AB Municipal Income Fund, Inc.
AB New York Portfolio
Portfolio of Investments
August 31, 2023 (unaudited)
| | | | | | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
MUNICIPAL OBLIGATIONS – 99.0% | |
Long-Term Municipal Bonds – 96.4% | |
New York – 88.8% | |
Brookhaven Local Development Corp. (Jefferson’s Ferry)
Series 2016
5.25%, 11/01/2036 | | $ | | | | | 1,500 | | | $ | 1,512,024 | |
Series 2020
4.00%, 11/01/2045 | | | | | | | 1,000 | | | | 824,812 | |
Broome County Local Development Corp. (Good Shepherd Village at Endwell Obligated Group)
Series 2021
4.00%, 01/01/2047 | | | | | | | 1,000 | | | | 725,974 | |
Buffalo & Fort Erie Public Bridge Authority
Series 2017
5.00%, 01/01/2042 | | | | | | | 2,250 | | | | 2,317,816 | |
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.)
Series 2016
5.50%, 09/01/2045(a) | | | | | | | 940 | | | | 914,754 | |
Build NYC Resource Corp. (City University of New York (The))
Series 2014-A
5.00%, 06/01/2030 | | | | | | | 1,110 | | | | 1,121,262 | |
5.00%, 06/01/2033 | | | | | | | 1,320 | | | | 1,332,911 | |
5.00%, 06/01/2034 | | | | | | | 550 | | | | 555,179 | |
Build NYC Resource Corp. (Classical Charter School, Inc.)
Series 2023
4.75%, 06/15/2058 | | | | | | | 760 | | | | 690,472 | |
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group)
Series 2022
5.75%, 06/01/2052(a) | | | | | | | 2,125 | | | | 2,138,926 | |
5.75%, 06/01/2062(a) | | | | | | | 1,905 | | | | 1,906,912 | |
Build NYC Resource Corp. (Global Community Charter School)
Series 2022
5.00%, 06/15/2052 | | | | | | | 1,275 | | | | 1,156,047 | |
Build NYC Resource Corp. (Grand Concourse Acadmey Charter School)
Series 2022
5.00%, 07/01/2052 | | | | | | | 250 | | | | 237,634 | |
5.00%, 07/01/2056 | | | | | | | 1,410 | | | | 1,315,357 | |
5.00%, 07/01/2062 | | | | | | | 6,000 | | | | 5,520,104 | |
Build NYC Resource Corp. (Integration Charter Schools)
Series 2021
5.00%, 06/01/2051(a) | | | | | | | 1,500 | | | | 1,335,332 | |
Build NYC Resource Corp. (KIPP NYC Public Charter Schools)
Series 2023
5.25%, 07/01/2052 | | | | | | | 2,000 | | | | 2,008,595 | |
5.25%, 07/01/2057 | | | | | | | 2,000 | | | | 2,002,589 | |
5.25%, 07/01/2062 | | | | | | | 1,000 | | | | 994,928 | |
1
| | | | | | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
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) | | | | | | | 500 | | | | 440,530 | |
Build NYC Resource Corp. (NEW World Preparatory Charter School)
Series 2021
4.00%, 06/15/2051(a) | | | | | | | 735 | | | | 527,285 | |
4.00%, 06/15/2056(a) | | | | | | | 700 | | | | 488,091 | |
Build NYC Resource Corp. (Shefa School)
Series 2021-A
5.00%, 06/15/2051(a) | | | | | | | 2,000 | | | | 1,669,900 | |
City of New York NY
Series 2015-A
5.00%, 08/01/2025 | | | | | | | 2,000 | | | | 2,067,279 | |
Series 2016-B
5.00%, 12/01/2034 | | | | | | | 2,000 | | | | 2,084,449 | |
Series 2021
1.396%, 08/01/2027 | | | | | | | 5,905 | | | | 5,158,040 | |
Series 2021-D
1.723%, 08/01/2029 | | | | | | | 3,000 | | | | 2,504,606 | |
1.823%, 08/01/2030 | | | | | | | 3,000 | | | | 2,444,420 | |
Series 2023
5.00%, 08/01/2037 | | | | | | | 1,500 | | | | 1,661,031 | |
5.00%, 08/01/2038 | | | | | | | 1,700 | | | | 1,869,240 | |
5.00%, 08/01/2043 | | | | | | | 4,750 | | | | 5,104,833 | |
Series 2023-C
5.00%, 08/01/2025 | | | | | | | 1,500 | | | | 1,549,616 | |
County of Nassau NY
Series 2016-C
5.00%, 04/01/2036 | | | | | | | 5,085 | | | | 5,236,382 | |
Dutchess County Local Development Corp. (Bard College)
Series 2020-A
5.00%, 07/01/2051 | | | | | | | 6,400 | | | | 6,380,079 | |
Series 2020-B
5.918%, 07/01/2039 | | | | | | | 1,405 | | | | 1,351,955 | |
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.)
Series 2022-A
5.50%, 06/15/2057 | | | | | | | 5,000 | | | | 4,764,192 | |
Hempstead Town Local Development Corp. (Molloy College)
Series 2014
5.00%, 07/01/2034 | | | | | | | 1,845 | | | | 1,853,941 | |
5.00%, 07/01/2039 | | | | | | | 1,100 | | | | 1,099,923 | |
Series 2018
5.00%, 07/01/2048 | | | | | | | 1,495 | | | | 1,443,404 | |
Hudson Yards Infrastructure Corp.
