N-CSR 1 d451244dncsr.htm AB MUNICIPAL INCOME FUND, INC. AB Municipal Income Fund, Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04791

 

 

AB MUNICIPAL INCOME FUND, INC.

(Exact name of registrant as specified in charter)

 

 

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

 

 

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: May 31, 2023

Date of reporting period: May 31, 2023

 

 

 


ITEM 1. REPORTS TO STOCKHOLDERS.

 


MAY    05.31.23

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ANNUAL REPORT

AB MUNICIPAL INCOME FUND

 

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AB CALIFORNIA PORTFOLIO

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AB HIGH INCOME MUNICIPAL PORTFOLIO

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AB NATIONAL PORTFOLIO

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AB NEW YORK PORTFOLIO

 

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Investment Products Offered  

  Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


 

FROM THE PRESIDENT    LOGO

Dear Shareholder,

We’re pleased to provide this report for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio (each a “Portfolio,” and collectively, the “Portfolios”). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios’ investment strategies.

As always, AB strives to keep clients ahead of what’s next by:

 

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Transforming uncommon insights into uncommon knowledge with a global research scope

 

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Navigating markets with seasoned investment experience and sophisticated solutions

 

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Providing thoughtful investment insights and actionable ideas

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

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

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

 

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

 

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ANNUAL REPORT

 

July 18, 2023

This report provides management’s discussion of fund performance for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio for the annual reporting period ended May 31, 2023.

The investment objective of the California, National and New York Portfolios is to earn the highest level of current income, exempt from federal income tax—and in the case of the California and New York Portfolios, state taxation of the respective state—that is available without assuming what the Adviser considers to be undue risk to principal or income. The investment objective of the High Income Municipal Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available, consistent with what the Adviser considers to be an appropriate level of risk.

NAV RETURNS AS OF MAY 31, 2023 (unaudited)

 

     6 Months      12 Months  
AB CALIFORNIA PORTFOLIO      
Class A Shares      2.34%        0.31%  
Class C Shares      1.86%        -0.54%  
Advisor Class Shares1      2.46%        0.56%  
Bloomberg Municipal Bond Index      1.94%        0.49%  

 

     6 Months      12 Months  
AB HIGH INCOME MUNICIPAL PORTFOLIO      
Class A Shares      1.92%        -3.66%  
Class C Shares      1.54%        -4.38%  
Advisor Class Shares1      2.04%        -3.42%  
Class Z Shares1      2.04%        -3.41%  
Bloomberg Municipal Bond Index      1.94%        0.49%  

 

1

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

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NAV RETURNS AS OF MAY 31, 2023 (unaudited)

 

     6 Months      12 Months  
AB NATIONAL PORTFOLIO      
Class A Shares      1.84%        -0.70%  
Class C Shares      1.57%        -1.44%  
Advisor Class Shares1      1.97%        -0.45%  
Bloomberg Municipal Bond Index      1.94%        0.49%  

 

     6 Months      12 Months  
AB NEW YORK PORTFOLIO      
Class A Shares      1.87%        -0.86%  
Class C Shares      1.60%        -1.60%  
Advisor Class Shares1      2.00%        -0.61%  
Bloomberg Municipal Bond Index      1.94%        0.49%  

 

1

Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

INVESTMENT RESULTS

The preceding tables show performance for each Portfolio compared with its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended May 31, 2023.

During the 12-month period, all share classes underperformed the benchmark with the exception of the Advisor Class of the California Portfolio, which outperformed, before sales charges. During the six-month period, the Advisor Class of all Portfolios, Class Z of the High Income Municipal Portfolio and Class A of the California Portfolio outperformed the benchmark, while all other share classes underperformed, before sales charges. For the 12-month period, an overweight to municipal credit detracted, relative to the benchmark, for all Portfolios. For the six-month period, an overweight to municipal credit contributed for all Portfolios with the exception of the High Income Municipal Portfolio.

California Portfolio: For the 12-month period, yield-curve positioning and sector allocation contributed to performance, while credit exposure detracted. Sector overweights to pre-refunded and taxable municipals contributed, while security selection in private higher education and airports/ports detracted. For the six-month period, yield-curve positioning, sector allocation and credit exposure contributed to performance. Security selection in prepaid energy detracted and assessment districts detracted.

High Income Municipal Portfolio: While the benchmark is fully invested in investment-grade securities, the Portfolio invests in below-investment-

 

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grade securities, which detracted over both periods. For the 12-month period, sector allocation and security selection detracted, while yield-curve positioning contributed. An underweight to single family housing and guaranteed sectors contributed, while security selection within senior living and electric utilities detracted. For the six-month period, sector allocation and security selection detracted, while yield-curve positioning contributed. An underweight to single family housing and guaranteed sectors contributed, while security selection within senior living and health care detracted.

National Portfolio: For the 12-month period, security selection detracted, while sector allocation contributed. An underweight to single family housing contributed and security selection within private higher education detracted. For the six-month period, security selection within mortgage pass-throughs contributed and a sector overweight to senior living detracted.

New York Portfolio: For the 12-month period, security selection detracted, while sector allocation contributed. A sector overweight to senior living detracted and security selection within electric utilities contributed. For the six-month period, security selection within toll roads/transit contributed and a sector overweight to primary education detracted.

All Portfolios used derivatives in the form of inflation Consumer Price Index (“CPI”) swaps and interest rate swaps for hedging purposes. The National Portfolio used credit default swaps for hedging purposes, while the High Income Municipal Portfolio used credit default swaps for hedging and investment purposes. During both periods, CPI swaps had no material impact on absolute returns for all Portfolios. Interest rate swaps added to returns for all Portfolios during both periods. Credit default swaps had no material impact on absolute returns for the National Portfolio during either period and had no material impact on the High Income Municipal Portfolio for the six-month period and added for the 12-month period. The High Income Municipal Portfolio used municipal market data rate locks for hedging purposes, which added to returns for both periods.

MARKET REVIEW AND INVESTMENT STRATEGY

During the 12-month period ended May 31, 2023, the market was volatile as the yield on a 10-year AAA municipal bond rose from 2.45% to a peak of 3.41% at the end of October, then fell back down to 2.64%. This fall in yields took place after the November inflation print was lower than expected. After-tax spreads widened over the 12-month period, indicating municipals underperformed Treasuries. BBB credit spreads fluctuated due to rate volatility and outflow pressure, but remained relatively unchanged by the end of the period.

 

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The Portfolios’ Senior Investment Management Team continues to focus on real after-tax return by investing in municipal bonds that generate income exempt from federal income taxes.

The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. In the past, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline.

 

Portfolio    Insured Bonds1      Pre-refunded/
ETM2/Insured Bonds1
 
California      4.13%        0.49%  
High Income Municipal      1.20%        0.00%  
National      3.84%        0.14%  
New York      1.18%        0.00%  

 

1

Breakdowns expressed as a percentage of investments in municipal bonds.

 

2

Escrowed to maturity.

INVESTMENT POLICIES

Each of the California, National and New York Portfolios pursues its objective by investing principally in high-yielding, predominantly investment-grade municipal securities. The High Income Municipal Portfolio pursues its objective by investing principally in high-yielding municipal securities that may be noninvestment grade or investment grade.

Each Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax for certain taxpayers. Each of the Portfolios that invests in a named state pursues its objective by investing at least 80% of its net assets in municipal securities issued by the named state or municipal securities with interest that is otherwise exempt from the named state’s income tax. The National Portfolio may invest 25% or more of its net assets in a single state.

 

(continued on next page)

 

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The California, National and New York Portfolios may also invest in forward commitments; tender option bonds (“TOBs”); zero-coupon municipal securities; and variable-, floating- and inverse-floating-rate municipal securities; and derivatives, such as options, futures contracts, forwards and swaps.

The High Income Municipal Portfolio may invest without limit in lower-rated securities (“junk bonds”), which may include securities having the lowest rating, and in unrated securities that, in the Adviser’s judgment, would be lower-rated securities if rated. The Portfolio may invest in fixed-income securities with any maturity or duration. The Portfolio will seek to increase income for shareholders by investing in longer-maturity bonds. Consistent with its objective of seeking a higher level of income, the Portfolio may experience greater volatility and a higher risk of loss of principal than other municipal funds. The Portfolio may also invest in forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; and certain types of mortgage-related securities. The Portfolio may invest in derivatives, such as options, futures contracts, forwards and swaps. The Portfolio may make short sales of securities or maintain a short position and may use other investment techniques. The Portfolio may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.

 

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DISCLOSURES AND RISKS

 

Benchmark Disclosure

The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolios.

A Word About Risk

Market Risk: The value of the Portfolios’ assets will fluctuate as the bond market fluctuates. The value of the Portfolios’ investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Below Investment-Grade Securities Risk (High Income Municipal Portfolio): Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Portfolios invest more of their assets in a particular state’s municipal securities, the Portfolios may be vulnerable to events adversely affecting that state,

 

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DISCLOSURES AND RISKS (continued)

 

including economic, political and regulatory occurrences, court decisions, terrorism public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolios. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolios. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios invest from time to time in the municipal securities of Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Tax Risk: There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal, and if applicable, state income taxes. From time to time, the US government and the US Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolios by increasing taxes on that income. In such event, the Portfolios’ net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could

 

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DISCLOSURES AND RISKS (continued)

 

also result in significant shareholder redemptions of Portfolio shares as investors anticipate adverse effects on the Portfolios or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolios would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolios’ yield.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the end of the recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk (High Income Municipal Portfolio): To the extent the Portfolio uses leveraging techniques, such as TOBs, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolios. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

 

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DISCLOSURES AND RISKS (continued)

 

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Portfolios to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios.

Management Risk: The Portfolios are subject to management risk because they are actively managed investment funds. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Portfolios’ prospectus. As with all investments, you may lose money by investing in the Portfolios.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.

