AB Municipal Income Fund, Inc.
AB California Portfolio
Portfolio of Investments
February 28, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 99.5% |
| |||||||
| Long-Term Municipal Bonds – 98.6% |
| |||||||
| California – 94.8% |
| |||||||
| Alameda Corridor Transportation Authority (Alameda Corridor Transportation Authority) |
$ | 17,955 | $ | 10,871,174 | ||||
| AG Series 2022-C |
1,000 | 593,379 | ||||||
| AG Series 2024 |
2,000 | 523,628 | ||||||
| Anaheim Public Financing Authority (City of Anaheim CA Lease) |
5,000 | 4,374,011 | ||||||
| Bakersfield City School District (Bakersfield City School District) |
9,155 | 7,385,526 | ||||||
| Bay Area Toll Authority (Bay Area Toll Authority) |
2,000 | 1,985,677 | ||||||
| 2.29% (MUNIPSA + 0.41%), 04/01/2056(b) |
14,800 | 14,596,423 | ||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign (Burbank-Glendale-Pasadena Airport Authority Brick Campaign) |
1,000 | 1,137,817 | ||||||
| 5.25%, 07/01/2044 |
3,000 | 3,280,535 | ||||||
| 5.25%, 07/01/2049 |
9,000 | 9,539,866 | ||||||
| AG Series 2024-B |
1,150 | 1,181,664 | ||||||
| 4.50%, 07/01/2054 |
2,000 | 1,975,514 | ||||||
| California Community Choice Financing Authority (American General Life Insurance) |
5,000 | 5,326,831 | ||||||
| Series 2024C |
8,600 | 9,304,001 | ||||||
| California Community Choice Financing Authority (Athene Annuity & Life Co.) |
12,000 | 12,680,542 | ||||||
| Series 2024G |
10,000 | 10,540,026 | ||||||
| California Community Choice Financing Authority (Bank of Nova Scotia (The)) |
5,380 | 6,025,279 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority (Canadian Imperial Bank of Commerce) |
$ | 2,310 | $ | 2,556,350 | ||||
| California Community Choice Financing Authority (Deutsche Bank AG) |
10,375 | 11,149,838 | ||||||
| California Community Choice Financing Authority (Goldman Sachs Group) |
5,745 | 5,855,472 | ||||||
| Series 2023 |
8,650 | 9,203,412 | ||||||
| California Community Choice Financing Authority (Morgan Stanley) |
4,000 | 4,155,454 | ||||||
| Series 2022-A |
3,675 | 3,762,209 | ||||||
| Series 2023 |
5,000 | 5,041,955 | ||||||
| 4.128% (SOFR + 1.67%), 02/01/2054(b) |
5,000 | 5,075,303 | ||||||
| 5.00%, 02/01/2054 |
12,500 | 13,518,732 | ||||||
| Series 2024-E |
4,700 | 5,140,900 | ||||||
| Series 2026-A |
3,000 | 2,999,914 | ||||||
| 5.00%, 04/01/2056 |
1,000 | 1,109,615 | ||||||
| California Community Choice Financing Authority (New York Life Insurance) |
12,265 | 13,682,169 | ||||||
| Series 2025G |
2,000 | 2,252,329 | ||||||
| California Community Choice Financing Authority (Nomura Holdings, Inc.) |
3,000 | 3,269,246 | ||||||
| California Community Choice Financing Authority (Pacific Life Insurance) |
5,020 | 5,510,620 | ||||||
| California Community Choice Financing Authority (Royal Bank of Canada) |
10,000 | 11,063,685 | ||||||
| California Community College Financing Authority (NCCD-Orange Coast Properties) |
3,600 | 3,682,960 | ||||||
| 5.25%, 05/01/2048 |
2,750 | 2,784,005 | ||||||
| California Community Housing Agency (California Community Housing Agency Aster Apartments) |
1,000 | 848,300 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) |
$ | 2,000 | $ | 1,716,000 | ||||
| California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) |
1,000 | 698,560 | ||||||
| California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) |
2,000 | 1,387,959 | ||||||
| California County Tobacco Securitization Agency (Gold Country Settlement Funding) |
6,500 | 1,395,616 | ||||||
| California County Tobacco Securitization Agency (Los Angeles County Securitization) |
7,155 | 6,369,932 | ||||||
| California Earthquake Authority (California Earthquake Authority) |
1,470 | 1,487,891 | ||||||
| California Educational Facilities Authority (Art Center College of Design) |
1,265 | 1,309,040 | ||||||
| 5.00%, 12/01/2044 |
6,885 | 6,969,993 | ||||||
| California Educational Facilities Authority (Loma Linda University) |
4,000 | 4,019,423 | ||||||
| California Educational Facilities Authority (University of Redlands) |
2,500 | 2,562,631 | ||||||
| California Enterprise Development Authority (Heights Christian Schools) |
1,920 | 1,866,382 | ||||||
| California Enterprise Development Authority (Real Journey Academies Obligated Group) |
5,000 | 4,831,221 | ||||||
| California Enterprise Development Authority (Rocketship Education Obligated Group) |
3,000 | 2,771,082 | ||||||
| California Enterprise Development Authority (Rocklin Academy/The) |
1,875 | 1,585,006 | ||||||
| 4.00%, 06/01/2061(c) |
840 | 687,739 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Health Facilities Financing Authority (Adventist Health System/West Obligated Group) |