Series 2017-A
5.00%, 02/15/2042 | | | | | | | 5,000 | | | | 5,172,311 | |
2
| | | | | | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
Jefferson County Industrial Development Agency (ReEnergy Black River LLC)
Series 2019
5.25%, 01/01/2024(b) (c) (d) (e) | | $ | | | | | 1,000 | | | $ | 200,000 | |
Long Island Power Authority
Series 2014-A
5.00%, 09/01/2035 | | | | | | | 1,000 | | | | 1,013,378 | |
Series 2015-A
4.14%, 05/01/2033 | | | | | | | 3,000 | | | | 3,000,000 | |
Series 2016-B
5.00%, 09/01/2030 | | | | | | | 5,000 | | | | 5,251,323 | |
5.00%, 09/01/2033 | | | | | | | 3,515 | | | | 3,686,565 | |
Series 2023-E
5.00%, 09/01/2053 | | | | | | | 5,000 | | | | 5,315,022 | |
Metropolitan Transportation Authority
Series 2014-B
5.00%, 11/15/2044 | | | | | | | 12,000 | | | | 12,012,511 | |
Series 2017-C
5.00%, 11/15/2033 | | | | | | | 5,000 | | | | 5,263,046 | |
Series 2021
3.981% (SOFR + 0.43%), 11/01/2026(f) | | | | | | | 660 | | | | 654,293 | |
AGM Series 2021
4.101% (SOFR + 0.55%), 11/01/2032(f) | | | | | | | 1,000 | | | | 1,000,252 | |
4.351% (SOFR + 0.80%), 11/01/2032(f) | | | | | | | 1,285 | | | | 1,278,182 | |
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund)
Series 2016-A
5.25%, 11/15/2034 | | | | | | | 10,740 | | | | 11,356,121 | |
5.25%, 11/15/2035 | | | | | | | 5,000 | | | | 5,275,341 | |
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School)
Series 2022
5.875%, 07/01/2052(a) | | | | | | | 2,000 | | | | 1,891,246 | |
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group)
Series 2017
5.00%, 12/01/2034 | | | | | | | 1,150 | | | | 1,175,452 | |
Series 2020
4.00%, 12/01/2035 | | | | | | | 3,015 | | | | 2,848,534 | |
4.00%, 12/01/2038 | | | | | | | 1,200 | | | | 1,087,924 | |
4.00%, 12/01/2039 | | | | | | | 1,000 | | | | 894,773 | |
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group)
Series 2019
5.00%, 01/01/2040 | | | | | | | 2,150 | | | | 1,871,316 | |
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.)
Series 2021
5.00%, 01/01/2058(b) (d) | | | | | | | 1,447 | | | | 432,901 | |
9.00%, 01/01/2041(a) (b) (d) | | | | | | | 720 | | | | 684,000 | |
Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School)
Series 2023
5.00%, 07/01/2043 | | | | | | | 1,195 | | | | 1,189,650 | |
5.00%, 07/01/2055 | | | | | | | 3,250 | | | | 3,071,841 | |
3
| | | | | | | | | | | | |
| | | | | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
New York City Municipal Water Finance Authority
Series 2022-A
5.25%, 06/15/2052 | | $ | | | | | 10,000 | | | $ | 10,801,207 | |
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 | | | | 5,297,281 | |
Series 2016-S
5.00%, 07/15/2034 | | | | | | | 1,000 | | | | 1,037,019 | |
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2016-F
5.00%, 02/01/2032 | | | | | | | 10,000 | | | | 10,369,085 | |
New York Convention Center Development Corp. (New York Convention Center Development Corp. Hotel Occupancy Tax)
Series 2015
5.00%, 11/15/2034 | | | | | | | 9,220 | | | | 9,418,514 | |
5.00%, 11/15/2035 | | | | | | | 6,000 | | | | 6,113,665 | |
New York Liberty Development Corp. (3 World Trade Center LLC)
Series 2014
5.00%, 11/15/2044(a) | | | | | | | 2,200 | | | | 2,097,548 | |
5.375%, 11/15/2040(a) | | | | | | | 700 | | | | 692,589 | |
7.25%, 11/15/2044(a) | | | | | | | 730 | | | | 736,343 | |
New York Liberty Development Corp. (One Bryant Park LLC)
Series 2019
2.625%, 09/15/2069 | | | | | | | 7,780 | | | | 6,978,877 | |
2.80%, 09/15/2069 | | | | | | | 5,780 | | | | 5,167,301 | |
New York Liberty Development Corp. (Port Authority of New York & New Jersey)
Series 2021-1
3.00%, 02/15/2042 | | | | | | | 3,000 | | | | 2,296,374 | |
New York State Dormitory Authority (Catholic Health System Obligated Group)
Series 2019
5.00%, 07/01/2035 | | | | | | | 1,310 | | | | 1,099,658 | |
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group)
Series 2017
5.00%, 12/01/2032(a) | | | | | | | 1,000 | | | | 995,284 | |
5.00%, 12/01/2033(a) | | | | | | | 1,000 | | | | 993,607 | |
5.00%, 12/01/2037(a) | | | | | | | 2,000 | | | | 1,919,822 | |
New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai)
Series 2015-A
5.00%, 07/01/2031 | | | | | | | 3,000 | | | | 3,057,251 | |