All fees and expenses related to the operation of the Portfolios have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios’ quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to their different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

 

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HISTORICAL PERFORMANCE

AB CALIFORNIA PORTFOLIO

 

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2013 TO 5/31/2023

 

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB California Portfolio Class A shares (from 5/31/2013 to 5/31/2023) as compared with the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

 

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HISTORICAL PERFORMANCE (continued)

AB CALIFORNIA PORTFOLIO

 

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2023 (unaudited)

 

    NAV Returns     SEC Returns
(reflects applicable
sales charges)
    SEC Yields1     Taxable
Equivalent
Yields2
 
CLASS A SHARES         3.43%       6.09%  
1 Year     0.31%       -2.72%      
5 Years     1.39%       0.77%      
10 Years     2.14%       1.83%      
CLASS C SHARES         2.78%       4.93%  
1 Year     -0.54%       -1.51%      
5 Years     0.63%       0.63%      
10 Years3     1.38%       1.38%      
ADVISOR CLASS SHARES4         3.79%       6.73%  
1 Year     0.56%       0.56%      
5 Years     1.64%       1.64%      
10 Years     2.41%       2.41%      

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.76%, 1.51% and 0.51% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

1

SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2023.

 

2

Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

 

3

Assumes conversion of Class C shares into Class A shares after eight years.

 

4

This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

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HISTORICAL PERFORMANCE (continued)

AB CALIFORNIA PORTFOLIO

 

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2023 (unaudited)

 

    SEC Returns
(reflects applicable
sales charges)
 
CLASS A SHARES  
1 Year     0.17%  
5 Years     0.88%  
10 Years     2.23%  
CLASS C SHARES  
1 Year     1.40%  
5 Years     0.72%  
10 Years1     1.78%  
ADVISOR CLASS SHARES2  
1 Year     3.53%  
5 Years     1.75%  
10 Years     2.81%  

 

1

Assumes conversion of Class C shares into Class A shares after eight years.

 

2

Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

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HISTORICAL PERFORMANCE

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2013 TO 5/31/2023

 

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB High Income Municipal Portfolio Class A shares (from 5/31/2013 to 5/31/2023) as compared with the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

 

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HISTORICAL PERFORMANCE (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2023 (unaudited)

 

    NAV Returns     SEC Returns
(reflects applicable
sales charges)
    SEC Yields1     Taxable
Equivalent
Yields2
 
CLASS A SHARES         4.39%       6.75%  
1 Year     -3.66%       -6.55%      
5 Years     1.39%       0.78%      
10 Years     2.84%       2.53%      
CLASS C SHARES         3.76%       5.78%  
1 Year     -4.38%       -5.31%      
5 Years     0.61%       0.61%      
10 Years3     2.09%       2.09%      
ADVISOR CLASS SHARES4         4.78%       7.35%  
1 Year     -3.42%       -3.42%      
5 Years     1.64%       1.64%      
10 Years     3.11%       3.11%      
CLASS Z SHARES4         4.77%       7.34%  
1 Year     -3.41%       -3.41%      
Since Inception5     1.71%       1.71%      

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios inclusive of interest expense as 0.85%, 1.60%, 0.60% and 0.59% for Class A, Class C, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

1

SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2023.

 

2

Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

 

3

Assumes conversion of Class C shares into Class A shares after eight years.

 

4

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

5

Inception date: 9/28/2018.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    15


 

HISTORICAL PERFORMANCE (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2023 (unaudited)

 

    SEC Returns
(reflects applicable
sales charges)
 
CLASS A SHARES  
1 Year     -2.08%  
5 Years     0.77%  
10 Years     3.24%  
CLASS C SHARES  
1 Year     -0.81%  
5 Years     0.62%  
10 Years1     2.80%  
ADVISOR CLASS SHARES2  
1 Year     1.18%  
5 Years     1.64%  
10 Years     3.83%  
CLASS Z SHARES2  
1 Year     1.09%  
Since Inception3     1.71%  

 

1

Assumes conversion of Class C shares into Class A shares after eight years.

 

2

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

3

Inception date: 9/28/2018.

 

16    |    AB MUNICIPAL INCOME FUND

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HISTORICAL PERFORMANCE

AB NATIONAL PORTFOLIO

 

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2013 TO 5/31/2023

 

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB National Portfolio Class A shares (from 5/31/2013 to 5/31/2023) as compared with the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    17


 

HISTORICAL PERFORMANCE (continued)

AB NATIONAL PORTFOLIO

 

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2023 (unaudited)

 

    NAV Returns     SEC Returns
(reflects applicable
sales charges)
    SEC Yields1     Taxable
Equivalent
Yields2
 
CLASS A SHARES         3.21%       4.94%  
1 Year     -0.70%       -3.72%      
5 Years     1.25%       0.64%      
10 Years     1.99%       1.68%      
CLASS C SHARES         2.55%       3.92%  
1 Year     -1.44%       -2.41%      
5 Years     0.50%       0.50%      
10 Years3     1.24%       1.24%      
ADVISOR CLASS SHARES4         3.57%       5.49%  
1 Year     -0.45%       -0.45%      
5 Years     1.50%       1.50%      
10 Years     2.25%       2.25%      

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.77%, 1.52% and 0.52% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

1

SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2023.

 

2

Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

 

3

Assumes conversion of Class C shares into Class A shares after eight years.

 

4

This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

18    |    AB MUNICIPAL INCOME FUND

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HISTORICAL PERFORMANCE (continued)

AB NATIONAL PORTFOLIO

 

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2023 (unaudited)

 

    SEC Returns
(reflects applicable
sales charges)
 
CLASS A SHARES  
1 Year     -0.95%  
5 Years     0.75%  
10 Years     2.10%  
CLASS C SHARES  
1 Year     0.38%  
5 Years     0.62%  
10 Years1     1.66%  
ADVISOR CLASS SHARES2  
1 Year     2.38%  
5 Years     1.61%  
10 Years     2.68%  

 

1

Assumes conversion of Class C shares into Class A shares after eight years.

 

2

Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    19


 

HISTORICAL PERFORMANCE

AB NEW YORK PORTFOLIO

 

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2013 TO 5/31/2023

 

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB New York Portfolio Class A shares (from 5/31/2013 to 5/31/2023) as compared with the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.

 

20    |    AB MUNICIPAL INCOME FUND

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HISTORICAL PERFORMANCE (continued)

AB NEW YORK PORTFOLIO

 

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2023 (unaudited)

 

    NAV Returns     SEC Returns
(reflects applicable
sales charges)
    SEC Yields1     Taxable
Equivalent
Yields2
 
CLASS A SHARES         3.19%       5.51%  
1 Year     -0.86%       -3.80%      
5 Years     1.14%       0.54%      
10 Years     1.74%       1.42%      
CLASS C SHARES         2.53%       4.37%  
1 Year     -1.60%       -2.56%      
5 Years     0.41%       0.41%      
10 Years3     1.00%       1.00%      
ADVISOR CLASS SHARES4         3.54%       6.11%  
1 Year     -0.61%       -0.61%      
5 Years     1.39%       1.39%      
10 Years     2.00%       2.00%      

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.79%, 1.54% and 0.54% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

1

SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2023.

 

2

Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

 

3

Assumes conversion of Class C shares into Class A shares after eight years.

 

4

This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    21


 

HISTORICAL PERFORMANCE (continued)

AB NEW YORK PORTFOLIO

 

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2023 (unaudited)

 

    SEC Returns
(reflects applicable
sales charges)
 
CLASS A SHARES  
1 Year     -0.94
5 Years     0.64
10 Years     1.81
CLASS C SHARES  
1 Year     0.52
5 Years     0.49
10 Years1     1.38
ADVISOR CLASS SHARES2  
1 Year     2.54
5 Years     1.50
10 Years     2.39

 

1

Assumes conversion of Class C shares into Class A shares after eight years.

 

2

Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

 

22    |    AB MUNICIPAL INCOME FUND

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EXPENSE EXAMPLE

(unaudited)

 

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    23


 

EXPENSE EXAMPLE (continued)

(unaudited)

 

AB California Portfolio

 

    Beginning
Account Value
December 1, 2022
    Ending
Account Value
May 31, 2023
   

Expenses
Paid During
    Period*    

   

Annualized
Expense
     Ratio*     

 
Class A      

Actual

  $ 1,000     $ 1,023.40     $ 3.83       0.76

Hypothetical**

  $ 1,000     $ 1,021.14     $ 3.83       0.76
Class C      

Actual

  $ 1,000     $ 1,018.60     $ 7.60       1.51

Hypothetical**

  $     1,000     $     1,017.40     $     7.59       1.51
Advisor Class      

Actual

  $ 1,000     $ 1,024.60     $ 2.52       0.50

Hypothetical**

  $ 1,000     $ 1,022.44     $ 2.52       0.50

AB High Income Municipal Portfolio

 

    Beginning
Account Value
December 1, 2022
    Ending
Account Value
May 31, 2023
   

Expenses
Paid During
    Period*    

   

Annualized
Expense
     Ratio*     

 
Class A      

Actual

  $ 1,000     $ 1,019.20     $ 6.34       1.26

Hypothetical**

  $ 1,000     $ 1,018.65     $ 6.34       1.26
Class C      

Actual

  $ 1,000     $ 1,015.40     $ 10.15       2.02

Hypothetical**

  $ 1,000     $ 1,014.86     $ 10.15       2.02
Advisor Class      

Actual

  $ 1,000     $ 1,020.40     $ 5.04       1.00

Hypothetical**

  $     1,000     $     1,019.95     $     5.04       1.00
Class Z      

Actual

  $ 1,000     $ 1,020.40     $ 4.68       0.93

Hypothetical**

  $ 1,000     $ 1,020.29     $ 4.68       0.93

AB National Portfolio

 