$ | 2,245 | $ | 2,571,440 | ||||
| 5.00%, 12/01/2036 |
4,250 | 4,794,009 | ||||||
| 5.00%, 12/01/2039 |
1,500 | 1,649,476 | ||||||
| Series 2025 |
1,250 | 1,409,353 | ||||||
| California Health Facilities Financing Authority (Children’s Hospital Los Angeles) |
1,365 | 1,393,684 | ||||||
| 5.00%, 08/15/2036 |
3,000 | 3,055,762 | ||||||
| 5.00%, 08/15/2042 |
2,000 | 2,017,670 | ||||||
| California Health Facilities Financing Authority (CommonSpirit Health Obligated Group) |
3,200 | 3,328,979 | ||||||
| California Housing Finance Agency (CAHFA 2019-2) |
7,005 | 7,293,698 | ||||||
| California Housing Finance Agency (CAHFA 2021-1) |
6,783 | 6,938,989 | ||||||
| California Housing Finance Agency (CAHFA 2021-2) |
6,093 | 6,367,681 | ||||||
| Series 2021-2, Class X |
2,816 | 107,068 | ||||||
| California Housing Finance Agency (CAHFA 2021-3) |
1,863 | 1,857,846 | ||||||
| Series 2021-3, Class X |
2,469 | 106,947 | ||||||
| California Housing Finance Agency (CAHFA 2023-1) |
1,947 | 2,069,239 | ||||||
| California Infrastructure & Economic Development Bank (Adventist Health System/West Obligated Group) |
10,000 | 10,188,613 | ||||||
| California Infrastructure & Economic Development Bank (California Academy of Sciences) |
6,750 | 6,915,985 | ||||||
| California Infrastructure & Economic Development Bank (Desertxpress Enterprises) |
18,800 | 18,806,328 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Infrastructure & Economic Development Bank (Equitable School Revolving Fund Obligated Group) |
$ | 3,250 | $ | 3,383,357 | ||||
| 5.00%, 11/01/2054 |
4,500 | 4,633,929 | ||||||
| California Infrastructure & Economic Development Bank (Goodwill Industries of Sacramento Valley & Northern Nevada) |
1,500 | 1,309,541 | ||||||
| California Infrastructure & Economic Development Bank (Museum Associates) |
4,600 | 4,594,110 | ||||||
| California Infrastructure & Economic Development Bank (PIH Health Obligated Group) |
20,000 | 20,499,394 | ||||||
| California Municipal Finance Authority |
1,000 | 1,032,219 | ||||||
| Series 2026-1 |
1,000 | 967,204 | ||||||
| California Municipal Finance Authority (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group) |
1,900 | 1,905,747 | ||||||
| 5.00%, 06/01/2046 |
1,000 | 1,000,225 | ||||||
| California Municipal Finance Authority (Azusa Pacific University) |
1,565 | 1,565,231 | ||||||
| 5.00%, 04/01/2041 |
1,485 | 1,461,403 | ||||||
| California Municipal Finance Authority (Biola University, Inc.) |
565 | 582,082 | ||||||
| 5.00%, 10/01/2033 |
625 | 642,968 | ||||||
| 5.00%, 10/01/2034 |
570 | 585,478 | ||||||
| 5.00%, 10/01/2035 |
600 | 615,304 | ||||||
| 5.00%, 10/01/2036 |
1,150 | 1,177,339 | ||||||
| 5.00%, 10/01/2037 |
2,000 | 2,043,948 | ||||||
| California Municipal Finance Authority (California Baptist University) |
1,350 | 1,441,066 | ||||||
| California Municipal Finance Authority (California Institute of the Arts) |
1,340 | 1,222,600 | ||||||
| 4.00%, 10/01/2051 |
1,200 | 1,042,620 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority (California Municipal Finance Authority Municipal Certificates Series 2026-1) |
$ | 2,300 | $ | 2,325,685 | ||||
| California Municipal Finance Authority (California Municipal Finance Authority) |
4,364 | 4,225,022 | ||||||
| California Municipal Finance Authority (CHF-Riverside II LLC) |
1,370 | 1,457,247 | ||||||
| 5.00%, 05/15/2041 |
3,470 | 3,570,344 | ||||||
| 5.00%, 05/15/2042 |
2,705 | 2,769,619 | ||||||
| 5.00%, 05/15/2049 |
5,325 | 5,327,784 | ||||||
| 5.00%, 05/15/2052 |
1,575 | 1,558,385 | ||||||
| California Municipal Finance Authority (CMFA 2025-2) |
3,366 | 3,417,642 | ||||||
| Series 2025-2, Class A2 |
2,693 | 2,619,199 | ||||||
| California Municipal Finance Authority (Community Health Centers of The Central Coast) |
1,000 | 1,001,645 | ||||||
| California Municipal Finance Authority (Congregational Homes Obligated Group) |
560 | 545,413 | ||||||
| 4.00%, 11/15/2052 |
3,605 | 3,052,335 | ||||||
| 4.00%, 11/15/2056 |
1,685 | 1,402,537 | ||||||
| California Municipal Finance Authority (EL Camino PA LP) |
3,250 | 3,250,716 | ||||||
| California Municipal Finance Authority (Generics Municipal Bond) |
2,000 | 2,002,232 | ||||||
| 5.50%, 01/01/2060(c) |
3,000 | 3,018,050 | ||||||
| California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada) |
1,295 | 1,066,788 | ||||||
| California Municipal Finance Authority (Inland Regional Center) |
5,000 | 5,006,035 | ||||||
| California Municipal Finance Authority (LAX Integrated Express Solutions) |
5,000 | 4,494,342 | ||||||
| 5.00%, 12/31/2036 |
5,685 | 5,870,025 | ||||||
| 5.00%, 12/31/2037 |
4,000 | 4,120,027 | ||||||
| 5.00%, 12/31/2047 |
