 3,614,853 | ||||||
5.00%, 03/01/2037 |
1,800 | 1,845,061 | ||||||
City of Upland CA |
1,000 | 1,046,689 | ||||||
5.00%, 01/01/2047 |
3,895 | 3,943,155 | ||||||
CMFA Special Finance Agency |
2,000 | 1,453,128 | ||||||
CMFA Special Finance Agency |
2,000 | 1,293,371 | ||||||
CMFA Special Finance Agency |
3,000 | 2,424,986 | ||||||
CMFA Special Finance Agency VII |
1,000 | 633,509 | ||||||
CMFA Special Finance Agency VIII Elan Huntington Beach |
4,000 | 2,507,887 |
abfunds.com | AB MUNICIPAL INCOME FUND | 35 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Coast Community College District |
$ | 850 | $ | 777,378 | ||||
3.00%, 08/01/2037 |
940 | 840,526 | ||||||
3.00%, 08/01/2038 |
2,175 | 1,911,746 | ||||||
Compton Community Redevelopment Agency Successor Agency |
3,500 | 3,929,390 | ||||||
Contra Costa Community College District |
2,100 | 2,107,434 | ||||||
County of Los Angeles CA |
17,000 | 17,198,499 | ||||||
County of Los Angeles CA Community Facilities District
No. 2021-01 |
2,750 | 2,774,539 | ||||||
5.00%, 09/01/2052 |
2,500 | 2,505,824 | ||||||
County of Sacramento CA |
990 | 1,003,463 | ||||||
5.00%, 09/01/2045 |
1,250 | 1,260,298 | ||||||
County of Sacramento CA Airport System Revenue |
1,755 | 1,821,688 | ||||||
CSCDA Community Improvement Authority |
4,000 | 2,638,354 | ||||||
CSCDA Community Improvement Authority |
1,000 | 679,810 | ||||||
CSCDA Community Improvement Authority |
3,000 | 2,208,274 |
36 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
CSCDA Community Improvement Authority |
$ | 5,000 | $ | 3,566,862 | ||||
CSCDA Community Improvement Authority |
1,000 | 787,607 | ||||||
CSCDA Community Improvement Authority |
1,000 | 667,380 | ||||||
CSCDA Community Improvement Authority |
1,000 | 655,203 | ||||||
4.00%, 07/01/2058(c) |
1,000 | 659,441 | ||||||
CSCDA Community Improvement Authority |
2,500 | 1,731,397 | ||||||
CSCDA Community Improvement Authority |
1,000 | 648,961 | ||||||
4.00%, 12/01/2056(c) |
1,000 | 690,390 | ||||||
CSCDA Community Improvement Authority |
2,000 | 1,325,387 | ||||||
CSCDA Community Improvement Authority |
1,645 | 778,693 |
abfunds.com | AB MUNICIPAL INCOME FUND | 37 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
CSCDA Community Improvement Authority |
$ | 2,400 | $ | 1,698,147 | ||||
CSCDA Community Improvement Authority |
1,000 | 637,413 | ||||||
4.00%, 10/01/2048(c) |
3,000 | 2,064,853 | ||||||
CSCDA Community Improvement Authority |
1,500 | 975,455 | ||||||
Elk Grove Unified School District |
1,675 | 1,675,000 | ||||||
Foothill-Eastern Transportation Corridor Agency |
1,500 | 1,446,432 | ||||||
Fremont Union High School District |
1,000 | 1,101,299 | ||||||
5.00%, 08/01/2032(g) |
1,000 | 1,151,916 | ||||||
5.00%, 08/01/2034(g) |
1,850 | 2,166,113 | ||||||
5.00%, 08/01/2035(g) |
1,170 | 1,364,029 | ||||||
Golden State Tobacco Securitization Corp. |
2,500 | 2,749,719 | ||||||
Series 2021 |
5,000 | 3,813,250 | ||||||
3.85%, 06/01/2050 |
4,455 | 4,111,941 | ||||||
Series 2021-B |
10,000 | 1,039,193 | ||||||
Series 2022 |
10,000 | 10,259,016 | ||||||
Golden State Tobacco Securitization Corp. |
3,175 | 2,555,817 |
38 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Hastings Campus Housing Finance Authority |
$ | 5,000 | $ | 4,421,230 | ||||
Irvine Facilities Financing Authority |
1,300 | 378,996 | ||||||
Zero Coupon, 09/01/2050 |
1,250 | 345,986 | ||||||
Irvine Unified School District |
995 | 1,015,586 | ||||||
Lake Elsinore Public Financing Authority |
2,690 | 2,741,104 | ||||||
5.00%, 09/01/2035 |
1,835 | 1,861,651 | ||||||
Long Beach Bond Finance Authority |
1,175 | 1,187,658 | ||||||
5.50%, 11/15/2037 |
2,000 | 2,219,070 | ||||||
Los Angeles County Public Works Financing Authority |
5,500 | 5,612,259 | ||||||
Los Angeles Department of Water & Power |
12,610 | 14,267,756 | ||||||
Los Angeles Department of Water & Power Water System Revenue |
1,250 | 1,371,474 | ||||||
Series 2022-C |
8,750 | 9,775,400 | ||||||
Los Angeles Unified School District/CA |
2,000 | 2,049,099 | ||||||
Series 2020-C |
6,000 | 6,209,261 | ||||||
M-S-R Energy
Authority |
2,000 | 2,456,999 |
abfunds.com | AB MUNICIPAL INCOME FUND | 39 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2009-B |
$ | 10,000 | $ | 12,284,993 | ||||
Menifee Union School District |
1,000 | 1,031,186 | ||||||
5.00%, 09/01/2048 |
1,215 | 1,242,199 | ||||||
Metropolitan Water District of Southern California |
2,100 | 2,096,286 | ||||||
Oakland Unified School District/Alameda County |
1,640 | 1,697,609 | ||||||
5.00%, 08/01/2032 |
1,500 | 1,552,691 | ||||||
5.00%, 08/01/2033 |
2,200 | 2,277,281 | ||||||
Orange County Water District |
1,250 | 1,314,520 | ||||||
Oxnard Financing Authority |
5,250 | 5,288,487 | ||||||
Palomar Health |
1,285 | 1,349,687 | ||||||
Peralta Community College District |
1,330 | 1,347,529 | ||||||
Port of Oakland |
4,640 | 4,721,140 | ||||||
Poway Unified School District Public Financing Authority |
1,500 | 1,531,270 | ||||||
5.00%, 09/01/2034 |
995 | 1,015,599 | ||||||
Redding Joint Powers Financing Authority |
1,350 | 1,404,212 | ||||||
Regents of the University of California Medical Center Pooled Revenue |
10,000 | 11,249,545 |
40 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Rialto Redevelopment Agency |
$ | 500 | $ | 542,553 | ||||
5.00%, 09/01/2033 |
500 | 540,733 | ||||||
5.00%, 09/01/2037 |
2,235 | 2,370,401 | ||||||
River Islands Public Financing Authority |
5,200 | 4,981,232 | ||||||
Riverside County Transportation Commission |
3,330 | 3,211,008 | ||||||
4.00%, 06/01/2041 |
1,765 | 1,687,586 | ||||||
Sacramento County Water Financing Authority |
1,430 | 1,318,881 | ||||||
4.37% (LIBOR 3 Month + 0.57%), 06/01/2039(b) |
5,375 | 4,590,993 | ||||||
San Diego County Regional Airport Authority |
2,000 | 2,031,552 | ||||||
Series 2020 |
650 | 697,368 | ||||||
5.00%, 07/01/2036 |
500 | 532,684 | ||||||
5.00%, 07/01/2037 |
250 | 264,126 | ||||||
5.00%, 07/01/2038 |
250 | 262,053 | ||||||
5.00%, 07/01/2039 |
255 | 266,216 | ||||||
5.00%, 07/01/2040 |
250 | 260,143 | ||||||
Series 2021-A |
8,750 | 8,294,525 | ||||||
Series 2021-B |
3,010 | 2,909,806 | ||||||
Series 2023 |
11,000 | 11,373,237 | ||||||
San Diego Unified School District |
10,000 | 11,015,088 | ||||||
San Diego Unified School District/CA |
2,000 | 1,961,457 |
abfunds.com | AB MUNICIPAL INCOME FUND | 41 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
San Francisco City & County Redevelopment Agency Successor Agency |
$ | 1,310 | $ | 1,315,668 | ||||
San Francisco City & County Redevelopment Agency Successor Agency |
1,000 | 1,051,285 | ||||||
5.00%, 08/01/2035 |
1,000 | 1,048,095 | ||||||
Series 2016-C |
1,000 | 1,051,978 | ||||||
5.00%, 08/01/2035 |
1,000 | 1,048,095 | ||||||
San Francisco Intl Airport |
2,000 | 2,038,037 | ||||||
Series 2022-C |
3,000 | 2,408,719 | ||||||
Series 2023-E |
5,350 | 5,964,543 | ||||||
Santa Clara Valley Water District Safe Clean Water Revenue |
1,210 | 1,327,871 | ||||||
Sierra Joint Community College District School Facilities District No. 2 |
5,485 | 4,102,074 | ||||||
Southern California Public Power Authority |
5,000 | 5,041,433 | ||||||
5.00%, 07/01/2034 |
3,200 | 3,224,149 | ||||||
State of California |
5 | 5,008 | ||||||
Series 2017 |
5,790 | 5,888,960 |
42 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2018 |
$ | 2,000 | $ | 1,827,251 | ||||
Series 2019 |
3,950 | 4,093,388 | ||||||
5.00%, 04/01/2037 |
2,500 | 2,508,746 | ||||||
Series 2021 |
3,000 | 3,046,191 | ||||||
Series 2022 |
7,000 | 7,241,270 | ||||||
5.00%, 09/01/2042 |
7,000 | 7,845,087 | ||||||
Series 2023 |
1,000 | 1,127,597 | ||||||
5.25%, 10/01/2050 |
5,000 | 5,602,905 | ||||||
5.25%, 09/01/2053 |
20,000 | 22,431,144 | ||||||
6.00%, 03/01/2033 |
4,000 | 4,208,512 | ||||||
Stockton Redevelopment Agency Successor Agency |
2,800 | 2,929,916 | ||||||
5.00%, 09/01/2034 |
1,000 | 1,044,032 | ||||||
Successor Agency to the Redev of San Francisco Mission Bay North |
1,025 | 1,078,278 | ||||||
5.00%, 08/01/2034 |
1,105 | 1,160,335 | ||||||
5.00%, 08/01/2035 |
595 | 623,616 | ||||||
5.00%, 08/01/2036 |
775 | 809,572 | ||||||
Tobacco Securitization Authority of Northern California |
10,000 | 1,493,048 | ||||||
5.00%, 06/01/2024 |
1,250 | 1,259,535 | ||||||
Tobacco Securitization Authority of Southern California |
1,000 | 1,044,680 | ||||||
5.00%, 06/01/2048 |
9,350 | 9,500,525 | ||||||
Transbay Joint Powers Authority |
1,000 | 1,024,164 | ||||||
5.00%, 10/01/2045 |
2,000 | 2,024,345 |
abfunds.com | AB MUNICIPAL INCOME FUND | 43 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 10/01/2049 |
$ | 2,200 | $ | 2,211,269 | ||||
University of California |
5,600 | 5,362,340 | ||||||
5.00%, 05/15/2025 |
2,610 | 2,694,389 | ||||||
5.00%, 05/15/2035 |
5,000 | 5,972,477 | ||||||
5.00%, 05/15/2036 |
5,000 | 5,909,836 | ||||||
Upland Unified School District |
1,020 | 677,607 | ||||||
Walnut Energy Center Authority |
4,000 | 4,038,620 | ||||||
5.00%, 01/01/2032 |
3,700 | 3,735,512 | ||||||
Washington Township Health Care District |
2,000 | 2,043,222 | ||||||
5.00%, 07/01/2033 |
1,500 | 1,531,613 | ||||||
Series 2023-B |
1,750 | 1,913,409 | ||||||
AGM Series 2023-B |
1,225 | 1,247,208 | ||||||
|
|
|||||||
968,127,342 | ||||||||
|
|
|||||||
American Samoa 0.2% |
||||||||
American Samoa Economic Development Authority |
430 | 446,140 | ||||||
Series 2018 |
1,385 | 1,500,818 | ||||||
|
|
|||||||
1,946,958 | ||||||||
|
|
|||||||
Georgia 0.1% |
||||||||
Municipal Electric Authority of Georgia |
100 | 103,422 | ||||||
5.00%, 01/01/2038 |
100 | 102,734 | ||||||
5.00%, 01/01/2039 |
100 | 103,101 | ||||||
5.00%, 01/01/2056 |
655 | 660,613 | ||||||
|
|
|||||||
969,870 | ||||||||
|
|
|||||||
Guam 1.8% |
||||||||
Antonio B Won Pat International Airport Authority |
1,190 | 919,484 |
44 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2023 |
$ | 250 | $ | 241,659 | ||||
5.375%, 10/01/2043 |
1,050 | 1,010,285 | ||||||
Guam Government Waterworks Authority |
1,335 | 1,342,485 | ||||||
Guam Power Authority |
2,940 | 3,020,858 | ||||||
5.00%, 10/01/2037 |
1,300 | 1,328,494 | ||||||
Series 2022-A |
3,700 | 3,764,255 | ||||||
Territory of Guam |
240 | 245,488 | ||||||
Territory of Guam |
3,805 | 3,902,348 | ||||||
5.00%, 12/01/2030 |
415 | 424,862 | ||||||
5.00%, 12/01/2032 |
455 | 465,960 | ||||||
Territory of Guam |
3,000 | 2,718,194 | ||||||
|
|
|||||||
19,384,372 | ||||||||
|
|
|||||||
Louisiana 0.0% |
||||||||
Parish of St. James LA |
200 | 215,039 | ||||||
|
|
|||||||
Michigan 0.0% |
||||||||
City of Detroit MI |
305 | 313,375 | ||||||
|
|
|||||||
Puerto Rico 2.0% |
| |||||||
Commonwealth of Puerto Rico |
217 | 211,893 | ||||||
Zero Coupon, 07/01/2033 |
1,238 | 753,274 | ||||||
4.00%, 07/01/2033 |
410 | 382,385 | ||||||
4.00%, 07/01/2035 |
9 | 7,989 | ||||||
4.00%, 07/01/2046 |
11 | 8,798 | ||||||
5.375%, 07/01/2025 |
521 | 529,798 | ||||||
5.625%, 07/01/2029 |
500 | 528,453 |
abfunds.com | AB MUNICIPAL INCOME FUND | 45 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2022-C |
$ | 60 | $ | 31,170 | ||||
HTA TRRB Custodial Trust |
1,020 | 994,304 | ||||||
5.25%, 07/01/2036 |
1,070 | 1,074,230 | ||||||
5.25%, 07/01/2041 |
725 | 707,741 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority |
2,490 | 2,517,703 | ||||||
5.00%, 07/01/2035(c) |
1,945 | 1,955,735 | ||||||
Series 2022-A
|
250 | 249,981 | ||||||
Puerto Rico Electric Power Authority |
1,000 | 990,730 | ||||||
NATL Series 2007-V |
1,000 | 988,823 | ||||||
5.25%, 07/01/2034 |
1,000 | 991,163 | ||||||
Puerto Rico Highway & Transportation Authority |
1,505 | 1,486,188 | ||||||
Series 2022-B |
805 | 521,178 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
1,900 | 1,330,000 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
847 | 668,883 | ||||||
Series 2019-A |
1,065 | 1,008,074 | ||||||
4.55%, 07/01/2040 |
90 | 87,451 | ||||||
5.00%, 07/01/2058 |
2,900 | 2,811,781 | ||||||
|
|
|||||||
20,837,725 | ||||||||
|
|
|||||||
Tennessee 0.1% |
| |||||||
Bristol Industrial Development Board |
1,010 | 899,075 | ||||||
|
|
46 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Texas 0.2% |
||||||||
Mission Economic Development Corp. |
$ | 1,805 | $ | 1,750,128 | ||||
|
|
|||||||
Washington 0.0% |
||||||||
Washington State Housing Finance Commission |
130 | 101,365 | ||||||
5.00%, 01/01/2049(c) |
100 | 75,090 | ||||||
5.00%, 01/01/2055(c) |
410 | 297,431 | ||||||
|
|
|||||||
473,886 | ||||||||
|
|
|||||||
Wisconsin 0.2% |
||||||||
Wisconsin Health & Educational Facilities
Authority |
115 | 85,141 | ||||||
Wisconsin Public Finance Authority |
2,000 | 1,708,320 | ||||||
|
|
|||||||
1,793,461 | ||||||||
|
|
|||||||
Total Long-Term Municipal Bonds |
1,016,711,231 | |||||||
|
|
|||||||
Short-Term Municipal Notes 0.2% |
||||||||
California 0.2% |
||||||||
Calleguas-Las Virgenes Public Financing Authority |
2,260 | 2,260,000 | ||||||
|
|
|||||||
Total Municipal Obligations |
1,018,971,231 | |||||||
|
|
|||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES 2.7% |
||||||||
Agency CMBS 0.4% |
||||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
3,624 | 2,684,475 |
abfunds.com | AB MUNICIPAL INCOME FUND | 47 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2022-ML13, Class ACA |
$ | 1,951 | $ | 1,646,810 | ||||
Series 2022-ML13, Class XCA |
5,463 | 307,911 | ||||||
|
|
|||||||
4,639,196 | ||||||||
|
|
|||||||
Non-Agency Fixed Rate CMBS 2.3% |
||||||||
California Housing Finance Agency |
7,716 | 7,671,060 | ||||||
Series 2021-1, Class A |
7,057 | 6,558,522 | ||||||
Series 2021-2, Class A |
6,323 | 5,978,612 | ||||||
Series 2021-2, Class X |
2,918 | 143,661 | ||||||
Series 2021-3, Class A |
1,939 | 1,779,279 | ||||||
Series 2021-3, Class X |
2,569 | 133,900 | ||||||
Series 2023-1, Class A |
1,993 | 1,927,201 | ||||||
City of Fort Wayne IN
|
47 | 5 | ||||||
|
|
|||||||
24,192,240 | ||||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities |
28,831,436 | |||||||
|
|
|||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS 0.7% |
||||||||
Investment Companies 0.7% |
||||||||
AB Fixed Income Shares, Inc. Government Money Market Portfolio Class AB, 5.25%(k)(l)(m) |
7,021,825 | 7,021,825 | ||||||
|
|
|||||||
Total Investments 99.1% |
1,054,824,492 | |||||||
Other assets less liabilities 0.9% |
9,759,769 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 1,064,584,261 | ||||||
|
|
48 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)
Rate Type | ||||||||||||||||||||||||||
Notional |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Paid/ |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
USD |
6,350 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 608,866 | $ | 0 | | $ | 608,866 | ||||||||||||||
USD |
3,340 | 01/15/2025 | 4.028% | CPI# | Maturity | 116,615 | 0 | | 116,615 | |||||||||||||||||
USD |
3,175 | 01/15/2025 | 2.585% | CPI# | Maturity | 301,841 | 0 | | 301,841 | |||||||||||||||||
USD |
3,175 | 01/15/2025 | 2.613% | CPI# | Maturity | 298,275 | 0 | | 298,275 | |||||||||||||||||
USD |
37,160 | 01/15/2027 | CPI# | 3.336% | Maturity | (1,548,853 | ) | 0 | | (1,548,853 | ) | |||||||||||||||
USD |
10,000 | 01/15/2027 | CPI# | 3.466% | Maturity | (335,854 | ) | (8,508 | ) | (327,346 | ) | |||||||||||||||
USD |
20,520 | 01/15/2028 | 1.230% | CPI# | Maturity | 3,622,038 | 0 | | 3,622,038 | |||||||||||||||||
USD |
16,260 | 01/15/2028 | 0.735% | CPI# | Maturity | 3,453,892 | 0 | | 3,453,892 | |||||||||||||||||
USD |
16,830 | 01/15/2029 | CPI# | 3.735% | Maturity | 160,676 | 0 | | 160,676 | |||||||||||||||||
USD |
3,150 | 01/15/2029 | CPI# | 3.408% | Maturity | (55,882 | ) | 0 | | (55,882 | ) | |||||||||||||||
USD |
6,300 | 01/15/2030 | 1.572% | CPI# | Maturity | 1,045,145 | 0 | | 1,045,145 | |||||||||||||||||
USD |
6,300 | 01/15/2030 | 1.587% | CPI# | Maturity | 1,036,598 | 0 | | 1,036,598 | |||||||||||||||||
USD |
655 | 01/15/2030 | 1.714% | CPI# | Maturity | 100,203 | 0 | | 100,203 | |||||||||||||||||
USD |
655 | 01/15/2030 | 1.731% | CPI# | Maturity | 99,183 | 0 | | 99,183 | |||||||||||||||||
USD |
6,200 | 01/15/2031 | 2.782% | CPI# | Maturity | 392,738 | 0 | | 392,738 | |||||||||||||||||
USD |
5,700 | 01/15/2031 | 2.680% | CPI# | Maturity | 417,066 | 0 | | 417,066 | |||||||||||||||||
USD |
5,120 | 01/15/2032 | CPI# | 3.064% | Maturity | (158,158 | ) | 0 | | (158,158 | ) | |||||||||||||||
USD |
5,250 | 04/15/2032 | CPI# | 2.909% | Maturity | (230,203 | ) | 0 | | (230,203 | ) | |||||||||||||||
USD |
1,120 | 04/15/2032 | CPI# | 2.748% | Maturity | (67,960 | ) | 0 | | (67,960 | ) | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
$ | 9,256,226 | $ | (8,508 | ) | $ | 9,264,734 | ||||||||||||||||||||
|
|
|
|
|
|
# | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)
Rate Type | ||||||||||||||||||||||||||
Notional |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Paid/ |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
USD |
14,000 | 01/15/2027 | 1 Day SOFR |
2.719% | Annual | $ | (887,442 | ) | $ | 0 | | $ | (887,442 | ) | ||||||||||||
USD |
20,900 | 07/31/2030 | 1 Day SOFR |
4.016% | Annual | (35,898 | ) | 0 | | (35,898 | ) | |||||||||||||||
USD |
17,700 | 07/31/2030 | 1 Day SOFR |
4.030% | Annual | (1,277 | ) | 0 | | (1,277 | ) | |||||||||||||||
USD |
11,800 | 07/31/2030 | 1 Day SOFR |
3.897% | Annual | (96,316 | ) | 0 | | (96,316 | ) | |||||||||||||||
USD |
29,000 | 04/15/2032 | 3.120% | 1 Day SOFR |
Annual | 2,139,987 | 0 | | 2,139,987 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
$ | 1,119,054 | $ | 0 | | $ | 1,119,054 | ||||||||||||||||||||
|
|
|
|
|
|
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 | 12,620 | 10/09/2029 | 1.125 | % | SIFMA | * | Quarterly | $ | 1,309,016 | $ | 0 | | $ | 1,309,016 |
* | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
abfunds.com | AB MUNICIPAL INCOME FUND | 49 |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
(a) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2023. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2023. |
(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 November 30, 2023, the aggregate market value of these securities amounted to $183,970,360 or 17.3% of net assets. |
(d) | Non-income producing security. |
(e) | Defaulted. |
(f) | Restricted and illiquid security. |
Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||||
California Municipal Finance Authority |
12/22/2011 | $ | 2,745,000 | $ | 54,900 | 0.01 | % |
(g) | When-Issued or delayed delivery security. |
(h) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.16% of net assets as of November 30, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||||
Wisconsin Public Finance Authority |
08/03/2021 | $ | 2,000,000 | $ | 1,708,320 | 0.16 | % |
(i) | 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. |
(j) | IO Interest Only. |
(k) | Affiliated investments. |
(l) | The rate shown represents the 7-day yield as of period end. |
(m) | To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618. |
As of November 30, 2023, the Portfolios percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.1% and 0.0%, respectively.
50 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB CALIFORNIA PORTFOLIO
Glossary:
AGC Assured Guaranty Corporation
AGM Assured Guaranty Municipal
BAM Build American Mutual
CMBS Commercial Mortgage-Backed Securities
COP Certificate of Participation
DOT Department of Transportation
ETM Escrowed to Maturity
MUNIPSA SIFMA Municipal Swap Index
NATL National Interstate Corporation
SOFR Secured Overnight Financing Rate
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 51 |
PORTFOLIO OF INVESTMENTS
AB HIGH INCOME MUNICIPAL PORTFOLIO
November 30, 2023 (unaudited)
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
MUNICIPAL OBLIGATIONS 103.6% |
||||||||
Long-Term Municipal Bonds 103.6% |
||||||||
Alabama 4.1% |
||||||||
Black Belt Energy Gas District |
$ | 10,000 | $ | 10,712,414 | ||||
Series 2023-D |
10,000 | 10,070,338 | ||||||
Black Belt Energy Gas District |
10,000 | 10,214,911 | ||||||
Black Belt Energy Gas District |
10,000 | 9,594,829 | ||||||
Black Belt Energy Gas District |
10,000 | 10,606,645 | ||||||
County of Jefferson AL Sewer Revenue |
18,565 | 19,507,278 | ||||||
Southeast Energy Authority A Cooperative District |
1,000 | 1,023,770 | ||||||
Southeast Energy Authority A Cooperative District |
10,000 | 10,358,448 | ||||||
Southeast Energy Authority A Cooperative District |
10,000 | 10,429,791 | ||||||
Southeast Energy Authority A Cooperative District |
20,000 | 20,886,434 |
52 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Sumter County Industrial Development Authority/AL |
$ | 9,490 | $ | 4,547,868 | ||||
|
|
|||||||
117,952,726 | ||||||||
|
|
|||||||
American Samoa 0.3% |
||||||||
American Samoa Economic Development Authority |
7,095 | 7,361,307 | ||||||
|
|
|||||||
Arizona 2.0% |
||||||||
Arizona Industrial Development Authority |
1,885 | 1,659,873 | ||||||
Arizona Industrial Development Authority |
1,000 | 920,233 | ||||||
Arizona Industrial Development Authority |
10,000 | 8,305,090 | ||||||
Arizona Industrial Development Authority |
2,230 | 1,874,642 | ||||||
Arizona Industrial Development Authority |
2,000 | 1,611,507 | ||||||
Arizona Industrial Development Authority |
10,420 | 625,200 | ||||||
Series 2021-A
|
480 | 28,800 | ||||||
6.00%, 07/01/2051(d)(e)(f) |
3,000 | 180,000 |
abfunds.com | AB MUNICIPAL INCOME FUND | 53 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Arizona Industrial Development Authority |
$ | 1,000 | $ | 774,205 | ||||
Glendale Industrial Development Authority |
2,865 | 2,383,508 | ||||||
Industrial Development Authority of the City of Phoenix Arizona (The) |
1,000 | 994,752 | ||||||
Industrial Development Authority of the City of Phoenix Arizona (The) |
10,690 | 10,244,459 | ||||||
Industrial Development Authority of the County of Pima (The) |
5,000 | 4,589,750 | ||||||
5.00%, 07/01/2055(c) |
1,000 | 844,848 | ||||||
Industrial Development Authority of the County of Pima (The) |
3,250 | 3,286,752 | ||||||
6.875%, 11/15/2052(c) |
2,000 | 2,008,496 | ||||||
7.00%, 11/15/2057(c) |
1,000 | 1,009,191 | ||||||
Maricopa County Industrial Development Authority |
2,000 | 2,056,120 | ||||||
Series 2018-A
|
5,170 | 5,186,077 | ||||||
Maricopa County Industrial Development Authority |
6,725 | 5,628,596 |
54 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Maricopa County Industrial Development Authority |
$ | 1,000 | $ | 907,568 | ||||
Maricopa County Industrial Development Authority |
1,375 | 1,355,771 | ||||||
Sierra Vista Industrial Development Authority |
1,810 | 1,757,149 | ||||||
Tempe Industrial Development Authority |
1,225 | 698,217 | ||||||
|
|
|||||||
58,930,804 | ||||||||
|
|
|||||||
Arkansas 0.6% |
||||||||
Arkansas Development Finance Authority |
2,700 | 2,775,023 | ||||||
12.00%, 07/01/2048(c) |
13,000 | 13,491,222 | ||||||
Arkansas Development Finance Authority |
2,300 | 2,225,267 | ||||||
|
|
|||||||
18,491,512 | ||||||||
|
|
|||||||
California 10.7% |
||||||||
ARC70 II TRUST |
3,000 | 2,468,041 | ||||||
Series 2023 |
19,755 | 19,491,011 | ||||||
California Community Choice Financing Authority |
10,000 | 10,569,107 |
abfunds.com | AB MUNICIPAL INCOME FUND | 55 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California Community Choice Financing Authority |
$ | 16,020 | $ | 16,507,457 | ||||
California Community Choice Financing Authority |
10,000 | 10,035,362 | ||||||
California Community Housing Agency |
5,200 | 4,195,490 | ||||||
California Community Housing Agency |
13,500 | 10,633,459 | ||||||
California Community Housing Agency |
11,070 | 7,211,151 | ||||||
4.00%, 08/01/2046(c) |
3,325 | 2,641,811 | ||||||
California Community Housing Agency |
5,000 | 3,140,880 | ||||||
California Community Housing Agency |
32,000 | 1,620,653 | ||||||
5.50%, 02/01/2040(c) |
2,000 | 1,805,275 | ||||||
Series 2022-A
|
6,000 | 4,761,434 | ||||||
California County Tobacco Securitization Agency |
22,000 | 3,612,459 |
56 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California Enterprise Development Authority |
$ | 1,000 | $ | 963,553 | ||||
California Infrastructure & Economic Development Bank |
1,000 | 52,475 | ||||||
Series 2021-A1
|
1,990 | 1,512,341 | ||||||
California Municipal Finance Authority |
2,000 | 1,969,637 | ||||||
California Municipal Finance Authority |
870 | 843,061 | ||||||
6.875%, 01/01/2042(c) |
3,415 | 3,183,791 | ||||||
Series 2014 |
1,050 | 880,015 | ||||||
5.25%, 01/01/2045 |
2,025 | 1,549,347 | ||||||
California Municipal Finance Authority |
3,000 | 3,027,318 | ||||||
California Municipal Finance Authority |
3,795 | 75,900 | ||||||
California Pollution Control Financing Authority |
8,595 | 8,504,439 | ||||||
California Pollution Control Financing Authority |
515 | 195,700 | ||||||
California Public Finance Authority |
1,000 | 953,201 |
abfunds.com | AB MUNICIPAL INCOME FUND | 57 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 11/15/2046(c) |
$ | 1,000 | $ | 875,096 | ||||
5.00%, 11/15/2051(c) |
1,000 | 856,833 | ||||||
5.00%, 11/15/2056(c) |
1,000 | 838,388 | ||||||
California Public Finance Authority |
200 | 209,772 | ||||||
California School Finance Authority |
3,790 | 3,248,032 | ||||||
California School Finance Authority |
3,500 | 3,460,425 | ||||||
5.00%, 07/01/2051(c) |
1,750 | 1,701,117 | ||||||
California School Finance Authority |
1,165 | 1,020,782 | ||||||
California School Finance Authority |
1,000 | 932,254 | ||||||
California School Finance Authority |
2,850 | 2,853,387 | ||||||
California Statewide Communities Development Authority |
5,575 | 5,467,097 | ||||||
Series 2018 |
6,080 | 6,126,055 | ||||||
California Statewide Communities Development Authority |
1,000 | 958,591 | ||||||
CMFA Special Finance Agency |
10,000 | 7,265,639 |
58 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
CMFA Special Finance Agency |
$ | 6,550 | $ | 4,235,789 | ||||
CMFA Special Finance Agency |
5,000 | 4,041,642 | ||||||
CMFA Special Finance Agency VIII Elan Huntington Beach |
6,800 | 4,263,408 | ||||||
4.00%, 08/01/2047(c) |
2,905 | 2,251,927 | ||||||
CSCDA Community Improvement Authority |
7,500 | 5,051,684 | ||||||
4.00%, 05/01/2057(c) |
10,000 | 6,798,097 | ||||||
CSCDA Community Improvement Authority |
3,275 | 2,160,153 | ||||||
CSCDA Community Improvement Authority |
5,000 | 4,019,855 | ||||||
CSCDA Community Improvement Authority |
7,500 | 5,350,292 | ||||||
CSCDA Community Improvement Authority |
10,000 | 7,876,070 | ||||||
CSCDA Community Improvement Authority |
3,105 | 2,072,214 |
abfunds.com | AB MUNICIPAL INCOME FUND | 59 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
CSCDA Community Improvement Authority |
$ | 5,800 | $ | 3,800,179 | ||||
4.00%, 07/01/2058(c) |
7,360 | 4,853,484 | ||||||
CSCDA Community Improvement Authority |
3,100 | 2,146,933 | ||||||
CSCDA Community Improvement Authority |
5,500 | 3,490,290 | ||||||
CSCDA Community Improvement Authority |
2,000 | 1,297,922 | ||||||
4.00%, 12/01/2056(c) |
9,600 | 6,627,740 | ||||||
CSCDA Community Improvement Authority |
1,000 | 662,693 | ||||||
CSCDA Community Improvement Authority |
5,000 | 3,684,653 | ||||||
Series 2021-A2
|
10,000 | 7,075,613 | ||||||
CSCDA Community Improvement Authority |
2,500 | 1,625,757 | ||||||
Golden State Tobacco Securitization Corp. |
74,625 | 7,754,978 | ||||||
Hastings Campus Housing Finance Authority |
16,525 | 13,730,740 |
60 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
San Diego Unified School District/CA |
$ | 10,000 | $ | 9,807,283 | ||||
San Joaquin Hills Transportation Corridor Agency |
5,518 | 5,468,239 | ||||||
Southern California Logistics Airport Authority |
3,600 | 3,626,897 | ||||||
State of California |
10,000 | 11,215,572 | ||||||
Tobacco Securitization Authority of Northern California |
3,250 | 485,241 | ||||||
Tobacco Securitization Authority of Southern California |
6,520 | 1,218,360 | ||||||
5.00%, 06/01/2039 |
680 | 705,571 | ||||||
Tobacco Securitization Authority of Southern California |
5,465 | 1,066,127 | ||||||
University of California |
10,000 | 11,218,935 | ||||||
|
|
|||||||
307,902,174 | ||||||||
|
|
|||||||
Colorado 3.5% |
| |||||||
Aurora Highlands Community Authority Board |
10,000 | 8,915,654 | ||||||
Broadway Station Metropolitan District No. 3 |
749 | 638,819 | ||||||
5.00%, 12/01/2049 |
1,750 | 1,337,011 |
abfunds.com | AB MUNICIPAL INCOME FUND | 61 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Centerra Metropolitan District No. 1 |
$ | 5,730 | $ | 5,431,451 | ||||
Series 2022 |
1,000 | 1,002,770 | ||||||
City & County of Denver CO Airport System Revenue |
10,000 | 10,154,626 | ||||||
Clear Creek Station Metropolitan District No. 2 |
1,000 | 921,753 | ||||||
Colorado Educational & Cultural Facilities Authority |
1,100 | 866,280 | ||||||
4.00%, 05/01/2061 |
1,250 | 936,764 | ||||||
Colorado Educational & Cultural Facilities Authority |
1,500 | 1,095,380 | ||||||
Colorado Educational & Cultural Facilities Authority |
890 | 845,047 | ||||||
5.125%, 11/01/2049 |
765 | 720,207 | ||||||
Colorado Health Facilities Authority |
2,200 | 2,366,007 | ||||||
5.25%, 11/01/2039(b) |
2,600 | 2,779,510 | ||||||
5.25%, 01/11/2052(b) |
5,000 | 5,155,980 | ||||||
Colorado Health Facilities Authority |
10,000 | 10,536,127 | ||||||
Colorado Health Facilities Authority |
2,000 | 1,248,757 |
62 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Colorado Health Facilities Authority |
$ | 1,750 | $ | 1,381,737 | ||||
Colorado Health Facilities Authority |
735 | 714,491 | ||||||
Colorado Health Facilities Authority |
1,175 | 943,683 | ||||||
Colorado Health Facilities Authority |
1,750 | 1,175,014 | ||||||
Douglas County Housing Partnership |
10,000 | 7,245,855 | ||||||
Four Corners Business Improvement District |
1,000 | 904,503 | ||||||
Johnstown Plaza Metropolitan District |
9,363 | 7,438,442 | ||||||
Longs Peak Metropolitan District |
2,000 | 1,659,249 | ||||||
Meridian Ranch Metropolitan District 2018 Subdistrict |
1,500 | 1,459,136 | ||||||
Platte River Metropolitan District |
1,200 | 1,211,716 | ||||||
Plaza Metropolitan District No. 1 |
1,000 | 940,931 | ||||||
Pueblo Urban Renewal Authority |
3,810 | 2,590,800 |
abfunds.com | AB MUNICIPAL INCOME FUND | 63 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Riverwalk Metropolitan District No. 2 |
$ | 3,000 | $ | 2,681,590 | ||||