    Beginning
Account Value
December 1, 2022
    Ending
Account Value
May 31, 2023
   

Expenses
Paid During
    Period*    

   

Annualized
Expense
     Ratio*     

 
Class A      

Actual

  $ 1,000     $ 1,018.40     $ 3.82       0.76

Hypothetical**

  $ 1,000     $ 1,021.14     $ 3.83       0.76
Class C      

Actual

  $ 1,000     $ 1,015.70     $ 7.59       1.51

Hypothetical**

  $     1,000     $     1,017.40     $     7.59       1.51
Advisor Class      

Actual

  $ 1,000     $ 1,019.70     $ 2.57       0.51

Hypothetical**

  $ 1,000     $ 1,022.39     $ 2.57       0.51

 

24    |    AB MUNICIPAL INCOME FUND

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EXPENSE EXAMPLE (continued)

(unaudited)

 

AB New York Portfolio

 

    Beginning
Account Value
December 1, 2022
    Ending
Account Value
May 31, 2023
   

Expenses
Paid During
    Period*    

   

Annualized
Expense
     Ratio*     

 
Class A      

Actual

  $ 1,000     $ 1,018.70     $ 3.88       0.77

Hypothetical**

  $ 1,000     $ 1,021.09     $ 3.88       0.77
Class C      

Actual

  $ 1,000     $ 1,016.00     $ 7.64       1.52

Hypothetical**

  $ 1,000     $ 1,017.35     $ 7.64       1.52
Advisor Class      

Actual

  $ 1,000     $ 1,020.00     $ 2.62       0.52

Hypothetical**

  $     1,000     $     1,022.34     $     2.62       0.52

 

*

Expenses are equal to the classes’ annualized expense ratios(interest expense incurred), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 

**

Assumes 5% annual return before expenses.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    25


 

BOND RATING SUMMARY1

May 31, 2023 (unaudited)

 

 

 

LOGO

 

 

 

LOGO

 

1

The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments, such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

 

26    |    AB MUNICIPAL INCOME FUND

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BOND RATING SUMMARY1 (continued)

May 31, 2023 (unaudited)

 

 

 

LOGO

 

 

 

LOGO

 

1

The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Portfolio considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments, such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    27


 

PORTFOLIO OF INVESTMENTS

AB CALIFORNIA PORTFOLIO

May 31, 2023

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

MUNICIPAL OBLIGATIONS – 94.1%

 

Long-Term Municipal Bonds – 93.9%

 

California – 88.1%

 

Alameda Corridor Transportation Authority
Series 2022-A
0.00%, 10/01/2047(a)

   $ 17,955     $ 9,050,934  

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

     5,000       4,299,514  

5.00%, 10/01/2045

     2,500       2,565,707  

Bay Area Toll Authority
Series 2021
3.69% (MUNIPSA + 0.28%), 04/01/2056(b)

     2,500       2,494,985  

3.71% (MUNIPSA + 0.30%), 04/01/2056(b)

     2,000       1,950,328  

3.82% (MUNIPSA + 0.41%), 04/01/2056(b)

     10,000       9,720,089  

Series 2023-F
5.00%, 04/01/2025

     2,525       2,617,894  

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

     10,375       10,844,795  

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

     5,745       5,745,924  

Series 2023
5.00%, 12/01/2053

     8,650       9,091,393  

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

     4,000       3,965,179  

Series 2022-A
4.00%, 05/01/2053

     3,675       3,664,855  

Series 2023
5.00%, 07/01/2053

     7,000       7,340,149  

5.02% (SOFR + 1.63%), 07/01/2053(b)

     5,000       4,976,734  

 

28    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Community College Financing Authority
(NCCD-Orange Coast Properties LLC)
Series 2018
5.25%, 05/01/2043

   $ 3,600     $ 3,659,073  

5.25%, 05/01/2048

     2,750       2,777,724  

California Community Housing Agency
(California Community Housing Agency Aster Apartments)
Series 2021-A
4.00%, 02/01/2043(c)

     985       802,578  

4.00%, 02/01/2056(c)

     1,000       823,149  

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

     2,000       1,646,298  

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

     500       329,314  

4.00%, 08/01/2046(c)

     4,000       3,157,332  

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

     2,000       1,313,370  

California County Tobacco Securitization Agency
Series 2020-A
4.00%, 06/01/2040

     1,365       1,332,431  

4.00%, 06/01/2049

     12,155       11,141,890  

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

     2,170       2,188,865  

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

     1,265       1,291,392  

5.00%, 12/01/2044

     6,885       6,919,431  

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

     4,415       4,533,166  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    29


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 4,000     $ 4,103,602  

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

     2,500       2,478,747  

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

     2,000       2,090,340  

California Enterprise Development Authority
(Provident Group-SDSU Properties LLC)
Series 2020-A
5.00%, 08/01/2050

     1,030       1,036,915  

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

     1,000       791,461  

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

     1,875       1,442,504  

4.00%, 06/01/2061(c)

     840       615,016  

California Health Facilities Financing Authority
Series 2013-A
5.00%, 07/01/2037 (Pre-refunded/ETM)

     2,500       2,502,853  

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

     1,365       1,406,449  

5.00%, 08/15/2036

     3,000       3,076,591  

5.00%, 08/15/2042

     2,000       2,021,024  

5.00%, 08/15/2047

     1,000       1,000,362  

California Health Facilities Financing Authority
(CommonSpirit Health)
Series 2020-A
4.00%, 04/01/2037

     5,165       5,065,965  

4.00%, 04/01/2038

     7,000       6,839,329  

4.00%, 04/01/2040

     3,000       2,905,324  

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

     13,865       13,529,898  

 

30    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Health Facilities Financing Authority
(Providence St. Joseph Health Obligated Group)
Series 2013-A
5.00%, 07/01/2033 (Pre-refunded/ETM)

   $ 5,000     $ 5,005,705  

California Housing Finance Agency
Series 2023-1, Class A
4.375%, 09/20/2036

     2,000       1,976,023  

California Infrastructure & Economic Development Bank
(California Academy of Sciences)
Series 2021
3.76% (MUNIPSA + 0.35%), 08/01/2047(b)

     6,300       6,221,502  

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

     20,000       19,929,478  

7.75%, 01/01/2050(c)

     1,890       1,881,987  

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

     1,500       1,267,997  

California Municipal Finance Authority
Series 2015-A
5.00%, 02/01/2046 (Pre-refunded/ETM)

     1,380       1,422,709  

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

     1,900       1,915,643  

5.00%, 06/01/2046

     1,500       1,457,199  

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

     2,960       2,898,245  

5.00%, 04/01/2041

     3,000       2,776,082  

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

     565       585,710  

5.00%, 10/01/2033

     625       647,084  

5.00%, 10/01/2034

     570       589,172  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    31


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

5.00%, 10/01/2035

   $ 600     $ 617,630  

5.00%, 10/01/2036

     1,150       1,178,110  

5.00%, 10/01/2037

     2,000       2,040,754  

5.00%, 10/01/2039

     2,000       2,032,839  

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

     1,340       1,139,447  

4.00%, 10/01/2051

     1,200       988,876  

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

     3,470       3,558,340  

5.00%, 05/15/2042

     4,705       4,811,574  

5.00%, 05/15/2049

     4,500       4,556,796  

5.00%, 05/15/2052

     1,575       1,591,393  

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

     1,000       947,149  

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

     560       433,500  

4.00%, 11/15/2052

     3,605       2,526,344  

4.00%, 11/15/2056

     1,685       1,150,512  

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

     1,295       1,022,603  

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

     5,000       5,215,833  

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

     5,000       4,400,987  

5.00%, 12/31/2036

     5,685       5,850,719  

5.00%, 12/31/2037

     4,000       4,100,326  

5.00%, 12/31/2047

     10,005       10,085,609  

 

32    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Municipal Finance Authority
(Samuel Merritt University)
Series 2022
5.25%, 06/01/2053

   $ 10,000     $ 10,638,992  

California Municipal Finance Authority
(United Airlines, Inc.)
Series 2019
4.00%, 07/15/2029

     5,000       4,865,170  

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

     2,745       54,900  

California Pollution Control Financing Authority
(Poseidon Resources Channelside LP)
Series 2023
5.00%, 07/01/2035(c)

     2,000       2,120,197  

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

     2,200       1,319,981  

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

     9,740       9,972,794  

5.00%, 11/21/2045(c)

     8,000       8,088,907  

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

     2,000       2,117,771  

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

     2,500       2,398,322  

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

     1,000       1,014,537  

5.00%, 10/15/2047

     2,665       2,646,888  

California School Finance Authority
Series 2023
5.50%, 08/01/2043(c)(g)

     550       554,210  

5.50%, 08/01/2047(c)(g)

     525       522,185  

 

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AB MUNICIPAL INCOME FUND    |    33


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,750     $ 2,531,377  

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

     4,675       4,689,595  

Series 2016
5.25%, 07/01/2052(c)

     2,500       2,519,940  

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

     2,000       1,864,637  

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

     1,200       1,162,431  

5.00%, 06/01/2047(c)

     1,565       1,430,320  

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

     3,000       2,970,559  

Series 2021
4.00%, 10/01/2046(c)

     1,250       1,047,894  

Series 2022
5.00%, 10/01/2061(c)

     2,000       1,934,061  

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

     2,325       2,162,865  

5.00%, 06/01/2051(c)

     2,910       2,649,367  

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

     430       414,483  

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

     4,770       4,644,141  

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

     625       574,811  

 

34    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,000     $ 986,956  

Series 2022
5.00%, 08/01/2032(c)

     750       777,301  

5.75%, 08/01/2052(c)

     1,650       1,715,842  

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

     1,860       1,765,616  

5.25%, 07/01/2052(c)

     2,755       2,602,156  

5.375%, 07/01/2056(c)