5,505 | 5,533,565 | ||||||
| AG Series 2018 |
1,000 | 993,100 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Municipal Finance Authority (PRS-California Obligated Group) |
$ | 655 | $ | 720,322 | ||||
| 5.00%, 04/01/2040 |
535 | 585,492 | ||||||
| 5.00%, 04/01/2049 |
1,300 | 1,335,594 | ||||||
| 5.00%, 04/01/2054 |
2,170 | 2,208,013 | ||||||
| California Municipal Finance Authority (Samuel Merritt University) |
11,680 | 12,242,322 | ||||||
| California Municipal Finance Authority (United Airlines, Inc.) |
8,000 | 8,155,866 | ||||||
| California Municipal Finance Authority (UTS Bioenergy LLC) |
2,745 | 54,900 | ||||||
| California Pollution Control Financing Authority (Channelside Water Resources) |
1,250 | 1,251,572 | ||||||
| Series 2019 |
9,000 | 9,183,746 | ||||||
| Series 2023 |
2,000 | 2,230,788 | ||||||
| 5.00%, 07/01/2038(c) |
1,000 | 1,093,937 | ||||||
| California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) |
8,740 | 9,059,825 | ||||||
| California Public Finance Authority (California University of Science & Medicine Obligated Group) |
2,000 | 2,067,674 | ||||||
| California Public Finance Authority (Hazelden Betty Ford Foundation) |
750 | 767,741 | ||||||
| 5.00%, 11/01/2054 |
2,000 | 2,032,573 | ||||||
| California Public Finance Authority (Henry Mayo Newhall Hospital Obligated Group) |
1,000 | 1,006,200 | ||||||
| California School Finance Authority (ACE Charter Schools Obligated Group) |
2,750 | 2,749,949 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| California School Finance Authority (Alliance for College Ready Public Schools Obligated Group) |
$ | 4,675 | $ | 4,675,720 | ||||
| Series 2016 |
2,500 | 2,500,984 | ||||||
| California School Finance Authority (Aspire Public Schools Obligated Group) |
2,000 | 1,901,989 | ||||||
| California School Finance Authority (Bright Star Schools Obligated Group) |
1,200 | 1,205,945 | ||||||
| 5.00%, 06/01/2047(c) |
1,565 | 1,482,997 | ||||||
| California School Finance Authority (California School Finance Authority) |
700 | 665,015 | ||||||
| 5.00%, 06/01/2053(c) |
1,775 | 1,622,654 | ||||||
| California School Finance Authority (Classical Academy Obligated Group) |
1,250 | 1,105,631 | ||||||
| Series 2022 |
2,000 | 1,930,739 | ||||||
| California School Finance Authority (Downtown College Prep Obligated Group) |
2,325 | 1,395,000 | ||||||
| 5.00%, 06/01/2051(f) (g) (h) |
2,910 | 1,746,000 | ||||||
| California School Finance Authority (Ednovate Obligated Group) |
430 | 431,457 | ||||||
| California School Finance Authority (Equitas Academy Obligated Group) |
4,770 | 4,798,227 | ||||||
| California School Finance Authority (Fenton Charter Public Schools) |
625 | 556,987 | ||||||
| California School Finance Authority (Green Dot Public Schools Obligated Group) |
1,000 | 1,000,067 | ||||||
| Series 2022 |
640 | 675,560 | ||||||
| 5.75%, 08/01/2052(c) |
1,650 | 1,719,531 | ||||||
| California School Finance Authority (Hawking STEAM Charter Schools) |
1,860 | 1,882,135 | ||||||
| 5.25%, 07/01/2052(c) |
2,755 | 2,705,846 | ||||||
| 5.375%, 07/01/2056(c) |
1,990 | 1,978,397 | ||||||
| 5.50%, 07/01/2062(c) |
1,775 | 1,775,182 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| California School Finance Authority (KIPP SoCal Public Schools Obligated Group) |
$ | 935 | $ | 949,759 | ||||
| Series 2019-A |
2,000 | 2,003,882 | ||||||
| Series 2020-A |
835 | 696,808 | ||||||
| California School Finance Authority (Lighthouse Community Public Schools Obligated Group) |
2,300 | 2,376,000 | ||||||
| California School Finance Authority (Partnerships to Uplift Communities Series 2023 Obligated Group) |
550 | 573,559 | ||||||
| 5.50%, 08/01/2047(c) |
525 | 534,263 | ||||||
| California School Finance Authority (Prerefunded - US Treasuries) |
800 | 825,593 | ||||||
| 5.00%, 06/01/2053(c) |
2,025 | 2,089,782 | ||||||
| California School Finance Authority (Rex & Margaret Fortune School of Education) |
2,350 | 2,134,968 | ||||||
| 5.125%, 06/01/2059(c) |
1,500 | 1,371,113 | ||||||
| 5.125%, 06/01/2064(c) |
2,350 | 2,122,300 | ||||||
| California School Finance Authority (Rocketship Education Obligated Group) |
1,000 | 1,000,457 | ||||||
| 5.00%, 06/01/2046(c) |
2,500 | 2,413,497 | ||||||
| Series 2017 |
950 | 919,757 | ||||||
| Series 2017-G |
360 | 362,217 | ||||||
| 5.00%, 06/01/2053(c) |
2,075 | 1,918,643 | ||||||
| California School Finance Authority (View Park Elementary & Middle Schools) |
520 | 520,292 | ||||||
| 6.00%, 10/01/2049 |
715 | 714,984 | ||||||
| California State Public Works Board (California State Public Works Board Lease) |
2,000 | 2,274,484 | ||||||
| 5.00%, 04/01/2044 |
3,000 | 3,366,634 | ||||||