5.00%, 12/01/2052 |
1,000 | 849,150 | ||||||
Sagebrush Farm Metropolitan District No. 1 |
1,500 | 1,460,408 | ||||||
Spring Hill Metropolitan District No. 3 |
2,000 | 2,012,130 | ||||||
STC Metropolitan District No. 2 |
1,060 | 977,620 | ||||||
Sterling Ranch Community Authority Board |
2,000 | 2,041,555 | ||||||
6.75%, 12/01/2053 |
3,000 | 3,061,804 | ||||||
Series 2023 |
1,000 | 986,897 | ||||||
Vauxmont Metropolitan District |
185 | 146,648 | ||||||
AGM Series 2020 |
195 | 208,550 | ||||||
5.00%, 12/01/2030 |
270 | 296,970 | ||||||
5.00%, 12/01/2050 |
205 | 212,530 | ||||||
Verve Metropolitan District No. 1 |
1,000 | 923,431 | ||||||
6.75%, 12/01/2052 |
1,000 | 925,067 | ||||||
|
|
|||||||
99,402,050 | ||||||||
|
|
|||||||
Connecticut 0.1% |
| |||||||
Connecticut State Health & Educational Facilities Authority |
500 | 494,912 | ||||||
4.00%, 07/01/2037 |
800 | 786,548 | ||||||
Town of Hamden CT |
1,000 | 1,007,926 | ||||||
|
|
|||||||
2,289,386 | ||||||||
|
|
64 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
District of Columbia 0.9% |
| |||||||
District of Columbia |
$ | 3,070 | $ | 3,059,000 | ||||
5.00%, 06/01/2046 |
635 | 617,903 | ||||||
District of Columbia |
1,000 | 1,013,865 | ||||||
5.00%, 07/01/2048 |
5,800 | 5,836,024 | ||||||
District of Columbia |
1,425 | 1,314,981 | ||||||
Series 2021 |
1,000 | 824,823 | ||||||
District of Columbia Tobacco Settlement Financing Corp. |
140,500 | 13,154,409 | ||||||
|
|
|||||||
25,821,005 | ||||||||
|
|
|||||||
Florida 5.8% |
| |||||||
Alachua County Health Facilities Authority |
2,400 | 1,939,645 | ||||||
4.00%, 10/01/2046 |
1,750 | 1,312,558 | ||||||
Align Affordable Housing Bond Fund LP |
15,000 | 12,874,740 | ||||||
Bexley Community Development District |
2,050 | 1,833,622 | ||||||
Brevard County Health Facilities Authority |
2,320 | 2,414,750 | ||||||
5.00%, 04/01/2029 |
2,560 | 2,727,660 | ||||||
5.00%, 04/01/2031 |
2,825 | 3,062,016 | ||||||
5.00%, 04/01/2033 |
3,110 | 3,423,274 | ||||||
5.00%, 04/01/2038 |
3,435 | 3,663,012 |
abfunds.com | AB MUNICIPAL INCOME FUND | 65 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Cape Coral Health Facilities Authority |
$ | 1,550 | $ | 1,046,776 | ||||
Capital Projects Finance Authority/FL |
3,000 | 3,066,199 | ||||||
Capital Projects Finance Authority/FL |
1,300 | 1,338,053 | ||||||
5.00%, 10/01/2032 |
1,000 | 1,030,819 | ||||||
Capital Trust Agency, Inc. |
1,500 | 1,060,832 | ||||||
Capital Trust Agency, Inc. |
27,000 | 1,747,605 | ||||||
3.375%, 07/01/2031(c) |
1,000 | 931,488 | ||||||
5.00%, 07/01/2056(c) |
14,500 | 12,783,093 | ||||||
Capital Trust Agency, Inc. |
1,000 | 980,317 | ||||||
6.375%, 05/01/2053(c) |
1,000 | 984,913 | ||||||
Capital Trust Agency, Inc. |
1,000 | 873,562 | ||||||
5.00%, 06/01/2055(c) |
2,000 | 1,669,481 | ||||||
City of Tampa FL |
850 | 372,153 | ||||||
Zero Coupon, 09/01/2042 |
1,000 | 361,605 | ||||||
Zero Coupon, 09/01/2049 |
1,000 | 233,365 | ||||||
Zero Coupon, 09/01/2053 |
1,400 | 256,504 | ||||||
County of Lake FL |
3,000 | 2,665,983 |
66 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
County of Osceola FL Transportation Revenue |
$ | 250 | $ | 142,458 | ||||
Zero Coupon, 10/01/2036 |
410 | 218,490 | ||||||
Zero Coupon, 10/01/2037 |
230 | 115,698 | ||||||
Zero Coupon, 10/01/2038 |
315 | 148,664 | ||||||
Zero Coupon, 10/01/2039 |
390 | 171,129 | ||||||
County of Palm Beach FL |
1,000 | 969,734 | ||||||
5.00%, 04/01/2051(c) |
1,970 | 1,808,014 | ||||||
Escambia County Housing Finance Authority |
1,000 | 1,048,873 | ||||||
Escambia County Housing Finance Authority |
2,755 | 2,800,820 | ||||||
Florida Development Finance Corp. |
3,900 | 3,634,307 | ||||||
Florida Development Finance Corp. |
8,330 | 8,352,723 | ||||||
Florida Development Finance Corp. |
990 | 894,952 | ||||||
4.00%, 07/01/2051(c) |
1,950 | 1,563,062 | ||||||
Florida Development Finance Corp. |
1,000 | 979,350 | ||||||
Florida Development Finance Corp. |
1,800 | 1,850,608 | ||||||
5.00%, 06/15/2050 |
5,705 | 5,665,136 | ||||||
5.00%, 06/15/2055 |
3,275 | 3,219,678 |
abfunds.com | AB MUNICIPAL INCOME FUND | 67 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Florida Development Finance Corp. |
$ | 2,365 | $ | 2,323,027 | ||||
Florida Development Finance Corp. |
2,000 | 2,073,066 | ||||||
Florida Higher Educational Facilities Financial Authority |
795 | 802,387 | ||||||
5.00%, 03/01/2049 |
3,375 | 3,381,902 | ||||||
Hillsborough County Aviation Authority |
10,000 | 10,434,650 | ||||||
Lee County Industrial Development Authority/FL |
3,000 | 2,430,439 | ||||||
Miami-Dade County Housing Finance Authority |
1,500 | 1,496,530 | ||||||
Series 2023-B
|
1,000 | 997,686 | ||||||
Miami-Dade County Industrial Development Authority |
1,000 | 901,803 | ||||||
5.50%, 07/01/2061(c) |
1,000 | 916,314 | ||||||
North Broward Hospital District |
7,235 | 7,471,399 | ||||||
Orange County Health Facilities Authority |
5,000 | 4,276,952 |
68 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Palm Beach County Educational Facilities Authority |
$ | 1,000 | $ | 879,534 | ||||
4.00%, 10/01/2051 |
1,815 | 1,459,760 | ||||||
Palm Beach County Health Facilities Authority |
2,100 | 1,551,161 | ||||||
Palm Beach County Health Facilities Authority |
1,000 | 1,113,686 | ||||||
Polk County Industrial Development Authority |
2,000 | 1,990,871 | ||||||
Sarasota County Health Facilities Authority |
2,450 | 2,113,080 | ||||||
5.00%, 01/01/2052 |
4,500 | 3,790,910 | ||||||
Tampa Florida Hospitals
|
15,415 | 14,422,450 | ||||||
Village Community Development District No. 13 |
1,940 | 1,388,147 | ||||||
Village Community Development District No. 13 |
305 | 287,327 |
abfunds.com | AB MUNICIPAL INCOME FUND | 69 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Village Community Development District No. 15 |
$ | 1,000 | $ | 992,437 | ||||
|
|
|||||||
165,733,239 | ||||||||
|
|
|||||||
Georgia 2.8% |
| |||||||
DeKalb County Housing Authority |
8,625 | 8,385,579 | ||||||
7.00%, 06/01/2041(c) |
2,000 | 1,958,602 | ||||||
Glynn-Brunswick Memorial Hospital Authority |
1,000 | 999,306 | ||||||
5.00%, 08/01/2047 |
1,650 | 1,615,738 | ||||||
Main Street Natural Gas, Inc. |
12,250 | 11,625,264 | ||||||
Main Street Natural Gas, Inc. |
10,000 | 10,325,177 | ||||||
Series 2023-D
|
10,000 | 10,340,079 | ||||||
Main Street Natural Gas, Inc. |
10,000 | 10,075,116 | ||||||
Series 2023-B
|
10,000 | 10,418,855 | ||||||
Municipal Electric Authority of Georgia |
715 | 736,437 | ||||||
5.00%, 01/01/2039 |
780 | 800,144 | ||||||
5.00%, 01/01/2049 |
4,000 | 4,035,049 | ||||||
5.00%, 01/01/2056 |
1,360 | 1,371,655 | ||||||
Series 2022 |
6,500 | 6,724,915 | ||||||
|
|
|||||||
79,411,916 | ||||||||
|
|
|||||||
Guam 0.6% |
| |||||||
Guam Power Authority |
6,500 | 6,657,136 |
70 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 10/01/2043 |
$ | 1,000 | $ | 1,021,761 | ||||
Territory of Guam |
745 | 762,035 | ||||||
Territory of Guam |
4,365 | 4,128,663 | ||||||
Territory of Guam |
5,000 | 4,874,528 | ||||||
|
|
|||||||
17,444,123 | ||||||||
|
|
|||||||
Idaho 0.2% |
| |||||||
Idaho Health Facilities Authority |
3,000 | 3,102,337 | ||||||
Idaho Housing & Finance Association |
4,000 | 4,007,227 | ||||||
|
|
|||||||
7,109,564 | ||||||||
|
|
|||||||
Illinois 6.5% |
| |||||||
Chicago Board of Education |
5,405 | 5,416,142 | ||||||
Series 2016-A |
3,095 | 3,194,499 | ||||||
Series 2017-A
|
4,975 | 5,266,992 | ||||||
Series 2017-B
|
11,365 | 12,302,473 | ||||||
7.00%, 12/01/2042(c) |
2,400 | 2,552,767 | ||||||
Series 2018-A |
4,800 | 4,891,861 | ||||||
Series 2019-B |
425 | 436,664 | ||||||
5.00%, 12/01/2031 |
750 | 768,491 | ||||||
5.00%, 12/01/2032 |
310 | 317,170 | ||||||
5.00%, 12/01/2033 |
290 | 296,489 | ||||||
Series 2023-A |
5,000 | 5,240,545 | ||||||
6.00%, 12/01/2049 |
5,000 | 5,276,721 |
abfunds.com | AB MUNICIPAL INCOME FUND | 71 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Chicago OHare International Airport |
$ | 10,000 | $ | 10,650,735 | ||||
Chicago Transit Authority |
4,510 | 4,013,474 | ||||||
4.00%, 12/01/2055(b) |
10,250 | 9,004,203 | ||||||
City of Chicago IL |
400 | 404,604 | ||||||
Series 2016-C |
90 | 89,801 | ||||||
City of Chicago IL |
7,950 | 4,641,795 | ||||||
Eastern Illinois Economic Development Authority |
2,000 | 1,905,326 | ||||||
Illinois Finance Authority
|
3,000 | 3,034,520 | ||||||
4.00%, 08/15/2037(b) |
3,000 | 3,010,145 | ||||||
4.00%, 08/15/2038(b) |
4,000 | 3,980,644 | ||||||
4.00%, 08/15/2039(b) |
2,500 | 2,467,634 | ||||||
4.00%, 08/15/2040(b) |
1,750 | 1,714,240 | ||||||
4.00%, 08/15/2041(b) |
2,000 | 1,940,135 | ||||||
Illinois Finance Authority |
1,000 | 800,278 | ||||||
Illinois Finance Authority |
1,190 | 1,060,592 | ||||||
4.00%, 08/01/2046 |
2,000 | 1,734,335 | ||||||
Illinois Finance Authority |
1,790 | 1,671,129 | ||||||
5.00%, 02/15/2050 |
1,000 | 921,848 |
72 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Illinois Finance Authority |
$ | 400 | $ | 345,439 | ||||
4.00%, 09/01/2037 |
520 | 429,112 | ||||||
4.00%, 09/01/2039 |
1,000 | 797,157 | ||||||
4.00%, 09/01/2041 |
1,000 | 772,398 | ||||||
5.00%, 09/01/2036 |
540 | 508,842 | ||||||
5.00%, 09/01/2038 |
1,000 | 917,639 | ||||||
5.00%, 09/01/2040 |
1,500 | 1,347,171 | ||||||
Illinois Finance Authority |
5,500 | 5,745,840 | ||||||
Illinois Finance Authority |
11,613 | 6,304,156 | ||||||
Illinois Finance Authority |
1,075 | 1,079,077 | ||||||
Illinois Housing Development Authority |
6,100 | 6,098,976 | ||||||
7.17%, 11/01/2038 |
600 | 602,245 | ||||||
Illinois State Toll Highway Authority |
10,985 | 10,823,039 | ||||||
4.00%, 01/01/2046(b) |
6,000 | 5,731,537 | ||||||
Metropolitan Pier & Exposition Authority |
24,500 | 10,507,168 | ||||||
Zero Coupon, 12/15/2050 |
19,675 | 5,222,044 | ||||||
State of Illinois |
6,429 | 6,772,602 | ||||||
Village of Antioch IL Special Service Areas No. 1 & 2 |
7,893 | 7,277,303 | ||||||
Series 2016-B |
3,574 | 3,401,083 | ||||||
Village of Pingree Grove IL Special Service Area No. 7 |
1,014 | 1,009,946 |
abfunds.com | AB MUNICIPAL INCOME FUND | 73 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 03/01/2036 |
$ | 8,950 | $ | 8,569,749 | ||||
Series 2015-B |
2,493 | 2,495,672 | ||||||
|
|
|||||||
185,764,447 | ||||||||
|
|
|||||||
Indiana 2.3% |
| |||||||
City of Valparaiso IN |
3,350 | 2,526,563 | ||||||
City of Whiting IN |
8,000 | 8,038,182 | ||||||
Indiana Finance Authority |
18,235 | 13,299,108 | ||||||
Indiana Finance Authority |
3,100 | 3,386,963 | ||||||
Indiana Finance Authority |
2,045 | 1,766,757 | ||||||
4.00%, 04/01/2040 |
2,215 | 1,859,737 | ||||||
Indiana Finance Authority |
1,000 | 955,228 | ||||||
4.00%, 11/15/2027 |
1,000 | 943,333 | ||||||
4.00%, 11/15/2030 |
1,000 | 910,544 | ||||||
Indiana Finance Authority |
2,675 | 2,532,668 | ||||||
Indiana Finance Authority |
6,375 | 5,925,366 | ||||||
Series 2020-A |
2,690 | 2,495,676 | ||||||
Series 2021-B |
4,025 | 3,610,225 |
74 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Indiana Finance Authority |
$ | 5,000 | $ | 4,700,858 | ||||
Indianapolis Local Public Improvement Bond Bank |
5,000 | 5,160,344 | ||||||
Series 2023-F
|
3,000 | 3,053,136 | ||||||
BAM Series 2023 |
5,000 | 5,177,832 | ||||||
|
|
|||||||
66,342,520 | ||||||||
|
|
|||||||
Iowa 0.7% |
| |||||||
Iowa Finance Authority |
8,090 | 8,070,298 | ||||||
Iowa Finance Authority |
1,895 | 1,704,049 | ||||||
4.00%, 12/01/2041 |
3,400 | 2,617,250 | ||||||
4.00%, 12/01/2046 |
2,275 | 1,648,345 | ||||||
4.00%, 12/01/2051 |
4,060 | 2,826,691 | ||||||
Iowa Higher Education Loan Authority |
5,000 | 4,382,650 | ||||||
|
|
|||||||
21,249,283 | ||||||||
|
|
|||||||
Kansas 0.2% |
| |||||||
Overland Park Development Corp. |
1,000 | 1,001,553 | ||||||
5.00%, 03/01/2039 |
1,070 | 1,061,333 | ||||||
5.00%, 03/01/2044 |
655 | 638,203 | ||||||
5.00%, 03/01/2049 |
3,835 | 3,689,224 | ||||||
|
|
|||||||
6,390,313 | ||||||||
|
|
|||||||
Kentucky 2.0% |
| |||||||
City of Ashland KY |
745 | 698,539 |
abfunds.com | AB MUNICIPAL INCOME FUND | 75 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
City of Henderson KY |
$ | 7,000 | $ | 6,447,197 | ||||
Kentucky Economic Development Finance Authority |
6,965 | 7,108,131 | ||||||
5.00%, 08/01/2049 |
2,490 | 2,509,904 | ||||||
Kentucky Economic Development Finance Authority |
7,765 | 6,256,944 | ||||||
5.50%, 11/15/2045 |
2,350 | 1,875,408 | ||||||
Series 2016-A |
4,500 | 3,267,896 | ||||||
5.00%, 05/15/2051 |
3,500 | 2,457,033 | ||||||
Kentucky Economic Development Finance Authority |
4,045 | 4,075,753 | ||||||
5.25%, 06/01/2041 |
3,650 | 3,655,624 | ||||||
Kentucky Economic Development Finance Authority |
2,650 | 2,152,848 | ||||||
Kentucky Housing Corp. |
1,105 | 1,099,460 | ||||||
5.75%, 11/01/2040(c) |
5,130 | 5,026,576 | ||||||
Series 2022-B
|
850 | 833,998 | ||||||
Kentucky Public Energy Authority |
10,000 | 9,790,176 |
76 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Louisville/Jefferson County Metropolitan Government |
$ | 370 | $ | 383,471 | ||||
|
|
|||||||
57,638,958 | ||||||||
|
|
|||||||
Louisiana 1.0% |
| |||||||
Louisiana Local Government Environmental Facilities & Community Development Auth |
7,625 | 7,084,617 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth |
5,000 | 5,095,698 | ||||||
Louisiana Public Facilities Authority |
7,250 | 72 | ||||||
Series 2014-A
|
17,000 | 170 | ||||||
Louisiana Public Facilities Authority |
10,000 | 10,059,223 | ||||||
Louisiana Public Facilities Authority |
25 | 26,114 | ||||||
Parish of St. James LA |
955 | 1,026,812 | ||||||
St. Tammany Parish Finance Authority |
4,600 | 4,207,815 | ||||||
|
|
|||||||
27,500,521 | ||||||||
|
|
|||||||
Maine 0.2% |
| |||||||
Finance Authority of Maine |
7,270 | 7,268,182 | ||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 77 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Maryland 2.2% |
| |||||||
City of Westminster MD |
$ | 1,500 | $ | 1,505,121 | ||||
6.125%, 07/01/2039 |
750 | 751,653 | ||||||
6.25%, 07/01/2044 |
2,000 | 2,004,344 | ||||||
Maryland Economic Development Corp. |
500 | 465,084 | ||||||
Maryland Health & Higher Educational Facilities Authority |
475 | 479,133 | ||||||
5.00%, 01/01/2026 |
495 | 505,328 | ||||||
5.00%, 01/01/2027 |
430 | 444,830 | ||||||
5.00%, 01/01/2028 |
300 | 314,003 | ||||||
5.00%, 01/01/2029 |
290 | 305,990 | ||||||
5.00%, 01/01/2030 |
285 | 302,058 | ||||||
5.00%, 01/01/2036 |
1,790 | 1,849,017 | ||||||
Maryland Health & Higher Educational Facilities Authority |
3,500 | 3,529,653 | ||||||
5.00%, 07/01/2045 |
1,775 | 1,783,369 | ||||||
Maryland Stadium Authority |
45,000 | 49,205,488 | ||||||
|
|
|||||||
63,445,071 | ||||||||
|
|
|||||||
Massachusetts 1.9% |
| |||||||
Commonwealth of Massachusetts |
10,000 | 10,762,469 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue |
10,000 | 10,752,014 |
78 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Massachusetts Development Finance Agency |
$ | 1,135 | $ | 1,163,411 | ||||
5.00%, 10/01/2035 |
3,000 | 3,068,705 | ||||||
Massachusetts Development Finance Agency |
1,000 | 1,001,188 | ||||||
Massachusetts Development Finance Agency |
1,000 | 967,931 | ||||||
Massachusetts Development Finance Agency |
1,355 | 1,196,824 | ||||||
Massachusetts Development Finance Agency |
3,000 | 3,035,500 | ||||||
5.00%, 07/01/2044 |
4,230 | 4,136,356 | ||||||
Massachusetts Port Authority |
4,500 | 4,774,883 | ||||||
5.00%, 07/01/2037 |
4,000 | 4,213,698 | ||||||
5.00%, 07/01/2038 |
8,100 | 8,474,604 | ||||||
|
|
|||||||
53,547,583 | ||||||||
|
|
|||||||
Michigan 1.2% |
| |||||||
City of Detroit MI |
7,000 | 4,885,828 | ||||||
Grand Rapids Economic Development Corp. |
1,060 | 854,126 | ||||||
5.00%, 11/01/2052 |
1,185 | 927,749 | ||||||
Michigan Finance Authority |
45 | 47,277 |
abfunds.com | AB MUNICIPAL INCOME FUND | 79 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Michigan Finance Authority |
$ | 1,000 | $ | 1,005,277 | ||||
Michigan Finance Authority |
185 | 180,310 | ||||||
4.00%, 02/01/2032 |
285 | 267,831 | ||||||
4.00%, 02/01/2042 |
1,115 | 903,128 | ||||||
Michigan Finance Authority |
16,250 | 1,546,469 | ||||||
Michigan Finance Authority |
13,580 | 13,582,799 | ||||||
5.00%, 07/01/2044 |
1,200 | 1,176,411 | ||||||
Michigan Tobacco Settlement Finance Authority |
164,100 | 8,250,521 | ||||||
|
|
|||||||
33,627,726 | ||||||||
|
|
|||||||
Minnesota 1.0% |
||||||||
City of Apple Valley MN |
230 | 180,634 | ||||||
4.00%, 09/01/2061 |
870 | 634,242 | ||||||
City of Fridley MN |
3,000 | 2,796,517 | ||||||
City of Minneapolis MN |
10,250 | 10,346,431 |
80 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Dakota County Community Development Agency |
$ | 2,760 | $ | 2,749,248 | ||||
5.66%, 07/01/2041(c) |
7,500 | 7,304,321 | ||||||
Duluth Economic Development Authority |
1,000 | 808,262 | ||||||
4.00%, 07/01/2041 |
830 | 612,340 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota |
2,100 | 1,545,462 | ||||||
4.00%, 06/01/2051(c) |
2,225 | 1,448,556 | ||||||
4.00%, 06/01/2056(c) |
1,000 | 627,514 | ||||||
|
|
|||||||
29,053,527 | ||||||||
|
|
|||||||
Mississippi 0.6% |
||||||||
Mississippi Business Finance Corp. |
5,750 | 5,619,636 | ||||||
Mississippi Development Bank |
1,000 | 818,349 | ||||||
5.00%, 10/01/2031(c) |
2,850 | 2,941,168 | ||||||
Mississippi Hospital Equipment & Facilities Authority |
6,400 | 6,501,110 | ||||||
Mississippi Hospital Equipment & Facilities Authority |
250 | 245,498 | ||||||
5.00%, 01/01/2035 |
750 | 801,810 | ||||||
|
|
|||||||
16,927,571 | ||||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 81 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Missouri 0.9% |
| |||||||
Cape Girardeau County Industrial Development Authority |
$ | 1,825 | $ | 1,852,484 | ||||
I-470 Western Gateway Transportation Development District |
5,000 | 4,857,704 | ||||||
Kansas City Industrial Development Authority |
1,740 | 1,491,695 | ||||||
Kansas City Industrial Development Authority |
1,165 | 54,587 | ||||||
5.00%, 11/15/2046 |
2,610 | 1,862,953 | ||||||
Series 2021-A |
804 | 686,412 | ||||||
Series 2021-C |
643 | 482,475 | ||||||
Lees Summit Industrial Development Authority |
2,000 | 1,797,517 | ||||||
5.00%, 08/15/2046 |
5,585 | 4,512,636 | ||||||
5.00%, 08/15/2051 |
2,415 | 1,903,283 | ||||||
Series 2021-A |
5,000 | 3,856,457 | ||||||
Taney County Industrial Development Authority |
2,000 | 1,941,097 | ||||||
|
|
|||||||
25,299,300 | ||||||||
|
|
|||||||
Nebraska 0.9% |
| |||||||
Central Plains Energy Project |
10,730 | 11,342,205 | ||||||
5.00%, 09/01/2042(b) |
14,215 | 14,792,312 | ||||||
|
|
|||||||
26,134,517 | ||||||||
|
|
82 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Nevada 0.6% |
||||||||
City of Reno NV |
$ | 9,500 | $ | 1,176,933 | ||||
City of Sparks NV |
2,010 | 1,886,915 | ||||||
Las Vegas Redevelopment Agency |
3,000 | 3,020,938 | ||||||
State of Nevada Department of Business & Industry |
9,715 | 9,839,545 | ||||||
|
|
|||||||
15,924,331 | ||||||||
|
|
|||||||
New Hampshire 0.6% |
||||||||
New Hampshire Business Finance Authority |
2,325 | 1,832,938 | ||||||
Series 2020-A
|
1,500 | 1,089,564 | ||||||
Series 2020-B
|
3,215 | 2,376,242 | ||||||
New Hampshire Health and Education Facilities Authority Act |
10,920 | 11,293,762 | ||||||
|
|
|||||||
16,592,506 | ||||||||
|
|
|||||||
New Jersey 3.8% |
||||||||
Essex County Improvement Authority |
1,000 | 844,851 | ||||||
New Jersey Economic Development Authority |
9,780 | 9,781,462 |
abfunds.com | AB MUNICIPAL INCOME FUND | 83 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New Jersey Economic Development Authority |
$ | 2,000 | $ | 2,019,954 | ||||
New Jersey Economic Development Authority |
2,840 | 3,120,533 | ||||||
5.25%, 06/15/2038(j) |
3,440 | 3,725,529 | ||||||
New Jersey Economic Development Authority |
7,515 | 7,514,602 | ||||||
New Jersey Economic Development Authority |
4,140 | 4,141,378 | ||||||
Series 2014-B |
4,525 | 4,550,898 | ||||||
New Jersey Educational Facilities Authority |
1,195 | 1,065,779 | ||||||
New Jersey Transportation Trust Fund Authority |
12,240 | 13,190,085 | ||||||
5.00%, 12/15/2035(b) |
6,545 | 7,006,047 | ||||||
Series 2019-B |
800 | 806,277 | ||||||
Tobacco Settlement Financing Corp./NJ |
50,975 | 51,096,611 | ||||||
|
|
|||||||
108,864,006 | ||||||||
|
|
84 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New Mexico 0.1% |
| |||||||
New Mexico Hospital Equipment Loan Council |
$ | 445 | $ | 386,503 | ||||
5.00%, 07/01/2049 |
3,935 | 3,125,463 | ||||||
|
|
|||||||
3,511,966 | ||||||||
|
|
|||||||
New York 4.9% |
| |||||||
Build NYC Resource Corp. |
4,315 | 4,135,222 | ||||||
Build NYC Resource Corp. |
2,050 | 1,797,872 | ||||||
Build NYC Resource Corp. |
7,050 | 5,287,500 | ||||||
5.50%, 11/01/2044 |
2,875 | 2,156,250 | ||||||
Jefferson County Industrial Development Agency |
5,000 | 0 | | |||||
Metropolitan Transportation Authority |
635 | 655,478 | ||||||
5.00%, 11/15/2037 |
13,265 | 13,521,285 | ||||||
Series 2020-C |
2,000 | 2,065,952 | ||||||
Series 2020-D |
4,000 | 4,167,769 | ||||||
Monroe County Industrial Development Corp./NY |
2,765 | 2,163,734 |
abfunds.com | AB MUNICIPAL INCOME FUND | 85 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Nassau County Industrial Development Agency |
$ | 7,315 | $ | 1,752,202 | ||||
9.00%, 01/01/2041(d)(e)(f) |
3,660 | 3,477,000 | ||||||
New York City Housing Development Corp. |
1,355 | 1,046,593 | ||||||
New York Counties Tobacco Trust V |
51,990 | 7,265,025 | ||||||
New York Liberty Development Corp. |
9,190 | 8,922,619 | ||||||
5.375%, 11/15/2040(c) |
2,500 | 2,498,538 | ||||||
7.25%, 11/15/2044(c) |
1,705 | 1,715,233 | ||||||
New York Transportation Development Corp. |
5,000 | 5,001,330 | ||||||
6.00%, 06/30/2054(j) |
2,500 | 2,655,795 | ||||||
AGM Series 2023 |
2,000 | 2,013,706 | ||||||
New York Transportation Development Corp. |
17,110 | 17,121,710 | ||||||
Orange County Funding Corp. |
5,780 | 4,494,507 | ||||||
Triborough Bridge & Tunnel Authority |
10,000 | 10,807,720 | ||||||
Triborough Bridge & Tunnel Authority |
10,000 | 11,064,545 | ||||||
Series 2022-C
|
5,000 | 5,472,019 |
86 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Ulster County Capital Resource Corp. |
$ | 4,270 | $ | 3,346,710 | ||||
5.25%, 09/15/2042 |
1,795 | 1,361,840 | ||||||
5.25%, 09/15/2047 |
3,080 | 2,225,537 | ||||||
5.25%, 09/15/2053 |
6,635 | 4,601,840 | ||||||
Westchester County Local Development Corp. |
7,650 | 7,309,593 | ||||||
Western Regional Off-Track Betting Corp. |
1,650 | 1,217,982 | ||||||
|
|
|||||||
141,323,106 | ||||||||
|
|
|||||||
North Carolina 0.3% |
||||||||
Fayetteville State University |
710 | 790,400 | ||||||
5.00%, 04/01/2035(c) |
830 | 921,479 | ||||||
5.00%, 04/01/2039(c) |
1,120 | 1,193,974 | ||||||
5.00%, 04/01/2041(c) |
1,290 | 1,359,665 | ||||||
5.00%, 04/01/2043(c) |
1,480 | 1,545,350 | ||||||
North Carolina Medical Care Commission |
1,625 | 1,536,000 | ||||||
|
|
|||||||
7,346,868 | ||||||||
|
|
|||||||
North Dakota 0.2% |
||||||||
County of Grand Forks ND |
1,550 | 310,000 | ||||||
7.00%, 12/15/2043(d)(e)(f) |
1,610 | 322,000 | ||||||
County of Ward ND |
5,000 | 4,334,203 | ||||||
|
|
|||||||
4,966,203 | ||||||||
|
|
|||||||
Ohio 2.6% |
||||||||
Buckeye Tobacco Settlement Financing Authority |
36,605 | 3,749,996 |
abfunds.com | AB MUNICIPAL INCOME FUND | 87 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 06/01/2055 |
$ | 23,500 | $ | 20,732,541 | ||||
City of Middleburg Heights OH |
1,000 | 1,082,883 | ||||||
5.00%, 08/01/2033 |
800 | 864,289 | ||||||
5.00%, 08/01/2034 |
1,000 | 1,075,804 | ||||||
County of Cuyahoga OH |
20,920 | 21,027,746 | ||||||
County of Franklin OH |
2,770 | 2,211,546 | ||||||
County of Marion OH |
565 | 457,288 | ||||||
5.125%, 12/01/2049 |
690 | 519,520 | ||||||
County of Montgomery OH |
5,215 | 1,512,350 | ||||||
County of Washington OH |
1,000 | 1,027,441 | ||||||
6.75%, 12/01/2052 |
10,000 | 10,328,995 | ||||||
Jefferson County Port Authority/OH |
3,700 | 2,490,494 | ||||||
Ohio Air Quality Development Authority |
1,540 | 1,452,307 | ||||||
Port of Greater Cincinnati Development Authority |
1,000 | 962,576 |
88 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Toledo-Lucas County Port Authority |
$ | 7,065 | $ | 5,244,277 | ||||
|
|
|||||||
74,740,053 | ||||||||
|
|
|||||||
Oklahoma 1.2% |
| |||||||
Norman Regional Hospital Authority |
3,295 | 2,548,715 | ||||||
3.25%, 09/01/2039 |
1,000 | 760,041 | ||||||
Oklahoma Development Finance Authority |
3,165 | 3,075,222 | ||||||
5.50%, 08/15/2052 |
5,000 | 4,834,592 | ||||||
5.50%, 08/15/2057 |
11,290 | 10,824,996 | ||||||
Series 2022-A |
10,000 | 9,495,035 | ||||||
Tulsa Authority for Economic Opportunity |
1,980 | 1,847,654 | ||||||
|
|
|||||||
33,386,255 | ||||||||
|
|
|||||||
Oregon 0.1% |
||||||||
Clackamas County Hospital Facility Authority |
1,000 | 883,421 | ||||||
Multnomah County School District No. 40 |
10,000 | 2,422,095 | ||||||
Umatilla County School District No. 6R Umatilla |
3,000 | 686,509 | ||||||
|
|
|||||||
3,992,025 | ||||||||
|
|
|||||||
Other 0.3% |
||||||||
Affordable Housing Tax-Exempt Bond Pass-Thru Trust |
7,482 | 7,468,335 | ||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 89 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Pennsylvania 4.0% |
||||||||
Allentown Neighborhood Improvement Zone Development Authority |
$ | 3,070 | $ | 3,011,927 | ||||
Series 2018 |
2,575 | 2,520,302 | ||||||
Berks County Industrial Development Authority |
1,800 | 954,271 | ||||||
Berks County Municipal Authority (The) |
6,000 | 4,024,325 | ||||||
Bucks County Industrial Development Authority |
5,000 | 3,580,079 | ||||||
Chester County Industrial Development Authority |
2,750 | 2,655,305 | ||||||
Crawford County Hospital Authority |
7,950 | 8,034,992 | ||||||
6.00%, 06/01/2051 |
3,715 | 3,735,280 | ||||||
Cumberland County Municipal Authority |
1,185 | 977,778 | ||||||
Cumberland County Municipal Authority |
715 | 699,794 |
90 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Geisinger Authority |
$ | 2,000 | $ | 2,148,483 | ||||
5.00%, 04/01/2050 |
8,000 | 8,231,584 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The) |
1,000 | 1,024,272 | ||||||
Lancaster County Hospital Authority/PA |
1,000 | 834,906 | ||||||
5.00%, 03/01/2045 |
500 | 396,262 | ||||||
Montgomery County Higher Education and Health Authority |
10,000 | 10,062,128 | ||||||
Moon Industrial Development Authority |
18,125 | 12,972,777 | ||||||
Pennsylvania Economic Development Financing Authority |
6,000 | 6,056,437 | ||||||
5.75%, 12/31/2062(b) |
4,000 | 4,360,444 | ||||||
Pennsylvania Economic Development Financing Authority |
1,640 | 1,155,625 | ||||||
Pennsylvania Economic Development Financing Authority |
10,170 | 9,833,272 |
abfunds.com | AB MUNICIPAL INCOME FUND | 91 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Philadelphia Authority for Industrial Development |
$ | 1,300 | $ | 1,259,456 | ||||
6.50%, 06/01/2045 |
2,390 | 2,304,373 | ||||||
6.625%, 06/01/2050 |
3,870 | 3,745,857 | ||||||
Philadelphia Authority for Industrial Development |
2,240 | 2,108,592 | ||||||
5.00%, 08/01/2054 |
1,585 | 1,475,119 | ||||||
Philadelphia Authority for Industrial Development |
3,450 | 2,530,064 | ||||||
Philadelphia Authority for Industrial Development |
1,000 | 899,785 | ||||||
Philadelphia Authority for Industrial Development |
1,250 | 1,213,586 | ||||||
School District of Philadelphia (The) |
1,750 | 1,912,285 | ||||||
Scranton-Lackawanna Health and Welfare Authority |
6,920 | 3,992,726 | ||||||
5.00%, 01/01/2057(c) |
5,475 | 3,040,236 | ||||||
Series 2016-B
|
350 | 336,125 | ||||||
Series 2016-C |
3,010 | 956,949 | ||||||
Series 2016-D |
59,415 | 3,305,340 | ||||||
|
|
|||||||
116,350,736 | ||||||||
|
|
92 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Puerto Rico 9.8% |
||||||||
Childrens Trust Fund |
$ | 3,830 | $ | 705,346 | ||||
Series 2008-A |
70,000 | 5,156,711 | ||||||
Series 2008-B |
445,000 | 24,849,245 | ||||||
Commonwealth of Puerto Rico |
425 | 414,908 | ||||||
Zero Coupon, 07/01/2033 |
21,858 | 13,304,804 | ||||||
4.00%, 07/01/2033 |
14,993 | 13,992,376 | ||||||
4.00%, 07/01/2035 |
6,453 | 5,901,654 | ||||||
5.625%, 07/01/2029 |
3,570 | 3,772,760 | ||||||
5.75%, 07/01/2031 |
2,815 | 3,027,076 | ||||||
Series 2022-A |
5,426 | 2,177,158 | ||||||
Series 2022-C |
38,675 | 20,111,116 | ||||||
GDB Debt Recovery Authority of Puerto Rico |
4,450 | 3,904,736 | ||||||
HTA TRRB Custodial Trust |
3,560 | 3,574,075 | ||||||
5.25%, 07/01/2041 |
4,260 | 4,158,586 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority |
896 | 903,678 | ||||||
Series 2020-A
|
10,000 | 10,111,256 | ||||||
5.00%, 07/01/2047(c) |
10,000 | 9,663,739 | ||||||
Series 2021-B
|
1,975 | 1,636,287 | ||||||
5.00%, 07/01/2025(c) |
3,505 | 3,522,239 | ||||||
5.00%, 07/01/2028(c) |
2,550 | 2,581,070 | ||||||
5.00%, 07/01/2029(c) |
3,850 | 3,896,516 | ||||||
5.00%, 07/01/2033(c) |
2,835 | 2,861,583 | ||||||
5.00%, 07/01/2037(c) |
2,530 | 2,529,897 | ||||||
Series 2022-A
|
3,230 | 2,676,054 | ||||||
Puerto Rico Electric Power Authority |
7,425 | 1,856,250 |
abfunds.com | AB MUNICIPAL INCOME FUND | 93 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 07/01/2037(d)(e) |
$ | 10,045 | $ | 2,511,250 | ||||
Series 2008-W |
7,285 | 1,821,250 | ||||||
Series 2008-WW |
3,700 | 925,000 | ||||||
Series 2010-A |
2,370 | 592,500 | ||||||
5.25%, 07/01/2030(d)(e) |
390 | 97,500 | ||||||
Series 2010-C |
1,530 | 382,500 | ||||||
5.25%, 07/01/2027(d)(e) |
2,550 | 637,500 | ||||||
5.25%, 07/01/2028(d)(e) |
5,255 | 1,313,750 | ||||||
Series 2010-DDD |
1,660 | 415,000 | ||||||
5.00%, 07/01/2021(d)(m) |
920 | 230,000 | ||||||
5.00%, 07/01/2022(d)(m) |
610 | 152,500 | ||||||
Series 2010-X |
3,725 | 931,250 | ||||||
5.25%, 07/01/2040(d)(e) |
10,035 | 2,508,750 | ||||||
5.75%, 07/01/2036(d)(e) |
2,280 | 570,000 | ||||||
Series 2010-ZZ |
2,500 | 625,000 | ||||||
5.25%, 07/01/2019(d)(m) |
1,715 | 428,750 | ||||||
5.25%, 07/01/2022(d)(m) |
1,565 | 391,250 | ||||||
5.25%, 07/01/2024(d)(e) |
1,570 | 392,500 | ||||||
5.25%, 07/01/2025(d)(e) |
440 | 110,000 | ||||||
Series 2012-A |
3,345 | 836,250 | ||||||
5.00%, 07/01/2042(d)(e) |
1,000 | 250,000 | ||||||
5.05%, 07/01/2042 |
2,000 | 500,000 | ||||||
Series 2013-A |
2,200 | 550,000 | ||||||
7.00%, 07/01/2040(d)(e) |
575 | 143,750 | ||||||
AGM Series 2007-V |