5.00%, 07/01/2033 | | | | | | | 3,000 | | | | 3,049,799 | |
New York State Dormitory Authority (Iona College)
Series 2021-A
5.00%, 07/01/2046 | | | | | | | 375 | | | | 375,624 | |
5.00%, 07/01/2051 | | | | | | | 1,200 | | | | 1,190,024 | |
4
| | | | | | | | | | | | |
| | | | | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
Series 2022-2
5.00%, 07/01/2037 | | $ | | | | | 200 | | | $ | 206,850 | |
5.00%, 07/01/2042 | | | | | | | 275 | | | | 277,915 | |
New York State Dormitory Authority (Montefiore Obligated Group)
Series 2018
5.00%, 08/01/2032 | | | | | | | 1,950 | | | | 1,945,727 | |
5.00%, 08/01/2033 | | | | | | | 2,000 | | | | 1,994,018 | |
5.00%, 08/01/2035 | | | | | | | 1,515 | | | | 1,495,662 | |
Series 2020
4.00%, 09/01/2037 | | | | | | | 800 | | | | 718,921 | |
4.00%, 09/01/2039 | | | | | | | 1,345 | | | | 1,181,883 | |
AGM Series 2020
3.00%, 09/01/2050 | | | | | | | 3,000 | | | | 2,107,500 | |
New York State Dormitory Authority (New School (The))
Series 2016-A
5.00%, 07/01/2035 | | | | | | | 2,815 | | | | 2,907,004 | |
5.00%, 07/01/2036 | | | | | | | 3,000 | | | | 3,084,771 | |
New York State Dormitory Authority (New York and Presbyterian Hospital Obligated Group)
Series 2023
5.00%, 08/01/2036 | | | | | | | 3,500 | | | | 3,937,164 | |
New York State Dormitory Authority (Northwell Health Obligated Group)
Series 2015-A
5.00%, 05/01/2033 | | | | | | | 5,000 | | | | 5,100,268 | |
Series 2022
4.25%, 05/01/2052 | | | | | | | 5,000 | | | | 4,652,238 | |
New York State Dormitory Authority (NYU Langone Hospitals)
Series 2014
5.00%, 07/01/2031 | | | | | | | 1,000 | | | | 1,012,126 | |
New York State Dormitory Authority (Pratt Institute)
Series 2016
5.00%, 07/01/2030 | | | | | | | 1,000 | | | | 1,039,275 | |
New York State Dormitory Authority (Rochester Institute of Technology)
Series 2020-A
5.00%, 07/01/2036 | | | | | | | 1,115 | | | | 1,197,491 | |
5.00%, 07/01/2040 | | | | | | | 1,265 | | | | 1,332,193 | |
New York State Dormitory Authority (St. John’s University/NY)
Series 2015-A
5.00%, 07/01/2033 | | | | | | | 1,000 | | | | 1,021,898 | |
5.00%, 07/01/2034 | | | | | | | 1,000 | | | | 1,021,399 | |
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2017-B
5.00%, 02/15/2033 | | | | | | | 12,095 | | | | 12,879,391 | |
New York State Dormitory Authority (Wagner College)
Series 2022
5.00%, 07/01/2047 | | | | | | | 5,625 | | | | 5,466,536 | |
New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.)
Series 2019
2.875%, 12/01/2044(a) | | | | | | | 3,125 | | | | 2,763,149 | |
5
| | | | | | | | | | | | |
| | | | | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2014-K
5.00%, 01/01/2031 | | $ | | | | | 7,500 | | | $ | 7,640,191 | |
5.00%, 01/01/2032 | | | | | | | 5,000 | | | | 5,092,162 | |
Series 2016-A
5.25%, 01/01/2056 | | | | | | | 2,940 | | | | 3,010,701 | |
Series 2019-B
4.00%, 01/01/2037 | | | | | | | 1,575 | | | | 1,570,391 | |
Series 2019-M
2.90%, 01/01/2035 | | | | | | | 5,000 | | | | 4,180,478 | |
New York Transportation Development Corp. (American Airlines, Inc.)
Series 2021
2.25%, 08/01/2026 | | | | | | | 1,230 | | | | 1,173,679 | |
New York Transportation Development Corp. (Delta Air Lines, Inc.)
Series 2018
5.00%, 01/01/2030 | | | | | | | 2,395 | | | | 2,462,690 | |
5.00%, 01/01/2036 | | | | | | | 13,850 | | | | 14,105,803 | |
New York Transportation Development Corp. (Empire State Thruway Partners LLC)
Series 2021
4.00%, 10/31/2046 | | | | | | | 11,000 | | | | 9,217,262 | |
New York Transportation Development Corp. (JFK International Air Terminal LLC)
Series 2020
4.00%, 12/01/2038 | | | | | | | 1,050 | | | | 988,613 | |
4.00%, 12/01/2042 | | | | | | | 1,940 | | | | 1,760,017 | |
5.00%, 12/01/2025 | | | | | | | 1,100 | | | | 1,123,445 | |
5.00%, 12/01/2031 | | | | | | | 1,150 | | | | 1,225,514 | |
Series 2022
4.00%, 12/01/2042 | | | | | | | 2,000 | | | | 1,814,451 | |
New York Transportation Development Corp. (Laguardia Gateway Partners LLC)
Series 2016-A
4.00%, 07/01/2032 | | | | | | | 2,000 | | | | 1,944,986 | |
4.00%, 07/01/2033 | | | | | | | 2,250 | | | | 2,180,913 | |
5.00%, 07/01/2034 | | | | | | | 3,490 | | | | 3,504,951 | |
5.00%, 07/01/2046 | | | | | | | 5,015 | | | | 4,992,353 | |
Niagara Area Development Corp. (Covanta Holding Corp.)