| 5.00%, 04/01/2045 |
2,615 | 2,900,620 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| California State Public Works Board (State of California Lease) |
$ | 1,500 | $ | 1,605,664 | ||||
| 5.05%, 04/01/2032 |
2,000 | 2,106,009 | ||||||
| 5.06%, 04/01/2033 |
1,000 | 1,053,951 | ||||||
| California State University (California State University) |
4,900 | 4,249,201 | ||||||
| Series 2020-D |
1,500 | 1,421,674 | ||||||
| Series 2021-B |
6,000 | 5,240,422 | ||||||
| California Statewide Communities Development Authority (California Baptist University) |
1,635 | 1,669,774 | ||||||
| California Statewide Communities Development Authority (CHF-Irvine LLC) |
1,000 | 1,023,681 | ||||||
| 5.00%, 05/15/2035 |
1,410 | 1,441,437 | ||||||
| 5.00%, 05/15/2036 |
1,500 | 1,531,329 | ||||||
| California Statewide Communities Development Authority (Emanate Health Obligated Group) |
1,000 | 1,076,580 | ||||||
| California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) |
2,000 | 2,058,143 | ||||||
| California Statewide Communities Development Authority (John Muir Health Obligated Group) |
19,310 | 20,651,315 | ||||||
| California Statewide Communities Development Authority (Lancer Educational Housing) |
1,000 | 1,002,228 | ||||||
| 5.00%, 06/01/2046(c) |
1,500 | 1,485,191 | ||||||
| Series 2019 |
3,165 | 3,050,681 | ||||||
| California Statewide Communities Development Authority (Loma Linda University Medical Center) |
5,000 | 5,018,342 | ||||||
| 5.25%, 12/01/2056(c) |
1,700 | 1,700,870 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Statewide Communities Development Authority (NCCD-Hooper Street LLC) |
$ | 2,295 | $ | 2,362,047 | ||||
| 5.25%, 07/01/2049(c) |
2,675 | 2,685,597 | ||||||
| 5.25%, 07/01/2052(c) |
1,565 | 1,565,576 | ||||||
| California Statewide Communities Development Authority (Southern California Edison) |
8,050 | 8,624,921 | ||||||
| Central Valley Energy Authority (Pacific Life Insurance) |
2,000 | 2,219,707 | ||||||
| City of Atwater CA Wastewater Revenue (City of Atwater CA Wastewater Revenue) |
1,000 | 1,015,814 | ||||||
| City of Fairfield CA (City of Fairfield CA COP) |
3,700 | 2,850,101 | ||||||
| City of Fremont CA Community Facilities District No. 1 (City of Fremont CA Community Facilities District No. 1) |
4,000 | 4,017,021 | ||||||
| City of Irvine CA (City of Irvine CA Community Facilities District No. 2013-3 Improvement Area
No. 8) |
2,400 | 2,446,389 | ||||||
| 5.00%, 09/01/2048 |
4,250 | 4,284,353 | ||||||
| City of Los Angeles Department of Airports (City of Los Angeles Dept. of Airports) |
3,000 | 3,169,630 | ||||||
| Series 2021 |
1,365 | 1,507,824 | ||||||
| Series 2022 |
2,000 | 1,517,105 | ||||||
| 5.00%, 05/15/2027 |
2,465 | 2,542,331 | ||||||
| 5.00%, 05/15/2045 |
1,500 | 1,574,861 | ||||||
| Series 2022-A |
3,000 | 3,374,681 | ||||||
| Series 2025 |
3,320 | 3,451,536 | ||||||
| 5.00%, 05/15/2036 |
8,760 | 10,227,858 | ||||||
| 5.00%, 05/15/2037 |
5,000 | 5,771,543 | ||||||
| 5.00%, 05/15/2055 |
17,850 | 18,324,910 | ||||||
| 5.25%, 05/15/2045 |
1,100 | 1,202,264 | ||||||
| 5.50%, 05/15/2055 |
3,900 | 4,190,777 | ||||||
| City of Oakland CA (City of Oakland CA) |
1,055 | 1,093,847 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Palo Alto CA (City of Palo Alto CA University Ave AD) |
$ | 530 | $ | 538,268 | ||||
| 5.00%, 09/02/2030 |
745 | 756,491 | ||||||
| City of Roseville CA (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) |
1,315 | 1,350,361 | ||||||
| 5.00%, 09/01/2034 |
1,000 | 1,026,291 | ||||||
| City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) |
640 | 644,809 | ||||||
| City of San Jose CA Airport Revenue (Norman Y Mineta San Jose Intl Airport SJC) |
1,100 | 1,122,904 | ||||||
| 5.00%, 03/01/2034 |
2,000 | 2,040,245 | ||||||
| City of Upland CA (San Antonio Regional Hospital) |
1,000 | 1,038,448 | ||||||
| 5.00%, 01/01/2047 |
3,895 | 3,927,945 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) |
2,000 | 1,548,108 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) |
2,000 | 1,344,137 | ||||||
| CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) |
3,000 | 2,630,518 | ||||||
| CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) |
1,000 | 704,700 | ||||||
| CMFA Special Finance Agency VIII Elan Huntington Beach (CMFA Special Finance Agency VIII Elan Huntington Beach) |
4,000 | 2,789,362 | ||||||
| Compton Community College District (Compton Community College District) |
1,900 | 1,661,682 | ||||||
| Compton Community Redevelopment Agency Successor Agency (Compton Community Redevelopment Agency Successor Agency) |
3,500 | 3,979,408 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Contra Costa Community College District (Contra Costa Community College District) |