14,090 | 13,959,387 | ||||||
NATL Series 2007-V |
245 | 243,078 | ||||||
Puerto Rico Highway & Transportation Authority |
21,820 | 21,547,250 | ||||||
Series 2022-B |
3,000 | 1,942,279 |
94 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
$ | 14,580 | $ | 10,206,000 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
78 | 76,211 | ||||||
Zero Coupon, 07/01/2027 |
383 | 330,330 | ||||||
Zero Coupon, 07/01/2029 |
1,519 | 1,199,567 | ||||||
Zero Coupon, 07/01/2046 |
57,388 | 16,863,056 | ||||||
Zero Coupon, 07/01/2051 |
40,000 | 8,652,408 | ||||||
Series 2019-A |
21,770 | 20,606,440 | ||||||
4.55%, 07/01/2040 |
2,637 | 2,562,308 | ||||||
5.00%, 07/01/2058 |
20,481 | 19,857,964 | ||||||
|
|
|||||||
282,651,648 | ||||||||
|
|
|||||||
Rhode Island 0.2% |
| |||||||
Rhode Island Health and Educational Building Corp. |
1,795 | 1,812,477 | ||||||
5.00%, 05/15/2032 |
1,890 | 1,907,778 | ||||||
5.00%, 05/15/2033 |
1,000 | 1,009,047 | ||||||
5.00%, 05/15/2034 |
1,600 | 1,613,354 | ||||||
|
|
|||||||
6,342,656 | ||||||||
|
|
|||||||
South Carolina 1.5% |
| |||||||
Columbia Housing Authority/SC |
2,975 | 2,908,728 | ||||||
5.26%, 11/01/2032 |
500 | 476,049 | ||||||
5.41%, 11/01/2039 |
7,515 | 6,976,862 | ||||||
6.28%, 11/01/2039 |
330 | 304,841 | ||||||
Greenville Housing Authority/SC |
5,000 | 4,786,391 | ||||||
South Carolina Jobs-Economic Development Authority |
185 | 171,556 |
abfunds.com | AB MUNICIPAL INCOME FUND | 95 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2023-A |
$ | 5,715 | $ | 5,416,890 | ||||
Series 2023-B |
2,200 | 2,076,988 | ||||||
South Carolina Jobs-Economic Development Authority |
2,000 | 1,981,968 | ||||||
South Carolina Jobs-Economic Development Authority |
3,115 | 2,414,766 | ||||||
6.50%, 06/01/2051(c) |
3,175 | 2,334,015 | ||||||
South Carolina Jobs-Economic Development Authority |
6,135 | 4,198,718 | ||||||
South Carolina Public Service Authority |
1,606 | 1,193,650 | ||||||
4.00%, 12/01/2049 |
6,218 | 5,556,795 | ||||||
4.00%, 12/01/2050 |
4,047 | 3,601,471 | ||||||
|
|
|||||||
44,399,688 | ||||||||
|
|
|||||||
South Dakota 0.2% |
| |||||||
County of Lincoln SD |
1,000 | 877,036 | ||||||
4.00%, 08/01/2051 |
3,620 | 2,926,735 | ||||||
South Dakota Housing Development Authority |
1,500 | 1,503,092 | ||||||
|
|
|||||||
5,306,863 | ||||||||
|
|
|||||||
Tennessee 1.4% |
| |||||||
Bristol Industrial Development Board |
19,305 | 16,583,545 |
96 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Chattanooga Health Educational & Housing Facility Board |
$ | 805 | $ | 786,283 | ||||
Knox County Industrial Development Board |
2,350 | 2,325,475 | ||||||
9.50%, 11/01/2052(c) |
6,600 | 6,523,288 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities
Board |
1,580 | 1,272,702 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities
Board |
100 | 1,000 | ||||||
Series 2018-A |
4,465 | 1,294,850 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board |
1,300 | 1,045,604 | ||||||
Shelby County Health Educational & Housing Facilities Board |
1,020 | 854,618 | ||||||
Shelby County Health Educational & Housing Facilities Board |
1,075 | 949,107 | ||||||
5.25%, 12/01/2049 |
3,250 | 2,805,236 | ||||||
Wilson County Health & Educational Facilities Board |
5,800 | 4,612,690 | ||||||
|
|
|||||||
39,054,398 | ||||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 97 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Texas 7.1% |
| |||||||
Abilene Convention Center Hotel Development Corp. |
$ | 2,895 | $ | 2,239,715 | ||||
Series 2021-B |
4,250 | 3,597,710 | ||||||
Arlington Higher Education Finance Corp. |
1,000 | 998,219 | ||||||
Arlington Higher Education Finance Corp. |
1,100 | 1,101,425 | ||||||
6.375%, 06/01/2062(c) |
3,500 | 3,510,196 | ||||||
Arlington Higher Education Finance Corp. |
2,175 | 2,161,910 | ||||||
Arlington Higher Education Finance Corp. |
610 | 482,575 | ||||||
Baytown Municipal Development District |
6,205 | 5,450,893 | ||||||
Board of Managers Joint Guadalupe County-City of Seguin Hospital |
1,500 | 1,389,006 | ||||||
Brazoria County Industrial Development Corp. |
8,500 | 8,169,392 | ||||||
Series 2023 |
1,000 | 990,333 | ||||||
City of Dallas Housing Finance Corp. |
69,320 | 4,759,068 |
98 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
6.00%, 12/01/2062 |
$ | 8,080 | $ | 7,878,137 | ||||
City of Dallas Housing Finance Corp. |
3,460 | 3,252,881 | ||||||
6.25%, 12/01/2054(c) |
1,400 | 1,243,740 | ||||||
City of Houston TX |
4,715 | 4,723,711 | ||||||
City of Houston TX Airport System Revenue |
12,845 | 12,797,938 | ||||||
Clifton Higher Education Finance Corp. |
2,470 | 2,463,332 | ||||||
Series 2013 |
1,000 | 1,000,763 | ||||||
Clifton Higher Education Finance Corp. |
1,000 | 967,596 | ||||||
6.25%, 06/15/2053(c) |
2,000 | 1,973,420 | ||||||
Conroe Local Government Corp. |
1,160 | 1,055,608 | ||||||
Dallas County Flood Control District No. 1 |
2,000 | 2,000,030 | ||||||
Decatur Hospital Authority |
6,300 | 6,306,464 | ||||||
El Paso County Hospital District |
3,940 | 4,044,194 | ||||||
Hidalgo County Regional Mobility Authority |
2,000 | 424,691 | ||||||
Zero Coupon, 12/01/2054 |
1,585 | 262,154 | ||||||
Series 2022-B |
2,965 | 899,183 |
abfunds.com | AB MUNICIPAL INCOME FUND | 99 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Zero Coupon, 12/01/2055 |
$ | 5,000 | $ | 650,024 | ||||
Zero Coupon, 12/01/2056 |
3,325 | 404,266 | ||||||
Irving Hospital Authority |
1,055 | 1,080,840 | ||||||
5.00%, 10/15/2034 |
1,665 | 1,704,476 | ||||||
5.00%, 10/15/2037 |
2,765 | 2,800,516 | ||||||
5.00%, 10/15/2038 |
2,615 | 2,645,605 | ||||||
5.00%, 10/15/2039 |
2,840 | 2,872,156 | ||||||
5.00%, 10/15/2044 |
5,375 | 5,428,906 | ||||||
Kerrville Health Facilities Development Corp. |
1,800 | 1,817,834 | ||||||
Mission Economic Development Corp. |
15,000 | 14,543,994 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
9,150 | 9,053,437 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
4,145 | 4,331,525 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
9,493 | 3,494,147 | ||||||
7.50%, 11/15/2036(d)(e) |
2,265 | 1,835,966 | ||||||
7.50%, 11/15/2037(d)(e) |
365 | 275,754 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
3,000 | 2,236,029 |
100 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New Hope Cultural Education Facilities Finance Corp. |
$ | 2,285 | $ | 2,095,396 | ||||
5.00%, 01/01/2042 |
7,485 | 6,583,015 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
1,680 | 1,299,705 | ||||||
Series 2022 |
1,300 | 879,062 | ||||||
4.25%, 01/01/2057 |
5,000 | 3,201,308 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
5,000 | 4,434,803 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
2,200 | 1,517,484 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
1,000 | 974,345 | ||||||
Newark Higher Education Finance Corp. |
1,275 | 936,670 | ||||||
4.00%, 08/15/2056 |
1,380 | 983,433 | ||||||
Port Beaumont Navigation District |
1,460 | 1,011,311 | ||||||
Series 2021 |
1,750 | 1,227,750 | ||||||
2.875%, 01/01/2041(c) |
2,000 | 1,280,291 | ||||||
Sanger Industrial Development Corp. |
5,720 | 1,344,200 |
abfunds.com | AB MUNICIPAL INCOME FUND | 101 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
$ | 948 | $ | 0 | | |||
Tarrant County Cultural Education Facilities Finance Corp. |
16,668 | 10,834,225 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. |
2,625 | 2,485,215 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV |
10,895 | 11,570,830 | ||||||
Texas Private Activity Bond Surface Transportation Corp. |
10,000 | 10,563,221 | ||||||
|
|
|||||||
204,542,023 | ||||||||
|
|
|||||||
Utah 0.6% |
| |||||||
County of Utah UT |
5,000 | 5,289,814 | ||||||
5.00%, 05/15/2050(b) |
8,000 | 8,275,707 | ||||||
Military Installation Development Authority |
3,000 | 2,127,041 | ||||||
Wohali Public Infrastructure District No. 1 |
2,000 | 1,975,199 | ||||||
|
|
|||||||
17,667,761 | ||||||||
|
|
102 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Vermont 0.1% |
| |||||||
Vermont Educational & Health Buildings Financing Agency |
$ | 1,500 | $ | 1,484,693 | ||||
|
|
|||||||
Virginia 2.6% |
| |||||||
Align Affordable Housing Bond Fund LP |
7,300 | 6,744,638 | ||||||
Atlantic Park Community Development Authority |
6,410 | 6,026,433 | ||||||
Richmond Redevelopment & Housing Authority |
1,260 | 1,170,233 | ||||||
Tobacco Settlement Financing Corp./VA |
30,935 | 28,487,704 | ||||||
US Bank Trust Co. NA |
2,409 | 2,179,978 | ||||||
Virginia College Building Authority |
4,000 | 3,604,240 | ||||||
Series 2015-A |
1,200 | 1,174,173 | ||||||
5.00%, 07/01/2045(c) |
3,110 | 2,802,296 | ||||||
Virginia Small Business Financing Authority |
4,465 | 4,167,192 | ||||||
Virginia Small Business Financing Authority |
8,500 | 8,156,075 |
abfunds.com | AB MUNICIPAL INCOME FUND | 103 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
8.50%, 06/01/2042(c) |
$ | 10,000 | $ | 9,209,384 | ||||
|
|
|||||||
73,722,346 | ||||||||
|
|
|||||||
Washington 1.6% |
| |||||||
Central Puget Sound Regional Transit Authority |
10,000 | 11,337,294 | ||||||
Grays Harbor County Public Hospital District No. 1 |
1,000 | 1,024,413 | ||||||
King County Public Hospital District No. 4 |
5,700 | 5,638,433 | ||||||
Port of Seattle WA |
10,000 | 10,294,811 | ||||||
Washington Health Care Facilities Authority |
440 | 391,581 | ||||||
Washington Health Care Facilities Authority |
2,835 | 2,904,534 | ||||||
Washington State Housing Finance Commission |
2,000 | 1,911,367 | ||||||
5.00%, 01/01/2036(c) |
2,200 | 1,888,648 | ||||||
5.00%, 01/01/2046(c) |
4,425 | 3,404,599 | ||||||
Series 2019-A |
440 | 343,083 | ||||||
5.00%, 01/01/2049(c) |
275 | 206,497 | ||||||
Washington State Housing Finance Commission |
5,315 | 4,470,119 |
104 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Washington State Housing Finance Commission |
$ | 3,125 | $ | 3,338,652 | ||||
|
|
|||||||
47,154,031 | ||||||||
|
|
|||||||
West Virginia 0.6% |
| |||||||
City of South Charleston WV |
1,000 | 755,631 | ||||||
County of Monongalia WV |
500 | 508,036 | ||||||
6.00%, 06/01/2053(c) |
1,000 | 1,052,215 | ||||||
Monongalia County Commission Excise Tax District |
2,130 | 1,892,283 | ||||||
Series 2023 |
1,000 | 1,056,333 | ||||||
Series 2023-B |
5,435 | 1,176,540 | ||||||
West Virginia Economic Development Authority |
1,990 | 1,963,874 | ||||||
West Virginia Economic Development Authority |
8,000 | 7,910,888 | ||||||
West Virginia Hospital Finance Authority |
1,400 | 1,417,572 | ||||||
|
|
|||||||
17,733,372 | ||||||||
|
|
|||||||
Wisconsin 6.0% |
| |||||||
St. Croix Chippewa Indians of Wisconsin |
6,175 | 4,496,576 |
abfunds.com | AB MUNICIPAL INCOME FUND | 105 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Wisconsin Center District |
$ | 44,075 | $ | 12,267,201 | ||||
Wisconsin Center District |
2,000 | 1,933,491 | ||||||
Wisconsin Department of Transportation |
10,940 | 12,229,673 | ||||||
Wisconsin Health & Educational Facilities Authority |
800 | 802,086 | ||||||
Wisconsin Health & Educational Facilities Authority |
2,400 | 1,450,149 | ||||||
Wisconsin Health & Educational Facilities Authority |
980 | 761,531 | ||||||
5.00%, 11/01/2054 |
1,100 | 814,391 | ||||||
Wisconsin Housing & Economic Development Authority |
1,605 | 1,353,559 | ||||||
Series 2022-A |
7,370 | 6,158,893 | ||||||
Wisconsin Public Finance Authority |
750 | 652,266 | ||||||
Wisconsin Public Finance Authority |
8,770 | 7,482,620 |
106 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Wisconsin Public Finance Authority |
$ | 27,000 | $ | 23,062,317 | ||||
Wisconsin Public Finance Authority |
7,250 | 7,157,004 | ||||||
5.75%, 02/01/2052(c) |
13,000 | 12,810,311 | ||||||
6.00%, 02/01/2062(c) |
7,850 | 7,895,346 | ||||||
Wisconsin Public Finance Authority |
5,500 | 5,371,776 | ||||||
8.125%, 07/01/2058(c) |
5,500 | 5,372,116 | ||||||
Wisconsin Public Finance Authority |
6,875 | 6,629,568 | ||||||
6.625%, 02/01/2046(c) |
4,750 | 4,289,461 | ||||||
Wisconsin Public Finance Authority |
1,000 | 941,795 | ||||||
Wisconsin Public Finance Authority |
3,409 | 340,900 | ||||||
Series 2022 |
7,500 | 0 | | |||||
Series 2023 |
1,815 | 0 | | |||||
Wisconsin Public Finance Authority |
1,000 | 988,456 | ||||||
7.25%, 12/01/2042(c) |
2,370 | 2,360,309 | ||||||
7.50%, 12/01/2052(c) |
2,060 | 2,074,673 | ||||||
Wisconsin Public Finance Authority |
6,640 | 4,874,813 | ||||||
Wisconsin Public Finance Authority |
3,000 | 1,950,294 |
abfunds.com | AB MUNICIPAL INCOME FUND | 107 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Wisconsin Public Finance Authority |
$ | 40 | $ | 44,778 | ||||
Wisconsin Public Finance Authority |
760 | 682,150 | ||||||
Wisconsin Public Finance Authority |
16,500 | 10,662,914 | ||||||
Series 2022 |
3,990 | 2,725,862 | ||||||
Wisconsin Public Finance Authority |
1,725 | 1,507,021 | ||||||
Wisconsin Public Finance Authority |
1,650 | 1,394,673 | ||||||
Wisconsin Public Finance Authority |
2,495 | 2,538,952 | ||||||
5.00%, 10/01/2039(c) |
7,095 | 7,002,917 | ||||||
Wisconsin Public Finance Authority |
5,000 | 4,142,958 | ||||||
Wisconsin Public Finance Authority |
2,500 | 2,084,864 | ||||||
4.00%, 12/01/2051 |
1,500 | 1,146,882 | ||||||
Wisconsin Public Finance Authority |
1,150 | 859,841 | ||||||
|
|
|||||||
171,315,387 | ||||||||
|
|
|||||||
Total Municipal Obligations |
2,973,880,581 | |||||||
|
|
108 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES 2.6% |
||||||||
Agency CMBS 0.0% |
| |||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
$ | 6,731 | $ | 379,390 | ||||
Series 2022-ML13, Class XUS |
11,801 | 822,526 | ||||||
|
|
|||||||
1,201,916 | ||||||||
|
|
|||||||
Non-Agency Fixed Rate CMBS 2.6% |
| |||||||
Arizona Industrial Development Authority |
10,520 | 9,697,194 | ||||||
California Housing Finance Agency |
5,230 | 5,199,377 | ||||||
Series 2021-1, Class A |
4,172 | 3,877,113 | ||||||
Series 2021-2, Class X |
15,564 | 766,195 | ||||||
Series 2021-3, Class A |
3,877 | 3,558,558 | ||||||
Series 2021-3, Class X |
13,836 | 721,294 | ||||||
City of Fort Wayne IN |
328 | 33 | ||||||
National Finance Authority |
9,856 | 476,723 | ||||||
New Hampshire Business Finance Authority |
12,105 | 11,650,440 | ||||||
Series 2022-1, Class A |
16,696 | 16,315,451 | ||||||
Series 2022-2 |
10,803 | 240,967 | ||||||
Series 2022-2, Class A |
9,856 | 9,343,980 | ||||||
Washington State Housing Finance Commission |
9,777 | 8,988,842 | ||||||
Series 2021-1, Class X |
7,737 | 351,781 |
abfunds.com | AB MUNICIPAL INCOME FUND | 109 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2023-1, Class X |
$ | 19,985 | $ | 2,190,927 | ||||
|
|
|||||||
73,378,875 | ||||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities |
74,580,791 | |||||||
|
|
|||||||
CORPORATES - NON-INVESTMENT GRADE 1.2% |
||||||||
Financial Institutions 0.2% |
||||||||
Banking 0.2% |
| |||||||
Citigroup, Inc. |
6,300 | 6,250,986 | ||||||
|
|
|||||||
Industrial 1.0% |
| |||||||
Basic 0.0% |
| |||||||
Red River Biorefinery LLC |
245 | 245,000 | ||||||
|
|
|||||||
Communications - Media 0.2% |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
7,730 | 6,032,724 | ||||||
|
|
|||||||
Consumer Cyclical - Entertainment 0.4% |
| |||||||
Wild Rivers Water Park |
13,775 | 10,100,518 | ||||||
|
|
|||||||
Consumer Non-Cyclical 0.4% |
| |||||||
Medline Borrower LP |
10,000 | 8,878,100 | ||||||
Tower Health |
5,300 | 2,366,874 | ||||||
|
|
|||||||
11,244,974 | ||||||||
|
|
|||||||
Other Industrial 0.0% |
| |||||||
Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC |
395 | 395,000 | ||||||
|
|
|||||||
Services 0.0% |
| |||||||
Trousdale Issuer LLC |
5,265 | 1,158,300 | ||||||
|
|
|||||||
29,176,516 | ||||||||
|
|
110 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Total Corporates Non-Investment Grade |
$ | 35,427,502 | ||||||
|
|
|||||||
ASSET-BACKED SECURITIES 0.3% |
||||||||
Other ABS - Fixed Rate 0.3% |
||||||||
Commonwealth of Puerto Rico |
$ | 17,550 | 9,191,662 | |||||
State of Nevada Department of Business & Industry |
1,603 | 160,323 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. |
2,177 | 0 | | |||||
Series 2017 |
697 | 0 | | |||||
|
|
|||||||
Total Asset-Backed Securities |
9,351,985 | |||||||
|
|
|||||||
CORPORATES - INVESTMENT GRADE 0.2% |
||||||||
Financial Institutions 0.2% |
||||||||
Banking 0.2% |
||||||||
JPMorgan Chase & Co. |
2,700 | 2,715,795 | ||||||
Wells Fargo & Co. |
2,731 | 2,806,130 | ||||||
|
|
|||||||
Total Corporates Investment Grade |
5,521,925 | |||||||
|
|
|||||||
Shares | ||||||||
INVESTMENT COMPANIES 0.2% |
||||||||
Funds and Investment Trusts 0.2% |
||||||||
AB Tax-Aware Short Duration Municipal ETF(p)(q) |
200,000 | 5,000,000 | ||||||
SHORT-TERM INVESTMENTS 0.1% |
||||||||
Investment Companies 0.1% |
||||||||
AB Fixed Income Shares, Inc. Government Money Market Portfolio Class AB, 5.25%(p)(q)(r) |
2,532,431 | 2,532,431 | ||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 111 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
|
U.S. $ Value | |||||||
|
||||||||
Total Investments 108.2% |
$ | 3,106,295,215 | ||||||
Other assets less liabilities (8.2)% |
(235,234,972 | ) | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 2,871,060,243 | ||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)
Description |
Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at November 30, 2023 |
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 | 4.03 | % | USD | 25,641 | $ | (1,254,641 | ) | $ | (237,906) | $ | (1,016,735 | ) |
* | Termination date |
CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)
Rate Type |
||||||||||||||||||||||||||
Notional |
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 | 30,985 | 01/15/2025 | 2.565% | CPI# | Maturity | $ | 2,970,980 | $ | 0 | | $ | 2,970,980 | ||||||||||||||
USD | 15,493 | 01/15/2025 | 2.585% | CPI# | Maturity | 1,472,889 | 0 | | 1,472,889 | |||||||||||||||||
USD | 15,492 | 01/15/2025 | 2.613% | CPI# | Maturity | 1,455,392 | 0 | | 1,455,392 | |||||||||||||||||
USD | 5,360 | 01/15/2025 | 4.028% | CPI# | Maturity | 187,143 | 0 | | 187,143 | |||||||||||||||||
USD | 15,550 | 01/15/2026 | CPI# | 3.765% | Maturity | (468,278 | ) | 0 | | (468,278 | ) | |||||||||||||||
USD | 53,000 | 01/15/2027 | CPI# | 3.320% | Maturity | (2,261,695 | ) | 0 | | (2,261,695 | ) | |||||||||||||||
USD | 51,000 | 01/15/2027 | CPI# | 3.466% | Maturity | (1,712,856 | ) | (43,394 | ) | (1,669,462 | ) | |||||||||||||||
USD | 41,300 | 01/15/2027 | CPI# | 3.323% | Maturity | (1,754,729 | ) | 0 | | (1,754,729 | ) | |||||||||||||||
USD | 97,890 | 01/15/2028 | 1.230% | CPI# | Maturity | 17,278,818 | 0 | | 17,278,818 | |||||||||||||||||
USD | 91,090 | 01/15/2028 | 0.735% | CPI# | Maturity | 19,349,017 | 0 | | 19,349,017 | |||||||||||||||||
USD | 91,000 | 01/15/2029 | CPI# | 3.390% | Maturity | (1,749,480 | ) | 0 | | (1,749,480 | ) | |||||||||||||||
USD | 68,050 | 01/15/2029 | CPI# | 3.735% | Maturity | 649,672 | 0 | | 649,672 | |||||||||||||||||
USD | 36,580 | 01/15/2029 | CPI# | 3.331% | Maturity | (880,796 | ) | 0 | | (880,796 | ) | |||||||||||||||
USD | 29,000 | 01/15/2030 | 1.572% | CPI# | Maturity | 4,810,983 | 0 | | 4,810,983 | |||||||||||||||||
USD | 29,000 | 01/15/2030 | 1.587% | CPI# | Maturity | 4,771,643 | 0 | | 4,771,643 | |||||||||||||||||
USD | 30,000 | 01/15/2031 | 2.782% | CPI# | Maturity | 1,900,344 | 0 | | 1,900,344 | |||||||||||||||||
USD | 28,000 | 01/15/2031 | 2.680% | CPI# | Maturity | 2,048,745 | 0 | | 2,048,745 | |||||||||||||||||
USD | 25,000 | 01/15/2031 | 2.989% | CPI# | Maturity | 1,079,601 | 0 | | 1,079,601 | |||||||||||||||||
USD | 22,280 | 01/15/2032 | CPI# | 3.064% | Maturity | (688,234 | ) | 0 | | (688,234 | ) | |||||||||||||||
USD | 18,550 | 04/15/2032 | CPI# | 2.909% | Maturity | (813,384 | ) | 0 | | (813,384 | ) | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
$ | 47,645,775 | $ | (43,394 | ) | $ | 47,689,169 | ||||||||||||||||||||
|
|
|
|
|
|
# | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
112 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)
Rate Type |
||||||||||||||||||||||||||
Notional |
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 | 150,000 | 01/15/2027 | 1 Day SOFR | 3.528% | Annual | $ | (4,882,649 | ) | $ | 0 | | $ | (4,882,649 | ) | ||||||||||||
USD | 140,000 | 01/15/2027 | 1 Day SOFR | 3.848% | Annual | (2,904,896 | ) | 0 | | (2,904,896 | ) | |||||||||||||||
USD | 95,330 | 04/30/2030 | 1 Day SOFR | 3.500% | Annual | (3,376,938 | ) | 0 | | (3,376,938 | ) | |||||||||||||||
USD | 76,900 | 04/30/2030 | 1 Day SOFR | 3.369% | Annual | (3,415,492 | ) | 0 | | (3,415,492 | ) | |||||||||||||||
USD | 9,000 | 04/30/2030 | 1 Day SOFR | 3.075% | Annual | (565,632 | ) | 0 | | (565,632 | ) | |||||||||||||||
USD | 34,200 | 11/01/2030 | 1 Day SOFR | 4.204% | Annual | 449,224 | 0 | | 449,224 | |||||||||||||||||
USD | 15,000 | 02/15/2041 | 1 Day SOFR | 2.832% | Annual | (2,473,489 | ) | 0 | | (2,473,489 | ) | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||
$ | (17,169,872 | ) | $ | 0 | | $ | (17,169,872 | ) | ||||||||||||||||||
|
|
|
|
|
|
CREDIT DEFAULT SWAPS (see Note D)
Swap Counterparty & Referenced Obligation |
Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at November 30, 2023 |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||
Sale Contracts |
||||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. |
||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | % | Monthly | 7.50 | % | USD | 237 | $ | (31,232 | ) | $ | (27,201) | $ | (4,031 | ) | |||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 339 | (44,644 | ) | (38,731) | (5,913 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 174 | (22,965 | ) | (15,817) | (7,148 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 1,155 | (152,058 | ) | (135,117) | (16,941 | ) | ||||||||||||||||||||||
Credit Suisse International |
||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 77 | (10,105 | ) | (8,708) | (1,397 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 96 | (12,615 | ) | (8,769) | (3,846 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 930 | (122,479 | ) | (81,783) | (40,696 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 2,350 | (309,504 | ) | (264,948) | (44,556 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 1,189 | (156,650 | ) | (109,023) | (47,627 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 1,790 | (235,773 | ) | (159,875) | (75,898 | ) | ||||||||||||||||||||||
Goldman Sachs International |
||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 3,883 | (511,411 | ) | (511,259) | (152 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 445 | (58,667 | ) | (51,913) | (6,754 | ) |
abfunds.com | AB MUNICIPAL INCOME FUND | 113 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
Swap Counterparty & Referenced Obligation |
Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at November 30, 2023 |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | % | Monthly | 7.50 | % | USD | 1,441 | $ | (189,843 | ) | $ | (158,923 | ) | $ | (30,920 | ) | ||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 1,162 | (153,099 | ) | (98,224) | (54,875 | ) | ||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 1,551 | (204,295 | ) | (134,461) | (69,834 | ) | ||||||||||||||||||||||
Morgan Stanley Capital Services LLC |
||||||||||||||||||||||||||||||||
CDX-CMBX.NA.BBB- Series 6, 05/11/2063* |
3.00 | Monthly | 7.50 | USD | 1,614 | (212,501 | ) | (136,836 | ) | (75,665 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (2,427,841 | ) | $ | (1,941,588 | ) | $ | (486,253 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
* | Termination date |
INTEREST RATE SWAPS (see Note D)
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 | 20,000 | 06/21/2024 | MMD 5 Year^ | 2.970% | Maturity | $ | 94,523 | $ | 0 | | $ | 94,523 | |||||||||||||||||
Citibank, NA |
USD | 5,000 | 03/18/2024 | MMD 10 Year^ | 2.950% | Maturity | 15,623 | 0 | | 15,623 | ||||||||||||||||||||
Citibank, NA |
USD | 10,000 | 04/11/2024 | MMD 10 Year^ | 2.680% | Maturity | (252,717 | ) | 0 | | (252,717 | ) | ||||||||||||||||||
Citibank, NA |
USD | 20,000 | 04/18/2024 | MMD 10 Year^ | 2.700% | Maturity | (478,940 | ) | 0 | | (478,940 | ) | ||||||||||||||||||
Citibank, NA |
USD | 25,000 | 05/06/2024 | MMD 5 Year^ | 2.740% | Maturity | (122,966 | ) | 0 | | (122,966 | ) | ||||||||||||||||||
Citibank, NA |
USD | 20,000 | 05/17/2024 | MMD 5 Year^ | 2.710% | Maturity | (137,189 | ) | 0 | | (137,189 | ) | ||||||||||||||||||
Citibank, NA |
USD | 20,000 | 05/24/2024 | MMD 5 Year^ | 3.130% | Maturity | 267,111 | 0 | | 267,111 | ||||||||||||||||||||
Citibank, NA |
USD | 10,000 | 09/26/2024 | MMD 5 Year^ | 3.490% | Maturity | 269,133 | 0 | | 269,133 | ||||||||||||||||||||
Citibank, NA |
USD | 20,000 | 10/15/2024 | MMD 5 Year^ | 3.590% | Maturity | 526,734 | 0 | | 526,734 | ||||||||||||||||||||
Citibank, NA |
USD | 25,000 | 11/18/2024 | MMD 5 Year^ | 3.250% | Maturity | 344,539 | 0 | | 344,539 | ||||||||||||||||||||
Citibank, NA |
USD | 21,490 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | 2,229,061 | 0 | | 2,229,061 | ||||||||||||||||||||
Morgan Stanley Capital Services LLC |
USD | 10,000 | 03/15/2024 | MMD 10 Year^ | 3.000% | Maturity | 86,655 | 0 | | 86,655 | ||||||||||||||||||||
Morgan Stanley Capital Services LLC |
USD | 10,000 | 03/25/2024 | MMD 10 Year^ | 2.750% | Maturity | (171,936 | ) | 0 | | (171,936 | ) | ||||||||||||||||||
Morgan Stanley Capital Services LLC |
USD | 25,000 | 05/20/2024 | MMD 5 Year^ | 3.000% | Maturity | 176,623 | 0 | | 176,623 | ||||||||||||||||||||
Morgan Stanley Capital Services LLC |
USD | 20,000 | 11/04/2024 | MMD 5 Year^ | 3.730% | Maturity | 741,367 | 0 | | 741,367 | ||||||||||||||||||||
Morgan Stanley Capital Services LLC |
USD | 20,000 | 11/07/2024 | MMD 5 Year^ | 3.420% | Maturity | 445,803 | 0 | | 445,803 | ||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||
$ | 4,033,424 | $ | 0 | | $ | 4,033,424 | ||||||||||||||||||||||||
|
|
|
|
|
|
114 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
^ | Variable interest rate based on the Municipal Market Data AAA General Obligation Scale. |
* | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
(a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2023. |
(b) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund (see Note I). |
(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 November 30, 2023, the aggregate market value of these securities amounted to $853,995,697 or 29.7% of net assets. |
(d) | Non-income producing security. |
(e) | Defaulted. |
(f) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 3.12% of net assets as of November 30, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||
ARC70 II TRUST |
07/18/2023 | $ | 19,754,905 | $ | 19,491,011 | 0.68 | % | |||||||
Arizona Industrial Development Authority |
08/12/2020 06/10/2022 | 10,701,376 | 625,200 | 0.02 | % | |||||||||
Arizona Industrial Development Authority |
06/04/2021 07/21/2022 | 466,370 | 28,800 | 0.00 | % | |||||||||
Arizona Industrial Development Authority |
06/04/2021 | 3,000,000 | 180,000 | 0.01 | % | |||||||||
Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC |
08/24/2023 | 395,000 | 395,000 | 0.01 | % | |||||||||
County of Grand Forks ND |
05/21/2021 | 1,550,000 | 310,000 | 0.01 | % |
abfunds.com | AB MUNICIPAL INCOME FUND | 115 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||
County of Grand Forks ND |
05/21/2021 | $ | 1,610,000 | $ | 322,000 | 0.01 | % | |||||||
County of Montgomery OH |
08/29/2018 | 3,483,950 | 1,512,350 | 0.05 | % | |||||||||
Douglas County Housing Partnership |
01/14/2021 | 9,862,233 | 7,245,855 | 0.25 | % | |||||||||
Indiana Finance Authority |
03/28/2019 | 17,533,225 | 13,299,108 | 0.46 | % | |||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
|
01/27/2021 | 35,000 | 1,000 | 0.00 | % | |||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
|
08/29/2018 | 4,434,727 | 1,294,850 | 0.05 | % |
116 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||
Mississippi Business Finance Corp. |
12/13/2022 | $ | 5,672,972 | $ | 5,619,636 | 0.20 | % | |||||||
Nassau County Industrial Development Agency |
09/03/2021 | 3,660,000 | 3,477,000 | 0.12 | % | |||||||||
New Hope Cultural Education Facilities Finance Corp. |
02/03/2023 | 9,150,000 | 9,053,437 | 0.32 | % | |||||||||
Red River Biorefinery LLC |
05/31/2023 | 245,000 | 245,000 | 0.01 | % | |||||||||
Scranton-Lackawanna Health and Welfare Authority |
08/24/2016 | 7,159,575 | 3,305,340 | 0.12 | % | |||||||||
Wisconsin Public Finance Authority |
08/03/2021 | 27,000,000 | 23,062,317 | 0.80 | % | |||||||||
Wisconsin Public Finance Authority |
11/10/2022 | 7,500,000 | 0 | | 0.00 | % | ||||||||
Wisconsin Public Finance Authority |
03/16/2023 | 1,815,000 | 0 | | 0.00 | % |
abfunds.com | AB MUNICIPAL INCOME FUND | 117 |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
(g) | Inverse floater security. |
(h) | Restricted and illiquid security. |
Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||
California Municipal Finance Authority |
12/22/2011 | $ | 3,795,000 | $ | 75,900 | 0.00 | % | |||||||
Sanger Industrial Development Corp. |
08/31/2012 05/08/2013 | 5,720,000 | 1,344,200 | 0.05 | % | |||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
01/30/2020 01/31/2020 | 2,232,696 | 0 | | 0.00 | % | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
02/06/2020 | 729,808 | 0 | | 0.00 | % | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
04/08/2010 01/08/2020 | 16,714,412 | 10,834,225 | 0.38 | % | |||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
03/06/2020 | 975,935 | 0 | | 0.00 | % |
(i) | Fair valued by the Adviser. |
(j) | When-Issued or delayed delivery security. |
(k) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2023. |
(l) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(m) | Defaulted matured security. |
(n) | IO Interest Only. |
(o) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
118 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB HIGH INCOME MUNICIPAL PORTFOLIO
(p) | To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618. |
(q) | Affiliated investments. |
(r) | The rate shown represents the 7-day yield as of period end. |
As of November 30, 2023, the Portfolios percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 1.7% and 0.0%, respectively.
