AB National Municipal Income Fund
Portfolio of Investments
July 31, 2021 (unaudited)
Principal Amount (000) |
U.S. $ Value | |||||||
MUNICIPAL OBLIGATIONS 155.9% |
| |||||||
Long-Term Municipal Bonds 155.9% |
| |||||||
Alabama 3.8% |
| |||||||
Jefferson County Board of Education/AL |
$ | 10,000 | $ | 12,368,213 | ||||
State of Alabama Docks Department |
2,000 | 2,431,259 | ||||||
AGM Series 2017C |
2,000 | 2,424,207 | ||||||
|
|
|||||||
17,223,679 | ||||||||
|
|
|||||||
Arizona 2.0% |
||||||||
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) |
3,955 | 4,619,982 | ||||||
Salt Verde Financial Corp. |
4,150 | 4,529,373 | ||||||
|
|
|||||||
9,149,355 | ||||||||
|
|
|||||||
Arkansas 0.5% |
||||||||
Pulaski County Public Facilities Board (Baptist Health Obligated Group) |
2,000 | 2,285,106 | ||||||
|
|
|||||||
California 16.6% |
| |||||||
Anaheim Public Financing Authority (City of Anaheim CA Lease) |
3,500 | 3,873,538 | ||||||
Bay Area Toll Authority |
5,720 | 6,191,071 | ||||||
California Health Facilities Financing Authority (Lucile Salter Packard Childrens Hospital at Stanford Obligated Group) |
2,000 | 2,324,054 | ||||||
California Housing Finance |
1,146 | 1,363,840 | ||||||
Series 2021-1, Class A |
995 | 1,185,591 | ||||||
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) |
3,075 | 3,239,528 | ||||||
California Statewide Communities Development Authority (Loma Linda University Medical Center) |
800 | 914,063 |
1
Principal Amount (000) |
U.S. $ Value | |||||||
Los Angeles County Metropolitan Transportation Authority |
$ | 1,770 | $ | 1,929,430 | ||||
Los Angeles Department of Water & Power Power System Revenue |
6,165 | 6,577,805 | ||||||
5.00%, 07/01/2030 (Pre-refunded/ETM) |
90 | 96,243 | ||||||
Series 2013B |
13,840 | 15,101,340 | ||||||
San Bernardino County Transportation Authority |
11,340 | 12,699,712 | ||||||
State of California |
5,800 | 6,429,847 | ||||||
University of California |
7,000 | 7,271,181 | ||||||
Series 2013A |
5,355 | 5,815,232 | ||||||
|
|
|||||||
75,012,475 | ||||||||
|
|
|||||||
Colorado 2.8% |
||||||||
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) |
6,680 | 7,424,594 | ||||||
Colorado Health Facilities Authority (CommonSpirit Health) |
4,335 | 5,434,287 | ||||||
|
|
|||||||
12,858,881 | ||||||||
|
|
|||||||
Connecticut 8.3% |
||||||||
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, Inc.) |
2,410 | 2,884,450 | ||||||
Connecticut State Health & Educational Facilities Authority (University of Hartford (The)) |
1,500 | 1,681,782 | ||||||
State of Connecticut |
7,165 | 7,833,766 | ||||||
Series 2013E |
4,800 | 5,256,996 |
2
Principal Amount (000) |
U.S. $ Value | |||||||
State of Connecticut Special Tax Revenue |
$ | 5,000 | $ | 5,080,433 | ||||
Series 2012 |
13,855 | 14,776,603 | ||||||
|
|
|||||||
37,514,030 | ||||||||
|
|
|||||||
District of Columbia 1.5% |
||||||||
District of Columbia |
5,000 | 5,431,856 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue |
1,000 | 1,207,128 | ||||||
|
|
|||||||
6,638,984 | ||||||||
|
|
|||||||
Florida 8.4% |
||||||||
Alachua County Health Facilities Authority (Shands Teaching Hospital & Clinics Obligated Group) |
4,560 | 5,182,544 | ||||||
Brevard County Health Facilities Authority (Health First, Inc. Obligated Group) |
1,000 | 1,114,212 | ||||||
Florida Ports Financing Commission |
4,205 | 4,238,596 | ||||||
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group) |
2,655 | 3,043,943 | ||||||
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.) |
9,250 | 10,303,884 | ||||||
Palm Beach County Health Facilities Authority |
8,000 | 8,648,300 | ||||||
Putnam County Development Authority/FL (Seminole Electric Cooperative, Inc.) |
4,500 | 5,465,934 | ||||||
|
|
|||||||
37,997,413 | ||||||||
|
|
|||||||
Georgia 2.6% |
||||||||
Augusta Development Authority (AU Health System Obligated Group) |
4,170 | 4,863,506 | ||||||
City of Atlanta GA Department of Aviation |
1,275 | 1,418,070 | ||||||
Municipal Electric Authority of Georgia |
