AB Municipal Income Fund, Inc.
AB New York Portfolio
Portfolio of Investments
February 29, 2024 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
MUNICIPAL OBLIGATIONS – 97.0% |
| |||||||||||
Long-Term Municipal Bonds – 97.0% |
| |||||||||||
New York – 89.8% |
| |||||||||||
Brookhaven Local Development Corp. (Jefferson’s Ferry) | $ | 1,500 | $ | 1,535,726 | ||||||||
Series 2020 | 1,000 | 877,002 | ||||||||||
Broome County Local Development Corp. (Good Shepherd Village at Endwell Obligated Group) | 1,000 | 728,540 | ||||||||||
Buffalo & Fort Erie Public Bridge Authority | 2,250 | 2,311,746 | ||||||||||
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.) | 940 | 941,324 | ||||||||||
Build NYC Resource Corp. (City University of New York (The)) | 1,110 | 1,112,819 | ||||||||||
5.00%, 06/01/2033 | 1,320 | 1,323,256 | ||||||||||
5.00%, 06/01/2034 | 550 | 551,303 | ||||||||||
Build NYC Resource Corp. (Classical Charter School, Inc.) | 760 | 736,828 | ||||||||||
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) | 2,125 | 2,184,145 | ||||||||||
5.75%, 06/01/2062(a) | 1,905 | 1,947,846 | ||||||||||
Build NYC Resource Corp. (Global Community Charter School) | 1,275 | 1,250,304 | ||||||||||
Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) | 975 | 979,120 | ||||||||||
5.00%, 07/01/2056 | 1,410 | 1,410,289 | ||||||||||
5.00%, 07/01/2062 | 6,000 | 5,944,058 | ||||||||||
Build NYC Resource Corp. (Integration Charter Schools) | 1,500 | 1,404,646 | ||||||||||
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) | 2,000 | 2,070,724 | ||||||||||
5.25%, 07/01/2062 | 3,000 | 3,082,242 |
1
Principal Amount (000) | U.S. $ Value | |||||||||||
Build NYC Resource Corp. (Metropolitan College of New York) | $ | 2,555 | $ | 1,533,000 | ||||||||
5.50%, 11/01/2044 | 1,625 | 975,000 | ||||||||||
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) | 1,000 | 966,175 | ||||||||||
Build NYC Resource Corp. (NEW World Preparatory Charter School) | 700 | 498,156 | ||||||||||
Build NYC Resource Corp. (Shefa School) | 2,000 | 1,820,064 | ||||||||||
Build NYC Resource Corp. (South Bronx Charter School For International Cultures & The Arts) | 1,200 | 1,279,730 | ||||||||||
City of New York NY | 2,000 | 2,102,962 | ||||||||||
Series 2019-E | 1,000 | 1,026,598 | ||||||||||
Series 2021 | 5,905 | 5,305,674 | ||||||||||
Series 2021-D | 3,000 | 2,585,910 | ||||||||||
1.823%, 08/01/2030 | 3,000 | 2,527,522 | ||||||||||
Dutchess County Local Development Corp. (Bard College) | 6,400 | 6,465,379 | ||||||||||
Series 2020-B | 1,405 | 1,367,942 | ||||||||||
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) | 5,000 | 5,035,900 | ||||||||||
Hempstead Town Local Development Corp. (Molloy College) | 1,845 | 1,850,847 | ||||||||||
5.00%, 07/01/2039 | 1,100 | 1,101,471 | ||||||||||
Series 2018 | 1,495 | 1,500,970 | ||||||||||
Hudson Yards Infrastructure Corp. | 5,000 | 5,203,710 | ||||||||||
Long Island Power Authority | 1,000 | 1,006,255 | ||||||||||
Series 2016-B | 5,000 | 5,269,053 | ||||||||||
5.00%, 09/01/2033 | 3,515 | 3,687,687 | ||||||||||
Series 2023-E | 5,000 | 5,566,345 |
2
Principal Amount (000) | U.S. $ Value | |||||||||||
Metropolitan Transportation Authority | $ | 12,000 | $ | 12,008,873 | ||||||||
Series 2021 | 480 | 477,906 | ||||||||||
AGM Series 2021 | 1,000 | 1,000,045 | ||||||||||