$ | 2,100 | $ | 2,101,596 | ||||
| County of Los Angeles CA Community Facilities District No. 2021-01 (County of Los Angeles CA Community Facilities District No. 2021-01 Area No. 1) |
2,750 | 2,826,260 | ||||||
| 5.00%, 09/01/2052 |
2,500 | 2,544,864 | ||||||
| County of Sacramento CA (North Vineyard District 2005-2) |
990 | 995,863 | ||||||
| 5.00%, 09/01/2045 |
1,250 | 1,253,681 | ||||||
| County of Sacramento CA Airport System Revenue (County of Sacramento CA Airport System Revenue) |
1,000 | 1,134,258 | ||||||
| 5.25%, 07/01/2042 |
2,120 | 2,380,178 | ||||||
| 5.25%, 07/01/2043 |
425 | 471,855 | ||||||
| 5.25%, 07/01/2045 |
2,000 | 2,170,253 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) |
5,000 | 3,702,139 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) |
1,000 | 721,469 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) |
4,000 | 3,331,704 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) |
6,000 | 4,990,123 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) |
2,000 | 1,395,918 | ||||||
| 4.00%, 07/01/2058(c) |
1,000 | 542,921 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) |
2,500 | 1,828,440 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) |
$ | 1,000 | $ | 706,997 | ||||
| 4.00%, 12/01/2056(c) |
1,000 | 761,580 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority The Crescent) |
1,000 | 813,446 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) |
2,000 | 1,412,638 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) |
2,400 | 2,013,634 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) |
1,000 | 721,102 | ||||||
| 4.00%, 10/01/2048(c) |
3,000 | 2,381,733 | ||||||
| CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) |
1,500 | 1,047,337 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2022-ML13) |
1,832 | 1,742,724 | ||||||
| Series 2022-ML13, Class XCA |
5,143 | 278,648 | ||||||
| Foothill-De Anza Community College District (Foothill-De Anza Community College District) |
1,995 | 1,602,272 | ||||||
| Foothill-Eastern Transportation Corridor Agency (Foothill-Eastern Transportation Corridor Agency) |
1,500 | 1,507,725 | ||||||
| Golden State Connect Authority (Golden State Connect Authority) |
10,000 | 10,104,267 | ||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Lease) |
3,175 | 2,882,377 | ||||||
| 3.115%, 06/01/2038 |
5,000 | 4,326,910 | ||||||
| 3.293%, 06/01/2042 |
2,000 | 1,599,467 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization) |
$ | 6,445 | $ | 5,989,741 | ||||
| Series 2021-B |
37,370 | 3,984,221 | ||||||
| Series 2022 |
10,000 | 9,943,717 | ||||||
| Irvine Facilities Financing Authority (City of Irvine CA Community Facilities District No. 2013-3) |
1,300 | 422,861 | ||||||
| Zero Coupon, 09/01/2050 |
1,250 | 386,816 | ||||||
| Irvine Unified School District (Irvine Unified School District) |
995 | 996,661 | ||||||
| Long Beach Bond Finance Authority (Bank of America Corp.) |
3,630 | 4,234,159 | ||||||
| 5.50%, 11/15/2037 |
5,300 | 6,461,105 | ||||||
| Los Angeles Department of Water & Power (Los Angeles Dept. of Water & Power Power System Revenue) |
7,830 | 8,670,940 | ||||||
| Series 2024-B |
1,640 | 1,861,201 | ||||||
| Series 2024-E |
1,660 | 1,880,456 | ||||||
| Series 2025-A |
5,000 | 5,255,501 | ||||||
| Series 2025-B |
8,335 | 9,716,811 | ||||||
| 5.00%, 07/01/2034 |
3,000 | 3,534,425 | ||||||
| BAM Series 2025-A |
2,000 | 2,098,398 | ||||||
| Los Angeles Department of Water & Power Power System Revenue (Los Angeles Dept. of Water & Power Power System Revenue) |
1,495 | 1,547,279 | ||||||
| Los Angeles Department of Water & Power Water System Revenue (Los Angeles Dept. of Water & Power Water System Revenue) |
1,250 | 1,333,189 | ||||||
| Series 2022-B |
8,750 | 9,392,617 | ||||||
| Series 2022-D |
4,550 | 4,797,361 | ||||||
| Series 2025-A |
5,000 | 5,434,414 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2025-B |
$ | 1,000 | $ | 1,149,833 | ||||
| 5.00%, 07/01/2033 |
3,300 | 3,847,088 | ||||||
| Los Angeles Unified School District/CA (Los Angeles Unified School District/CA) |
2,165 | 2,166,732 | ||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
2,000 | 2,502,752 | ||||||
| Series 2009-B |
10,000 | 12,513,761 | ||||||
| 7.00%, 11/01/2034 |
2,000 | 2,483,436 | ||||||
| Menifee Union School District (Menifee Union School District) |
1,000 | 1,021,708 | ||||||
| 5.00%, 09/01/2048 |
1,215 | 1,229,674 | ||||||
| Northern California Energy Authority (Pacific Life Insurance) |
10,000 | 10,775,430 | ||||||
| Palomar Health (Palomar Health Obligated Group) |
1,285 | 1,288,414 | ||||||