     995       948,475  

5.50%, 07/01/2062(c)

     1,775       1,708,819  

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

     935       956,444  

5.00%, 07/01/2047(c)

     2,485       2,500,527  

Series 2019-A
5.00%, 07/01/2049(c)

     2,000       2,013,496  

Series 2020-A
4.00%, 07/01/2055(c)

     835       693,093  

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

     600       606,959  

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

     2,300       2,338,714  

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

     1,000       981,273  

5.00%, 06/01/2046(c)

     2,500       2,286,242  

Series 2017
5.125%, 06/01/2047(c)

     700       648,575  

Series 2017-G
5.00%, 06/01/2037(c)

     360       348,384  

5.00%, 06/01/2053(c)

     2,075       1,840,291  

 

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AB MUNICIPAL INCOME FUND    |    35


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California School Finance Authority
(Summit Public Schools Obligated Group)
Series 2017
5.00%, 06/01/2047(c)

   $ 1,500     $ 1,342,001  

5.00%, 06/01/2053(c)

     3,800       3,302,531  

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

     575       577,470  

6.00%, 10/01/2049

     715       715,561  

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

     1,500       1,286,059  

Series 2021-B
2.144%, 11/01/2033

     6,000       4,784,017  

California Statewide Communities Development Authority
AGM Series 2014
5.00%, 11/15/2034 (Pre-refunded/ETM)

     2,500       2,570,016  

5.00%, 11/15/2044 (Pre-refunded/ETM)

     2,000       2,056,013  

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

     1,135       1,156,081  

5.00%, 11/01/2041(c)

     1,875       1,843,904  

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

     1,000       1,037,318  

5.00%, 05/15/2035

     1,410       1,456,365  

5.00%, 05/15/2036

     1,500       1,542,705  

California Statewide Communities Development Authority
(Emanate Health Obligated Group)
Series 2020-A
5.00%, 04/01/2035

     1,000       1,079,945  

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

     2,000       2,130,719  

 

36    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,000     $ 977,580  

Series 2019
5.00%, 06/01/2051(c)

     3,165       2,898,112  

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

     5,000       5,010,596  

5.00%, 12/01/2041(c)

     1,315       1,272,074  

5.25%, 12/01/2056(c)

     1,700       1,596,120  

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

     2,295       2,217,540  

5.25%, 07/01/2049(c)

     2,675       2,441,530  

5.25%, 07/01/2052(c)

     1,565       1,412,315  

Capistrano Unified School District School Facilities Improvement District No. 1
AGM Series 2001-B
Zero Coupon, 08/01/2025

     4,650       4,224,459  

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

     3,520       3,639,941  

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

     1,000       1,051,240  

5.00%, 05/01/2043

     1,000       1,047,294  

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

     3,700       2,353,487  

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

     650       653,072  

5.00%, 09/02/2029

     1,110       1,115,609  

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

     2,400       2,446,346  

5.00%, 09/01/2048

     4,250       4,310,197  

 

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AB MUNICIPAL INCOME FUND    |    37


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,100     $ 1,126,633  

5.00%, 05/15/2040

     2,250       2,279,390  

5.00%, 05/15/2045

     2,250       2,273,756  

City of Los Angeles CA
Series 2022
4.00%, 06/29/2023

     30,250       30,270,758  

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

     5,000       5,004,591  

City of Los Angeles Department of Airports
Series 2022
3.25%, 05/15/2049

     2,000       1,533,718  

5.00%, 05/15/2045

     1,500       1,577,495  

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

     1,685       1,692,633  

5.00%, 09/02/2028

     530       532,655  

5.00%, 09/02/2030

     745       748,777  

City of Riverside CA Sewer Revenue
Series 2015-A
5.00%, 08/01/2033

     10,090       10,571,581  

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

     1,315       1,372,293  

5.00%, 09/01/2034

     1,000       1,041,757  

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

     640       657,647  

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

     4,890       3,744,231  

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

     1,100       1,151,047  

 

38    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

5.00%, 03/01/2034

   $ 2,000     $ 2,090,199  

5.00%, 03/01/2035

     3,500       3,644,593  

5.00%, 03/01/2037

     1,800       1,858,573  

City of Upland CA
(San Antonio Regional Hospital)
Series 2017
5.00%, 01/01/2032

     1,000       1,050,137  

5.00%, 01/01/2047

     3,895       3,965,246  

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

     2,000       1,520,306  

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

     2,000       1,314,737  

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

     3,000       2,466,304  

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

     4,000       2,606,683  

4.00%, 08/01/2047(c)

     1,000       777,294  

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

     850       780,907  

3.00%, 08/01/2037

     940       843,882  

3.00%, 08/01/2038

     2,175       1,916,140  

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

     2,750       2,756,179  

5.00%, 09/01/2052

     2,500       2,474,764  

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

     990       1,002,515  

5.00%, 09/01/2045

     1,250       1,261,142  

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

     1,755       1,835,251  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    39


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,000     $ 687,753  

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

     4,000       2,763,962  

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

     3,000       2,257,711  

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

     5,000       3,661,369  

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

     1,000       824,685  

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

     1,000       678,380  

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

     1,000       675,894  

4.00%, 07/01/2058(c)

     1,000       692,121  

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

     2,500       1,860,397  

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

     1,000       657,368  

4.00%, 12/01/2056(c)

     1,000       707,172  

 

40    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,000     $ 1,352,677  

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

     1,645       789,754  

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

     2,400       1,767,447  

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

     1,000       668,360  

4.00%, 10/01/2048(c)

     3,000       2,141,028  

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

     1,500       982,203  

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

     1,500       1,448,380  

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

     4,000       4,039,098  

Garden Grove Unified School District
Series 2013-C
5.00%, 08/01/2032 (Pre-refunded/ETM)

     2,535       2,541,823  

Golden State Tobacco Securitization Corp.
Series 2018-A
5.00%, 06/01/2030 (Pre-refunded/ETM)

     2,500       2,779,190  

Series 2021
1.85%, 06/01/2031

     1,175       1,175,000  

3.115%, 06/01/2038

     5,000       3,971,110  

3.85%, 06/01/2050

     4,515       4,085,087  

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

     10,000       1,011,594  

Series 2022
5.00%, 06/01/2051

     10,000       10,414,060  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    41


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 5,000     $ 4,277,979  

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

     1,300       369,503  

Zero Coupon, 09/01/2050

     1,250       337,346  

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

     995       1,005,600  

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

     2,690       2,770,384  

5.00%, 09/01/2035

     1,835       1,884,765  

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

     5,500       5,561,822  

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

     1,250       1,370,057  

Series 2022-C
5.00%, 07/01/2042

     8,750       9,756,411  

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

     2,000       2,134,469  

Series 2020-C
4.00%, 07/01/2037

     6,000       6,151,858  

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

     830       963,556  

Series 2009-B
6.50%, 11/01/2039

     10,000       11,609,103  

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

     1,000       1,016,047  

5.00%, 09/01/2048

     1,215       1,227,143  

Metropolitan Water District of Southern California
Series 2021-D
3.55% (MUNIPSA + 0.14%), 07/01/2037(b)

     2,100       2,093,360  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Oakland Unified School District/Alameda County
Series 2015-A
5.00%, 08/01/2031 (Pre-refunded/ETM)

   $ 1,640     $ 1,708,226  

5.00%, 08/01/2032 (Pre-refunded/ETM)

     1,500       1,562,402  

5.00%, 08/01/2033 (Pre-refunded/ETM)

     2,200       2,291,522  

Orange County Transportation Authority
(91 Express Lanes Toll Road)
Series 2013
5.00%, 08/15/2029

     2,360       2,366,557  

Orange County Water District
Series 2019-C
4.00%, 08/15/2034

     1,250       1,323,415  

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

     5,250       5,329,662  

Palomar Health
(Palomar Health Obligated Group)
Series 2016
5.00%, 11/01/2036

     5,000       5,095,074  

Series 2016-A
5.00%, 08/01/2031

     1,285       1,364,772  

Series 2017
5.00%, 11/01/2042

     1,000       1,006,665  

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

     4,640       4,751,512  

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

     1,500       1,537,163  

5.00%, 09/01/2034

     995       1,019,316  

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

     1,350       1,418,752  

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

     10,000       11,181,448  

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

     500       545,507  

5.00%, 09/01/2033

     500       543,737  

5.00%, 09/01/2037

     2,235       2,381,064  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 5,200     $ 4,833,488  

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

     3,330       3,162,435  

4.00%, 06/01/2041

     1,765       1,661,385  

Riverside County Transportation Commission Sales Tax Revenue
Series 2013-A
5.25%, 06/01/2032 (Pre-refunded/ETM)

     9,165       9,165,000  

Sacramento County Water Financing Authority
(Sacramento County Water Agency)
NATL Series 2007-B
3.875% (LIBOR 3 Month + 0.55%), 06/01/2034(b)

     1,430       1,358,761  

3.895% (LIBOR 3 Month + 0.57%), 06/01/2039(b)

     5,375       4,775,385  

San Diego County Regional Airport Authority
Series 2013-B
5.00%, 07/01/2043 (Pre-refunded/ETM)

     4,000       4,003,744  

Series 2019-A
4.00%, 07/01/2038

     2,000       2,012,922  

Series 2020
5.00%, 07/01/2035

     650       697,710  

5.00%, 07/01/2036

     500       529,843  

5.00%, 07/01/2037

     250       263,084  

5.00%, 07/01/2038

     250       262,144  

5.00%, 07/01/2039

     255       266,483  

5.00%, 07/01/2040

     250       260,355  

Series 2021-A
4.00%, 07/01/2056

     4,750       4,421,287  

Series 2021-B
4.00%, 07/01/2041

     3,010       2,829,115  

4.00%, 07/01/2046

     2,500       2,323,499  

San Diego Unified School District/CA
Series 2013-C
5.00%, 07/01/2032 (Pre-refunded/ETM)