4.358% (SOFR + 0.80%), 11/01/2032(b) | 1,285 | 1,285,769 | ||||||||||
Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) | 10,740 | 11,326,775 | ||||||||||
5.25%, 11/15/2035 | 5,000 | 5,262,874 | ||||||||||
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) | 2,000 | 2,002,909 | ||||||||||
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) | 1,150 | 1,186,996 | ||||||||||
Series 2020 | 1,200 | 1,168,343 | ||||||||||
4.00%, 12/01/2039 | 1,000 | 967,807 | ||||||||||
Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) | 2,150 | 1,880,219 | ||||||||||
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) | 1,447 | 433,276 | ||||||||||
9.00%, 01/01/2041(c) (d) (e) | 720 | 720,000 | ||||||||||
Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) | 1,195 | 1,227,544 | ||||||||||
5.00%, 07/01/2055 | 3,250 | 3,216,831 | ||||||||||
New York City Municipal Water Finance Authority | 1,000 | 1,026,435 | ||||||||||
Series 2022-A | 10,000 | 11,089,005 | ||||||||||
Series 2023 | 4,500 | 5,026,612 | ||||||||||
New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) | 7,000 | 8,263,501 | ||||||||||
Series 2024-F | 2,500 | 2,452,832 |
3
Principal Amount (000) | U.S. $ Value | |||||||||||
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) | $ | 5,160 | $ | 5,273,729 | ||||||||
Series 2016-S | 1,000 | 1,031,078 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 10,000 | 10,353,125 | ||||||||||
Series 2020 | 6,925 | 7,011,008 | ||||||||||
New York Convention Center Development Corp. (New York Convention Center Development Corp. Hotel Occupancy Tax) | 9,220 | 9,406,555 | ||||||||||
5.00%, 11/15/2035 | 6,000 | 6,115,280 | ||||||||||
New York Liberty Development Corp. (3 World Trade Center LLC) | 2,200 | 2,200,136 | ||||||||||
5.375%, 11/15/2040(a) | 700 | 702,293 | ||||||||||
7.25%, 11/15/2044(a) | 1,280 | 1,290,343 | ||||||||||
New York Liberty Development Corp. (One Bryant Park LLC) | 7,780 | 7,186,273 | ||||||||||
2.80%, 09/15/2069 | 5,780 | 5,257,158 | ||||||||||
New York Liberty Development Corp. (Port Authority of New York & New Jersey) | 3,000 | 2,577,486 | ||||||||||
New York Power Authority (New York Power Authority SFP Transmission Project) AGM | 3,000 | 3,302,559 | ||||||||||
New York State Dormitory Authority (Catholic Health System Obligated Group) | 1,310 | 1,149,287 | ||||||||||
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) | 1,000 | 960,702 | ||||||||||
5.00%, 12/01/2033(a) | 1,000 | 952,955 | ||||||||||
New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) | 3,000 | 3,039,331 | ||||||||||
5.00%, 07/01/2033 | 3,000 | 3,033,969 |
4
Principal Amount (000) | U.S. $ Value | |||||||||||
New York State Dormitory Authority (Iona College) | $ | 375 | $ | 377,493 | ||||||||
5.00%, 07/01/2051 | 1,200 | 1,194,686 | ||||||||||
Series 2022-2 | 200 | 209,355 | ||||||||||
5.00%, 07/01/2042 | 275 | 279,635 | ||||||||||
New York State Dormitory Authority (Montefiore Obligated Group) | 1,950 | 2,029,625 | ||||||||||
5.00%, 08/01/2033 | 2,000 | 2,080,901 | ||||||||||
5.00%, 08/01/2035 | 1,515 | 1,570,217 | ||||||||||
Series 2020 | 800 | 788,254 | ||||||||||
4.00%, 09/01/2039 | 1,345 | 1,297,816 | ||||||||||
AGM Series 2020 | 3,000 | 2,242,298 | ||||||||||
New York State Dormitory Authority (New School (The)) | 2,815 | 2,918,535 | ||||||||||