Series 2018-A
4.75%, 11/01/2042(a) | | | | | | | 5,000 | | | | 4,355,380 | |
Oneida County Local Development Corp. (Hamilton College)
Series 2021
5.00%, 07/01/2051 | | | | | | | 2,405 | | | | 2,628,759 | |
Onondaga Civic Development Corp. (Le Moyne College)
Series 2021
5.00%, 07/01/2051 | | | | | | | 1,400 | | | | 1,361,868 | |
Series 2022
4.00%, 07/01/2042 | | | | | | | 525 | | | | 455,625 | |
6
| | | | | | | | | | | | |
| | | | | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
Orange County Funding Corp. (The Hamlet at Wallkill)
Series 2013
6.50%, 01/01/2046 | | $ | | | | | 2,005 | | | $ | 1,575,058 | |
Port Authority of New York & New Jersey
Series 2014
5.00%, 09/01/2031 | | | | | | | 5,000 | | | | 5,034,458 | |
Series 2021-2
4.00%, 07/15/2046 | | | | | | | 5,000 | | | | 4,587,329 | |
4.00%, 07/15/2061 | | | | | | | 11,025 | | | | 9,633,705 | |
Schenectady County Capital Resource Corp. (Trustees of Union College)
Series 2017
5.00%, 01/01/2040 | | | | | | | 2,600 | | | | 2,689,043 | |
Suffolk County Economic Development Corp. (Catholic Health Services of Long Island Obligated Group)
Series 2014-C
5.00%, 07/01/2031 | | | | | | | 2,500 | | | | 2,520,388 | |
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.)
Series 2020
5.00%, 12/01/2040 | | | | | | | 1,500 | | | | 1,426,647 | |
Suffolk Tobacco Asset Securitization Corp.
Series 2021
4.00%, 06/01/2050 | | | | | | | 4,935 | | | | 4,393,737 | |
Town of Oyster Bay NY
Series 2021
4.00%, 03/01/2024 | | | | | | | 850 | | | | 852,727 | |
Triborough Bridge & Tunnel Authority
Series 2017-B
5.00%, 11/15/2036 | | | | | | | 3,000 | | | | 3,139,956 | |
Series 2018
5.00%, 11/15/2043 | | | | | | | 5,000 | | | | 5,217,138 | |
Series 2020-A
5.00%, 11/15/2054 | | | | | | | 3,000 | | | | 3,128,509 | |
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021-A
2.511%, 05/15/2035 | | | | | | | 3,500 | | | | 2,703,126 | |
Series 2022
5.00%, 05/15/2041 | | | | | | | 2,500 | | | | 2,701,328 | |
5.00%, 05/15/2042 | | | | | | | 5,150 | | | | 5,536,551 | |
Series 2022-C
5.00%, 05/15/2047 | | | | | | | 10,000 | | | | 10,609,095 | |
Series 2022-E
4.601% (SOFR + 1.05%), 04/01/2026(f) | | | | | | | 2,500 | | | | 2,517,366 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute)
Series 2020
5.00%, 09/01/2035 | | | | | | | 1,450 | | | | 1,543,449 | |
5.00%, 09/01/2036 | | | | | | | 2,250 | | | | 2,374,945 | |
5.00%, 09/01/2037 | | | | | | | 2,000 | | | | 2,093,954 | |
5.00%, 09/01/2038 | | | | | | | 1,500 | | | | 1,563,241 | |
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 | | | | 1,044,709 | |
4.00%, 12/01/2035 | | | | | | | 1,000 | | | | 1,027,219 | |
7
| | | | | | | | | | | | |
| | | | | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
TSASC, Inc./NY
Series 2016
5.00%, 06/01/2045 | | $ | | | | | 3,350 | | | $ | 3,118,721 | |
Series 2017-A
5.00%, 06/01/2041 | | | | | | | 10,850 | | | | 10,981,895 | |
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz)
Series 2017
5.00%, 09/15/2037 | | | | | | | 1,515 | | | | 1,198,668 | |
5.25%, 09/15/2042 | | | | | | | 135 | | | | 103,685 | |
5.25%, 09/15/2047 | | | | | | | 235 | | | | 172,190 | |
5.25%, 09/15/2053 | | | | | | | 505 | | | | 355,604 | |
Utility Debt Securitization Authority
Series 2022
4.421%, 12/15/2025 | | | | | | | 2,500 | | | | 2,493,345 | |
Westchester County Healthcare Corp./NY (Westchester County Health Care Corp. Obligated Group)
Series 2010-B
6.00%, 11/01/2030 | | | | | | | 120 | | | | 120,170 | |
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group)
Series 2022
4.25%, 01/01/2045 | | | | | | | 2,925 | | | | 2,443,255 | |
5.00%, 01/01/2051 | | | | | | | 2,505 | | | | 2,318,809 | |
Westchester County Local Development Corp. (Purchase Housing Corp. II)
Series 2017
5.00%, 06/01/2042 | | | | | | | 1,000 | | | | 992,295 | |
5.00%, 06/01/2047 | | | | | | | 1,000 | | | | 972,829 | |
Westchester County Local Development Corp. (Westchester County Health Care Corp. Obligated Group)
Series 2016
5.00%, 11/01/2046 | | | | | | | 2,000 | | | | 1,856,716 | |
Westchester Tobacco Asset Securitization Corp.