165 | 201,486 |
3
Principal Amount (000) |
U.S. $ Value | |||||||
Series 2019 |
$ | 895 | $ | 1,103,830 | ||||
Series 2021 |
2,705 | 3,135,496 | ||||||
5.00%, 01/01/2056 |
650 | 801,597 | ||||||
|
|
|||||||
11,523,985 | ||||||||
|
|
|||||||
Guam 1.3% |
||||||||
Territory of Guam |
5,720 | 5,837,430 | ||||||
|
|
|||||||
Hawaii 0.6% |
| |||||||
State of Hawaii Airports System Revenue |
2,500 | 2,899,226 | ||||||
|
|
|||||||
Illinois 16.2% |
| |||||||
Chicago Board of Education |
1,945 | 2,382,089 | ||||||
Series 2019A |
1,260 | 1,638,251 | ||||||
Chicago OHare International Airport |
8,000 | 9,448,695 | ||||||
Series 2016C |
2,350 | 2,781,090 | ||||||
Series 2018A |
6,300 | 7,766,721 | ||||||
Illinois Finance Authority (OSF Healthcare System Obligated Group) |
4,500 | 5,271,273 | ||||||
Illinois State Toll Highway Authority |
3,000 | 3,531,589 | ||||||
Metropolitan Pier & Exposition Authority |
8,755 | 10,937,011 | ||||||
State of Illinois |
12,070 | 13,398,278 | ||||||
Series 2017D |
5,000 | 6,185,165 | ||||||
Series 2018A |
1,000 | 1,239,973 | ||||||
Series 2019B |
7,460 | 8,783,409 | ||||||
|
|
|||||||
73,363,544 | ||||||||
|
|
|||||||
Indiana 0.3% |
||||||||
Indiana Finance Authority (Ohio River Bridges) |
1,250 | 1,354,420 | ||||||
|
|
4
Principal Amount (000) |
U.S. $ Value | |||||||
Iowa 0.3% |
| |||||||
Iowa Finance Authority (Iowa Fertilizer Co. LLC) |
$ | 1,205 | $ | 1,326,998 | ||||
|
|
|||||||
Kansas 1.4% |
| |||||||
City of Lawrence KS |
5,000 | 6,126,504 | ||||||
|
|
|||||||
Kentucky 1.2% |
| |||||||
Kentucky Economic Development Finance Authority |
145 | 181,770 | ||||||
Kentucky Turnpike Authority |
5,000 | 5,446,855 | ||||||
|
|
|||||||
5,628,625 | ||||||||
|
|
|||||||
Louisiana 0.3% |
||||||||
Parish of St. John the Baptist LA (Marathon Oil Corp.) |
235 | 243,842 | ||||||
2.20%, 06/01/2037 |
950 | 998,424 | ||||||
|
|
|||||||
1,242,266 | ||||||||
|
|
|||||||
Maryland 1.7% |
||||||||
Maryland Health & Higher Educational Facilities Authority |
6,725 | 7,619,302 | ||||||
|
|
|||||||
Massachusetts 2.2% |
| |||||||
Massachusetts Development Finance Agency |
1,000 | 1,157,561 | ||||||
Massachusetts School Building Authority |
6,000 | 6,059,508 | ||||||
Series 2012B |
2,480 | 2,606,271 | ||||||
|
|
|||||||
9,823,340 | ||||||||
|
|
|||||||
Michigan 5.9% |
||||||||
Detroit City School District |
6,045 | 6,264,093 | ||||||
Detroit Downtown Development Authority |
13,020 | 14,557,818 | ||||||
Michigan Finance Authority |
2,250 | 2,436,972 | ||||||
AGM Series 2014D1 |
1,250 | 1,411,912 |
5
Principal Amount (000) |
U.S. $ Value | |||||||
Plymouth Educational Center Charter School |
$ | 2,140 | $ | 1,944,417 | ||||
|
|
|||||||
26,615,212 | ||||||||
|
|
|||||||
Minnesota 2.4% |
||||||||
City of Rochester MN |
3,000 | 3,490,463 | ||||||
Duluth Economic Development Authority |
6,000 | 7,245,622 | ||||||
|
|
|||||||
10,736,085 | ||||||||
|
|
|||||||
Nebraska 3.4% |
||||||||
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) |
10,000 | 15,191,648 | ||||||
|
|
|||||||
New Hampshire 0.2% |
| |||||||
New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) |
789 | 959,167 | ||||||
|
|
|||||||
New Jersey 12.8% |
| |||||||
New Jersey Economic Development Authority |
1,000 | 1,114,543 | ||||||
Series 2014P |
2,500 | 2,814,372 | ||||||
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) |
5,000 | 6,201,473 | ||||||
New Jersey Health Care Facilities Financing Authority |
2,500 | 3,045,669 | ||||||
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group) |
6,450 | 7,301,520 | ||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
4,750 | 5,659,871 | ||||||
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) |
3,370 | 4,254,059 | ||||||
Series 2019B |
800 | 932,030 | ||||||
New Jersey Turnpike Authority |
6,500 | 6,951,884 |
6
Principal Amount (000) |
U.S. $ Value | |||||||
Series 2013A |
$ | 5,000 | $ | 5,224,946 | ||||
Series 2020D |
2,725 | 3,297,678 | ||||||
Tobacco Settlement Financing Corp./NJ |
