N-CSRS 1 d616668dncsrs.htm AB MUNICIPAL INCOME FUND, INC. AB Municipal Income Fund, Inc.

 

 

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)

 

 

Registrant’s 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

LOGO

 

SEMI-ANNUAL REPORT

AB MUNICIPAL INCOME FUND

 

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AB CALIFORNIA PORTFOLIO

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AB HIGH INCOME MUNICIPAL PORTFOLIO

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AB NATIONAL PORTFOLIO

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AB NEW YORK PORTFOLIO

 

LOGO

 

 


 

 

 

 
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 Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s 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 AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (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 Fund’s Form N-PORT reports are available on the Commission’s 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    LOGO

Dear Shareholder,

We’re 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 what’s next by:

 

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Transforming uncommon insights into uncommon knowledge with a global research scope

 

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Navigating markets with seasoned investment experience and sophisticated solutions

 

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Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB’s range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

 

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

 

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SEMI-ANNUAL REPORT

 

January 24, 2024

This report provides management’s 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 tax—and in the case of the California and New York Portfolios, state taxation of the respective state—that 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 Portfolio’s overweight to credit and sector allocation contributed. For the 12-month period, security selection, sector allocation and the Portfolio’s 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 company’s 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 state’s 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 Adviser’s 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 state’s 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 project’s 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 Portfolio’s 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 Portfolio’s current prospectus fee table shows the Portfolio’s 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 Portfolio’s 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 Portfolio’s current prospectus fee table shows the Portfolio’s 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 Portfolio’s 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.

 

14    |    AB MUNICIPAL INCOME FUND

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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 Portfolio’s current prospectus fee table shows the Portfolio’s 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 Portfolio’s 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

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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 Portfolio’s current prospectus fee table shows the Portfolio’s 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 Portfolio’s 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

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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 Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s 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

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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)

 

 

 

LOGO

 

 

 

LOGO

 

1

The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s 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”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s 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 issuer’s 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

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BOND RATING SUMMARY1 (continued)

November 30, 2023 (unaudited)

 

 

 

LOGO

 

 

 

LOGO

 

1

The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s 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”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s 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 issuer’s 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.

 

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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
Series 2022-A
0.00%, 10/01/2047(a)

   $ 17,955     $ 9,244,301  

Anaheim Housing & Public Improvements Authority
(City of Anaheim CA Electric System Revenue)
Series 2020
2.792%, 10/01/2032

     5,000       4,106,798  

5.00%, 10/01/2045

     2,500       2,544,440  

Bay Area Toll Authority
Series 2021
3.58% (MUNIPSA + 0.28%), 04/01/2056(b)

     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
5.00%, 04/01/2025

     2,525       2,595,204  

California Community Choice Financing Authority
(American International Group, Inc.)
Series 2023-D
5.50%, 05/01/2054

     5,000       5,284,553  

California Community Choice Financing Authority
(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054

     10,375       10,690,690  

California Community Choice Financing Authority
(Goldman Sachs Group, Inc. (The))
Series 2021
4.00%, 10/01/2052

     5,745       5,706,128  

Series 2023
5.00%, 12/01/2053

     8,650       8,999,340  

California Community Choice Financing Authority
(Morgan Stanley)
Series 2021-B
4.00%, 02/01/2052

     4,000       3,900,360  

 

24    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2022-A
4.00%, 05/01/2053

   $ 3,675     $ 3,645,829  

Series 2023
5.00%, 02/01/2054

     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
(NCCD-Orange Coast Properties LLC)
Series 2018
5.25%, 05/01/2043

     3,600       3,636,458  

5.25%, 05/01/2048

     2,750       2,763,813  

California Community Housing Agency
(California Community Housing Agency Aster Apartments)
Series 2021-A
4.00%, 02/01/2056(c)

     1,000       806,825  

California Community Housing Agency
(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021
4.00%, 02/01/2056(c)

     2,000       1,575,327  

California Community Housing Agency
(California Community Housing Agency Fountains at Emerald Park)
Series 2021
3.00%, 08/01/2056(c)

     500       325,707  

California Community Housing Agency
(California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
3.00%, 02/01/2057(c)

     2,000       1,256,352  

California County Tobacco Securitization Agency
(Los Angeles County Securitization Corp)
Series 2020-A
4.00%, 06/01/2040

     1,365       1,311,292  

4.00%, 06/01/2049

     12,155       10,931,930  

California Earthquake Authority
Series 2022-A
5.603%, 07/01/2027

     2,170       2,170,649  

California Educational Facilities Authority
Series 2023
5.25%, 10/01/2044

     2,100       2,150,729  

5.50%, 10/01/2053

     2,435       2,500,206  

 

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AB MUNICIPAL INCOME FUND    |    25


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Educational Facilities Authority
(Art Center College of Design)
Series 2018-A
5.00%, 12/01/2037

   $ 1,265     $ 1,304,166  

5.00%, 12/01/2044

     6,885       6,971,096  

California Educational Facilities Authority
(Chapman University)
Series 2015
5.00%, 04/01/2035

     4,415       4,503,397  

California Educational Facilities Authority
(Loma Linda University)
Series 2017-A
5.00%, 04/01/2047

     4,000       4,066,762  

California Educational Facilities Authority
(University of Redlands)
Series 2022-A
5.00%, 10/01/2044

     2,500       2,552,453  

California Educational Facilities Authority
(University of the Pacific)
Series 2015
5.00%, 11/01/2031

     2,000       2,061,180  

Series 2023
4.25%, 11/01/2048

     3,230       3,182,480  

California Enterprise Development Authority
(Heights Christian Schools)
Series 2023
6.25%, 06/01/2053(c)

     2,000       1,927,106  

California Enterprise Development Authority
(Rocketship Education Obligated Group)
Series 2022
4.00%, 06/01/2042(c)

     1,000       784,990  

California Enterprise Development Authority
(Rocklin Academy (The))
Series 2021
4.00%, 06/01/2051(c)

     1,875       1,424,437  

4.00%, 06/01/2061(c)

     840       605,917  

California Health Facilities Financing Authority
(Children’s Hospital Los Angeles)
Series 2017-A
5.00%, 08/15/2035

     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
(CommonSpirit Health)
Series 2020-A
4.00%, 04/01/2037

     5,165       5,150,746  

 

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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
(Lucile Salter Packard Children’s Hospital at Stanford Obligated Group)
Series 2022-A
4.00%, 05/15/2046

     13,865       13,139,903  

California Health Facilities Financing Authority
(Stanford Health Care Obligated Group)
Series 2023-A
5.00%, 08/15/2033

     10,000       11,905,096  

California Infrastructure & Economic Development Bank
(California Academy of Sciences)
Series 2021
3.65% (MUNIPSA + 0.35%), 08/01/2047(b)

     6,300       6,252,720  

California Infrastructure & Economic Development Bank
(DesertXpress Enterprises LLC)
Series 2023
3.65%, 01/01/2050(c)

     17,215       17,170,695  

8.00%, 01/01/2050(c)

     3,025       3,063,548  

California Infrastructure & Economic Development Bank
(Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.)
Series 2016
5.00%, 01/01/2036(c)

     1,500       1,241,585  

California Municipal Finance Authority
(American Heritage/Escondido/Heritage K-8 Charter School Obligated Group)
Series 2016-A
5.00%, 06/01/2036

     1,900       1,918,965  

5.00%, 06/01/2046

     1,500       1,444,225  

California Municipal Finance Authority
(Azusa Pacific University)
Series 2015-B
5.00%, 04/01/2035

     2,960       2,915,063  

5.00%, 04/01/2041

     3,000       2,792,353  

California Municipal Finance Authority
(Biola University, Inc.)
Series 2017
5.00%, 10/01/2032

     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
(California Institute of the Arts)
Series 2021
4.00%, 10/01/2046

     1,340       1,164,594  

4.00%, 10/01/2051

     1,200       1,009,344  

California Municipal Finance Authority
(CHF-Riverside II LLC)
Series 2019
5.00%, 05/15/2041

     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
(Community Health Centers of The Central Coast, Inc.)
Series 2021-A
5.00%, 12/01/2054(c)

     1,000       937,523  

California Municipal Finance Authority
(Congregational Homes, Inc. Obligated Group)
Series 2022
4.00%, 11/15/2042

     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
(Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.)
Series 2014
5.25%, 01/01/2045

     1,295       990,817  

California Municipal Finance Authority
(Inland Regional Center)
Series 2015
5.00%, 06/15/2032

     5,000       5,138,199  

California Municipal Finance Authority
(LAX Integrated Express Solutions LLC)
Series 2018
4.00%, 12/31/2047

     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
(Samuel Merritt University)
Series 2022
5.25%, 06/01/2053

     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
(UTS Bioenergy LLC)
Series 2011-A1
7.50%, 12/01/2032(d)(e)(f)

   $ 2,745     $ 54,900  

California Pollution Control Financing Authority
(Poseidon Resources Channelside LP)

    

Series 2023
5.00%, 07/01/2035(c)

     2,000       2,120,153  

5.00%, 07/01/2038(c)

     1,000       1,040,093  

California Pollution Control Financing Authority
(Rialto Bioenergy Facility LLC)
Series 2019
7.50%, 12/01/2040(c)(d)(e)

     2,200       836,000  

California Pollution Control Financing Authority
(San Diego County Water Authority Desalination Project Pipeline)
Series 2019
5.00%, 07/01/2039(c)

     8,740       8,920,108  

5.00%, 11/21/2045(c)

     8,000       8,060,264  

California Public Finance Authority
(California University of Science & Medicine Obligated Group)
Series 2019
6.25%, 07/01/2054(c)

     2,000       2,093,512  

California Public Finance Authority
(Enso Village)
Series 2021
2.125%, 11/15/2027(c)

     2,500       2,380,492  

California Public Finance Authority
(Henry Mayo Newhall Hospital Obligated Group)
Series 2017
5.00%, 10/15/2037

     1,000       1,019,278  

California School Finance Authority
Series 2017
5.00%, 06/01/2047(c)

     1,500       1,475,023  

5.00%, 06/01/2053(c)

     3,800       3,697,300  

California School Finance Authority
(ACE Charter Schools Obligated Group)
Series 2016
5.00%, 06/01/2042(c)

     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
(Alliance for College Ready Public Schools Obligated Group)
Series 2015-A
5.00%, 07/01/2045(c)

   $ 4,675     $ 4,648,245  

Series 2016
5.25%, 07/01/2052(c)

     2,500       2,502,527  

California School Finance Authority
(Aspire Public Schools Obligated Group)
Series 2020-A
5.00%, 08/01/2059(c)

     2,000       1,951,113  

California School Finance Authority
(Bright Star Schools Obligated Group)
Series 2017
5.00%, 06/01/2037(c)

     1,200       1,162,236  

5.00%, 06/01/2047(c)

     1,565       1,409,510  

California School Finance Authority
(Classical Academy Obligated Group)
Series 2020-A
5.00%, 10/01/2050(c)

     3,000       2,885,006  

Series 2021
4.00%, 10/01/2046(c)

     1,250       1,038,477  

Series 2022
5.00%, 10/01/2061(c)

     2,000       1,878,080  

California School Finance Authority
(Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2046(c)

     2,325       2,167,491  

5.00%, 06/01/2051(c)

     2,910       2,658,904  

California School Finance Authority
(Ednovate Obligated Group)
Series 2018
5.00%, 06/01/2037(c)

     430       406,963  

California School Finance Authority
(Equitas Academy Obligated Group)
Series 2018-A
5.00%, 06/01/2035(c)

     4,770       4,616,107  

California School Finance Authority
(Fenton Charter Public Schools)
Series 2020-A
5.00%, 07/01/2058(c)

     625       566,168  

California School Finance Authority
(Green DOT Public Schools Obligated Group)
Series 2015-A
5.00%, 08/01/2045(c)

     1,000       999,494  

 

30    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2022
5.00%, 08/01/2032(c)

   $ 750     $ 780,833  

5.75%, 08/01/2052(c)

     1,650       1,728,168  

California School Finance Authority
(Hawking STEAM Charter Schools, Inc.)
Series 2022
5.00%, 07/01/2042(c)

     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
(KIPP SoCal Public Schools Obligated Group)
Series 2017-A
5.00%, 07/01/2037(c)

     935       955,724  

5.00%, 07/01/2047(c)

     2,735       2,742,666  

Series 2019-A
5.00%, 07/01/2049(c)

     2,000       2,003,434  

Series 2020-A
4.00%, 07/01/2055(c)

     835       688,398  

California School Finance Authority
(KIPP SoCal Public Schools)
Series 2014-A
5.00%, 07/01/2034(c)

     1,200       1,205,970  

California School Finance Authority
(Lighthouse Community Public Schools Obligated Group)
Series 2022
6.50%, 06/01/2062(c)

     2,300       2,342,372  

California School Finance Authority
(Partnerships to Uplift Communities Series 2023 Obligated Group)
Series 2023
5.50%, 08/01/2043(c)

     550       549,956  

5.50%, 08/01/2047(c)

     525       515,420  

California School Finance Authority
(Rocketship Education Obligated Group)
Series 2016-A
5.00%, 06/01/2036(c)

     1,000       1,002,556  

5.00%, 06/01/2046(c)

     2,500       2,373,784  

Series 2017
5.125%, 06/01/2047(c)

     700       673,643  

Series 2017-G
5.00%, 06/01/2037(c)

     360       360,424  

5.00%, 06/01/2053(c)

     2,075       1,924,432  

 

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AB MUNICIPAL INCOME FUND    |    31


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California School Finance Authority
(View Park Elementary & Middle Schools)
Series 2014
5.625%, 10/01/2034

   $ 575     $ 576,165  

6.00%, 10/01/2049

     715       712,137  

California State Public Works Board
(California State Public Works Board Lease)
Series 2021-A
5.00%, 02/01/2025

     2,000       2,043,552  

California State University
Series 2020-D
1.49%, 11/01/2028

     1,500       1,277,520  

Series 2021-B
2.144%, 11/01/2033

     6,000       4,570,061  

California Statewide Communities Development Authority
Series 2023
4.50%, 11/01/2033(g)

     9,000       9,483,990  

AGM Series 2014
5.00%, 11/15/2044

     2,000       2,037,530  

California Statewide Communities Development Authority
(California Baptist University)
Series 2017-A
5.00%, 11/01/2032(c)

     1,135       1,146,980  

California Statewide Communities Development Authority
(CHF-Irvine LLC)
Series 2017-A
5.00%, 05/15/2034

     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
(Emanate Health Obligated Group)
Series 2020-A
5.00%, 04/01/2035

     1,000       1,081,593  

California Statewide Communities Development Authority
(Enloe Medical Center Obligated Group)
AGM Series 2022-A
5.375%, 08/15/2057

     2,000       2,172,910  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Statewide Communities Development Authority
(Lancer Educational Housing LLC)
Series 2016
5.00%, 06/01/2036(c)

   $ 1,000     $ 993,575  

Series 2019
5.00%, 06/01/2051(c)

     3,165       2,835,031  

California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series 2016-A
5.00%, 12/01/2036(c)

     5,000       5,057,383  

5.25%, 12/01/2056(c)

     1,700       1,648,189  

California Statewide Communities Development Authority
(NCCD-Hooper Street LLC)
Series 2019
5.25%, 07/01/2039(c)

     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
AGM Series 2001-B
Zero Coupon, 08/01/2025

     3,050       2,850,765  

Cerritos Community College District
Series 2014-A
4.00%, 08/01/2030

     2,230       2,235,439  

City & County of San Francisco CA
(City & County of San Francisco CA COP)
Series 2019
5.00%, 04/01/2025

     3,520       3,616,477  

City of Atwater CA Wastewater Revenue
AGM Series 2017-A
5.00%, 05/01/2040

     1,000       1,043,628  

5.00%, 05/01/2043

     1,000       1,038,316  

City of Fairfield CA
(City of Fairfield CA COP)
AGC Series 2007
Zero Coupon, 04/01/2035

     3,700       2,402,786  

City of Fremont CA Community Facilities District No. 1
Series 2015
5.00%, 09/01/2040

     4,000       4,034,549  

 

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AB MUNICIPAL INCOME FUND    |    33


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

City of Irvine CA
(City of Irvine CA Assessment Dist No. 13-1)
Series 2013
5.00%, 09/02/2027

   $ 650     $ 653,268  

5.00%, 09/02/2029

     1,110       1,115,523  

City of Irvine CA
(City of Irvine CA Community Facilities District No. 2013-3)
Series 2018
5.00%, 09/01/2043

     2,400       2,459,310  

5.00%, 09/01/2048

     4,250       4,326,963  

City of Long Beach CA Marina System Revenue
Series 2015
5.00%, 05/15/2032

     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
Series 2023
5.00%, 06/27/2024

     30,000       30,331,788  

City of Los Angeles CA Wastewater System Revenue
Series 2013-B
5.00%, 06/01/2031

     5,000       5,002,275  

City of Los Angeles Department of Airports
Series 2017B
5.00%, 05/15/2025

     1,325       1,352,678  

Series 2022
3.25%, 05/15/2049

     2,000       1,530,744  

5.00%, 05/15/2045

     1,500       1,573,298  

City of Palo Alto CA
(City of Palo Alto CA University Avenue AD)
Series 2012
5.00%, 09/02/2025

     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
Series 2015-A
5.00%, 08/01/2033

     10,090       10,381,606  

City of Roseville CA
(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)
Series 2017
5.00%, 09/01/2033

     1,315       1,365,344  

 

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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
(HP Campus Oaks Community Facilities District No. 1)
Series 2016
5.00%, 09/01/2036

     640       651,601  

City of San Francisco CA Public Utilities Commission Water Revenue
Series 2020-E
2.825%, 11/01/2041

     4,840       3,530,632  

City of San Jose CA Airport Revenue
(Norman Y Mineta San Jose International Airport SJC)
Series 2017-A
5.00%, 03/01/2033

     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
(San Antonio Regional Hospital)
Series 2017
5.00%, 01/01/2032

     1,000       1,046,689  

5.00%, 01/01/2047

     3,895       3,943,155  

CMFA Special Finance Agency
(CMFA Special Finance Agency Enclave)
Series 2022-A
4.00%, 08/01/2058(c)

     2,000       1,453,128  

CMFA Special Finance Agency
(CMFA Special Finance Agency Latitude33)
Series 2021-A
3.00%, 12/01/2056(c)

     2,000       1,293,371  

CMFA Special Finance Agency
(CMFA Special Finance Agency Solana at Grand)
Series 2021-A
4.00%, 08/01/2056(c)

     3,000       2,424,986  

CMFA Special Finance Agency VII
(CMFA Special Finance Agency VII The Breakwater Apartments)
Series 2021
3.00%, 08/01/2056(c)

     1,000       633,509  

CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
3.00%, 08/01/2056(c)

     4,000       2,507,887  

 

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AB MUNICIPAL INCOME FUND    |    35


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Coast Community College District
Series 2019-F
3.00%, 08/01/2036

   $ 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
AGM Series 2022-A
5.25%, 08/01/2032

     3,500       3,929,390  

Contra Costa Community College District
Series 2014-A
4.00%, 08/01/2029

     2,100       2,107,434  

County of Los Angeles CA
Series 2023
5.00%, 06/28/2024

     17,000       17,198,499  

County of Los Angeles CA Community Facilities District No. 2021-01
(County of Los Angeles CA Community Facilities District No 2021-01 Area No. 1)
Series 2022
5.00%, 09/01/2047

     2,750       2,774,539  

5.00%, 09/01/2052

     2,500       2,505,824  

County of Sacramento CA
(North Vineyard District 2005-2)
Series 2016
5.00%, 09/01/2040

     990       1,003,463  

5.00%, 09/01/2045

     1,250       1,260,298  

County of Sacramento CA Airport System Revenue
Series 2016-B
5.00%, 07/01/2036

     1,755       1,821,688  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)
Series 2021
3.25%, 04/01/2057(c)

     4,000       2,638,354  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
4.00%, 05/01/2057(c)

     1,000       679,810  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2046(c)

     3,000       2,208,274  

 

36    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Altana Apartments)
Series 2021
4.00%, 10/01/2056(c)

   $ 5,000     $ 3,566,862  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Crescent)
Series 2022
4.30%, 07/01/2059(c)

     1,000       787,607  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)
Series 2021-A2
3.125%, 08/01/2056(c)

     1,000       667,380  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.25%, 07/01/2056(c)

     1,000       655,203  

4.00%, 07/01/2058(c)

     1,000       659,441  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Oceanaire Apartments)
Series 2021
4.00%, 09/01/2056(c)

     2,500       1,731,397  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
3.00%, 12/01/2056(c)

     1,000       648,961  

4.00%, 12/01/2056(c)

     1,000       690,390  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Theo Apartments)
Series 2021
4.00%, 05/01/2057(c)

     2,000       1,325,387  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Towne at Glendale Apartments)
Series 2022
0.00%, 09/01/2062(a)(c)

     1,645       778,693  

 

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AB MUNICIPAL INCOME FUND    |    37


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Union South Bay)
Series 2021-A2
4.00%, 07/01/2056(c)

   $ 2,400     $ 1,698,147  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
3.25%, 10/01/2058(c)

     1,000       637,413  

4.00%, 10/01/2048(c)

     3,000       2,064,853  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Waterscape Apartments)
Series 2021-A
3.00%, 09/01/2056(c)

     1,500       975,455  

Elk Grove Unified School District
(Elk Grove Unified School District Community Facilities District No. 1)
AGM Series 2023
5.00%, 12/01/2023

     1,675       1,675,000  

Foothill-Eastern Transportation Corridor Agency
Series 2021-C
4.00%, 01/15/2043

     1,500       1,446,432  

Fremont Union High School District
Series 2024
5.00%, 08/01/2029(g)

     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.
Series 2018-A
5.00%, 06/01/2030

     2,500       2,749,719  

Series 2021
3.115%, 06/01/2038

     5,000       3,813,250  

3.85%, 06/01/2050

     4,455       4,111,941  

Series 2021-B
Zero Coupon, 06/01/2066

     10,000       1,039,193  

Series 2022
5.00%, 06/01/2051

     10,000       10,259,016  

Golden State Tobacco Securitization Corp.
(Golden State Tobacco Securitization Corp Lease)
Series 2021
2.746%, 06/01/2034

     3,175       2,555,817  

 

38    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Hastings Campus Housing Finance Authority
Series 2020-A
5.00%, 07/01/2045(c)

   $ 5,000     $ 4,421,230  

Irvine Facilities Financing Authority
(City of Irvine CA Community Facilities District No. 2013-3)
BAM Series 2023
Zero Coupon, 09/01/2049

     1,300       378,996  

Zero Coupon, 09/01/2050

     1,250       345,986  

Irvine Unified School District
Series 2017-B
5.00%, 09/01/2047

     995       1,015,586  

Lake Elsinore Public Financing Authority
Series 2015
5.00%, 09/01/2031

     2,690       2,741,104  

5.00%, 09/01/2035

     1,835       1,861,651  

Long Beach Bond Finance Authority
(Bank of America Corp.)
Series 2007-A
5.00%, 11/15/2024

     1,175       1,187,658  

5.50%, 11/15/2037

     2,000       2,219,070  

Los Angeles County Public Works Financing Authority
(County of Los Angeles CA Lease)
Series 2020
4.00%, 12/01/2039

     5,500       5,612,259  

Los Angeles Department of Water & Power
(Los Angeles Department of Water & Power Power System Revenue)
Series 2023-D
5.00%, 07/01/2041

     12,610       14,267,756  

Los Angeles Department of Water & Power Water System Revenue
Series 2021-C
5.00%, 07/01/2041

     1,250       1,371,474  

Series 2022-C
5.00%, 07/01/2042

     8,750       9,775,400  

Los Angeles Unified School District/CA
Series 2009
5.75%, 07/01/2034

     2,000       2,049,099  

Series 2020-C
4.00%, 07/01/2037

     6,000       6,209,261  

M-S-R Energy Authority
(Citigroup, Inc.)
Series 2009-A
6.50%, 11/01/2039

     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
6.50%, 11/01/2039

   $ 10,000     $ 12,284,993  

Menifee Union School District
Series 2018
5.00%, 09/01/2043

     1,000       1,031,186  

5.00%, 09/01/2048

     1,215       1,242,199  

Metropolitan Water District of Southern California
Series 2021-D
3.44% (MUNIPSA + 0.14%), 07/01/2037(b)

     2,100       2,096,286  

Oakland Unified School District/Alameda County
Series 2015-A
5.00%, 08/01/2031

     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
Series 2019-C
4.00%, 08/15/2034

     1,250       1,314,520  

Oxnard Financing Authority
(City of Oxnard CA Wastewater Revenue)
AGM Series 2014
5.00%, 06/01/2031

     5,250       5,288,487  

Palomar Health
(Palomar Health Obligated Group)
Series 2016-A
5.00%, 08/01/2031

     1,285       1,349,687  

Peralta Community College District
Series 2022
5.00%, 08/01/2024

     1,330       1,347,529  

Port of Oakland
Series 2021
5.00%, 05/01/2025

     4,640       4,721,140  

Poway Unified School District Public Financing Authority
Series 2015-A
5.00%, 09/01/2033

     1,500       1,531,270  

5.00%, 09/01/2034

     995       1,015,599  

Redding Joint Powers Financing Authority
Series 2015-A
5.00%, 06/01/2030

     1,350       1,404,212  

Regents of the University of California Medical Center Pooled Revenue
Series 2022
5.00%, 05/15/2040

     10,000       11,249,545  

 

40    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Rialto Redevelopment Agency
Series 2018
5.00%, 09/01/2032

   $ 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
(River Islands Public Financing Authority Community Facilities District No. 2003-1)
Series 2022
5.00%, 09/01/2052

     5,200       4,981,232  

Riverside County Transportation Commission
Series 2021
4.00%, 06/01/2040

     3,330       3,211,008  

4.00%, 06/01/2041

     1,765       1,687,586  

Sacramento County Water Financing Authority
(Sacramento County Water Agency)
NATL Series 2007-B
4.35% (LIBOR 3 Month + 0.55%), 06/01/2034(b)

     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
Series 2019-A
4.00%, 07/01/2038

     2,000       2,031,552  

Series 2020
5.00%, 07/01/2035

     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
4.00%, 07/01/2056

     8,750       8,294,525  

Series 2021-B
4.00%, 07/01/2041

     3,010       2,909,806  

Series 2023
5.00%, 07/01/2053

     11,000       11,373,237  

San Diego Unified School District
Series 2023
5.00%, 07/01/2048

     10,000       11,015,088  

San Diego Unified School District/CA
Series 2023
4.00%, 07/01/2053

     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
(Mission Bay South Public Imp)
Series 2013-A
5.00%, 08/01/2029

   $ 1,310     $ 1,315,668  

San Francisco City & County Redevelopment Agency Successor Agency
(Successor Agency to the Redev of San Francisco – Mission Bay South)
Series 2016-B
5.00%, 08/01/2033

     1,000       1,051,285  

5.00%, 08/01/2035

     1,000       1,048,095  

Series 2016-C
5.00%, 08/01/2032

     1,000       1,051,978  

5.00%, 08/01/2035

     1,000       1,048,095  

San Francisco Intl Airport
Series 2017-A
5.00%, 05/01/2042

     2,000       2,038,037  

Series 2022-C
3.283%, 05/01/2036

     3,000       2,408,719  

Series 2023-E
5.50%, 05/01/2041

     5,350       5,964,543  

Santa Clara Valley Water District Safe Clean Water Revenue
(Santa Clara Valley Water District Safe Clean Water Revenue Lease)
Series 2022-A
5.00%, 08/01/2049

     1,210       1,327,871  

Sierra Joint Community College District School Facilities District No. 2
NATL Series 2007-B
Zero Coupon, 06/01/2032

     5,485       4,102,074  

Southern California Public Power Authority
(Los Angeles Department of Water & Power PWR)
Series 2014-A
5.00%, 07/01/2033

     5,000       5,041,433  

5.00%, 07/01/2034

     3,200       3,224,149  

State of California
Series 2004
5.30%, 04/01/2029

     5       5,008  

Series 2017
5.00%, 11/01/2024

     5,790       5,888,960  

 

42    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2018
4.60%, 04/01/2038