Series 2016-B
5.00%, 06/01/2041 | | | | | | | 1,830 | | | | 1,860,851 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 471,795,000 | |
| | | | | | | | | | | | |
|
American Samoa – 0.2% | |
American Samoa Economic Development Authority (Territory of American Samoa)
Series 2015-A
6.625%, 09/01/2035 | | | | | | | 280 | | | | 290,816 | |
Series 2018
7.125%, 09/01/2038(a) | | | | | | | 935 | | | | 1,010,428 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,301,244 | |
| | | | | | | | | | | | |
|
Florida – 0.1% | |
Marshall Creek Community Development District
Series 2016
6.32%, 05/01/2045 | | | | | | | 45 | | | | 43,761 | |
8
| | | | | | | | | | | | |
| | | | | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
Marshall Creek Community Development District (Marshall Creek Community Development District 2002A)
Series 2017
5.00%, 05/01/2032 | | $ | | | | | 485 | | | $ | 477,225 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 520,986 | |
| | | | | | | | | | | | |
|
Georgia – 0.2% | |
Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2037 | | | | | | | 100 | | | | 102,729 | |
5.00%, 01/01/2039 | | | | | | | 100 | | | | 101,706 | |
5.00%, 01/01/2048 | | | | | | | 160 | | | | 160,398 | |
5.00%, 01/01/2056 | | | | | | | 490 | | | | 494,973 | |
5.00%, 01/01/2059 | | | | | | | 170 | | | | 169,697 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,029,503 | |
| | | | | | | | | | | | |
|
Guam – 2.6% | |
Antonio B Won Pat International Airport Authority
Series 2021-A
3.839%, 10/01/2036 | | | | | | | 500 | | | | 393,640 | |
Series 2023
5.25%, 10/01/2031 | | | | | | | 175 | | | | 176,435 | |
5.25%, 10/01/2036 | | | | | | | 585 | | | | 569,861 | |
Guam Government Waterworks Authority
Series 2016
5.00%, 01/01/2046 | | | | | | | 1,025 | | | | 1,025,649 | |
Series 2017
5.00%, 07/01/2034 | | | | | | | 1,100 | | | | 1,128,145 | |
5.00%, 07/01/2040 | | | | | | | 1,375 | | | | 1,380,710 | |
Guam Power Authority
Series 2017-A
5.00%, 10/01/2036 | | | | | | | 1,000 | | | | 1,019,865 | |
5.00%, 10/01/2037 | | | | | | | 1,500 | | | | 1,520,143 | |
5.00%, 10/01/2038 | | | | | | | 1,930 | | | | 1,950,806 | |
Series 2022-A
5.00%, 10/01/2044 | | | | | | | 1,100 | | | | 1,106,112 | |
Territory of Guam
Series 2019
5.00%, 11/15/2031 | | | | | | | 105 | | | | 106,831 | |
Territory of Guam (Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042 | | | | | | | 3,760 | | | | 3,226,879 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,605,076 | |
| | | | | | | | | | | | |
|
Illinois – 0.4% | |
Chicago Board of Education
Series 2018-A
5.00%, 12/01/2031 | | | | | | | 1,710 | | | | 1,760,727 | |
Illinois Finance Authority (Illinois Institute of Technology)
Series 2019
4.00%, 09/01/2037 | | | | | | | 100 | | | | 82,408 | |
4.00%, 09/01/2041 | | | | | | | 115 | | | | 88,841 | |
5.00%, 09/01/2036 | | | | | | | 115 | | | | 108,387 | |
5.00%, 09/01/2038 | | | | | | | 100 | | | | 91,779 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,132,142 | |
| | | | | | | | | | | | |
9
| | | | | | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
Indiana – 0.1% | |
City of Fort Wayne IN
10.75%, 12/01/2029(b) (d) | | $ | | | | | 26 | | | $ | 2 | |
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC)
Series 2019
7.00%, 03/01/2039(a) | | | | | | | 775 | | | | 576,694 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 576,696 | |
| | | | | | | | | | | | |
|
Kentucky – 0.0% | |
Kentucky Economic Development Finance Authority (CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2044 | | | | | | | 105 | | | | 107,197 | |
| | | | | | | | | | | | |
|
Louisiana – 0.0% | |
Parish of St. James LA (NuStar Logistics LP)
Series 2020-2
6.35%, 07/01/2040(a) | | | | | | | 100 | | | | 108,526 | |
| | | | | | | | | | | | |
|
Maryland – 0.1% | |
City of Baltimore MD (Harbor Point Special Taxing District)
Series 2019
3.50%, 06/01/2039(a) | | | | | | | 650 | | | | 536,014 | |
Series 2019-B
3.70%, 06/01/2039(a) | | | | | | | 200 | | | | 165,490 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 701,504 | |
| | | | | | | | | | | | |