     3,180       3,184,151  

San Francisco City & County Redevelopment Agency Successor Agency
(Mission Bay South Public Imp)
Series 2013-A
5.00%, 08/01/2029

     1,310       1,322,487  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,000     $ 1,054,566  

5.00%, 08/01/2035

     1,000       1,054,712  

Series 2016-C
5.00%, 08/01/2032

     1,000       1,058,195  

5.00%, 08/01/2035

     1,000       1,054,712  

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

     2,000       2,047,733  

Series 2022-C
3.283%, 05/01/2036

     3,000       2,532,059  

San Joaquin Hills Transportation Corridor Agency
Series 2014-A
5.00%, 01/15/2044 (Pre-refunded/ETM)

     2,450       2,525,708  

Santa Clara Valley Transportation Authority
(Santa Clara Valley Transportation Authority 2000 Measure A Sales Tax)
Series 2010
5.876%, 04/01/2032

     2,000       2,116,305  

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

     1,210       1,338,222  

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

     5,485       4,018,100  

Southern California Public Power Authority
Series 2020
5.00%, 04/01/2024

     3,765       3,804,628  

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

     5,000       5,088,513  

5.00%, 07/01/2034

     3,200       3,256,307  

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

     5       5,011  

 

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AB MUNICIPAL INCOME FUND    |    45


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2014
5.00%, 12/01/2030

   $ 2,000     $ 2,014,953  

Series 2017
5.00%, 11/01/2024

     5,790       5,949,466  

Series 2019
5.00%, 10/01/2025

     3,950       4,117,954  

Series 2022
5.00%, 09/01/2025

     7,000       7,285,372  

5.00%, 09/01/2042

     7,000       7,852,742  

Series 2023
5.00%, 10/01/2042

     1,000       1,128,297  

5.25%, 10/01/2050

     5,000       5,670,512  

6.00%, 03/01/2033

     4,000       4,425,844  

Stockton Redevelopment Agency Successor Agency
AGM Series 2016-A
5.00%, 09/01/2033

     2,800       2,966,032  

5.00%, 09/01/2034

     1,000       1,059,121  

Successor Agency to the Redev of San Francisco – Mission Bay North
Series 2016-A
5.00%, 08/01/2032

     1,025       1,084,650  

5.00%, 08/01/2034

     1,105       1,167,047  

5.00%, 08/01/2035

     595       627,554  

5.00%, 08/01/2036

     775       814,419  

Tobacco Securitization Authority of Northern California
(Sacramento County Tobacco Securitization Corp.)
Series 2021

    

Zero Coupon, 06/01/2060

     10,000       1,551,749  

5.00%, 06/01/2023

     1,160       1,160,000  

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

     1,000       1,067,852  

5.00%, 06/01/2048

     13,440       13,832,930  

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

     1,000       1,033,560  

5.00%, 10/01/2045

     2,000       2,048,858  

5.00%, 10/01/2049

     2,200       2,232,945  

University of California
Series 2023-B
4.693%, 05/15/2033

     5,600       5,623,776  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

5.00%, 05/15/2035

   $ 5,000     $ 6,016,551  

5.00%, 05/15/2036

     5,000       5,889,341  

Upland Unified School District
Series 2011-C
Zero Coupon, 08/01/2035

     1,020       648,906  

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

     4,000       4,064,839  

5.00%, 01/01/2032

     3,700       3,759,582  

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

     2,000       2,050,767  

5.00%, 07/01/2033

     1,500       1,537,253  
    

 

 

 
       875,458,020  
    

 

 

 

American Samoa – 0.2%

 

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

     430       447,109  

Series 2018
7.125%, 09/01/2038(c)

     1,385       1,510,607  
    

 

 

 
       1,957,716  
    

 

 

 

Georgia – 0.1%

 

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

     100       102,596  

5.00%, 01/01/2038

     100       102,066  

5.00%, 01/01/2039

     100       103,363  

5.00%, 01/01/2048

     215       215,270  

5.00%, 01/01/2056

     655       662,323  

5.00%, 01/01/2059

     220       213,278  
    

 

 

 
       1,398,896  
    

 

 

 

Guam – 2.0%

 

Antonio B Won Pat International Airport Authority
Series 2021-A
3.839%, 10/01/2036

     700       560,492  

Series 2023
5.375%, 10/01/2040(g)

     250       244,507  

5.375%, 10/01/2043(g)

     1,050       1,027,706  

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

     1,335       1,346,142  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,940     $ 3,022,374  

5.00%, 10/01/2037

     1,300       1,328,543  

5.00%, 10/01/2040

     1,000       1,017,670  

Series 2022-A
5.00%, 10/01/2044

     3,700       3,784,205  

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

     265       272,202  

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

     3,805       3,906,483  

5.00%, 12/01/2030

     415       425,971  

5.00%, 12/01/2032

     455       466,593  

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

     3,000       2,629,836  
    

 

 

 
       20,032,724  
    

 

 

 

Illinois – 0.2%

 

Chicago Board of Education
Series 2018-A
5.00%, 12/01/2031

     2,000       2,072,011  
    

 

 

 

Louisiana – 0.0%

 

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

     200       215,166  
    

 

 

 

Michigan – 0.0%

 

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

     305       307,827  
    

 

 

 

Puerto Rico – 2.5%

 

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

     445       424,345  

Zero Coupon, 07/01/2033

     1,238       725,288  

4.00%, 07/01/2033

     410       376,042  

4.00%, 07/01/2035

     9       7,803  

4.00%, 07/01/2037

     7       6,504  

4.00%, 07/01/2041

     10       8,506  

4.00%, 07/01/2046

     11       8,535  

5.25%, 07/01/2023

     283       283,205  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

5.375%, 07/01/2025

   $ 521     $ 531,832  

5.625%, 07/01/2027

     2,301       2,404,858  

5.625%, 07/01/2029

     500       529,613  

5.75%, 07/01/2031

     145       156,408  

Series 2022-C
0.00%, 11/01/2043

     64       31,214  

HTA HRRB Custodial Trust
Series 2022
5.50%, 07/01/2031

     140       143,850  

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

     1,020       1,013,190  

5.25%, 07/01/2036

     1,070       1,079,368  

5.25%, 07/01/2041

     725       729,524  

Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(c)

     2,490       2,526,962  

5.00%, 07/01/2035(c)

     1,945       1,944,919  

Series 2022-A
5.00%, 07/01/2037(c)

     250       247,499  

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

     1,000       1,001,258  

NATL Series 2007-V
5.25%, 07/01/2032

     1,000       986,228  

5.25%, 07/01/2034

     1,000       985,778  

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

     1,505       1,442,919  

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

     805       511,811  

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

     1,900       1,929,605  

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

     847       648,223  

Series 2019-A
4.329%, 07/01/2040

     1,065       986,648  

4.55%, 07/01/2040

     90       85,654  

5.00%, 07/01/2058

     2,900       2,770,798  
    

 

 

 
       24,528,387  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Tennessee – 0.1%

 

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

   $ 1,010     $ 942,682  
    

 

 

 

Texas – 0.2%

 

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

     1,805       1,746,090  
    

 

 

 

Washington – 0.1%

 

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

     130       98,511  

5.00%, 01/01/2049(c)

     100       73,157  

5.00%, 01/01/2055(c)

     410       289,650  
    

 

 

 
       461,318  
    

 

 

 

Wisconsin – 0.2%

 

Wisconsin Health & Educational Facilities Authority
(St. Camillus Health System Obligated Group)
Series 2019
5.00%, 11/01/2054

     115       87,798  

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

     2,000       1,788,410  
    

 

 

 
       1,876,208  
    

 

 

 

Indiana – 0.2%

 

City of Fort Wayne IN
(Do Good Foods Fort Wayne LLC Obligated Group)
Series 2022
9.00%, 12/01/2044(c)

     1,480       1,459,275  

10.75%, 12/01/2029

     200       199,248  
    

 

 

 
       1,658,523  
    

 

 

 

Total Long-Term Municipal Bonds
(cost $984,762,515)

       932,655,568  
 

 

 

 
    

 

50    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Short-Term Municipal Notes – 0.2%

 

California – 0.2%

 

Calleguas-Las Virgenes Public Financing Authority
Series 2008-A
2.90%, 07/01/2037(i)
(cost $2,355,000)

   $ 2,355     $ 2,355,000  
    

 

 

 

Total Municipal Obligations
(cost $987,117,515)

       935,010,568  
 

 

 

 
    

COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.7%

    

Agency CMBS – 2.7%

 

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

     7,789       7,519,207  

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

     7,115       6,606,152  

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

     6,368       6,152,007  

Series 2021-2, Class X
0.824%, 03/25/2035(j)

     2,939       153,080  

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

     1,954       1,745,963  

Series 2021-3, Class X
0.77%, 08/20/2036(j)

     2,589       142,471  

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

     3,648       2,826,882  

Series 2022-ML13, Class ACA
2.875%, 07/25/2036

     1,976       1,737,580  

Series 2022-ML13, Class XCA
0.95%, 07/25/2036(j)

     5,532       322,675  
    

 

 

 

Total Commercial Mortgage-Backed Securities
(cost $32,525,428)

       27,206,017  
 

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

Company        
    
Shares
    U.S. $ Value  

 

 

SHORT-TERM INVESTMENTS – 1.7%

    

Investment Companies – 1.7%

    

AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.03%(k)(l)(m)
(cost $17,006,603)

     17,006,603     $ 17,006,603  
    

 

 

 

Total Investments – 98.5%
(cost $1,036,649,546)

       979,223,188  

Other assets less liabilities – 1.5%

       14,649,257  
    

 

 

 

Net Assets – 100.0%

     $     993,872,445  
    

 

 

 

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

 