5.00%, 07/01/2036 | 3,000 | 3,102,132 | ||||||||||
New York State Dormitory Authority (Northwell Health Obligated Group) | 5,000 | 5,077,805 | ||||||||||
Series 2022 | 5,000 | 4,899,610 | ||||||||||
New York State Dormitory Authority (NYU Langone Hospitals) | 1,000 | 1,004,494 | ||||||||||
New York State Dormitory Authority (Pratt Institute) | 1,000 | 1,041,064 | ||||||||||
New York State Dormitory Authority (Rochester Institute of Technology) | 1,115 | 1,218,552 | ||||||||||
New York State Dormitory Authority (St. John’s University/NY) | 1,000 | 1,021,965 | ||||||||||
5.00%, 07/01/2034 | 1,000 | 1,021,500 | ||||||||||
New York State Dormitory Authority (State of New York Pers Income Tax) | 12,095 | 12,924,582 | ||||||||||
New York State Dormitory Authority (Wagner College) | 5,625 | 5,616,982 | ||||||||||
New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.) | 3,125 | 2,837,587 |
5
Principal Amount (000) | U.S. $ Value | |||||||||||
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) | $ | 7,500 | $ | 7,604,853 | ||||||||
5.00%, 01/01/2032 | 5,000 | 5,069,084 | ||||||||||
Series 2016-A | 2,940 | 3,005,886 | ||||||||||
Series 2019-B | 1,575 | 1,632,932 | ||||||||||
Series 2024-P | 1,500 | 1,523,797 | ||||||||||
New York State Urban Development Corp. (State of New York Pers Income Tax) | 4,000 | 4,170,544 | ||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc.) | 2,395 | 2,476,457 | ||||||||||
5.00%, 01/01/2036 | 13,850 | 14,246,898 | ||||||||||
New York Transportation Development Corp. (Empire State Thruway Partners LLC) | 11,000 | 9,708,967 | ||||||||||
New York Transportation Development Corp. (JFK International Air Terminal LLC) | 1,050 | 1,020,056 | ||||||||||
4.00%, 12/01/2042 | 1,940 | 1,819,936 | ||||||||||
5.00%, 12/01/2031 | 1,150 | 1,242,400 | ||||||||||
Series 2022 | 2,000 | 1,876,222 | ||||||||||
New York Transportation Development Corp. (JFK NTO LLC) | 1,000 | 1,049,360 | ||||||||||
5.125%, 06/30/2060 | 5,000 | 5,242,095 | ||||||||||
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) | 2,000 | 1,951,541 | ||||||||||
4.00%, 07/01/2033 | 2,250 | 2,188,630 | ||||||||||
5.00%, 07/01/2034 | 2,490 | 2,494,581 | ||||||||||
5.00%, 07/01/2046 | 2,000 | 1,986,618 | ||||||||||
5.25%, 01/01/2050 | 3,030 | 3,030,737 | ||||||||||
Niagara Area Development Corp. (Covanta Holding Corp.) | 5,000 | 4,328,915 | ||||||||||
Oneida County Local Development Corp. (Hamilton College) | 2,405 | 2,737,320 | ||||||||||
Onondaga Civic Development Corp. (Le Moyne College) | 1,400 | 1,402,497 | ||||||||||
Series 2022 | 525 | 475,260 |
6
Principal Amount (000) | U.S. $ Value | |||||||||||
Orange County Funding Corp. (The Hamlet at Wallkill) | $ | 1,970 | $ | 1,584,804 | ||||||||
Port Authority of New York & New Jersey | 5,000 | 5,021,573 | ||||||||||
Series 2021-2 | 5,000 | 4,772,863 | ||||||||||
Schenectady County Capital Resource Corp. (Trustees of Union College) | 2,600 | 2,704,390 | ||||||||||
Suffolk County Economic Development Corp. (Catholic Health Services of Long Island Obligated Group) | 2,500 | 2,509,040 | ||||||||||
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.) | 1,500 | 1,474,841 | ||||||||||
Suffolk Tobacco Asset Securitization Corp. | 4,935 | 4,673,997 | ||||||||||
Town of Oyster Bay NY | 850 | 850,000 | ||||||||||