| Port of Los Angeles (Port of Los Angeles) |
1,000 | 1,147,561 | ||||||
| Series 2024-A |
1,000 | 1,126,269 | ||||||
| 5.00%, 08/01/2032 |
2,000 | 2,291,469 | ||||||
| 5.00%, 08/01/2034 |
2,060 | 2,417,787 | ||||||
| Redding Joint Powers Financing Authority (Redding Joint Powers Financing Authority) |
1,350 | 1,357,480 | ||||||
| Rialto Redevelopment Agency (Rialto Redevelopment Agency) |
500 | 532,756 | ||||||
| 5.00%, 09/01/2033 |
500 | 532,054 | ||||||
| 5.00%, 09/01/2037 |
2,235 | 2,361,116 | ||||||
| River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area
1) |
5,200 | 5,149,872 | ||||||
| Riverside County Transportation Commission (Riverside County Transportation Commission) |
3,330 | 3,383,038 | ||||||
| 4.00%, 06/01/2041 |
1,765 | 1,786,041 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Sacramento County Water Financing Authority (Sacramento County Water Agency) |
$ | 1,385 | $ | 1,362,199 | ||||
| 3.286% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(b) |
5,375 | 5,192,634 | ||||||
| San Diego County Regional Airport Authority (San Diego County Regional Airport Authority) |
650 | 704,129 | ||||||
| 5.00%, 07/01/2036 |
500 | 538,063 | ||||||
| 5.00%, 07/01/2037 |
250 | 267,775 | ||||||
| 5.00%, 07/01/2038 |
250 | 266,686 | ||||||
| 5.00%, 07/01/2039 |
255 | 271,039 | ||||||
| 5.00%, 07/01/2040 |
250 | 264,708 | ||||||
| Series 2021-B |
3,010 | 3,053,689 | ||||||
| 5.00%, 07/01/2034 |
2,000 | 2,216,644 | ||||||
| Series 2023 |
1,185 | 1,277,323 | ||||||
| 5.00%, 07/01/2053 |
21,000 | 21,498,044 | ||||||
| Series 2025 |
2,500 | 2,934,926 | ||||||
| 5.00%, 07/01/2035 |
2,500 | 2,958,453 | ||||||
| 5.25%, 07/01/2037 |
2,555 | 3,011,424 | ||||||
| 5.25%, 07/01/2038 |
2,875 | 3,351,843 | ||||||
| 5.25%, 07/01/2050 |
10,000 | 10,574,553 | ||||||
| 5.50%, 07/01/2055 |
1,000 | 1,075,400 | ||||||
| San Diego County Regional Transportation Commission (San Diego County Regional Transportation Commission Sales Tax) |
1,000 | 1,149,799 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco - Mission Bay South) |
1,000 | 1,010,511 | ||||||
| 5.00%, 08/01/2035 |
1,000 | 1,009,826 | ||||||
| Series 2016-C |
1,000 | 1,010,790 | ||||||
| 5.00%, 08/01/2035 |
1,000 | 1,009,826 | ||||||
| San Francisco Intl Airport (San Francisco Intl Airport) |
1,500 | 1,657,000 | ||||||
| Series 2022-A |
5,000 | 5,618,636 | ||||||
| Series 2022-C |
3,000 | 2,745,925 | ||||||
| Series 2023-E |
1,000 | 1,103,796 | ||||||
| 5.50%, 05/01/2041 |
5,350 | 6,067,251 | ||||||
| Series 2024 |
5,265 | 6,014,835 | ||||||
| 5.25%, 05/01/2042 |
10,185 | 11,376,986 | ||||||
| Series 2025-D |
2,000 | 2,247,455 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.50%, 05/01/2055 |
$ | 4,000 | $ | 4,303,460 | ||||
| Series 2025-E |
12,475 | 13,150,783 | ||||||
| San Joaquin Valley Clean Energy Authority (Goldman Sachs Group) |
3,405 | 3,878,177 | ||||||
| San Mateo Union High School District (San Mateo Union High School District) |
1,125 | 1,231,522 | ||||||
| 5.00%, 09/01/2031(e) |
1,345 | 1,540,631 | ||||||
| 5.00%, 09/01/2032(e) |
1,125 | 1,312,513 | ||||||
| 5.00%, 09/01/2033(e) |
1,250 | 1,484,075 | ||||||
| 5.00%, 09/01/2034(e) |
1,800 | 2,167,450 | ||||||
| Santa Barbara Secondary High School District (Santa Barbara Secondary High School District) |
15,395 | 10,384,382 | ||||||
| Sierra Joint Community College District School Facilities District No. 2 (Sierra Joint Community College District School Facilities District No. 2) |
5,485 | 4,697,476 | ||||||
| South San Francisco Unified School District (South San Francisco Unified School District) |
3,990 | 4,052,852 | ||||||
| 5.00%, 09/01/2027 |
2,160 | 2,262,329 | ||||||
| 5.00%, 09/01/2033 |
1,150 | 1,401,144 | ||||||
| 5.00%, 09/01/2034 |
1,010 | 1,249,634 | ||||||
| 5.00%, 09/01/2035 |
1,110 | 1,388,074 | ||||||
| 5.00%, 09/01/2036 |
1,015 | 1,259,305 | ||||||
| 5.00%, 09/01/2037 |
1,110 | 1,361,427 | ||||||
| Southern California Public Power Authority (American General Life Insurance) |
3,600 | 3,873,234 | ||||||
| Southern California Public Power Authority (Goldman Sachs Group) |
6,280 | 7,110,168 | ||||||
| Southern California Public Power Authority (Los Angeles Dept. of Water & Power Power System Revenue) |
2,160 | 2,472,012 | ||||||
| 5.00%, 07/01/2041 |
4,925 | 5,453,944 | ||||||
| 5.00%, 07/01/2048 |
4,275 | 4,505,661 | ||||||
| 5.25%, 07/01/2053 |
8,985 | 9,485,632 | ||||||
| Series 2024 |
1,000 | 1,112,719 | ||||||
| 5.00%, 07/01/2044 |
1,000 | 1,090,065 | ||||||
| 5.00%, 07/01/2053 |
2,540 | 2,650,040 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| State of California (State of California) |
$ | 5 | $ | 5,013 | ||||
| Series 2009 |
1,205 | 1,431,045 | ||||||