      Rate Type                      
Notional
Amount
(000)
    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
  Payment
Frequency
Paid/
Received
  Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 
USD     6,350       01/15/2025     2.565%   CPI#   Maturity   $ 558,414     $ – 0  –    $ 558,414  
USD     3,340       01/15/2025     4.028%   CPI#   Maturity     93,573       – 0  –      93,573  
USD     3,175       01/15/2025     2.585%   CPI#   Maturity     276,660       – 0  –      276,660  
USD     3,175       01/15/2025     2.613%   CPI#   Maturity     273,154       – 0  –      273,154  
USD     37,160       01/15/2027     CPI#   3.336%   Maturity     (1,385,399     – 0  –      (1,385,399
USD     10,000       01/15/2027     CPI#   3.466%   Maturity     (292,144     (9,873     (282,271
USD     20,520       01/15/2028     1.230%   CPI#   Maturity     3,556,869       – 0  –      3,556,869  
USD     16,260       01/15/2028     0.735%   CPI#   Maturity     3,403,881       – 0  –      3,403,881  
USD     16,830       01/15/2029     CPI#   3.735%   Maturity     221,169       – 0  –      221,169  
USD     3,150       01/15/2029     CPI#   3.408%   Maturity     (45,352     – 0  –      (45,352
USD     6,300       01/15/2030     1.572%   CPI#   Maturity     1,038,302       – 0  –      1,038,302  
USD     6,300       01/15/2030     1.587%   CPI#   Maturity     1,029,615       – 0  –      1,029,615  
USD     655       01/15/2030     1.714%   CPI#   Maturity     99,352       – 0  –      99,352  
USD     655       01/15/2030     1.731%   CPI#   Maturity     98,315       – 0  –      98,315  
USD     6,200       01/15/2031     2.782%   CPI#   Maturity     374,947       – 0  –      374,947  
USD     5,700       01/15/2031     2.680%   CPI#   Maturity     402,002       – 0  –      402,002  
USD     5,120       01/15/2032     CPI#   3.064%   Maturity     (137,278     – 0  –      (137,278
USD     5,250       04/15/2032     CPI#   2.909%   Maturity     (210,923     – 0  –      (210,923
USD     1,120       04/15/2032     CPI#   2.748%   Maturity     (64,461     – 0  –      (64,461
           

 

 

   

 

 

   

 

 

 
  $   9,290,696     $   (9,873   $   9,300,569  
           

 

 

   

 

 

   

 

 

 

 

#

Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

 

52    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

 

           

Rate Type

                     
Notional
Amount
(000)
    Termination
Date
    Payments
made
by the
Fund
  Payments
received
by the
Fund
  Payment
Frequency
Paid/
Received
  Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 
USD     50,000       01/15/2027     1 Day SOFR   3.682%   Annual   $ (271,673   $ – 0  –    $ (271,673
USD     14,000       01/15/2027     1 Day SOFR   2.719%   Annual     (577,949     – 0  –      (577,949
USD     22,100       04/30/2030     1 Day SOFR   3.369%   Annual     (87,953     – 0  –      (87,953
USD     29,000       04/15/2032     3.120%   1 Day SOFR   Annual     669,316       – 0  –      669,316  
USD     14,500       04/15/2032     2.455%   1 Day SOFR   Annual     1,077,917       – 0  –      1,077,917  
USD     8,000       04/15/2032     1.618%   1 Day SOFR   Annual     1,112,653       – 0  –      1,112,653  
USD     3,000       04/15/2032     1.280%   1 Day SOFR   Annual     495,521       – 0  –      495,521  
           

 

 

   

 

 

   

 

 

 
  $     2,417,832     $     – 0  –    $     2,417,832  
 

 

 

   

 

 

   

 

 

 

INTEREST RATE SWAPS (see Note D)

 

      Rate Type        
Swap
Counterparty
  Notional
Amount
(000)
    Termination
Date
    Payments
made
by the
Fund
    Payments
received
by the
Fund
    Payment
Frequency
Paid/
Received
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

Citibank, NA

    USD       12,620       10/09/2029       1.125     SIFMA     Quarterly     $   1,274,627     $   – 0 –     $   1,274,627  

 

*

Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

 

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2023.

 

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2023.

 

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At May 31, 2023, the aggregate market value of these securities amounted to $191,014,130 or 19.2% of net assets.

 

(d)

Non-income producing security.

 

(e)

Defaulted.

 

(f)

Restricted and illiquid security.

 

Restricted & Illiquid Securities   Acquisition
Date
    Cost     Market
Value
    Percentage of
Net Assets
 

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

    12/22/2011     $     2,745,000     $     54,900       0.01

 

(g)

When-Issued or delayed delivery security.

 

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AB MUNICIPAL INCOME FUND    |    53


 

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO

 

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.18% of net assets as of May 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
 

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

    08/03/2021     $     2,000,000     $     1,788,410       0.18

 

(i)

Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

 

(j)

IO – Interest Only.

 

(k)

Affiliated investments.

 

(l)

The rate shown represents the 7-day yield as of period end.

 

(m)

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

As of May 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 4.1% and 0.5%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

 

54    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS

AB HIGH INCOME MUNICIPAL PORTFOLIO

May 31, 2023

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

MUNICIPAL OBLIGATIONS – 105.7%

    

Long-Term Municipal Bonds – 105.7%

    

Alabama – 4.0%

    

Black Belt Energy Gas District
1.00%, 02/01/2053(a)

   $ 10,000     $ 10,046,676  

Black Belt Energy Gas District
(Goldman Sachs Group, Inc. (The))
Series 2021
4.00%, 10/01/2052

     3,000       2,966,651  

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

     10,000       10,741,963  

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

     18,565       19,585,006  

Southeast Energy Authority A Cooperative District
(Morgan Stanley)
Series 2022-A
1.00% (SOFR + 2.42%), 01/01/2053(a)(b)

     10,000       10,235,247  

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

     52,910       55,525,220  

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

     15,000       10,611,415  
    

 

 

 
       119,712,178  
    

 

 

 

American Samoa – 0.2%

    

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

     7,095       7,377,290  
    

 

 

 

Arizona – 2.0%

    

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

     1,885       1,674,734  

 

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AB MUNICIPAL INCOME FUND    |    55


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,000     $ 936,163  

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

     10,000       8,200,093  

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

     2,000       1,560,482  

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

     10,420       5,731,000  

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

     480       264,000  

6.00%, 07/01/2051(c)(d)(e)

     3,000       1,650,000  

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

     1,000       744,450  

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

     2,865       2,433,532  

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

     10,690       10,477,902  

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

     1,000       1,000,349  

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

     3,250       3,274,651  

 

56    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

6.875%, 11/15/2052(c)

   $ 2,000     $ 2,004,716  

7.00%, 11/15/2057(c)

     1,000       1,002,001  

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

     5,000       4,639,202  

5.00%, 07/01/2055(c)

     1,000       859,031  

Maricopa County Industrial Development Authority
(Benjamin Franklin Charter School Ltd.)
Series 2018
6.00%, 07/01/2038(c)

     2,000       2,084,111  

Series 2018-A
6.00%, 07/01/2052(c)

     5,170       5,250,941  

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

     3,600       3,042,043  

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

     1,000       879,684  

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

     1,375       1,377,727  

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

     1,225       762,506  
    

 

 

 
       59,849,318  
    

 

 

 

Arkansas – 0.1%

    

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

     2,300       2,237,531  
    

 

 

 

California – 9.1%

    

ARC70 II TRUST 
Series 2021
0.00%, 12/01/2059

     3,000       2,501,043  

 

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AB MUNICIPAL INCOME FUND    |    57


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 16,020     $ 16,745,408  

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

     10,000       9,953,469  

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

     5,200       4,280,374  

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

     13,500       11,112,509  

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

     11,070       7,291,016  

4.00%, 08/01/2046(c)

     3,335       2,632,426  

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

     5,000       3,283,424  

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

     32,000       1,758,896  

5.50%, 02/01/2040(c)

     2,000       1,813,196  

Series 2022-A
4.50%, 08/01/2052(c)

     6,000       4,959,568  

California County Tobacco Securitization Agency
Series 2020-B
Zero Coupon, 06/01/2055

     22,000       3,665,372  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

California Educational Facilities Authority
(Leland Stanford Junior University (The))
Series 2019-V
5.00%, 05/01/2049

   $ 1,730     $ 2,026,140  

California Infrastructure & Economic Development Bank
(DesertXpress Enterprises LLC)
Series 2023
7.75%, 01/01/2050(c)

     7,445       7,413,437  

California Infrastructure & Economic Development Bank
(WFCS Holdings II LLC)
Series 2021-A1
5.00%, 01/01/2056(c)

     1,990       1,508,189  

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

     2,000       1,958,273  

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

     870       858,227  

6.875%, 01/01/2042(c)

     3,415       3,279,192  

Series 2014
5.00%, 01/01/2035

     1,050       897,194  

5.25%, 01/01/2045

     2,025       1,599,051  

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

     5,000       5,066,812  

California Municipal Finance Authority
(Partnerships to Uplift Communities Lakeview Terrace and Los Angeles Project)
Series 2012-A
5.30%, 08/01/2047

     1,675       1,621,678  

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

     3,795       75,900  

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

     8,595       8,514,704  

 

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AB MUNICIPAL INCOME FUND    |    59


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 515     $ 308,995  

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

     1,000       970,437  

5.00%, 11/15/2046(c)

     1,000       888,754  

5.00%, 11/15/2051(c)

     1,000       866,738  

5.00%, 11/15/2056(c)

     1,000       852,566  

California Public Finance Authority
(Kendal at Ventura)
Series 2023
10.00%, 05/15/2028(c)

     200       197,092  

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

     3,790       3,290,713  

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

     3,500       3,509,141  

5.00%, 07/01/2051(c)