Triborough Bridge & Tunnel Authority | 3,000 | 3,179,735 | ||||||||||
Series 2020-A | 3,000 | 3,214,842 | ||||||||||
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) | 3,500 | 2,777,426 | ||||||||||
Series 2021-C | 10,000 | 10,756,652 | ||||||||||
Series 2022 | 2,500 | 2,499,659 | ||||||||||
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) | 1,450 | 1,596,139 | ||||||||||
5.00%, 09/01/2036 | 2,250 | 2,459,895 | ||||||||||
5.00%, 09/01/2037 | 2,000 | 2,170,037 | ||||||||||
5.00%, 09/01/2038 | 1,500 | 1,617,773 | ||||||||||
Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts, Inc.) | 1,000 | 1,058,658 |
7
Principal Amount (000) | U.S. $ Value | |||||||||||
TSASC, Inc./NY | $ | 3,350 | $ | 3,066,835 | ||||||||
Series 2017-A | 10,850 | 11,024,218 | ||||||||||
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) | 1,515 | 1,245,797 | ||||||||||
5.25%, 09/15/2042 | 135 | 107,242 | ||||||||||
5.25%, 09/15/2047 | 235 | 177,379 | ||||||||||
5.25%, 09/15/2053 | 505 | 366,547 | ||||||||||
Westchester County Healthcare Corp./NY (Westchester County Health Care Corp. Obligated Group) | 115 | 115,198 | ||||||||||
Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) | 2,925 | 2,681,984 | ||||||||||
5.00%, 01/01/2051 | 2,505 | 2,486,529 | ||||||||||
Westchester County Local Development Corp. (Purchase Housing Corp. II) | 1,000 | 1,004,032 | ||||||||||
5.00%, 06/01/2047 | 1,000 | 1,000,222 | ||||||||||
Westchester County Local Development Corp. (Westchester County Health Care Corp. Obligated Group) | 2,000 | 1,947,033 | ||||||||||
Westchester Tobacco Asset Securitization Corp. | 1,830 | 1,877,560 | ||||||||||
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450,999,661 | ||||||||||||
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American Samoa – 0.3% |
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American Samoa Economic Development Authority (Territory of American Samoa) | 280 | 290,403 | ||||||||||
Series 2018 | 935 | 1,023,027 | ||||||||||
|
| |||||||||||
1,313,430 | ||||||||||||
|
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Florida – 0.1% |
| |||||||||||
Marshall Creek Community Development District | 45 | 45,122 | ||||||||||
Marshall Creek Community Development District (Marshall Creek Community Development District 2002A) | 485 | 485,034 | ||||||||||
|
| |||||||||||
530,156 | ||||||||||||
|
|
8
Principal Amount (000) | U.S. $ Value | |||||||||||
Georgia – 0.1% |
| |||||||||||
Municipal Electric Authority of Georgia | $ | 100 | $ | 104,720 | ||||||||
5.00%, 01/01/2039 | 100 | 103,477 | ||||||||||
5.00%, 01/01/2056 | 490 | 496,333 | ||||||||||
|
| |||||||||||
704,530 | ||||||||||||
|
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Guam – 2.8% |
| |||||||||||
Antonio B Won Pat International Airport Authority | 500 | 413,463 | ||||||||||
Series 2023 | 175 | 182,059 | ||||||||||
5.25%, 10/01/2036 | 585 | 601,708 | ||||||||||
Guam Government Waterworks Authority | 1,025 | 1,038,846 | ||||||||||
Series 2017 | 1,100 | 1,148,240 | ||||||||||
5.00%, 07/01/2040 | 1,375 | 1,410,064 | ||||||||||
Guam Power Authority | 1,000 | 1,038,287 | ||||||||||
5.00%, 10/01/2037 | 1,500 | 1,550,337 | ||||||||||
5.00%, 10/01/2038 | 1,930 | 1,987,269 | ||||||||||
Series 2022-A | 1,100 | 1,140,573 | ||||||||||