|
Michigan – 0.1% | |
City of Detroit MI
Series 2018
5.00%, 04/01/2036 | | | | | | | 245 | | | | 250,112 | |
| | | | | | | | | | | | |
|
North Dakota – 0.0% | |
County of Grand Forks ND (Red River Biorefinery LLC)
Series 2021
6.625%, 12/15/2031(b) (d) (e) | | | | | | | 105 | | | | 52,500 | |
7.00%, 12/15/2043(b) (d) (e) | | | | | | | 115 | | | | 57,500 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 110,000 | |
| | | | | | | | | | | | |
|
Puerto Rico – 2.6% | |
Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2024 | | | | | | | 101 | | | | 97,742 | |
Zero Coupon, 07/01/2033 | | | | | | | 908 | | | | 551,797 | |
4.00%, 07/01/2033 | | | | | | | 260 | | | | 242,750 | |
4.00%, 07/01/2035 | | | | | | | 9 | | | | 8,125 | |
4.00%, 07/01/2037 | | | | | | | 8 | | | | 6,824 | |
4.00%, 07/01/2041 | | | | | | | 10 | | | | 8,916 | |
4.00%, 07/01/2046 | | | | | | | 211 | | | | 174,717 | |
5.375%, 07/01/2025 | | | | | | | 361 | | | | 367,661 | |
5.625%, 07/01/2027 | | | | | | | 1,046 | | | | 1,089,690 | |
5.625%, 07/01/2029 | | | | | | | 210 | | | | 221,858 | |
10
| | | | | | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | | |
5.75%, 07/01/2031 | | $ | | | | | 115 | | | $ | 124,578 | |
Series 2022-C
0.00%, 11/01/2043 | | | | | | | 65 | | | | 33,467 | |
HTA HRRB Custodial Trust
Series 2022
5.25%, 07/01/2036 | | | | | | | 100 | | | | 100,777 | |
HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034 | | | | | | | 795 | | | | 782,702 | |
5.25%, 07/01/2036 | | | | | | | 685 | | | | 690,319 | |
5.25%, 07/01/2041 | | | | | | | 285 | | | | 283,154 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(a) | | | | | | | 1,290 | | | | 1,321,356 | |
5.00%, 07/01/2035(a) | | | | | | | 1,295 | | | | 1,298,620 | |
Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031 | | | | | | | 710 | | | | 705,901 | |
NATL Series 2007-V
5.25%, 07/01/2034 | | | | | | | 1,000 | | | | 979,572 | |
Puerto Rico Highway & Transportation Authority
Series 2022-A
5.00%, 07/01/2062 | | | | | | | 910 | | | | 895,213 | |
Series 2022-B | | | | | | | | | | | | |
Zero Coupon, 07/01/2032 | | | | | | | 325 | | | | 208,813 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP)
Series 2000
6.625%, 06/01/2026(b) (d) | | | | | | | 1,545 | | | | 1,081,500 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
Series 2018-A | | | | | | | | | | | | |
Zero Coupon, 07/01/2029 | | | | | | | 654 | | | | 510,855 | |
Series 2019-A
4.329%, 07/01/2040 | | | | | | | 675 | | | | 639,237 | |
4.55%, 07/01/2040 | | | | | | | 73 | | | | 70,994 | |
5.00%, 07/01/2058 | | | | | | | 1,160 | | | | 1,122,770 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,619,908 | |
| | | | | | | | | | | | |
|
Tennessee – 0.2% | |
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(a) | | | | | | | 820 | | | | 754,542 | |
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health)
Series 2019-A
4.00%, 08/01/2037 | | | | | | | 65 | | | | 62,024 | |
4.00%, 08/01/2038 | | | | | | | 130 | | | | 122,470 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 939,036 | |
| | | | | | | | | | | | |
11
| | | | | | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
|
Texas – 0.4% | |
Mission Economic Development Corp. (Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(a) | | $ | | | | | 1,455 | | | $ | 1,419,071 | |
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group)
Series 2020
5.00%, 01/01/2055 | | | | | | | 100 | | | | 78,160 | |
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way)
Series 2020-A
5.75%, 12/01/2054(b) (d) (g) | | | | | | | 1,000 | | | | 650,000 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,147,231 | |
| | | | | | | | | | | | |
|
Washington – 0.1% | |
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group)
Series 2019-A
5.00%, 01/01/2044(a) | | | | | | | 100 | | | | 79,024 | |
5.00%, 01/01/2049(a) | | | | | | | 105 | | | | 80,041 | |
5.00%, 01/01/2055(a) | | | | | | | 305 | | | | 224,902 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 383,967 | |
| | | | | | | | | | | | |
|
Wisconsin – 0.5% | |
UMA Education, Inc.