   $ 2,000     $ 1,827,251  

Series 2019
5.00%, 10/01/2025

     3,950       4,093,388  

5.00%, 04/01/2037

     2,500       2,508,746  

Series 2021
5.00%, 10/01/2024

     3,000       3,046,191  

Series 2022
5.00%, 09/01/2025

     7,000       7,241,270  

5.00%, 09/01/2042

     7,000       7,845,087  

Series 2023
5.00%, 10/01/2042

     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
AGM Series 2016-A
5.00%, 09/01/2033

     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
Series 2016-A
5.00%, 08/01/2032

     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
(Sacramento County Tobacco Securitization Corp.)
Series 2021
Zero Coupon, 06/01/2060

     10,000       1,493,048  

5.00%, 06/01/2024

     1,250       1,259,535  

Tobacco Securitization Authority of Southern California
Series 2019
5.00%, 06/01/2037

     1,000       1,044,680  

5.00%, 06/01/2048

     9,350       9,500,525  

Transbay Joint Powers Authority
(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev)
Series 2020
5.00%, 10/01/2040

     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
Series 2023-B
4.693%, 05/15/2033

     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
Series 2011-C
Zero Coupon, 08/01/2035

     1,020       677,607  

Walnut Energy Center Authority
Series 2014
5.00%, 01/01/2031

     4,000       4,038,620  

5.00%, 01/01/2032

     3,700       3,735,512  

Washington Township Health Care District
Series 2017-B
5.00%, 07/01/2032

     2,000       2,043,222  

5.00%, 07/01/2033

     1,500       1,531,613  

Series 2023-B
5.25%, 08/01/2048

     1,750       1,913,409  

AGM Series 2023-B
4.25%, 08/01/2045

     1,225       1,247,208  
    

 

 

 
       968,127,342  
    

 

 

 

American Samoa – 0.2%

    

American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2015-A
6.625%, 09/01/2035

     430       446,140  

Series 2018
7.125%, 09/01/2038(c)

     1,385       1,500,818  
    

 

 

 
       1,946,958  
    

 

 

 

Georgia – 0.1%

    

Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2037

     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
Series 2021-A
3.839%, 10/01/2036

     1,190       919,484  

 

44    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2023
5.375%, 10/01/2040

   $ 250     $ 241,659  

5.375%, 10/01/2043

     1,050       1,010,285  

Guam Government Waterworks Authority
Series 2016
5.00%, 01/01/2046

     1,335       1,342,485  

Guam Power Authority
Series 2017-A
5.00%, 10/01/2036

     2,940       3,020,858  

5.00%, 10/01/2037

     1,300       1,328,494  

Series 2022-A
5.00%, 10/01/2044

     3,700       3,764,255  

Territory of Guam
Series 2019
5.00%, 11/15/2031

     240       245,488  

Territory of Guam
(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2029

     3,805       3,902,348  

5.00%, 12/01/2030

     415       424,862  

5.00%, 12/01/2032

     455       465,960  

Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042

     3,000       2,718,194  
    

 

 

 
       19,384,372  
    

 

 

 

Louisiana – 0.0%

    

Parish of St. James LA
(NuStar Logistics LP)
Series 2020-2
6.35%, 07/01/2040(c)

     200       215,039  
    

 

 

 

Michigan – 0.0%

    

City of Detroit MI
Series 2018
5.00%, 04/01/2036

     305       313,375  
    

 

 

 

Puerto Rico – 2.0%

 

Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2024

     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
0.00%, 11/01/2043

   $ 60     $ 31,170  

HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034

     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
Series 2020-A
5.00%, 07/01/2030(c)

     2,490       2,517,703  

5.00%, 07/01/2035(c)

     1,945       1,955,735  

Series 2022-A
5.00%, 07/01/2037(c)

     250       249,981  

Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031

     1,000       990,730  

NATL Series 2007-V
5.25%, 07/01/2032

     1,000       988,823  

5.25%, 07/01/2034

     1,000       991,163  

Puerto Rico Highway & Transportation Authority
Series 2022-A
5.00%, 07/01/2062

     1,505       1,486,188  

Series 2022-B
Zero Coupon, 07/01/2032

     805       521,178  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
(AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026(d)(e)

     1,900       1,330,000  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A
Zero Coupon, 07/01/2029

     847       668,883  

Series 2019-A
4.329%, 07/01/2040

     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
(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(c)

     1,010       899,075  
    

 

 

 

 

46    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Texas – 0.2%

    

Mission Economic Development Corp.
(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(c)

   $ 1,805     $ 1,750,128  
    

 

 

 

Washington – 0.0%

    

Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest Obligated Group)
Series 2019-A
5.00%, 01/01/2044(c)

     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
(St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2054

     115       85,141  

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

     2,000       1,708,320  
    

 

 

 
       1,793,461  
    

 

 

 

Total Long-Term Municipal Bonds
(cost $1,060,302,445)

       1,016,711,231  
    

 

 

 
    

Short-Term Municipal Notes – 0.2%

    

California – 0.2%

    

Calleguas-Las Virgenes Public Financing Authority
Series 2008-A
2.87%, 07/01/2037(i)
(cost $2,260,000)

     2,260       2,260,000  
    

 

 

 

Total Municipal Obligations
(cost $1,062,609,316)

       1,018,971,231  
    

 

 

 
    

COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.7%

    

Agency CMBS – 0.4%

    

Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
Series 2021-ML10, Class AUS
2.032%, 01/25/2038

     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
2.875%, 07/25/2036

   $ 1,951     $ 1,646,810  

Series 2022-ML13, Class XCA
0.96%, 07/25/2036(j)

     5,463       307,911  
    

 

 

 
       4,639,196  
    

 

 

 

Non-Agency Fixed Rate CMBS – 2.3%

    

California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033

     7,716       7,671,060  

Series 2021-1, Class A
3.50%, 11/20/2035

     7,057       6,558,522  

Series 2021-2, Class A
3.75%, 03/25/2035

     6,323       5,978,612  

Series 2021-2, Class X
0.82%, 03/25/2035(j)

     2,918       143,661  

Series 2021-3, Class A
3.25%, 08/20/2036

     1,939       1,779,279  

Series 2021-3, Class X
0.79%, 08/20/2036(j)

     2,569       133,900  

Series 2023-1, Class A
4.375%, 09/20/2036

     1,993       1,927,201  

City of Fort Wayne IN
10.75%, 12/01/2029(d)(e)

     47       5  
    

 

 

 
       24,192,240  
    

 

 

 

Total Commercial Mortgage-Backed Securities
(cost $34,104,693)

       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)
(cost $7,021,825)

     7,021,825       7,021,825  
    

 

 

 

Total Investments – 99.1%
(cost $1,103,688,963)

       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

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

    

 

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)

 

      Rate Type                      

Notional
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
 

Payment
Frequency

Paid/
Received

  Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

USD

    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
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
 

Payment
Frequency

Paid/
Received

  Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

USD

    14,000       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
(UTS Bioenergy LLC)
Series 2011-A1
7,50%, 12/01/2032

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

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

As of November 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.1% and 0.0%, respectively.

 

50    |    AB MUNICIPAL INCOME FUND

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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
(Goldman Sachs Group, Inc. (The))
Series 2023-C
5.50%, 10/01/2054

   $ 10,000     $ 10,712,414  

Series 2023-D
5.414% (SOFR + 1.85%), 06/01/2049(a)(b)

     10,000       10,070,338  

Black Belt Energy Gas District
(Morgan Stanley)
5.714% (SOFR + 2.15%), 02/01/2053(a)(b)

     10,000       10,214,911  

Black Belt Energy Gas District
(Nomura Holdings, Inc.)
Series 2022-A
4.00%, 12/01/2052

     10,000       9,594,829  

Black Belt Energy Gas District
(Royal Bank of Canada)
Series 2023-B
5.25%, 12/01/2053(b)

     10,000       10,606,645  

County of Jefferson AL Sewer Revenue
Series 2013-D
6.00%, 10/01/2042

     18,565       19,507,278  

Southeast Energy Authority A Cooperative District
(Goldman Sachs Group, Inc. (The))
Series 2022-B
5.00%, 05/01/2053

     1,000       1,023,770  

Southeast Energy Authority A Cooperative District
(Morgan Stanley)
Series 2022-A
5.984% (SOFR + 2.42%), 01/01/2053(a)(b)

     10,000       10,358,448  

Southeast Energy Authority A Cooperative District
(Royal Bank of Canada)
Series 2023-B
5.00%, 01/01/2054(b)

     10,000       10,429,791  

Southeast Energy Authority A Cooperative District
(Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 01/01/2054(b)

     20,000       20,886,434  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Sumter County Industrial Development Authority/AL
(Enviva, Inc.)
Series 2022
6.00%, 07/15/2052

   $ 9,490     $ 4,547,868  
    

 

 

 
       117,952,726  
    

 

 

 

American Samoa – 0.3%

    

American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2015-A
6.625%, 09/01/2035

     7,095       7,361,307  
    

 

 

 

Arizona – 2.0%

    

Arizona Industrial Development Authority
(BASIS Schools, Inc. Obligated Group)
Series 2017-D
5.00%, 07/01/2051(c)

     1,885       1,659,873  

Arizona Industrial Development Authority
(Benjamin Franklin Charter School Obligated Group)
Series 2023
5.00%, 07/01/2043(c)

     1,000       920,233  

Arizona Industrial Development Authority
(Equitable School Revolving Fund LLC Obligated Group)
Series 2021
4.00%, 11/01/2051(c)

     10,000       8,305,090  

Arizona Industrial Development Authority
(Heritage Academy Laveen & Gateway Obligated Group)
Series 2021
5.00%, 07/01/2051(c)

     2,230       1,874,642  

Arizona Industrial Development Authority
(KIPP NYC Public Charter Schools)
Series 2021-B
4.00%, 07/01/2061

     2,000       1,611,507  

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
7.75%, 07/01/2050(d)(e)(f)

     10,420       625,200  

Series 2021-A
5.50%, 07/01/2031(d)(e)(f)

     480       28,800  

6.00%, 07/01/2051(d)(e)(f)

     3,000       180,000  

 

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AB MUNICIPAL INCOME FUND    |    53


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Arizona Industrial Development Authority
(Pinecrest Academy of Nevada)
Series 2020-A
4.00%, 07/15/2050(c)

   $ 1,000     $ 774,205  

Glendale Industrial Development Authority
(Beatitudes Campus Obligated Group (The))
Series 2017
5.00%, 11/15/2040

     2,865       2,383,508  

Industrial Development Authority of the City of Phoenix Arizona (The)
(BASIS Schools, Inc. Obligated Group)
Series 2015
5.00%, 07/01/2035(c)

     1,000       994,752  

Industrial Development Authority of the City of Phoenix Arizona (The)
(GreatHearts Arizona Obligated Group)
Series 2014
5.00%, 07/01/2044

     10,690       10,244,459  

Industrial Development Authority of the County of Pima (The)
(Edkey, Inc. Obligated Group)
Series 2020
5.00%, 07/01/2040(c)

     5,000       4,589,750  

5.00%, 07/01/2055(c)

     1,000       844,848  

Industrial Development Authority of the County of Pima (The)
(La Posada at Park Centre, Inc. Obligated Group)
Series 2022
6.75%, 11/15/2042(c)

     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
(Benjamin Franklin Charter School Ltd.)
Series 2018
6.00%, 07/01/2038(c)

     2,000       2,056,120  

Series 2018-A
6.00%, 07/01/2052(c)

     5,170       5,186,077  

Maricopa County Industrial Development Authority
(Commercial Metals Co.)
Series 2022
4.00%, 10/15/2047(c)

     6,725       5,628,596  

 

54    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Maricopa County Industrial Development Authority
(Legacy Traditional School Obligated Group)
Series 2019
5.00%, 07/01/2049(c)

   $ 1,000     $ 907,568  

Maricopa County Industrial Development Authority
(Reid Traditional Schools Obligated Group)
Series 2016
5.00%, 07/01/2047

     1,375       1,355,771  

Sierra Vista Industrial Development Authority
(American Leadership Academy, Inc.)
Series 2023
5.75%, 06/15/2058(c)

     1,810       1,757,149  

Tempe Industrial Development Authority
(Mirabella at ASU, Inc.)
Series 2017-A
6.125%, 10/01/2047(c)

     1,225       698,217  
    

 

 

 
       58,930,804  
    

 

 

 

Arkansas – 0.6%

    

Arkansas Development Finance Authority
(Hybar LLC)
Series 2023
6.875%, 07/01/2048(c)

     2,700       2,775,023  

12.00%, 07/01/2048(c)

     13,000       13,491,222  

Arkansas Development Finance Authority
(United States Steel Corp.)
Series 2022
5.45%, 09/01/2052

     2,300       2,225,267  
    

 

 

 
       18,491,512  
    

 

 

 

California – 10.7%

    

ARC70 II TRUST
Series 2021
4.00%, 12/01/2059

     3,000       2,468,041  

Series 2023
4.84%, 04/01/2065(f)(g)

     19,755       19,491,011  

California Community Choice Financing Authority
(American International Group, Inc.)
Series 2023-D
5.50%, 05/01/2054(b)

     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
(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054

   $ 16,020     $ 16,507,457  

California Community Choice Financing Authority
(Morgan Stanley)
Series 2023
4.679%, 07/01/2053(b)

     10,000       10,035,362  

California Community Housing Agency
(California Community Housing Agency Aster Apartments)
Series 2021-A
4.00%, 02/01/2056(c)

     5,200       4,195,490  

California Community Housing Agency
(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021
4.00%, 02/01/2056(c)

     13,500       10,633,459  

California Community Housing Agency
(California Community Housing Agency Fountains at Emerald Park)
Series 2021
3.00%, 08/01/2056(c)

     11,070       7,211,151  

4.00%, 08/01/2046(c)

     3,325       2,641,811  

California Community Housing Agency
(California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
3.00%, 02/01/2057(c)

     5,000       3,140,880  

California Community Housing Agency
(California Community Housing Agency Twin Creek Apartments)
Series 2022
Zero Coupon, 08/01/2065(c)

     32,000       1,620,653  

5.50%, 02/01/2040(c)

     2,000       1,805,275  

Series 2022-A
4.50%, 08/01/2052(c)

     6,000       4,761,434  

California County Tobacco Securitization Agency
(Los Angeles County Securitization Corp.)
Series 2020-B
Zero Coupon, 06/01/2055

     22,000       3,612,459  

 

56    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Enterprise Development Authority
(Heights Christian Schools)
Series 2023
6.25%, 06/01/2053(c)

   $ 1,000     $ 963,553  

California Infrastructure & Economic Development Bank
(WFCS Holdings II LLC)
Series 2021
Zero Coupon, 01/01/2061(c)

     1,000       52,475  

Series 2021-A1
5.00%, 01/01/2056(c)

     1,990       1,512,341  

California Municipal Finance Authority
(Azusa Pacific University)
Series 2015-B
5.00%, 04/01/2035

     2,000       1,969,637  

California Municipal Finance Authority
(Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.)
Series 2012-A
6.625%, 01/01/2032(c)

     870       843,061  

6.875%, 01/01/2042(c)

     3,415       3,183,791  

Series 2014
5.00%, 01/01/2035

     1,050       880,015  

5.25%, 01/01/2045

     2,025       1,549,347  

California Municipal Finance Authority
(LAX Integrated Express Solutions LLC)
Series 2018
5.00%, 12/31/2043

     3,000       3,027,318  

California Municipal Finance Authority
(UTS Bioenergy LLC)
Series 2011-A1
7.50%, 12/01/2032(d)(e)(h)

     3,795       75,900  

California Pollution Control Financing Authority
(Poseidon Resources Channelside LP)
Series 2012
5.00%, 11/21/2045(c)

     8,595       8,504,439  

California Pollution Control Financing Authority
(Rialto Bioenergy Facility LLC)
Series 2019
7.50%, 12/01/2040(c)(d)(e)

     515       195,700  

California Public Finance Authority
(Enso Village)
Series 2021
5.00%, 11/15/2036(c)

     1,000       953,201  

 

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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
(Kendal at Ventura)
Series 2023
10.00%, 05/15/2028(c)

     200       209,772  

California School Finance Authority
(ACE Charter Schools Obligated Group)
Series 2016
5.00%, 06/01/2052(c)

     3,790       3,248,032  

California School Finance Authority
(Alliance for College Ready Public Schools Obligated Group)
Series 2016-A
5.00%, 07/01/2046(c)

     3,500       3,460,425  

5.00%, 07/01/2051(c)

     1,750       1,701,117  

California School Finance Authority
(Bright Star Schools Obligated Group)
Series 2017
5.00%, 06/01/2054(c)

     1,165       1,020,782  

California School Finance Authority
(Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2046(c)

     1,000       932,254  

California School Finance Authority
(KIPP SoCal Public Schools)
Series 2014-A
5.125%, 07/01/2044(c)

     2,850       2,853,387  

California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series 2016-A
5.00%, 12/01/2046(c)

     5,575       5,467,097  

Series 2018
5.25%, 12/01/2048(c)

     6,080       6,126,055  

California Statewide Communities Development Authority
(NCCD-Hooper Street LLC)
Series 2019
5.25%, 07/01/2052(c)

     1,000       958,591  

CMFA Special Finance Agency
(CMFA Special Finance Agency Enclave)
Series 2022-A
4.00%, 08/01/2058(c)

     10,000       7,265,639  

 

58    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

CMFA Special Finance Agency
(CMFA Special Finance Agency Latitude33)
Series 2021-A
3.00%, 12/01/2056(c)

   $ 6,550     $ 4,235,789  

CMFA Special Finance Agency
(CMFA Special Finance Agency Solana at Grand)
Series 2021-A
4.00%, 08/01/2056(c)

     5,000       4,041,642  

CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
3.00%, 08/01/2056(c)

     6,800       4,263,408  

4.00%, 08/01/2047(c)

     2,905       2,251,927  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
3.25%, 05/01/2057(c)

     7,500       5,051,684  

4.00%, 05/01/2057(c)

     10,000       6,798,097  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)
Series 2021
3.25%, 04/01/2057(c)

     3,275       2,160,153  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2056(c)

     5,000       4,019,855  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Altana Apartments)
Series 2021
4.00%, 10/01/2056(c)

     7,500       5,350,292  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Crescent)
Series 2022
4.30%, 07/01/2059(c)

     10,000       7,876,070  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)
Series 2021-A2
3.125%, 08/01/2056(c)

     3,105       2,072,214  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.25%, 07/01/2056(c)

   $ 5,800     $ 3,800,179  

4.00%, 07/01/2058(c)

     7,360       4,853,484  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Oceanaire Apartments)
Series 2021
4.00%, 09/01/2056(c)

     3,100       2,146,933  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Park Crossing Apartments)
Series 2021
3.25%, 12/01/2058(c)

     5,500       3,490,290  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
3.00%, 12/01/2056(c)

     2,000       1,297,922  

4.00%, 12/01/2056(c)

     9,600       6,627,740  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Theo Apartments)
Series 2021
4.00%, 05/01/2057(c)

     1,000       662,693  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Union South Bay)
Series 2021-A
3.10%, 07/01/2045(c)

     5,000       3,684,653  

Series 2021-A2
4.00%, 07/01/2056(c)

     10,000       7,075,613  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Waterscape Apartments)
Series 2021-A
3.00%, 09/01/2056(c)

     2,500       1,625,757  

Golden State Tobacco Securitization Corp.
Series 2021-B
Zero Coupon, 06/01/2066

     74,625       7,754,978  

Hastings Campus Housing Finance Authority
Series 2020-A
5.00%, 07/01/2061(c)

     16,525       13,730,740  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

San Diego Unified School District/CA
Series 2023
4.00%, 07/01/2053

   $ 10,000     $ 9,807,283  

San Joaquin Hills Transportation Corridor Agency
Series 2021-A
4.00%, 01/15/2044

     5,518       5,468,239  

Southern California Logistics Airport Authority
AGC Series 2006
5.00%, 12/01/2036

     3,600       3,626,897  

State of California
Series 2023
5.25%, 09/01/2053

     10,000       11,215,572  

Tobacco Securitization Authority of Northern California
(Sacramento County Tobacco Securitization Corp.)
Series 2021
Zero Coupon, 06/01/2060

     3,250       485,241  

Tobacco Securitization Authority of Southern California
Series 2019
Zero Coupon, 06/01/2054

     6,520       1,218,360  

5.00%, 06/01/2039

     680       705,571  

Tobacco Securitization Authority of Southern California
(San Diego County Tobacco Asset Securitization Corp.)
Series 2006
Zero Coupon, 06/01/2046

     5,465       1,066,127  

University of California
Series 2023-B
5.00%, 05/15/2043

     10,000       11,218,935  
    

 

 

 
       307,902,174  
    

 

 

 

Colorado – 3.5%

 

Aurora Highlands Community Authority Board
Series 2021-A
5.75%, 12/01/2051

     10,000       8,915,654  

Broadway Station Metropolitan District No. 3
Series 2019
5.00%, 12/01/2039

     749       638,819  

5.00%, 12/01/2049

     1,750       1,337,011  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Centerra Metropolitan District No. 1
Series 2017
5.00%, 12/01/2037(c)

   $ 5,730     $ 5,431,451  

Series 2022
6.50%, 12/01/2053

     1,000       1,002,770  

City & County of Denver CO Airport System Revenue
Series 2015-A
5.00%, 12/01/2048(b)

     10,000       10,154,626  

Clear Creek Station Metropolitan District No. 2
Series 2017-A
5.00%, 12/01/2047 (Pre-refunded/ETM)

     1,000       921,753  

Colorado Educational & Cultural Facilities Authority
(Aspen View Academy, Inc.)
Series 2021
4.00%, 05/01/2051

     1,100       866,280  

4.00%, 05/01/2061

     1,250       936,764  

Colorado Educational & Cultural Facilities Authority
(Lighthouse Building Corp.)
Series 2021
4.00%, 10/01/2061

     1,500       1,095,380  

Colorado Educational & Cultural Facilities Authority
(STEM School Academy)
Series 2014
5.00%, 11/01/2044

     890       845,047  

5.125%, 11/01/2049

     765       720,207  

Colorado Health Facilities Authority
5.25%, 11/01/2038(b)

     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
(Intermountain Healthcare)
Series 2022-S
5.00%, 05/15/2052(b)

     10,000       10,536,127  

Colorado Health Facilities Authority
(Aberdeen Ridge, Inc. Obligated Group)
Series 2021-A
5.00%, 05/15/2044

     2,000       1,248,757  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Colorado Health Facilities Authority
(Christian Living Neighborhoods Obligated Group)
Series 2021
4.00%, 01/01/2042

   $ 1,750     $ 1,381,737  

Colorado Health Facilities Authority
(CommonSpirit Health)
Series 2019-A
4.00%, 08/01/2038

     735       714,491  

Colorado Health Facilities Authority
(Frasier Meadows Manor, Inc. Obligated Group)
Series 2023-2
4.00%, 05/15/2041

     1,175       943,683  

Colorado Health Facilities Authority
(Sunny Vista Living Center)
Series 2015-A
6.125%, 12/01/2045(c)

     1,750       1,175,014  

Douglas County Housing Partnership
(Bridgewater Castle Rock ALF LLC)
Series 2021
5.375%, 01/01/2041(f)

     10,000       7,245,855  

Four Corners Business Improvement District
Series 2022
6.00%, 12/01/2052

     1,000       904,503  

Johnstown Plaza Metropolitan District
Series 2022
4.25%, 12/01/2046

     9,363       7,438,442  

Longs Peak Metropolitan District
Series 2021
5.25%, 12/01/2051(c)

     2,000       1,659,249  

Meridian Ranch Metropolitan District 2018 Subdistrict
Series 2022
6.75%, 12/01/2052

     1,500       1,459,136  

Platte River Metropolitan District
Series 2023-A
6.50%, 08/01/2053(c)

     1,200       1,211,716  

Plaza Metropolitan District No. 1
Series 2013
5.00%, 12/01/2040(c)

     1,000       940,931  

Pueblo Urban Renewal Authority
Series 2021
4.75%, 12/01/2045(c)

     3,810       2,590,800  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Riverwalk Metropolitan District No. 2
Series 2022-A
5.00%, 12/01/2042

   $ 3,000     $ 2,681,590  

5.00%, 12/01/2052

     1,000       849,150  

Sagebrush Farm Metropolitan District No. 1
Series 2022-A
6.75%, 12/01/2052

     1,500       1,460,408  

Spring Hill Metropolitan District No. 3
Series 2022-A
6.75%, 12/01/2052(c)

     2,000       2,012,130  

STC Metropolitan District No. 2
Series 2019-A
5.00%, 12/01/2038

     1,060       977,620  

Sterling Ranch Community Authority Board
(Sterling Ranch Metropolitan District No. 3)
Series 2022
6.50%, 12/01/2042

     2,000       2,041,555  

6.75%, 12/01/2053

     3,000       3,061,804  

Series 2023
8.375%, 12/15/2054

     1,000       986,897  

Vauxmont Metropolitan District
AGM Series 2019
3.25%, 12/15/2050

     185       146,648  

AGM Series 2020
5.00%, 12/01/2027

     195       208,550  

5.00%, 12/01/2030

     270       296,970  

5.00%, 12/01/2050

     205       212,530  

Verve Metropolitan District No. 1
Series 2023
6.50%, 12/01/2043

     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
(Hartford HealthCare Obligated Group)
Series 2020-A
4.00%, 07/01/2036

     500       494,912  

4.00%, 07/01/2037

     800       786,548  

Town of Hamden CT
(Whitney Center, Inc. Obligated Group)
Series 2022-A
7.00%, 01/01/2053

     1,000       1,007,926  
    

 

 

 
       2,289,386  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

District of Columbia – 0.9%

 

District of Columbia
(Friendship Public Charter School, Inc.)
Series 2016-A
5.00%, 06/01/2041

   $ 3,070     $ 3,059,000  

5.00%, 06/01/2046

     635       617,903  

District of Columbia
(KIPP DC Obligated Group)
Series 2017-A
5.00%, 07/01/2042

     1,000       1,013,865  

5.00%, 07/01/2048

     5,800       5,836,024  

District of Columbia
(Rocketship DC Obligated Group)
Series 2019
5.00%, 06/01/2039(c)

     1,425       1,314,981  

Series 2021
5.00%, 06/01/2061(c)

     1,000       824,823  

District of Columbia Tobacco Settlement Financing Corp.
Series 2006
Zero Coupon, 06/15/2055

     140,500       13,154,409  
    

 

 

 
       25,821,005  
    

 

 

 

Florida – 5.8%

 

Alachua County Health Facilities Authority
(Oak Hammock at the University of Florida Obligated Group)
Series 2022
4.00%, 10/01/2040

     2,400       1,939,645  

4.00%, 10/01/2046

     1,750       1,312,558  

Align Affordable Housing Bond Fund LP
(SHI – Lake Worth LLC)
Series 2021
3.25%, 12/01/2051(c)

     15,000       12,874,740  

Bexley Community Development District
Series 2016
4.875%, 05/01/2047

     2,050       1,833,622  

Brevard County Health Facilities Authority
(Health First, Inc. Obligated Group)
Series 2023
5.00%, 04/01/2027

     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  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Cape Coral Health Facilities Authority
(Gulf Care, Inc. Obligated Group)
Series 2015
6.00%, 07/01/2050(c)

   $ 1,550     $ 1,046,776  

Capital Projects Finance Authority/FL
Series 2023
7.00%, 06/15/2030(c)

     3,000       3,066,199  

Capital Projects Finance Authority/FL
(CAPFA Capital Corp. 2000F)
Series 2020-A
5.00%, 10/01/2028

     1,300       1,338,053  

5.00%, 10/01/2032

     1,000       1,030,819  

Capital Trust Agency, Inc.
(Aviva Senior Life)
Series 2017
5.00%, 07/01/2046(c)

     1,500       1,060,832  

Capital Trust Agency, Inc.
(Educational Growth Fund LLC)
Series 2021
Zero Coupon, 07/01/2061(c)

     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.
(Southeastern University Obligated Group)
Series 2023
6.25%, 05/01/2048(c)

     1,000       980,317  

6.375%, 05/01/2053(c)