Territory of Guam | 95 | 98,403 | ||||||||||
Territory of Guam (Territory of Guam Business Privilege Tax) | 3,760 | 3,610,623 | ||||||||||
|
| |||||||||||
14,219,872 | ||||||||||||
|
| |||||||||||
Illinois – 0.4% |
| |||||||||||
Chicago Board of Education | 1,710 | 1,754,520 | ||||||||||
Illinois Finance Authority (Illinois Institute of Technology) | 100 | 85,415 | ||||||||||
4.00%, 09/01/2041 | 115 | 92,438 | ||||||||||
5.00%, 09/01/2036 | 115 | 111,672 | ||||||||||
5.00%, 09/01/2038 | 100 | 94,859 | ||||||||||
|
| |||||||||||
2,138,904 | ||||||||||||
|
| |||||||||||
Indiana – 0.1% |
| |||||||||||
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) | 745 | 563,864 | ||||||||||
|
|
9
Principal Amount (000) | U.S. $ Value | |||||||||||
Maryland – 0.1% |
| |||||||||||
City of Baltimore MD (Harbor Point Special Taxing District) | $ | 650 | $ | 561,197 | ||||||||
Series 2019-B | 200 | 172,977 | ||||||||||
|
| |||||||||||
734,174 | ||||||||||||
|
| |||||||||||
Michigan – 0.1% |
| |||||||||||
City of Detroit MI | 245 | 252,925 | ||||||||||
|
| |||||||||||
North Dakota – 0.0% |
| |||||||||||
County of Grand Forks ND (Red River Biorefinery LLC) | 105 | 3,150 | ||||||||||
7.00%, 12/15/2043(c) (d) (e) | 115 | 3,450 | ||||||||||
|
| |||||||||||
6,600 | ||||||||||||
|
| |||||||||||
Puerto Rico – 2.0% |
| |||||||||||
Commonwealth of Puerto Rico | 101 | 100,100 | ||||||||||
Zero Coupon, 07/01/2033 | 908 | 583,791 | ||||||||||
4.00%, 07/01/2046 | 211 | 189,674 | ||||||||||
5.625%, 07/01/2027 | 1,046 | 1,103,913 | ||||||||||
Series 2022-C | 61 | 35,590 | ||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority | 1,290 | 1,338,743 | ||||||||||
5.00%, 07/01/2035(a) | 1,295 | 1,336,693 | ||||||||||
Puerto Rico Electric Power Authority | 710 | 709,945 | ||||||||||
NATL Series 2007-V | 1,000 | 991,285 | ||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) | 1,545 | 1,081,500 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 654 | 537,758 | ||||||||||
Series 2019-A | 675 | 670,227 | ||||||||||
4.55%, 07/01/2040 | 73 | 73,383 | ||||||||||
5.00%, 07/01/2058 | 1,160 | 1,165,798 | ||||||||||
|
| |||||||||||
9,918,400 | ||||||||||||
|
| |||||||||||
Tennessee – 0.2% |
| |||||||||||
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) | 820 | 758,693 |
10
Principal Amount (000) | U.S. $ Value | |||||||||||
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) | $ | 65 | $ | 64,356 | ||||||||
4.00%, 08/01/2038 | 130 | 128,411 | ||||||||||
|
| |||||||||||
951,460 | ||||||||||||
|
| |||||||||||
Texas – 0.4% |
| |||||||||||
Mission Economic Development Corp. (Natgasoline LLC) | 1,455 | 1,449,895 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) | 100 | 72,411 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) | 1,000 | 650,000 | ||||||||||
|
| |||||||||||
2,172,306 | ||||||||||||
|
| |||||||||||
Washington – 0.1% |
| |||||||||||
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) | 100 | 72,444 | ||||||||||
5.00%, 01/01/2049(a) | 105 | 71,991 | ||||||||||
5.00%, 01/01/2055(a) | 305 | 201,030 | ||||||||||
|
| |||||||||||
345,465 | ||||||||||||
|
| |||||||||||
Wisconsin – 0.5% |
| |||||||||||
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) | 100 | 78,303 | ||||||||||
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) | 1,250 | 1,109,678 | ||||||||||