| 7.55%, 04/01/2039 |
1,000 | 1,235,488 | ||||||
| Series 2023 |
5,000 | 5,404,755 | ||||||
| 5.25%, 09/01/2053 |
20,000 | 21,600,292 | ||||||
| 6.00%, 03/01/2033 |
8,000 | 8,935,791 | ||||||
| Series 2024 |
2,000 | 2,130,949 | ||||||
| Stockton Redevelopment Agency Successor Agency (Stockton Redevelopment Agency Successor Agency) |
2,800 | 2,836,310 | ||||||
| 5.00%, 09/01/2034 |
1,000 | 1,012,666 | ||||||
| Successor Agency to the Redev of San Francisco - Mission Bay North (Successor Agency to the Redev of San Francisco - Mission Bay North) |
1,025 | 1,036,059 | ||||||
| 5.00%, 08/01/2034 |
1,105 | 1,116,298 | ||||||
| 5.00%, 08/01/2035 |
595 | 600,846 | ||||||
| 5.00%, 08/01/2036 |
775 | 782,210 | ||||||
| Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization) |
10,000 | 1,615,673 | ||||||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization) |
1,000 | 1,063,680 | ||||||
| 5.00%, 06/01/2048 |
8,610 | 8,659,126 | ||||||
| Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment) |
1,000 | 1,031,060 | ||||||
| 5.00%, 10/01/2045 |
2,000 | 2,024,761 | ||||||
| 5.00%, 10/01/2049 |
2,200 | 2,203,603 | ||||||
| University of California (University of California) |
5,600 | 5,845,892 | ||||||
| Series 2025-C |
3,250 | 4,135,204 | ||||||
| 5.50%, 05/15/2040 |
4,500 | 5,467,508 | ||||||
| Series 2026-C |
4,850 | 5,945,823 | ||||||
| Upland Unified School District (Upland Unified School District) |
1,020 | 782,976 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| Washington Township Health Care District (Washington Township Health Care District) |
$ | 2,000 | $ | 2,036,655 | ||||
| 5.00%, 07/01/2033 |
1,500 | 1,525,965 | ||||||
| Series 2023-B |
1,750 | 1,912,737 | ||||||
| AG Series 2023-B |
1,225 | 1,251,200 | ||||||
| Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue) |
10,000 | 10,013,803 | ||||||
|
|
|
|||||||
| 1,272,596,944 | ||||||||
|
|
|
|||||||
| American Samoa – 0.1% |
| |||||||
| American Samoa Economic Development Authority (Territory of American Samoa) |
1,385 | 1,481,424 | ||||||
|
|
|
|||||||
| Georgia – 0.0% |
| |||||||
| Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) |
100 | 103,503 | ||||||
|
|
|
|||||||
| Guam – 1.6% |
| |||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
250 | 273,039 | ||||||
| 5.375%, 10/01/2043 |
1,050 | 1,115,859 | ||||||
| Series 2024-A |
535 | 604,660 | ||||||
| 5.25%, 10/01/2036 |
200 | 224,753 | ||||||
| 5.25%, 10/01/2038 |
1,050 | 1,163,847 | ||||||
| 5.25%, 10/01/2039 |
1,055 | 1,161,924 | ||||||
| Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) |
1,000 | 1,038,065 | ||||||
| Guam Power Authority (Guam Power Authority) |
2,940 | 3,008,848 | ||||||
| 5.00%, 10/01/2037 |
1,300 | 1,328,105 | ||||||
| Series 2022-A |
3,365 | 3,517,255 | ||||||
| Territory of Guam (Guam Section 30 Income Tax) |
3,805 | 3,854,417 | ||||||
| 5.00%, 12/01/2030 |
415 | 420,277 | ||||||
| 5.00%, 12/01/2032 |
455 | 460,359 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| Territory of Guam (Territory of Guam Business Privilege Tax) |
$ | 3,000 | $ | 2,983,230 | ||||
| Territory of Guam (Territory of Guam) |
190 | 202,026 | ||||||
|
|
|
|||||||
| 21,356,664 | ||||||||
|
|
|
|||||||
| Indiana – 0.0% |
| |||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
47 | 5 | ||||||
|
|
|
|||||||
| Other – 0.2% |
| |||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates (FRETE 2021-ML10) |
3,509 | 2,895,472 | ||||||
|
|
|
|||||||
| Puerto Rico – 1.2% |
| |||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
1,238 | 914,863 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
2,490 | 2,654,721 | ||||||
| 5.00%, 07/01/2035(c) |
1,945 | 2,031,716 | ||||||
| Series 2021-C |
1,000 | 1,001,760 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
1,000 | 1,034,805 | ||||||
| NATL Series 2007-V |
1,000 | 1,025,736 | ||||||
| 5.25%, 07/01/2034 |
1,000 | 1,023,764 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) |
172 | 172,126 | ||||||
| 6.625%, 01/01/2028 |
1,313 | 1,315,365 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
1,000 | 1,145,574 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
$ | 980 | $ | 981,703 | ||||
| 4.55%, 07/01/2040 |
90 | 90,573 | ||||||
| 5.00%, 07/01/2058 |
2,900 | 2,840,370 | ||||||
|
|
|
|||||||
| 16,233,076 | ||||||||
|
|
|
|||||||
| Tennessee – 0.1% |
| |||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
1,010 | 997,662 | ||||||
|
|
|
|||||||
| Washington – 0.0% |
| |||||||
| Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) |
100 | 94,084 | ||||||
|
|
|
|||||||
| Wisconsin – 0.6% |
| |||||||
| Wisconsin Public Finance Authority (Catholic Bishop of Chicago/The) |