     1,000       984,913  

Capital Trust Agency, Inc.
(Team Success A School of Excellence, Inc.)
Series 2020
5.00%, 06/01/2045(c)

     1,000       873,562  

5.00%, 06/01/2055(c)

     2,000       1,669,481  

City of Tampa FL
(State of Florida Cigarette Tax Revenue)
Series 2020-A
Zero Coupon, 09/01/2039

     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
(Waterman Communities, Inc.)
Series 2020
5.50%, 08/15/2040

     3,000       2,665,983  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

County of Osceola FL Transportation Revenue
Series 2020-A
Zero Coupon, 10/01/2035

   $ 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
(Provident Group-PBAU Properties LLC)
Series 2019
5.00%, 04/01/2039(c)

     1,000       969,734  

5.00%, 04/01/2051(c)

     1,970       1,808,014  

Escambia County Housing Finance Authority
Series 2023-A
6.88%, 11/01/2053(c)

     1,000       1,048,873  

Escambia County Housing Finance Authority
(4900 S. Rio Grande Avenue LP)
Series 2023-B
6.45%, 05/01/2027(c)

     2,755       2,800,820  

Florida Development Finance Corp.
(Assistance Unlimited, Inc.)
Series 2022
6.00%, 08/15/2057(c)

     3,900       3,634,307  

Florida Development Finance Corp.
(Brightline Trains Florida LLC)
Series 2020
7.375%, 01/01/2049(c)

     8,330       8,352,723  

Florida Development Finance Corp.
(Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.)
Series 2021
3.00%, 07/01/2031(c)

     990       894,952  

4.00%, 07/01/2051(c)

     1,950       1,563,062  

Florida Development Finance Corp.
(IDEA Florida, Inc.)
Series 2022
5.25%, 06/15/2029(c)

     1,000       979,350  

Florida Development Finance Corp.
(Mater Academy, Inc.)
Series 2020-A
5.00%, 06/15/2035

     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  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Florida Development Finance Corp.
(Parrish Charter Academy)
Series 2023
6.25%, 04/23/2058(c)

   $ 2,365     $ 2,323,027  

Florida Development Finance Corp.
(Seaside School Consortium, Inc.)
Series 2022
6.00%, 06/15/2057

     2,000       2,073,066  

Florida Higher Educational Facilities Financial Authority
(Ringling College of Art and Design, Inc.)
Series 2019
5.00%, 03/01/2044

     795       802,387  

5.00%, 03/01/2049

     3,375       3,381,902  

Hillsborough County Aviation Authority
Series 2018-F
5.00%, 10/01/2048

     10,000       10,434,650  

Lee County Industrial Development Authority/FL
(Cypress Cove at Healthpark Florida Obligated Group)
Series 2022
5.25%, 10/01/2057

     3,000       2,430,439  

Miami-Dade County Housing Finance Authority
(Wynwood Works LLC)
Series 2023-A
5.70%, 06/01/2052(c)

     1,500       1,496,530  

Series 2023-B
5.78%, 06/01/2027(c)

     1,000       997,686  

Miami-Dade County Industrial Development Authority
(AcadeMir Charter School Middle & Preparatory Academy Obligated Group)
Series 2022
5.25%, 07/01/2052(c)

     1,000       901,803  

5.50%, 07/01/2061(c)

     1,000       916,314  

North Broward Hospital District
Series 2017-B
5.00%, 01/01/2037

     7,235       7,471,399  

Orange County Health Facilities Authority
(Presbyterian Retirement Communities, Inc. Obligated Group)
Series 2023
4.00%, 08/01/2042

     5,000       4,276,952  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Palm Beach County Educational Facilities Authority
(Palm Beach Atlantic University Obligated Group)
Series 2021
4.00%, 10/01/2041

   $ 1,000     $ 879,534  

4.00%, 10/01/2051

     1,815       1,459,760  

Palm Beach County Health Facilities Authority
(Federation CCRC Operations Corp. Obligated Group)
Series 2022
4.25%, 06/01/2056

     2,100       1,551,161  

Palm Beach County Health Facilities Authority
(Green Cay Life Plan Village, Inc.)
Series 2022
11.50%, 07/01/2027(c)

     1,000       1,113,686  

Polk County Industrial Development Authority
(Mineral Development LLC)
Series 2020
5.875%, 01/01/2033(c)

     2,000       1,990,871  

Sarasota County Health Facilities Authority
(Village On the Isle)
Series 2017-A
5.00%, 01/01/2047

     2,450       2,113,080  

5.00%, 01/01/2052

     4,500       3,790,910  

Tampa Florida Hospitals
4.00%, 07/01/2045(b)

     15,415       14,422,450  

Village Community Development District No. 13
(Village Community Development District No. 13 Phase I Series 2019 Special Assmnts)
Series 2020
3.50%, 05/01/2051(c)

     1,940       1,388,147  

Village Community Development District No. 13
(Village Community Development District No. 13 Phase III Series 2020 Special Assmnts)
Series 2021
1.80%, 05/01/2026

     305       287,327  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Village Community Development District No. 15
Series 2023
5.25%, 05/01/2054(c)

   $ 1,000     $ 992,437  
    

 

 

 
       165,733,239  
    

 

 

 

Georgia – 2.8%

 

DeKalb County Housing Authority
(HADC Avenues LLC)
Series 2023
6.17%, 06/01/2053(c)

     8,625       8,385,579  

7.00%, 06/01/2041(c)

     2,000       1,958,602  

Glynn-Brunswick Memorial Hospital Authority
(Southeast Georgia Health System Obligated Group)
Series 2017
5.00%, 08/01/2043

     1,000       999,306  

5.00%, 08/01/2047

     1,650       1,615,738  

Main Street Natural Gas, Inc.
(Citadel LP)
Series 2022-C
4.00%, 08/01/2052(c)

     12,250       11,625,264  

Main Street Natural Gas, Inc.
(Citigroup, Inc.)
Series 2023-A
5.00%, 06/01/2053

     10,000       10,325,177  

Series 2023-D
5.00%, 05/01/2054(b)

     10,000       10,340,079  

Main Street Natural Gas, Inc.
(Royal Bank of Canada)
Series 2023
5.264% (SOFR + 1.70%), 12/01/2053(a)

     10,000       10,075,116  

Series 2023-B
5.00%, 07/01/2053(b)

     10,000       10,418,855  

Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2038

     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
5.50%, 07/01/2063

     6,500       6,724,915  
    

 

 

 
       79,411,916  
    

 

 

 

Guam – 0.6%

 

Guam Power Authority
Series 2022-A
5.00%, 10/01/2042

     6,500       6,657,136  

 

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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
Series 2019
5.00%, 11/15/2031

     745       762,035  

Territory of Guam
(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2046

     4,365       4,128,663  

Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2036

     5,000       4,874,528  
    

 

 

 
       17,444,123  
    

 

 

 

Idaho – 0.2%

 

Idaho Health Facilities Authority
(North Canyon Medical Center, Inc.)
Series 2023
7.125%, 11/01/2057

     3,000       3,102,337  

Idaho Housing & Finance Association
(Battelle Energy Alliance LLC)
Series 2010-A
7.00%, 02/01/2036

     4,000       4,007,227  
    

 

 

 
       7,109,564  
    

 

 

 

Illinois – 6.5%

 

Chicago Board of Education
Series 2015-C
5.25%, 12/01/2035

     5,405       5,416,142  

Series 2016-A
7.00%, 12/01/2044

     3,095       3,194,499  

Series 2017-A
7.00%, 12/01/2046(c)

     4,975       5,266,992  

Series 2017-B
6.75%, 12/01/2030(c)

     11,365       12,302,473  

7.00%, 12/01/2042(c)

     2,400       2,552,767  

Series 2018-A
5.00%, 12/01/2032

     4,800       4,891,861  

Series 2019-B
5.00%, 12/01/2030

     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
5.875%, 12/01/2047

     5,000       5,240,545  

6.00%, 12/01/2049

     5,000       5,276,721  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Chicago O’Hare International Airport
Series 2022
5.50%, 01/01/2055(b)

   $ 10,000     $ 10,650,735  

Chicago Transit Authority
(Chicago Transit Authority Sales Tax)
Series 2020-A
4.00%, 12/01/2050(b)

     4,510       4,013,474  

4.00%, 12/01/2055(b)

     10,250       9,004,203  

City of Chicago IL
Series 2015-B
5.00%, 01/01/2025

     400       404,604  

Series 2016-C
5.00%, 01/01/2038

     90       89,801  

City of Chicago IL
(Goldblatts Supportive Living Project)
Series 2013
6.375%, 12/01/2052(d)(e)(i)

     7,950       4,641,795  

Eastern Illinois Economic Development Authority
(City of Mattoon IL Sales & Hotel Tax)
Series 2023
6.00%, 05/01/2046

     2,000       1,905,326  

Illinois Finance Authority
4.00%, 08/15/2036(b)

     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
(Acero Charter Schools, Inc. Obligated Group)
Series 2021
4.00%, 10/01/2042(c)

     1,000       800,278  

Illinois Finance Authority
(Bradley University)
Series 2021-A
4.00%, 08/01/2043

     1,190       1,060,592  

4.00%, 08/01/2046

     2,000       1,734,335  

Illinois Finance Authority
(CHF-Chicago LLC)
Series 2017-A
5.00%, 02/15/2047

     1,790       1,671,129  

5.00%, 02/15/2050

     1,000       921,848  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Illinois Finance Authority
(Illinois Institute of Technology)
Series 2019
4.00%, 09/01/2035

   $ 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
(LRS Holdings LLC)
Series 2023
7.375%, 09/01/2042(c)

     5,500       5,745,840  

Illinois Finance Authority
(Park Place of Elmhurst Obligated Group)
Series 2021
5.125%, 05/15/2060

     11,613       6,304,156  

Illinois Finance Authority
(Rosalind Franklin University of Medicine & Science)
Series 2017-C
5.00%, 08/01/2049

     1,075       1,079,077  

Illinois Housing Development Authority
Series 2022
5.67%, 12/01/2025(c)

     6,100       6,098,976  

7.17%, 11/01/2038

     600       602,245  

Illinois State Toll Highway Authority
Series 2021-A
4.00%, 01/01/2042(b)

     10,985       10,823,039  

4.00%, 01/01/2046(b)

     6,000       5,731,537  

Metropolitan Pier & Exposition Authority
Series 2012
Zero Coupon, 12/15/2041

     24,500       10,507,168  

Zero Coupon, 12/15/2050

     19,675       5,222,044  

State of Illinois
Series 2010
7.35%, 07/01/2035

     6,429       6,772,602  

Village of Antioch IL Special Service Areas No. 1 & 2
Series 2016-A
4.50%, 03/01/2033

     7,893       7,277,303  

Series 2016-B
7.00%, 03/01/2033

     3,574       3,401,083  

Village of Pingree Grove IL Special Service Area No. 7
Series 2015
4.50%, 03/01/2025

     1,014       1,009,946  

 

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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
6.00%, 03/01/2036

     2,493       2,495,672  
    

 

 

 
       185,764,447  
    

 

 

 

Indiana – 2.3%

 

City of Valparaiso IN
(Green Oaks of Valparaiso LLC)
Series 2021
5.375%, 12/01/2041(c)

     3,350       2,526,563  

City of Whiting IN
(BP PLC)
Series 2023
4.40%, 11/01/2045

     8,000       8,038,182  

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

     18,235       13,299,108  

Indiana Finance Authority
(CWA Authority, Inc.)
Series 2024
5.00%, 10/01/2031(j)

     3,100       3,386,963  

Indiana Finance Authority
(Good Samaritan Hospital Obligated Group)
Series 2022
4.00%, 04/01/2038

     2,045       1,766,757  

4.00%, 04/01/2040

     2,215       1,859,737  

Indiana Finance Authority
(Greencroft Goshen Obligated Group)
Series 2023-2
4.00%, 11/15/2026

     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
(Marquette Manor)
Series 2015-A
5.00%, 03/01/2039

     2,675       2,532,668  

Indiana Finance Authority
(Ohio Valley Electric Corp.)
Series 2020
3.00%, 11/01/2030

     6,375       5,925,366  

Series 2020-A
3.00%, 11/01/2030

     2,690       2,495,676  

Series 2021-B
2.50%, 11/01/2030

     4,025       3,610,225  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Indiana Finance Authority
(University of Evansville)
Series 2022
5.25%, 09/01/2057

   $ 5,000     $ 4,700,858  

Indianapolis Local Public Improvement Bond Bank
Series 2023
6.00%, 03/01/2053(j)

     5,000       5,160,344  

Series 2023-F
7.75%, 03/01/2067(j)

     3,000       3,053,136  

BAM Series 2023
5.25%, 03/01/2067(j)

     5,000       5,177,832  
    

 

 

 
       66,342,520  
    

 

 

 

Iowa – 0.7%

 

Iowa Finance Authority
(Iowa Fertilizer Co. LLC)
Series 2022
5.00%, 12/01/2050

     8,090       8,070,298  

Iowa Finance Authority
(Wesley Retirement Services, Inc. Obligated Group)
Series 2021
4.00%, 12/01/2031

     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
(Simpson College)
Series 2020
5.50%, 11/01/2051

     5,000       4,382,650  
    

 

 

 
       21,249,283  
    

 

 

 

Kansas – 0.2%

 

Overland Park Development Corp.
(City of Overland Park KS)
Series 2019
5.00%, 03/01/2037

     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
(Ashland Hospital Corp. Obligated Group)
Series 2019
4.00%, 02/01/2038

     745       698,539  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

City of Henderson KY
(Pratt Paper LLC)
Series 2022
4.70%, 01/01/2052(c)

   $ 7,000     $ 6,447,197  

Kentucky Economic Development Finance Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2044

     6,965       7,108,131  

5.00%, 08/01/2049

     2,490       2,509,904  

Kentucky Economic Development Finance Authority
(Masonic Homes of Kentucky, Inc. Obligated Group)
Series 2012
5.375%, 11/15/2042

     7,765       6,256,944  

5.50%, 11/15/2045

     2,350       1,875,408  

Series 2016-A
5.00%, 05/15/2046

     4,500       3,267,896  

5.00%, 05/15/2051

     3,500       2,457,033  

Kentucky Economic Development Finance Authority
(Owensboro Health, Inc. Obligated Group)
Series 2017-A
5.00%, 06/01/2037

     4,045       4,075,753  

5.25%, 06/01/2041

     3,650       3,655,624  

Kentucky Economic Development Finance Authority
(Rosedale Green)
Series 2015
5.75%, 11/15/2050

     2,650       2,152,848  

Kentucky Housing Corp.
(Churchill Park LLLP)
Series 2022-A
4.65%, 05/01/2025(c)

     1,105       1,099,460  

5.75%, 11/01/2040(c)

     5,130       5,026,576  

Series 2022-B
6.75%, 11/01/2040(c)

     850       833,998  

Kentucky Public Energy Authority
(Morgan Stanley)
Series 2022-A
4.00%, 08/01/2052

     10,000       9,790,176  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Louisville/Jefferson County Metropolitan Government
(Norton Healthcare Obligated Group)
Series 2020-A
5.00%, 10/01/2038

   $ 370     $ 383,471  
    

 

 

 
       57,638,958  
    

 

 

 

Louisiana – 1.0%

 

Louisiana Local Government Environmental Facilities & Community Development Auth
(St. James Place of Baton Rouge)
Series 2015-A
6.25%, 11/15/2045

     7,625       7,084,617  

Louisiana Local Government Environmental Facilities & Community Development Auth
(Woman’s Hospital Foundation)
Series 2017
5.00%, 10/01/2041

     5,000       5,095,698  

Louisiana Public Facilities Authority
(Louisiana Pellets, Inc.)
Series 2013-B
10.50%, 07/01/2039(e)

     7,250       72  

Series 2014-A
8.375%, 07/01/2039(e)

     17,000       170  

Louisiana Public Facilities Authority
(Louisiana State University & Agricultural & Mechanical College Lease)
Series 2016-A
5.00%, 07/01/2051

     10,000       10,059,223  

Louisiana Public Facilities Authority
(Prerefunded – US Govt Agencies)
Series 2016
5.00%, 05/15/2047 (Pre-refunded/ETM)

     25       26,114  

Parish of St. James LA
(NuStar Logistics LP)
Series 2020-2
6.35%, 07/01/2040(c)

     955       1,026,812  

St. Tammany Parish Finance Authority
(Christwood)
Series 2015
5.25%, 11/15/2037

     4,600       4,207,815  
    

 

 

 
       27,500,521  
    

 

 

 

Maine – 0.2%

 

Finance Authority of Maine
(Casella Waste Systems, Inc.)
Series 2017
5.25%, 01/01/2025(c)

     7,270       7,268,182  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Maryland – 2.2%

 

City of Westminster MD
(Lutheran Village at Miller’s Grant, Inc. (The))
Series 2014-A
6.00%, 07/01/2034

   $ 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.
(City of Baltimore MD Port Covington Development District)
Series 2020
3.25%, 09/01/2030

     500       465,084  

Maryland Health & Higher Educational Facilities Authority
(Adventist Healthcare Obligated Group)
Series 2021
5.00%, 01/01/2025

     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
(Meritus Medical Center Obligated Group)
Series 2015
5.00%, 07/01/2040

     3,500       3,529,653  

5.00%, 07/01/2045

     1,775       1,783,369  

Maryland Stadium Authority
(Baltimore City Public School Construction Financing Fund)
Series 2020
5.00%, 05/01/2050(b)

     45,000       49,205,488  
    

 

 

 
       63,445,071  
    

 

 

 

Massachusetts – 1.9%

 

Commonwealth of Massachusetts
Series 2023
5.00%, 05/01/2053

     10,000       10,762,469  

Commonwealth of Massachusetts Transportation Fund Revenue
Series 2023
5.00%, 06/01/2053

     10,000       10,752,014  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Massachusetts Development Finance Agency
(Emmanuel College/MA)
Series 2016-A
5.00%, 10/01/2034

   $ 1,135     $ 1,163,411  

5.00%, 10/01/2035

     3,000       3,068,705  

Massachusetts Development Finance Agency
(Merrimack College)
Series 2014
5.125%, 07/01/2044

     1,000       1,001,188  

Massachusetts Development Finance Agency
(NewBridge on the Charles, Inc.)
Series 2017
5.00%, 10/01/2037(c)

     1,000       967,931  

Massachusetts Development Finance Agency
(Springfield College)
Series 2021-B
4.00%, 06/01/2041

     1,355       1,196,824  

Massachusetts Development Finance Agency
(Tufts Medicine Obligated Group)
Series 2019-A
5.00%, 07/01/2036

     3,000       3,035,500  

5.00%, 07/01/2044

     4,230       4,136,356  

Massachusetts Port Authority
Series 2019-A
5.00%, 07/01/2036

     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
Series 2014-B
4.00%, 04/01/2044(k)

     7,000       4,885,828  

Grand Rapids Economic Development Corp.
(Beacon Hill at Eastgate)
Series 2017-A
5.00%, 11/01/2047

     1,060       854,126  

5.00%, 11/01/2052

     1,185       927,749  

Michigan Finance Authority
Series 2016
5.00%, 12/01/2045 (Pre-refunded/ETM)

     45       47,277  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Michigan Finance Authority
(Great Lakes Water Authority Water Supply System Revenue)
Series 2014-D4
5.00%, 07/01/2030

   $ 1,000     $ 1,005,277  

Michigan Finance Authority
(Lawrence Technological University Obligated Group)
Series 2022
4.00%, 02/01/2027

     185       180,310  

4.00%, 02/01/2032

     285       267,831  

4.00%, 02/01/2042

     1,115       903,128  

Michigan Finance Authority
(Michigan Finance Authority Tobacco Settlement Revenue)
Series 2020-B
Zero Coupon, 06/01/2065

     16,250       1,546,469  

Michigan Finance Authority
(Public Lighting Authority)
Series 2014-B
5.00%, 07/01/2039

     13,580       13,582,799  

5.00%, 07/01/2044

     1,200       1,176,411  

Michigan Tobacco Settlement Finance Authority
(Tobacco Settlement Financing Corp./MI)
Series 2008-C
Zero Coupon, 06/01/2058

     164,100       8,250,521  
    

 

 

 
       33,627,726  
    

 

 

 

Minnesota – 1.0%

    

City of Apple Valley MN
(PHS Apple Valley Senior Housing, Inc.)
Series 2021
4.00%, 09/01/2051

     230       180,634  

4.00%, 09/01/2061

     870       634,242  

City of Fridley MN
(Roers Fridley Apartments Owner II LLC)
Series 2023-A
5.75%, 06/01/2041(c)

     3,000       2,796,517  

City of Minneapolis MN
(Fairview Health Services Obligated Group)
Series 2018-A
5.00%, 11/15/2049(b)

     10,250       10,346,431  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Dakota County Community Development Agency
(Rosemont AH I LLLP)
Series 2023
5.30%, 07/01/2028(c)

   $ 2,760     $ 2,749,248  

5.66%, 07/01/2041(c)

     7,500       7,304,321  

Duluth Economic Development Authority
(Benedictine Health System Obligated Group)
Series 2021
4.00%, 07/01/2036

     1,000       808,262  

4.00%, 07/01/2041

     830       612,340  

Housing & Redevelopment Authority of The City of St. Paul Minnesota
(Minnesota Math & Science Academy)
Series 2021
4.00%, 06/01/2041(c)

     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.
(Alden Group Renewable Energy Mississippi LLC)
Series 2022
8.00%, 12/01/2029(f)

     5,750       5,619,636  

Mississippi Development Bank
(Magnolia Regional Health Center)
Series 2021
4.00%, 10/01/2041(c)

     1,000       818,349  

5.00%, 10/01/2031(c)

     2,850       2,941,168  

Mississippi Hospital Equipment & Facilities Authority
(Baptist Memorial Health Care Obligated Group)
Series 2016-A
5.00%, 09/01/2036

     6,400       6,501,110  

Mississippi Hospital Equipment & Facilities Authority
(Forrest County General Hospital)
Series 2019
4.00%, 01/01/2037

     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
(SoutheastHEALTH Obligated Group)
Series 2017-A
5.00%, 03/01/2036

   $ 1,825     $ 1,852,484  

I-470 Western Gateway Transportation Development District
(I-470 Western Gateway Transportation Development District Sales Tax)
Series 2019-A
5.25%, 12/01/2048(c)

     5,000       4,857,704  

Kansas City Industrial Development Authority
Series 2019
5.00%, 07/01/2040(c)

     1,740       1,491,695  

Kansas City Industrial Development Authority
(Kingswood Senior Living Community)
Series 2021
2.00%, 11/15/2046

     1,165       54,587  

5.00%, 11/15/2046

     2,610       1,862,953  

Series 2021-A
10.00%, 11/15/2037

     804       686,412  

Series 2021-C
7.50%, 11/15/2046

     643       482,475  

Lee’s Summit Industrial Development Authority
(John Knox Village Obligated Group)
Series 2016-A
5.00%, 08/15/2036

     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
5.00%, 08/15/2056

     5,000       3,856,457  

Taney County Industrial Development Authority
(Taney County Industrial Development Authority Lease)
Series 2023
6.00%, 10/01/2049(c)

     2,000       1,941,097  
    

 

 

 
       25,299,300  
    

 

 

 

Nebraska – 0.9%

 

Central Plains Energy Project
(Goldman Sachs Group, Inc. (The))
Series 2017-A
5.00%, 09/01/2032

     10,730       11,342,205  

5.00%, 09/01/2042(b)

     14,215       14,792,312  
    

 

 

 
       26,134,517  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Nevada – 0.6%

    

City of Reno NV
(County of Washoe NV Sales Tax Revenue)
Series 2018-C
Zero Coupon, 07/01/2058(c)

   $ 9,500     $ 1,176,933  

City of Sparks NV
(City of Sparks NV Sales Tax)
Series 2019-A
2.75%, 06/15/2028(c)

     2,010       1,886,915  

Las Vegas Redevelopment Agency
Series 2016
5.00%, 06/15/2045

     3,000       3,020,938  

State of Nevada Department of Business & Industry
(DesertXpress Enterprises LLC)
Series 2023
8.125%, 01/01/2050(c)

     9,715       9,839,545  
    

 

 

 
       15,924,331  
    

 

 

 

New Hampshire – 0.6%

    

New Hampshire Business Finance Authority
(Covanta Holding Corp.)
Series 2018
4.625%, 11/01/2042(c)

     2,325       1,832,938  

Series 2020-A
3.625%, 07/01/2043(c)

     1,500       1,089,564  

Series 2020-B
3.75%, 07/01/2045(c)

     3,215       2,376,242  

New Hampshire Health and Education Facilities Authority Act
(Dartmouth-Hitchcock Obligated Group)
Series 2020-A
5.00%, 08/01/2059

     10,920       11,293,762  
    

 

 

 
       16,592,506  
    

 

 

 

New Jersey – 3.8%

    

Essex County Improvement Authority
(North Star Academy Charter School of Newark, Inc.)
Series 2020
4.00%, 07/15/2050(c)

     1,000       844,851  

New Jersey Economic Development Authority
(NYNJ Link Borrower LLC)
Series 2013
5.125%, 01/01/2034

     9,780       9,781,462  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New Jersey Economic Development Authority
(Port Newark Container Terminal LLC)
Series 2017
5.00%, 10/01/2037

   $ 2,000     $ 2,019,954  

New Jersey Economic Development Authority
(State of New Jersey)
Series 2024-S
5.00%, 06/15/2035(j)

     2,840       3,120,533  

5.25%, 06/15/2038(j)

     3,440       3,725,529  

New Jersey Economic Development Authority
(UMM Energy Partners LLC)
Series 2012-A
5.125%, 06/15/2043

     7,515       7,514,602  

New Jersey Economic Development Authority
(United Airlines, Inc.)
Series 2012
5.25%, 09/15/2029

     4,140       4,141,378  

Series 2014-B
5.625%, 11/15/2030

     4,525       4,550,898  

New Jersey Educational Facilities Authority
(Stevens Institute of Technology International, Inc.)
Series 2020-A
4.00%, 07/01/2050

     1,195       1,065,779  

New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Trust Fund Authority State Lease)
Series 2018-A
5.00%, 12/15/2033(b)

     12,240       13,190,085  

5.00%, 12/15/2035(b)

     6,545       7,006,047  

Series 2019-B
4.00%, 06/15/2037

     800       806,277  

Tobacco Settlement Financing Corp./NJ
Series 2018-B
5.00%, 06/01/2046

     50,975       51,096,611  
    

 

 

 
       108,864,006  
    

 

 

 

 

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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
(Haverland Carter Lifestyle Obligated Group)
Series 2019
5.00%, 07/01/2039

   $ 445     $ 386,503  

5.00%, 07/01/2049

     3,935       3,125,463  
    

 

 

 
       3,511,966  
    

 

 

 

New York – 4.9%

 

Build NYC Resource Corp.
(Albert Einstein College of Medicine, Inc.)
Series 2016
5.50%, 09/01/2045(c)

     4,315       4,135,222  

Build NYC Resource Corp.
(Integration Charter Schools)
Series 2021
5.00%, 06/01/2056(c)

     2,050       1,797,872  

Build NYC Resource Corp.
(Metropolitan College of New York)
Series 2014
5.00%, 11/01/2039

     7,050       5,287,500  

5.50%, 11/01/2044

     2,875       2,156,250  

Jefferson County Industrial Development Agency
(ReEnergy Black River LLC)
Series 2015
12.00%, 07/01/2034(d)(e)(l)

     5,000       – 0  – 

Metropolitan Transportation Authority
Series 2016-B
5.00%, 11/15/2025

     635       655,478  

5.00%, 11/15/2037

     13,265       13,521,285  

Series 2020-C
5.25%, 11/15/2055

     2,000       2,065,952  

Series 2020-D
5.00%, 11/15/2043

     4,000       4,167,769  

Monroe County Industrial Development Corp./NY
(St Ann’s of Greater Rochester Obligated Group)
Series 2019
5.00%, 01/01/2050

     2,765       2,163,734  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Nassau County Industrial Development Agency
(Amsterdam House Continuing Care Retirement Community, Inc.)
Series 2021
5.00%, 01/01/2058(d)(e)