     1,750       1,751,560  

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

     1,165       1,036,191  

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

     1,000       930,265  

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

     2,850       2,862,649  

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

     5,575       5,220,675  

Series 2018
5.25%, 12/01/2048(c)

     6,080       5,784,402  

 

60    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,000     $ 902,438  

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

     10,000       7,601,530  

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

     6,550       4,305,762  

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

     5,000       4,110,508  

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

     6,800       4,431,361  

4.00%, 08/01/2047(c)

     3,000       2,331,881  

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

     7,500       5,110,453  

4.00%, 05/01/2057(c)

     10,000       6,877,528  

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

     3,275       2,262,994  

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

     5,000       4,081,428  

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

     7,500       5,492,053  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    61


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 10,000     $ 8,246,850  

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

     3,105       2,106,368  

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

     5,800       3,920,182  

4.00%, 07/01/2058(c)

     7,360       5,094,008  

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

     3,100       2,306,892  

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

     5,500       3,659,643  

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

     2,000       1,314,737  

4.00%, 12/01/2056(c)

     9,600       6,788,851  

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

     1,000       676,339  

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

     5,000       3,743,890  

Series 2021-A2
4.00%, 07/01/2056(c)

     10,000       7,364,362  

 

62    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,500     $ 1,637,004  

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

     74,625       7,549,020  

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

     16,525       13,237,541  

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

     5,518       5,260,158  

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

     3,600       3,629,793  

State of California
Series 2023
5.25%, 10/01/2050

     700       793,872  

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

     3,250       504,318  

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

     6,520       1,200,657  

5.00%, 06/01/2039

     680       719,874  

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

     5,465       1,024,476  

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

     10,000       11,242,124  
    

 

 

 
       272,814,571  
    

 

 

 

Colorado – 3.3%

    

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

     10,000       8,939,219  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    63


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 750     $ 641,917  

5.00%, 12/01/2049

     1,750       1,346,180  

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

     5,730       5,394,868  

Series 2022
6.50%, 12/01/2053

     1,000       1,003,521  

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

     10,000       10,201,690  

Clear Creek Station Metropolitan District No. 2
Series 2017-A
5.00%, 12/01/2047

     1,000       924,735  

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

     1,100       880,257  

4.00%, 05/01/2061

     1,250       954,411  

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

     1,500       1,119,409  

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

     890       855,454  

5.125%, 11/01/2049

     765       737,660  

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

     2,200       2,360,456  

5.25%, 11/01/2039(a)

     2,600       2,777,814  

5.25%, 11/01/2052(a)

     5,000       5,197,012  

Colorado Health Facilities Authority
(Intermountain Healthcare)
Series 2022-S
5.00%, 05/15/2052(a)

     10,000       10,571,739  

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

     2,000       1,565,501  

 

64    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,750     $ 1,259,365  

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

     735       706,683  

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

     1,175       934,248  

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

     1,750       1,194,658  

Copper Ridge Metropolitan District
Series 2019
5.00%, 12/01/2039

     1,405       1,293,667  

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

     10,000       7,355,674  

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

     1,000       907,505  

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

     9,760       7,804,707  

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

     2,000       1,677,805  

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

     1,500       1,464,418  

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

     1,000       943,091  

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

     3,810       2,590,800  

 

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AB MUNICIPAL INCOME FUND    |    65


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 3,000     $ 2,686,615  

5.00%, 12/01/2052

     1,000       851,806  

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

     1,500       1,465,705  

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

     2,000       2,016,339  

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

     1,060       981,641  

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

     2,000       2,021,230  

6.75%, 12/01/2053

     3,000       3,022,750  

Series 2023
8.375%, 12/15/2054

     1,000       989,342  

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

     189       159,145  

AGM Series 2020
5.00%, 12/01/2027

     195       208,899  

5.00%, 12/01/2030

     270       296,817  

5.00%, 12/01/2050

     205       213,812  

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

     1,000       919,583  

6.75%, 12/01/2052

     1,000       910,299  
    

 

 

 
       100,348,447  
    

 

 

 

Connecticut – 0.1%

    

Connecticut State Health & Educational Facilities Authority
(Hartford HealthCare Obligated Group)
Series 2020-A
4.00%, 07/01/2036

     500       491,366  

4.00%, 07/01/2037

     800       774,073  

State of Connecticut
Series 2013-E
5.00%, 08/15/2031

     10       10,029  

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

     1,000       1,010,332  
    

 

 

 
       2,285,800  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Delaware – 0.3%

    

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

   $ 7,500     $ 7,500,000  
    

 

 

 

District of Columbia – 0.9%

    

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

     3,070       3,076,884  

5.00%, 06/01/2046

     635       632,042  

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

     1,000       1,005,262  

5.00%, 07/01/2048

     5,800       5,774,478  

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

     1,425       1,314,179  

Series 2021
5.00%, 06/01/2061(c)

     1,000       821,754  

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

     164,000       14,518,930  
    

 

 

 
       27,143,529  
    

 

 

 

Florida – 5.7%

    

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

     2,400       1,887,010  

4.00%, 10/01/2046

     1,750       1,274,896  

Alachua County Health Facilities Authority
(Shands Teaching Hospital & Clinics Obligated Group)
Series 2014-A
5.00%, 12/01/2044

     4,000       3,981,681  

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

     15,000       12,899,921  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    67


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,050     $ 1,873,676  

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

     2,320       2,414,006  

5.00%, 04/01/2029

     2,560       2,736,531  

5.00%, 04/01/2031

     2,825       3,084,999  

5.00%, 04/01/2033

     3,110       3,450,585  

5.00%, 04/01/2038

     3,435       3,683,100  

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

     1,550       1,063,566  

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

     1,300       1,349,135  

5.00%, 10/01/2032

     1,000       1,037,188  

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

     1,500       1,129,783  

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

     27,000       1,721,933  

3.375%, 07/01/2031(c)

     1,000       931,551  

5.00%, 07/01/2056(c)

     14,500       12,968,452  

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

     1,000       879,843  

5.00%, 06/01/2055(c)

     2,000       1,689,619  

City of Jacksonville FL
(Genesis Health, Inc. Obligated Group)
Series 2020
5.00%, 11/01/2050

     11,940       12,065,898  

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

     850       408,831  

Zero Coupon, 09/01/2042

     1,000       403,648  

Zero Coupon, 09/01/2049

     1,000       270,798  

Zero Coupon, 09/01/2053

     1,400       292,956  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

County of Lake FL
(Waterman Communities, Inc.)
Series 2020
5.50%, 08/15/2040

   $ 3,000     $ 2,621,432  

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

     250       139,236  

Zero Coupon, 10/01/2036

     410       213,838  

Zero Coupon, 10/01/2037

     230       112,627  

Zero Coupon, 10/01/2038

     315       145,885  

Zero Coupon, 10/01/2039

     390       169,871  

County of Palm Beach FL
(Provident Group-PBAU Properties LLC)
Series 2019
5.00%, 04/01/2039(c)

     1,000       951,586  

5.00%, 04/01/2051(c)

     1,970       1,760,931  

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

     3,900       3,684,066  

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

     8,330       8,017,741  

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

     1,000       888,014  

4.00%, 07/01/2051(c)

     1,950       1,601,410  

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

     1,000       986,778  

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

     1,800       1,822,786  

5.00%, 06/15/2050

     5,705       5,479,255  

5.00%, 06/15/2055

     3,275       3,100,711  

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

     2,365       2,324,002  

 

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AB MUNICIPAL INCOME FUND    |    69


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,000     $ 2,056,240  

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

     795       790,359  

5.00%, 03/01/2049

     3,375       3,293,729  

Hillsborough County Aviation Authority
5.00%, 10/01/2048(a)

     10,000       10,465,093  

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

     3,000       2,455,562  

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

     1,500       1,501,236  

Series 2023-B
5.78%, 06/01/2027(c)

     1,000       1,000,824  

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

     1,000       911,377  

5.50%, 07/01/2061(c)

     1,000       928,190  

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

     7,235       7,448,390  

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

     5,000       4,245,115  

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

     1,000       889,830  

4.00%, 10/01/2051

     1,815       1,498,009  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,100     $ 1,495,997  

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

     1,000       963,569  

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

     2,000       2,006,421  

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

     2,450       2,061,412  

5.00%, 01/01/2052

     4,500       3,703,334  

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

     15,415       14,141,824  

Village Community Development District No. 13
Series 2020
3.50%, 05/01/2051(c)

     1,945       1,397,565  

Series 2021
1.80%, 05/01/2026

     305       283,846  
    

 

 

 
       171,057,697  
    

 

 

 

Georgia – 1.4%

    

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

     1,000       996,124  

5.00%, 08/01/2047

     1,650       1,620,736  

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

     12,250       11,804,454  

Main Street Natural Gas, Inc.
(Royal Bank of Canada)
Series 2023-B
5.00%, 07/01/2053

     10,000       10,543,987  

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

     715       733,804  

 

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AB MUNICIPAL INCOME FUND    |    71


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

5.00%, 01/01/2039

   $ 780     $ 796,822  

5.00%, 01/01/2048

     1,530       1,531,922  

5.00%, 01/01/2049

     4,000       4,049,975  

5.00%, 01/01/2056

     1,360       1,375,206  

5.00%, 01/01/2059

     1,560       1,512,334  

Series 2022
5.50%, 07/01/2063

     6,500       6,663,606  
    

 

 

 
       41,628,970  
    

 

 

 

Guam – 0.6%

    

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

     6,500       6,675,445  

5.00%, 10/01/2043

     1,000       1,025,406  

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

     820       842,285  

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

     4,365       4,193,361  

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

     5,000       4,724,902  
    

 

 

 
       17,461,399  
    

 

 

 

Idaho – 0.1%

    

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

     4,000       4,007,634  
    

 

 

 

Illinois – 8.1%

    