Glossary:
ABS Asset-Backed Securities
AGC Assured Guaranty Corporation
AGM Assured Guaranty Municipal
BAM Build American Mutual
CCRC Congregate Care Retirement Center
CDX-CMBX.NA North American Commercial Mortgage-Backed Index
CDX-NAHY North American High Yield Credit Default Swap Index
CMBS Commercial Mortgage-Backed Securities
ETF Exchange Traded Fund
ETM Escrowed to Maturity
MMD Municipal Market Data
NATL National Interstate Corporation
SD School District
SOFR Secured Overnight Financing Rate
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 119 |
PORTFOLIO OF INVESTMENTS
AB NATIONAL PORTFOLIO
November 30, 2023 (unaudited)
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
MUNICIPAL OBLIGATIONS 97.9% |
||||||||
Long-Term Municipal Bonds 97.9% |
||||||||
Alabama 3.2% |
||||||||
Black Belt Energy Gas District |
$ | 5,000 | $ | 5,356,207 | ||||
Series 2023-D |
5,000 | 5,035,169 | ||||||
County of Jefferson AL |
1,000 | 1,059,759 | ||||||
County of Jefferson AL Sewer Revenue |
3,000 | 3,152,267 | ||||||
Energy Southeast A Cooperative District |
2,000 | 2,015,886 | ||||||
Series 2023-B |
3,000 | 3,049,181 | ||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile |
2,500 | 2,546,291 | ||||||
Jefferson County Board of Education/AL |
3,010 | 3,132,081 | ||||||
Lower Alabama Gas District (The) |
20,000 | 19,872,282 | ||||||
Southeast Energy Authority A Cooperative District |
1,000 | 1,023,770 | ||||||
Southeast Energy Authority A Cooperative District |
2,000 | 1,946,400 | ||||||
Series 2022-A |
2,000 | 2,071,689 |
120 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Southeast Energy Authority A Cooperative District |
$ | 2,000 | $ | 2,085,958 | ||||
Southeast Energy Authority A Cooperative District |
4,000 | 4,177,287 | ||||||
Sumter County Industrial Development Authority/AL |
2,120 | 1,015,962 | ||||||
|
|
|||||||
57,540,189 | ||||||||
|
|
|||||||
American Samoa 0.1% |
| |||||||
American Samoa Economic Development Authority |
325 | 337,199 | ||||||
Series 2018 |
1,490 | 1,614,599 | ||||||
|
|
|||||||
1,951,798 | ||||||||
|
|
|||||||
Arizona 3.8% |
| |||||||
Arizona Board of Regents |
4,020 | 4,444,233 | ||||||
Arizona Health Facilities Authority |
9,175 | 9,265,660 | ||||||
5.00%, 12/01/2034 |
3,440 | 3,472,812 | ||||||
Arizona Industrial Development Authority |
1,575 | 1,548,934 | ||||||
Arizona Industrial Development Authority |
3,725 | 223,500 | ||||||
Chandler Industrial Development Authority |
2,000 | 2,064,768 |
abfunds.com | AB MUNICIPAL INCOME FUND | 121 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
City of Glendale AZ |
$ | 2,000 | $ | 1,679,749 | ||||
2.742%, 07/01/2035 |
2,000 | 1,545,809 | ||||||
2.842%, 07/01/2036 |
2,000 | 1,529,382 | ||||||
City of Tempe AZ |
1,000 | 772,934 | ||||||
2.521%, 07/01/2036 |
2,500 | 1,811,444 | ||||||
Industrial Development Authority of the City of Phoenix Arizona (The) |
2,000 | 1,947,762 | ||||||
Industrial Development Authority of the County of Pima (The) |
1,355 | 1,243,822 | ||||||
Industrial Development Authority of the County of Pima (The) |
1,000 | 982,652 | ||||||
7.00%, 11/15/2057(b) |
1,000 | 1,009,191 | ||||||
Maricopa County Industrial Development Authority |
1,670 | 1,397,733 | ||||||
Maricopa County Special Health Care District |
1,000 | 1,072,244 | ||||||
5.00%, 07/01/2035 |
6,000 | 6,416,343 | ||||||
5.00%, 07/01/2036 |
7,800 | 8,293,852 | ||||||
Salt River Project Agricultural Improvement & Power District |
10,000 | 10,841,609 | ||||||
Salt Verde Financial Corp. |
3,685 | 3,685,000 |
122 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Sierra Vista Industrial Development Authority |
$ | 1,000 | $ | 970,801 | ||||
Tempe Industrial Development Authority |
1,200 | 784,074 | ||||||
|
|
|||||||
67,004,308 | ||||||||
|
|
|||||||
Arkansas 0.1% |
| |||||||
Arkansas Development Finance Authority |
1,100 | 1,141,565 | ||||||
Arkansas Development Finance Authority |
500 | 483,754 | ||||||
|
|
|||||||
1,625,319 | ||||||||
|
|
|||||||
California 11.6% |
| |||||||
Alameda Corridor Transportation Authority |
4,000 | 2,048,350 | ||||||
ARC70 II TRUST |
4,939 | 4,872,753 | ||||||
California Community Choice Financing Authority |
5,000 | 5,284,554 | ||||||
California Community Choice Financing Authority |
8,660 | 8,923,507 | ||||||
California Community Choice Financing Authority |
2,000 | 2,007,072 | ||||||
5.234% (SOFR + 1.67%), 02/01/2054(a) |
2,000 | 2,005,194 |
abfunds.com | AB MUNICIPAL INCOME FUND | 123 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
California Community Housing Agency |
$ | 2,000 | $ | 1,613,650 | ||||
California Community Housing Agency |
5,000 | 3,938,318 | ||||||
California Community Housing Agency |
1,000 | 651,414 | ||||||
4.00%, 08/01/2046(b) |
995 | 790,557 | ||||||
California Community Housing Agency |
1,000 | 628,176 | ||||||
California Community Housing Agency |
2,000 | 1,587,145 | ||||||
California County Tobacco Securitization Agency |
1,300 | 1,316,175 | ||||||
California Educational Facilities Authority |
4,000 | 4,035,782 | ||||||
California Infrastructure & Economic Development Bank |
7,315 | 7,296,174 | ||||||
California Municipal Finance Authority |
1,000 | 1,048,126 | ||||||
5.00%, 05/15/2036 |
1,215 | 1,266,305 |
124 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 05/15/2037 |
$ | 1,000 | $ | 1,034,775 | ||||
5.00%, 05/15/2038 |
2,250 | 2,309,255 | ||||||
5.00%, 05/15/2041 |
915 | 930,498 | ||||||
California Municipal Finance Authority |
4,300 | 4,456,496 | ||||||
5.00%, 12/31/2036 |
3,910 | 4,027,313 | ||||||
5.00%, 12/31/2043 |
12,250 | 12,361,550 | ||||||
California Pollution Control Financing Authority |
5,795 | 5,796,044 | ||||||
California School Finance Authority |
3,090 | 2,914,503 | ||||||
California State University |
2,000 | 1,481,762 | ||||||
California Statewide Communities Development Authority |
1,400 | 1,400,934 | ||||||
Series 2018 |
785 | 790,946 | ||||||
Series
2018-A |
1,090 | 1,099,981 | ||||||
City of Los Angeles CA Wastewater System Revenue |
9,310 | 9,313,518 | ||||||
City of Los Angeles Department of Airports |
1,000 | 765,372 | ||||||
5.25%, 05/15/2047 |
5,000 | 5,298,692 | ||||||
CMFA Special Finance Agency |
2,000 | 1,453,128 | ||||||
CMFA Special Finance Agency |
1,000 | 808,329 |
abfunds.com | AB MUNICIPAL INCOME FUND | 125 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
CMFA Special Finance Agency VIII Elan Huntington Beach |
$ | 4,000 | $ | 2,507,887 | ||||
4.00%, 08/01/2047(b) |
970 | 751,934 | ||||||
CSCDA Community Improvement Authority |
1,000 | 673,558 | ||||||
4.00%, 05/01/2057(b) |
2,000 | 1,359,619 | ||||||
CSCDA Community Improvement Authority |
2,000 | 1,607,942 | ||||||
CSCDA Community Improvement Authority |
2,000 | 1,575,214 | ||||||
CSCDA Community Improvement Authority |
1,000 | 655,203 | ||||||
4.00%, 07/01/2058(b) |
1,000 | 659,441 | ||||||
CSCDA Community Improvement Authority |
1,000 | 692,559 | ||||||
CSCDA Community Improvement Authority |
1,500 | 951,897 | ||||||
CSCDA Community Improvement Authority |
1,480 | 960,462 |
126 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
CSCDA Community Improvement Authority |
$ | 3,300 | $ | 2,334,952 | ||||
CSCDA Community Improvement Authority |
1,245 | 793,579 | ||||||
CSCDA Community Improvement Authority |
2,000 | 1,300,606 | ||||||
Golden State Tobacco Securitization Corp. |
2,225 | 2,053,663 | ||||||
Series 2021-B |
6,700 | 696,259 | ||||||
Hastings Campus Housing Finance Authority |
3,100 | 2,575,812 | ||||||
Manteca Unified School District |
11,910 | 8,725,056 | ||||||
Morongo Band of Mission Indians (The) |
4,500 | 4,402,960 | ||||||
Port of Los Angeles |
5,790 | 5,820,930 | ||||||
Sacramento County Water Financing Authority |
8,075 | 6,897,167 | ||||||
San Diego County Regional Airport Authority |
11,080 | 11,598,904 | ||||||
San Diego Unified School District/CA |
2,000 | 1,961,457 |
abfunds.com | AB MUNICIPAL INCOME FUND | 127 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
San Francisco Intl Airport |
$ | 17,000 | $ | 17,431,382 | ||||
Series 2023-E |
5,000 | 5,651,302 | ||||||
State of California |
4,325 | 4,338,873 | ||||||
Series 2023 |
5,000 | 5,625,293 | ||||||
5.25%, 09/01/2053 |
5,000 | 5,607,786 | ||||||
6.00%, 03/01/2033 |
1,000 | 1,052,128 | ||||||
Tobacco Securitization Authority of Northern California |
1,000 | 149,305 | ||||||
|
|
|||||||
206,969,478 | ||||||||
|
|
|||||||
Colorado 1.3% |
| |||||||
Centerra Metropolitan District No. 1 |
1,000 | 1,002,770 | ||||||
City & County of Denver CO Airport System Revenue |
1,000 | 1,112,515 | ||||||
Series 2023-B |
3,275 | 3,733,128 | ||||||
Colorado Health Facilities Authority |
1,675 | 1,709,421 | ||||||
Colorado Health Facilities Authority |
1,000 | 1,026,560 | ||||||
Douglas County Housing Partnership |
2,500 | 1,811,464 | ||||||
E-470 Public Highway Authority |
2,000 | 1,993,521 |
128 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Johnstown Plaza Metropolitan District |
$ | 1,128 | $ | 896,140 | ||||
Park Creek Metropolitan District |
1,300 | 1,329,757 | ||||||
Platte River Metropolitan District |
750 | 757,323 | ||||||
State of Colorado |
5,000 | 5,930,394 | ||||||
Sterling Ranch Community Authority Board |
1,175 | 1,199,413 | ||||||
|
|
|||||||
22,502,406 | ||||||||
|
|
|||||||
Connecticut 1.7% |
| |||||||
Connecticut State Health & Educational Facilities Authority |
10,000 | 9,148,059 | ||||||
Connecticut State Health & Educational Facilities Authority |
6,175 | 6,070,435 | ||||||
State of Connecticut |
2,350 | 2,407,383 | ||||||
Series 2015-F |
2,000 | 2,062,568 | ||||||
5.00%, 11/15/2031 |
2,500 | 2,577,508 | ||||||
State of Connecticut Special Tax Revenue |
7,000 | 7,986,481 | ||||||
|
|
|||||||
30,252,434 | ||||||||
|
|
|||||||
Delaware 0.0% |
| |||||||
Delaware State Economic Development Authority |
550 | 551,570 | ||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 129 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
District of Columbia 1.9% |
| |||||||
District of Columbia Income Tax Revenue |
$ | 10,500 | $ | 12,137,742 | ||||
Metropolitan Washington Airports Authority Aviation Revenue |
2,630 | 2,728,565 | ||||||
Series 2021-A |
10,000 | 10,396,677 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue |
2,990 | 2,794,040 | ||||||
AGM Series 2022 |
6,975 | 6,528,574 | ||||||
|
|
|||||||
34,585,598 | ||||||||
|
|
|||||||
Florida 4.2% |
| |||||||
Align Affordable Housing Bond Fund LP |
3,000 | 2,574,948 | ||||||
Bexley Community Development District |
1,750 | 1,678,771 | ||||||
Brevard County Health Facilities Authority |
1,500 | 1,505,491 | ||||||
Cape Coral Health Facilities Authority |
1,000 | 682,034 | ||||||
Capital Trust Agency, Inc. |
5,000 | 323,631 | ||||||
5.00%, 07/01/2056(b) |
3,000 | 2,644,778 | ||||||
Capital Trust Agency, Inc. |
1,585 | 1,483,811 |
130 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
City of Tampa FL |
$ | 1,000 | $ | 468,242 | ||||
County of Broward FL Airport System Revenue |
1,340 | 1,399,458 | ||||||
Series 2019-C |
5,500 | 5,112,980 | ||||||
County of Miami-Dade FL Aviation Revenue |
1,700 | 1,704,235 | ||||||
Series 2015-A |
4,300 | 4,319,495 | ||||||
Series 2019-A |
2,500 | 2,533,402 | ||||||
County of Pasco FL |
10,000 | 10,812,267 | ||||||
Escambia County Housing Finance Authority |
220 | 230,752 | ||||||
Escambia County Housing Finance Authority |
605 | 615,062 | ||||||
Florida Development Finance Corp. |
1,000 | 931,874 | ||||||
Florida Development Finance Corp. |
1,000 | 1,002,728 | ||||||
Florida Development Finance Corp. |
1,000 | 993,013 | ||||||
Florida Development Finance Corp. |
1,000 | 1,036,533 |
abfunds.com | AB MUNICIPAL INCOME FUND | 131 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Florida Higher Educational Facilities Financial Authority |
$ | 1,125 | $ | 1,154,548 | ||||
Greater Orlando Aviation Authority |
1,200 | 1,260,378 | ||||||
Halifax Hospital Medical Center |
2,190 | 2,215,713 | ||||||
Marshall Creek Community Development District |
115 | 111,469 | ||||||
Marshall Creek Community Development District |
1,305 | 1,280,238 | ||||||
Miami-Dade County Expressway Authority |
3,750 | 3,781,929 | ||||||
North Broward Hospital District |
5,230 | 5,449,472 | ||||||
Orange County Health Facilities Authority |
1,000 | 855,391 | ||||||
Orange County School Board |
5,000 | 5,154,904 | ||||||
Polk County Industrial Development Authority |
1,000 | 995,436 | ||||||
Sarasota County Health Facilities Authority |
1,100 | 977,367 |
132 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
South Florida Water Management District |
$ | 5,000 | $ | 5,205,711 | ||||
St. Johns County Industrial Development Authority |
1,000 | 778,856 | ||||||
Tampa-Hillsborough County Expressway Authority |
2,640 | 2,716,132 | ||||||
Village Community Development District No. 15 |
250 | 248,109 | ||||||
|
|
|||||||
74,239,158 | ||||||||
|
|
|||||||
Georgia 3.7% |
| |||||||
City of Atlanta GA Department of Aviation |
10,000 | 10,437,208 | ||||||
DeKalb County Housing Authority |
2,155 | 2,095,179 | ||||||
7.00%, 06/01/2041(b) |
500 | 489,651 | ||||||
Development Authority of Appling County |
2,300 | 2,196,911 | ||||||
Development Authority of Burke County (The) |
3,245 | 3,220,966 | ||||||
Development Authority of Burke County (The) |
7,350 | 7,020,563 |
abfunds.com | AB MUNICIPAL INCOME FUND | 133 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Development Authority of Monroe County (The) |
$ | 3,750 | $ | 3,722,226 | ||||
Main Street Natural Gas, Inc. |
3,650 | 3,463,854 | ||||||
Main Street Natural Gas, Inc. |
5,000 | 5,170,040 | ||||||
Main Street Natural Gas, Inc. |
5,000 | 5,037,558 | ||||||
Series 2023-C |
5,000 | 5,222,915 | ||||||
Municipal Electric Authority of Georgia |
150 | 155,133 | ||||||
5.00%, 01/01/2039 |
205 | 210,689 | ||||||
5.00%, 01/01/2049 |
2,000 | 2,017,524 | ||||||
5.00%, 01/01/2056 |
1,350 | 1,361,569 | ||||||
Series 2022 |
2,000 | 2,069,205 | ||||||
Private Colleges & Universities Authority |
10,000 | 11,433,782 | ||||||
|
|
|||||||
65,324,973 | ||||||||
|
|
|||||||
Guam 0.4% |
| |||||||
Territory of Guam |
235 | 240,374 | ||||||
Territory of Guam |
1,840 | 1,887,075 | ||||||
5.00%, 12/01/2030 |
565 | 578,426 | ||||||
5.00%, 12/01/2032 |
790 | 809,029 | ||||||
Territory of Guam |
2,000 | 2,027,664 |
134 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2015-D |
$ | 410 | $ | 413,826 | ||||
5.00%, 11/15/2035 |
1,365 | 1,374,229 | ||||||
|
|
|||||||
7,330,623 | ||||||||
|
|
|||||||
Hawaii 0.9% |
| |||||||
State of Hawaii |
3,000 | 3,057,624 | ||||||
4.00%, 10/01/2033 |
5,000 | 5,080,355 | ||||||
State of Hawaii Airports System Revenue |
7,855 | 8,102,613 | ||||||
|
|
|||||||
16,240,592 | ||||||||
|
|
|||||||
Idaho 0.1% |
| |||||||
Idaho Health Facilities Authority |
1,000 | 1,034,112 | ||||||
|
|
|||||||
Illinois 6.3% |
||||||||
Chicago Board of Education |
1,605 | 1,600,000 | ||||||
Series 2017-D |
1,800 | 1,824,917 | ||||||
Series 2017-G |
2,350 | 2,376,550 | ||||||
Series 2019-B |
235 | 241,450 | ||||||
5.00%, 12/01/2031 |
345 | 353,506 | ||||||
5.00%, 12/01/2032 |
155 | 158,585 | ||||||
5.00%, 12/01/2033 |
150 | 153,356 | ||||||
Series 2023-A |
3,000 | 3,139,535 | ||||||
Chicago OHare International Airport |
4,000 | 3,941,172 | ||||||
5.50%, 01/01/2055 |
10,900 | 11,609,301 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue |
2,400 | 2,515,734 | ||||||
5.00%, 06/01/2028 |
2,500 | 2,659,130 | ||||||
5.00%, 06/01/2029 |
1,000 | 1,075,282 |
abfunds.com | AB MUNICIPAL INCOME FUND | 135 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Illinois Finance Authority |
$ | 3,010 | $ | 1,634,180 | ||||
Illinois Housing Development Authority |
1,500 | 1,499,748 | ||||||
7.17%, 11/01/2038 |
150 | 150,561 | ||||||
Illinois State Toll Highway Authority |
15,000 | 15,588,686 | ||||||
Series 2021-A |
15,000 | 16,201,742 | ||||||
Kane Cook & DuPage Counties School District No. U-46
Elgin |
2,120 | 2,120,940 | ||||||
5.00%, 01/01/2034 (Pre-refunded/ETM) |
280 | 280,342 | ||||||
Metropolitan Pier & Exposition Authority |
1,000 | 1,007,297 | ||||||
Series 2020 |
12,310 | 12,464,412 | ||||||
Series 2022 |
1,000 | 959,783 | ||||||
State of Illinois |
8,700 | 9,212,813 | ||||||
Series 2018-A |
2,000 | 2,113,705 | ||||||
Series 2019-B |
7,030 | 7,001,274 | ||||||
Series 2023-B |
6,000 | 6,656,011 | ||||||
Village of Pingree Grove IL Special Service Area No. 7 |
263 | 261,948 | ||||||
5.00%, 03/01/2036 |
2,317 | 2,218,559 | ||||||
Series 2015-B |
645 | 645,691 | ||||||
|
|
|||||||
111,666,210 | ||||||||
|
|
136 | AB MUNICIPAL INCOME FUND |
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PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Indiana 1.5% |
| |||||||
City of Whiting IN |
$ | 4,000 | $ | 4,019,091 | ||||
Indiana Finance Authority |
3,600 | 2,625,544 | ||||||
Indiana Finance Authority |
2,125 | 2,352,809 | ||||||
Indiana Finance Authority |
1,080 | 1,101,404 | ||||||
Indiana Finance Authority |
1,085 | 1,008,474 | ||||||
Series 2020-A |
1,295 | 1,201,450 | ||||||
Series 2021-B |
525 | 470,899 | ||||||
Indiana Housing & Community Development Authority |
900 | 891,365 | ||||||
Indianapolis Local Public Improvement Bond Bank |
1,500 | 1,548,103 | ||||||
Series
2023-F |
1,000 | 1,017,712 | ||||||
BAM Series 2023 |
10,000 | 10,355,664 | ||||||
|
|
|||||||
26,592,515 | ||||||||
|
|
|||||||
Iowa 0.6% |
| |||||||
Iowa Finance Authority |
5,000 | 4,962,403 |
abfunds.com | AB MUNICIPAL INCOME FUND | 137 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Iowa Finance Authority |
$ | 465 | $ | 418,144 | ||||
4.00%, 12/01/2041 |
820 | 631,219 | ||||||
4.00%, 12/01/2046 |
550 | 398,501 | ||||||
4.00%, 12/01/2051 |
985 | 685,786 | ||||||
Iowa Tobacco Settlement Authority |
4,065 | 3,944,705 | ||||||
|
|
|||||||
11,040,758 | ||||||||
|
|
|||||||
Kansas 0.2% |
| |||||||
City of Overland Park KS Sales Tax Revenue |
155 | 158,522 | ||||||
6.50%, 11/15/2042(b) |
1,185 | 1,203,433 | ||||||
Kansas Development Finance Authority |
2,405 | 2,135,984 | ||||||
|
|
|||||||
3,497,939 | ||||||||
|
|
|||||||
Kentucky 0.8% |
| |||||||
City of Henderson KY |
930 | 878,859 | ||||||
County of Trimble KY |
1,500 | 1,294,887 | ||||||
Kentucky Economic Development Finance Authority |
1,250 | 1,250,287 | ||||||
Kentucky Economic Development Finance Authority |
3,015 | 2,981,822 | ||||||
Kentucky Public Energy Authority |
3,000 | 2,951,291 |
138 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Louisville/Jefferson County Metropolitan Government |
$ | 2,330 | $ | 2,400,443 | ||||
5.00%, 10/01/2033 |
2,670 | 2,743,706 | ||||||
|
|
|||||||
14,501,295 | ||||||||
|
|
|||||||
Louisiana 1.6% |
| |||||||
Louisiana Local Government Environmental Facilities & Community Development Auth |
2,180 | 2,158,784 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Auth |
3,790 | 3,946,576 | ||||||
5.00%, 10/01/2044 |
3,500 | 3,546,025 | ||||||
Louisiana Public Facilities Authority |
20 | 20,891 | ||||||
Louisiana Public Facilities Authority |
5,000 | 5,071,684 | ||||||
Louisiana Public Facilities Authority |
1,730 | 1,776,089 | ||||||
Parish of St. James LA |
555 | 596,733 | ||||||
Parish of St. John the Baptist LA |
600 | 589,487 | ||||||
2.20%, 06/01/2037 |
365 | 346,583 |
abfunds.com | AB MUNICIPAL INCOME FUND | 139 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
State of Louisiana Gasoline & Fuels Tax Revenue |
$ | 4,500 | $ | 4,752,330 | ||||
5.00%, 05/01/2036 |
4,620 | 4,861,819 | ||||||
|
|
|||||||
27,667,001 | ||||||||
|
|
|||||||
Maryland 1.2% |
| |||||||
Maryland Economic Development Corp. |
1,035 | 1,076,220 | ||||||
Maryland Economic Development Corp. |
6,000 | 6,088,370 | ||||||
Maryland Health & Higher Educational Facilities Authority |
305 | 302,785 | ||||||
4.00%, 07/01/2037 |
360 | 350,665 | ||||||
5.00%, 07/01/2046 |
2,960 | 3,045,442 | ||||||
Maryland Stadium Authority |
3,000 | 3,280,366 | ||||||
Maryland State Transportation Authority |
4,990 | 5,312,722 | ||||||
State of Maryland Department of Transportation |
1,000 | 1,087,614 | ||||||
5.00%, 08/01/2036 |
1,000 | 1,075,129 | ||||||
|
|
|||||||
21,619,313 | ||||||||
|
|
|||||||
Massachusetts 2.9% |
| |||||||
Commonwealth of Massachusetts Transportation Fund Revenue |
10,000 | 10,752,014 | ||||||
Series 2023-B |
5,000 | 5,387,003 |
140 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue |
$ | 4,840 | $ | 5,325,984 | ||||
Massachusetts Development Finance Agency |
1,180 | 1,180,848 | ||||||
Massachusetts Development Finance Agency |
10,000 | 10,219,071 | ||||||
Massachusetts Development Finance Agency |
4,005 | 3,449,466 | ||||||
5.00%, 07/01/2044 |
2,000 | 1,955,724 | ||||||
Massachusetts Development Finance Agency |
2,385 | 2,441,905 | ||||||
Series 2017-L |
5,000 | 5,065,750 | ||||||
Massachusetts Port Authority |
5,000 | 5,132,521 | ||||||
|
|
|||||||
50,910,286 | ||||||||
|
|
|||||||
Michigan 1.7% |
| |||||||
City of Detroit MI |
2,000 | 1,395,951 | ||||||
Series 2018 |
835 | 857,929 | ||||||
Series 2021-A |
1,210 | 1,289,907 | ||||||
Series 2021-B |
400 | 393,322 | ||||||
2.511%, 04/01/2025 |
1,030 | 968,430 | ||||||
3.644%, 04/01/2034 |
275 | 206,564 | ||||||
Series 2023-A |
2,000 | 2,238,344 |
abfunds.com | AB MUNICIPAL INCOME FUND | 141 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
City of Detroit MI Sewage Disposal System Revenue |
$ | 5,000 | $ | 4,640,343 | ||||
Kalamazoo Economic Development Corp. |
2,000 | 1,554,199 | ||||||
Michigan Finance Authority |
11,225 | 11,268,361 | ||||||
Michigan Finance Authority |
2,000 | 1,778,829 | ||||||
Series 2020-B |
1,250 | 118,959 | ||||||
Michigan Finance Authority |
2,485 | 2,493,485 | ||||||
Plymouth Educational Center Charter School |
2,000 | 1,220,000 | ||||||
|
|
|||||||
30,424,623 | ||||||||
|
|
|||||||
Minnesota 0.4% |
| |||||||
Dakota County Community Development Agency |
520 | 517,974 | ||||||
5.66%, 07/01/2041(b) |
1,415 | 1,378,082 | ||||||
Minneapolis-St Paul Metropolitan Airports Commission |
4,500 | 4,613,283 |
142 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Minnesota Higher Education Facilities Authority |
$ | 1,000 | $ | 1,030,643 | ||||
|
|
|||||||
7,539,982 | ||||||||
|
|
|||||||
Mississippi 0.1% |
| |||||||
Mississippi Business Finance Corp. |
1,250 | 1,221,660 | ||||||
|
|
|||||||
Missouri 1.4% |
| |||||||
Health & Educational Facilities Authority of the State of Missouri |
2,900 | 2,404,211 | ||||||
4.00%, 02/01/2048 |
2,965 | 2,301,514 | ||||||
5.00%, 02/01/2042 |
2,695 | 2,541,274 | ||||||
5.00%, 02/01/2048 |
400 | 362,511 | ||||||
Health & Educational Facilities Authority of the State of Missouri |
10,000 | 10,932,938 | ||||||
Howard Bend Levee District |
190 | 191,672 | ||||||
5.75%, 03/01/2027 |
175 | 177,845 | ||||||
Joplin Industrial Development Authority |
1,485 | 1,486,498 | ||||||
Kansas City Industrial Development Authority |
425 | 364,351 | ||||||
Kansas City Industrial Development Authority |
522 | 24,445 | ||||||
5.00%, 11/15/2046 |
1,169 | 834,270 |
abfunds.com | AB MUNICIPAL INCOME FUND | 143 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2021-A |
$ | 360 | $ | 307,349 | ||||
Series 2021-C |
288 | 216,101 | ||||||
Lees Summit Industrial Development Authority |
2,700 | 2,082,487 | ||||||
|
|
|||||||
24,227,466 | ||||||||
|
|
|||||||
Nebraska 0.1% |
| |||||||
Central Plains Energy Project |
2,620 | 2,722,301 | ||||||
|
|
|||||||
Nevada 1.4% |
| |||||||
Carson City NV |
1,965 | 1,977,881 | ||||||
City of Reno NV |
2,000 | 247,775 | ||||||
Clark County School District AGM |
6,725 | 6,053,801 | ||||||
3.00%, 06/15/2037 |
4,305 | 3,768,776 | ||||||
Clark County Water Reclamation District |
10,000 | 10,703,594 | ||||||
State of Nevada Department of Business & Industry |
795 | 793,015 | ||||||
8.125%, 01/01/2050(b) |
2,135 | 2,162,371 | ||||||
|
|
|||||||
25,707,213 | ||||||||
|
|
|||||||
New Jersey 4.8% |
| |||||||
Casino Reinvestment Development Authority, Inc. |
1,680 | 1,684,405 |
144 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Essex County Improvement Authority |
$ | 1,700 | $ | 1,451,488 | ||||
Morris-Union Jointure Commission |
2,055 | 2,057,766 | ||||||
New Jersey Economic Development Authority |
1,275 | 1,088,071 | ||||||
New Jersey Economic Development Authority |
2,000 | 2,153,191 | ||||||
5.00%, 06/15/2035 (Pre-refunded/ETM) |
1,560 | 1,679,489 | ||||||
New Jersey Economic Development Authority |
2,000 | 1,984,901 | ||||||
New Jersey Economic Development Authority |
3,320 | 3,353,124 | ||||||
New Jersey Economic Development Authority |
3,250 | 3,590,462 | ||||||
New Jersey Educational Facilities Authority |
725 | 706,715 | ||||||
4.00%, 07/01/2047 |
285 | 272,537 | ||||||
New Jersey Health Care Facilities Financing Authority |
5,000 | 5,310,459 |
abfunds.com | AB MUNICIPAL INCOME FUND | 145 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New Jersey Transportation Trust Fund Authority |
$ | 5,000 | $ | 5,217,853 | ||||
5.00%, 06/15/2029 |
2,175 | 2,267,190 | ||||||
New Jersey Transportation Trust Fund Authority |
1,640 | 1,767,299 | ||||||
5.00%, 12/15/2035 |
1,000 | 1,070,443 | ||||||
Series 2022 |
7,585 | 7,146,676 | ||||||
Series 2023-B |
2,985 | 3,298,500 | ||||||
5.00%, 06/15/2043 |
1,985 | 2,145,098 | ||||||
New Jersey Turnpike Authority |
4,750 | 4,777,743 | ||||||
Series 2015-E |
11,000 | 11,172,538 | ||||||
Series 2017-A |
5,000 | 5,237,824 | ||||||
Tobacco Settlement Financing Corp./NJ |
11,355 | 11,382,090 | ||||||
Union County Utilities Authority |
4,105 | 4,109,866 | ||||||
|
|
|||||||
84,925,728 | ||||||||
|
|
|||||||
New York 10.2% |
| |||||||
Build NYC Resource Corp. |
6,860 | 6,574,189 | ||||||
City of New York NY |
5,205 | 4,589,544 |
146 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Dutchess County Local Development Corp. |
$ | 2,475 | $ | 2,481,589 | ||||
Long Island Power Authority |
2,650 | 2,863,556 | ||||||
5.00%, 09/01/2053 |
2,350 | 2,527,080 | ||||||
Metropolitan Transportation Authority |
1,000 | 1,037,922 | ||||||
5.00%, 11/15/2031 |
5,000 | 5,175,205 | ||||||
Series 2017-B |
1,755 | 1,781,580 | ||||||
Series 2017-C |
1,000 | 1,074,714 | ||||||
5.00%, 11/15/2033 |
5,500 | 5,870,301 | ||||||
Series 2020-C |
1,000 | 1,032,976 | ||||||
Series 2020-D |
1,000 | 1,041,942 | ||||||
Series 2020-E |
1,000 | 1,023,101 | ||||||
5.00%, 11/15/2027 |
1,000 | 1,070,194 | ||||||
5.00%, 11/15/2030 |
1,500 | 1,645,273 | ||||||
Series 2021-A |
2,000 | 1,802,090 | ||||||