   $ 7,315     $ 1,752,202  

9.00%, 01/01/2041(d)(e)(f)

     3,660       3,477,000  

New York City Housing Development Corp.
Series 2020
2.55%, 08/01/2040

     1,355       1,046,593  

New York Counties Tobacco Trust V
Series 2005
Zero Coupon, 06/01/2050

     51,990       7,265,025  

New York Liberty Development Corp.
(3 World Trade Center LLC)
Series 2014
5.00%, 11/15/2044(c)

     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.
(JFK NTO LLC)
Series 2023
5.375%, 06/30/2060(j)

     5,000       5,001,330  

6.00%, 06/30/2054(j)

     2,500       2,655,795  

AGM Series 2023
5.00%, 06/30/2049(j)

     2,000       2,013,706  

New York Transportation Development Corp.
(Laguardia Gateway Partners LLC)
Series 2016-A
5.00%, 07/01/2041

     17,110       17,121,710  

Orange County Funding Corp.
(The Hamlet at Wallkill)
Series 2013
6.50%, 01/01/2046

     5,780       4,494,507  

Triborough Bridge & Tunnel Authority
5.25%, 05/15/2057(b)

     10,000       10,807,720  

Triborough Bridge & Tunnel Authority
(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021-B
5.50%, 11/15/2057(b)

     10,000       11,064,545  

Series 2022-C
5.25%, 05/15/2052(b)

     5,000       5,472,019  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Ulster County Capital Resource Corp.
(Woodland Pond at New Paltz)
Series 2017
5.00%, 09/15/2037

   $ 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.
(Purchase Senior Learning Community Obligated Group)
Series 2021
2.875%, 07/01/2026(c)

     7,650       7,309,593  

Western Regional Off-Track Betting Corp.
Series 2021
4.125%, 12/01/2041(c)

     1,650       1,217,982  
    

 

 

 
       141,323,106  
    

 

 

 

North Carolina – 0.3%

    

Fayetteville State University
Series 2023
5.00%, 04/01/2033(c)

     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
(Pennybyrn at Maryfield)
Series 2015
5.00%, 10/01/2035

     1,625       1,536,000  
    

 

 

 
       7,346,868  
    

 

 

 

North Dakota – 0.2%

    

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

     1,550       310,000  

7.00%, 12/15/2043(d)(e)(f)

     1,610       322,000  

County of Ward ND
(Trinity Health Obligated Group)
Series 2017-C
5.00%, 06/01/2043

     5,000       4,334,203  
    

 

 

 
       4,966,203  
    

 

 

 

Ohio – 2.6%

    

Buckeye Tobacco Settlement Financing Authority
Series 2020-B
Zero Coupon, 06/01/2057

     36,605       3,749,996  

 

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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
(Southwest General Health Center Obligated Group)
Series 2021
5.00%, 08/01/2032

     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
(MetroHealth System (The))
Series 2017
5.00%, 02/15/2042

     20,920       21,027,746  

County of Franklin OH
(First Community Village Obligated Group)
Series 2019
5.00%, 07/01/2049

     2,770       2,211,546  

County of Marion OH
(United Church Homes, Inc. Obligated Group)
Series 2019
5.00%, 12/01/2039

     565       457,288  

5.125%, 12/01/2049

     690       519,520  

County of Montgomery OH
(Trousdale Foundation Obligated Group)
Series 2018-A
6.25%, 04/01/2049(d)(e)(f)

     5,215       1,512,350  

County of Washington OH
(Marietta Area Health Care, Inc. Obligated Group)
Series 2022
6.625%, 12/01/2042

     1,000       1,027,441  

6.75%, 12/01/2052

     10,000       10,328,995  

Jefferson County Port Authority/OH
(JSW Steel USA Ohio, Inc.)
Series 2021
3.50%, 12/01/2051(c)

     3,700       2,490,494  

Ohio Air Quality Development Authority
(Pratt Paper OH LLC)
Series 2017
4.25%, 01/15/2038(c)

     1,540       1,452,307  

Port of Greater Cincinnati Development Authority
Series 2021
4.375%, 06/15/2056

     1,000       962,576  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Toledo-Lucas County Port Authority
(ParkUToledo, Inc.)
Series 2021
4.00%, 01/01/2057

   $ 7,065     $ 5,244,277  
    

 

 

 
       74,740,053  
    

 

 

 

Oklahoma – 1.2%

 

Norman Regional Hospital Authority
(Norman Regional Hospital Authority Obligated Group)
Series 2019
3.25%, 09/01/2038

     3,295       2,548,715  

3.25%, 09/01/2039

     1,000       760,041  

Oklahoma Development Finance Authority
(OU Medicine Obligated Group)
Series 2018-B
5.00%, 08/15/2033

     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
5.50%, 08/15/2044

     10,000       9,495,035  

Tulsa Authority for Economic Opportunity
(Tulsa Authority for Economic Opportunity Increment District No. 8)
Series 2021
4.375%, 12/01/2041(c)

     1,980       1,847,654  
    

 

 

 
       33,386,255  
    

 

 

 

Oregon – 0.1%

    

Clackamas County Hospital Facility Authority
(Rose Villa, Inc. Obligated Group)
Series 2020-A
5.25%, 11/15/2050

     1,000       883,421  

Multnomah County School District No. 40
Series 2023-A
Zero Coupon, 06/15/2051

     10,000       2,422,095  

Umatilla County School District No. 6R Umatilla
Series 2023-B
Zero Coupon, 06/15/2053

     3,000       686,509  
    

 

 

 
       3,992,025  
    

 

 

 

Other – 0.3%

    

Affordable Housing Tax-Exempt Bond Pass-Thru Trust
Series 2023-2
6.00%, 10/05/2040(c)

     7,482       7,468,335  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Pennsylvania – 4.0%

    

Allentown Neighborhood Improvement Zone Development Authority
(Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue)
Series 2017
5.00%, 05/01/2042(c)

   $ 3,070     $ 3,011,927  

Series 2018
5.00%, 05/01/2042(c)

     2,575       2,520,302  

Berks County Industrial Development Authority
(Tower Health Obligated Group)
Series 2017
5.00%, 11/01/2047

     1,800       954,271  

Berks County Municipal Authority (The)
(Tower Health Obligated Group)
Series 2020-B
5.00%, 02/01/2040

     6,000       4,024,325  

Bucks County Industrial Development Authority
(Grand View Hospital/Sellersville PA Obligated Group)
Series 2021
4.00%, 07/01/2051

     5,000       3,580,079  

Chester County Industrial Development Authority
(Collegium Charter School)
Series 2022
5.625%, 10/15/2042(c)

     2,750       2,655,305  

Crawford County Hospital Authority
(Meadville Medical Center Obligated Group)
Series 2016-A
6.00%, 06/01/2046

     7,950       8,034,992  

6.00%, 06/01/2051

     3,715       3,735,280  

Cumberland County Municipal Authority
(Asbury Pennsylvania Obligated Group)
Series 2019
5.00%, 01/01/2045

     1,185       977,778  

Cumberland County Municipal Authority
(Penn State Health Obligated Group)
Series 2019
4.00%, 11/01/2036

     715       699,794  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Geisinger Authority
(Geisinger Health System Obligated Group)
Series 2020
5.00%, 04/01/2043

   $ 2,000     $ 2,148,483  

5.00%, 04/01/2050

     8,000       8,231,584  

Hospitals & Higher Education Facilities Authority of Philadelphia (The)
(Temple University Health System Obligated Group)
Series 2017
5.00%, 07/01/2032

     1,000       1,024,272  

Lancaster County Hospital Authority/PA
(St. Anne’s Retirement Community Obligated Group)
Series 2020
5.00%, 03/01/2040

     1,000       834,906  

5.00%, 03/01/2045

     500       396,262  

Montgomery County Higher Education and Health Authority
(Thomas Jefferson University Obligated Group)
Series 2022
5.00%, 05/01/2057(b)

     10,000       10,062,128  

Moon Industrial Development Authority
(Baptist Homes Society)
Series 2015
6.00%, 07/01/2045

     18,125       12,972,777  

Pennsylvania Economic Development Financing Authority
(Commonwealth of Pennsylvania Department of Transportation)
AGM Series 2022
5.00%, 12/31/2057(b)

     6,000       6,056,437  

5.75%, 12/31/2062(b)

     4,000       4,360,444  

Pennsylvania Economic Development Financing Authority
(Covanta Holding Corp.)
Series 2019
3.25%, 08/01/2039(c)

     1,640       1,155,625  

Pennsylvania Economic Development Financing Authority
(Iron Cumberland LLC)
Series 2022
7.00%, 12/01/2029

     10,170       9,833,272  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Philadelphia Authority for Industrial Development
(Greater Philadelphia Health Action, Inc.)
Series 2015-A
6.375%, 06/01/2040

   $ 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
(MaST Community Charter School III)
Series 2021
5.00%, 08/01/2050

     2,240       2,108,592  

5.00%, 08/01/2054

     1,585       1,475,119  

Philadelphia Authority for Industrial Development
(Philadelphia Electrical & Technology Charter High School)
Series 2021
4.00%, 06/01/2051

     3,450       2,530,064  

Philadelphia Authority for Industrial Development
(Philadelphia Performing Arts Charter School)
Series 2020
5.00%, 06/15/2050(c)

     1,000       899,785  

Philadelphia Authority for Industrial Development
(Tacony Academy Charter School)
Series 2023
5.50%, 06/15/2043(c)

     1,250       1,213,586  

School District of Philadelphia (The)
Series 2023-A
5.50%, 09/01/2048

     1,750       1,912,285  

Scranton-Lackawanna Health and Welfare Authority
(Scranton Parking System Concession Project)
Series 2016-A
5.00%, 01/01/2051(c)

     6,920       3,992,726  

5.00%, 01/01/2057(c)

     5,475       3,040,236  

Series 2016-B
6.08%, 01/01/2026(c)

     350       336,125  

Series 2016-C
Zero Coupon, 01/01/2036(c)

     3,010       956,949  

Series 2016-D
Zero Coupon, 01/01/2057(f)

     59,415       3,305,340  
    

 

 

 
       116,350,736  
    

 

 

 

 

92    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Puerto Rico – 9.8%

    

Children’s Trust Fund
Series 2005-A
Zero Coupon, 05/15/2050

   $ 3,830     $ 705,346  

Series 2008-A
Zero Coupon, 05/15/2057

     70,000       5,156,711  

Series 2008-B
Zero Coupon, 05/15/2057

     445,000       24,849,245  

Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2024

     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
Zero Coupon, 11/01/2051

     5,426       2,177,158  

Series 2022-C
0.00%, 11/01/2043

     38,675       20,111,116  

GDB Debt Recovery Authority of Puerto Rico
Series 2018
7.50%, 08/20/2040

     4,450       3,904,736  

HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2036

     3,560       3,574,075  

5.25%, 07/01/2041

     4,260       4,158,586  

Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2008-A
6.125%, 07/01/2024

     896       903,678  

Series 2020-A
5.00%, 07/01/2030(c)

     10,000       10,111,256  

5.00%, 07/01/2047(c)

     10,000       9,663,739  

Series 2021-B
4.00%, 07/01/2047(c)

     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
4.00%, 07/01/2047(c)

     3,230       2,676,054  

Puerto Rico Electric Power Authority
Series 2007-T
5.00%, 07/01/2032(d)(e)

     7,425       1,856,250  

 

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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
5.00%, 07/01/2028(d)(e)

     7,285       1,821,250  

Series 2008-WW
5.375%, 07/01/2024(d)(e)

     3,700       925,000  

Series 2010-A
5.25%, 07/01/2029(d)(e)

     2,370       592,500  

5.25%, 07/01/2030(d)(e)

     390       97,500  

Series 2010-C
5.00%, 07/01/2024(d)(e)

     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
5.00%, 07/01/2020(d)(m)

     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
5.25%, 07/01/2027(d)(e)

     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
5.25%, 07/01/2018(d)(m)

     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
5.00%, 07/01/2029(d)(e)

     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
7.00%, 07/01/2033

     2,200       550,000  

7.00%, 07/01/2040(d)(e)

     575       143,750  

AGM Series 2007-V
5.25%, 07/01/2031

     14,090       13,959,387  

NATL Series 2007-V
5.25%, 07/01/2029

     245       243,078  

Puerto Rico Highway & Transportation Authority
Series 2022-A
5.00%, 07/01/2062

     21,820       21,547,250  

Series 2022-B
Zero Coupon, 07/01/2032

     3,000       1,942,279  

 

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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
(AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026(d)(e)

   $ 14,580     $ 10,206,000  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A
Zero Coupon, 07/01/2024

     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
4.329%, 07/01/2040

     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.
(Lifespan Obligated Group)
Series 2016
5.00%, 05/15/2031

     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
Series 2022
4.80%, 11/01/2024

     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
Series 2023
6.16%, 05/01/2063(c)

     5,000       4,786,391  

South Carolina Jobs-Economic Development Authority
(FAH Pelham LLC)
Series 2023
10.00%, 08/01/2039(c)

     185       171,556  

 

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AB MUNICIPAL INCOME FUND    |    95


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2023-A
6.50%, 02/01/2056(c)

   $ 5,715     $ 5,416,890  

Series 2023-B
7.50%, 08/01/2047(c)

     2,200       2,076,988  

South Carolina Jobs-Economic Development Authority
(International Paper Co.)
Series 2023
4.00%, 04/01/2033

     2,000       1,981,968  

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

     3,115       2,414,766  

6.50%, 06/01/2051(c)

     3,175       2,334,015  

South Carolina Jobs-Economic Development Authority
(PSG Patriot’s Place Apartments LLC)
Series 2022
0.00%, 06/01/2052(k)

     6,135       4,198,718  

South Carolina Public Service Authority
Series 2022
3.00%, 12/01/2043

     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
(Augustana College Association/SD)
Series 2021
4.00%, 08/01/2041

     1,000       877,036  

4.00%, 08/01/2051

     3,620       2,926,735  

South Dakota Housing Development Authority
(Schuett Spearfish LP)
Series 2023
6.15%, 09/01/2039

     1,500       1,503,092  
    

 

 

 
       5,306,863  
    

 

 

 

Tennessee – 1.4%

 

Bristol Industrial Development Board
(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.125%, 12/01/2042(c)

     19,305       16,583,545  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Chattanooga Health Educational & Housing Facility Board
(CommonSpirit Health)
Series 2019-A
4.00%, 08/01/2037

   $ 805     $ 786,283  

Knox County Industrial Development Board
(Tompaul Knoxville LLC)
Series 2022
9.25%, 11/01/2042(c)

     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
(Trevecca Nazarene University)
Series 2021
4.00%, 10/01/2051

     1,580       1,272,702  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
(Trousdale Foundation Obligated Group)
Series 2018
7.50%, 04/01/2049(d)(e)(f)

     100       1,000  

Series 2018-A
6.25%, 04/01/2049(d)(e)(f)

     4,465       1,294,850  

Metropolitan Government Nashville & Davidson County Industrial Development Board
(South Nashville Central Business Improvement District)
Series 2021
4.00%, 06/01/2051(c)

     1,300       1,045,604  

Shelby County Health Educational & Housing Facilities Board
(Trezevant Episcopal Home (The))
Series 2013-A
5.375%, 09/01/2041

     1,020       854,618  

Shelby County Health Educational & Housing Facilities Board
(Village at Germantown, Inc.)
Series 2014
5.25%, 12/01/2044

     1,075       949,107  

5.25%, 12/01/2049

     3,250       2,805,236  

Wilson County Health & Educational Facilities Board
Series 2021
4.00%, 12/01/2039

     5,800       4,612,690  
    

 

 

 
       39,054,398  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Texas – 7.1%

 

Abilene Convention Center Hotel Development Corp.
(City of Abilene TX Abilene Convention Center Revenue)
Series 2021-A
4.00%, 10/01/2050

   $ 2,895     $ 2,239,715  

Series 2021-B
5.00%, 10/01/2050(c)

     4,250       3,597,710  

Arlington Higher Education Finance Corp.
(BASIS Texas Charter Schools, Inc.)
Series 2023
4.875%, 06/15/2056(c)

     1,000       998,219  

Arlington Higher Education Finance Corp.
(Magellan School (The))
Series 2022
6.25%, 06/01/2052(c)

     1,100       1,101,425  

6.375%, 06/01/2062(c)

     3,500       3,510,196  

Arlington Higher Education Finance Corp.
(Uplift Education)
Series 2016-A
5.00%, 12/01/2046

     2,175       2,161,910  

Arlington Higher Education Finance Corp.
(Wayside Schools)
Series 2021-A
4.00%, 08/15/2041

     610       482,575  

Baytown Municipal Development District
(Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax)
Series 2021
5.00%, 10/01/2050(c)

     6,205       5,450,893  

Board of Managers Joint Guadalupe County-City of Seguin Hospital
Series 2015
5.00%, 12/01/2040

     1,500       1,389,006  

Brazoria County Industrial Development Corp.
(Aleon Renewable Metals LLC)
Series 2022
10.00%, 06/01/2042(c)

     8,500       8,169,392  

Series 2023
12.00%, 06/01/2043(c)

     1,000       990,333  

City of Dallas Housing Finance Corp.
(DHFC The Briscoe Apartments LLC)
Series 2022
Zero Coupon, 12/01/2062(c)

     69,320       4,759,068  

 

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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.
(DHFC The Dylan Apartments LLC)
Series 2022
6.00%, 12/01/2062(c)

     3,460       3,252,881  

6.25%, 12/01/2054(c)

     1,400       1,243,740  

City of Houston TX
(City of Houston TX Hotel Occupancy Tax)
Series 2015
5.00%, 09/01/2040

     4,715       4,723,711  

City of Houston TX Airport System Revenue
(United Airlines, Inc.)
Series 2014
5.00%, 07/01/2029

     12,845       12,797,938  

Clifton Higher Education Finance Corp.
(IDEA Public Schools)
Series 2012
5.00%, 08/15/2042

     2,470       2,463,332  

Series 2013
6.00%, 08/15/2043

     1,000       1,000,763  

Clifton Higher Education Finance Corp.
(Valor Texas Education Foundation)
Series 2023-A
6.00%, 06/15/2048(c)

     1,000       967,596  

6.25%, 06/15/2053(c)

     2,000       1,973,420  

Conroe Local Government Corp.
(Conroe Local Government Corp. Conroe Convention Center Hotel)
Series 2021
4.00%, 10/01/2046

     1,160       1,055,608  

Dallas County Flood Control District No. 1
Series 2015
5.00%, 04/01/2032(c)

     2,000       2,000,030  

Decatur Hospital Authority
Series 2014-A
5.25%, 09/01/2044

     6,300       6,306,464  

El Paso County Hospital District
Series 2017
5.00%, 08/15/2033

     3,940       4,044,194  

Hidalgo County Regional Mobility Authority
Series 2022-A
Zero Coupon, 12/01/2050

     2,000       424,691  

Zero Coupon, 12/01/2054

     1,585       262,154  

Series 2022-B
Zero Coupon, 12/01/2043

     2,965       899,183  

 

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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
(Baylor Medical Center at Irving)
Series 2017-A
5.00%, 10/15/2033

     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.
(Sid Peterson Memorial Hospital)
Series 2015
5.00%, 08/15/2035

     1,800       1,817,834  

Mission Economic Development Corp.
(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(c)

     15,000       14,543,994  

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

     9,150       9,053,437  

New Hope Cultural Education Facilities Finance Corp.
(BSPV – Plano LLC)
Series 2019
7.25%, 12/01/2053(d)(e)

     4,145       4,331,525  

New Hope Cultural Education Facilities Finance Corp.
(Buckingham Senior Living Community, Inc. Obligated Group)
Series 2021
2.00%, 11/15/2061(d)(e)

     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.
(Legacy at Midtown Park, Inc. Obligated Group)
Series 2018-A
5.50%, 07/01/2054

     3,000       2,236,029  

 

100    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New Hope Cultural Education Facilities Finance Corp.
(Longhorn Village)
Series 2017
5.00%, 01/01/2037

   $ 2,285     $ 2,095,396  

5.00%, 01/01/2042

     7,485       6,583,015  

New Hope Cultural Education Facilities Finance Corp.
(Morningside Ministries Obligated Group)
Series 2020
5.00%, 01/01/2055

     1,680       1,299,705  

Series 2022
4.00%, 01/01/2047

     1,300       879,062  

4.25%, 01/01/2057

     5,000       3,201,308  

New Hope Cultural Education Facilities Finance Corp.
(Outlook at Windhaven Forefront Living Obligated Group)
Series 2022
6.875%, 10/01/2057

     5,000       4,434,803  

New Hope Cultural Education Facilities Finance Corp.
(Wesleyan Homes Obligated Group)
Series 2019
5.00%, 01/01/2055

     2,200       1,517,484  

New Hope Cultural Education Facilities Finance Corp.
(Westminster Manor)
Series 2016
5.00%, 11/01/2040

     1,000       974,345  

Newark Higher Education Finance Corp.
(TLC Academy)
Series 2021-A
4.00%, 08/15/2051

     1,275       936,670  

4.00%, 08/15/2056

     1,380       983,433  

Port Beaumont Navigation District
(Jefferson Railport Terminal II LLC)
Series 2020
4.00%, 01/01/2050(c)

     1,460       1,011,311  

Series 2021
2.75%, 01/01/2036(c)

     1,750       1,227,750  

2.875%, 01/01/2041(c)

     2,000       1,280,291  

Sanger Industrial Development Corp.
(Texas Pellets, Inc.)
Series 2012-B
8.00%, 07/01/2038(d)(e)(h)

     5,720       1,344,200  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Tarrant County Cultural Education Facilities Finance Corp.
Series 2015-B
5.00%, 11/15/2036(d)(e)(h)(i)(l)

   $ 948     $ – 0  – 

Tarrant County Cultural Education Facilities Finance Corp.
(Stayton at Museum Way)
Series 2020-A
5.75%, 12/01/2054(d)(e)(h)

     16,668       10,834,225  

Tarrant County Cultural Education Facilities Finance Corp.
(Trinity Terrace Project)
Series 2014-A1
5.00%, 10/01/2049

     2,625       2,485,215  

Texas Municipal Gas Acquisition & Supply Corp. IV
(BP PLC)
Series 2023-A
5.00%, 01/01/2054(b)

     10,895       11,570,830  

Texas Private Activity Bond Surface Transportation Corp.
(NTE Mobility Partners LLC)
Series 2023
5.50%, 12/31/2058

     10,000       10,563,221  
    

 

 

 
       204,542,023  
    

 

 

 

Utah – 0.6%

 

County of Utah UT
(IHC Health Services, Inc. Obligated Group)
Series 2020-I
5.00%, 05/15/2043(b)

     5,000       5,289,814  

5.00%, 05/15/2050(b)

     8,000       8,275,707  

Military Installation Development Authority
(Military Installation Development Authority Military Recreation Assessment Area)
Series 2021-A
4.00%, 06/01/2052

     3,000       2,127,041  

Wohali Public Infrastructure District No. 1
(Village Community Development District No. 13 Phase I Series 2019 Special Assmnts)
Series 2023
7.00%, 12/01/2042(c)

     2,000       1,975,199  
    

 

 

 
       17,667,761  
    

 

 

 

 

102    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Vermont – 0.1%

 

Vermont Educational & Health Buildings Financing Agency
(St Michael’s College, Inc.)
Series 2023
5.50%, 10/01/2043(c)

   $ 1,500     $ 1,484,693  
    

 

 

 

Virginia – 2.6%

 

Align Affordable Housing Bond Fund LP
(Park Landing LP)
Series 2022-2
5.66%, 08/01/2052

     7,300       6,744,638  

Atlantic Park Community Development Authority
(Atlantic Park Community Development Authority District)
Series 2023
6.25%, 08/01/2045(c)

     6,410       6,026,433  

Richmond Redevelopment & Housing Authority
(American Tobacco Holdings LLC)
Series 2017
5.55%, 01/01/2037(c)

     1,260       1,170,233  

Tobacco Settlement Financing Corp./VA
Series 2007-B1
5.00%, 06/01/2047

     30,935       28,487,704  

US Bank Trust Co. NA
(Park Landing LP)
Series 2022-B
5.90%, 08/01/2052

     2,409       2,179,978  

Virginia College Building Authority
(Marymount University)
Series 2015
5.00%, 07/01/2045(c)

     4,000       3,604,240  

Series 2015-A
5.00%, 07/01/2035(c)

     1,200       1,174,173  

5.00%, 07/01/2045(c)

     3,110       2,802,296  

Virginia Small Business Financing Authority
(P3 VB Holdings LLC)
Series 2023
8.50%, 12/01/2052(c)

     4,465       4,167,192  

Virginia Small Business Financing Authority
(Total Fiber Recovery @ Chesapeake LLC)
Series 2022
7.68% (SOFR + 5.50%), 06/01/2029(a)(c)

     8,500       8,156,075  

 

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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
(Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Taxes)
Series 2016-S
5.00%, 11/01/2046

     10,000       11,337,294  

Grays Harbor County Public Hospital District No. 1
Series 2023
6.875%, 12/01/2053

     1,000       1,024,413  

King County Public Hospital District No. 4
Series 2015-A
5.00%, 12/01/2038

     5,700       5,638,433  

Port of Seattle WA
Series 2019
5.00%, 04/01/2044(b)

     10,000       10,294,811  

Washington Health Care Facilities Authority
(Fred Hutchinson Cancer Center Obligated Group)
Series 2021
3.00%, 12/01/2035(c)

     440       391,581  

Washington Health Care Facilities Authority
(Overlake Hospital Medical Center Obligated Group)
Series 2017-B
5.00%, 07/01/2033

     2,835       2,904,534  

Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest Obligated Group)
Series 2016
4.00%, 01/01/2026(c)

     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
5.00%, 01/01/2044(c)

     440       343,083  

5.00%, 01/01/2049(c)

     275       206,497  

Washington State Housing Finance Commission
(Riverview Retirement Community Obligated Group)
Series 2012
5.00%, 01/01/2048

     5,315       4,470,119  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Washington State Housing Finance Commission
(Seattle Academy of Arts & Sciences)
Series 2023
6.375%, 07/01/2063(c)

   $ 3,125     $ 3,338,652  
    

 

 

 
       47,154,031  
    

 

 

 

West Virginia – 0.6%

 

City of South Charleston WV
(City of South Charleston WV South Charleston Park Place Excise Tax District)
Series 2022
4.50%, 06/01/2050(c)

     1,000       755,631  

County of Monongalia WV
(Monongalia County Building Commission Development District No. 4)
Series 2023
5.00%, 06/01/2033(c)

     500       508,036  

6.00%, 06/01/2053(c)

     1,000       1,052,215  

Monongalia County Commission Excise Tax District
Series 2021-A
4.125%, 06/01/2043(c)

     2,130       1,892,283  

Series 2023
7.00%, 06/01/2043(c)

     1,000       1,056,333  

Series 2023-B
0.00%, 06/01/2053(c)(k)

     5,435       1,176,540  

West Virginia Economic Development Authority
(Arch Resources, Inc.)
Series 2021
4.125%, 07/01/2045

     1,990       1,963,874  

West Virginia Economic Development Authority
(Wyoming County Coal LLC)
Series 2023
9.00%, 06/01/2038(c)

     8,000       7,910,888  

West Virginia Hospital Finance Authority
(Vandalia Health, Inc. Obligated Group)
Series 2019
5.00%, 09/01/2039

     1,400       1,417,572  
    

 

 

 
       17,733,372  
    

 

 

 

Wisconsin – 6.0%

 

St. Croix Chippewa Indians of Wisconsin
Series 2021
5.00%, 09/30/2041(c)

     6,175       4,496,576  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Wisconsin Center District
AGM Series 2020-D
Zero Coupon, 12/15/2050

   $ 44,075     $ 12,267,201  

Wisconsin Center District
(Wisconsin Center District Ded Tax)
Series 2022
5.25%, 12/15/2061(c)

     2,000       1,933,491  

Wisconsin Department of Transportation
(Wisconsin Department of Transportation Vehicle Fee Revenue)
Series 2024-1
5.00%, 07/01/2030(j)

     10,940       12,229,673  

Wisconsin Health & Educational Facilities Authority
(Marshfield Clinic Health System Obligated Group)
AGM Series 2020
4.00%, 02/15/2035