8,990 | 10,862,409 | ||||||
|
|
|||||||
57,660,454 | ||||||||
|
|
|||||||
New York 17.9% |
||||||||
Broome County Local Development Corp. |
3,000 | 3,201,196 | ||||||
4.00%, 04/01/2050 |
3,500 | 4,076,147 | ||||||
City of New York NY |
5,070 | 5,318,955 | ||||||
Metropolitan Transportation Authority |
4,000 | 4,220,334 | ||||||
Series 2012F |
1,575 | 1,663,656 | ||||||
Series 2013A |
1,830 | 1,988,693 | ||||||
Series 2014B |
4,000 | 4,487,613 | ||||||
Metropolitan Transportation Authority (Metropolitan Transportation Authority Ded Tax) |
14,260 | 17,425,432 | ||||||
New York City Municipal Water Finance Authority |
3,600 | 3,921,034 | ||||||
New York City NY Transitional |
10,000 | 11,756,820 | ||||||
New York State Dormitory Authority |
7,600 | 7,829,856 | ||||||
Series 2012D |
8,000 | 8,209,340 | ||||||
Port Authority of New York & New Jersey |
4,400 | 4,860,041 | ||||||
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) |
490 | 498,753 | ||||||
5.25%, 09/15/2042-09/15/2053 |
1,320 | 1,339,834 | ||||||
|
|
|||||||
80,797,704 | ||||||||
|
|
|||||||
North Carolina 2.5% |
||||||||
North Carolina Medical Care Commission |
4,445 | 5,137,820 |
7
Principal Amount (000) |
U.S. $ Value | |||||||
North Carolina Turnpike Authority |
$ | 5,000 | $ | 6,128,836 | ||||
|
|
|||||||
11,266,656 | ||||||||
|
|
|||||||
Ohio 1.6% |
||||||||
City of Chillicothe/OH (Adena Health System Obligated Group) |
1,800 | 2,188,699 | ||||||
County of Cuyahoga/OH (MetroHealth System (The)) |
3,740 | 4,352,182 | ||||||
Ohio Higher Educational Facility Commission |
730 | 860,378 | ||||||
|
|
|||||||
7,401,259 | ||||||||
|
|
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Oklahoma 2.8% |
||||||||
Norman Regional Hospital Authority |
2,015 | 2,228,468 | ||||||
Oklahoma City Airport Trust |
7,000 | 8,583,629 | ||||||
Tulsa Airports Improvement Trust |
1,700 | 1,899,975 | ||||||
|
|
|||||||
12,712,072 | ||||||||
|
|
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Pennsylvania 12.0% |
||||||||
Allegheny County Hospital Development Authority |
5,000 | 6,080,761 | ||||||
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) |
2,250 | 2,575,127 | ||||||
Butler County Hospital Authority |
3,510 | 3,980,089 | ||||||
Montgomery County Higher Education and Health Authority |
13,250 | 16,363,718 | ||||||
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) |
9,270 | 10,809,092 | ||||||
Pennsylvania Turnpike Commission |
6,355 | 7,327,021 |
8
Principal Amount (000) |
U.S. $ Value | |||||||
School District of Philadelphia (The) |
$ | 5,000 | $ | 6,016,356 | ||||
Scranton School District/PA |
1,025 | 1,196,463 | ||||||
|
|
|||||||
54,348,627 | ||||||||
|
|
|||||||
Puerto Rico 0.8% |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
615 | 698,922 | ||||||
5.00%, 07/01/2058 |
2,625 | 3,060,829 | ||||||
|
|
|||||||
3,759,751 | ||||||||
|
|
|||||||
South Carolina 4.8% |
||||||||
South Carolina Jobs-Economic Development Authority |
5,900 | 7,198,798 | ||||||
South Carolina Ports Authority |
5,000 | 5,902,338 | ||||||
South Carolina Public Service Authority |
1,400 | 1,567,643 | ||||||
Series 2014C |
1,000 | 1,140,520 | ||||||
Series 2016B |
5,000 | 6,040,200 | ||||||
|
|
|||||||
21,849,499 | ||||||||
|
|
|||||||
Tennessee 2.2% |
||||||||
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) |
420 | 496,312 | ||||||
5.00%, 08/01/2049 |
705 | 879,141 | ||||||
Chattanooga-Hamilton County Hospital Authority |
7,500 | 8,409,378 | ||||||
|
|
|||||||
9,784,831 | ||||||||
|
|
|||||||
Texas 6.8% |
||||||||
Arlington Higher Education Finance Corp. |
4,805 | 5,500,564 | ||||||
Central Texas Regional Mobility Authority |
3,500 | 4,104,343 | ||||||
City of Austin TX Water & Wastewater System Revenue |
5,000 | 5,423,315 |
9
Principal Amount (000) |
U.S. $ Value | |||||||
City of Houston TX Combined Utility System Revenue |
$ | 5,000 | $ | 5,070,252 | ||||
New Hope Cultural Education Facilities Finance Corp. |
1,600 | 1,959,692 | ||||||