Series 2019
5.00%, 10/01/2023(a) | | | | | | | 100 | | | | 99,981 | |
5.00%, 10/01/2025(a) | | | | | | | 365 | | | | 363,993 | |
5.00%, 10/01/2026(a) | | | | | | | 390 | | | | 389,436 | |
5.00%, 10/01/2027(a) | | | | | | | 405 | | | | 405,428 | |
5.00%, 10/01/2028(a) | | | | | | | 225 | | | | 225,691 | |
5.00%, 10/01/2029(a) | | | | | | | 100 | | | | 100,360 | |
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2054 | | | | | | | 100 | | | | 74,469 | |
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The))
Series 2021
5.75%, 07/25/2041(e) | | | | | | | 1,250 | | | | 1,089,178 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,748,536 | |
| | | | | | | | | | | | |
| |
Total Long-Term Municipal Bonds
(cost $548,242,798) | | | | 512,076,664 | |
| | | | | | | | | | | | |
|
Short-Term Municipal Notes – 2.6% | |
New York – 2.6% | |
City of Rochester NY
Series 2023-I
4.50%, 08/01/2024 | | | | | | | 2,000 | | | | 2,018,349 | |
Corning City School District
Series 2023-A
5.00%, 06/21/2024 | | | | | | | 6,000 | | | | 6,071,000 | |
12
| | | | | | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | | |
Greenport Union Free School District
Series 2023
5.00%, 06/21/2024 | | $ | | | | | 3,430 | | | $ | 3,471,399 | |
Town of Oyster Bay NY
Series 2023
5.00%, 03/08/2024 | | | | | | | 2,000 | | | | 2,017,496 | |
| | | | | | | | | | | | |
| |
Total Short-Term Municipal Notes
(cost $13,578,933) | | | | 13,578,244 | |
| | | | | | | | | | | | |
| |
Total Municipal Obligations
(cost $561,821,731) | | | | 525,654,908 | |
| | | | | | | | | | | | |
|
CORPORATES - NON-INVESTMENT GRADE – 0.0% | |
Industrial – 0.0% | |
Red River Biorefinery LLC
Series 23A
15.00%, 12/31/2023(c) (e) (h)
(cost $20,000) | | | | | | | 20 | | | | 20,000 | |
| | | | | | | | | | | | |
| |
Total Investments – 99.0%
(cost $561,841,731)(i) | | | | 525,674,908 | |
Other assets less liabilities – 1.0% | | | | 5,408,616 | |
| | | | | | | | | | | | |
| |
Net Assets – 100.0% | | | $ | 531,083,524 | |
| | | | | | | | | | | | |
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Rate Type | | | | | | | | | | | |
Notional Amount (000) | | | Termination Date | | Payments
made
by the
Fund | | Payments
received
by the
Fund | | Payment
Frequency
Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
| USD | | | 3,910 | | | 01/15/2025 | | 2.565% | | CPI# | | Maturity | | $ | 363,336 | | | $ | — | | | $ | 363,336 | |
| USD | | | 1,955 | | | 01/15/2025 | | 2.585% | | CPI# | | Maturity | | | 180,093 | | | | — | | | | 180,093 | |
| USD | | | 1,955 | | | 01/15/2025 | | 2.613% | | CPI# | | Maturity | | | 177,927 | | | | — | | | | 177,927 | |
| USD | | | 1,290 | | | 01/15/2025 | | 4.028% | | CPI# | | Maturity | | | 42,279 | | | | — | | | | 42,279 | |
| USD | | | 6,900 | | | 01/15/2026 | | CPI# | | 3.720% | | Maturity | | | (215,631 | ) | | | — | | | | (215,631 | ) |
| USD | | | 6,200 | | | 01/15/2027 | | CPI# | | 3.320% | | Maturity | | | (264,203 | ) | | | — | | | | (264,203 | ) |
| USD | | | 6,100 | | | 01/15/2027 | | CPI# | | 3.466% | | Maturity | | | (205,182 | ) | | | (5,603 | ) | | | (199,579 | ) |
| USD | | | 4,830 | | | 01/15/2027 | | CPI# | | 3.323% | | Maturity | | | (204,935 | ) | | | — | | | | (204,935 | ) |
| USD | | | 16,000 | | | 01/15/2028 | | 1.230% | | CPI# | | Maturity | | | 2,826,020 | | | | — | | | | 2,826,020 | |
| USD | | | 12,350 | | | 01/15/2028 | | 0.735% | | CPI# | | Maturity | | | 2,620,097 | | | | — | | | | 2,620,097 | |
| USD | | | 11,050 | | | 01/15/2029 | | CPI# | | 3.390% | | Maturity | | | (246,196 | ) | | | — | | | | (246,196 | ) |
| USD | | | 7,130 | | | 01/15/2029 | | CPI# | | 3.735% | | Maturity | | | 44,647 | | | | — | | | | 44,647 | |
| USD | | | 4,160 | | | 01/15/2029 | | CPI# | | 3.290% | | Maturity | | | (126,586 | ) | | | — | | | | (126,586 | ) |
| USD | | | 2,265 | | | 01/15/2030 | | 1.572% | | CPI# | | Maturity | | | 381,375 | | | | — | | | | 381,375 | |
| USD | | | 2,265 | | | 01/15/2030 | | 1.587% | | CPI# | | Maturity | | | 378,317 | | | | — | | | | 378,317 | |
| USD | | | 3,700 | | | 01/15/2031 | | 2.782% | | CPI# | | Maturity | | | 243,492 | | | | — | | | | 243,492 | |
| USD | | | 3,450 | | | 01/15/2031 | | 2.680% | | CPI# | | Maturity | | | 260,881 | | | | — | | | | 260,881 | |
| USD | | | 2,900 | | | 01/15/2031 | | 2.989% | | CPI# | | Maturity | | | 132,471 | | | | — | | | | 132,471 | |
| USD | | | 2,870 | | | 01/15/2032 | | CPI# | | 3.064% | | Maturity | | | (94,837 | ) | | | — | | | | (94,837 | ) |
| USD | | | 2,800 | | | 04/15/2032 | | CPI# | | 2.909% | | Maturity | | | (128,383 | ) | | | — | | | | (128,383 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | (6,164,982 | ) | | $ | (5,603 | ) | | $ | 6,170,585 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
13
CENTRALLY CLEARED INTEREST RATE SWAPS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Rate Type | | | | | | | | | | | |
Notional
Amount
(000) | | | Termination
Date | | Payments
made
by the
Fund | | Payments
received
by the
Fund | | Payment
Frequency
Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
| USD | | | 27,500 | | | 01/15/2027 | | 1 Day
SOFR | | 2.583% | | Annual | | $ | (1,846,184 | ) | | $ | — | | | $ | (1,846,184 | ) |