     800       802,086  

Wisconsin Health & Educational Facilities Authority
(Oakwood Lutheran Senior Ministries Obligated Group)
Series 2021
4.00%, 01/01/2047

     2,400       1,450,149  

Wisconsin Health & Educational Facilities Authority
(St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2046

     980       761,531  

5.00%, 11/01/2054

     1,100       814,391  

Wisconsin Housing & Economic Development Authority
(Roers Sun Prairie Apartments Owner LLC)
Series 2022
4.625%, 03/15/2040(c)

     1,605       1,353,559  

Series 2022-A
3.875%, 12/01/2039(c)

     7,370       6,158,893  

Wisconsin Public Finance Authority
(21st Century Public Academy)
Series 2020
5.00%, 06/01/2040(c)

     750       652,266  

Wisconsin Public Finance Authority
(Bancroft Neurohealth Obligated Group)
Series 2016
5.125%, 06/01/2048(c)

     8,770       7,482,620  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 27,000     $ 23,062,317  

Wisconsin Public Finance Authority
(CFC-SA LLC)
Series 2022
5.00%, 02/01/2052

     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
(Crossroads Health Project)
Series 2023
8.00%, 07/01/2053(c)

     5,500       5,371,776  

8.125%, 07/01/2058(c)

     5,500       5,372,116  

Wisconsin Public Finance Authority
(FAH Tree House LLC)
Series 2023
6.50%, 08/01/2053(c)

     6,875       6,629,568  

6.625%, 02/01/2046(c)

     4,750       4,289,461  

Wisconsin Public Finance Authority
(Gannon University)
Series 2017
5.00%, 05/01/2047

     1,000       941,795  

Wisconsin Public Finance Authority
(KDC Agribusiness LLC)
12.00%, 09/14/2024(l)

     3,409       340,900  

Series 2022
15.00%, 04/30/2023(d)(f)(i)(l)(m)

     7,500       – 0  – 

Series 2023
15.00%, 04/30/2023(d)(f)(i)(l)(m)

     1,815       – 0  – 

Wisconsin Public Finance Authority
(Lehigh Valley Health Network, Inc.)
Series 2023
6.625%, 12/01/2032(c)

     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
(McLemore Resort Manager LLC)
Series 2021
4.50%, 06/01/2056(c)

     6,640       4,874,813  

Wisconsin Public Finance Authority
(North San Gabriel Municipal Utility District No. 1)
Series 2023
Zero Coupon, 09/01/2029(c)

     3,000       1,950,294  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Wisconsin Public Finance Authority
(Prerefunded – US Treasuries)
Series 2020
5.00%, 04/01/2050 (Pre-refunded/ETM)(c)

   $ 40     $ 44,778  

Wisconsin Public Finance Authority
(Roseman University of Health Sciences)
Series 2020
5.00%, 04/01/2050(c)

     760       682,150  

Wisconsin Public Finance Authority
(Samaritan Housing Foundation Obligated Group)
Series 2021
4.00%, 06/01/2056(c)

     16,500       10,662,914  

Series 2022
4.00%, 06/01/2049(c)

     3,990       2,725,862  

Wisconsin Public Finance Authority
(Seabury Retirement Community)
Series 2015-A
5.00%, 09/01/2038(c)

     1,725       1,507,021  

Wisconsin Public Finance Authority
(Southeastern Regional Medical Center Obligated Group)
Series 2022
4.00%, 02/01/2035

     1,650       1,394,673  

Wisconsin Public Finance Authority
(UMA Education Inc)
Series 2019
5.00%, 10/01/2034(c)

     2,495       2,538,952  

5.00%, 10/01/2039(c)

     7,095       7,002,917  

Wisconsin Public Finance Authority
(Uwharrie Charter Academy)
Series 2022
5.00%, 06/15/2062(c)

     5,000       4,142,958  

Wisconsin Public Finance Authority
(Washoe Barton Medical Clinic)
Series 2021
4.00%, 12/01/2041

     2,500       2,084,864  

4.00%, 12/01/2051

     1,500       1,146,882  

Wisconsin Public Finance Authority
(WFCS Holdings II LLC)
Series 2021-A1
5.00%, 01/01/2056(c)

     1,150       859,841  
    

 

 

 
       171,315,387  
    

 

 

 

Total Municipal Obligations
(cost $3,378,683,359)

       2,973,880,581  
 

 

 

 

 

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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
Series 2022-ML13, Class XCA
0.96%, 07/25/2036(n)

   $ 6,731     $ 379,390  

Series 2022-ML13, Class XUS
1.00%, 09/25/2036(n)

     11,801       822,526  
    

 

 

 
       1,201,916  
    

 

 

 

Non-Agency Fixed Rate CMBS – 2.6%

 

Arizona Industrial Development Authority
Series 2019-2, Class A
3.625%, 05/20/2033

     10,520       9,697,194  

California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033

     5,230       5,199,377  

Series 2021-1, Class A
3.50%, 11/20/2035

     4,172       3,877,113  

Series 2021-2, Class X
0.82%, 03/25/2035(n)

     15,564       766,195  

Series 2021-3, Class A
3.25%, 08/20/2036

     3,877       3,558,558  

Series 2021-3, Class X
0.79%, 08/20/2036(n)

     13,836       721,294  

City of Fort Wayne IN
10.75%, 12/01/2029(d)(e)

     328       33  

National Finance Authority
Series 2022-2, Class X
0.697%, 10/01/2036(n)

     9,856       476,723  

New Hampshire Business Finance Authority
Series 2020-1, Class A
4.125%, 01/20/2034

     12,105       11,650,440  

Series 2022-1, Class A
4.375%, 09/20/2036

     16,696       16,315,451  

Series 2022-2
0.35%, 09/20/2036(n)

     10,803       240,967  

Series 2022-2, Class A
4.00%, 10/20/2036

     9,856       9,343,980  

Washington State Housing Finance Commission
Series 2021-1, Class A
3.50%, 12/20/2035

     9,777       8,988,842  

Series 2021-1, Class X
0.726%, 12/20/2035(n)

     7,737       351,781  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2023-1, Class X
1.492%, 04/20/2037(n)

   $ 19,985     $ 2,190,927  
    

 

 

 
       73,378,875  
    

 

 

 

Total Commercial Mortgage-Backed Securities
(cost $81,644,348)

       74,580,791  
 

 

 

 
    

CORPORATES - NON-INVESTMENT GRADE – 1.2%

    

Financial Institutions – 0.2%

    

Banking – 0.2%

 

Citigroup, Inc.
7.375%, 05/15/2028(o)

     6,300       6,250,986  
    

 

 

 

Industrial – 1.0%

 

Basic – 0.0%

 

Red River Biorefinery LLC
Series 23A
15.00%, 12/31/2023(f)(i)(l)

     245       245,000  
    

 

 

 

Communications - Media – 0.2%

 

CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 01/15/2034(c)

     7,730       6,032,724  
    

 

 

 

Consumer Cyclical - Entertainment – 0.4%

 

Wild Rivers Water Park
8.50%, 11/01/2051(i)(l)

     13,775       10,100,518  
    

 

 

 

Consumer Non-Cyclical – 0.4%

 

Medline Borrower LP
3.875%, 04/01/2029(c)

     10,000       8,878,100  

Tower Health
Series 2020
4.451%, 02/01/2050

     5,300       2,366,874  
    

 

 

 
       11,244,974  
    

 

 

 

Other Industrial – 0.0%

 

Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC
Series 2023
12.00%, 12/31/2023(f)(i)(l)

     395       395,000  
    

 

 

 

Services – 0.0%

 

Trousdale Issuer LLC
Series A
6.50%, 04/01/2025(d)(e)(i)(l)

     5,265       1,158,300  
    

 

 

 
       29,176,516  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Total Corporates – Non-Investment Grade
(cost $42,252,439)

     $ 35,427,502  
 

 

 

 
    

ASSET-BACKED SECURITIES – 0.3%

    

Other ABS - Fixed Rate – 0.3%

    

Commonwealth of Puerto Rico
Series 2022-A
0.00%, 11/01/2051

   $ 17,550       9,191,662  

State of Nevada Department of Business & Industry
Series 2018
6.95%, 02/15/2038(c)(d)(e)

     1,603       160,323  

Tarrant County Cultural Education Facilities Finance Corp.
Series 2015-A
5.00%, 11/15/2045(d)(e)(h)(i)(l)

     2,177       – 0  – 

Series 2017
5.25%, 11/15/2047(d)(e)(h)(i)(l)

     697       – 0  – 
    

 

 

 

Total Asset-Backed Securities
(cost $13,109,393)

       9,351,985  
 

 

 

 
    

CORPORATES - INVESTMENT GRADE – 0.2%

    

Financial Institutions – 0.2%

    

Banking – 0.2%

    

JPMorgan Chase & Co.
Series Q
8.889% (SOFR + 3.51%), 02/01/2024(a)(o)

     2,700       2,715,795  

Wells Fargo & Co.
7.625%, 09/15/2028(o)

     2,731       2,806,130  
    

 

 

 

Total Corporates – Investment Grade
(cost $5,427,661)

       5,521,925  
 

 

 

 
     Shares        

INVESTMENT COMPANIES – 0.2%

    

Funds and Investment Trusts – 0.2%

    

AB Tax-Aware Short Duration Municipal ETF(p)(q)
(cost $4,954,000)

     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)
(cost $2,532,431)

     2,532,431       2,532,431  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

    

    

    U.S. $ Value  

 

 

Total Investments – 108.2%
(cost $3,528,603,631)

     $ 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
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
  Payment
Frequency
Paid/
Received
  Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 
USD     30,985       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

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

    

 

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

 

               

Rate Type

                     

Notional
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
  Payment
Frequency
Paid/
Received
  Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 
USD     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

 

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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

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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
Series 2023
4.84%, 04/01/2065

  07/18/2023   $   19,754,905     $   19,491,011       0.68

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
7.75%, 07/01/2050

  08/12/2020 – 06/10/2022     10,701,376       625,200       0.02

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2021-A
5.50%, 07/01/2031

  06/04/2021 – 07/21/2022     466,370       28,800       0.00

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2021-A
6.00%, 07/01/2051

  06/04/2021     3,000,000       180,000       0.01

Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC
Series 2023
12.00%, 12/31/2023

  08/24/2023     395,000       395,000       0.01

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

  05/21/2021     1,550,000       310,000       0.01

 

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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
(Red River Biorefinery LLC) Series 2021
7.00%, 12/15/2043

  05/21/2021   $ 1,610,000     $ 322,000       0.01

County of Montgomery OH
(Trousdale Foundation Obligated Group)
Series 2018-A
6.25%, 04/01/2049

  08/29/2018     3,483,950       1,512,350       0.05

Douglas County Housing Partnership
(Bridgewater Castle Rock ALF LLC)
Series 2021
5.375%, 01/01/2041

  01/14/2021     9,862,233       7,245,855       0.25

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

  03/28/2019       17,533,225         13,299,108       0.46

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
(Trousdale Foundation Obligated Group)
Series 2018
7.50%, 04/01/2049

  01/27/2021     35,000       1,000       0.00

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
(Trousdale Foundation Obligated Group)
Series 2018-A
6.25%, 04/01/2049

  08/29/2018     4,434,727       1,294,850       0.05

 

116    |    AB MUNICIPAL INCOME FUND

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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.
(Alden Group Renewable Energy Mississippi LLC)
Series 2022
8.00%, 12/01/2029

  12/13/2022   $ 5,672,972     $ 5,619,636       0.20

Nassau County Industrial Development Agency
(Amsterdam House Continuing Care Retirement Community, Inc.)
Series 2021
9.00%, 01/01/2041

  09/03/2021     3,660,000       3,477,000       0.12

New Hope Cultural Education Facilities Finance Corp.
Series 2023
8.50%, 09/01/2027

  02/03/2023     9,150,000       9,053,437       0.32

Red River Biorefinery LLC
Series 23A
15.00%, 12/31/2023

  05/31/2023     245,000       245,000       0.01

Scranton-Lackawanna Health and Welfare Authority
(Scranton Parking System Concession Project)
Series 2016-D
Zero Coupon, 01/01/2057

  08/24/2016     7,159,575       3,305,340       0.12

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

  08/03/2021       27,000,000         23,062,317       0.80

Wisconsin Public Finance Authority
(KDC Agribusiness LLC)
Series 2022
15.00%, 04/30/2023

  11/10/2022     7,500,000       – 0  –      0.00

Wisconsin Public Finance Authority
(KDC Agribusiness LLC)
Series 2023
15.00%, 04/30/2023

  03/16/2023     1,815,000       – 0  –      0.00

 

abfunds.com  

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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
(UTS Bioenergy LLC)
Series 2011-A1
7.50%, 12/01/2032

  12/22/2011   $   3,795,000     $ 75,900       0.00

Sanger Industrial Development Corp.
(Texas Pellets, Inc.)
Series 2012-B
8.00%, 07/01/2038

  08/31/2012 – 05/08/2013     5,720,000         1,344,200       0.05

Tarrant County Cultural Education Facilities Finance Corp.
Series 2015-A
5.00%, 11/15/2045

  01/30/2020 – 01/31/2020     2,232,696       – 0  –      0.00

Tarrant County Cultural Education Facilities Finance Corp.
Series 2017
5.25%, 11/15/2047

  02/06/2020     729,808       – 0  –      0.00

Tarrant County Cultural Education Facilities Finance Corp.
(Stayton at Museum Way)
Series 2020-A
5.75%, 12/01/2054

  04/08/2010 – 01/08/2020       16,714,412         10,834,225       0.38

Tarrant County Cultural Education Facilities Finance Corp.
(Tarrant County Cultural Education Facilities Finance Corp.)
Series 2015-B
5.00%, 11/15/2036

  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

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

(p)

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

 

(q)

Affiliated investments.

 

(r)

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

As of November 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 1.7% 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.

 

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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
(Goldman Sachs Group, Inc. (The))
Series 2023-C
5.50%, 10/01/2054

   $ 5,000     $ 5,356,207  

Series 2023-D
5.414% (SOFR + 1.85%), 06/01/2049(a)

     5,000       5,035,169  

County of Jefferson AL
Series 2017
5.00%, 09/15/2033

     1,000       1,059,759  

County of Jefferson AL Sewer Revenue
Series 2013-D
6.00%, 10/01/2042

     3,000       3,152,267  

Energy Southeast A Cooperative District
(Morgan Stanley)
Series 2023-A
5.434% (SOFR + 2.05%), 11/01/2053(a)

     2,000       2,015,886  

Series 2023-B
5.764% (SOFR + 2.20%), 04/01/2054(a)

     3,000       3,049,181  

Infirmary Health System Special Care Facilities Financing Authority of Mobile
(Infirmary Health System Obligated Group)
Series 2016
5.00%, 02/01/2036

     2,500       2,546,291  

Jefferson County Board of Education/AL
Series 2018
5.00%, 02/01/2042

     3,010       3,132,081  

Lower Alabama Gas District (The)
(Goldman Sachs Group, Inc. (The))
Series 2020
4.00%, 12/01/2050

     20,000       19,872,282  

Southeast Energy Authority A Cooperative District
(Goldman Sachs Group, Inc. (The))
Series 2022-B
5.00%, 05/01/2053

     1,000       1,023,770  

Southeast Energy Authority A Cooperative District
(Morgan Stanley)
Series 2021-B
4.00%, 12/01/2051

     2,000       1,946,400  

Series 2022-A
5.984% (SOFR + 2.42%), 01/01/2053(a)

     2,000       2,071,689  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Southeast Energy Authority A Cooperative District
(Royal Bank of Canada)
Series 2023-B
5.00%, 01/01/2054

   $ 2,000     $ 2,085,958  

Southeast Energy Authority A Cooperative District
(Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 01/01/2054

     4,000       4,177,287  

Sumter County Industrial Development Authority/AL
(Enviva, Inc.)
Series 2022
6.00%, 07/15/2052

     2,120       1,015,962  
    

 

 

 
       57,540,189  
    

 

 

 

American Samoa – 0.1%

 

American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2015-A
6.625%, 09/01/2035

     325       337,199  

Series 2018
7.125%, 09/01/2038(b)

     1,490       1,614,599  
    

 

 

 
       1,951,798  
    

 

 

 

Arizona – 3.8%

 

Arizona Board of Regents
(Arizona State University)
Series 2023
5.00%, 07/01/2042

     4,020       4,444,233  

Arizona Health Facilities Authority
(HonorHealth)
Series 2014-A
5.00%, 12/01/2033

     9,175       9,265,660  

5.00%, 12/01/2034

     3,440       3,472,812  

Arizona Industrial Development Authority
(KIPP Nashville Obligated Group)
Series 2022-A
5.00%, 07/01/2062

     1,575       1,548,934  

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
7.75%, 07/01/2050(c)(d)(e)

     3,725       223,500  

Chandler Industrial Development Authority
(Intel Corp.)
Series 2022
5.00%, 09/01/2052

     2,000       2,064,768  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

City of Glendale AZ
(City of Glendale AZ COP)
Series 2021
2.222%, 07/01/2030

   $ 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
(City of Tempe AZ COP)
Series 2021
2.071%, 07/01/2032

     1,000       772,934  

2.521%, 07/01/2036

     2,500       1,811,444  

Industrial Development Authority of the City of Phoenix Arizona (The)
(AZ GFF Tiyan LLC Lease)
Series 2014
5.00%, 02/01/2029

     2,000       1,947,762  

Industrial Development Authority of the County of Pima (The)
(Edkey, Inc. Obligated Group)
Series 2020
5.00%, 07/01/2040(b)

     1,355       1,243,822  

Industrial Development Authority of the County of Pima (The)
(La Posada at Park Centre, Inc. Obligated Group)
Series 2022
5.125%, 11/15/2029(b)

     1,000       982,652  

7.00%, 11/15/2057(b)

     1,000       1,009,191  

Maricopa County Industrial Development Authority
(Commercial Metals Co.)
Series 2022
4.00%, 10/15/2047(b)

     1,670       1,397,733  

Maricopa County Special Health Care District
Series 2018-C
5.00%, 07/01/2034

     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
Series 2023-A
5.00%, 01/01/2050

     10,000       10,841,609  

Salt Verde Financial Corp.
(Citigroup, Inc.)
Series 2007
5.25%, 12/01/2023

     3,685       3,685,000  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Sierra Vista Industrial Development Authority
(American Leadership Academy, Inc.)
Series 2023
5.75%, 06/15/2058(b)

   $ 1,000     $ 970,801  

Tempe Industrial Development Authority
(Mirabella at ASU, Inc.)
Series 2017-A
6.00%, 10/01/2037(b)

     1,200       784,074  
    

 

 

 
       67,004,308  
    

 

 

 

Arkansas – 0.1%

 

Arkansas Development Finance Authority
(Hybar LLC)
Series 2023
12.00%, 07/01/2048(b)

     1,100       1,141,565  

Arkansas Development Finance Authority
(United States Steel Corp.)
Series 2022
5.45%, 09/01/2052

     500       483,754  
    

 

 

 
       1,625,319  
    

 

 

 

California – 11.6%

 

Alameda Corridor Transportation Authority
Series 2022-A
0.00%, 10/01/2048(f)

     4,000       2,048,350  

ARC70 II TRUST
Series 2023
4.84%, 04/01/2065(c)(g)

     4,939       4,872,753  

California Community Choice Financing Authority
(American International Group, Inc.)
Series 2023-D
5.50%, 05/01/2054

     5,000       5,284,554  

California Community Choice Financing Authority
(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054

     8,660       8,923,507  

California Community Choice Financing Authority
(Morgan Stanley)
Series 2023
5.194% (SOFR + 1.63%), 07/01/2053(a)

     2,000       2,007,072  

5.234% (SOFR + 1.67%), 02/01/2054(a)

     2,000       2,005,194  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Community Housing Agency
(California Community Housing Agency Aster Apartments)
Series 2021-A
4.00%, 02/01/2056(b)

   $ 2,000     $ 1,613,650  

California Community Housing Agency
(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021
4.00%, 02/01/2056(b)

     5,000       3,938,318  

California Community Housing Agency
(California Community Housing Agency Fountains at Emerald Park)
Series 2021
3.00%, 08/01/2056(b)

     1,000       651,414  

4.00%, 08/01/2046(b)

     995       790,557  

California Community Housing Agency
(California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
3.00%, 02/01/2057(b)

     1,000       628,176  

California Community Housing Agency
(California Community Housing Agency Twin Creek Apartments)
Series 2022-A
4.50%, 08/01/2052(b)

     2,000       1,587,145  

California County Tobacco Securitization Agency
(Los Angeles County Securitization Corp.)
Series 2020-A
4.00%, 06/01/2035

     1,300       1,316,175  

California Educational Facilities Authority
(Chapman University)
Series 2015
5.00%, 04/01/2045

     4,000       4,035,782  

California Infrastructure & Economic Development Bank
(DesertXpress Enterprises LLC)
Series 2023
3.65%, 01/01/2050(b)

     7,315       7,296,174  

California Municipal Finance Authority
(CHF-Riverside II LLC)
Series 2019
5.00%, 05/15/2035

     1,000       1,048,126  

5.00%, 05/15/2036

     1,215       1,266,305  

 

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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
(LAX Integrated Express Solutions LLC)
Series 2018
5.00%, 12/31/2035

     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
(Poseidon Resources Channelside LP)
Series 2012
5.00%, 07/01/2037(b)

     5,795       5,796,044  

California School Finance Authority
(Equitas Academy Obligated Group)
Series 2018-A
5.00%, 06/01/2041(b)

     3,090       2,914,503  

California State University
Series 2021-B
2.374%, 11/01/2035

     2,000       1,481,762  

California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series 2016-A
5.00%, 12/01/2041(b)

     1,400       1,400,934  

Series 2018
5.25%, 12/01/2048(b)

     785       790,946  

Series 2018-A
5.50%, 12/01/2058(b)

     1,090       1,099,981  

City of Los Angeles CA Wastewater System Revenue
Series 2013-A
5.00%, 06/01/2033

     9,310       9,313,518  

City of Los Angeles Department of Airports
Series 2022
3.25%, 05/15/2049

     1,000       765,372  

5.25%, 05/15/2047

     5,000       5,298,692  

CMFA Special Finance Agency
(CMFA Special Finance Agency Enclave)
Series 2022-A
4.00%, 08/01/2058(b)

     2,000       1,453,128  

CMFA Special Finance Agency
(CMFA Special Finance Agency Solana at Grand)
Series 2021-A
4.00%, 08/01/2056(b)

     1,000       808,329  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
3.00%, 08/01/2056(b)

   $ 4,000     $ 2,507,887  

4.00%, 08/01/2047(b)

     970       751,934  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
3.25%, 05/01/2057(b)

     1,000       673,558  

4.00%, 05/01/2057(b)

     2,000       1,359,619  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2056(b)

     2,000       1,607,942  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Crescent)
Series 2022
4.30%, 07/01/2059(b)

     2,000       1,575,214  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.25%, 07/01/2056(b)

     1,000       655,203  

4.00%, 07/01/2058(b)

     1,000       659,441  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Oceanaire Apartments)
Series 2021
4.00%, 09/01/2056(b)

     1,000       692,559  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Park Crossing Apartments)
Series 2021
3.25%, 12/01/2058(b)

     1,500       951,897  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
3.00%, 12/01/2056(b)

     1,480       960,462  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Union South Bay)
Series 2021-A2
4.00%, 07/01/2056(b)

   $ 3,300     $ 2,334,952  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
3.25%, 10/01/2058(b)

     1,245       793,579  

CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Waterscape Apartments)
Series 2021-A
3.00%, 09/01/2056(b)

     2,000       1,300,606  

Golden State Tobacco Securitization Corp.
Series 2021
3.85%, 06/01/2050

     2,225       2,053,663  

Series 2021-B
Zero Coupon, 06/01/2066

     6,700       696,259  

Hastings Campus Housing Finance Authority
Series 2020-A
5.00%, 07/01/2061(b)

     3,100       2,575,812  

Manteca Unified School District
(Manteca Unified School District CFD No. 89-1)
NATL Series 2001
Zero Coupon, 09/01/2031

     11,910       8,725,056  

Morongo Band of Mission Indians (The)
Series 2018-A
5.00%, 10/01/2042(b)

     4,500       4,402,960  

Port of Los Angeles
Series 2014-A
5.00%, 08/01/2034

     5,790       5,820,930  

Sacramento County Water Financing Authority
(Sacramento County Water Agency)
NATL Series 2007-B
4.37% (LIBOR 3 Month + 0.57%), 06/01/2039(a)

     8,075       6,897,167  

San Diego County Regional Airport Authority
Series 2023
5.00%, 07/01/2043

     11,080       11,598,904  

San Diego Unified School District/CA
Series 2023
4.00%, 07/01/2053

     2,000       1,961,457  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

San Francisco Intl Airport
Series 2019-A
5.00%, 05/01/2044

   $ 17,000     $ 17,431,382  

Series 2023-E
5.25%, 05/01/2035

     5,000       5,651,302  

State of California
Series 2013
5.00%, 11/01/2029 (Pre-refunded/ETM)

     4,325       4,338,873  

Series 2023
5.00%, 09/01/2043

     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
(Sacramento County Tobacco Securitization Corp.)
Series 2021
Zero Coupon, 06/01/2060

     1,000       149,305  
    

 

 

 
       206,969,478  
    

 

 

 

Colorado – 1.3%

 

Centerra Metropolitan District No. 1
Series 2022
6.50%, 12/01/2053

     1,000       1,002,770  

City & County of Denver CO Airport System Revenue
Series 2022-A
5.00%, 11/15/2033

     1,000       1,112,515  

Series 2023-B
5.25%, 11/15/2034

     3,275       3,733,128  

Colorado Health Facilities Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2044

     1,675       1,709,421  

Colorado Health Facilities Authority
(Sanford Obligated Group)
Series 2019-A
5.00%, 11/01/2044

     1,000       1,026,560  

Douglas County Housing Partnership
(Bridgewater Castle Rock ALF LLC)
Series 2021
5.375%, 01/01/2041(c)

     2,500       1,811,464  

E-470 Public Highway Authority
Series 2021-B
3.914% (SOFR + 0.35%), 09/01/2039(a)

     2,000       1,993,521  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Johnstown Plaza Metropolitan District
Series 2022
4.25%, 12/01/2046

   $ 1,128     $ 896,140  

Park Creek Metropolitan District
Series 2015-A
5.00%, 12/01/2034

     1,300       1,329,757  

Platte River Metropolitan District
Series 2023-A
6.50%, 08/01/2053(b)

     750       757,323  

State of Colorado
(State of Colorado COP)
Series 2022
6.00%, 12/15/2041

     5,000       5,930,394  

Sterling Ranch Community Authority Board
(Sterling Ranch Metropolitan District No. 3)
Series 2022
6.50%, 12/01/2042

     1,175       1,199,413  
    

 

 

 
       22,502,406  
    

 

 

 

Connecticut – 1.7%

 

Connecticut State Health & Educational Facilities Authority
(Fairfield University)
Series 2022-U
4.00%, 07/01/2052

     10,000       9,148,059  

Connecticut State Health & Educational Facilities Authority
(Yale University)
Series 2023-A
2.80%, 07/01/2048

     6,175       6,070,435  

State of Connecticut
Series 2015-B
5.00%, 06/15/2032

     2,350       2,407,383  

Series 2015-F
5.00%, 11/15/2030

     2,000       2,062,568  

5.00%, 11/15/2031

     2,500       2,577,508  

State of Connecticut Special Tax Revenue
Series 2023-A
5.25%, 07/01/2042

     7,000       7,986,481  
    

 

 

 
       30,252,434  
    

 

 

 

Delaware – 0.0%

 

Delaware State Economic Development Authority
(Newark Charter School, Inc.)
Series 2016
5.00%, 09/01/2046

     550       551,570  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

District of Columbia – 1.9%

 

District of Columbia Income Tax Revenue
Series 2024-A
$ 5.00%, 10/01/2036(h)

   $ 10,500     $ 12,137,742  

Metropolitan Washington Airports Authority Aviation Revenue
Series 2018-A
5.00%, 10/01/2038