North Texas Tollway Authority |
5,000 | 5,328,911 | ||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC) |
3,000 | 3,391,759 | ||||||
|
|
|||||||
30,778,836 | ||||||||
|
|
|||||||
Utah 1.9% |
||||||||
City of Salt Lake City UT Airport Revenue |
4,500 | 5,407,598 | ||||||
Series 2018A |
2,500 | 3,043,129 | ||||||
|
|
|||||||
8,450,727 | ||||||||
|
|
|||||||
Washington 0.3% |
||||||||
Washington State Housing Finance Commission |
998 | 1,177,680 | ||||||
|
|
|||||||
West Virginia 1.0% |
| |||||||
West Virginia Hospital Finance Authority |
3,875 | 4,724,869 | ||||||
|
|
|||||||
Wisconsin 4.6% |
| |||||||
Wisconsin Center District |
9,555 | 6,022,095 | ||||||
Wisconsin Public Finance Authority |
2,250 | 2,605,723 | ||||||
AGM Series 2018 |
10,000 | 12,044,364 | ||||||
|
|
|||||||
20,672,182 | ||||||||
|
|
|||||||
Total Municipal Obligations |
|
704,312,822 | ||||||
|
|
|||||||
SHORT-TERM INVESTMENTS 0.5% |
| |||||||
Investment Companies 0.5% |
| |||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - |
2,163,409 | 2,163,409 | ||||||
|
|
10
U.S. $ Value | ||||||||
Total Investments 156.4% |
$ | 706,476,231 | ||||||
Other assets less liabilities (56.4)% |
(254,719,462 | ) | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 451,756,769 | ||||||
|
|
(a) | When-Issued or delayed delivery security. |
(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 July 31, 2021, the aggregate market value of these securities amounted to $4,153,591 or 0.9% of net assets. |
(c) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
(d) | Restricted and illiquid security. |
Restricted & Illiquid Securities |
Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||||||||||
Plymouth Educational Center Charter School |
11/30/2005 | $ | 2,134,827 | $ | 1,944,417 | 0.43 | % |
(e) | Affiliated investments. |
(f) | The rate shown represents the 7-day yield as of period end. |
(g) | To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618. |
(h) | As of July 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $64,039,230 and gross unrealized depreciation of investments was $(207,527), resulting in net unrealized appreciation of $63,831,703. |
As of July 31, 2021, the Funds percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 7.3% and 0.0%, respectively.
Glossary:
AGM Assured Guaranty Municipal
BAM Build American Mutual
ETM Escrowed to Maturity
OSF Order of St. Francis
11
AB National Municipal Income Fund
July 31, 2021 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Funds 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 Funds 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 Funds investments by the above fair value hierarchy levels as of July 31, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Long-Term Municipal Bonds | $ | | $ | 704,312,822 | $ | | $ | 704,312,822 | ||||||||
Short-Term Investments | 2,163,409 | | | 2,163,409 | ||||||||||||
Liabilities: |
| |||||||||||||||
Variable Rate MuniFund Term Preferred Shares(a) | | (231,980,532 | ) | | (231,980,532 | ) | ||||||||||
Floating Rate Notes(a) | (26,095,000 | ) | | | (26,095,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities | (23,931,591 | ) | 472,332,290 | | 448,400,699 | |||||||||||
Other Financial Instruments(b) | | | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total | $ | (23,931,591 | ) | $ | 472,332,290 | $ | | $ | 448,400,699 | |||||||
|
|
|
|
|
|
|
|
12
(a) | The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. |
(b) | 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, options written and swaptions written which are valued at market value. |
A summary of the Funds transactions in AB mutual funds for the nine months ended July 31, 2021 is as follows:
Fund | Market Value 10/31/2020 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 07/31/2021 (000) |
Dividend Income (000) |
|||||||||||||||
Government Money Market Portfolio | $ | 1,957 | $ | 31,276 | $ | 31,070 | $ | 2,163 | $ | 0 | ** |
** | Amount less than $500. |
13