Series 2021-D |
2,365 | 2,361,660 | ||||||
Metropolitan Transportation Authority |
5,000 | 5,006,989 | ||||||
New York City Municipal Water Finance Authority |
4,000 | 4,014,487 | ||||||
Series 2022-A |
5,000 | 5,483,360 | ||||||
Series 2023 |
2,000 | 2,403,323 | ||||||
New York City Transitional Finance Authority Building Aid Revenue |
14,800 | 15,835,232 |
abfunds.com | AB MUNICIPAL INCOME FUND | 147 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue |
$ | 4,000 | $ | 4,028,441 | ||||
Series 2014-D1 |
5,000 | 5,007,081 | ||||||
Series 2017-E1 |
2,500 | 2,623,267 | ||||||
New York Liberty Development Corp. |
300 | 299,825 | ||||||
7.25%, 11/15/2044(b) |
510 | 513,061 | ||||||
New York Power Authority |
8,000 | 8,604,671 | ||||||
5.00%, 11/15/2053 |
2,000 | 2,141,094 | ||||||
New York State Dormitory Authority |
10,000 | 10,258,974 | ||||||
5.25%, 03/15/2033 |
2,000 | 2,062,098 | ||||||
New York State Environmental Facilities Corp. |
2,000 | 1,916,950 | ||||||
New York State Thruway Authority |
2,070 | 2,118,403 | ||||||
Series 2019-B |
4,635 | 4,264,663 | ||||||
Series 2021-O |
1,000 | 992,760 | ||||||
New York Transportation Development Corp. |
3,525 | 3,277,919 |
148 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2020 |
$ | 5,345 | $ | 5,154,565 | ||||
Series 2023 |
6,500 | 6,737,927 | ||||||
New York Transportation Development Corp. |
2,000 | 2,066,576 | ||||||
New York Transportation Development Corp. |
1,000 | 1,000,266 | ||||||
AGM Series 2023 |
1,000 | 1,006,853 | ||||||
New York Transportation Development Corp. |
3,930 | 3,890,768 | ||||||
Niagara Area Development Corp. |
3,235 | 2,593,662 | ||||||
Oneida County Local Development Corp. |
3,200 | 3,514,964 | ||||||
Port Authority of New York & New Jersey |
10,000 | 10,070,041 | ||||||
5.00%, 09/01/2031 |
3,750 | 3,775,992 | ||||||
Triborough Bridge & Tunnel Authority |
2,000 | 2,114,809 | ||||||
Triborough Bridge & Tunnel Authority |
2,000 | 1,500,701 | ||||||
2.917%, 05/15/2040 |
2,000 | 1,427,916 | ||||||
Series 2021-C |
5,000 | 5,305,478 |
abfunds.com | AB MUNICIPAL INCOME FUND | 149 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2022-E |
$ | 4,000 | $ | 3,999,113 | ||||
Series 2023 |
2,000 | 2,208,548 | ||||||
|
|
|||||||
181,173,693 | ||||||||
|
|
|||||||
North Carolina 0.8% |
| |||||||
City of Charlotte NC Airport Revenue |
1,250 | 1,321,483 | ||||||
5.25%, 07/01/2053 |
7,250 | 7,716,403 | ||||||
Fayetteville State University |
140 | 140,197 | ||||||
4.00%, 04/01/2025(b) |
335 | 335,097 | ||||||
5.00%, 04/01/2026(b) |
375 | 387,277 | ||||||
State of North Carolina |
5,000 | 5,095,206 | ||||||
|
|
|||||||
14,995,663 | ||||||||
|
|
|||||||
Ohio 2.7% |
| |||||||
Buckeye Tobacco Settlement Financing Authority |
6,910 | 6,096,249 | ||||||
County of Cuyahoga OH |
8,000 | 8,041,203 | ||||||
County of Hamilton OH |
2,000 | 2,026,340 | ||||||
County of Hamilton OH |
3,045 | 3,049,979 | ||||||
County of Washington OH |
2,000 | 2,054,881 | ||||||
6.75%, 12/01/2052 |
1,000 | 1,032,900 | ||||||
Ohio Air Quality Development Authority |
3,925 | 3,813,770 |
150 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Ohio Higher Educational Facility Commission |
$ | 7,195 | $ | 7,712,207 | ||||
5.00%, 02/01/2052 |
4,000 | 4,150,621 | ||||||
Ohio State University (The) |
1,000 | 1,107,536 | ||||||
University of Toledo |
10,000 | 9,759,451 | ||||||
|
|
|||||||
48,845,137 | ||||||||
|
|
|||||||
Oklahoma 0.4% |
| |||||||
Oklahoma Development Finance Authority Oklahoma Development Finance Authority |
5,000 | 4,564,144 | ||||||
Oklahoma Development Finance Authority |
2,360 | 2,240,828 | ||||||
|
|
|||||||
6,804,972 | ||||||||
|
|
|||||||
Oregon 0.3% |
| |||||||
Medford Hospital Facilities Authority |
5,000 | 4,610,758 | ||||||
Multnomah County School District No. 40 |
1,000 | 381,964 | ||||||
Umatilla County School District No. 6R Umatilla |
2,000 | 457,673 | ||||||
|
|
|||||||
5,450,395 | ||||||||
|
|
|||||||
Other 0.2% |
| |||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
5,340 | 4,225,438 | ||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 151 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Pennsylvania 5.3% |
| |||||||
Berks County Industrial Development Authority |
$ | 600 | $ | 318,090 | ||||
Berks County Municipal Authority (The) |
2,000 | 1,367,875 | ||||||
Bucks County Industrial Development Authority |
1,475 | 1,440,376 | ||||||
Chambersburg Area Municipal Authority |
2,350 | 2,215,608 | ||||||
5.75%, 10/01/2043 |
5,000 | 4,574,488 | ||||||
Chester County Industrial Development Authority |
930 | 924,685 | ||||||
City of Philadelphia PA Water & Wastewater Revenue |
1,250 | 1,411,275 | ||||||
Cumberland County Municipal Authority |
285 | 278,939 | ||||||
Geisinger Authority |
3,820 | 3,729,233 | ||||||
4.00%, 04/01/2050 |
5,000 | 4,538,583 | ||||||
5.00%, 04/01/2043 |
6,250 | 6,714,011 | ||||||
Montgomery County Higher Education and Health Authority |
2,000 | 2,034,604 |
152 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Moon Industrial Development Authority |
$ | 1,000 | $ | 705,957 | ||||
Moon Industrial Development Authority |
5,375 | 3,847,099 | ||||||
Pennsylvania Economic Development Financing Authority |
10,000 | 10,966,521 | ||||||
Pennsylvania Economic Development Financing Authority |
1,000 | 1,001,830 | ||||||
Pennsylvania Economic Development Financing Authority |
10,000 | 9,875,506 | ||||||
Pennsylvania Turnpike Commission |
2,655 | 2,835,403 | ||||||
Series 2022-A |
1,000 | 1,134,857 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue |
1,500 | 1,578,062 | ||||||
5.00%, 12/01/2039 |
3,000 | 3,144,695 | ||||||
Pennsylvania Turnpike Commission Registration Fee Revenue |
10,000 | 9,972,019 | ||||||
Philadelphia Authority for Industrial Development |
3,100 | 3,003,319 | ||||||
Philadelphia Gas Works Co. |
2,000 | 2,042,391 |
abfunds.com | AB MUNICIPAL INCOME FUND | 153 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Pittsburgh Water & Sewer Authority |
$ | 10,000 | $ | 9,742,603 | ||||
School District of Philadelphia (The) |
5,000 | 5,035,902 | ||||||
|
|
|||||||
94,433,931 | ||||||||
|
|
|||||||
Puerto Rico 1.4% |
| |||||||
Childrens Trust Fund |
30,000 | 2,210,019 | ||||||
Commonwealth of Puerto Rico |
3 | 3,000 | ||||||
Zero Coupon, 07/01/2033 |
564 | 343,469 | ||||||
4.00%, 07/01/2033 |
484 | 451,577 | ||||||
4.00%, 07/01/2035 |
17 | 15,500 | ||||||
4.00%, 07/01/2046 |
21 | 17,070 | ||||||
5.375%, 07/01/2025 |
621 | 631,700 | ||||||
5.625%, 07/01/2027 |
861 | 898,780 | ||||||
5.625%, 07/01/2029 |
425 | 449,185 | ||||||
Series 2022-A |
2,168 | 869,755 | ||||||
Series 2022-C |
6,836 | 3,554,506 | ||||||
HTA TRRB Custodial Trust |
1,915 | 1,866,757 | ||||||
5.25%, 07/01/2036 |
2,015 | 2,022,967 | ||||||
5.25%, 07/01/2041 |
1,370 | 1,337,386 | ||||||
Puerto Rico Electric Power Authority |
1,895 | 1,877,434 | ||||||
NATL Series 2007-V |
1,150 | 1,141,165 | ||||||
Puerto Rico Highway & Transportation Authority |
2,240 | 2,212,000 | ||||||
Series 2022-B |
390 | 252,496 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
3,550 | 2,485,000 |
154 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
$ | 1,595 | $ | 1,259,585 | ||||
Series 2019-A |
1,504 | 1,423,610 | ||||||
|
|
|||||||
25,322,961 | ||||||||
|
|
|||||||
South Carolina 3.2% |
| |||||||
Columbia Housing Authority/SC |
500 | 488,862 | ||||||
5.26%, 11/01/2032 |
100 | 95,210 | ||||||
5.41%, 11/01/2039 |
1,240 | 1,151,205 | ||||||
6.28%, 11/01/2039 |
100 | 92,376 | ||||||
Greenville Housing Authority/SC |
3,000 | 2,871,835 | ||||||
Patriots Energy Group Financing Agency |
2,275 | 2,414,369 | ||||||
Series 2023-B |
5,000 | 5,042,008 | ||||||
Patriots Energy Group Financing Agency |
2,000 | 2,103,723 | ||||||
South Carolina Jobs-Economic Development Authority |
2,855 | 2,950,064 | ||||||
South Carolina Jobs-Economic Development Authority |
1,000 | 990,984 | ||||||
South Carolina Jobs-Economic Development Authority |
1,450 | 1,065,928 | ||||||
South Carolina Jobs-Economic Development Authority |
2,500 | 2,580,648 |
abfunds.com | AB MUNICIPAL INCOME FUND | 155 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2018-A |
$ | 1,000 | $ | 1,013,619 | ||||
South Carolina Jobs-Economic Development Authority |
1,600 | 1,095,020 | ||||||
South Carolina Public Service Authority |
4,530 | 4,541,066 | ||||||
Series 2016-A |
4,750 | 4,826,891 | ||||||
Series 2016-B |
2,000 | 2,038,469 | ||||||
5.00%, 12/01/2056 |
6,250 | 6,288,180 | ||||||
Series 2021-B |
1,500 | 1,472,780 | ||||||
Series 2022-A |
10,000 | 9,046,698 | ||||||
4.00%, 12/01/2052 |
2,500 | 2,206,735 | ||||||
5.00%, 12/01/2055 |
2,500 | 2,555,825 | ||||||
|
|
|||||||
56,932,495 | ||||||||
|
|
|||||||
South Dakota 0.0% |
| |||||||
South Dakota Housing Development Authority |
400 | 400,825 | ||||||
|
|
|||||||
Tennessee 1.6% |
| |||||||
Bristol Industrial Development Board |
2,785 | 2,479,131 | ||||||
5.125%, 12/01/2042(b) |
1,325 | 1,138,213 | ||||||
Chattanooga Health Educational & Housing Facility Board |
345 | 336,979 | ||||||
4.00%, 08/01/2038 |
495 | 481,188 | ||||||
Knox County Industrial Development Board |
1,000 | 989,564 | ||||||
9.50%, 11/01/2052(b) |
1,000 | 988,377 |
156 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
|
$ | 4,325 | $ | 4,405,221 | ||||
Metropolitan Government Nashville & Davidson County Sports Authority |
4,000 | 4,308,512 | ||||||
Metropolitan Nashville Airport Authority (The) |
2,350 | 2,574,234 | ||||||
State of Tennessee |
2,215 | 2,450,899 | ||||||
Tennergy Corp./TN |
5,000 | 5,202,726 | ||||||
Tennessee Energy Acquisition Corp. |
2,000 | 2,045,258 | ||||||
Wilson County Health & Educational Facilities Board |
1,000 | 795,291 | ||||||
4.25%, 12/01/2024 |
1,000 | 959,176 | ||||||
|
|
|||||||
29,154,769 | ||||||||
|
|
|||||||
Texas 6.1% |
| |||||||
Abilene Convention Center Hotel Development Corp. |
500 | 423,260 | ||||||
Arlington Higher Education Finance Corp. |
1,410 | 1,443,120 |
abfunds.com | AB MUNICIPAL INCOME FUND | 157 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Arlington Higher Education Finance Corp. |
$ | 1,000 | $ | 1,001,296 | ||||
Bexar County Hospital District |
9,000 | 9,210,011 | ||||||
Board of Regents of the University of Texas System |
2,000 | 2,293,366 | ||||||
Central Texas Regional Mobility Authority |
1,600 | 1,640,716 | ||||||
5.00%, 01/01/2033 |
1,300 | 1,332,451 | ||||||
Central Texas Turnpike System |
10,000 | 10,055,469 | ||||||
City of Houston TX |
2,500 | 2,515,324 | ||||||
City of Houston TX Airport System Revenue |
505 | 503,150 | ||||||
Series 2015-B |
4,650 | 4,623,489 | ||||||
Series 2018 |
1,300 | 1,296,962 | ||||||
County of Harris TX |
1,600 | 1,261,263 | ||||||
Dallas Fort Worth International Airport |
1,000 | 862,985 | ||||||
Grand Parkway Transportation Corp. |
10,000 | 10,725,124 | ||||||
Harris County Cultural Education Facilities Finance Corp. |
1,000 | 996,649 |
158 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Hidalgo County Regional Mobility Authority |
$ | 2,000 | $ | 424,691 | ||||
Series 2022-B |
2,000 | 659,593 | ||||||
Irving Hospital Authority |
1,785 | 1,802,902 | ||||||
Lamar Consolidated Independent School District |
10,000 | 10,716,278 | ||||||
Mission Economic Development Corp. |
4,500 | 4,363,198 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
1,830 | 1,810,687 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
1,000 | 900,654 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
1,000 | 1,045,000 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
4,034 | 1,484,916 | ||||||
7.50%, 11/15/2036(d)(e) |
970 | 786,263 | ||||||
7.50%, 11/15/2037(d)(e) |
150 | 113,323 | ||||||
New Hope Cultural Education Facilities Finance Corp. |
425 | 328,795 |
abfunds.com | AB MUNICIPAL INCOME FUND | 159 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2022 |
$ | 1,000 | $ | 750,704 | ||||
Newark Higher Education Finance Corp. |
5,000 | 4,327,994 | ||||||
North East Texas Regional Mobility Authority |
3,330 | 3,343,892 | ||||||
North Texas Tollway Authority |
5,000 | 5,064,171 | ||||||
Series 2015-B |
1,700 | 1,727,022 | ||||||
Series 2016-A |
1,000 | 1,030,192 | ||||||
AGC Series 2008 |
7,200 | 4,480,153 | ||||||
Pflugerville Independent School District |
5,445 | 5,455,681 | ||||||
Port Beaumont Navigation District |
850 | 785,168 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. |
1,558 | 0 | | |||||
Tarrant County Cultural Education Facilities Finance Corp. |
2,118 | 1,376,970 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. IV |
2,000 | 2,151,177 | ||||||
Texas State Public Finance Authority Charter School Finance Corp. |
1,385 | 1,396,887 | ||||||
5.00%, 08/15/2034 |
1,945 | 1,960,354 | ||||||
|
|
|||||||
108,471,300 | ||||||||
|
|
160 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Utah 0.5% |
| |||||||
City of Salt Lake City UT Airport Revenue |
$ | 3,265 | $ | 3,305,086 | ||||
Intermountain Power Agency |
5,045 | 5,438,808 | ||||||
|
|
|||||||
8,743,894 | ||||||||
|
|
|||||||
Vermont 0.1% |
| |||||||
Vermont Educational & Health Buildings Financing Agency |
1,000 | 989,795 | ||||||
|
|
|||||||
Virginia 0.8% |
| |||||||
Align Affordable Housing Bond Fund LP |
2,000 | 1,847,846 | ||||||
Arlington County Industrial Development Authority |
690 | 650,136 | ||||||
Cherry Hill Community Development Authority |
1,410 | 1,411,884 | ||||||
US Bank Trust Co. NA |
586 | 530,353 | ||||||
Virginia Small Business Financing Authority |
1,000 | 1,023,229 | ||||||
Virginia Small Business Financing Authority |
2,100 | 2,171,532 | ||||||
Virginia Small Business Financing Authority |
6,000 | 6,017,699 | ||||||
|
|
|||||||
13,652,679 | ||||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 161 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Washington 2.2% |
| |||||||
Central Puget Sound Regional Transit Authority |
$ | 2,000 | $ | 2,267,459 | ||||
Grays Harbor County Public Hospital District No. 1 |
300 | 307,324 | ||||||
Grays Harbor County Public Hospital District No. 2 |
5,650 | 5,702,586 | ||||||
Port of Seattle WA |
2,175 | 2,020,793 | ||||||
Series 2021 |
2,000 | 1,901,433 | ||||||
Port of Tacoma WA |
2,000 | 2,045,887 | ||||||
5.00%, 12/01/2038 |
2,500 | 2,555,242 | ||||||
Spokane County School District No. 81 Spokane |
2,000 | 1,916,977 | ||||||
Washington Economic Development Finance Authority |
10,000 | 9,999,323 | ||||||
Washington Health Care Facilities Authority |
455 | 414,539 | ||||||
5.00%, 09/01/2039 |
450 | 472,443 | ||||||
5.00%, 09/01/2040 |
700 | 731,163 | ||||||
5.00%, 09/01/2045 |
430 | 445,029 | ||||||
5.00%, 09/01/2050 |
500 | 513,358 | ||||||
Series 2021 |
425 | 386,635 | ||||||
4.00%, 12/01/2048(b) |
1,740 | 1,552,758 |
162 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 12/01/2027(b) |
$ | 440 | $ | 463,643 | ||||
5.00%, 12/01/2028(b) |
305 | 325,193 | ||||||
5.00%, 12/01/2029(b) |
170 | 182,794 | ||||||
5.00%, 12/01/2030(b) |
265 | 286,780 | ||||||
5.00%, 12/01/2031(b) |
265 | 287,891 | ||||||
5.00%, 12/01/2032(b) |
225 | 244,526 | ||||||
5.00%, 12/01/2033(b) |
245 | 266,137 | ||||||
Washington Higher Education Facilities Authority |
2,600 | 2,507,144 | ||||||
Washington State Housing Finance Commission |
1,000 | 779,735 | ||||||
5.00%, 01/01/2055(b) |
365 | 264,786 | ||||||
Washington State Housing Finance Commission |
1,000 | 1,068,369 | ||||||
|
|
|||||||
39,909,947 | ||||||||
|
|
|||||||
West Virginia 0.3% |
| |||||||
Monongalia County Commission Excise Tax District |
150 | 158,450 | ||||||
Series
2023-B |
815 | 176,427 | ||||||
Tobacco Settlement Finance Authority/WV |
1,955 | 1,787,907 | ||||||
West Virginia Economic Development Authority |
435 | 429,289 | ||||||
West Virginia Economic Development Authority |
2,250 | 2,224,937 | ||||||
|
|
|||||||
4,777,010 | ||||||||
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 163 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Wisconsin 3.8% |
| |||||||
St. Croix Chippewa Indians of Wisconsin |
$ | 1,000 | $ | 728,190 | ||||
Wisconsin Center District |
1,000 | 966,746 | ||||||
Wisconsin Department of Transportation |
5,000 | 5,508,627 | ||||||
Wisconsin Health & Educational Facilities Authority |
1,250 | 1,299,800 | ||||||
Wisconsin Health & Educational Facilities Authority |
1,375 | 1,403,668 | ||||||
4.00%, 10/15/2036 |
2,600 | 2,630,166 | ||||||
Wisconsin Health & Educational Facilities Authority |
250 | 194,268 | ||||||
5.00%, 11/01/2054 |
215 | 159,176 | ||||||
Wisconsin Health & Educational Facilities Authority |
305 | 305,138 | ||||||
4.00%, 12/15/2036 |
335 | 331,520 | ||||||
4.00%, 12/15/2037 |
320 | 311,368 | ||||||
4.00%, 12/15/2038 |
335 | 322,982 | ||||||
Wisconsin Housing & Economic Development Authority |
255 | 215,051 |
164 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series
2022-A |
$ | 1,170 | $ | 977,735 | ||||
Wisconsin Public Finance Authority |
775 | 784,498 | ||||||
5.00%, 07/01/2058 |
750 | 759,192 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2020 |
500 | 522,638 | ||||||
5.00%, 01/01/2036 |
500 | 518,240 | ||||||
5.00%, 01/01/2037 |
500 | 515,243 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2021 |
6,750 | 5,765,579 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2016-A |
3,395 | 3,395,456 | ||||||
Series 2016-B |
1,795 | 1,807,829 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2022 |
1,150 | 1,135,249 | ||||||
5.75%, 02/01/2052(b) |
1,500 | 1,478,113 | ||||||
6.00%, 02/01/2062(b) |
1,700 | 1,709,820 | ||||||
Wisconsin Public Finance Authority |
||||||||
AGM Series 2018 |
3,315 | 3,372,711 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2023 |
2,825 | 2,724,150 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2022-A |
15,000 | 15,558,754 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2023 |
1,000 | 650,098 |
abfunds.com | AB MUNICIPAL INCOME FUND | 165 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Wisconsin Public Finance Authority |
||||||||
Series 2015 |
$ | 3,465 | $ | 3,478,133 | ||||
Wisconsin Public Finance Authority |
||||||||
Series 2022 |
2,000 | 2,033,000 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2021 |
5,000 | 3,231,186 | ||||||
Series 2022 |
995 | 679,758 | ||||||
Wisconsin Public Finance Authority |
||||||||
Series 2022 |
2,000 | 1,879,467 | ||||||
|
|
|||||||
67,353,549 | ||||||||
|
|
|||||||
Total Municipal Obligations |
1,743,055,301 | |||||||
|
|
|||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES 1.9% |
||||||||
Agency CMBS 0.2% |
| |||||||
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
972 | 721,407 | ||||||
Series 2021-ML10, Class AUS 2.032%, 01/25/2038 |
1,265 | 936,864 | ||||||
Series 2021-ML12, Class AUS 2.34%, 07/25/2041 |
1,963 | 1,452,438 | ||||||
Series 2022-ML13, Class XCA 0.96%, 07/25/2036(l) |
1,561 | 87,975 | ||||||
Series 2022-ML13, Class XUS 1.00%, 09/25/2036(l) |
2,655 | 185,068 | ||||||
|
|
|||||||
3,383,752 | ||||||||
|
|
|||||||
Non-Agency Fixed Rate CMBS 1.7% |
| |||||||
Arizona Industrial Development Authority |
4,994 | 4,603,072 | ||||||
California Housing Finance Agency |
552 | 549,263 |
166 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2021-1, Class A |
$ | 960 | $ | 892,316 | ||||
Series 2021-2, Class A |
4,864 | 4,598,939 | ||||||
Series 2021-2, Class X |
2,432 | 119,718 | ||||||
Series 2021-3, Class A |
969 | 889,639 | ||||||
Series 2021-3, Class X |
2,229 | 116,215 | ||||||
City of Fort Wayne
IN |
105 | 11 | ||||||
National Finance Authority |
3,942 | 190,689 | ||||||
New Hampshire Business Finance Authority |
5,011 | 4,822,593 | ||||||
Series 2022-1, Class A |
7,857 | 7,677,859 | ||||||
Series
2022-2 |
6,089 | 135,818 | ||||||
Series 2022-2, Class A |
3,942 | 3,737,592 | ||||||
Washington State Housing Finance Commission |
2,278 | 2,094,445 | ||||||
Series 2021-1, Class X 0.726%, 12/20/2035(l) |
1,934 | 87,945 | ||||||
Series 2023-1, Class X 1.492%, 04/20/2037(l) |
4,996 | 547,732 | ||||||
|
|
|||||||
31,063,846 | ||||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities |
34,447,598 | |||||||
|
|
|||||||
ASSET-BACKED SECURITIES 0.2% |
||||||||
Other ABS - Fixed Rate 0.2% |
| |||||||
Commonwealth of Massachusetts |
1,733 | 1,688,532 | ||||||
Commonwealth of Puerto Rico |
3,747 | 1,962,407 |
abfunds.com | AB MUNICIPAL INCOME FUND | 167 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
$ | 3,188 | $ | 0 | | |||
|
|
|||||||
Total Asset-Backed Securities |
3,650,939 | |||||||
|
|
|||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS 0.4% |
| |||||||
Investment Companies 0.4% |
| |||||||
AB Fixed Income Shares, Inc. |
7,666,345 | 7,666,345 | ||||||
|
|
|||||||
Total Investments 100.4% |
1,788,820,183 | |||||||
Other assets less liabilities (0.4)% |
(7,539,175 | ) | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 1,781,281,008 | ||||||
|
|
CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)
Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at November 30, 2023 |
Notional |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||
Buy Contracts |
| |||||||||||||||||||||||||||||||
CDX-NAHY |
(5.00 | )% | Quarterly | 4.03 | % | USD | 6,831 | $ | (334,248 | ) | $ | (63,380 | ) | $ | (270,868 | ) |
* | Termination date |
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)
Rate Type | ||||||||||||||||||||||||||||
Notional |
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 | 01/15/2027 | 1 Day SOFR |
2.540% | Annual | $ | (2,104,562 | ) | $ | 0 | | $ | (2,104,562 | ) | ||||||||||||||
USD |
20,000 | 01/15/2027 | 1 Day SOFR |
2.143% | Annual | (1,703,425 | ) | 0 | | (1,703,425 | ) | |||||||||||||||||
USD |
1,860 | 04/30/2030 | 1 Day SOFR |
3.500% | Annual | (65,888 | ) | 0 | | (65,888 | ) |
168 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Rate Type | ||||||||||||||||||||||||||||
Notional |
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 |
40,800 | 07/31/2030 | 1 Day SOFR |
4.032% | Annual | $ | (9,613 | ) | $ | 0 | | $ | (9,613 | ) | ||||||||||||||
USD |
36,900 | 07/31/2030 | 1 Day SOFR |
3.806% | Annual | (561,252 | ) | 0 | | (561,252 | ) | |||||||||||||||||
USD |
32,500 | 07/31/2030 | 1 Day SOFR |
4.016% | Annual | (55,822 | ) | 0 | | (55,822 | ) | |||||||||||||||||
USD |
15,600 | 11/01/2030 | 1 Day SOFR |
4.105% | Annual | 115,697 | 0 | | 115,697 | |||||||||||||||||||
USD |
22,000 | 04/15/2032 | 3.120% | 1 Day SOFR |
Annual | 1,623,439 | 0 | | 1,623,439 | |||||||||||||||||||
USD |
30,000 | 02/15/2033 | 3.252% | 1 Day SOFR |
Annual | 2,057,182 | 0 | | 2,057,182 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
$ | (704,244 | ) | $ | 0 | | $ | (704,244 | ) | ||||||||||||||||||||
|
|
|
|
|
|
INTEREST RATE SWAPS (see Note D)
Rate Type | ||||||||||||||||||||||||||||||
Swap Counterparty |
Notional |
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 | 15,000 | 08/26/2024 | MMD 5 Year^ | 3.250% | Maturity | $ | 159,721 | $ | 0 | | $ | 159,721 | |||||||||||||||||
Citibank, NA |
USD | 15,000 | 08/30/2024 | MMD 5 Year^ | 3.200% | Maturity | 207,136 | 0 | | 207,136 | ||||||||||||||||||||
Citibank, NA |
USD | 8,000 | 09/26/2024 | MMD 5 Year^ | 3.490% | Maturity | 215,306 | 0 | | 215,306 | ||||||||||||||||||||
Citibank, NA |
USD | 22,105 | 10/09/2029 | 1.125% | SIFMA* | Quarterly | 2,292,852 | 0 | | 2,292,852 | ||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||
$ | 2,875,015 | $ | 0 | | $ | 2,875,015 | ||||||||||||||||||||||||
|
|
|
|
|
|
^ | Variable interest rate based on the Municipal Market Data AAA General Obligation Scale. |
* | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
(a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2023. |
(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 November 30, 2023, the aggregate market value of these securities amounted to $199,126,174 or 11.2% of net assets. |
(c) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.57% of net assets as of November 30, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||||
ARC70 II TRUST |
07/18/2023 | $ | 4,938,726 | $ | 4,872,753 | 0.27 | % |
abfunds.com | AB MUNICIPAL INCOME FUND | 169 |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||||
Arizona Industrial Development Authority |
06/09/2022 | $ | 4,116,975 | $ | 223,500 | 0.01 | % | |||||||||
Douglas County Housing Partnership |
01/14/2021 | 2,465,558 | 1,811,464 | 0.10 | % | |||||||||||
Indiana Finance Authority |
03/29/2019 | 3,717,583 | 2,625,544 | 0.15 | % | |||||||||||
Mississippi Business Finance Corp. |
12/13/2022 | 1,233,255 | 1,221,660 | 0.07 | % | |||||||||||
New Hope Cultural Education Facilities Finance Corp. Series 2023 |
02/03/2023 | 1,830,000 | 1,810,687 | 0.10 | % | |||||||||||
University of Toledo |
06/30/2023 | 10,000,000 | 9,759,451 | 0.55 | % | |||||||||||
Wisconsin Public Finance Authority |
08/03/2021 | 6,750,000 | 5,765,579 | 0.32 | % |
(d) | Non-income producing security. |
(e) | Defaulted. |
(f) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2023. |
(g) | Inverse floater security. |
(h) | When-Issued or delayed delivery security. |
(i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(j) | Restricted and illiquid security. |
170 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NATIONAL PORTFOLIO
Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
05/07/2015 | $ | 3,220,597 | $ | 0 | | 0.00 | % | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
05/22/2015 | $ | 1,573,877 | $ | 0 | | 0.00 | % | ||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
04/08/2010 | 2,094,247 | 1,376,970 | 0.08 | % |
(k) | Fair valued by the Adviser. |
(l) | IO Interest Only. |
(m) | The rate shown represents the 7-day yield as of period end. |
(n) | To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618. |
(o) | Affiliated investments. |
As of November 30, 2023, the Portfolios percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 5.4% and 0.0%, respectively.
Glossary:
ABS Asset-Backed Securities
AGC Assured Guaranty Corporation
AGM Assured Guaranty Municipal
BAM Build American Mutual
CDX-NAHY North American High Yield Credit Default Swap Index
CFD Community Facilities District
CMBS Commercial Mortgage-Backed Securities
COP Certificate of Participation
ETM Escrowed to Maturity
FHLMC Federal Home Loan Mortgage Corporation
MUNIPSA SIFMA Municipal Swap Index
MMD Municipal Market Data
NATL National Interstate Corporation
SOFR Secured Overnight Financing Rate
UPMC University of Pittsburgh Medical Center
XLCA XL Capital Assurance Inc.