Wisconsin Public Finance Authority (UMA Education, Inc.) | 365 | 369,060 | ||||||||||
5.00%, 10/01/2026(a) | 390 | 398,196 | ||||||||||
5.00%, 10/01/2028(a) | 225 | 233,743 |
11
Principal Amount (000) | U.S. $ Value | |||||||||||
5.00%, 10/01/2029(a) | $ | 100 | $ | 104,543 | ||||||||
|
| |||||||||||
2,293,523 | ||||||||||||
|
| |||||||||||
Total Municipal Obligations |
| 487,145,270 | ||||||||||
|
| |||||||||||
ASSET-BACKED SECURITIES – 0.3% |
| |||||||||||
Other ABS - Fixed Rate – 0.3% |
| |||||||||||
HTA HRRB Custodial Trust | 19 | 19,319 | ||||||||||
HTA TRRB Custodial Trust |
| 653 | 637,024 | |||||||||
5.25%, 07/01/2036 | 563 | 564,953 | ||||||||||
5.25%, 07/01/2041 | 234 | 228,632 | ||||||||||
|
| |||||||||||
Total Asset-Backed Securities |
| 1,449,928 | ||||||||||
|
| |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.0% |
| |||||||||||
Non-Agency Fixed Rate CMBS – 0.0% |
| |||||||||||
City of Fort Wayne IN | 26 | 3 | ||||||||||
Jefferson County Industrial Development Agency |
| 746 | 80,974 | |||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities |
| 80,977 | ||||||||||
|
| |||||||||||
CORPORATES - NON-INVESTMENT GRADE – 0.0% |
| |||||||||||
Industrial – 0.0% |
| |||||||||||
Energy – 0.0% |
| |||||||||||
Red River Biorefinery LLC |
| 5 | 3,750 | |||||||||
Series 23A | 20 | 15,000 | ||||||||||
|
| |||||||||||
Total Corporates - Non-Investment Grade |
| 18,750 | ||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS – 1.3% |
| |||||||||||
Investment Companies – 1.3% |
| |||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - | 6,301,878 | 6,301,878 | ||||||||||
|
| |||||||||||
Total Investments – 98.6% |
| 494,996,803 | ||||||||||
Other assets less liabilities – 1.4% |
| 7,172,736 | ||||||||||
|
| |||||||||||
Net Assets – 100.0% |
| $ | 502,169,539 | |||||||||
|
|
12
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 | $ | (1,344,725 | ) | $ | — | $ | (1,344,725 | ) | |||||||||||
USD | 5,200 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | (260,532 | ) | — | (260,532 | ) | ||||||||||||||
USD | 2,700 | 01/15/2029 | 1 Day SOFR | 3.315% | Annual | (89,841 | ) | — | (89,841 | ) | ||||||||||||||
USD | 12,500 | 07/31/2029 | 1 Day SOFR | 3.975% | Annual | — | — | — | ||||||||||||||||
USD | 5,200 | 07/31/2029 | 1 Day SOFR | 4.042% | Annual | 15,387 | — | 15,387 | ||||||||||||||||
USD | 11,100 | 11/01/2030 | 1 Day SOFR | 4.190% | Annual | 126,533 | — | 126,533 | ||||||||||||||||
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$ | (1,553,178 | ) | $ | — | $ | (1,553,178 | ) | |||||||||||||||||
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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 | $ | 925,832 | $ | — | $ | 925,832 |
* | 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 February 29, 2024, the aggregate market value of these securities amounted to $34,410,158 or 6.9% of net assets. |
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 29, 2024. |
(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 0.49% of net assets as of February 29, 2024, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||
County of Grand Forks ND | 05/21/2021 | $ | 105,000 | $ | 3,150 | 0.00% | ||||||
County of Grand Forks ND | 05/21/2021 | 115,000 | 3,450 | 0.00% | ||||||||