     2,630       2,728,565  

Series 2021-A
5.00%, 10/01/2046

     10,000       10,396,677  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue
AGM Series 2019
4.00%, 10/01/2053

     2,990       2,794,040  

AGM Series 2022
4.00%, 10/01/2052

     6,975       6,528,574  
    

 

 

 
       34,585,598  
    

 

 

 

Florida – 4.2%

 

Align Affordable Housing Bond Fund LP
(SHI – Lake Worth LLC)
Series 2021
3.25%, 12/01/2051(b)

     3,000       2,574,948  

Bexley Community Development District
Series 2016
4.70%, 05/01/2036

     1,750       1,678,771  

Brevard County Health Facilities Authority
(Health First, Inc. Obligated Group)
Series 2014
5.00%, 04/01/2033

     1,500       1,505,491  

Cape Coral Health Facilities Authority
(Gulf Care, Inc. Obligated Group)
Series 2015
5.875%, 07/01/2040(b)

     1,000       682,034  

Capital Trust Agency, Inc.
(Educational Growth Fund LLC)
Series 2021
Zero Coupon, 07/01/2061(b)

     5,000       323,631  

5.00%, 07/01/2056(b)

     3,000       2,644,778  

Capital Trust Agency, Inc.
(Team Success A School of Excellence, Inc.)
Series 2020
4.25%, 06/01/2030(b)

     1,585       1,483,811  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

City of Tampa FL
(State of Florida Cigarette Tax Revenue)
Series 2020-A
Zero Coupon, 09/01/2038

   $ 1,000     $ 468,242  

County of Broward FL Airport System Revenue
Series 2019-A
5.00%, 10/01/2038

     1,340       1,399,458  

Series 2019-C
2.384%, 10/01/2026

     5,500       5,112,980  

County of Miami-Dade FL Aviation Revenue
Series 2014-A
5.00%, 10/01/2033

     1,700       1,704,235  

Series 2015-A
5.00%, 10/01/2038

     4,300       4,319,495  

Series 2019-A
5.00%, 10/01/2049

     2,500       2,533,402  

County of Pasco FL
(H Lee Moffitt Cancer Center & Research Institute Obligated Group)
Series 2023
5.00%, 07/01/2030(b)

     10,000       10,812,267  

Escambia County Housing Finance Authority
Series 2023-A
6.88%, 11/01/2053(b)

     220       230,752  

Escambia County Housing Finance Authority
(4900 S. Rio Grande Avenue LP)
Series 2023-B
6.45%, 05/01/2027(b)

     605       615,062  

Florida Development Finance Corp.
(Assistance Unlimited, Inc.)
Series 2022
6.00%, 08/15/2057(b)

     1,000       931,874  

Florida Development Finance Corp.
(Brightline Trains Florida LLC)
Series 2020
7.375%, 01/01/2049(b)

     1,000       1,002,728  

Florida Development Finance Corp.
(Mater Academy, Inc.)
Series 2020-A
5.00%, 06/15/2050

     1,000       993,013  

Florida Development Finance Corp.
(Seaside School Consortium, Inc.)
Series 2022
6.00%, 06/15/2057

     1,000       1,036,533  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Florida Higher Educational Facilities Financial Authority
(Nova Southeastern University, Inc.)
Series 2016
5.00%, 04/01/2032

   $ 1,125     $ 1,154,548  

Greater Orlando Aviation Authority
Series 2017-A
5.00%, 10/01/2031

     1,200       1,260,378  

Halifax Hospital Medical Center
(Halifax Hospital Medical Center Obligated Group)
Series 2016
5.00%, 06/01/2036

     2,190       2,215,713  

Marshall Creek Community Development District
Series 2016
6.32%, 05/01/2045

     115       111,469  

Marshall Creek Community Development District
(Marshall Creek Community Development District 2002A)
Series 2017
5.00%, 05/01/2032

     1,305       1,280,238  

Miami-Dade County Expressway Authority
Series 2014-B
5.00%, 07/01/2031

     3,750       3,781,929  

North Broward Hospital District
Series 2017-B
5.00%, 01/01/2035

     5,230       5,449,472  

Orange County Health Facilities Authority
(Presbyterian Retirement Communities, Inc. Obligated Group)
Series 2023
4.00%, 08/01/2042

     1,000       855,391  

Orange County School Board
(Orange County School Board COP)
Series 2016-C
5.00%, 08/01/2034

     5,000       5,154,904  

Polk County Industrial Development Authority
(Mineral Development LLC)
Series 2020
5.875%, 01/01/2033(b)

     1,000       995,436  

Sarasota County Health Facilities Authority
(Village On the Isle)
Series 2017-A
5.00%, 01/01/2042

     1,100       977,367  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

South Florida Water Management District
(South Florida Water Management District COP)
Series 2016
5.00%, 10/01/2033

   $ 5,000     $ 5,205,711  

St. Johns County Industrial Development Authority
(Presbyterian Retirement Communities, Inc. Obligated Group)
Series 2020
4.00%, 08/01/2055

     1,000       778,856  

Tampa-Hillsborough County Expressway Authority
Series 2017-C
5.00%, 07/01/2048

     2,640       2,716,132  

Village Community Development District No. 15
Series 2023
5.25%, 05/01/2054(b)

     250       248,109  
    

 

 

 
       74,239,158  
    

 

 

 

Georgia – 3.7%

 

City of Atlanta GA Department of Aviation
Series 2022-B
5.00%, 07/01/2047

     10,000       10,437,208  

DeKalb County Housing Authority
(HADC Avenues LLC)
Series 2023
6.17%, 06/01/2053(b)

     2,155       2,095,179  

7.00%, 06/01/2041(b)

     500       489,651  

Development Authority of Appling County
(Oglethorpe Power Corp.)
Series 2020
1.50%, 01/01/2038

     2,300       2,196,911  

Development Authority of Burke County (The)
(Georgia Power Co.)
Series 2023
3.875%, 10/01/2032

     3,245       3,220,966  

Development Authority of Burke County (The)
(Oglethorpe Power Corp.)
Series 2020
1.50%, 01/01/2040

     7,350       7,020,563  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Development Authority of Monroe County (The)
(Georgia Power Co.)
Series 2023
3.875%, 10/01/2048

   $ 3,750     $ 3,722,226  

Main Street Natural Gas, Inc.
(Citadel LP)
Series 2022-C
4.00%, 08/01/2052(b)

     3,650       3,463,854  

Main Street Natural Gas, Inc.
(Citigroup, Inc.)
Series 2023-D
5.00%, 05/01/2054

     5,000       5,170,040  

Main Street Natural Gas, Inc.
(Royal Bank of Canada)
Series 2023
5.264% (SOFR + 1.70%), 12/01/2053(a)

     5,000       5,037,558  

Series 2023-C
5.00%, 09/01/2053

     5,000       5,222,915  

Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2037

     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
5.50%, 07/01/2063

     2,000       2,069,205  

Private Colleges & Universities Authority
(Emory University)
Series 2023
5.00%, 09/01/2033(b)

     10,000       11,433,782  
    

 

 

 
       65,324,973  
    

 

 

 

Guam – 0.4%

 

Territory of Guam
Series 2019
5.00%, 11/15/2031

     235       240,374  

Territory of Guam
(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2029

     1,840       1,887,075  

5.00%, 12/01/2030

     565       578,426  

5.00%, 12/01/2032

     790       809,029  

Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2015
5.00%, 11/15/2029

     2,000       2,027,664  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2015-D
5.00%, 11/15/2033

   $ 410     $ 413,826  

5.00%, 11/15/2035

     1,365       1,374,229  
    

 

 

 
       7,330,623  
    

 

 

 

Hawaii – 0.9%

 

State of Hawaii
Series 2016-F
4.00%, 10/01/2031

     3,000       3,057,624  

4.00%, 10/01/2033

     5,000       5,080,355  

State of Hawaii Airports System Revenue
Series 2022-A
5.00%, 07/01/2051

     7,855       8,102,613  
    

 

 

 
       16,240,592  
    

 

 

 

Idaho – 0.1%

 

Idaho Health Facilities Authority
(North Canyon Medical Center, Inc.)
Series 2023
7.125%, 11/01/2057

     1,000       1,034,112  
    

 

 

 

Illinois – 6.3%

    

Chicago Board of Education
Series 2012-B
5.00%, 12/01/2033

     1,605       1,600,000  

Series 2017-D
5.00%, 12/01/2031

     1,800       1,824,917  

Series 2017-G
5.00%, 12/01/2034

     2,350       2,376,550  

Series 2019-B
5.00%, 12/01/2030

     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
5.00%, 12/01/2034

     3,000       3,139,535  

Chicago O’Hare International Airport
Series 2022
4.625%, 01/01/2053

     4,000       3,941,172  

5.50%, 01/01/2055

     10,900       11,609,301  

Chicago Transit Authority Capital Grant Receipts Revenue
(City of Chicago IL Fed Hwy Grant)
Series 2021
5.00%, 06/01/2027

     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  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Illinois Finance Authority
(Park Place of Elmhurst Obligated Group)
Series 2021
5.125%, 05/15/2060

   $ 3,010     $ 1,634,180  

Illinois Housing Development Authority
Series 2022
5.67%, 12/01/2025(b)

     1,500       1,499,748  

7.17%, 11/01/2038

     150       150,561  

Illinois State Toll Highway Authority
Series 2017-A
5.00%, 01/01/2042

     15,000       15,588,686  

Series 2021-A
5.00%, 01/01/2043

     15,000       16,201,742  

Kane Cook & DuPage Counties School District No. U-46 Elgin
Series 2015-D
5.00%, 01/01/2034

     2,120       2,120,940  

5.00%, 01/01/2034 (Pre-refunded/ETM)

     280       280,342  

Metropolitan Pier & Exposition Authority
Series 2017-A
5.00%, 06/15/2057

     1,000       1,007,297  

Series 2020
5.00%, 06/15/2050

     12,310       12,464,412  

Series 2022
4.00%, 12/15/2042

     1,000       959,783  

State of Illinois
Series 2017-D
5.00%, 11/01/2028

     8,700       9,212,813  

Series 2018-A
5.00%, 10/01/2027

     2,000       2,113,705  

Series 2019-B
4.00%, 11/01/2036

     7,030       7,001,274  

Series 2023-B
5.00%, 05/01/2033

     6,000       6,656,011  

Village of Pingree Grove IL Special Service Area No. 7
Series 2015
4.50%, 03/01/2025

     263       261,948  

5.00%, 03/01/2036

     2,317       2,218,559  

Series 2015-B
6.00%, 03/01/2036

     645       645,691  
    

 

 

 
       111,666,210  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Indiana – 1.5%

 

City of Whiting IN
(BP PLC)
Series 2023
4.40%, 11/01/2045

   $ 4,000     $ 4,019,091  

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

     3,600       2,625,544  

Indiana Finance Authority
(CWA Authority, Inc.)
Series 2024
5.00%, 10/01/2035(h)

     2,125       2,352,809  

Indiana Finance Authority
(Good Samaritan Hospital Obligated Group)
Series 2022
5.00%, 04/01/2029

     1,080       1,101,404  

Indiana Finance Authority
(Ohio Valley Electric Corp.)
Series 2020
3.00%, 11/01/2030

     1,085       1,008,474  

Series 2020-A
3.00%, 11/01/2030

     1,295       1,201,450  

Series 2021-B
2.50%, 11/01/2030

     525       470,899  

Indiana Housing & Community Development Authority
(Vita of Marion LLC)
Series 2021-B
4.00%, 04/01/2024

     900       891,365  

Indianapolis Local Public Improvement Bond Bank
Series 2023
6.00%, 03/01/2053(h)

     1,500       1,548,103  

Series 2023-F
7.75%, 03/01/2067(h)

     1,000       1,017,712  

BAM Series 2023
5.25%, 03/01/2067(h)

     10,000       10,355,664  
    

 

 

 
       26,592,515  
    

 

 

 

Iowa – 0.6%

 

Iowa Finance Authority
Series 2022-E
4.524% (SOFR + 0.80%), 01/01/2052(a)

     5,000       4,962,403  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Iowa Finance Authority
(Wesley Retirement Services, Inc. Obligated Group)
Series 2021
4.00%, 12/01/2031

   $ 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
Series 2021-B
4.00%, 06/01/2049

     4,065       3,944,705  
    

 

 

 
       11,040,758  
    

 

 

 

Kansas – 0.2%

 

City of Overland Park KS Sales Tax Revenue
Series 2022
6.00%, 11/15/2034(b)

     155       158,522  

6.50%, 11/15/2042(b)

     1,185       1,203,433  

Kansas Development Finance Authority
(State of Kansas Department of Administration Lease)
Series 2021-K
1.369%, 05/01/2027

     2,405       2,135,984  
    

 

 

 
       3,497,939  
    

 

 

 

Kentucky – 0.8%

 

City of Henderson KY
(Pratt Paper LLC)
Series 2022
3.70%, 01/01/2032(b)

     930       878,859  

County of Trimble KY
(Louisville Gas and Electric Co.)
Series 2020
1.30%, 09/01/2044

     1,500       1,294,887  

Kentucky Economic Development Finance Authority
(Louisville Arena Authority, Inc.)
AGM Series 2017-A
5.00%, 12/01/2047

     1,250       1,250,287  

Kentucky Economic Development Finance Authority
(Owensboro Health, Inc. Obligated Group)
Series 2015
5.25%, 06/01/2050

     3,015       2,981,822  

Kentucky Public Energy Authority
(BP PLC)
Series 2020-A
4.00%, 12/01/2050

     3,000       2,951,291  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Louisville/Jefferson County Metropolitan Government
(Norton Healthcare Obligated Group)
Series 2016
5.00%, 10/01/2030

   $ 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
(Louisiana Utilities Restoration Corp. ELL System Restoration Revenue) Louisiana Local Government Environmental Facilities & Community Development Auth
Series 2023
5.048%, 12/01/2034

     2,180       2,158,784  

Louisiana Local Government Environmental Facilities & Community Development Auth
(Woman’s Hospital Foundation)
Series 2017
5.00%, 10/01/2033

     3,790       3,946,576  

5.00%, 10/01/2044

     3,500       3,546,025  

Louisiana Public Facilities Authority
Series 2016
5.00%, 05/15/2034 (Pre-refunded/ETM)

     20       20,891  

Louisiana Public Facilities Authority
(ElementUS Minerals LLC)
Series 2023
5.00%, 10/01/2043(b)

     5,000       5,071,684  

Louisiana Public Facilities Authority
(Ochsner Clinic Foundation Obligated Group)
Series 2016
5.00%, 05/15/2034

     1,730       1,776,089  

Parish of St. James LA
(NuStar Logistics LP)
Series 2020-2
6.35%, 07/01/2040(b)

     555       596,733  

Parish of St. John the Baptist LA
(Marathon Oil Corp.)
Series 2019
2.10%, 06/01/2037

     600       589,487  

2.20%, 06/01/2037

     365       346,583  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

State of Louisiana Gasoline & Fuels Tax Revenue
Series 2017-C
5.00%, 05/01/2035

   $ 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.
(Ports America Chesapeake LLC)
Series 2017-A
5.00%, 06/01/2035

     1,035       1,076,220  

Maryland Economic Development Corp.
(Purple Line Transit Partners LLC)
Series 2022
5.25%, 06/30/2052

     6,000       6,088,370  

Maryland Health & Higher Educational Facilities Authority
(TidalHealth Obligated Group)
Series 2020
4.00%, 07/01/2036

     305       302,785  

4.00%, 07/01/2037

     360       350,665  

5.00%, 07/01/2046

     2,960       3,045,442  

Maryland Stadium Authority
(Baltimore City Public School Construction Financing Fund)
Series 2020
5.00%, 05/01/2050

     3,000       3,280,366  

Maryland State Transportation Authority
Series 2021-A
5.00%, 07/01/2051

     4,990       5,312,722  

State of Maryland Department of Transportation
(Baltimore/Washington International Thurgood Marshall Airport)
Series 2021
5.00%, 08/01/2035

     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
Series 2023
5.00%, 06/01/2053

     10,000       10,752,014  

Series 2023-B
5.00%, 06/01/2051

     5,000       5,387,003  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Massachusetts Bay Transportation Authority Sales Tax Revenue
Series 2023-A
5.25%, 07/01/2053

   $ 4,840     $ 5,325,984  

Massachusetts Development Finance Agency
(Emerson College)
Series 2018
5.00%, 01/01/2048

     1,180       1,180,848  

Massachusetts Development Finance Agency
(Mass General Brigham, Inc.)
Series 2016Q
5.00%, 07/01/2041

     10,000       10,219,071  

Massachusetts Development Finance Agency
(Tufts Medicine Obligated Group)
Series 2019-A
4.00%, 07/01/2044

     4,005       3,449,466  

5.00%, 07/01/2044

     2,000       1,955,724  

Massachusetts Development Finance Agency
(UMass Memorial Health Care Obligated Group)
Series 2016
5.00%, 07/01/2036

     2,385       2,441,905  

Series 2017-L
5.00%, 07/01/2044

     5,000       5,065,750  

Massachusetts Port Authority
Series 2021-E
5.00%, 07/01/2051

     5,000       5,132,521  
    

 

 

 
       50,910,286  
    

 

 

 

Michigan – 1.7%

 

City of Detroit MI
Series 2014-B
4.00%, 04/01/2044(f)

     2,000       1,395,951  

Series 2018
5.00%, 04/01/2036

     835       857,929  

Series 2021-A
5.00%, 04/01/2031

     1,210       1,289,907  

Series 2021-B
2.189%, 04/01/2024

     400       393,322  

2.511%, 04/01/2025

     1,030       968,430  

3.644%, 04/01/2034

     275       206,564  

Series 2023-A
6.00%, 05/01/2039

     2,000       2,238,344  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

City of Detroit MI Sewage Disposal System Revenue
(Great Lakes Water Authority Sewage Disposal System Revenue)
AGM Series 2006-D
4.39% (LIBOR 3 Month + 0.60%), 07/01/2032(a)

   $ 5,000     $ 4,640,343  

Kalamazoo Economic Development Corp.
(Heritage Community of Kalamazoo Obligated Group)
Series 2020
5.00%, 05/15/2055

     2,000       1,554,199  

Michigan Finance Authority
(Great Lakes Water Authority Water Supply System Revenue)
Series 2014-D4
5.00%, 07/01/2034

     11,225       11,268,361  

Michigan Finance Authority
(Michigan Finance Authority Tobacco Settlement Revenue)
Series 2020-A
3.267%, 06/01/2039

     2,000       1,778,829  

Series 2020-B
Zero Coupon, 06/01/2065

     1,250       118,959  

Michigan Finance Authority
(Public Lighting Authority)
Series 2014-B
5.00%, 07/01/2033

     2,485       2,493,485  

Plymouth Educational Center Charter School
Series 2005
5.375%, 11/01/2030

     2,000       1,220,000  
    

 

 

 
       30,424,623  
    

 

 

 

Minnesota – 0.4%

 

Dakota County Community Development Agency
(Rosemont AH I LLLP)
Series 2023
5.30%, 07/01/2028(b)

     520       517,974  

5.66%, 07/01/2041(b)

     1,415       1,378,082  

Minneapolis-St Paul Metropolitan Airports Commission
Series 2022-B
5.00%, 01/01/2047

     4,500       4,613,283  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Minnesota Higher Education Facilities Authority
(St. Olaf College)
Series 2015-8
5.00%, 12/01/2030

   $ 1,000     $ 1,030,643  
    

 

 

 
       7,539,982  
    

 

 

 

Mississippi – 0.1%

 

Mississippi Business Finance Corp.
(Alden Group Renewable Energy Mississippi LLC)
Series 2022
8.00%, 12/01/2029(c)

     1,250       1,221,660  
    

 

 

 

Missouri – 1.4%

 

Health & Educational Facilities Authority of the State of Missouri
(Lutheran Senior Services Obligated Group)
Series 2019
4.00%, 02/01/2042

     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
(Mercy Health/MO)
Series 2023
5.50%, 12/01/2048

     10,000       10,932,938  

Howard Bend Levee District
XLCA Series 2005
5.75%, 03/01/2025

     190       191,672  

5.75%, 03/01/2027

     175       177,845  

Joplin Industrial Development Authority
(Freeman Health System Obligated Group)
Series 2015
5.00%, 02/15/2035

     1,485       1,486,498  

Kansas City Industrial Development Authority
Series 2019
5.00%, 07/01/2040(b)

     425       364,351  

Kansas City Industrial Development Authority
(Kingswood Senior Living Community)
Series 2021
2.00%, 11/15/2046

     522       24,445  

5.00%, 11/15/2046

     1,169       834,270  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2021-A
10.00%, 11/15/2037

   $ 360     $ 307,349  

Series 2021-C
7.50%, 11/15/2046

     288       216,101  

Lee’s Summit Industrial Development Authority
(John Knox Village Obligated Group)
Series 2021-A
5.00%, 08/15/2056

     2,700       2,082,487  
    

 

 

 
       24,227,466  
    

 

 

 

Nebraska – 0.1%

 

Central Plains Energy Project
(Goldman Sachs Group, Inc. (The))
Series 2017-A
5.00%, 09/01/2028

     2,620       2,722,301  
    

 

 

 

Nevada – 1.4%

 

Carson City NV
(Carson Tahoe Regional Healthcare)
Series 2017
5.00%, 09/01/2042

     1,965       1,977,881  

City of Reno NV
(County of Washoe NV Sales Tax Revenue)
Series 2018-C
Zero Coupon, 07/01/2058(b)

     2,000       247,775  

Clark County School District AGM
Series 2019-B
3.00%, 06/15/2036

     6,725       6,053,801  

3.00%, 06/15/2037

     4,305       3,768,776  

Clark County Water Reclamation District
Series 2023
5.00%, 07/01/2049

     10,000       10,703,594  

State of Nevada Department of Business & Industry
(DesertXpress Enterprises LLC)
Series 2023
3.70%, 01/01/2050(b)

     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.
Series 2014
5.25%, 11/01/2044

     1,680       1,684,405  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Essex County Improvement Authority
(Friends of TEAM Academy Charter School Obligated Group)
Series 2021
4.00%, 06/15/2051

   $ 1,700     $ 1,451,488  

Morris-Union Jointure Commission
(Morris-Union Jointure Commission COP) AGM Series 2013
5.00%, 08/01/2025

     2,055       2,057,766  

New Jersey Economic Development Authority
(Middlesex Water Co.)
Series 2019
4.00%, 08/01/2059

     1,275       1,088,071  

New Jersey Economic Development Authority
(New Jersey Economic Development Authority State Lease)
Series 2017-D
5.00%, 06/15/2034 (Pre-refunded/ETM)

     2,000       2,153,191  

5.00%, 06/15/2035 (Pre-refunded/ETM)

     1,560       1,679,489  

New Jersey Economic Development Authority
(New Jersey-American Water Co., Inc.)
Series 2023
3.75%, 11/01/2034

     2,000       1,984,901  

New Jersey Economic Development Authority
(Port Newark Container Terminal LLC)
Series 2017
5.00%, 10/01/2037

     3,320       3,353,124  

New Jersey Economic Development Authority
(State of New Jersey)
Series 2024-S
5.00%, 06/15/2034(h)

     3,250       3,590,462  

New Jersey Educational Facilities Authority
(Ramapo College of New Jersey)
AGM Series 2022-A
4.00%, 07/01/2042

     725       706,715  

4.00%, 07/01/2047

     285       272,537  

New Jersey Health Care Facilities Financing Authority
(New Jersey Health Care Facilities Financing Authority State Lease)
Series 2017
5.00%, 10/01/2034

     5,000       5,310,459  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2027

   $ 5,000     $ 5,217,853  

5.00%, 06/15/2029

     2,175       2,267,190  

New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Trust Fund Authority State Lease)
Series 2018-A
5.00%, 12/15/2033

     1,640       1,767,299  

5.00%, 12/15/2035

     1,000       1,070,443  

Series 2022
4.00%, 06/15/2050

     7,585       7,146,676  

Series 2023-B
5.00%, 06/15/2040

     2,985       3,298,500  

5.00%, 06/15/2043

     1,985       2,145,098  

New Jersey Turnpike Authority
Series 2014-A
5.00%, 01/01/2033

     4,750       4,777,743  

Series 2015-E
5.00%, 01/01/2033

     11,000       11,172,538  

Series 2017-A
5.00%, 01/01/2034

     5,000       5,237,824  

Tobacco Settlement Financing Corp./NJ
Series 2018-B
5.00%, 06/01/2046

     11,355       11,382,090  

Union County Utilities Authority
(County of Union NJ Lease)
Series 2011-A
5.25%, 12/01/2031

     4,105       4,109,866  
    

 

 

 
       84,925,728  
    

 

 

 

New York – 10.2%

 

Build NYC Resource Corp.
(Albert Einstein College of Medicine, Inc.)
Series 2016
5.50%, 09/01/2045(b)

     6,860       6,574,189  

City of New York NY
Series 2021
1.396%, 08/01/2027

     5,205       4,589,544  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Dutchess County Local Development Corp.
(Bard College)
Series 2020-A
5.00%, 07/01/2051

   $ 2,475     $ 2,481,589  

Long Island Power Authority
Series 2023-E
5.00%, 09/01/2048

     2,650       2,863,556  

5.00%, 09/01/2053

     2,350       2,527,080  

Metropolitan Transportation Authority
Series 2016-D
5.00%, 11/15/2027

     1,000       1,037,922  

5.00%, 11/15/2031

     5,000       5,175,205  

Series 2017-B
5.00%, 11/15/2024

     1,755       1,781,580  

Series 2017-C
5.00%, 11/15/2028

     1,000       1,074,714  

5.00%, 11/15/2033

     5,500       5,870,301  

Series 2020-C
5.25%, 11/15/2055

     1,000       1,032,976  

Series 2020-D
5.00%, 11/15/2043

     1,000       1,041,942  

Series 2020-E
4.00%, 11/15/2026

     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
4.00%, 11/15/2050

     2,000       1,802,090  

Series 2021-D
3.894% (SOFR + 0.33%), 11/01/2035(a)

     2,365       2,361,660  

Metropolitan Transportation Authority
(Prerefunded – US Treasuries)
Series 2013-E
5.00%, 11/15/2032 (Pre-refunded/ETM)

     5,000       5,006,989  

New York City Municipal Water Finance Authority
Series 2014-D
5.00%, 06/15/2035

     4,000       4,014,487  

Series 2022-A
5.25%, 06/15/2052

     5,000       5,483,360  

Series 2023
5.00%, 06/15/2034

     2,000       2,403,323  

New York City Transitional Finance Authority Building Aid Revenue
(New York City Transitional Finance Authority Building Aid Revenue State Lease)
Series 2018-S
5.00%, 07/15/2036

     14,800       15,835,232  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2014-B1
5.00%, 08/01/2032

   $ 4,000     $ 4,028,441  

Series 2014-D1
5.00%, 02/01/2034

     5,000       5,007,081  

Series 2017-E1
5.00%, 02/01/2036

     2,500       2,623,267  

New York Liberty Development Corp.
(3 World Trade Center LLC)
Series 2014
5.375%, 11/15/2040(b)

     300       299,825  

7.25%, 11/15/2044(b)

     510       513,061  

New York Power Authority
(New York Power Authority SFP Transmission Project) AGM
Series 2023
5.00%, 11/15/2048

     8,000       8,604,671  

5.00%, 11/15/2053

     2,000       2,141,094  

New York State Dormitory Authority
(State of New York Pers Income Tax)
Series 2015-E
5.00%, 03/15/2034

     10,000       10,258,974  

5.25%, 03/15/2033

     2,000       2,062,098  

New York State Environmental Facilities Corp.
(New York City Municipal Water Finance Authority)
Series 2020
2.75%, 09/01/2050

     2,000       1,916,950  

New York State Thruway Authority
(New York State Thruway Authority Gen Toll Road)
Series 2016-A
5.00%, 01/01/2034

     2,070       2,118,403  

Series 2019-B
4.00%, 01/01/2050

     4,635       4,264,663  

Series 2021-O
4.00%, 01/01/2043

     1,000       992,760  

New York Transportation Development Corp.
(Delta Air Lines, Inc.)
Series 2018
4.00%, 01/01/2036