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 171 |
PORTFOLIO OF INVESTMENTS
AB NEW YORK PORTFOLIO
November 30, 2023 (unaudited)
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
MUNICIPAL OBLIGATIONS 98.2% |
| |||||||
Long-Term Municipal Bonds 98.2% |
| |||||||
New York 90.3% |
| |||||||
Brookhaven Local Development Corp. |
$ | 1,500 | $ | 1,505,937 | ||||
Series 2020 |
1,000 | 811,408 | ||||||
Broome County Local Development Corp. |
1,000 | 695,843 | ||||||
Buffalo & Fort Erie Public Bridge Authority |
2,250 | 2,297,972 | ||||||
Build NYC Resource Corp |
1,200 | 1,247,432 | ||||||
Build NYC Resource Corp. |
940 | 900,836 | ||||||
Build NYC Resource Corp. |
1,110 | 1,116,194 | ||||||
5.00%, 06/01/2033 |
1,320 | 1,327,174 | ||||||
5.00%, 06/01/2034 |
550 | 552,856 | ||||||
Build NYC Resource Corp. |
760 | 711,357 | ||||||
Build NYC Resource Corp. |
2,125 | 2,136,401 | ||||||
5.75%, 06/01/2062(a) |
1,905 | 1,904,987 | ||||||
Build NYC Resource Corp. |
1,275 | 1,183,717 |
172 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Build NYC Resource Corp. |
$ | 975 | $ | 953,813 | ||||
5.00%, 07/01/2056 |
1,410 | 1,364,122 | ||||||
5.00%, 07/01/2062 |
6,000 | 5,735,329 | ||||||
Build NYC Resource Corp. |
1,500 | 1,337,943 | ||||||
Build NYC Resource Corp. |
2,000 | 2,054,691 | ||||||
5.25%, 07/01/2062 |
3,000 | 3,060,411 | ||||||
Build NYC Resource Corp. |
2,555 | 1,916,250 | ||||||
5.50%, 11/01/2044 |
1,625 | 1,218,750 | ||||||
Build NYC Resource Corp. |
1,000 | 936,639 | ||||||
Build NYC Resource Corp. |
735 | 528,809 | ||||||
4.00%, 06/15/2056(a) |
700 | 489,383 | ||||||
Build NYC Resource Corp. |
2,000 | 1,630,828 | ||||||
City of New York NY |
2,000 | 2,102,737 | ||||||
Series 2021 |
5,905 | 5,206,774 | ||||||
Series 2021-D |
3,000 | 2,518,025 | ||||||
1.823%, 08/01/2030 |
3,000 | 2,451,132 | ||||||
Dutchess County Local Development Corp. |
6,400 | 6,417,037 | ||||||
Series 2020-B |
1,405 | 1,341,094 |
abfunds.com | AB MUNICIPAL INCOME FUND | 173 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Hempstead Town Local Development Corp. |
$ | 5,000 | $ | 4,793,518 | ||||
Hempstead Town Local Development Corp. |
1,845 | 1,852,614 | ||||||
5.00%, 07/01/2039 |
1,100 | 1,100,844 | ||||||
Series 2018 |
1,495 | 1,461,996 | ||||||
Hudson Yards Infrastructure Corp. |
5,000 | 5,167,826 | ||||||
Long Island Power Authority |
1,000 | 1,009,196 | ||||||
Series 2016-B |
5,000 | 5,202,713 | ||||||
5.00%, 09/01/2033 |
3,515 | 3,650,968 | ||||||
Series 2023-E |
5,000 | 5,402,936 | ||||||
Metropolitan Transportation Authority |
12,000 | 12,007,207 | ||||||
Series 2017-C |
5,000 | 5,336,637 | ||||||
Series 2021 |
480 | 474,755 | ||||||
AGM Series 2021 |
1,000 | 999,954 | ||||||
4.364% (SOFR + 0.80%), 11/01/2032(b) |
1,285 | 1,279,088 | ||||||
Metropolitan Transportation Authority |
10,740 | 11,287,400 | ||||||
5.25%, 11/15/2035 |
5,000 | 5,247,680 | ||||||
Monroe County Industrial Development Corp./NY |
2,000 | 1,915,628 | ||||||
Monroe County Industrial Development Corp./NY |
1,150 | 1,181,505 |
174 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2020 |
$ | 3,015 | $ | 2,971,175 | ||||
4.00%, 12/01/2038 |
1,200 | 1,130,841 | ||||||
4.00%, 12/01/2039 |
1,000 | 931,922 | ||||||
Monroe County Industrial Development Corp./NY |
2,150 | 1,835,003 | ||||||
Nassau County Industrial Development Agency |
1,447 | 346,612 | ||||||
9.00%, 01/01/2041(c)(d)(e) |
720 | 684,000 | ||||||
Nassau County Local Economic Assistance Corp. |
1,195 | 1,202,633 | ||||||
5.00%, 07/01/2055 |
3,250 | 3,111,598 | ||||||
New York City Municipal Water Finance Authority |
10,000 | 10,966,719 | ||||||
Series 2023 |
4,500 | 4,969,471 | ||||||
New York City Transitional Finance Authority |
7,000 | 8,048,400 | ||||||
New York City Transitional Finance Authority Building Aid Revenue |
5,160 | 5,277,191 | ||||||
Series 2016-S |
1,000 | 1,032,989 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue |
10,000 | 10,353,269 | ||||||
New York Convention Center Development Corp. |
9,220 | 9,370,655 |
abfunds.com | AB MUNICIPAL INCOME FUND | 175 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 11/15/2035 |
$ | 6,000 | $ | 6,088,548 | ||||
New York Liberty Development Corp. |
2,200 | 2,135,991 | ||||||
5.375%, 11/15/2040(a) |
700 | 699,591 | ||||||
7.25%, 11/15/2044(a) |
1,280 | 1,287,682 | ||||||
New York Liberty Development Corp. |
7,780 | 6,927,647 | ||||||
2.80%, 09/15/2069 |
5,780 | 5,119,182 | ||||||
New York Liberty Development Corp. |
3,000 | 2,428,936 | ||||||
New York Power Authority |
3,000 | 3,211,641 | ||||||
New York State Dormitory Authority |
1,310 | 1,106,275 | ||||||
New York State Dormitory Authority |
1,000 | 977,667 | ||||||
5.00%, 12/01/2033(a) |
1,000 | 974,425 | ||||||
5.00%, 12/01/2037(a) |
2,000 | 1,849,166 | ||||||
New York State Dormitory Authority |
3,000 | 3,032,047 | ||||||
5.00%, 07/01/2033 |
3,000 | 3,025,020 | ||||||
New York State Dormitory Authority |
375 | 367,308 | ||||||
5.00%, 07/01/2051 |
1,200 | 1,154,574 | ||||||
Series 2022-2 |
200 | 204,852 | ||||||
5.00%, 07/01/2042 |
275 | 273,613 |
176 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New York State Dormitory Authority |
$ | 1,950 | $ | 2,011,030 | ||||
5.00%, 08/01/2033 |
2,000 | 2,059,487 | ||||||
5.00%, 08/01/2035 |
1,515 | 1,554,349 | ||||||
Series 2020 |
800 | 761,062 | ||||||
4.00%, 09/01/2039 |
1,345 | 1,245,794 | ||||||
AGM Series 2020 |
3,000 | 2,142,427 | ||||||
New York State Dormitory Authority |
2,815 | 2,909,540 | ||||||
5.00%, 07/01/2036 |
3,000 | 3,088,530 | ||||||
New York State Dormitory Authority |
5,000 | 5,075,473 | ||||||
Series 2022 |
5,000 | 4,741,067 | ||||||
New York State Dormitory Authority |
1,000 | 1,004,207 | ||||||
New York State Dormitory Authority |
1,000 | 1,037,739 | ||||||
New York State Dormitory Authority |
1,115 | 1,205,366 | ||||||
New York State Dormitory Authority |
1,000 | 1,020,860 | ||||||
5.00%, 07/01/2034 |
1,000 | 1,020,031 | ||||||
New York State Dormitory Authority |
12,095 | 12,891,673 | ||||||
New York State Dormitory Authority |
5,625 | 5,546,334 |
abfunds.com | AB MUNICIPAL INCOME FUND | 177 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New York State Environmental Facilities Corp. |
$ | 3,125 | $ | 2,763,645 | ||||
New York State Thruway Authority |
7,500 | 7,620,980 | ||||||
5.00%, 01/01/2032 |
5,000 | 5,075,359 | ||||||
Series 2016-A |
2,940 | 2,986,275 | ||||||
Series 2019-B |
1,575 | 1,585,961 | ||||||
Series 2019-M |
8,000 | 6,689,185 | ||||||
New York Transportation Development Corp. |
2,395 | 2,427,135 | ||||||
5.00%, 01/01/2036 |
13,850 | 13,931,649 | ||||||
New York Transportation Development Corp. |
11,000 | 9,516,778 | ||||||
New York Transportation Development Corp. |
1,050 | 984,042 | ||||||
4.00%, 12/01/2042 |
1,940 | 1,738,659 | ||||||
5.00%, 12/01/2031 |
1,150 | 1,222,289 | ||||||
Series 2022 |
2,000 | 1,794,731 | ||||||
New York Transportation Development Corp. |
1,000 | 1,006,853 | ||||||
5.125%, 06/30/2060(f) |
5,000 | 5,032,530 | ||||||
New York Transportation Development Corp. |
2,000 | 1,957,317 | ||||||
4.00%, 07/01/2033 |
2,250 | 2,189,495 | ||||||
5.00%, 07/01/2034 |
2,490 | 2,493,819 | ||||||
5.00%, 07/01/2046 |
2,000 | 1,980,035 | ||||||
5.25%, 01/01/2050 |
3,030 | 3,029,903 |
178 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Niagara Area Development Corp. |
$ | 5,000 | $ | 4,008,751 | ||||
Oneida County Local Development Corp. |
2,405 | 2,641,715 | ||||||
Onondaga Civic Development Corp. |
1,400 | 1,379,060 | ||||||
Series 2022 |
525 | 463,579 | ||||||
Orange County Funding Corp. |
2,005 | 1,559,081 | ||||||
Port Authority of New York & New Jersey |
5,000 | 5,034,655 | ||||||
Series 2021-2 |
5,000 | 4,703,630 | ||||||
Schenectady County Capital Resource Corp. |
2,600 | 2,683,405 | ||||||
Suffolk County Economic Development Corp. |
2,500 | 2,511,507 | ||||||
Suffolk County Economic Development Corp. |
1,500 | 1,403,715 | ||||||
Suffolk Tobacco Asset Securitization Corp. |
4,935 | 4,394,351 | ||||||
Town of Oyster Bay NY |
850 | 851,471 | ||||||
Triborough Bridge & Tunnel Authority |
3,000 | 3,146,737 | ||||||
Series 2020-A |
3,000 | 3,172,214 |
abfunds.com | AB MUNICIPAL INCOME FUND | 179 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Triborough Bridge & Tunnel Authority |
$ | 3,500 | $ | 2,662,375 | ||||
Series 2021-C |
10,000 | 10,610,956 | ||||||
Series 2022 |
5,150 | 5,631,087 | ||||||
Series 2022-E |
2,500 | 2,499,445 | ||||||
Troy Capital Resource Corp. |
1,450 | 1,563,637 | ||||||
5.00%, 09/01/2036 |
2,250 | 2,401,931 | ||||||
5.00%, 09/01/2037 |
2,000 | 2,117,937 | ||||||
5.00%, 09/01/2038 |
1,500 | 1,576,316 | ||||||
Trust for Cultural Resources of The City of New York (The) |
1,000 | 1,028,674 | ||||||
TSASC, Inc./NY |
3,350 | 2,970,519 | ||||||
Series 2017-A |
10,850 | 10,880,932 | ||||||
Ulster County Capital Resource Corp. |
1,515 | 1,187,416 | ||||||
5.25%, 09/15/2042 |
135 | 102,423 | ||||||
5.25%, 09/15/2047 |
235 | 169,806 | ||||||
5.25%, 09/15/2053 |
505 | 350,253 | ||||||
Utility Debt Securitization Authority |
2,500 | 2,499,000 | ||||||
Westchester County Healthcare Corp./NY |
115 | 115,178 | ||||||
Westchester County Local Development Corp. |
2,925 | 2,405,309 |
180 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
5.00%, 01/01/2051 |
$ | 2,505 | $ | 2,277,239 | ||||
Westchester County Local Development Corp. |
1,000 | 991,244 | ||||||
5.00%, 06/01/2047 |
1,000 | 971,728 | ||||||
Westchester County Local Development Corp. |
2,000 | 1,785,815 | ||||||
Westchester Tobacco Asset Securitization Corp. |
1,830 | 1,857,896 | ||||||
|
|
|||||||
452,077,585 | ||||||||
|
|
|||||||
American Samoa 0.3% |
| |||||||
American Samoa Economic Development Authority |
280 | 290,509 | ||||||
Series 2018 |
935 | 1,013,188 | ||||||
|
|
|||||||
1,303,697 | ||||||||
|
|
|||||||
Florida 0.1% |
| |||||||
Marshall Creek Community Development District |
45 | 43,619 | ||||||
Marshall Creek Community Development District |
485 | 475,797 | ||||||
|
|
|||||||
519,416 | ||||||||
|
|
|||||||
Georgia 0.1% |
| |||||||
Municipal Electric Authority of Georgia |
100 | 103,422 | ||||||
5.00%, 01/01/2039 |
100 | 102,433 | ||||||
5.00%, 01/01/2056 |
490 | 494,199 | ||||||
|
|
|||||||
700,054 | ||||||||
|
|
|||||||
Guam 2.8% |
| |||||||
Antonio B Won Pat International Airport Authority |
500 | 386,338 |
abfunds.com | AB MUNICIPAL INCOME FUND | 181 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Series 2023 |
$ | 175 | $ | 177,799 | ||||
5.25%, 10/01/2036 |
585 | 580,524 | ||||||
Guam Government Waterworks Authority |
1,025 | 1,030,747 | ||||||
Series 2017 |
1,100 | 1,137,759 | ||||||
5.00%, 07/01/2040 |
1,375 | 1,393,579 | ||||||
Guam Power Authority |
1,000 | 1,027,503 | ||||||
5.00%, 10/01/2037 |
1,500 | 1,532,877 | ||||||
5.00%, 10/01/2038 |
1,930 | 1,965,213 | ||||||
Series 2022-A |
1,100 | 1,119,103 | ||||||
Territory of Guam |
95 | 97,172 | ||||||
Territory of Guam |
3,760 | 3,406,804 | ||||||
|
|
|||||||
13,855,418 | ||||||||
|
|
|||||||
Illinois 0.4% |
| |||||||
Chicago Board of Education |
1,710 | 1,744,594 | ||||||
Illinois Finance Authority |
100 | 82,521 | ||||||
4.00%, 09/01/2041 |
115 | 88,826 | ||||||
5.00%, 09/01/2036 |
115 | 108,364 | ||||||
5.00%, 09/01/2038 |
100 | 91,764 | ||||||
|
|
|||||||
2,116,069 | ||||||||
|
|
|||||||
Indiana 0.1% |
| |||||||
Indiana Finance Authority |
775 | 565,221 | ||||||
|
|
|||||||
Louisiana 0.0% |
| |||||||
Parish of St. James LA |
100 | 107,519 | ||||||
|
|
182 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Maryland 0.1% |
| |||||||
City of Baltimore MD |
$ | 650 | $ | 539,202 | ||||
Series 2019-B
|
200 | 166,448 | ||||||
|
|
|||||||
705,650 | ||||||||
|
|
|||||||
Michigan 0.1% |
| |||||||
City of Detroit MI |
245 | 251,728 | ||||||
|
|
|||||||
North Dakota 0.0% |
| |||||||
County of Grand Forks ND |
105 | 21,000 | ||||||
7.00%, 12/15/2043(c)(d)(e) |
115 | 23,000 | ||||||
|
|
|||||||
44,000 | ||||||||
|
|
|||||||
Puerto Rico 2.7% |
| |||||||
Commonwealth of Puerto Rico |
101 | 99,010 | ||||||
Zero Coupon, 07/01/2033 |
908 | 552,516 | ||||||
4.00%, 07/01/2033 |
260 | 242,527 | ||||||
4.00%, 07/01/2035 |
9 | 8,108 | ||||||
4.00%, 07/01/2046 |
211 | 174,926 | ||||||
5.375%, 07/01/2025 |
361 | 367,205 | ||||||
5.625%, 07/01/2027 |
1,046 | 1,092,021 | ||||||
5.625%, 07/01/2029 |
210 | 221,951 | ||||||
Series 2022-C |
61 | 31,635 | ||||||
HTA HRRB Custodial Trust |
100 | 100,395 | ||||||
HTA TRRB Custodial Trust |
795 | 774,972 | ||||||
5.25%, 07/01/2036 |
685 | 687,708 | ||||||
5.25%, 07/01/2041 |
285 | 278,215 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority |
1,290 | 1,304,352 | ||||||
5.00%, 07/01/2035(a) |
1,295 | 1,302,147 |
abfunds.com | AB MUNICIPAL INCOME FUND | 183 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Puerto Rico Electric Power Authority |
$ | 710 | $ | 703,419 | ||||
NATL Series 2007-V |
1,000 | 991,163 | ||||||
Puerto Rico Highway & Transportation Authority |
910 | 898,625 | ||||||
Series 2022-B |
325 | 210,414 | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
1,545 | 1,081,500 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
654 | 516,469 | ||||||
Series 2019-A |
675 | 638,920 | ||||||
4.55%, 07/01/2040 |
73 | 70,932 | ||||||
5.00%, 07/01/2058 |
1,160 | 1,124,713 | ||||||
|
|
|||||||
13,473,843 | ||||||||
|
|
|||||||
Tennessee 0.2% |
| |||||||
Bristol Industrial Development Board |
820 | 729,942 | ||||||
Chattanooga Health Educational & Housing Facility Board |
65 | 63,489 | ||||||
4.00%, 08/01/2038 |
130 | 126,372 | ||||||
|
|
|||||||
919,803 | ||||||||
|
|
|||||||
Texas 0.4% |
| |||||||
Mission Economic Development Corp. |
1,455 | 1,410,768 |
184 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
New Hope Cultural Education Facilities Finance Corp. |
$ | 100 | $ | 77,363 | ||||
Tarrant County Cultural Education Facilities Finance Corp. |
1,000 | 650,000 | ||||||
|
|
|||||||
2,138,131 | ||||||||
|
|
|||||||
Washington 0.1% |
| |||||||
Washington State Housing Finance Commission |
100 | 77,973 | ||||||
5.00%, 01/01/2049(a) |
105 | 78,844 | ||||||
5.00%, 01/01/2055(a) |
305 | 221,260 | ||||||
|
|
|||||||
378,077 | ||||||||
|
|
|||||||
Wisconsin 0.5% |
||||||||
Wisconsin Health & Educational Facilities Authority |
100 | 74,035 | ||||||
Wisconsin Public Finance Authority |
1,250 | 1,067,700 | ||||||
Wisconsin Public Finance Authority |
365 | 368,013 | ||||||
5.00%, 10/01/2026(a) |
390 | 395,922 | ||||||
5.00%, 10/01/2027(a) |
405 | 413,730 | ||||||
5.00%, 10/01/2028(a) |
225 | 230,798 | ||||||
5.00%, 10/01/2029(a) |
100 | 102,686 | ||||||
|
|
|||||||
2,652,884 | ||||||||
|
|
|||||||
Total Municipal Obligations |
491,809,095 | |||||||
|
|
|||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES 0.0% |
||||||||
Non-Agency Fixed Rate CMBS 0.0% |
||||||||
City of Fort Wayne IN
|
26 | 3 |
abfunds.com | AB MUNICIPAL INCOME FUND | 185 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
Principal Amount (000) |
U.S. $ Value | |||||||
|
||||||||
Jefferson County Industrial Development Agency |
$ | 746 | $ | 80,974 | ||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities |
80,977 | |||||||
|
|
|||||||
CORPORATES - NON-INVESTMENT GRADE 0.0% |
||||||||
Industrial 0.0% |
| |||||||
Basic 0.0% |
| |||||||
Red River Biorefinery LLC |
20 | 20,000 | ||||||
|
|
|||||||
Total Investments 98.2% |
491,910,072 | |||||||
Other assets less liabilities 1.8% |
9,019,909 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 500,929,981 | ||||||
|
|
CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)
Rate Type | ||||||||||||||||||||||||||||||||
Notional |
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 |
27,500 | 01/15/2027 | |
1 Day SOFR |
|
2.583% | Annual | $ | (1,885,021 | ) | $ | 0 | | $ | (1,885,021 | ) | ||||||||||||||||
USD |
5,200 | 01/15/2027 | |
1 Day SOFR |
|
2.540% | Annual | (364,889 | ) | 0 | | (364,889 | ) | |||||||||||||||||||
USD |
4,400 | 01/15/2027 | |
1 Day SOFR |
|
3.776% | Annual | (101,408 | ) | 0 | | (101,408 | ) | |||||||||||||||||||
USD |
2,700 | 01/15/2029 | |
1 Day SOFR |
|
3.315% | Annual | (126,813 | ) | 0 | | (126,813 | ) | |||||||||||||||||||
USD |
11,100 | 11/01/2030 | |
1 Day SOFR |
|
4.190% | Annual | 135,916 | 0 | | 135,916 | |||||||||||||||||||||
USD |
12,800 | 07/15/2032 | 2.446% | |
1 Day SOFR |
|
Annual | 1,559,906 | 0 | | 1,559,906 | |||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (782,309 | ) | $ | 0 | | $ | (782,309 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
186 | AB MUNICIPAL INCOME FUND |
abfunds.com |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
INTEREST RATE SWAPS (see Note D)
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 | 9,395 | 10/09/2029 | 1.125 | % | SIFMA | * | Quarterly | $ | 974,501 | $ | 0 | $ | 974,501 |
* | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
(a) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2023, the aggregate market value of these securities amounted to $36,188,596 or 7.2% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2023. |
(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 0.48% of net assets as of November 30, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||
County of Grand Forks ND |
05/21/2021 | $ | 105,000 | $ | 21,000 | 0.00 | % | |||||||
County of Grand Forks ND |
05/21/2021 | 115,000 | 23,000 | 0.00 | % | |||||||||
Indiana Finance Authority |
03/29/2019 01/31/2023 | 800,008 | 565,221 | 0.11 | % | |||||||||
Jefferson County Industrial Development Agency |
11/13/2014 | 746,325 | 80,974 | 0.02 | % |
abfunds.com | AB MUNICIPAL INCOME FUND | 187 |
PORTFOLIO OF INVESTMENTS (continued)
AB NEW YORK PORTFOLIO
144A/Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||
Nassau County Industrial Development Agency |
09/03/2021 | $ | 720,000 | $ | 684,000 | 0.14 | % | |||||||
Red River Biorefinery LLC Series 23A |
05/31/2023 | 20,000 | 20,000 | 0.00 | % | |||||||||
Wisconsin Public Finance Authority |
08/03/2021 | 1,250,000 | 1,067,700 | 0.21 | % |
(f) | When-Issued or delayed delivery security. |
(g) | Restricted and illiquid security. |
Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets |
||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. |
04/08/2010 | $ | 1,039,070 | $ | 650,000 | 0.13 | % |
(h) | Fair valued by the Adviser. |
(i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
As of November 30, 2023, the Portfolios percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.1% and 0.0%, respectively.
Glossary:
AGM Assured Guaranty Municipal
NATL National Interstate Corporation
SOFR Secured Overnight Financing Rate
See notes to financial statements.
188 | AB MUNICIPAL INCOME FUND |
abfunds.com |
STATEMENT OF ASSETS & LIABILITIES
November 30, 2023 (unaudited)
AB California | AB High Income Municipal |
|||||||
Assets |
| |||||||
Investments in securities, at value |
| |||||||
Unaffiliated issuers (cost $1,096,667,138 and $3,521,117,200, respectively) |
$ | 1,047,802,667 | $ | 3,098,762,784 | ||||
Affiliated issuers (cost $7,021,825 and $7,486,431, respectively) |
7,021,825 | 7,532,431 | ||||||
Cash |
231 | 9,209,126 | ||||||
Cash collateral due from broker |
1,522,063 | 20,086,185 | ||||||
Interest receivable |
13,504,756 | 46,255,585 | ||||||
Receivable for capital stock sold |
17,588,971 | 6,499,225 | ||||||
Receivable for investment securities sold |
154,285 | 14,812,998 | ||||||
Unrealized appreciation on interest rate swaps |
1,309,016 | 5,197,172 | ||||||
Affiliated dividends receivable |
35,895 | 54,762 | ||||||
Receivable for terminated centrally cleared interest rate swaps |
44,380 | 0 | | |||||
Receivable due from Advisor |
21,074 | 29,059 | ||||||
|
|
|
|
|||||
Total assets |
1,089,005,163 | 3,208,439,327 | ||||||
|
|
|
|
|||||
Liabilities |
| |||||||
Payable for floating rate notes issued(a) |
0 | | 264,270,000 | |||||
Payable for investment securities purchased |
14,785,653 | 45,581,151 | ||||||
Payable for capital stock redeemed |
6,865,729 | 14,509,168 | ||||||
Cash collateral due to broker |
1,280,000 | 3,223,000 | ||||||
Dividends payable |
471,340 | 1,845,737 | ||||||
Market value on credit default swaps (net premiums received $0 and $1,941,588, respectively) |
0 | | 2,427,841 | |||||
Payable for variation margin on centrally cleared swaps |
96,625 | 1,565,905 | ||||||
Advisory fee payable |
379,133 | 1,130,666 | ||||||
Unrealized depreciation on interest rate swaps |
0 | | 1,163,748 | |||||
Distribution fee payable |
110,661 | 159,419 | ||||||
Administrative fee payable |
47,595 | 48,724 | ||||||
Directors fees payable |
7,421 | 14,324 | ||||||
Transfer Agent fee payable |
6,071 | 34,911 | ||||||
Payable for terminated centrally cleared interest rate swaps |
84,262 | 0 | | |||||
Accrued expenses |
286,412 | 1,404,490 | ||||||
|
|
|
|
|||||
Total liabilities |
24,420,902 | 337,379,084 | ||||||
|
|
|
|
|||||
Net Assets |
$ | 1,064,584,261 | $ | 2,871,060,243 | ||||
|
|
|
|
|||||
Composition of Net Assets |
| |||||||
Capital stock, at par |
$ | 103,018 | $ | 289,444 | ||||
Additional paid-in capital |
1,115,841,236 | 3,339,245,130 | ||||||
Accumulated loss |
(51,359,993 | ) | (468,474,331 | ) | ||||
|
|
|
|
|||||
$ | 1,064,584,261 | $ | 2,871,060,243 | |||||
|
|
|
|
(a) | Represents short-term floating rate certificates issued by tender option bond trusts (see Note I). |
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 189 |
STATEMENT OF ASSETS & LIABILITIES (continued)
Net Asset Value Per Share81,200,000,000 shares of capital stock authorized, $.001 par value (see Note E)
AB California Portfolio | Net Assets | Shares Outstanding |
Net Asset Value |
|||||||||
|
||||||||||||
Class A | $ | 461,609,326 | 44,669,435 | $ | 10.33 | * | ||||||
|
||||||||||||
Class C | $ | 22,992,323 | 2,225,678 | $ | 10.33 | |||||||
|
||||||||||||
Advisor Class | $ | 579,982,612 | 56,122,988 | $ | 10.33 | |||||||
|
||||||||||||
AB High Income Municipal Portfolio | ||||||||||||
|
||||||||||||
Class A | $ | 569,217,674 | 57,360,621 | $ | 9.92 | * | ||||||
|
||||||||||||
Class C | $ | 56,347,878 | 5,681,428 | $ | 9.92 | |||||||
|
||||||||||||
Advisor Class | $ | 1,950,612,974 | 196,676,260 | $ | 9.92 | |||||||
|
||||||||||||
Class Z | $ | 294,881,717 | 29,725,721 | $ | 9.92 | |||||||
|
* | The maximum offering price per share for Class A of AB California Portfolio and AB High Income Municipal Portfolio were $10.65 and $10.23, respectively, which reflects a sales charge of 3.00%. |
See notes to financial statements.
190 | AB MUNICIPAL INCOME FUND |
abfunds.com |
STATEMENT OF ASSETS & LIABILITIES (continued)
AB National | AB New York | |||||||
Assets | ||||||||
Investments in securities, at value |
||||||||
Unaffiliated issuers (cost $1,861,321,784 and $520,089,166, respectively) |
$ | 1,781,153,838 | $ | 491,910,072 | ||||
Affiliated issuers (cost $7,666,345 and $0, respectively) |
7,666,345 | 0 | | |||||
Cash |
550 | 8,252,629 | ||||||
Cash collateral due from broker |
4,033,980 | 1,068,132 | ||||||
Interest receivable |
23,857,719 | 6,997,615 | ||||||
Receivable for capital stock sold |
10,332,028 | 48,750 | ||||||
Unrealized appreciation on interest rate swaps |
2,875,015 | 974,501 | ||||||
Receivable for investment securities sold |
580,555 | 0 | | |||||
Affiliated dividends receivable |
57,041 | 6,165 | ||||||
Receivable due from Advisor |
49,037 | 30,472 | ||||||
Receivable for terminated centrally cleared interest rate swaps |
0 | | 2,506 | |||||
|
|
|
|
|||||
Total assets |
1,830,606,108 | 509,290,842 | ||||||
|
|
|
|
|||||
Liabilities | ||||||||
Payable for investment securities purchased |
39,470,290 | 5,923,470 | ||||||
Payable for capital stock redeemed |
5,154,960 | 789,048 | ||||||
Cash collateral due to broker |
2,550,000 | 950,000 | ||||||
Advisory fee payable |
641,439 | 182,213 | ||||||
Dividends payable |
525,242 | 108,340 | ||||||
Payable for variation margin on centrally cleared swaps |
361,213 | 27,214 | ||||||
Distribution fee payable |
98,531 | 75,416 | ||||||
Administrative fee payable |
43,523 | 46,191 | ||||||
Transfer Agent fee payable |
13,745 | 5,496 | ||||||
Directors fees payable |
9,807 | 6,021 | ||||||
Accrued expenses |
456,350 | 247,452 | ||||||
|
|
|
|
|||||
Total liabilities |
49,325,100 | 8,360,861 | ||||||
|
|
|
|
|||||
Net Assets |
$ | 1,781,281,008 | $ | 500,929,981 | ||||
|
|
|
|
|||||
Composition of Net Assets | ||||||||
Capital stock, at par |
$ | 187,193 | $ | 55,099 | ||||
Additional paid-in capital |
1,911,231,216 | 553,185,654 | ||||||
Accumulated loss |
(130,137,401 | ) | (52,310,772 | ) | ||||
|
|
|
|
|||||
$ | 1,781,281,008 | $ | 500,929,981 | |||||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 191 |
STATEMENT OF ASSETS & LIABILITIES (continued)
Net Asset Value Per Share81,200,000,000 shares of capital stock authorized, $.001 par value (see Note E)
AB National Portfolio | Net Assets | Shares Outstanding |
Net Asset Value |
|||||||||
|
||||||||||||
Class A | $ | 412,647,923 | 43,365,650 | $ | 9.52 | * | ||||||
|
||||||||||||
Class C | $ | 20,500,102 | 2,156,961 | $ | 9.50 | |||||||
|
||||||||||||
Advisor Class | $ | 1,348,132,983 | 141,670,765 | $ | 9.52 | |||||||
|
||||||||||||
AB New York Portfolio | ||||||||||||
|
||||||||||||
Class A | $ | 321,075,817 | 35,319,404 | $ | 9.09 | * | ||||||
|
||||||||||||
Class C | $ | 13,328,625 | 1,466,790 | $ | 9.09 | |||||||
|
||||||||||||
Advisor Class | $ | 166,525,539 | 18,313,195 | $ | 9.09 | |||||||
|
* | The maximum offering price per share for Class A of AB National Portfolio and AB New York Portfolio were $9.81 and $9.37, respectively, which reflects a sales charge of 3.00%. |
See notes to financial statements.
192 | AB MUNICIPAL INCOME FUND |
abfunds.com |
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2023 (unaudited)
AB California | AB High Income Municipal |
|||||||
Investment Income | ||||||||
Interest |
$ | 19,215,452 | $ | 77,929,001 | ||||
Dividends Affiliated issuers |
580,723 | 374,116 | ||||||
Other income |
17,189 | 56,118 | ||||||
|
|
|
|
|||||
Total income |
19,813,364 | 78,359,235 | ||||||
|
|
|
|
|||||
Expenses | ||||||||
Advisory fee (see Note B) |
2,287,211 | 7,192,474 | ||||||
Distribution fee Class A |
571,128 | 733,466 | ||||||
Distribution fee Class C |
120,840 | 323,993 | ||||||
Transfer agency Class A |
57,153 | 103,920 | ||||||
Transfer agency Class C |
3,089 | 11,671 | ||||||
Transfer agency Advisor Class |
67,126 | 360,685 | ||||||
Transfer agency Class Z |
0 | | 23,705 | |||||
Custody and accounting |
67,805 | 131,249 | ||||||
Registration fees |
24,990 | 113,897 | ||||||
Printing |
18,777 | 109,807 | ||||||
Administrative |
51,070 | 52,824 | ||||||
Audit and tax |
26,757 | 31,811 | ||||||
Legal |
21,560 | 32,581 | ||||||
Directors fees |
14,600 | 27,413 | ||||||
Miscellaneous |
17,911 | 43,889 | ||||||
|
|
|
|
|||||
Total expenses before interest expense |
3,350,017 | 9,293,385 | ||||||
Interest expense |
5,569 | 5,595,034 | ||||||
|
|
|
|
|||||
Total expenses |
3,355,586 | 14,888,419 | ||||||
Less: expenses waived and reimbursed by the Adviser (see Note B) |
(130,381 | ) | (173,239 | ) | ||||
|
|
|
|
|||||
Net expenses |
3,225,205 | 14,715,180 | ||||||
|
|
|
|
|||||
Net investment income |
16,588,159 | 63,644,055 | ||||||
|
|
|
|
|||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain (loss) on: |
||||||||
Investment transactions |
(4,495,367 | ) | (51,936,057 | ) | ||||
Swaps |
143,320 | 19,654,847 | ||||||
Net change in unrealized appreciation (depreciation) of: |
||||||||
Affiliated Underlying Portfolios |
0 | | 46,000 | |||||
Investments |
8,561,887 | (14,592,322 | ) | |||||
Swaps |
(1,300,224 | ) | (24,297,042 | ) | ||||
|
|
|
|
|||||
Net gain (loss) on investment transactions |
2,909,616 | (71,124,574 | ) | |||||
|
|
|
|
|||||
Net Increase (Decrease) in Net Assets from Operations |
$ | 19,497,775 | $ | (7,480,519 | ) | |||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 193 |
STATEMENT OF OPERATIONS (continued)
AB National | AB New York | |||||||
Investment Income | ||||||||
Interest |
$ | 34,168,224 | $ | 9,536,295 | ||||
Dividends Affiliated issuers |
393,933 | 136,708 | ||||||
Other income |
30,840 | 4,263 | ||||||
|
|
|
|
|||||
Total income |
34,592,997 | 9,677,266 | ||||||
|
|
|
|
|||||
Expenses | ||||||||
Advisory fee (see Note B) |
3,862,423 | 1,175,363 | ||||||
Distribution fee Class A |
513,704 | 413,385 | ||||||
Distribution fee Class C |
110,614 | 81,599 | ||||||
Transfer agency Class A |
85,043 | 56,094 | ||||||
Transfer agency Class C |
4,971 | 2,814 | ||||||
Transfer agency Advisor Class |
264,861 | 29,704 | ||||||
Custody and accounting |
94,037 | 54,860 | ||||||
Registration fees |
92,222 | 24,731 | ||||||
Administrative |
48,191 | 49,931 | ||||||
Printing |
40,220 | 17,823 | ||||||
Audit and tax |
27,479 | 27,479 | ||||||
Legal |
26,165 | 20,419 | ||||||
Directors fees |
18,898 | 11,815 | ||||||
Miscellaneous |
27,093 | 14,105 | ||||||
|
|
|
|
|||||
Total expenses |
5,215,921 | 1,980,122 | ||||||
Less: expenses waived and reimbursed by the Adviser (see Note B) |
(308,116 | ) | (181,058 | ) | ||||
|
|
|
|
|||||
Net expenses |
4,907,805 | 1,799,064 | ||||||
|
|
|
|
|||||
Net investment income |
29,685,192 | 7,878,202 | ||||||
|
|
|
|
|||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain (loss) on: |
||||||||
Investment transactions |
(12,692,881 | ) | (6,940,301 | ) | ||||
Swaps |
8,189,589 | 5,791,614 | ||||||
Net change in unrealized appreciation (depreciation) of: |
||||||||
Investments |
13,895,804 | 3,956,451 | ||||||
Swaps |
(13,972,851 | ) | (7,822,598 | ) | ||||
|
|
|
|
|||||
Net loss on investment transactions |
(4,580,339 | ) | (5,014,834 | ) | ||||
|
|
|
|
|||||
Net Increase in Net Assets from Operations |
$ | 25,104,853 | $ | 2,863,368 | ||||
|
|
|
|
See notes to financial statements.
194 | AB MUNICIPAL INCOME FUND |
abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS
AB California | ||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income |
$ | 16,588,159 | $ | 29,290,330 | ||||
Net realized loss on investment transactions |
(4,352,047 | ) | (4,952,153 | ) | ||||
Net change in unrealized appreciation (depreciation) of investments |
7,261,663 | (22,946,120 | ) | |||||
|
|
|
|
|||||
Net increase in net assets from operations |
19,497,775 | 1,392,057 | ||||||
Distributions to Shareholders |
||||||||
Class A |
(7,073,118 | ) | (14,157,982 | ) | ||||
Class C |
(283,212 | ) | (611,383 | ) | ||||
Advisor Class |
(8,971,449 | ) | (15,739,733 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase |
67,541,820 | 48,590,085 | ||||||
|
|
|
|
|||||
Total increase |
70,711,816 | 19,473,044 | ||||||
Net Assets | ||||||||
Beginning of period |
993,872,445 | 974,399,401 | ||||||
|
|
|
|
|||||
End of period |
$ | 1,064,584,261 | $ | 993,872,445 | ||||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 195 |
STATEMENT OF CHANGES IN NET ASSETS (continued)
AB High Income Municipal | ||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income |
$ | 63,644,055 | $ | 125,194,606 | ||||
Net realized loss on investment transactions |
(32,281,210 | ) | (32,181,715 | ) | ||||
Net change in unrealized appreciation (depreciation) of investments |
(38,843,364 | ) | (239,713,482 | ) | ||||
Contributions from Affiliates (see Note B) |
0 | | 175,936 | |||||
|
|
|
|
|||||
Net decrease in net assets from operations |
(7,480,519 | ) | (146,524,655 | ) | ||||
Distributions to Shareholders |
||||||||
Class A |
(11,666,959 | ) | (26,625,590 | ) | ||||
Class C |
(1,042,100 | ) | (2,916,733 | ) | ||||
Advisor Class |
(43,059,755 | ) | (98,881,284 | ) | ||||
Class Z |
(4,914,407 | ) | (1,543,155 | ) | ||||
Capital Stock Transactions | ||||||||
Net decrease |
(73,333,372 | ) | (204,078,550 | ) | ||||
|
|
|
|
|||||
Total decrease |
(141,497,112 | ) | (480,569,967 | ) | ||||
Net Assets | ||||||||
Beginning of period |
3,012,557,355 | 3,493,127,322 | ||||||
|
|
|
|
|||||
End of period |
$ | 2,871,060,243 | $ | 3,012,557,355 | ||||
|
|
|
|
See notes to financial statements.
196 | AB MUNICIPAL INCOME FUND |
abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS (continued)
AB National | ||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income |
$ | 29,685,192 | $ | 51,704,891 | ||||
Net realized loss on investment transactions |
(4,503,292 | ) | (31,181,172 | ) | ||||
Net change in unrealized appreciation (depreciation) of investments |
(77,047 | ) | (36,340,228 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets from operations |
25,104,853 | (15,816,509 | ) | |||||
Distributions to Shareholders |
||||||||
Class A |
(6,215,650 | ) | (12,935,134 | ) | ||||
Class C |
(250,642 | ) | (595,071 | ) | ||||
Advisor Class |
(21,063,756 | ) | (38,718,833 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase (decrease) |
103,069,766 | (63,268,055 | ) | |||||
|
|
|
|
|||||
Total increase (decrease) |
100,644,571 | (131,333,602 | ) | |||||
Net Assets | ||||||||
Beginning of period |
1,680,636,437 | 1,811,970,039 | ||||||
|
|
|
|
|||||
End of period |
$ | 1,781,281,008 | $ | 1,680,636,437 | ||||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 197 |
STATEMENT OF CHANGES IN NET ASSETS (continued)
AB New York | ||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income |
$ | 7,878,202 | $ | 15,053,747 | ||||
Net realized loss on investment transactions |
(1,148,687 | ) | (10,211,148 | ) | ||||
Net change in unrealized appreciation (depreciation) of investments |
(3,866,147 | ) | (11,206,726 | ) | ||||
Contributions from Affiliates (see Note B) |
0 | | 1,866 | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets from operations |
2,863,368 | (6,362,261 | ) | |||||
Distributions to Shareholders |
||||||||
Class A |
(4,679,782 | ) | (9,592,719 | ) | ||||
Class C |
(168,485 | ) | (417,976 | ) | ||||
Advisor Class |
(2,698,076 | ) | (5,255,441 | ) | ||||
Capital Stock Transactions | ||||||||
Net decrease |
(32,374,928 | ) | (37,823,599 | ) | ||||
|
|
|
|
|||||
Total decrease |
(37,057,903 | ) | (59,451,996 | ) | ||||
Net Assets | ||||||||
Beginning of period |
537,987,884 | 597,439,880 | ||||||
|
|
|
|
|||||
End of period |
$ | 500,929,981 | $ | 537,987,884 | ||||
|
|
|
|
See notes to financial statements.
198 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS
November 30, 2023 (unaudited)
NOTE A
Significant Accounting Policies
AB Municipal Income Fund, Inc. (the Fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of the diversified AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio (the Portfolios). Each series is considered to be a separate entity for financial reporting and tax purposes. The AB California Portfolio, AB National Portfolio and AB New York Portfolio offer Class A, Class C and Advisor Class shares. The AB High Income Municipal Portfolio offers Class A, Class C, Advisor Class and Class Z shares. Class B and Class T shares have been authorized but currently are not offered. Class Z shares have been authorized but currently are not being offered for AB California Portfolio, AB National Portfolio and AB New York Portfolio. Class A shares are sold with a front-end sales charge of up to 3% for purchases up to $500,000; purchases of $500,000 or more are not subject to a sales charge. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All six classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.
1. Security Valuation
Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at fair value as determined in accordance with procedures approved by and under the oversight of the Funds Board of Directors (the Board). Pursuant to these procedures, AllianceBernstein L.P. (the
abfunds.com | AB MUNICIPAL INCOME FUND | 199 |
NOTES TO FINANCIAL STATEMENTS (continued)
Adviser) serves as the Portfolioss valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolioss portfolio investments, subject to the Boards oversight.
In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (NASDAQ)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (OTC) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the Committee) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.
200 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuers financial statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.
2. Fair Value Measurements
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios 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 as described in Note A.1 above). 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 Portfolios. Unobservable inputs reflect the Portfolios 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 1quoted prices in active markets for identical investments |
| Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3significant unobservable inputs (including the Portfolios 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
abfunds.com | AB MUNICIPAL INCOME FUND | 201 |
NOTES TO FINANCIAL STATEMENTS (continued)
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 are 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.
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.
The following tables summarize the valuation of the Portfolios investments by the above fair value hierarchy levels as of November 30, 2023:
AB California Portfolio | ||||||||||||||||
Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
||||||||||||||||
Long-Term Municipal Bonds |
$ | 0 | | $ | 1,016,711,231 | $ | 0 | | $ | 1,016,711,231 | ||||||
Short-Term Municipal Notes |
0 | | 2,260,000 | 0 | | 2,260,000 | ||||||||||
Commercial Mortgage-Backed Securities |
0 | | 28,831,436 | 0 | | 28,831,436 | ||||||||||
Short-Term Investments |
7,021,825 | 0 | | 0 | | 7,021,825 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
7,021,825 | 1,047,802,667 | 0 | | 1,054,824,492 | |||||||||||
Other Financial Instruments(a): |
||||||||||||||||
Assets: |
||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps |
0 | | 11,653,136 | 0 | | 11,653,136 | (b) | |||||||||
Centrally Cleared Interest Rate Swaps |
0 | | 2,139,987 | 0 | | 2,139,987 | (b) | |||||||||
Interest Rate Swaps |
0 | | 1,309,016 | 0 | | 1,309,016 | ||||||||||
Liabilities: |
||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps |
0 | | (2,396,910 | ) | 0 | | (2,396,910 | )(b) | ||||||||
Centrally Cleared Interest Rate Swaps |
0 | | (1,020,933 | ) | 0 | | (1,020,933 | )(b) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 7,021,825 | $ | 1,059,486,963 | $ | 0 | | $ | 1,066,508,788 | |||||||
|
|
|
|
|
|
|
|
202 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
AB High Income Municipal Portfolio | ||||||||||||||||
Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
||||||||||||||||
Long-Term Municipal Bonds |
$ | 0 | | $ | 2,973,539,681 | $ | 340,900 | (c) | $ | 2,973,880,581 | ||||||
Commercial Mortgage-Backed Securities |
0 | | 74,580,791 | 0 | | 74,580,791 | ||||||||||
Corporates Non-Investment Grade |
0 | | 23,528,684 | 11,898,818 | 35,427,502 | |||||||||||
Asset-Backed Securities |
0 | | 9,351,985 | 0 | (c) | 9,351,985 | ||||||||||
Corporates Investment Grade |
0 | | 5,521,925 | 0 | | 5,521,925 | ||||||||||
Investment Companies |
5,000,000 | 0 | | 0 | | 5,000,000 | ||||||||||
Short-Term Investments |
2,532,431 | 0 | | 0 | | 2,532,431 | ||||||||||
Liabilities: |
||||||||||||||||
Floating Rate Notes(d) |
(264,270,000 | ) | 0 | | 0 | | (264,270,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
(256,737,569 | ) | 3,086,523,066 | 12,239,718 | (c) | 2,842,025,215 | ||||||||||
Other Financial Instruments(a): |
||||||||||||||||
Assets: |
||||||||||||||||
Centrally Cleared Inflation (CPI) Swaps |
0 | | 57,975,227 | 0 | | 57,975,227 | (b) | |||||||||
Centrally Cleared Interest Rate Swaps |
0 | | 449,224 | 0 | | 449,224 | (b) | |||||||||
Interest Rate Swaps |
0 | | 5,197,172 | 0 | | 5,197,172 | ||||||||||
Liabilities: |
||||||||||||||||
Centrally Cleared Credit Default Swaps |
0 | | (1,254,641 | ) | 0 | | (1,254,641 | )(b) | ||||||||
Centrally Cleared Inflation (CPI) Swaps |
0 | | (10,329,452 | ) | 0 | | (10,329,452 | )(b) | ||||||||
Centrally Cleared Interest Rate Swaps |
0 | | (17,619,096 | ) | 0 | | (17,619,096 | )(b) | ||||||||
Credit Default Swaps |
0 | | (2,427,841 | ) | 0 | | (2,427,841 | ) | ||||||||
Interest Rate Swaps |
0 | | (1,163,748 | ) | 0 | | (1,163,748 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | (256,737,569 | ) | $ | 3,117,349,911 | $ | 12,239,718 | (c) | $ | 2,872,852,060 | ||||||
|
|
|
|
|
|
|
|
abfunds.com | AB MUNICIPAL INCOME FUND | 203 |
NOTES TO FINANCIAL STATEMENTS (continued)
AB National Portfolio | ||||||||||||||||
Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
||||||||||||||||
Long-Term Municipal Bonds |
$ | 0 | | $ | 1,743,055,301 | $ | 0 | (c) | $ | 1,743,055,301 | ||||||
Commercial Mortgage-Backed Securities |
0 | | 34,447,598 | 0 | | 34,447,598 | ||||||||||
Asset-Backed Securities |
0 | | 3,650,939 | 0 | (c) | 3,650,939 | ||||||||||
Short-Term Investments |
7,666,345 | 0 | | 0 | | 7,666,345 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
7,666,345 | 1,781,153,838 | 0 | (c) | 1,788,820,183 | |||||||||||
Other Financial Instruments(a): |
||||||||||||||||
Assets: |
||||||||||||||||
Centrally Cleared Interest Rate Swaps |
0 | | 3,796,318 | 0 | | 3,796,318 | (b) | |||||||||
Interest Rate Swaps |
0 | | 2,875,015 | 0 | | 2,875,015 | ||||||||||
Liabilities: |
||||||||||||||||
Centrally Cleared Credit Default Swaps |
0 | | (334,248 | ) | 0 | | (334,248 | )(b) | ||||||||
Centrally Cleared Interest Rate Swaps |
0 | | (4,500,562 | ) | 0 | | (4,500,562 | )(b) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 7,666,345 | $ | 1,782,990,361 | $ | 0 | (c) | $ | 1,790,656,706 | |||||||
|
|
|
|
|
|
|
|
204 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
AB New York Portfolio | ||||||||||||||||
Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
||||||||||||||||
Long-Term Municipal Bonds |
$ | 0 | | $ | 491,809,095 | $ | 0 | | $ | 491,809,095 | ||||||
Commercial Mortgage-Backed Securities |
0 | | 3 | 80,974 | 80,977 | |||||||||||
Corporates Non-Investment Grade |
0 | | 0 | | 20,000 | 20,000 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
0 | | 491,809,098 | 100,974 | 491,910,072 | |||||||||||
Other Financial Instruments(a): |
||||||||||||||||
Assets: |
||||||||||||||||
Centrally Cleared Interest Rate Swaps |
0 | | 1,695,822 | 0 | | 1,695,822 | (b) | |||||||||
Interest Rate Swaps |
0 | | 974,501 | 0 | | 974,501 | ||||||||||
Liabilities: |
||||||||||||||||
Centrally Cleared Interest Rate Swaps |
0 | | (2,478,131 | ) | 0 | | (2,478,131 | )(b) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 0 | | $ | 492,001,290 | $ | 100,974 | $ | 492,102,264 | |||||||
|
|
|
|
|
|
|
|
(a) | 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. |
(b) | Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value. |
(c) | The Portfolio held securities with zero market value at period end. |
(d) | The Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. |
3. Taxes
It is each Portfolios policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolios have a tax year-end of November 30 concurrent with the filing of the Portfolios tax returns.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 205 |
NOTES TO FINANCIAL STATEMENTS (continued)
4. Investment Income and Investment Transactions
Dividend income is recorded on the ex-dividend date or as soon as the Portfolios are informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete original issue and market discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.