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

     5,405       5,416,536  

Series 2016-A
7.00%, 12/01/2044

     3,095       3,248,877  

Series 2017-A
7.00%, 12/01/2046(c)

     4,975       5,362,182  

Series 2017-B
6.75%, 12/01/2030(c)

     11,365       12,612,290  

7.00%, 12/01/2042(c)

     2,400       2,596,882  

Series 2017-C
5.00%, 12/01/2034

     5,055       5,169,253  

 

72    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Series 2018-A
5.00%, 12/01/2028

   $ 3,750     $ 3,917,423  

5.00%, 12/01/2032

     4,800       4,948,173  

5.00%, 12/01/2033

     2,600       2,674,982  

Series 2018-C
5.00%, 12/01/2026

     4,900       5,055,212  

Series 2019-B
5.00%, 12/01/2030

     425       443,164  

5.00%, 12/01/2031

     750       779,467  

5.00%, 12/01/2032

     310       321,121  

5.00%, 12/01/2033

     290       299,681  

Chicago O’Hare International Airport
5.25%, 01/01/2053(a)

     37,000       38,453,889  

Series 2022
5.50%, 01/01/2055(a)

     10,000       10,559,992  

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

     4,510       4,124,837  

4.00%, 12/01/2055(a)

     10,250       9,218,343  

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

     400       407,653  

Series 2016-C
5.00%, 01/01/2038

     90       90,759  

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

     7,950       4,876,962  

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

     2,000       1,925,263  

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

     3,000       2,937,312  

4.00%, 08/15/2037(a)

     3,000       2,952,789  

4.00%, 08/15/2038(a)

     4,000       3,910,922  

4.00%, 08/15/2039(a)

     2,500       2,425,470  

4.00%, 08/15/2040(a)

     1,750       1,675,386  

4.00%, 08/15/2041(a)

     2,000       1,927,485  

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

     1,000       775,782  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 1,190     $ 1,015,478  

4.00%, 08/01/2046

     2,000       1,661,331  

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

     1,790       1,667,616  

5.00%, 02/15/2050

     1,000       918,585  

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

     400       351,252  

4.00%, 09/01/2037

     520       437,669  

4.00%, 09/01/2039

     1,000       817,664  

4.00%, 09/01/2041

     1,000       793,159  

5.00%, 09/01/2036

     540       519,208  

5.00%, 09/01/2038

     1,000       941,471  

5.00%, 09/01/2040

     1,000       922,657  

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

     11,613       6,686,102  

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

     1,075       1,044,420  

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

     6,100       6,102,552  

7.17%, 11/01/2038

     600       609,282  

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

     10,985       10,712,982  

4.00%, 01/01/2046(a)

     6,000       5,773,354  

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

     24,500       9,954,188  

Zero Coupon, 12/15/2050

     19,675       4,829,921  

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

     6,964       7,522,471  

Series 2017-D
5.00%, 11/01/2028

     13,400       14,273,003  

Series 2023-B
5.00%, 05/01/2033

     5,000       5,549,627  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 7,893     $ 7,251,860  

Series 2016-B
7.00%, 03/01/2033

     3,574       3,394,703  

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

     1,014       1,008,892  

5.00%, 03/01/2036

     8,950       8,558,844  

Series 2015-B
6.00%, 03/01/2036

     2,493       2,496,810  
    

 

 

 
       244,923,188  
    

 

 

 

Indiana – 2.0%

    

City of Fort Wayne IN
(Do Good Foods Fort Wayne LLC Obligated Group)
Series 2022
9.00%, 12/01/2044(c)

     10,375       10,229,713  

10.75%, 12/01/2029

     1,400       1,394,738  

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

     3,350       2,556,027  

City of Whiting IN
(BP Products North America, Inc.)
Series 2023
4.40%, 11/01/2045

     8,000       8,158,382  

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

     18,235       13,739,050  

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

     2,045       1,776,305  

4.00%, 04/01/2040

     2,215       1,874,880  

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

     1,000       952,774  

4.00%, 11/15/2027(h)

     1,000       938,068  

4.00%, 11/15/2030(h)

     1,000       894,133  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 2,675     $ 2,575,981  

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

     6,375       5,691,882  

Series 2020-A
3.00%, 11/01/2030

     2,690       2,401,751  

Series 2021-B
2.50%, 11/01/2030

     4,025       3,469,090  

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

     5,000       4,613,971  
    

 

 

 
       61,266,745  
    

 

 

 

Iowa – 0.8%

    

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

     10,000       10,090,174  

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

     2,080       1,854,800  

4.00%, 12/01/2041

     3,400       2,659,188  

4.00%, 12/01/2046

     2,275       1,680,365  

4.00%, 12/01/2051

     4,060       2,889,013  

Iowa Higher Education Loan Authority
(Simpson College)
Series 2020
5.50%, 11/01/2051

     5,000       4,473,743  
    

 

 

 
       23,647,283  
    

 

 

 

Kansas – 0.2%

    

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

     1,000       964,890  

5.00%, 03/01/2039

     1,070       1,013,371  

5.00%, 03/01/2044

     655       610,491  

5.00%, 03/01/2049

     3,835       3,537,768  
    

 

 

 
       6,126,520  
    

 

 

 

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Kentucky – 2.1%

    

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

   $ 745     $ 679,460  

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

     7,000       6,481,829  

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

     12,150       12,502,697  

5.00%, 08/01/2049

     2,490       2,537,467  

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

     7,765       6,356,635  

5.50%, 11/15/2045

     2,350       1,908,398  

Series 2016-A
5.00%, 05/15/2046

     4,500       3,315,700  

5.00%, 05/15/2051

     3,500       2,485,293  

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

     4,045       4,063,352  

5.25%, 06/01/2041

     3,650       3,725,237  

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

     2,650       2,181,914  

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

     1,105       1,099,768  

5.75%, 11/01/2040(c)

     5,130       5,124,109  

Series 2022-B
6.75%, 11/01/2040(c)

     850       849,070  

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

     10,000       9,734,408  

 

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AB MUNICIPAL INCOME FUND    |    77


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 370     $ 384,216  
    

 

 

 
       63,429,553  
    

 

 

 

Louisiana – 0.9%

    

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

     7,625       7,046,663  

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

     5,000       5,105,242  

Louisiana Public Facilities Authority
Series 2016
5.00%, 05/15/2047 (Pre-refunded/ETM)

     25       26,233  

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

     7,250       72  

Series 2014-A
8.375%, 07/01/2039(d)(e)(f)

     17,000       170  

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

     10,000       10,078,372  

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

     955       1,027,420  

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

     4,600       4,269,529  
    

 

 

 
       27,553,701  
    

 

 

 

Maine – 0.6%

    

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

     7,270       7,304,647  

 

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

Maine Health & Higher Educational Facilities Authority
4.00%, 07/01/2037(a)

   $ 1,150     $ 1,129,409  

4.00%, 07/01/2038(a)

     1,350       1,311,316  

4.00%, 07/01/2039(a)

     2,000       1,931,684  

4.00%, 07/01/2040(a)

     1,690       1,624,244  

Maine Health & Higher Educational Facilities Authority
(MaineHealth Obligated Group)
Series 2020-A
4.00%, 07/01/2045(a)

     4,215       3,924,180  
    

 

 

 
       17,225,480  
    

 

 

 

Maryland – 2.2%

    

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

     1,500       1,512,531  

6.125%, 07/01/2039

     750       754,577  

6.25%, 07/01/2044

     2,000       2,012,084  

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

     500       459,822  

4.00%, 09/01/2050

     1,500       1,214,428  

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

     475       479,736  

5.00%, 01/01/2026

     495       504,143  

5.00%, 01/01/2027

     430       442,056  

5.00%, 01/01/2028

     300       311,239  

5.00%, 01/01/2029

     290       303,308  

5.00%, 01/01/2030

     285       299,978  

5.00%, 01/01/2036

     1,790       1,819,917  

Maryland Health & Higher Educational Facilities Authority
(Meritus Medical Center Obligated Group)
Series 2015
5.00%, 07/01/2040

     3,500       3,540,198  

5.00%, 07/01/2045

     1,775       1,788,923  

 

abfunds.com  

AB MUNICIPAL INCOME FUND    |    79


 

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 45,000     $ 49,944,861  
    

 

 

 
       65,387,801  
    

 

 

 

Massachusetts – 1.4%

    

Commonwealth of Massachusetts
Series 2020-D
4.00%, 11/01/2041(a)

     10,630       10,630,673  

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

     1,135       1,148,657  

5.00%, 10/01/2035

     3,000       3,024,434  

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

     1,000       1,002,454  

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

     1,000       951,743  

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

     1,355       1,181,021  

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

     3,000       3,056,532  

5.00%, 07/01/2044

     4,230       4,093,271  

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

     4,500       4,774,940  

5.00%, 07/01/2037(a)

     4,000       4,218,491  

5.00%, 07/01/2038(a)

     8,100       8,533,467  
    

 

 

 
       42,615,683  
    

 

 

 

Michigan – 1.1%

    

City of Detroit MI
Series 2014-B
4.00%, 04/01/2044(i)

     7,000       5,146,206  

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

     1,060       822,733  

5.00%, 11/01/2052

     1,185       895,827  

 

80    |    AB MUNICIPAL INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

 

     Principal
Amount
(000)
    U.S. $ Value  

 

 

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

   $ 45     $ 47,465  

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

     1,000       1,011,645  

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

     185       177,735  

4.00%, 02/01/2032

     285       264,426  

4.00%, 02/01/2042

     745       600,635  

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

     16,250       1,591,198  

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

     13,580       13,588,460  

5.00%, 07/01/2044

     1,200       1,196,061  

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

     164,100       6,354,609  
    

 

 

 
       31,697,000  
    

 

 

 

Minnesota – 0.5%

    

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