     3,525       3,277,919  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2020
4.00%, 10/01/2030

   $ 5,345     $ 5,154,565  

Series 2023
5.625%, 04/01/2040

     6,500       6,737,927  

New York Transportation Development Corp.
(JFK International Air Terminal LLC)
Series 2022
5.00%, 12/01/2040

     2,000       2,066,576  

New York Transportation Development Corp.
(JFK NTO LLC)
Series 2023
5.375%, 06/30/2060(h)

     1,000       1,000,266  

AGM Series 2023
5.00%, 06/30/2049(h)

     1,000       1,006,853  

New York Transportation Development Corp.
(Laguardia Gateway Partners LLC)
Series 2016-A
5.00%, 07/01/2046

     3,930       3,890,768  

Niagara Area Development Corp.
(Covanta Holding Corp.)
Series 2018-A
4.75%, 11/01/2042(b)

     3,235       2,593,662  

Oneida County Local Development Corp.
(Hamilton College)
Series 2021
5.00%, 07/01/2051

     3,200       3,514,964  

Port Authority of New York & New Jersey
Series 2014
5.00%, 09/01/2030

     10,000       10,070,041  

5.00%, 09/01/2031

     3,750       3,775,992  

Triborough Bridge & Tunnel Authority
Series 2020-A
5.00%, 11/15/2049

     2,000       2,114,809  

Triborough Bridge & Tunnel Authority
(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021-A
2.591%, 05/15/2036

     2,000       1,500,701  

2.917%, 05/15/2040

     2,000       1,427,916  

Series 2021-C
5.00%, 05/15/2051

     5,000       5,305,478  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2022-E
4.614% (SOFR + 1.05%), 04/01/2026(a)

   $ 4,000     $ 3,999,113  

Series 2023
5.00%, 11/15/2043

     2,000       2,208,548  
    

 

 

 
       181,173,693  
    

 

 

 

North Carolina – 0.8%

 

City of Charlotte NC Airport Revenue
Series 2023
5.00%, 07/01/2044

     1,250       1,321,483  

5.25%, 07/01/2053

     7,250       7,716,403  

Fayetteville State University
Series 2023
4.00%, 04/01/2024(b)

     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
(State of North Carolina Fed Hwy Grant)
Series 2015
5.00%, 03/01/2030

     5,000       5,095,206  
    

 

 

 
       14,995,663  
    

 

 

 

Ohio – 2.7%

 

Buckeye Tobacco Settlement Financing Authority
Series 2020-B
5.00%, 06/01/2055

     6,910       6,096,249  

County of Cuyahoga OH
(MetroHealth System (The))
Series 2017
5.00%, 02/15/2042

     8,000       8,041,203  

County of Hamilton OH
Series 2023
5.00%, 06/01/2042(h)

     2,000       2,026,340  

County of Hamilton OH
(UC Health Obligated Group)
Series 2020
5.00%, 09/15/2050

     3,045       3,049,979  

County of Washington OH
(Marietta Area Health Care, Inc. Obligated Group)
Series 2022
6.625%, 12/01/2042

     2,000       2,054,881  

6.75%, 12/01/2052

     1,000       1,032,900  

Ohio Air Quality Development Authority
(American Electric Power Co., Inc.)
Series 2019
2.10%, 10/01/2028

     3,925       3,813,770  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Ohio Higher Educational Facility Commission
(University of Dayton)
Series 2022
5.00%, 02/01/2040

   $ 7,195     $ 7,712,207  

5.00%, 02/01/2052

     4,000       4,150,621  

Ohio State University (The)
Series 2023
5.25%, 12/01/2046

     1,000       1,107,536  

University of Toledo
Series 2023-B
4.617% (SOFR + 0.90%), 06/01/2036(a)(c)

     10,000       9,759,451  
    

 

 

 
       48,845,137  
    

 

 

 

Oklahoma – 0.4%

 

Oklahoma Development Finance Authority Oklahoma Development Finance Authority
Series 2022
4.714%, 05/01/2052

     5,000       4,564,144  

Oklahoma Development Finance Authority
(OU Medicine Obligated Group)
Series 2022-A
5.50%, 08/15/2044

     2,360       2,240,828  
    

 

 

 
       6,804,972  
    

 

 

 

Oregon – 0.3%

 

Medford Hospital Facilities Authority
(Asante Health System Obligated Group)
Series 2020-A
4.00%, 08/15/2050

     5,000       4,610,758  

Multnomah County School District No. 40
Series 2023-A
Zero Coupon, 06/15/2043

     1,000       381,964  

Umatilla County School District No. 6R Umatilla
Series 2023-B
Zero Coupon, 06/15/2053

     2,000       457,673  
    

 

 

 
       5,450,395  
    

 

 

 

Other – 0.2%

 

Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
(FHLMC Multifamily VRD Certificates)
2.65%, 06/15/2036(b)

     5,340       4,225,438  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

    

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Pennsylvania – 5.3%

 

Berks County Industrial Development Authority
(Tower Health Obligated Group)
Series 2017
5.00%, 11/01/2047

   $ 600     $ 318,090  

Berks County Municipal Authority (The)
(Tower Health Obligated Group)
Series 2020-B
5.00%, 02/01/2040

     2,000       1,367,875  

Bucks County Industrial Development Authority
(Grand View Hospital/Sellersville PA Obligated Group)
Series 2021
5.00%, 07/01/2027

     1,475       1,440,376  

Chambersburg Area Municipal Authority
(Wilson College)
Series 2018
5.75%, 10/01/2038

     2,350       2,215,608  

5.75%, 10/01/2043

     5,000       4,574,488  

Chester County Industrial Development Authority
(Collegium Charter School)
Series 2022
5.00%, 10/15/2032(b)

     930       924,685  

City of Philadelphia PA Water & Wastewater Revenue
AGM Series 2023-B
5.00%, 09/01/2037

     1,250       1,411,275  

Cumberland County Municipal Authority
(Penn State Health Obligated Group)
Series 2019
4.00%, 11/01/2036

     285       278,939  

Geisinger Authority
(Geisinger Health System Obligated Group)
Series 2020
4.00%, 04/01/2039

     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
(Thomas Jefferson University Obligated Group)
Series 2022
5.00%, 05/01/2052

     2,000       2,034,604  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Moon Industrial Development Authority
(Baptist Homes Society Obligated Group)
Series 2015
6.125%, 07/01/2050

   $ 1,000     $ 705,957  

Moon Industrial Development Authority
(Baptist Homes Society)
Series 2015
6.00%, 07/01/2045

     5,375       3,847,099  

Pennsylvania Economic Development Financing Authority
(Commonwealth of Pennsylvania Department of Transportation)
Series 2022
6.00%, 06/30/2061

     10,000       10,966,521  

Pennsylvania Economic Development Financing Authority
(PA Bridges Finco LP)
Series 2015
5.00%, 06/30/2042

     1,000       1,001,830  

Pennsylvania Economic Development Financing Authority
(UPMC Obligated Group)
Series 2022-C
4.00% (MUNIPSA + 0.70%),
11/15/2047(a)

     10,000       9,875,506  

Pennsylvania Turnpike Commission
Series 2019-A
5.00%, 12/01/2038

     2,655       2,835,403  

Series 2022-A
5.00%, 12/01/2036

     1,000       1,134,857  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue
Series 2018-B
5.00%, 12/01/2038

     1,500       1,578,062  

5.00%, 12/01/2039

     3,000       3,144,695  

Pennsylvania Turnpike Commission Registration Fee Revenue
Series 2023
4.15% (MUNIPSA + 0.85%),
07/15/2041(a)

     10,000       9,972,019  

Philadelphia Authority for Industrial Development
(Greater Philadelphia Health Action, Inc.)
Series 2015-A
6.375%, 06/01/2040

     3,100       3,003,319  

Philadelphia Gas Works Co.
Series 2017
5.00%, 08/01/2042

     2,000       2,042,391  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Pittsburgh Water & Sewer Authority
AGM Series 2023-C
4.524% (SOFR + 0.80%), 09/01/2040(a)(b)

   $ 10,000     $ 9,742,603  

School District of Philadelphia (The)
Series 2023-A
5.00%, 06/28/2024

     5,000       5,035,902  
    

 

 

 
       94,433,931  
    

 

 

 

Puerto Rico – 1.4%

 

Children’s Trust Fund
Series 2008-A
Zero Coupon, 05/15/2057

     30,000       2,210,019  

Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2024

     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
Zero Coupon, 11/01/2051

     2,168       869,755  

Series 2022-C
0.00%, 11/01/2043

     6,836       3,554,506  

HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034

     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
AGM Series 2007-V
5.25%, 07/01/2031

     1,895       1,877,434  

NATL Series 2007-V
5.25%, 07/01/2033

     1,150       1,141,165  

Puerto Rico Highway & Transportation Authority
Series 2022-A
5.00%, 07/01/2062

     2,240       2,212,000  

Series 2022-B
Zero Coupon, 07/01/2032

     390       252,496  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
(AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026(d)(e)

     3,550       2,485,000  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A
Zero Coupon, 07/01/2029

   $ 1,595     $ 1,259,585  

Series 2019-A
4.329%, 07/01/2040

     1,504       1,423,610  
    

 

 

 
       25,322,961  
    

 

 

 

South Carolina – 3.2%

 

Columbia Housing Authority/SC
Series 2022
4.80%, 11/01/2024

     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
Series 2023
6.16%, 05/01/2063(b)

     3,000       2,871,835  

Patriots Energy Group Financing Agency
(Royal Bank of Canada)
Series 2023
5.25%, 02/01/2054

     2,275       2,414,369  

Series 2023-B
5.464% (SOFR + 1.90%), 02/01/2054(a)

     5,000       5,042,008  

Patriots Energy Group Financing Agency
(Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 10/01/2054

     2,000       2,103,723  

South Carolina Jobs-Economic Development Authority
(Bon Secours Mercy Health, Inc.)
Series 2020
5.00%, 12/01/2046

     2,855       2,950,064  

South Carolina Jobs-Economic Development Authority
(International Paper Co.)
Series 2023
4.00%, 04/01/2033

     1,000       990,984  

South Carolina Jobs-Economic Development Authority
(Last Step Recycling LLC)
Series 2021
6.50%, 06/01/2051(b)

     1,450       1,065,928  

South Carolina Jobs-Economic Development Authority
(Prisma Health Obligated Group)
Series 2018
5.00%, 05/01/2038

     2,500       2,580,648  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2018-A
5.00%, 05/01/2048

   $ 1,000     $ 1,013,619  

South Carolina Jobs-Economic Development Authority
(PSG Patriot’s Place Apartments LLC)
Series 2022
0.00%, 06/01/2052(f)

     1,600       1,095,020  

South Carolina Public Service Authority
Series 2015-A
5.00%, 12/01/2050

     4,530       4,541,066  

Series 2016-A
5.00%, 12/01/2036

     4,750       4,826,891  

Series 2016-B
5.00%, 12/01/2036

     2,000       2,038,469  

5.00%, 12/01/2056

     6,250       6,288,180  

Series 2021-B
4.00%, 12/01/2038

     1,500       1,472,780  

Series 2022-A
4.00%, 12/01/2047

     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
(Schuett Spearfish LP)
Series 2023
6.15%, 09/01/2039

     400       400,825  
    

 

 

 

Tennessee – 1.6%

 

Bristol Industrial Development Board
(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(b)

     2,785       2,479,131  

5.125%, 12/01/2042(b)

     1,325       1,138,213  

Chattanooga Health Educational & Housing Facility Board
(CommonSpirit Health)
Series 2019-A
4.00%, 08/01/2037

     345       336,979  

4.00%, 08/01/2038

     495       481,188  

Knox County Industrial Development Board
(Tompaul Knoxville LLC)
Series 2022
9.25%, 11/01/2042(b)

     1,000       989,564  

9.50%, 11/01/2052(b)

     1,000       988,377  

 

156    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
(Vanderbilt University Medical Center Obligated Group)
Series 2016
5.00%, 07/01/2035

   $ 4,325     $ 4,405,221  

Metropolitan Government Nashville & Davidson County Sports Authority
(Metropolitan Government of Nashville & Davidson County TN)
AGM Series 2023-A
5.25%, 07/01/2053

     4,000       4,308,512  

Metropolitan Nashville Airport Authority (The)
Series 2022-B
5.50%, 07/01/2040

     2,350       2,574,234  

State of Tennessee
Series 2023
5.00%, 05/01/2042

     2,215       2,450,899  

Tennergy Corp./TN
(Goldman Sachs Group, Inc. (The))
Series 2022-A
5.50%, 10/01/2053

     5,000       5,202,726  

Tennessee Energy Acquisition Corp.
(Goldman Sachs Group, Inc. (The))
Series 2023-A
5.00%, 05/01/2053

     2,000       2,045,258  

Wilson County Health & Educational Facilities Board
Series 2021
4.00%, 12/01/2039

     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.
(City of Abilene TX Abilene Convention Center Revenue)
Series 2021-B
5.00%, 10/01/2050(b)

     500       423,260  

Arlington Higher Education Finance Corp.
(Harmony Public Schools)
Series 2016-A
5.00%, 02/15/2033

     1,410       1,443,120  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Arlington Higher Education Finance Corp.
(Magellan School (The))
Series 2022
6.25%, 06/01/2052(b)

   $ 1,000     $ 1,001,296  

Bexar County Hospital District
Series 2018
5.00%, 02/15/2048

     9,000       9,210,011  

Board of Regents of the University of Texas System
Series 2019-B
5.00%, 08/15/2049

     2,000       2,293,366  

Central Texas Regional Mobility Authority
Series 2016
5.00%, 01/01/2032

     1,600       1,640,716  

5.00%, 01/01/2033

     1,300       1,332,451  

Central Texas Turnpike System
Series 2015-C
5.00%, 08/15/2034

     10,000       10,055,469  

City of Houston TX
(City of Houston TX Hotel Occupancy Tax)
Series 2015
5.00%, 09/01/2031

     2,500       2,515,324  

City of Houston TX Airport System Revenue
(United Airlines, Inc.)
Series 2014
5.00%, 07/01/2029

     505       503,150  

Series 2015-B
5.00%, 07/15/2030

     4,650       4,623,489  

Series 2018
5.00%, 07/15/2028

     1,300       1,296,962  

County of Harris TX
Series 2020-A
3.00%, 10/01/2045

     1,600       1,261,263  

Dallas Fort Worth International Airport
Series 2022-A
4.507%, 11/01/2051

     1,000       862,985  

Grand Parkway Transportation Corp.
Series 2018-A
5.00%, 10/01/2036

     10,000       10,725,124  

Harris County Cultural Education Facilities Finance Corp.
(Memorial Hermann Health System Obligated Group)
Series 2022
4.15% (MUNIPSA + 0.85%), 07/01/2049(a)

     1,000       996,649  

 

158    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Hidalgo County Regional Mobility Authority
Series 2022-A
Zero Coupon, 12/01/2050

   $ 2,000     $ 424,691  

Series 2022-B
Zero Coupon, 12/01/2042

     2,000       659,593  

Irving Hospital Authority
(Baylor Medical Center at Irving)
Series 2017-A
5.00%, 10/15/2044

     1,785       1,802,902  

Lamar Consolidated Independent School District
Series 2023-A
5.00%, 02/15/2058

     10,000       10,716,278  

Mission Economic Development Corp.
(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(b)

     4,500       4,363,198  

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

     1,830       1,810,687  

New Hope Cultural Education Facilities Finance Corp.
(Army Retirement Residence Obligated Group)
Series 2022
5.75%, 07/15/2052

     1,000       900,654  

New Hope Cultural Education Facilities Finance Corp.
(BSPV – Plano LLC)
Series 2019
7.25%, 12/01/2053(d)(e)

     1,000       1,045,000  

New Hope Cultural Education Facilities Finance Corp.
(Buckingham Senior Living Community, Inc. Obligated Group)
Series 2021
2.00%, 11/15/2061(d)(e)

     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.
(Morningside Ministries Obligated Group)
Series 2020
5.00%, 01/01/2055

     425       328,795  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2022
5.00%, 01/01/2057

   $ 1,000     $ 750,704  

Newark Higher Education Finance Corp.
(Abilene Christian University)
Series 2022
4.00%, 04/01/2057

     5,000       4,327,994  

North East Texas Regional Mobility Authority
Series 2016
5.00%, 01/01/2046

     3,330       3,343,892  

North Texas Tollway Authority
(North Texas Tollway System)
Series 2015-A
5.00%, 01/01/2035

     5,000       5,064,171  

Series 2015-B
5.00%, 01/01/2034

     1,700       1,727,022  

Series 2016-A
5.00%, 01/01/2036

     1,000       1,030,192  

AGC Series 2008
Zero Coupon, 01/01/2036

     7,200       4,480,153  

Pflugerville Independent School District
Series 2023-A
4.00%, 02/15/2044

     5,445       5,455,681  

Port Beaumont Navigation District
(Jefferson Railport Terminal II LLC)
Series 2021
1.875%, 01/01/2026(b)

     850       785,168  

Tarrant County Cultural Education Facilities Finance Corp.
Series 2015-B
5.00%, 11/15/2036(d)(e)(i)(j)(k)

     1,558       – 0  – 

Tarrant County Cultural Education Facilities Finance Corp.
(Stayton at Museum Way)
Series 2020-A
5.75%, 12/01/2054(d)(e)(j)

     2,118       1,376,970  

Texas Municipal Gas Acquisition & Supply Corp. IV
(BP PLC)
Series 2023-B
5.50%, 01/01/2054

     2,000       2,151,177  

Texas State Public Finance Authority Charter School Finance Corp.
(KIPP Texas, Inc.)
Series 2014-A
5.00%, 08/15/2032

     1,385       1,396,887  

5.00%, 08/15/2034

     1,945       1,960,354  
    

 

 

 
       108,471,300  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Utah – 0.5%

 

City of Salt Lake City UT Airport Revenue
Series 2017-A
5.00%, 07/01/2047

   $ 3,265     $ 3,305,086  

Intermountain Power Agency
Series 2022-A
5.00%, 07/01/2045

     5,045       5,438,808  
    

 

 

 
       8,743,894  
    

 

 

 

Vermont – 0.1%

 

Vermont Educational & Health Buildings Financing Agency
(St Michael’s College, Inc.)
Series 2023
5.50%, 10/01/2043(b)

     1,000       989,795  
    

 

 

 

Virginia – 0.8%

 

Align Affordable Housing Bond Fund LP
(Park Landing LP)
Series 2022-2
5.66%, 08/01/2052

     2,000       1,847,846  

Arlington County Industrial Development Authority
(Virginia Hospital Center Arlington Health System/VA)
Series 2020
4.00%, 07/01/2045

     690       650,136  

Cherry Hill Community Development Authority
(Potomac Shores Project)
Series 2015
5.40%, 03/01/2045(b)

     1,410       1,411,884  

US Bank Trust Co. NA
(Park Landing LP)
Series 2022-B
5.90%, 08/01/2052

     586       530,353  

Virginia Small Business Financing Authority
(Capital Beltway Express LLC)
Series 2022
5.00%, 12/31/2047

     1,000       1,023,229  

Virginia Small Business Financing Authority
(National Senior Campuses, Inc. Obligated Group)
Series 2020
5.00%, 01/01/2028

     2,100       2,171,532  

Virginia Small Business Financing Authority
(Pure Salmon Virginia LLC)
Series 2023
5.00%, 11/01/2052

     6,000       6,017,699  
    

 

 

 
       13,652,679  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Washington – 2.2%

 

Central Puget Sound Regional Transit Authority
(Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Taxes)
Series 2016-S
5.00%, 11/01/2046

   $ 2,000     $ 2,267,459  

Grays Harbor County Public Hospital District No. 1
Series 2023
6.875%, 12/01/2053

     300       307,324  

Grays Harbor County Public Hospital District No. 2
Series 2018
5.00%, 12/15/2048

     5,650       5,702,586  

Port of Seattle WA
Series 2019
4.00%, 04/01/2044

     2,175       2,020,793  

Series 2021
4.00%, 08/01/2041

     2,000       1,901,433  

Port of Tacoma WA
Series 2016-B
5.00%, 12/01/2037

     2,000       2,045,887  

5.00%, 12/01/2038

     2,500       2,555,242  

Spokane County School District No. 81 Spokane
Series 2012
3.00%, 12/01/2031

     2,000       1,916,977  

Washington Economic Development Finance Authority
(Mura Cascade ELP LLC)
Series 2022
3.90%, 12/01/2042(b)

     10,000       9,999,323  

Washington Health Care Facilities Authority
(Fred Hutchinson Cancer Center Obligated Group)
Series 2020
4.00%, 09/01/2045

     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
3.00%, 12/01/2034(b)

     425       386,635  

4.00%, 12/01/2048(b)

     1,740       1,552,758  

 

162    |    AB MUNICIPAL INCOME FUND

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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
(Corp. of Gonzaga University (The))
Series 2023
4.00%, 04/01/2043

     2,600       2,507,144  

Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest Obligated Group)
Series 2019-A
5.00%, 01/01/2044(b)

     1,000       779,735  

5.00%, 01/01/2055(b)

     365       264,786  

Washington State Housing Finance Commission
(Seattle Academy of Arts & Sciences)
Series 2023
6.375%, 07/01/2063(b)

     1,000       1,068,369  
    

 

 

 
       39,909,947  
    

 

 

 

West Virginia – 0.3%

 

Monongalia County Commission Excise Tax District
Series 2023
7.00%, 06/01/2043(b)

     150       158,450  

Series 2023-B
0.00%, 06/01/2053(b)(f)

     815       176,427  

Tobacco Settlement Finance Authority/WV
Series 2020
4.875%, 06/01/2049

     1,955       1,787,907  

West Virginia Economic Development Authority
(Arch Resources, Inc.)
Series 2021
4.125%, 07/01/2045

     435       429,289  

West Virginia Economic Development Authority
(Wyoming County Coal LLC)
Series 2023
9.00%, 06/01/2038(b)

     2,250       2,224,937  
    

 

 

 
       4,777,010  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Wisconsin – 3.8%

 

St. Croix Chippewa Indians of Wisconsin
Series 2021
5.00%, 09/30/2041(b)

   $ 1,000     $ 728,190  

Wisconsin Center District
(Wisconsin Center District Ded Tax)
Series 2022
5.25%, 12/15/2061(b)

     1,000       966,746  

Wisconsin Department of Transportation
(Wisconsin Department of Transportation Vehicle Fee Revenue)
Series 2024-1
5.00%, 07/01/2029(h)

     5,000       5,508,627  

Wisconsin Health & Educational Facilities Authority
(Advocate Aurora Health Obligated Group)
Series 2023
5.00%, 08/15/2054

     1,250       1,299,800  

Wisconsin Health & Educational Facilities Authority
(Gundersen Lutheran Obligated Group)
Series 2021
4.00%, 10/15/2035

     1,375       1,403,668  

4.00%, 10/15/2036

     2,600       2,630,166  

Wisconsin Health & Educational Facilities Authority
(St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2046

     250       194,268  

5.00%, 11/01/2054

     215       159,176  

Wisconsin Health & Educational Facilities Authority
(Thedacare, Inc. Obligated Group)
Series 2019
4.00%, 12/15/2035

     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
(Roers Sun Prairie Apartments Owner LLC)
Series 2022
4.625%, 03/15/2040(b)

     255       215,051  

 

164    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2022-A
3.875%, 12/01/2039(b)

   $ 1,170     $ 977,735  

Wisconsin Public Finance Authority
(Beyond Boone LLC)
AGM Series 2019
5.00%, 07/01/2054

     775       784,498  

5.00%, 07/01/2058

     750       759,192  

Wisconsin Public Finance Authority
(Blue Ridge Healthcare Obligated Group)

    

Series 2020
5.00%, 01/01/2035

     500       522,638  

5.00%, 01/01/2036

     500       518,240  

5.00%, 01/01/2037

     500       515,243  

Wisconsin Public Finance Authority
(Catholic Bishop of Chicago (The))

    

Series 2021
5.75%, 07/25/2041(c)

     6,750       5,765,579  

Wisconsin Public Finance Authority
(Celanese US Holdings LLC)

    

Series 2016-A
5.00%, 01/01/2024

     3,395       3,395,456  

Series 2016-B
5.00%, 12/01/2025

     1,795       1,807,829  

Wisconsin Public Finance Authority
(CFC-SA LLC)

    

Series 2022
5.00%, 02/01/2052

     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
(CHF – Wilmington LLC)

    

AGM Series 2018
5.00%, 07/01/2053

     3,315       3,372,711  

Wisconsin Public Finance Authority
(FAH Tree House LLC)

    

Series 2023
6.50%, 08/01/2053(b)

     2,825       2,724,150  

Wisconsin Public Finance Authority
(Moses H Cone Memorial Hospital Obligated Group)

    

Series 2022-A
5.00%, 10/01/2052

     15,000       15,558,754  

Wisconsin Public Finance Authority
(North San Gabriel Municipal Utility District No. 1)

    

Series 2023
Zero Coupon, 09/01/2029(b)

     1,000       650,098  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Wisconsin Public Finance Authority
(Pine Lake Preparatory, Inc.)

    

Series 2015
5.50%, 03/01/2045(b)

   $ 3,465     $ 3,478,133  

Wisconsin Public Finance Authority
(Queens University of Charlotte)

    

Series 2022
5.25%, 03/01/2042

     2,000       2,033,000  

Wisconsin Public Finance Authority
(Samaritan Housing Foundation Obligated Group)

    

Series 2021
4.00%, 06/01/2056(b)

     5,000       3,231,186  

Series 2022
4.00%, 06/01/2049(b)

     995       679,758  

Wisconsin Public Finance Authority
(Southeastern Regional Medical Center Obligated Group)

    

Series 2022
5.00%, 02/01/2033

     2,000       1,879,467  
    

 

 

 
       67,353,549  
    

 

 

 

Total Municipal Obligations
(cost $1,815,746,430)

       1,743,055,301  
    

 

 

 
    

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.9%

    

Agency CMBS – 0.2%

 

Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
Series 2021-ML10, Class ACA 2.046%, 06/25/2038

     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
Series 2019-2, Class A
3.625%, 05/20/2033

     4,994       4,603,072  

California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033

     552       549,263  

 

166    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2021-1, Class A
3.50%, 11/20/2035

   $ 960     $ 892,316  

Series 2021-2, Class A
3.75%, 03/25/2035

     4,864       4,598,939  

Series 2021-2, Class X
0.82%, 03/25/2035(l)

     2,432       119,718  

Series 2021-3, Class A
3.25%, 08/20/2036

     969       889,639  

Series 2021-3, Class X
0.79%, 08/20/2036(l)

     2,229       116,215  

City of Fort Wayne IN
10.75%, 12/01/2029(d)(e)

     105       11  

National Finance Authority
Series 2022-2, Class X
0.697%, 10/01/2036(l)

     3,942       190,689  

New Hampshire Business Finance Authority
Series 2020-1, Class A
4.125%, 01/20/2034

     5,011       4,822,593  

Series 2022-1, Class A
4.375%, 09/20/2036

     7,857       7,677,859  

Series 2022-2
0.35%, 09/20/2036(l)

     6,089       135,818  

Series 2022-2, Class A
4.00%, 10/20/2036

     3,942       3,737,592  

Washington State Housing Finance Commission
Series 2021-1, Class A
3.50%, 12/20/2035

     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
(cost $38,789,769)

       34,447,598  
    

 

 

 
    

ASSET-BACKED SECURITIES – 0.2%

    

Other ABS - Fixed Rate – 0.2%

 

Commonwealth of Massachusetts
Series 2022-B
4.11%, 07/15/2031

     1,733       1,688,532  

Commonwealth of Puerto Rico
Series 2022-A
0.00%, 11/01/2051

     3,747       1,962,407  

 

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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.
Series 2015-A
5.00%, 11/15/2045(d)(e)(i)(j)(k)

   $ 3,188     $ – 0  – 
    

 

 

 

Total Asset-Backed Securities
(cost $6,785,585)

       3,650,939  
    

 

 

 
     Shares        

SHORT-TERM INVESTMENTS – 0.4%

 

Investment Companies – 0.4%

 

AB Fixed Income Shares, Inc. –
Government Money Market Portfolio – Class AB, 5.25%(m)(n)(o)
(cost $7,666,345)

     7,666,345       7,666,345  
    

 

 

 

Total Investments – 100.4%
(cost $1,868,988,129)

       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
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         6,831     $   (334,248   $   (63,380   $   (270,868

 

*

Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

 

                Rate Type                        

Notional
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
  Payment
Frequency
Paid/
Received
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

USD

    30,000       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

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

                Rate Type                        

Notional
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
  Payment
Frequency
Paid/
Received
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

USD

    40,800       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
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       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
Series 2023
4.84%, 04/01/2065

     07/18/2023      $     4,938,726      $     4,872,753        0.27

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NATIONAL PORTFOLIO

 

144A/Restricted & Illiquid
Securities
   Acquisition
Date
     Cost      Market
Value
     Percentage of
Net Assets
 

Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
7.75%, 07/01/2050

     06/09/2022      $ 4,116,975      $ 223,500        0.01

Douglas County Housing Partnership
(Bridgewater Castle Rock ALF LLC)
Series 2021
5.375%, 01/01/2041

     01/14/2021        2,465,558            1,811,464        0.10

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

     03/29/2019        3,717,583        2,625,544        0.15

Mississippi Business Finance Corp.
(Alden Group Renewable Energy Mississippi LLC) Series 2022
8.00%, 12/01/2029

     12/13/2022        1,233,255        1,221,660        0.07

New Hope Cultural Education Facilities Finance Corp. Series 2023
8.50%, 09/01/2027

     02/03/2023        1,830,000        1,810,687        0.10

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

     06/30/2023            10,000,000        9,759,451        0.55

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

     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

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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.
Series 2015-A
5.00%, 11/15/2045

     05/07/2015      $ 3,220,597      $ – 0  –      0.00

Tarrant County Cultural Education Facilities Finance Corp.
Series 2015-B
5.00%, 11/15/2036

     05/22/2015      $ 1,573,877      $ – 0  –      0.00

Tarrant County Cultural Education Facilities Finance Corp.
(Stayton at Museum Way) Series 2020-A
5.75%, 12/01/2054

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

 

(o)

Affiliated investments.