5. Class Allocations
All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in each Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to the Portfolios or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.
6. Dividends and Distributions
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.
NOTE B
Advisory Fee and Other Transactions with Affiliates
Under the terms of the investment advisory agreement, the Portfolios pay the Adviser at the annual rates as follows:
Average Daily Net Assets | ||||||||||||
Portfolio | First $2.5 Billion |
Next $2.5 Billion |
In Excess of $5 Billion |
|||||||||
AB California |
.45 | % | .40 | % | .35 | % | ||||||
AB High Income Municipal |
.50 | % | .45 | % | .40 | % | ||||||
AB National |
.45 | % | .40 | % | .35 | % | ||||||
AB New York |
.45 | % | .40 | % | .35 | % |
Such fees are accrued daily and paid monthly.
206 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total operating expenses (excluding interest expense, brokerage commissions and other transaction costs, taxes and extraordinary expenses) on an annual basis (the Expense Caps) as follows:
Portfolio | Class A | Class C | Advisor Class |
Class Z | ||||||||||
AB California |
.75 | % | 1.50 | % | .50 | % | N/A | |||||||
AB High Income Municipal |
.80 | % | 1.55 | % | .55 | % | .55% | |||||||
AB National |
.75 | % | 1.50 | % | .50 | % | N/A | |||||||
AB New York |
.75 | % | 1.50 | % | .50 | % | N/A |
This contractual agreement extends through September 30, 2024, for all Portfolios and may be extended by the Adviser for additional one year terms.
For the six months ended November 30, 2023, such reimbursements amounted to $116,705, $162,081, $299,363 and $178,250 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.
Pursuant to the investment advisory agreement, each Portfolio may reimburse the Adviser for certain legal and accounting services provided to each Portfolio by the Adviser. For the six months ended November 30, 2023, the reimbursement for such services amounted to $51,070, $52,824, $48,191 and $49,931 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.
The Portfolios compensate AllianceBernstein Investor Services, Inc. (ABIS), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolios. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to: AB California Portfolio, $34,452; AB High Income Municipal Portfolio, $121,442; AB National Portfolio, $99,573 and AB New York Portfolio, $29,515 for the six months ended November 30, 2023.
abfunds.com | AB MUNICIPAL INCOME FUND | 207 |
NOTES TO FINANCIAL STATEMENTS (continued)
AllianceBernstein Investments, Inc. (the Distributor), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Portfolios shares. The Distributor has advised the Portfolios that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares for each Portfolio for the six months ended November 30, 2023, as follows:
Front-End Sales Charges |
Contingent Deferred Sales Charges |
|||||||||||
Portfolio | Class A | Class A | Class C | |||||||||
AB California |
$ | 0 | | $ | 67,295 | $ | 4,387 | |||||
AB High Income Municipal |
0 | | 23,543 | 2,222 | ||||||||
AB National |
0 | | 2,467 | 1,484 | ||||||||
AB New York |
5 | 629 | 1,734 |
The Portfolios may invest in AB Government Money Market Portfolio (the Government Money Market Portfolio) which has a contractual annual advisory fee rate of .20% of the portfolios average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolios pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the six months ended November 30, 2023, such waivers amounted to:
Portfolio |
Amount | |||
AB California |
$ | 13,676 | ||
AB High Income Municipal |
8,506 | |||
AB National |
8,753 | |||
AB New York |
2,808 |
In connection with the Portfolios investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Portfolios in an amount equal to the Portfolios pro rata share of the effective advisory fees of AB mutual funds, as paid by the Portfolios as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until September 30, 2024. For the six months ended November 30, 2023, such waivers and/or reimbursements amounted to $2,652 for AB High Income Municipal Portfolio.
208 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
A summary of the Portfolios transactions in AB mutual funds for the six months ended November 30, 2023 is as follows:
AB Municipal Income Fund, Inc. AB California Portfolio | ||||||||||||||||||||
Portfolio | Market Value 5/31/23 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 11/30/23 (000) |
Dividend Income (000) |
|||||||||||||||
Government Money Market Portfolio |
$ | 17,007 | $ | 205,126 | $ | 215,111 | $ | 7,022 | $ | 581 |
AB Municipal Income Fund, Inc. AB High Income Municipal | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 5/31/23 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Realized Gain (Loss) (000) |
Change in Unrealized Appr.(Depr.) (000) |
Market Value 11/30/23 (000) |
Dividend Income (000) |
Realized Gains (000) |
||||||||||||||||||||||||
Government Money Market Portfolio |
$ | 5,642 | $ | 366,276 | $ | 369,386 | $ | 0 | | $ | 0 | | $ | 2,532 | $ | 348 | $ | 0 | | |||||||||||||
AB Active ETFs, Inc. AB Tax-Aware Short Duration Municipal ETF |
0 | | 4,954 | 0 | | 0 | | 46 | 5,000 | 26 | 0 | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total |
$ | 0 | | $ | 46 | $ | 7,532 | $ | 374 | $ | 0 | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
AB Municipal Income Fund, Inc. AB National Portfolio | ||||||||||||||||||||
Portfolio | Market Value 5/31/23 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 11/30/23 (000) |
Dividend Income (000) |
|||||||||||||||
Government Money Market Portfolio |
$ | 28,136 | $ | 308,754 | $ | 329,224 | $ | 7,666 | $ | 394 |
AB Municipal Income Fund, Inc. AB New York Portfolio | ||||||||||||||||||||
Portfolio | Market Value 5/31/23 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 11/30/23 (000) |
Dividend Income (000) |
|||||||||||||||
Government Money Market Portfolio |
$ | 15,718 | $ | 52,861 | $ | 68,579 | $ | 0 | | $ | 137 |
During the year ended May 31, 2023, the Adviser reimbursed AB High Income Municipal Portfolio $175,936 and AB New York Portfolio $1,866, respectively, for trading losses incurred due to a trade entry error.
abfunds.com | AB MUNICIPAL INCOME FUND | 209 |
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE C
Distribution Services Agreement
The Portfolios have adopted a Distribution Services Agreement (the Agreement) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Portfolios pay distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Portfolios average daily net assets attributable to Class A shares and 1% of the Portfolios average daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares average daily net assets. There are no distribution and servicing fees on the Advisor Class and Class Z shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios operations, the distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:
Portfolio |
Class C | |||
AB California |
$ | 7,645,990 | ||
AB High Income Municipal |
4,102,518 | |||
AB National |
7,157,669 | |||
AB New York |
4,585,660 |
While such costs may be recovered from the Portfolios in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Portfolios shares.
NOTE D
Investment Transactions
Purchases and sales of investment securities (excluding short-term investments) for the six months ended November 30, 2023, were as follows:
Purchases | Sales | |||||||||||||||
Portfolio |
Investments | Government Securities |
Investments | Government Securities |
||||||||||||
AB California |
$ | 201,491,471 | $ | 0 | | $ | 122,386,627 | $ | 0 | | ||||||
AB High Income Municipal |
420,812,863 | 0 | | 477,373,064 | 0 | | ||||||||||
AB National |
468,860,267 | 0 | | 311,289,702 | 50,000 | |||||||||||
AB New York |
114,048,702 | 0 | | 115,660,328 | 0 | |
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NOTES TO FINANCIAL STATEMENTS (continued)
The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:
Gross Unrealized | Net Unrealized Depreciation |
|||||||||||
Portfolio |
Appreciation | (Depreciation) | ||||||||||
AB California |
$ | 24,845,502 | $ | (62,017,169 | ) | $ | (37,171,667 | ) | ||||
AB High Income Municipal |
92,550,234 | (481,808,917 | ) | (389,258,683 | ) | |||||||
AB National |
24,773,520 | (103,041,563 | ) | (78,268,043 | ) | |||||||
AB New York |
5,912,596 | (33,899,498 | ) | (27,986,902 | ) |
1. Derivative Financial Instruments
Each Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, investment purposes), or to hedge or adjust the risk profile of its portfolio.
The principal type of derivative utilized by the Portfolios, as well as the methods in which they may be used are:
| Swaps |
Each Portfolio may enter into swaps to hedge its exposure to interest rates or credit risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.
Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolios exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where
abfunds.com | AB MUNICIPAL INCOME FUND | 211 |
NOTES TO FINANCIAL STATEMENTS (continued)
applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.
Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (FCMs) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.
At the time the Portfolios enter into a centrally cleared swap, each Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.
Interest Rate Swaps:
Each Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its
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NOTES TO FINANCIAL STATEMENTS (continued)
ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.
In addition, the Portfolios may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolios anticipate purchasing at a later date. Interest rate swaps involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or notional) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments).
During the six months ended November 30, 2023, the Portfolios held interest rate swaps for hedging purposes.
Inflation (CPI) Swaps:
Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.
During the six months ended November 30, 2023, the Portfolios held inflation (CPI) swaps for hedging purposes.
Credit Default Swaps:
Each Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (Buy Contract) or provide credit protection (Sale Contract) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated
abfunds.com | AB MUNICIPAL INCOME FUND | 213 |
NOTES TO FINANCIAL STATEMENTS (continued)
at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the Maximum Payout Amount) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.
Credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.
Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligations credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced obligation.
During the six months ended November 30, 2023, the AB High Income Municipal Portfolio and AB National Portfolio held credit default swaps for hedging purposes.
The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (ISDA Master Agreement) with its
214 | AB MUNICIPAL INCOME FUND |
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NOTES TO FINANCIAL STATEMENTS (continued)
OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the OTC counterparty certain derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolios net liability, held by the defaulting party, may be delayed or denied.
The Portfolios ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolios decline below specific levels (net asset contingent features). If these levels are triggered, the Portfolios OTC counterparty has the right to terminate such transaction and require the Portfolios to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.
During the six months ended November 30, 2023, the Portfolios had entered into the following derivatives:
AB California Portfolio | ||||||||||||
Asset Derivatives |
Liability Derivatives |
|||||||||||
Derivative Type |
Statement of Assets and Liabilities |
Fair Value | Statement of Assets and |
Fair Value | ||||||||
Interest rate contracts |
Receivable for variation margin on centrally cleared swaps |
$ |
13,793,123 |
* |
Payable for variation margin on centrally cleared swaps |
$ |
3,409,335 |
* | ||||
Interest rate contracts |
Unrealized appreciation on interest rate swaps |
|
1,309,016 |
|
||||||||
|
|
|
|
|||||||||
Total |
$ | 15,102,139 | $ | 3,409,335 | ||||||||
|
|
|
|
* | Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. |
abfunds.com | AB MUNICIPAL INCOME FUND | 215 |
NOTES TO FINANCIAL STATEMENTS (continued)
Derivative Type |
Location of Gain or (Loss) on Derivatives Within Statement of Operations |
Realized Gain or (Loss) on Derivatives |
Change in Unrealized Appreciation or (Depreciation) |
|||||||
Interest rate contracts |
Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 143,320 | $ | (1,300,224 | ) | ||||
|
|
|
|
|||||||
Total |
$ | 143,320 | $ | (1,300,224 | ) | |||||
|
|
|
|
AB High Income Municipal Portfolio | ||||||||||||
Asset Derivatives |
Liability Derivatives |
|||||||||||
Derivative Type |
Statement of Assets and |
Fair Value | Statement of Assets and |
Fair Value | ||||||||
Credit contracts |
Payable for variation margin on centrally cleared swaps |
$ |
1,016,735 |
* | ||||||||
Interest rate contracts |
Receivable for variation margin on centrally cleared swaps |
$ |
58,424,451 |
* |
Payable for variation margin on centrally cleared swaps |
|
27,905,154 |
* | ||||
Interest rate contracts |
Unrealized appreciation on interest rate swaps |
|
5,197,172 |
|
Unrealized depreciation on interest rate swaps |
|
1,163,748 |
| ||||
Credit contracts |
Market value on credit default swaps |
|
2,427,841 |
| ||||||||
|
|
|
|
|||||||||
Total |
$ | 63,621,623 | $ | 32,513,478 | ||||||||
|
|
|
|
* | Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. |
216 | AB MUNICIPAL INCOME FUND |
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NOTES TO FINANCIAL STATEMENTS (continued)
Derivative Type |
Location of Gain or (Loss) on Derivatives Within Statement of Operations |
Realized Gain or (Loss) on Derivatives |
Change in Unrealized Appreciation or (Depreciation) |
|||||||
Interest rate contracts |
Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 20,811,084 | $ | (26,417,405 | ) | ||||
Credit contracts |
Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (1,156,237 | ) | 2,120,363 | ||||||
|
|
|
|
|||||||
Total |
$ | 19,654,847 | $ | (24,297,042) | ||||||
|
|
|
|
AB National Portfolio | ||||||||||||
Asset Derivatives |
Liability Derivatives |
|||||||||||
Derivative Type |
Statement of Assets and |
Fair Value | Statement of Assets and |
Fair Value | ||||||||
Credit contracts |
Payable for variation margin on centrally cleared swaps |
$ |
270,868 |
* | ||||||||
Interest rate contracts |
Receivable for variation margin on centrally cleared swaps |
$ |
3,796,318 |
* |
Payable for variation margin on centrally cleared swaps |
|
4,500,562 |
* | ||||
Interest rate contracts |
Unrealized appreciation on interest rate swaps |
|
2,875,015 |
|
||||||||
|
|
|
|
|||||||||
Total |
$ | 6,671,333 | $ | 4,771,430 | ||||||||
|
|
|
|
* | Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. |
abfunds.com | AB MUNICIPAL INCOME FUND | 217 |
NOTES TO FINANCIAL STATEMENTS (continued)
Derivative Type |
Location of Gain or (Loss) on Derivatives Within Statement of Operations |
Realized Gain or (Loss) on Derivatives |
Change in Unrealized Appreciation or (Depreciation) |
|||||||
Interest rate contracts |
Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 8,443,807 | $ | (13,851,364 | ) | ||||
Credit contracts |
Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (254,218 | ) | (121,487 | ) | |||||
|
|
|
|
|||||||
Total |
$ | 8,189,589 | $ | (13,972,851) | ||||||
|
|
|
|
AB New York Portfolio | ||||||||||||
Asset Derivatives |
Liability Derivatives |
|||||||||||
Derivative Type |
Statement of Assets and |
Fair Value | Statement of Assets and |
Fair Value | ||||||||
Interest rate contracts |
Receivable for variation margin on centrally cleared swaps |
$ |
1,695,822 |
* |
Payable for variation margin on centrally cleared swaps |
$ |
2,478,131 |
* | ||||
Interest rate contracts |
Unrealized appreciation on interest rate swaps |
|
974,501 |
|
||||||||
|
|
|
|
|||||||||
Total |
$ | 2,670,323 | $ | 2,478,131 | ||||||||
|
|
|
|
* | Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. |
Derivative Type |
Location of Gain or (Loss) on Derivatives Within Statement of Operations |
Realized Gain or (Loss) on Derivatives |
Change in Unrealized Appreciation or (Depreciation) |
|||||||
Interest rate contracts |
Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $ | 5,791,614 | $ | (7,822,598 | ) | ||||
|
|
|
|
|||||||
Total |
$ | 5,791,614 | $ | (7,822,598 | ) | |||||
|
|
|
|
218 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
The following tables represent the average monthly volume of the Portfolios derivative transactions during the six months ended November 30, 2023:
AB California Portfolio |
||||
Interest Rate Swaps: |
||||
Average notional amount |
$ | 12,620,000 | ||
Centrally Cleared Interest Rate Swaps: |
||||
Average notional amount |
$ | 147,274,286 | ||
Centrally Cleared Inflation Swaps: |
||||
Average notional amount |
$ | 157,260,000 | ||
AB High Income Municipal Portfolio |
||||
Interest Rate Swaps: |
||||
Average notional amount |
$ | 218,632,857 | ||
Centrally Cleared Interest Rate Swaps: |
||||
Average notional amount |
$ | 791,282,857 | ||
Centrally Cleared Inflation Swaps: |
||||
Average notional amount |
$ | 794,620,000 | ||
Credit Default Swaps: |
||||
Average notional amount of sale contracts |
$ | 25,275,076 | ||
Centrally Cleared Credit Default Swaps: |
||||
Average notional amount of buy contracts |
$ | 25,813,667 | (a) |
(a) | Positions were open for three months during the period. |
AB National Portfolio |
||||
Interest Rate Swaps: |
||||
Average notional amount |
$ | 42,676,429 | ||
Centrally Cleared Interest Rate Swaps: |
||||
Average notional amount |
$ | 322,351,429 | ||
Centrally Cleared Inflation Swaps: |
||||
Average notional amount |
$ | 289,720,000 | (a) | |
Centrally Cleared Credit Default Swaps: |
||||
Average notional amount of buy contracts |
$ | 7,518,714 |
(a) | Positions were open for four months during the period. |
AB New York Portfolio |
||||
Interest Rate Swaps: |
||||
Average notional amount |
$ | 9,395,000 | ||
Centrally Cleared Interest Rate Swaps: |
||||
Average notional amount |
$ | 102,245,714 | ||
Centrally Cleared Inflation Swaps: |
||||
Average notional amount |
$ | 104,080,000 | (a) |
(a) | Positions were open for four months during the period. |
For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.
abfunds.com | AB MUNICIPAL INCOME FUND | 219 |
NOTES TO FINANCIAL STATEMENTS (continued)
All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (MA) and net of the related collateral received/pledged by the Portfolios as of November 30, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.
AB California Portfolio | ||||||||||||||||||||
Counterparty |
Derivative Assets Subject to a MA |
Derivatives Available for Offset |
Cash Collateral Received* |
Security Collateral Received* |
Net Amount of Derivative Assets |
|||||||||||||||
Citibank, NA |
$ | 1,309,016 | $ | 0 | | $ | 0 | | $ | (1,280,000 | ) | $ | 29,016 | |||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 1,309,016 | $ | 0 | | $ | 0 | | $ | (1,280,000 | ) | $ | 29,016 | ^ | ||||||
|
|
|
|
|
|
|
|
|
|
* | The actual collateral received/pledged may be more than the amount reported due to over-collateralization. |
^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty. |
AB High Income Municipal Portfolio | ||||||||||||||||||||
Counterparty |
Derivative Assets Subject to a MA |
Derivatives Available for Offset |
Cash Collateral Received* |
Security Collateral Received* |
Net Amount of Derivative Assets |
|||||||||||||||
Bank of America, NA |
$ | 94,523 | $ | 0 | | $ | 0 | | $ | 0 | | $ | 94,523 | |||||||
Citibank, NA/Citigroup Global Markets, Inc. |
3,652,201 | (1,242,711 | ) | (2,038,400 | ) | 0 | | 371,090 | ||||||||||||
Morgan Stanley Capital Services LLC |
1,450,448 | (384,437 | ) | (901,000 | ) | 0 | | 165,011 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 5,197,172 | $ | (1,627,148 | ) | $ | (2,939,400 | ) | $ | 0 | | $ | 630,624 | ^ | ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Counterparty |
Derivative Liabilities Subject to a MA |
Derivatives Available for Offset |
Cash Collateral Pledged* |
Security Collateral Pledged* |
Net Amount of Derivative Liabilities |
|||||||||||||||
Citibank, NA/Citigroup Global Markets, Inc. |
$ | 1,242,711 | $ | (1,242,711 | ) | $ | 0 | | $ | 0 | | $ | 0 | | ||||||
Credit Suisse International |
847,126 | 0 | | (847,126 | ) | 0 | | 0 | | |||||||||||
Goldman Sachs International |
1,117,315 | 0 | | (1,117,315 | ) | 0 | | 0 | | |||||||||||
Morgan Stanley Capital Services LLC |
384,437 | (384,437 | ) | 0 | | 0 | | 0 | | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 3,591,589 | $ | (1,627,148 | ) | $ | (1,964,441 | ) | $ | 0 | | $ | 0 | ^ | ||||||
|
|
|
|
|
|
|
|
|
|
* | The actual collateral received/pledged may be more than the amount reported due to over-collateralization. |
220 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty. |
AB National Portfolio | ||||||||||||||||||||
Counterparty |
Derivative Assets Subject to a MA |
Derivatives Available for Offset |
Cash Collateral Received* |
Security Collateral Received* |
Net Amount of Derivative Assets |
|||||||||||||||
Citibank, NA |
$ | 2,875,015 | $ | 0 | | $ | (2,550,000 | ) | $ | 0 | | $ | 325,015 | |||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 2,875,015 | $ | 0 | | $ | (2,550,000 | ) | $ | 0 | | $ | 325,015 | ^ | ||||||
|
|
|
|
|
|
|
|
|
|
* | The actual collateral received/pledged may be more than the amount reported due to over-collateralization. |
^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty. |
AB New York Portfolio | ||||||||||||||||||||
Counterparty |
Derivative Assets Subject to a MA |
Derivatives Available for Offset |
Cash Collateral Received* |
Security Collateral Received* |
Net Amount of Derivative Assets |
|||||||||||||||
Citibank, NA |
$ | 974,501 | $ | 0 | | $ | (950,000 | ) | $ | 0 | | $ | 24,501 | |||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 974,501 | $ | 0 | | $ | (950,000 | ) | $ | 0 | | $ | 24,501 | ^ | ||||||
|
|
|
|
|
|
|
|
|
|
* | The actual collateral received/pledged may be more than the amount reported due to over-collateralization. |
^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty. |
NOTE E
Capital Stock
The Fund has authorized 81.2 billion shares of capital stock. The allocation is as follow:
Allocation of Shares (In Million) | ||||||||||||||||||||||||||||
Portfolio |
Class A | Class B | Class C | Advisor | Class T | Class Z | Total | |||||||||||||||||||||
AB California |
6,000 | 0 | | 6,000 | 6,050 | 3,000 | 3,000 | 24,050 | ||||||||||||||||||||
AB High Income Municipal |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 18,000 | |||||||||||||||||||||
AB National |
6,000 | 0 | | 6,000 | 6,100 | 3,000 | 3,000 | 24,100 | ||||||||||||||||||||
AB New York |
3,000 | 0 | | 3,000 | 3,050 | 3,000 | 3,000 | 15,050 |
abfunds.com | AB MUNICIPAL INCOME FUND | 221 |
NOTES TO FINANCIAL STATEMENTS (continued)
Transactions in capital shares for each class were as follows:
AB California Portfolio | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||||||||||||||||
|
|
|||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold |
5,892,440 | 7,704,647 | $ | 59,864,989 | $ | 79,007,479 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
373,562 | 694,841 | 3,796,493 | 7,144,424 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted from Class C |
225,031 | 175,932 | 2,281,225 | 1,813,791 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(6,437,055 | ) | (9,378,795 | ) | (65,225,373 | ) | (96,438,400 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net increase (decrease) |
53,978 | (803,375 | ) | $ | 717,334 | $ | (8,472,706 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Class C |
|
|||||||||||||||||||||||
Shares sold |
235,792 | 636,890 | $ | 2,388,734 | $ | 6,584,371 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
19,617 | 41,605 | 199,428 | 427,499 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted to Class A |
(225,124 | ) | (176,006 | ) | (2,281,225 | ) | (1,813,791 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(363,109 | ) | (624,303 | ) | (3,700,172 | ) | (6,410,749 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(332,824 | ) | (121,814 | ) | $ | (3,393,235 | ) | $ | (1,212,670 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Advisor Class |
|
|||||||||||||||||||||||
Shares sold |
20,288,721 | 33,681,204 | $ | 205,994,028 | $ | 347,657,032 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
442,248 | 771,267 | 4,494,840 | 7,928,561 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(13,872,468 | ) | (29,013,615 | ) | (140,271,147 | ) | (297,310,132 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net increase |
6,858,501 | 5,438,856 | $ | 70,217,721 | $ | 58,275,461 | ||||||||||||||||||
|
222 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
AB High Income Municipal Portfolio | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||||||||||||||||
|
|
|||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold |
6,893,660 | 19,319,656 | $ | 67,073,635 | $ | 198,769,746 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
612,390 | 1,306,039 | 5,977,465 | 13,337,776 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted from Class C |
993,397 | 1,561,796 | 9,550,671 | 16,050,640 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(12,287,164 | ) | (31,301,164 | ) | (119,461,300 | ) | (320,723,483 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(3,787,717 | ) | (9,113,673 | ) | $ | (36,859,529 | ) | $ | (92,565,321 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Class C |
|
|||||||||||||||||||||||
Shares sold |
283,154 | 1,322,262 | $ | 2,806,770 | $ | 13,633,980 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
69,325 | 183,225 | 676,899 | 1,869,640 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted to Class A |
(994,323 | ) | (1,562,652 | ) | (9,550,671 | ) | (16,050,640 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(878,296 | ) | (3,064,799 | ) | (8,573,871 | ) | (31,179,111 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(1,520,140 | ) | (3,121,964 | ) | $ | (14,640,873 | ) | $ | (31,726,131 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Advisor Class |
|
|||||||||||||||||||||||
Shares sold |
35,660,942 | 123,855,777 | $ | 349,051,958 | $ | 1,274,580,071 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
2,367,860 | 5,654,607 | 23,133,504 | 57,704,686 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(65,383,026 | ) | (143,731,592 | ) | (645,838,415 | ) | (1,459,403,797 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(27,354,224 | ) | (14,221,208 | ) | $ | (273,652,953 | ) | $ | (127,119,040 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Class Z |
|
|||||||||||||||||||||||
Shares sold |
30,888,992 | 10,346,980 | $ | 310,699,199 | $ | 102,368,784 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
387,021 | 1,190 | 3,728,503 | 12,157 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(6,521,828 | ) | (5,488,975 | ) | (62,607,719 | ) | (55,048,999 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net increase |
24,754,185 | 4,859,195 | $ | 251,819,983 | $ | 47,331,942 | ||||||||||||||||||
|
abfunds.com | AB MUNICIPAL INCOME FUND | 223 |
NOTES TO FINANCIAL STATEMENTS (continued)
AB National Portfolio | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||||||||||||||||
|
|
|||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold |
2,938,766 | 9,334,429 | $ | 27,343,551 | $ | 89,177,348 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
381,415 | 776,246 | 3,574,000 | 7,401,302 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted from Class C |
248,506 | 494,018 | 2,305,016 | 4,720,857 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(4,666,830 | ) | (17,637,628 | ) | (43,514,106 | ) | (168,516,029 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(1,098,143 | ) | (7,032,935 | ) | $ | (10,291,539 | ) | $ | (67,216,522 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Class C |
|
|||||||||||||||||||||||
Shares sold |
115,687 | 687,356 | $ | 1,074,874 | $ | 6,531,079 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
20,972 | 47,371 | 196,321 | 451,073 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted to Class A |
(248,924 | ) | (494,595 | ) | (2,305,016 | ) | (4,720,857 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(316,116 | ) | (956,464 | ) | (2,956,740 | ) | (9,092,887 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(428,381 | ) | (716,332 | ) | $ | (3,990,561 | ) | $ | (6,831,592 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Advisor Class |
|
|||||||||||||||||||||||
Shares sold |
41,079,352 | 95,485,368 | $ | 384,056,946 | $ | 913,030,211 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
1,564,406 | 2,815,718 | 14,646,390 | 26,867,436 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(30,240,704 | ) | (97,613,105 | ) | (281,351,470 | ) | (929,117,588 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net increase |
12,403,054 | 687,981 | $ | 117,351,866 | $ | 10,780,059 | ||||||||||||||||||
|
224 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
AB New York Portfolio | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended November 30, 2023 |
Year Ended May 31, 2023 |
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, 2023 |
|||||||||||||||||||||
|
|
|||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold |
2,521,622 | 9,091,308 | $ | 22,437,844 | $ | 82,288,278 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
288,452 | 568,418 | 2,589,106 | 5,191,614 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted from Class C |
393,322 | 253,419 | 3,460,234 | 2,325,313 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(5,227,248 | ) | (12,649,008 | ) | (46,290,341 | ) | (115,098,325 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(2,023,852 | ) | (2,735,863 | ) | $ | (17,803,157 | ) | $ | (25,293,120 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Class C |
|
|||||||||||||||||||||||
Shares sold |
56,353 | 159,265 | $ | 513,316 | $ | 1,445,248 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
13,346 | 32,756 | 119,922 | 298,992 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares converted to Class A |
(393,685 | ) | (253,550 | ) | (3,460,234 | ) | (2,325,313 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(199,802 | ) | (487,429 | ) | (1,788,945 | ) | (4,460,159 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(523,788 | ) | (548,958 | ) | $ | (4,615,941 | ) | $ | (5,041,232 | ) | ||||||||||||||
|
||||||||||||||||||||||||
Advisor Class |
|
|||||||||||||||||||||||
Shares sold |
3,781,408 | 11,804,628 | $ | 33,922,513 | $ | 108,076,760 | ||||||||||||||||||
|
||||||||||||||||||||||||
Shares issued in reinvestment of dividends |
146,250 | 281,205 | 1,313,517 | 2,569,640 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Shares redeemed |
(5,073,360 | ) | (12,956,985 | ) | (45,191,860 | ) | (118,135,647 | ) | ||||||||||||||||
|
||||||||||||||||||||||||
Net decrease |
(1,145,702 | ) | (871,152 | ) | $ | (9,955,830 | ) | $ | (7,489,247 | ) | ||||||||||||||
|
NOTE F
Risks Involved in Investing in the Portfolios
Market RiskThe value of the Portfolios assets will fluctuate as the bond market fluctuates. The value of the Portfolios investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.
Credit RiskAn issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the
abfunds.com | AB MUNICIPAL INCOME FUND | 225 |
NOTES TO FINANCIAL STATEMENTS (continued)
possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.
Below Investment-Grade Securities RiskInvestments in fixed-income securities with lower ratings (commonly known as junk bonds) have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.
Municipal Market RiskThis is the risk that special factors may adversely affect the value of the municipal securities and have a significant effect on the yield or value of the Portfolios investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Portfolios invest more of their assets in a particular states municipal securities, the Portfolios may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Portfolios investment in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the projects ability to make payments of principal and interest on these securities.
In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.
The Portfolios invest from time to time in the municipal securities of Puerto Rico and other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.
226 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES TO FINANCIAL STATEMENTS (continued)
Tax RiskThere is no guarantee that the income on the Portfolios municipal securities will be exempt from regular federal, and if applicable, state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolios by increasing taxes on that income. In such event, the Portfolios NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of portfolio shares as investors anticipate adverse effects on the Portfolios or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolios would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolios yield.
Interest-Rate RiskChanges in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.
Duration RiskDuration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.
Inflation RiskThis is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios assets can decline as can the value of the Portfolios distributions. This risk is significantly greater for fixed-income securities with longer maturities.
Financing and Related Transactions; Leverage and Other RisksThe Portfolios may utilize financial leverage, including tender option bond transactions, to seek to enhance the yield and net asset value. These objectives may not be achieved in all interest rate environments. Leverage creates certain risks for shareholders, including the likelihood of greater
abfunds.com | AB MUNICIPAL INCOME FUND | 227 |
NOTES TO FINANCIAL STATEMENTS (continued)
volatility of the net asset value. If income from the securities purchased from the funds made available by leverage is not sufficient to cover the cost of leverage, the Portfolios return will be less than if leverage had not been used. As a result, the amounts available for distribution as dividends and other distributions will be reduced. During periods of rising short-term interest rates, the interest paid on the floaters in tender option bond transactions would increase, which may adversely affect the Portfolios income and distribution to shareholders. A decline in distributions would adversely affect the Portfolios yield. If rising short-term rates coincide with a period of rising long-term rates, the value of the long-term municipal bonds purchased with the proceeds of leverage would decline, adversely affecting the net asset value.
In a tender option bond transaction, the Portfolios may transfer a highly rated fixed-rate municipal security to a broker, which, in turn, deposits the bond into a special purpose vehicle (typically, a trust) usually sponsored by the broker. The Portfolios receive cash and a residual interest security (sometimes referred to as an inverse floater) issued by the trust in return. The trust simultaneously issues securities, which pay an interest rate that is reset each week based on an index of high-grade short-term seven-day demand notes. These securities, sometimes referred to as floaters, are bought by third parties, including tax-exempt money market funds, and can be tendered by these holders to a liquidity provider at par, unless certain events occur. The Portfolios continue to earn all the interest from the transferred bond less the amount of interest paid on the floaters and the expenses of the trust, which include payments to the trustee and the liquidity provider and organizational costs. The Portfolios also use the cash received from the transaction for investment purposes or to retire other forms of leverage. Under certain circumstances, the trust may be terminated and collapsed, either by the Portfolios or upon the occurrence of certain events, such as a downgrade in the credit quality of the underlying bond, or in the event holders of the floaters tender their securities to the liquidity provider. See Note I to the Financial Statements Floating Rate Notes Issued in Connection with Securities Held for more information about tender option bond transactions.
The Portfolios may also purchase inverse floaters from a tender option bond trust in a secondary market transaction without first owning the underlying bond. The income received from an inverse floater varies inversely with the short-term interest rate paid on the floaters issued by the trust. The prices of inverse floaters are subject to greater volatility than the prices of fixed-income securities that are not inverse floaters. Investments in inverse floaters may amplify the risks of leverage. If short-term interest rates rise, the interest payable on the floaters would increase and income from the inverse floaters decrease.
228 | AB MUNICIPAL INCOME FUND |
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NOTES TO FINANCIAL STATEMENTS (continued)
Illiquid Investments RiskIlliquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolios. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.
Derivatives RiskDerivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index which could cause the Portfolios to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios.
LIBOR Replacement RiskThe Portfolios may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or LIBOR, as a benchmark or reference rate for various interest rate calculations. LIBORs administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBORs discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.
abfunds.com | AB MUNICIPAL INCOME FUND | 229 |
NOTES TO FINANCIAL STATEMENTS (continued)
Indemnification RiskIn the ordinary course of business, the Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.
Management RiskThe Portfolios are subject to management risk because they are an actively-managed investment funds. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.
NOTE G
Joint Credit Facility
A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the Facility) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the six months ended November 30, 2023.