Indiana Finance Authority | 03/29/2019 - 07/23/2019 | 768,828 | 563,864 | 0.11% | ||||||||
Jefferson County Industrial Development Agency | 12/09/2019 | 746,307 | 80,974 | 0.02% |
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144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||
Nassau County Industrial Development Agency | 09/03/2021 | $ | 720,000 | $ | 720,000 | 0.14% | ||||||
Red River Biorefinery LLC | 01/25/2024 | 5,000 | 3,750 | 0.00% | ||||||||
Red River Biorefinery LLC | 05/31/2023 | 20,000 | 15,000 | 0.00% | ||||||||
Wisconsin Public Finance Authority | 08/03/2021 | 1,250,000 | 1,109,678 | 0.22% |
(f) | Restricted and illiquid security. |
Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. | 01/07/2020 | $ | 1,039,070 | $ | 650,000 | 0.13% |
(g) | Fair valued by the Adviser. |
(h) | Defaulted matured security. |
(i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(j) | Affiliated investments. |
(k) | The rate shown represents the 7-day yield as of period end. |
(l) | 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. |
(m) | As of February 29, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $6,436,671 and gross unrealized depreciation of investments was $(24,162,271), resulting in net unrealized depreciation of $(17,725,600). |
As of February 29, 2024, 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 3.25% and 0.0%, respectively.
Glossary:
ABS – Asset-Backed Securities
AGM – Assured Guaranty Municipal
CMBS – Commercial Mortgage-Backed Securities
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
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AB Municipal Income Fund, Inc.
AB New York Portfolio
February 29, 2024 (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.
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 29, 2024:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Municipal Bonds | $ | — | $ | 487,145,270 | $ | — | $ | 487,145,270 | ||||||||
Asset-Backed Securities | — | 1,449,928 | — | 1,449,928 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 3 | 80,974 | 80,977 | ||||||||||||
Corporates - Non-Investment Grade | — | — | 18,750 | 18,750 | ||||||||||||
Short-Term Investments | 6,301,878 | — | — | 6,301,878 | ||||||||||||
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Total Investments in Securities | 6,301,878 | 488,595,201 | 99,724 | 494,996,803 | ||||||||||||
Other Financial Instruments(a): | ||||||||||||||||
Assets: | ||||||||||||||||
Centrally Cleared Interest Rate Swaps | — | 141,920 | — | 141,920 | ||||||||||||
Interest Rate Swaps | — | 925,832 | — | 925,832 | ||||||||||||
Liabilities: |
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Centrally Cleared Interest Rate Swaps | — | (1,695,098 | ) | — | (1,695,098 | ) | ||||||||||
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Total | $ | 6,301,878 | $ | 487,967,855 | $ | 99,724 | $ | 494,369,457 | ||||||||
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(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. |
A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 29, 2024 is as follows:
Portfolio | Market Value 05/31/2023 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 02/29/2024 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 15,718 | $ | 93,271 | $ | 102,687 | $ | 6,302 | $ | 244 |
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