As of November 30, 2023, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 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.

 

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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.
(Jefferson’s Ferry)
Series 2016
5.25%, 11/01/2036

   $ 1,500     $ 1,505,937  

Series 2020
4.00%, 11/01/2045

     1,000       811,408  

Broome County Local Development Corp.
(Good Shepherd Village at Endwell Obligated Group)
Series 2021
4.00%, 07/01/2047

     1,000       695,843  

Buffalo & Fort Erie Public Bridge Authority
Series 2017
5.00%, 01/01/2042

     2,250       2,297,972  

Build NYC Resource Corp
(South Bronx Charter School For International Cultures & The Arts)
Series 2023
7.00%, 04/15/2053(a)

     1,200       1,247,432  

Build NYC Resource Corp.
(Albert Einstein College of Medicine, Inc.)
Series 2016
5.50%, 09/01/2045(a)

     940       900,836  

Build NYC Resource Corp.
(City University of New York (The))
Series 2014-A
5.00%, 06/01/2030

     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.
(Classical Charter School, Inc.)
Series 2023
4.75%, 06/15/2058

     760       711,357  

Build NYC Resource Corp.
(East Harlem Scholars Academy Charter School Obligated Group)
Series 2022
5.75%, 06/01/2052(a)

     2,125       2,136,401  

5.75%, 06/01/2062(a)

     1,905       1,904,987  

Build NYC Resource Corp.
(Global Community Charter School)
Series 2022
5.00%, 06/15/2052

     1,275       1,183,717  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Build NYC Resource Corp.
(Grand Concourse Acadmey Charter School)
Series 2022
5.00%, 07/01/2052

   $ 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.
(Integration Charter Schools)
Series 2021
5.00%, 06/01/2051(a)

     1,500       1,337,943  

Build NYC Resource Corp.
(KIPP NYC Public Charter Schools)
Series 2023
5.25%, 07/01/2052

     2,000       2,054,691  

5.25%, 07/01/2062

     3,000       3,060,411  

Build NYC Resource Corp.
(Metropolitan College of New York)
Series 2014
5.25%, 11/01/2029

     2,555       1,916,250  

5.50%, 11/01/2044

     1,625       1,218,750  

Build NYC Resource Corp.
(Metropolitan Lighthouse Charter School)
Series 2017
5.00%, 06/01/2052(a)

     1,000       936,639  

Build NYC Resource Corp.
(NEW World Preparatory Charter School)
Series 2021
4.00%, 06/15/2051(a)

     735       528,809  

4.00%, 06/15/2056(a)

     700       489,383  

Build NYC Resource Corp.
(Shefa School)
Series 2021-A
5.00%, 06/15/2051(a)

     2,000       1,630,828  

City of New York NY
Series 2016-B
5.00%, 12/01/2034

     2,000       2,102,737  

Series 2021
1.396%, 08/01/2027

     5,905       5,206,774  

Series 2021-D
1.723%, 08/01/2029

     3,000       2,518,025  

1.823%, 08/01/2030

     3,000       2,451,132  

Dutchess County Local Development Corp.
(Bard College)
Series 2020-A
5.00%, 07/01/2051

     6,400       6,417,037  

Series 2020-B
5.918%, 07/01/2039

     1,405       1,341,094  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Hempstead Town Local Development Corp.
(Evergreen Charter School, Inc.)
Series 2022-A
5.50%, 06/15/2057

   $ 5,000     $ 4,793,518  

Hempstead Town Local Development Corp.
(Molloy College)
Series 2014
5.00%, 07/01/2034

     1,845       1,852,614  

5.00%, 07/01/2039

     1,100       1,100,844  

Series 2018
5.00%, 07/01/2048

     1,495       1,461,996  

Hudson Yards Infrastructure Corp.
Series 2017-A
5.00%, 02/15/2042

     5,000       5,167,826  

Long Island Power Authority
Series 2014-A
5.00%, 09/01/2035

     1,000       1,009,196  

Series 2016-B
5.00%, 09/01/2030

     5,000       5,202,713  

5.00%, 09/01/2033

     3,515       3,650,968  

Series 2023-E
5.00%, 09/01/2048

     5,000       5,402,936  

Metropolitan Transportation Authority
Series 2014-B
5.00%, 11/15/2044

     12,000       12,007,207  

Series 2017-C
5.00%, 11/15/2033

     5,000       5,336,637  

Series 2021
3.994% (SOFR + 0.43%), 11/01/2026(b)

     480       474,755  

AGM Series 2021
4.114% (SOFR + 0.55%), 11/01/2032(b)

     1,000       999,954  

4.364% (SOFR + 0.80%), 11/01/2032(b)

     1,285       1,279,088  

Metropolitan Transportation Authority
(Metropolitan Transportation Authority Dedicated Tax Fund)
Series 2016-A
5.25%, 11/15/2034

     10,740       11,287,400  

5.25%, 11/15/2035

     5,000       5,247,680  

Monroe County Industrial Development Corp./NY
(Academy of Health Sciences Charter School)
Series 2022
5.875%, 07/01/2052(a)

     2,000       1,915,628  

Monroe County Industrial Development Corp./NY
(Rochester Regional Health Obligated Group)
Series 2017
5.00%, 12/01/2034

     1,150       1,181,505  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2020
4.00%, 12/01/2035

   $ 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
(St. Ann’s of Greater Rochester Obligated Group)
Series 2019
5.00%, 01/01/2040

     2,150       1,835,003  

Nassau County Industrial Development Agency
(Amsterdam House Continuing Care Retirement Community, Inc.)
Series 2021
5.00%, 01/01/2058(c)(d)

     1,447       346,612  

9.00%, 01/01/2041(c)(d)(e)

     720       684,000  

Nassau County Local Economic Assistance Corp.
(Roosevelt Children’s Academy Charter School)
Series 2023
5.00%, 07/01/2043

     1,195       1,202,633  

5.00%, 07/01/2055

     3,250       3,111,598  

New York City Municipal Water Finance Authority
Series 2022-A
5.25%, 06/15/2052

     10,000       10,966,719  

Series 2023
5.25%, 06/15/2053

     4,500       4,969,471  

New York City Transitional Finance Authority
(New York City Transitional Finance Authority Future Tax Secured Revenue)
Series 2023
5.50%, 05/01/2042

     7,000       8,048,400  

New York City Transitional Finance Authority Building Aid Revenue
(New York City Transitional Finance Authority Building Aid Revenue State Lease)
Series 2015-S
5.00%, 07/15/2035

     5,160       5,277,191  

Series 2016-S
5.00%, 07/15/2034

     1,000       1,032,989  

New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2016-F
5.00%, 02/01/2032

     10,000       10,353,269  

New York Convention Center Development Corp.
(New York Convention Center Development Corp. Hotel Occupancy Tax)
Series 2015
5.00%, 11/15/2034

     9,220       9,370,655  

 

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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.
(3 World Trade Center LLC)
Series 2014
5.00%, 11/15/2044(a)

     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.
(One Bryant Park LLC)
Series 2019
2.625%, 09/15/2069

     7,780       6,927,647  

2.80%, 09/15/2069

     5,780       5,119,182  

New York Liberty Development Corp.
(Port Authority of New York & New Jersey)
Series 2021-1
3.00%, 02/15/2042

     3,000       2,428,936  

New York Power Authority
(New York Power Authority SFP Transmission Project)
AGM Series 2023
5.00%, 11/15/2053

     3,000       3,211,641  

New York State Dormitory Authority
(Catholic Health System Obligated Group)
Series 2019
5.00%, 07/01/2035

     1,310       1,106,275  

New York State Dormitory Authority
(Garnet Health Medical Center Obligated Group) Series 2017
5.00%, 12/01/2032(a)

     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
(Icahn School of Medicine at Mount Sinai)
Series 2015-A
5.00%, 07/01/2031

     3,000       3,032,047  

5.00%, 07/01/2033

     3,000       3,025,020  

New York State Dormitory Authority
(Iona College)
Series 2021-A
5.00%, 07/01/2046

     375       367,308  

5.00%, 07/01/2051

     1,200       1,154,574  

Series 2022-2
5.00%, 07/01/2037

     200       204,852  

5.00%, 07/01/2042

     275       273,613  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New York State Dormitory Authority
(Montefiore Obligated Group)
Series 2018
5.00%, 08/01/2032

   $ 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
4.00%, 09/01/2037

     800       761,062  

4.00%, 09/01/2039

     1,345       1,245,794  

AGM Series 2020
3.00%, 09/01/2050

     3,000       2,142,427  

New York State Dormitory Authority
(New School (The))
Series 2016-A
5.00%, 07/01/2035

     2,815       2,909,540  

5.00%, 07/01/2036

     3,000       3,088,530  

New York State Dormitory Authority
(Northwell Health Obligated Group)
Series 2015-A
5.00%, 05/01/2033

     5,000       5,075,473  

Series 2022
4.25%, 05/01/2052

     5,000       4,741,067  

New York State Dormitory Authority
(NYU Langone Hospitals)
Series 2014
5.00%, 07/01/2031

     1,000       1,004,207  

New York State Dormitory Authority
(Pratt Institute)
Series 2016
5.00%, 07/01/2030

     1,000       1,037,739  

New York State Dormitory Authority
(Rochester Institute of Technology)
Series 2020-A
5.00%, 07/01/2036

     1,115       1,205,366  

New York State Dormitory Authority
(St. John’s University/NY)
Series 2015-A
5.00%, 07/01/2033

     1,000       1,020,860  

5.00%, 07/01/2034

     1,000       1,020,031  

New York State Dormitory Authority
(State of New York Pers Income Tax)
Series 2017-B
5.00%, 02/15/2033

     12,095       12,891,673  

New York State Dormitory Authority
(Wagner College)
Series 2022
5.00%, 07/01/2047

     5,625       5,546,334  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New York State Environmental Facilities Corp.
(Casella Waste Systems, Inc.)
Series 2019
2.875%, 12/01/2044(a)

   $ 3,125     $ 2,763,645  

New York State Thruway Authority
(New York State Thruway Authority Gen Toll Road)
Series 2014-K
5.00%, 01/01/2031

     7,500       7,620,980  

5.00%, 01/01/2032

     5,000       5,075,359  

Series 2016-A
5.25%, 01/01/2056

     2,940       2,986,275  

Series 2019-B
4.00%, 01/01/2037

     1,575       1,585,961  

Series 2019-M
2.90%, 01/01/2035

     8,000       6,689,185  

New York Transportation Development Corp.
(Delta Air Lines, Inc.)
Series 2018
5.00%, 01/01/2030

     2,395       2,427,135  

5.00%, 01/01/2036

     13,850       13,931,649  

New York Transportation Development Corp.
(Empire State Thruway Partners LLC)
Series 2021
4.00%, 10/31/2046

     11,000       9,516,778  

New York Transportation Development Corp.
(JFK International Air Terminal LLC)
Series 2020
4.00%, 12/01/2038

     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
4.00%, 12/01/2042

     2,000       1,794,731  

New York Transportation Development Corp.
(JFK NTO LLC)
AGM Series 2023
5.00%, 06/30/2049(f)

     1,000       1,006,853  

5.125%, 06/30/2060(f)

     5,000       5,032,530  

New York Transportation Development Corp.
(Laguardia Gateway Partners LLC)
Series 2016-A
4.00%, 07/01/2032

     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  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Niagara Area Development Corp.
(Covanta Holding Corp.)
Series 2018-A
4.75%, 11/01/2042(a)

   $ 5,000     $ 4,008,751  

Oneida County Local Development Corp.
(Hamilton College)
Series 2021
5.00%, 07/01/2051

     2,405       2,641,715  

Onondaga Civic Development Corp.
(Le Moyne College)
Series 2021
5.00%, 07/01/2051

     1,400       1,379,060  

Series 2022
4.00%, 07/01/2042

     525       463,579  

Orange County Funding Corp.
(The Hamlet at Wallkill)
Series 2013
6.50%, 01/01/2046

     2,005       1,559,081  

Port Authority of New York & New Jersey
Series 2014
5.00%, 09/01/2031

     5,000       5,034,655  

Series 2021-2
4.00%, 07/15/2046

     5,000       4,703,630  

Schenectady County Capital Resource Corp.
(Trustees of Union College)
Series 2017
5.00%, 01/01/2040

     2,600       2,683,405  

Suffolk County Economic Development Corp.
(Catholic Health Services of Long Island Obligated Group)
Series 2014-C
5.00%, 07/01/2031

     2,500       2,511,507  

Suffolk County Economic Development Corp.
(Peconic Landing at Southold, Inc.)
Series 2020
5.00%, 12/01/2040

     1,500       1,403,715  

Suffolk Tobacco Asset Securitization Corp.
Series 2021
4.00%, 06/01/2050

     4,935       4,394,351  

Town of Oyster Bay NY
Series 2021
4.00%, 03/01/2024

     850       851,471  

Triborough Bridge & Tunnel Authority
Series 2017-B
5.00%, 11/15/2036

     3,000       3,146,737  

Series 2020-A
5.00%, 11/15/2049

     3,000       3,172,214  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Triborough Bridge & Tunnel Authority
(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021-A
2.511%, 05/15/2035

   $ 3,500     $ 2,662,375  

Series 2021-C
5.00%, 05/15/2051

     10,000       10,610,956  

Series 2022
5.00%, 05/15/2042

     5,150       5,631,087  

Series 2022-E
4.614% (SOFR + 1.05%), 04/01/2026(b)

     2,500       2,499,445  

Troy Capital Resource Corp.
(Rensselaer Polytechnic Institute)
Series 2020
5.00%, 09/01/2035

     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)
(Lincoln Center for the Performing Arts, Inc.)
Series 2020
4.00%, 12/01/2033

     1,000       1,028,674  

TSASC, Inc./NY
Series 2016
5.00%, 06/01/2045

     3,350       2,970,519  

Series 2017-A
5.00%, 06/01/2041

     10,850       10,880,932  

Ulster County Capital Resource Corp.
(Woodland Pond at New Paltz)
Series 2017
5.00%, 09/15/2037

     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
Series 2022
4.421%, 12/15/2025

     2,500       2,499,000  

Westchester County Healthcare Corp./NY
(Westchester County Health Care Corp. Obligated Group)
Series 2010-B
6.00%, 11/01/2030

     115       115,178  

Westchester County Local Development Corp.
(Kendal on Hudson Obligated Group)
Series 2022
4.25%, 01/01/2045

     2,925       2,405,309  

 

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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.
(Purchase Housing Corp. II)
Series 2017
5.00%, 06/01/2042

     1,000       991,244  

5.00%, 06/01/2047

     1,000       971,728  

Westchester County Local Development Corp.
(Westchester County Health Care Corp. Obligated Group)
Series 2016
5.00%, 11/01/2046

     2,000       1,785,815  

Westchester Tobacco Asset Securitization Corp.
Series 2016-B
5.00%, 06/01/2041

     1,830       1,857,896  
    

 

 

 
       452,077,585  
    

 

 

 

American Samoa – 0.3%

 

American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2015-A
6.625%, 09/01/2035

     280       290,509  

Series 2018
7.125%, 09/01/2038(a)

     935       1,013,188  
    

 

 

 
       1,303,697  
    

 

 

 

Florida – 0.1%

 

Marshall Creek Community Development District
Series 2016
6.32%, 05/01/2045

     45       43,619  

Marshall Creek Community Development District
(Marshall Creek Community Development District 2002A)
Series 2017
5.00%, 05/01/2032

     485       475,797  
    

 

 

 
       519,416  
    

 

 

 

Georgia – 0.1%

 

Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2037

     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
Series 2021-A
3.839%, 10/01/2036

     500       386,338  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2023
5.25%, 10/01/2031

   $ 175     $ 177,799  

5.25%, 10/01/2036

     585       580,524  

Guam Government Waterworks Authority
Series 2016
5.00%, 01/01/2046

     1,025       1,030,747  

Series 2017
5.00%, 07/01/2034

     1,100       1,137,759  

5.00%, 07/01/2040

     1,375       1,393,579  

Guam Power Authority
Series 2017-A
5.00%, 10/01/2036

     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
5.00%, 10/01/2044

     1,100       1,119,103  

Territory of Guam
Series 2019
5.00%, 11/15/2031

     95       97,172  

Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042

     3,760       3,406,804  
    

 

 

 
       13,855,418  
    

 

 

 

Illinois – 0.4%

 

Chicago Board of Education
Series 2018-A
5.00%, 12/01/2031

     1,710       1,744,594  

Illinois Finance Authority
(Illinois Institute of Technology)
Series 2019
4.00%, 09/01/2037

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

     775       565,221  
    

 

 

 

Louisiana – 0.0%

 

Parish of St. James LA
(NuStar Logistics LP)
Series 2020-2
6.35%, 07/01/2040(a)

     100       107,519  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Maryland – 0.1%

 

City of Baltimore MD
(Harbor Point Special Taxing District)
Series 2019
3.50%, 06/01/2039(a)

   $ 650     $ 539,202  

Series 2019-B
3.70%, 06/01/2039(a)

     200       166,448  
    

 

 

 
       705,650  
    

 

 

 

Michigan – 0.1%

 

City of Detroit MI
Series 2018
5.00%, 04/01/2036

     245       251,728  
    

 

 

 

North Dakota – 0.0%

 

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

     105       21,000  

7.00%, 12/15/2043(c)(d)(e)

     115       23,000  
    

 

 

 
       44,000  
    

 

 

 

Puerto Rico – 2.7%

 

Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2024

     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
0.00%, 11/01/2043

     61       31,635  

HTA HRRB Custodial Trust
Series 2022
5.25%, 07/01/2036

     100       100,395  

HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034

     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
Series 2020-A
5.00%, 07/01/2030(a)

     1,290       1,304,352  

5.00%, 07/01/2035(a)

     1,295       1,302,147  

 

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AB MUNICIPAL INCOME FUND    |    183


 

PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031

   $ 710     $ 703,419  

NATL Series 2007-V
5.25%, 07/01/2034

     1,000       991,163  

Puerto Rico Highway & Transportation Authority
Series 2022-A
5.00%, 07/01/2062

     910       898,625  

Series 2022-B
Zero Coupon, 07/01/2032

     325       210,414  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
(AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026(c)(d)

     1,545       1,081,500  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A
Zero Coupon, 07/01/2029

     654       516,469  

Series 2019-A
4.329%, 07/01/2040

     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
(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(a)

     820       729,942  

Chattanooga Health Educational & Housing Facility Board
(CommonSpirit Health)
Series 2019-A
4.00%, 08/01/2037

     65       63,489  

4.00%, 08/01/2038

     130       126,372  
    

 

 

 
       919,803  
    

 

 

 

Texas – 0.4%

 

Mission Economic Development Corp.
(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(a)

     1,455       1,410,768  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

New Hope Cultural Education Facilities Finance Corp.
(Morningside Ministries Obligated Group)
Series 2020
5.00%, 01/01/2055

   $ 100     $ 77,363  

Tarrant County Cultural Education Facilities Finance Corp.
(Stayton at Museum Way)
Series 2020-A
5.75%, 12/01/2054(c)(d)(g)

     1,000       650,000  
    

 

 

 
       2,138,131  
    

 

 

 

Washington – 0.1%

 

Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest Obligated Group)
Series 2019-A
5.00%, 01/01/2044(a)

     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
(St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2054

     100       74,035  

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

     1,250       1,067,700  

Wisconsin Public Finance Authority
(UMA Education Inc)
Series 2019
5.00%, 10/01/2025(a)

     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
(cost $519,297,062)

       491,809,095  
 

 

 

 
    

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.0%

    

Non-Agency Fixed Rate CMBS – 0.0%

    

City of Fort Wayne IN
10.75%, 12/01/2029(c)(d)

     26       3  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW YORK PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Jefferson County Industrial Development Agency
Series 2019
5.25%, 01/01/2024(c)(d)(e)(h)(i)

   $ 746     $ 80,974  
    

 

 

 

Total Commercial Mortgage-Backed Securities
(cost $772,104)

       80,977  
 

 

 

 
    

CORPORATES - NON-INVESTMENT GRADE – 0.0%

    

Industrial – 0.0%

 

Basic – 0.0%

 

Red River Biorefinery LLC
Series 23A
15.00%, 12/31/2023(e)(h)(i)
(cost $20,000)

     20       20,000  
    

 

 

 

Total Investments – 98.2%
(cost $520,089,166)

       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
Amount
(000)

    Termination
Date
    Payments
made
by the
Fund
    Payments
received
by the
Fund
    Payment
Frequency
Paid/
Received
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

USD

    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
(Red River Biorefinery LLC)
Series 2021
6.625%, 12/15/2031

  05/21/2021   $ 105,000     $ 21,000       0.00

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

  05/21/2021     115,000       23,000       0.00

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

  03/29/2019 – 01/31/2023     800,008       565,221       0.11

Jefferson County Industrial Development Agency
Series 2019
5.25%, 01/01/2024

  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
(Amsterdam House Continuing Care Retirement Community, Inc.)
Series 2021
9.00%, 01/01/2041

  09/03/2021   $ 720,000     $ 684,000       0.14

Red River Biorefinery LLC Series 23A
15.00%, 12/31/2023

  05/31/2023     20,000       20,000       0.00

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

  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.
(Stayton at Museum Way) Series 2020-A
5.75%, 12/01/2054

     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 Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 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 Share—81,200,000,000 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 Share—81,200,000,000 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.

 

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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.

 

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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 Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

“Adviser”) serves as the Portfolios’s 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 Portfolios’s portfolio investments, subject to the Board’s 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.

 

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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 issuer’s 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 1—quoted prices in active markets for identical investments

   

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

   

Level 3—significant unobservable inputs (including the 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

 

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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  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

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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  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

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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  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

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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 Portfolio’s 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.

 

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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.

 

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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.

 

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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 portfolio’s 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 Portfolio’s 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.

 

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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.

 

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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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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

 

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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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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

 

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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 obligation’s 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

 

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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
Location

  Fair Value    

Statement of

Assets and
Liabilities
Location

  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.

 

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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
Liabilities
Location

  Fair Value    

Statement of

Assets and
Liabilities
Location

  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.

 

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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
Liabilities
Location

  Fair Value    

Statement of

Assets and
Liabilities
Location

  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.

 

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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    $ 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
Liabilities
Location

  Fair Value    

Statement of

Assets and
Liabilities
Location

  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
     

 

 

    

 

 

 

 

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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.

 

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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.

 

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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  

 

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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    

 

   

 

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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    

 

   

 

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     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    

 

   

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

            
     AB New York 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

     2,521,622       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 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

 

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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—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 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 state’s 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 project’s 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.

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

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 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 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 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.

Financing and Related Transactions; Leverage and Other Risks—The 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

 

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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.

 

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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.

LIBOR Replacement Risk—The 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. LIBOR’s 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 LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

 

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Indemnification Risk—In 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 Risk—The 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.

 

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(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 Fund’s 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.

 

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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
Ended
November 30,
2023

(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 (000’s 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.

 

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

 

    AB California Portfolio  
    Class C  
   

Six Months
Ended
November 30,
2023

(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 (000’s 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
Ended
November 30,
2023

(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 (000’s 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.

 

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

 

    AB High Income Municipal Portfolio  
    Class A  
   

Six Months
Ended
November 30,
2023

(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 (000’s 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.

 

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

 

    AB High Income Municipal Portfolio  
    Class C  
   

Six Months
Ended
November 30,
2023

(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 (000’s 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
Ended
November 30,
2023

(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 (000’s 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

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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 (000’s 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
Ended
November 30,
2023

(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 (000’s 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

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

 

    AB National Portfolio  
    Class C  
   

Six Months
Ended
November 30,
2023

(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 (000’s 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
Ended
November 30,
2023

(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 (000’s 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

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

 

    AB New York Portfolio  
    Class A  
   

Six Months
Ended
November 30,
2023

(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 (000’s 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
Ended
November 30,
2023

(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 (000’s 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

  abfunds.com


 

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

 

    AB New York Portfolio  
    Advisor Class  
   

Six Months
Ended
November 30,
2023

(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 (000’s 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
Ended
November 30,
2023

(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
Ended
November 30,
2023

(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
Ended
November 30,
2023

(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
Ended
November 30,
2023

(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.

 

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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.
501 Commerce Street
Nashville, TN 37203

 

Legal Counsel

Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004

  

Independent Registered Public Accounting Firm

Ernst & Young LLP
One Manhattan West
New York, NY 10001

 

Transfer Agent

AllianceBernstein Investor
Services, Inc.

P.O. Box 786003
San Antonio, TX 78278
Toll-Free (800) 221-5672

 

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 Fund’s portfolios are made by the Adviser’s 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.

 

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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 LRMP’s 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 Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

 

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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 Company’s 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 Adviser’s integrity and competence they have gained from that experience, the Adviser’s 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 Adviser’s 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,

 

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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 Fund’s investment strategies and from time to time proposes changes intended to improve a Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of each Fund’s 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 Adviser’s role in coordinating the activities of each Fund’s 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 Adviser’s 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

 

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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 Adviser’s relationships with the Funds before taxes and distribution expenses. The directors concluded that the Adviser’s 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 Adviser’s 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 Fund’s 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 Fund’s 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

 

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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 Adviser’s 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 Fund’s advisory fee rate with that for another fund advised by the Adviser utilizing similar investment strategies.

In connection with their review of each Fund’s 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 Fund’s latest fiscal year and reflected the impact of the Adviser’s 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 Portfolio’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund’s 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 Adviser’s 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 Adviser’s explanations of the reasons for this, the directors concluded that each Fund’s 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 Fund’s 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

 

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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 fund’s 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 fund’s 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 Fund’s 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 Fund’s net assets exceed a breakpoint in the future.

 

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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 Fund’s 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 Fund’s 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.

 

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NOTES

 

 

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NOTES

 

 

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LOGO

 

AB MUNICIPAL INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

 

MI-0152-1123                 LOGO


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 Fund’s Board of Directors since the Fund last provided disclosure in response to this item.


ITEM 11.

CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s 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 registrant’s 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 registrant’s 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:

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

13(b)(1)   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(b)(2)   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(c)   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 


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