NOTE H
Distributions to Shareholders
The tax character of distributions to be paid for the year ending May 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal period through May 31, 2023 and the tax years ended November 30, 2022 and November 30, 2021 were as follows
AB California Portfolio | December 1, 2022 to May 31, 2023 |
December 1, 2021 to November 30, 2022 |
June 1, 2021 to November 30, 2021 |
|||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 0 | | $ | 795,296 | $ | 237,886 | |||||
|
|
|
|
|
|
|||||||
Total taxable distributions |
0 | | 795,296 | 237,886 | ||||||||
Tax exempt distributions |
16,296,586 | 24,737,819 | 10,012,329 | |||||||||
|
|
|
|
|
|
|||||||
Total distributions paid |
$ | 16,296,586 | $ | 25,533,115 | $ | 10,250,215 | ||||||
|
|
|
|
|
|
|||||||
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NOTES TO FINANCIAL STATEMENTS (continued)
AB High Income Municipal Portfolio |
December 1, 2022 to May 31, 2023 |
December 1, 2021 to November 30, 2022 |
June 1, 2021 to November 30, 2021 |
|||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 0 | | $ | 8,386,933 | $ | 4,359,494 | |||||
|
|
|
|
|
|
|||||||
Total taxable distributions |
0 | | 8,386,933 | 4,359,494 | ||||||||
Tax exempt distributions |
61,987,198 | 124,253,199 | 55,727,850 | |||||||||
|
|
|
|
|
|
|||||||
Total distributions paid |
$ | 61,987,198 | $ | 132,640,132 | $ | 60,087,344 | ||||||
|
|
|
|
|
|
|||||||
AB National Portfolio | December 1, 2022 to May 31, 2023 |
December 1, 2021 to November 30, 2022 |
June 1, 2021 to November 30, 2021 |
|||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 0 | | $ | 1,383,281 | $ | 182,163 | |||||
|
|
|
|
|
|
|||||||
Total taxable distributions |
0 | | 1,383,281 | 182,163 | ||||||||
Tax exempt distributions |
26,493,796 | 44,616,817 | 18,549,766 | |||||||||
|
|
|
|
|
|
|||||||
Total distributions paid |
$ | 26,493,796 | $ | 46,000,098 | $ | 18,731,929 | ||||||
|
|
|
|
|
|
|||||||
AB New York Portfolio | December 1, 2022 to May 31, 2023 |
December 1, 2021 to November 30, 2022 |
June 1, 2021 to November 30, 2021 |
|||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 0 | | $ | 304,070 | $ | 61,452 | |||||
|
|
|
|
|
|
|||||||
Total taxable distributions |
0 | | 304,070 | 61,452 | ||||||||
Tax exempt distributions |
7,709,026 | 14,319,973 | 6,531,245 | |||||||||
|
|
|
|
|
|
|||||||
Total distributions paid |
$ | 7,709,026 | $ | 14,624,043 | $ | 6,592,697 | ||||||
|
|
|
|
|
|
As of November 30, 2022, the Portfolios most recent tax year end, the components of accumulated earnings (deficit) on a tax basis were as follows:
Portfolio | Undistributed Tax-Exempt Income |
Accumulated Capital and Other Losses(a) |
Unrealized Appreciation (Depreciation)(b) |
Total Accumulated Earnings (Deficit)(c) |
||||||||||||
AB California |
$ | 151,668 | $ | (9,321,838 | ) | $ | (50,344,343 | ) | $ | (59,514,513 | ) | |||||
AB High Income Municipal |
3,423,337 | (52,485,729 | ) | (336,757,981 | ) | (385,820,373 | ) | |||||||||
AB National |
427,007 | (44,476,278 | ) | (89,038,780 | ) | (133,088,051 | ) | |||||||||
AB New York |
35,334 | (21,119,811 | ) | (28,656,347 | ) | (49,740,824 | ) |
(a) | At November 30, 2022, AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio, and AB New York Portfolio had capital loss carryforwards for federal income tax purposes. As of November 30, 2022, AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio, and AB New York Portfolio had net capital loss carryforwards of $9,321,838, $52,485,729, $44,476,278, and $21,119,811, respectively. |
abfunds.com | AB MUNICIPAL INCOME FUND | 231 |
NOTES TO FINANCIAL STATEMENTS (continued)
(b) | The differences between book-basis and tax-basis unrealized appreciation depreciation are attributable primarily to the tax treatment of swaps, the tax deferral of losses on wash sales, debt restructuring, and the tax treatment of tender option bonds. |
(c) | The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the tax treatment of defaulted securities and dividends payable. |
For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.
As of November 30, 2022, the Portfolios most recent tax year end, the Portfolios had net capital loss carryforwards as follows:
Portfolio | Short-Term Amount |
Long-Term Amount |
||||||
AB California |
$ | 8,208,814 | $ | 1,113,024 | ||||
AB High Income Municipal |
52,485,729 | 0 | | |||||
AB National |
41,014,663 | 3,461,615 | ||||||
AB New York |
21,119,811 | 0 | |
During the current fiscal year, the Portfolios had no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.
NOTE I
Floating Rate Notes Issued in Connection with Securities Held
Each Portfolio may engage in tender option bond transactions in which the Portfolio may transfer a fixed rate bond (Fixed Rate Bond) into a Special Purpose Vehicle (the SPV, which is generally organized as a trust). The Portfolio buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation (Inverse Floater). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Portfolio gives the Portfolio the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Portfolio, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption Payable for floating rate notes issued in its statement of assets and liabilities. Interest expense related to the Portfolios liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the
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NOTES TO FINANCIAL STATEMENTS (continued)
Portfolios expense ratio. At November 30, 2023, the amount of Floating Rate Notes outstanding was $264,270,000 and the related interest rate ranged from 3.33% to 3.65% for AB High Income Municipal Portfolio. At November 30, 2023, AB California Portfolio, AB National Portfolio and AB New York Portfolio did not have any Floating Rate Notes outstanding. For the six months ended November 30, 2023, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were as follows:
Portfolio | Average Amount Outstanding |
Weighted Average Interest Rate |
||||||
AB High Income Municipal |
$ | 302,666,066 | 3.63 | % |
Each Portfolio may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Portfolios financial statements as a secured borrowing. For the six months ended November 30, 2023, AB California Portfolio engaged in such transactions.
The final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker Rule) were issued on December 10, 2013. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs, such as the Funds TOB transactions (as such programs were then previously or are presently structured), and (ii) continuing certain relationships with or certain services for residual interest bond programs.
NOTE J
Recent Accounting Pronouncements
In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848)Deferral of the Sunset Date of Topic 848. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.
abfunds.com | AB MUNICIPAL INCOME FUND | 233 |
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE K
Subsequent Events
Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolios financial statements through this date.
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FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB California Portfolio | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.31 | $ 10.60 | $ 11.57 | $ 10.96 | $ 11.21 | $ 11.06 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.16 | .30 | .24 | .29 | .33 | .37 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
.02 | (.27 | ) | (.99 | ) | .61 | (.25 | ) | .15 | |||||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.18 | .03 | (.75 | ) | .90 | .08 | .52 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.16 | ) | (.32 | ) | (.22 | ) | (.29 | ) | (.33 | ) | (.37 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 10.33 | $ 10.31 | $ 10.60 | $ 11.57 | $ 10.96 | $ 11.21 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
1.76 | % | .31 | % | (6.57 | )% | 8.30 | % | .68 | % | 4.84 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$461,609 | $459,793 | $481,440 | $547,704 | $494,992 | $482,499 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.75 | %^ | .75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.77 | %^ | .78 | % | .76 | % | .77 | % | .78 | % | .80 | % | ||||||||||||
Net investment income(a) |
3.15 | %^ | 2.94 | % | 2.09 | % | 2.54 | % | 2.96 | % | 3.38 | % | ||||||||||||
Portfolio turnover rate |
13 | % | 30 | % | 17 | % | 23 | % | 16 | % | 13 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 235 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB California Portfolio | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.30 | $ 10.60 | $ 11.56 | $ 10.96 | $ 11.21 | $ 11.05 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.12 | .23 | .15 | .20 | .25 | .29 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
.03 | (.29 | ) | (.97 | ) | .61 | (.26 | ) | .16 | |||||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.15 | (.06 | ) | (.82 | ) | .81 | (.01 | ) | .45 | |||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.12 | ) | (.24 | ) | (.14 | ) | (.21 | ) | (.24 | ) | (.29 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 10.33 | $ 10.30 | $ 10.60 | $ 11.56 | $ 10.96 | $ 11.21 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
1.47 | % | (.54 | )% | (7.19 | )% | 7.40 | % | (.08 | )% | 4.15 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$22,992 | $26,359 | $28,401 | $41,511 | $42,622 | $44,421 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
1.50 | %^ | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
1.52 | %^ | 1.54 | % | 1.51 | % | 1.52 | % | 1.53 | % | 1.55 | % | ||||||||||||
Net investment income(a) |
2.39 | %^ | 2.19 | % | 1.33 | % | 1.80 | % | 2.21 | % | 2.63 | % | ||||||||||||
Portfolio turnover rate |
13 | % | 30 | % | 17 | % | 23 | % | 16 | % | 13 | % |
See footnote summary on pages 248-249.
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FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB California Portfolio | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.31 | $ 10.60 | $ 11.57 | $ 10.96 | $ 11.21 | $ 11.06 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.17 | .33 | .26 | .32 | .36 | .40 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
.02 | (.28 | ) | (.98 | ) | .61 | (.26 | ) | .15 | |||||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.19 | .05 | (.72 | ) | .93 | .10 | .55 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.17 | ) | (.34 | ) | (.25 | ) | (.32 | ) | (.35 | ) | (.40 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 10.33 | $ 10.31 | $ 10.60 | $ 11.57 | $ 10.96 | $ 11.21 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
1.89 | % | .56 | % | (6.34 | )% | 8.57 | % | .93 | % | 5.10 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$579,983 | $507,720 | $464,558 | $451,056 | $381,036 | $279,106 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.50 | %^ | .50 | % | .50 | % | .50 | % | .50 | % | .51 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.52 | %^ | .53 | % | .51 | % | .52 | % | .53 | % | .55 | % | ||||||||||||
Net investment income(a) |
3.40 | %^ | 3.19 | % | 2.34 | % | 2.78 | % | 3.20 | % | 3.63 | % | ||||||||||||
Portfolio turnover rate |
13 | % | 30 | % | 17 | % | 23 | % | 16 | % | 13 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 237 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB High Income Municipal Portfolio | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.14 | $ 10.96 | $ 12.25 | $ 10.90 | $ 11.65 | $ 11.39 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.21 | .40 | .37 | .39 | .42 | .43 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.23 | ) | (.81 | ) | (1.29 | ) | 1.36 | (.74 | ) | .30 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | .00 | (e) | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
(.02 | ) | (.41 | ) | (.92 | ) | 1.75 | (.32 | ) | .73 | ||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.20 | ) | (.41 | ) | (.37 | ) | (.40 | ) | (.43 | ) | (.47 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.92 | $ 10.14 | $ 10.96 | $ 12.25 | $ 10.90 | $ 11.65 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
(.20 | )% | (3.66 | )% | (7.68 | )% | 16.40 | % | (2.97 | )% | 6.64 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$569,218 | $619,769 | $769,846 | $899,274 | $680,380 | $754,555 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
1.19 | %^ | 1.15 | % | .85 | % | .85 | % | .85 | % | .87 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
1.20 | %^ | 1.16 | % | .85 | % | .85 | % | .85 | % | .88 | % | ||||||||||||
Net investment income(a) |
4.18 | %^ | 3.87 | % | 3.06 | % | 3.27 | % | 3.59 | % | 3.81 | % | ||||||||||||
Portfolio turnover rate |
13 | % | 26 | % | 16 | % | 16 | % | 22 | % | 23 | % |
See footnote summary on pages 248-249.
238 | AB MUNICIPAL INCOME FUND |
abfunds.com |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB High Income Municipal Portfolio | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.13 | $ 10.95 | $ 12.25 | $ 10.89 | $ 11.65 | $ 11.39 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.17 | .32 | .28 | .30 | .33 | .35 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.22 | ) | (.80 | ) | (1.30 | ) | 1.38 | (.74 | ) | .30 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | .00 | (e) | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
(.05 | ) | (.48 | ) | (1.02 | ) | 1.68 | (.41 | ) | .65 | ||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.16 | ) | (.34 | ) | (.28 | ) | (.32 | ) | (.35 | ) | (.39 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.92 | $ 10.13 | $ 10.95 | $ 12.25 | $ 10.89 | $ 11.65 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
(.47 | )% | (4.38 | )% | (8.46 | )% | 15.53 | % | (3.69 | )% | 5.85 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$56,348 | $72,948 | $113,046 | $177,019 | $217,533 | $273,186 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
1.94 | %^ | 1.90 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.62 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
1.95 | %^ | 1.90 | % | 1.60 | % | 1.61 | % | 1.60 | % | 1.63 | % | ||||||||||||
Net investment income(a) |
3.41 | %^ | 3.12 | % | 2.30 | % | 2.54 | % | 2.85 | % | 3.06 | % | ||||||||||||
Portfolio turnover rate |
13 | % | 26 | % | 16 | % | 16 | % | 22 | % | 23 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 239 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB High Income Municipal Portfolio | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.13 | $ 10.95 | $ 12.25 | $ 10.89 | $ 11.65 | $ 11.38 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.22 | .42 | .40 | .42 | .45 | .46 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.22 | ) | (.80 | ) | (1.30 | ) | 1.37 | (.75 | ) | .31 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | .00 | (e) | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
0 | | (.38 | ) | (.90 | ) | 1.79 | (.30 | ) | .77 | ||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.21 | ) | (.44 | ) | (.40 | ) | (.43 | ) | (.46 | ) | (.50 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.92 | $ 10.13 | $ 10.95 | $ 12.25 | $ 10.89 | $ 11.65 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
.03 | % | (3.42 | )% | (7.53 | )% | 16.70 | % | (2.72 | )% | 7.00 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$1,950,612 | $2,269,449 | $2,609,004 | $2,618,340 | $1,872,364 | $1,975,651 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.94 | %^ | .90 | % | .60 | % | .60 | % | .60 | % | .62 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.95 | %^ | .90 | % | .60 | % | .60 | % | .60 | % | .63 | % | ||||||||||||
Net investment income(a) |
4.43 | %^ | 4.12 | % | 3.32 | % | 3.52 | % | 3.84 | % | 4.05 | % | ||||||||||||
Portfolio turnover rate |
13 | % | 26 | % | 16 | % | 16 | % | 22 | % | 23 | % |
See footnote summary on pages 248-249.
240 | AB MUNICIPAL INCOME FUND |
abfunds.com |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB High Income Municipal Portfolio | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months Ended November 30, 2023 (unaudited) |
Year Ended May 31, |
October 1, 2018(f) to May 31, 2019 |
||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 10.14 | $ 10.96 | $ 12.26 | $ 10.90 | $ 11.65 | $ 11.27 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.22 | .42 | .40 | .42 | .43 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.23 | ) | (.80 | ) | (1.30 | ) | 1.37 | (.71 | ) | .42 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | .00 | (e) | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
(.01 | ) | (.38 | ) | (.90 | ) | 1.79 | (.28 | ) | .73 | ||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.21 | ) | (.44 | ) | (.40 | ) | (.43 | ) | (.47 | ) | (.35 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.92 | $ 10.14 | $ 10.96 | $ 12.26 | $ 10.90 | $ 11.65 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
(.07 | )% | (3.41 | )% | (7.52 | )% | 16.69 | % | (2.60 | )% | 6.59 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$294,882 | $50,391 | $1,231 | $1,845 | $2,085 | $10 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.93 | %^ | .90 | % | .59 | % | .59 | % | .60 | % | .65 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.93 | %^ | .91 | % | .59 | % | .59 | % | .61 | % | .65 | %^ | ||||||||||||
Net investment income(a) |
4.52 | %^ | 4.20 | % | 3.32 | % | 3.55 | % | 4.11 | % | 4.11 | %^ | ||||||||||||
Portfolio turnover rate |
13 | % | 26 | % | 16 | % | 16 | % | 22 | % | 23 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 241 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB National Portfolio | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 9.53 | $ 9.88 | $ 10.77 | $ 10.20 | $ 10.38 | $ 10.15 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.15 | .27 | .22 | .23 | .27 | .29 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.02 | ) | (.34 | ) | (.91 | ) | .58 | (.19 | ) | .23 | ||||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.13 | (.07 | ) | (.69 | ) | .81 | .08 | .52 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.14 | ) | (.28 | ) | (.20 | ) | (.24 | ) | (.26 | ) | (.29 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.52 | $ 9.53 | $ 9.88 | $ 10.77 | $ 10.20 | $ 10.38 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
1.42 | % | (.70 | )% | (6.45 | )% | 8.00 | % | .80 | % | 5.23 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$412,648 | $423,812 | $508,814 | $590,789 | $549,816 | $572,911 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.75 | %^ | .75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.79 | %^ | .80 | % | .77 | % | .78 | % | .78 | % | .79 | % | ||||||||||||
Net investment income(a) |
3.28 | %^ | 2.85 | % | 2.05 | % | 2.21 | % | 2.57 | % | 2.87 | % | ||||||||||||
Portfolio turnover rate |
18 | % | 32 | % | 12 | % | 24 | % | 28 | % | 19 | % |
See footnote summary on pages 248-249.
242 | AB MUNICIPAL INCOME FUND |
abfunds.com |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB National Portfolio | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 9.52 | $ 9.87 | $ 10.76 | $ 10.19 | $ 10.37 | $ 10.14 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.12 | .20 | .14 | .16 | .19 | .21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.03 | ) | (.34 | ) | (.90 | ) | .57 | (.18 | ) | .24 | ||||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.09 | (.14 | ) | (.76 | ) | .73 | .01 | .45 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.11 | ) | (.21 | ) | (.13 | ) | (.16 | ) | (.19 | ) | (.22 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.50 | $ 9.52 | $ 9.87 | $ 10.76 | $ 10.19 | $ 10.37 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
.93 | % | (1.44 | )% | (7.16 | )% | 7.20 | % | .05 | % | 4.45 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$20,500 | $24,613 | $32,583 | $52,879 | $64,573 | $75,942 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
1.50 | %^ | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
1.54 | %^ | 1.55 | % | 1.52 | % | 1.53 | % | 1.54 | % | 1.54 | % | ||||||||||||
Net investment income(a) |
2.52 | %^ | 2.10 | % | 1.30 | % | 1.48 | % | 1.82 | % | 2.12 | % | ||||||||||||
Portfolio turnover rate |
18 | % | 32 | % | 12 | % | 24 | % | 28 | % | 19 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 243 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB National Portfolio | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 9.53 | $ 9.88 | $ 10.77 | $ 10.20 | $ 10.38 | $ 10.15 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.17 | .30 | .24 | .26 | .29 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.03 | ) | (.35 | ) | (.90 | ) | .58 | (.18 | ) | .24 | ||||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.14 | (.05 | ) | (.66 | ) | .84 | .11 | .55 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.15 | ) | (.30 | ) | (.23 | ) | (.27 | ) | (.29 | ) | (.32 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.52 | $ 9.53 | $ 9.88 | $ 10.77 | $ 10.20 | $ 10.38 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
1.55 | % | (.45 | )% | (6.22 | )% | 8.27 | % | 1.05 | % | 5.49 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$1,348,133 | $1,232,211 | $1,270,573 | $1,209,849 | $1,001,776 | $853,908 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.50 | %^ | .50 | % | .50 | % | .50 | % | .50 | % | .50 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.53 | %^ | .55 | % | .52 | % | .53 | % | .53 | % | .54 | % | ||||||||||||
Net investment income(a) |
3.53 | %^ | 3.10 | % | 2.31 | % | 2.45 | % | 2.81 | % | 3.11 | % | ||||||||||||
Portfolio turnover rate |
18 | % | 32 | % | 12 | % | 24 | % | 28 | % | 19 | % |
See footnote summary on pages 248-249.
244 | AB MUNICIPAL INCOME FUND |
abfunds.com |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB New York Portfolio | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 9.15 | $ 9.49 | $ 10.34 | $ 9.70 | $ 10.05 | $ 9.82 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.13 | .25 | .22 | .23 | .26 | .29 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.06 | ) | (.34 | ) | (.86 | ) | .65 | (.35 | ) | .23 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | 0 | | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.07 | (.09 | ) | (.64 | ) | .88 | (.09 | ) | .52 | |||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.13 | ) | (.25 | ) | (.21 | ) | (.24 | ) | (.26 | ) | (.29 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.09 | $ 9.15 | $ 9.49 | $ 10.34 | $ 9.70 | $ 10.05 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
.76 | % | (.86 | )% | (6.29 | )% | 9.13 | % | (.92 | )% | 5.37 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$321,075 | $341,690 | $380,361 | $421,752 | $414,853 | $440,361 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.75 | %^ | .76 | % | .75 | % | .75 | % | .75 | % | .76 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.82 | %^ | .83 | % | .79 | % | .80 | % | .80 | % | .82 | % | ||||||||||||
Net investment income(a) |
2.96 | %^ | 2.73 | % | 2.17 | % | 2.31 | % | 2.64 | % | 2.92 | % | ||||||||||||
Portfolio turnover rate |
23 | % | 14 | % | 16 | % | 22 | % | 23 | % | 15 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 245 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB New York Portfolio | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 9.15 | $ 9.49 | $ 10.33 | $ 9.69 | $ 10.04 | $ 9.81 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.10 | .18 | .14 | .16 | .19 | .21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.07 | ) | (.33 | ) | (.85 | ) | .64 | (.35 | ) | .23 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | 0 | | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.03 | (.15 | ) | (.71 | ) | .80 | (.16 | ) | .44 | |||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.09 | ) | (.19 | ) | (.13 | ) | (.16 | ) | (.19 | ) | (.21 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.09 | $ 9.15 | $ 9.49 | $ 10.33 | $ 9.69 | $ 10.04 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
.38 | % | (1.60 | )% | (6.91 | )% | 8.33 | % | (1.66 | )% | 4.59 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$13,329 | $18,205 | $24,089 | $39,563 | $44,221 | $51,764 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
1.50 | %^ | 1.51 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.51 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
1.57 | %^ | 1.58 | % | 1.54 | % | 1.55 | % | 1.55 | % | 1.57 | % | ||||||||||||
Net investment income(a) |
2.19 | %^ | 1.98 | % | 1.41 | % | 1.56 | % | 1.89 | % | 2.18 | % | ||||||||||||
Portfolio turnover rate |
23 | % | 14 | % | 16 | % | 22 | % | 23 | % | 15 | % |
See footnote summary on pages 248-249.
246 | AB MUNICIPAL INCOME FUND |
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FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB New York Portfolio | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, beginning of period |
$ 9.15 | $ 9.49 | $ 10.34 | $ 9.70 | $ 10.05 | $ 9.82 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Income From Investment Operations |
||||||||||||||||||||||||
Net investment income(a)(b) |
.14 | .27 | .25 | .26 | .29 | .31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions |
(.06 | ) | (.33 | ) | (.87 | ) | .64 | (.35 | ) | .23 | ||||||||||||||
Contributions from Affiliates |
0 | | .00 | (e) | 0 | | 0 | | 0 | | 0 | | ||||||||||||
|
|
|||||||||||||||||||||||
Net increase (decrease) in net asset value from operations |
.08 | (.06 | ) | (.62 | ) | .90 | (.06 | ) | .54 | |||||||||||||||
|
|
|||||||||||||||||||||||
Less: Dividends |
||||||||||||||||||||||||
Dividends from net investment income |
(.14 | ) | (.28 | ) | (.23 | ) | (.26 | ) | (.29 | ) | (.31 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net asset value, end of period |
$ 9.09 | $ 9.15 | $ 9.49 | $ 10.34 | $ 9.70 | $ 10.05 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Return |
||||||||||||||||||||||||
Total investment return based on net asset value(c) |
1.00 | % | (.61 | )% | (6.06 | )% | 9.40 | % | (.67 | )% | 5.63 | % | ||||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000s omitted) |
$166,526 | $178,093 | $192,990 | $187,212 | $145,160 | $135,701 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(d) |
.50 | %^ | .51 | % | .50 | % | .50 | % | .50 | % | .51 | % | ||||||||||||
Expenses, before waivers/reimbursements(d) |
.57 | %^ | .58 | % | .54 | % | .55 | % | .55 | % | .57 | % | ||||||||||||
Net investment income(a) |
3.20 | %^ | 2.98 | % | 2.42 | % | 2.55 | % | 2.89 | % | 3.17 | % | ||||||||||||
Portfolio turnover rate |
23 | % | 14 | % | 16 | % | 22 | % | 23 | % | 15 | % |
See footnote summary on pages 248-249.
abfunds.com | AB MUNICIPAL INCOME FUND | 247 |
FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
(a) | Net of expenses waived/reimbursed by the Adviser. |
(b) | Based on average shares outstanding. |
(c) | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized. |
(d) | The expense ratios presented below exclude interest/bank overdraft expense: |
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
AB California Portfolio |
| |||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.75 | %^ | .75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||||
Before waivers/reimbursements |
.77 | %^ | .78 | % | .76 | % | .77 | % | .78 | % | .79 | % | ||||||||||||
Class C |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
1.50 | %^ | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Before waivers/reimbursements |
1.52 | %^ | 1.54 | % | 1.51 | % | 1.52 | % | 1.53 | % | 1.54 | % | ||||||||||||
Advisor Class |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.50 | %^ | .50 | % | .50 | % | .50 | % | .50 | % | .50 | % | ||||||||||||
Before waivers/reimbursements |
.52 | %^ | .53 | % | .51 | % | .52 | % | .53 | % | .54 | % | ||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
AB High Income Municipal Portfolio |
| |||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.80 | %^ | .80 | % | .78 | % | .79 | % | .80 | % | .80 | % | ||||||||||||
Before waivers/reimbursements |
.82 | %^ | .81 | % | .78 | % | .80 | % | .80 | % | .81 | % | ||||||||||||
Class C |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
1.55 | %^ | 1.55 | % | 1.53 | % | 1.55 | % | 1.55 | % | 1.55 | % | ||||||||||||
Before waivers/reimbursements |
1.57 | %^ | 1.56 | % | 1.53 | % | 1.55 | % | 1.55 | % | 1.56 | % | ||||||||||||
Advisor Class |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.55 | %^ | .55 | % | .53 | % | .55 | % | .55 | % | .55 | % | ||||||||||||
Before waivers/reimbursements |
.57 | %^ | .56 | % | .53 | % | .55 | % | .55 | % | .55 | % | ||||||||||||
Class Z(f) |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.55 | %^ | .55 | % | .52 | % | .53 | % | .55 | % | .53 | %^ | ||||||||||||
Before waivers/reimbursements |
.55 | %^ | .56 | % | .53 | % | .54 | % | .56 | % | .53 | %^ |
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FINANCIAL HIGHLIGHTS (continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
AB National Portfolio |
| |||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.75 | %^ | .75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||||
Before waivers/reimbursements |
.79 | %^ | .80 | % | .77 | % | .78 | % | .78 | % | .79 | % | ||||||||||||
Class C |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
1.50 | %^ | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Before waivers/reimbursements |
1.54 | %^ | 1.55 | % | 1.52 | % | 1.53 | % | 1.54 | % | 1.54 | % | ||||||||||||
Advisor Class |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.50 | %^ | .50 | % | .50 | % | .50 | % | .50 | % | .50 | % | ||||||||||||
Before waivers/reimbursements |
.53 | %^ | .55 | % | .52 | % | .53 | % | .53 | % | .54 | % | ||||||||||||
Six Months (unaudited) |
Year Ended May 31, |
|||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||
|
|
|||||||||||||||||||||||
AB New York Portfolio |
| |||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.75 | %^ | .75 | % | .75 | % | .75 | % | .75 | % | .75 | % | ||||||||||||
Before waivers/reimbursements |
.82 | %^ | .82 | % | .79 | % | .80 | % | .80 | % | .81 | % | ||||||||||||
Class C |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
1.50 | %^ | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Before waivers/reimbursements |
1.57 | %^ | 1.57 | % | 1.54 | % | 1.55 | % | 1.55 | % | 1.56 | % | ||||||||||||
Advisor Class |
| |||||||||||||||||||||||
Net of waivers/reimbursements |
.50 | %^ | .50 | % | .50 | % | .50 | % | .50 | % | .50 | % | ||||||||||||
Before waivers/reimbursements |
.57 | %^ | .57 | % | .54 | % | .55 | % | .55 | % | .56 | % |
(e) | Amount is less than $.005. |
(f) | Commencement of distribution as of October 1, 2018. |
^ | Annualized. |
See notes to financial statements.
abfunds.com | AB MUNICIPAL INCOME FUND | 249 |
BOARD OF DIRECTORS
Garry L. Moody(1), Chairman Jorge A. Bermudez(1) Michael J. Downey(1) Onur Erzan, President and Chief Executive Officer |
Nancy P. Jacklin(1) Jeanette W. Loeb(1) Carol C. McMullen(1) Marshall C. Turner, Jr.(1) Emilie D. Wrapp, Advisory Board Member |
OFFICERS
Daryl Clements(2), Vice President Matthew J. Norton(2), Vice President Andrew D. Potter(2), Vice President Nancy E. Hay, Secretary |
Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer |
Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114
Principal Underwriter AllianceBernstein Investments, Inc.
Legal Counsel Seward & Kissel LLP |
Independent Registered Public Accounting Firm Ernst & Young LLP
Transfer Agent AllianceBernstein
Investor P.O. Box 786003 |
1 | Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee. |
2 | The day-to-day management of, and investment decisions for, the Funds portfolios are made by the Advisers Municipal Bond Investment Team. Messrs. Clements, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolios. |
250 | AB MUNICIPAL INCOME FUND |
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Operation and Effectiveness of the Portfolios Liquidity Risk Management Program:
In October 2016, the Securities and Exchange Commission (SEC) adopted the open-end fund liquidity rule (the Liquidity Rule). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (LRMP) in their reports to shareholders.
One of the requirements of the Liquidity Rule is for the Portfolios to designate an Administrator of the Portfolios Liquidity Risk Management Program. The Administrator of the Portfolios LRMP is AllianceBernstein L.P., the Portfolios investment adviser (the Adviser). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the Committee).
Another requirement of the Liquidity Rule is for the Portfolios Board of Directors (the Fund Board) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolios LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2023, which covered the period January 1, 2022 through December 31, 2022 (the Program Reporting Period).
The LRMPs principal objectives include supporting the Portfolios compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolios will be unable to meet their redemption obligations in a timely manner.
Pursuant to the LRMP, the Portfolios classify the liquidity of their portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.
During the Program Reporting Period, the Committee reviewed whether the Portfolios strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolios participated in derivative transactions, the exposure from such transactions were considered in the LRMP.
The Committee also performed an analysis to determine whether the Portfolios are required to maintain a Highly Liquid Investment Minimum (HLIM). The Committee also incorporated the following information when determining the Portfolios reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolios concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.
abfunds.com | AB MUNICIPAL INCOME FUND | 251 |
The Adviser informed the Fund Board that the Committee believes the Portfolios LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.
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Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund
The disinterested directors (the directors) of AB Municipal Income Fund, Inc. (the Company) unanimously approved the continuance of the Companys Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a Fund and collectively, the Funds) at a meeting held in-person on August 1-2, 2023 (the Meeting):
| AB California Portfolio |
| AB High Income Municipal Portfolio |
| AB National Portfolio |
| AB New York Portfolio |
Prior to approval of the continuance of the Advisory Agreement in respect of each Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of each Fund. The directors also discussed the proposed continuances in private sessions with counsel.
The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Advisers integrity and competence they have gained from that experience, the Advisers initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Advisers willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the money market fund advised by the Adviser in which the Funds invest a portion of their assets.
The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee in respect of each Fund. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Fund and the overall arrangements between each Fund and the Adviser,
abfunds.com | AB MUNICIPAL INCOME FUND | 253 |
as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors determinations included the following:
Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Funds investment strategies and from time to time proposes changes intended to improve a Funds relative or absolute performance for the directors consideration. They also noted the professional experience and qualifications of each Funds portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that each Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to such Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid in respect of a Fund, result in a higher rate of total compensation from such Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Advisers role in coordinating the activities of each Funds other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.
Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Advisers relationships with the Funds, including those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because
254 | AB MUNICIPAL INCOME FUND |
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comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Advisers relationships with the Funds before taxes and distribution expenses. The directors concluded that the Advisers level of profitability from its relationship with each Fund was not unreasonable.
Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which the Funds invest, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds shares; and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Advisers profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.
Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for each Fund at each regular Board meeting during the year.
At the Meeting, the directors reviewed performance information prepared by an independent service provider (the 15(c) service provider), showing the performance of the Advisor Class shares of each Fund against a group of similar funds (peer group) and a larger group of similar funds (peer universe), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and after discussing with the Adviser the reasons for the relative underperformance of AB National Portfolio and AB New York Portfolio in the most recent period, the directors concluded that each Funds investment performance was acceptable.
Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each Funds contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median in the case of each of AB California Portfolio and AB National Portfolio. The directors
abfunds.com | AB MUNICIPAL INCOME FUND | 255 |
noted that in the case of AB High Income Municipal Portfolio, it was equal to the median, and in the case of AB New York Portfolio, it was lower than the median. The directors also noted the Advisers total rate of compensation for each Fund, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.
The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of any of the Funds. In the case of each of AB California Portfolio, AB National Portfolio and AB New York Portfolio, the directors compared each Funds advisory fee rate with that for another fund advised by the Adviser utilizing similar investment strategies.
In connection with their review of each Funds advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of each Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Funds latest fiscal year and reflected the impact of the Advisers expense cap for the Fund in the case of each of AB California Portfolio, AB National Portfolio and AB New York Portfolio. The directors noted that AB High Income Municipal Portfolios expense ratio was currently below the level of the Advisers cap. The directors noted that it was likely that the expense ratios of some of the other funds in each Funds category were lowered by waivers or reimbursements by those funds investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Advisers services because the Adviser is responsible for coordinating services provided to the Funds by others. Based on their review, the directors concluded the expense ratio for each of AB High Income Municipal Portfolio and AB New York Portfolio was acceptable. The directors noted that the expense ratio for each of AB California Portfolio and National Portfolio was above the medians. After reviewing and discussing the Advisers explanations of the reasons for this, the directors concluded that each Funds expense ratio was acceptable.
Economies of Scale
The directors noted that the advisory fee schedule for the Funds contains breakpoints that reduce the fee rates on assets above specified levels, and that the net assets of AB High Income Municipal Portfolio were higher than a breakpoint level. Accordingly, the Funds current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in
256 | AB MUNICIPAL INCOME FUND |
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advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a funds adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a funds operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of AB High Income Municipal Portfolio, the Funds breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and, in the case of the other Funds, such Funds shareholders would benefit from a sharing of economies of scale in the event a Funds net assets exceed a breakpoint in the future.
abfunds.com | AB MUNICIPAL INCOME FUND | 257 |
This page is not part of the Shareholder Report or the Financial Statements.
AB FAMILY OF FUNDS
US EQUITY
CORE
Core Opportunities Fund
Select US Equity Portfolio
Sustainable US Thematic Portfolio
GROWTH
Concentrated Growth Fund
Discovery Growth Fund
Growth Fund
Large Cap Growth Fund
Small Cap Growth Portfolio
VALUE
Discovery Value Fund
Equity Income Fund
Relative Value Fund
Small Cap Value Portfolio
Value Fund
INTERNATIONAL/GLOBAL EQUITY
CORE
Global Core Equity Portfolio
International Low Volatility Equity Portfolio1
Sustainable Global Thematic Fund
Sustainable International Thematic Fund
Tax-Managed Wealth Appreciation Strategy
Wealth Appreciation Strategy
GROWTH
Concentrated International Growth Portfolio
VALUE
All China Equity Portfolio
International Value Fund
FIXED INCOME
MUNICIPAL
High Income Municipal Portfolio
Intermediate California Municipal Portfolio
Intermediate Diversified Municipal Portfolio
Intermediate New York Municipal Portfolio
Municipal Bond Inflation Strategy
Tax-Aware Fixed Income Opportunities Portfolio
National Portfolio
Arizona Portfolio
California Portfolio
Massachusetts Portfolio
Minnesota Portfolio
New Jersey Portfolio
New York Portfolio
Ohio Portfolio
Pennsylvania Portfolio
Virginia Portfolio
TAXABLE
Bond Inflation Strategy
Global Bond Fund
High Income Fund
Income Fund
Intermediate Duration Portfolio
Short Duration High Yield Portfolio1
Short Duration Income Portfolio
Short Duration Portfolio
Sustainable Thematic Credit Portfolio
Total Return Bond Portfolio
ALTERNATIVES
All Market Real Return Portfolio
Global Real Estate Investment Fund
Select US Long/Short Portfolio
MULTI-ASSET
All Market Total Return Portfolio
Emerging Markets Multi-Asset Portfolio
Global Risk Allocation Fund
Sustainable Thematic Balanced Portfolio
CLOSED-END FUNDS
AllianceBernstein Global High Income Fund
AllianceBernstein National Municipal Income Fund
EXCHANGE-TRADED FUNDS
Conservative Buffer ETF
Core Plus Bond ETF
Corporate Bond ETF
Disruptors ETF
High Yield ETF
Tax-Aware Intermediate Municipal ETF
Tax-Aware Long Municipal ETF
Tax-Aware Short Duration Municipal ETF
Ultra Short Income ETF
US High Dividend ETF
US Large Cap Strategic Equities ETF
US Low Volatility Equity ETF
We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
1 | Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio. |
258 | AB MUNICIPAL INCOME FUND |
abfunds.com |
NOTES
abfunds.com | AB MUNICIPAL INCOME FUND | 259 |
NOTES
260 | AB MUNICIPAL INCOME FUND |
abfunds.com |
AB MUNICIPAL INCOME FUND
1345 Avenue of the Americas
New York, NY 10105
800 221 5672
MI-0152-1123
ITEM 2. | CODE OF ETHICS. |
Not applicable when filing a semi-annual report to shareholders.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable when filing a semi-annual report to shareholders.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable when filing a semi-annual report to shareholders.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to the registrant.
ITEM 6. | INVESTMENTS. |
Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to the registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Funds Board of Directors since the Fund last provided disclosure in response to this item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no changes in the registrants internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the registrant.
ITEM 13. | EXHIBITS. |
The following exhibits are attached to this Form N-CSR:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): AB Municipal Income Fund, Inc. | ||
By: | /s/ Onur Erzan | |
Onur Erzan | ||
President | ||
Date: | January 26, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Onur Erzan | |
Onur Erzan | ||
President | ||
Date: | January 26, 2024 | |
By: | /s/ Stephen M. Woetzel | |
Stephen M. Woetzel | ||
Treasurer and Chief Financial Officer | ||
Date: | January 26, 2024 |