| USD | | | 14,800 | | | 01/15/2027 | | 1 Day
SOFR | | 3.776% | | Annual | | | (328,424 | ) | | | — | | | | (328,424 | ) |
| USD | | | 5,200 | | | 01/15/2027 | | 1 Day
SOFR | | 2.54% | | Annual | | | (357,435 | ) | | | — | | | | (357,435 | ) |
| USD | | | 2,700 | | | 01/15/2029 | | 1 Day
SOFR | | 3.315% | | Annual | | | (113,992 | ) | | | — | | | | (113,992 | ) |
| USD | | | 14,330 | | | 04/30/2030 | | 1 Day
SOFR | | 3.500% | | Annual | | | (389,370 | ) | | | — | | | | (389,370 | ) |
| USD | | | 12,400 | | | 04/30/2030 | | 1 Day
SOFR | | 3.369% | | Annual | | | (447,706 | ) | | | — | | | | (447,706 | ) |
| USD | | | 15,000 | | | 07/15/2032 | | 2.446% | | 1 Day
SOFR | | Annual | | | 1,600,670 | | | | — | | | | 1,600,670 | |
| USD | | | 8,500 | | | 07/15/2032 | | 2.446% | | 1 Day
SOFR | | Annual | | | 907,046 | | | | — | | | | 907,046 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (975,395 | ) | | $ | — | | | $ | (975,395 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | | 9,395 | | | 10/09/2029 | | 1.125% | | SIFMA* | | Quarterly | | $ | 1,040,056 | | | $ | — | | | $ | 1,040,056 | |
| * | 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 August 31, 2023, the aggregate market value of these securities amounted to $35,710,295 or 6.7% of net assets. |
| (b) | Non-income producing security. |
| (c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.27% of net assets as of August 31, 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 | | | 06/02/2021 | | | $ | 105,000 | | | $ | 52,500 | | | 0.01% |
County of Grand Forks ND
(Red River Biorefinery LLC)
Series 2021
7.00%, 12/15/2043 | | | 06/02/2021 | | | | 115,000 | | | | 57,500 | | | 0.01% |
Jefferson County Industrial Development Agency
(ReEnergy Black River LLC)
Series 2019
5.25%, 01/01/2024 | | | 11/13/2014 | | | | 1,000,095 | | | | 200,000 | | | 0.04% |
Red River Biorefinery LLC
Series 23A
15.00%, 12/31/2023 | | | 05/31/2023 | | | | 20,000 | | | | 20,000 | | | 0.00% |
14
| | | | | | | | | | | | | | |
| 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 | | | $ | 1,250,000 | | | $ | 1,089,178 | | | 0.21% |
| (f) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2023. |
| (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 | | | 0.12% |
| (h) | Fair valued by the Adviser. |
| (i) | As of August 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $11,619,669 and gross unrealized depreciation of investments was $(41,551,246), resulting in net unrealized depreciation of $(29,931,577). |
As of August 31, 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 1.2% and 0.0%, respectively.
Glossary:
AGM – Assured Guaranty Municipal
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
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AB Municipal Income Fund, Inc.
AB New York Portfolio
August 31, 2023 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| | • | | Level 1 - quoted prices in active markets for identical investments |
| | • | | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| | • | | Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of August 31, 2023:
| | | | | | | | | | | | | | | | |
Investments in Securities: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets: | | | | | | | | | | | | | | | | |
| Long-Term Municipal Bonds | | $ | — | | | $ | 511,876,664 | | | $ | 200,000 | | | $ | 512,076,664 | |
| Short-Term Municipal Notes | | | — | | | | 13,578,244 | | | | — | | | | 13,578,244 | |
| Corporates-Non-Investment Grade | | | — | | | | — | | | | 20,000 | | | | 20,000 | |
| | | | | | | | | | | | | | | | |
| Total Investments in Securities | | | — | | | | 525,454,908 | | | | 220,000 | | | | 525,674,908 | |
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| | | | | | | | | | | | | | | | |
Investments in Securities: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Other Financial Instruments(a): | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Centrally Cleared Inflation (CPI) Swaps | | $ | — | | | $ | 7,650,935 | | | $ | — | | | $ | 7,650,935 | |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 2,507,716 | | | | — | | | | 2,507,716 | |
| Interest Rate Swaps | | | — | | | | 1,040,056 | | | | — | | | | 1,040,056 | |
| Liabilities: | |
| Centrally Cleared Inflation (CPI) Swaps | | | — | | | | (1,485,953 | ) | | | — | | | | (1,485,953 | ) |
| Centrally Cleared Interest Rate Swaps | | | — | | | | (3,483,111 | ) | | | — | | | | (3,483,111 | ) |
| | | | | | | | | | | | | | | | |
| Total | | $ | — | | | $ | 531,684,551 | | | $ | 220,000 | | | $ | 531,904,551 | |
| | | | | | | | | | | | | | | | |
| (a) | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
A summary of the Portfolio’s transactions in AB mutual funds for the three months ended August 31, 2023 is as follows:
| | | | | | | | | | | | | | | | | | | | |
| Portfolio | | Market Value
05/31/2023
(000) | | | Purchases
at Cost
(000) | | | Sales
Proceeds
(000) | | | Market Value
08/31/2023
(000) | | | Dividend
Income
(000) | |
| Government Money Market Portfolio | | $ | 15,718 | | | $ | 29,703 | | | $ | 45,421 | | | $ | 0 | | | $ | 121 | |
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