2,000 | 1,906,216 | ||||||
| Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) |
5,505 | 6,125,078 | ||||||
|
|
|
|||||||
| 8,031,294 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
1,323,790,128 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 0.9% |
| |||||||
| California – 0.9% |
| |||||||
| County of Los Angeles CA (County of Los Angeles CA) |
7,500 | 7,571,561 | ||||||
| Nuveen California AMT-Free Quality Municipal Income Fund (Nuveen California AMT-Free Quality Municipal Income Fund) |
5,000 | 5,000,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
12,571,561 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
1,336,361,689 | ||||||
|
|
|
|||||||
22
| Company | Shares | U.S. $ Value | ||||||
| PREFERRED STOCKS – 0.0% |
| |||||||
| Utility – 0.0% |
| |||||||
| Electric – 0.0% |
| |||||||
| AES Guayama Holdings |
28,882 | $ | 84,047 | |||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 0.9% |
| |||||||
| Investment Companies – 0.9% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(l) (m) (n) |
11,945,743 | 11,945,743 | ||||||
|
|
|
|||||||
| Total Investments – 100.4% |
|
1,348,391,479 | ||||||
| Other assets less liabilities – (0.4)% |
|
(5,644,588 | ) | |||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 1,342,746,891 | |||||
|
|
|
|||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at February 28, 2025 |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Buy Contracts |
| |||||||||||||||||||||||||||
| CDX-NAHY Series 44, 5 Year Index, |
(5.00 | )% | Quarterly | 3.32% | USD | 18,414 | $ | (1,425,674 | ) | $ | (1,301,072) | $ | (124,602) | |||||||||||||||
| * | Termination date |
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 36,500 | 10/15/2029 | 2.569% | CPI# | Maturity | $ | (176,481 | ) | $ | — | $ | (176,481 | ) | |||||||||||
| USD | 35,500 | 10/15/2029 | 2.485% | CPI# | Maturity | (25,160 | ) | — | (25,160 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (201,641 | ) | $ | — | $ | (201,641 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
23
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 14,000 | 01/15/2027 | 1 Day SOFR | 2.719% | Annual | $ | (106,659 | ) | $ | — | $ | (106,659 | ) | |||||||||||
| USD | 24,500 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 940,242 | — | 940,242 | ||||||||||||||||
| USD | 9,700 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 367,953 | — | 367,953 | ||||||||||||||||
| USD | 7,300 | 02/15/2035 | 3.603% | 1 Day SOFR | Annual | (66,200 | ) | (513 | ) | (65,687 | ) | |||||||||||||
| USD | 23,500 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | (102,975 | ) | — | (102,975 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 1,032,361 | $ | (513 | ) | $ | 1,032,874 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Citibank NA | USD | 12,620 | 10/09/2029 | 1.125% | 1 Week SIFMA* | Quarterly | $ | 513,169 | $ | — | $ | 513,169 | ||||||||||||||||
| * | 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 February 28, 2026. |
| (b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026. |
| (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 February 28, 2026, the aggregate market value of these securities amounted to $229,341,822 or 17.1% of net assets. |
| (d) | IO - Interest Only. |
| (e) | When-Issued or delayed delivery security. |
| (f) | Non-income producing security. |
| (g) | Defaulted. |
| (h) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.37% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows: |
| 144A/Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||
| California School Finance Authority |
10/25/2017 | $ | 5,248,955 | $ | 3,141,000 | 0.23% | ||||||
| Wisconsin Public Finance Authority |
08/03/2021 | 2,000,000 | 1,906,216 | 0.14% | ||||||||
24
| (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) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (k) | Fair valued by the Adviser. |
| (l) | The rate shown represents the 7-day yield as of period end. |
| (m) | Affiliated investments. |
| (n) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (o) | As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $32,945,729 and gross unrealized depreciation of investments was $(30,172,523), resulting in net unrealized appreciation of $2,773,206. |
As of February 28, 2026, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.8% and 0.0%, respectively.
Glossary:
AD – Assessment District
AG – Assured Guaranty Inc.
AMBAC – Ambac Assurance Corporation
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CDX-NAHY – North American High Yield Credit Default Swap Index
CHF – Collegiate Housing Foundation
CME – Chicago Mercantile Exchange
COP – Certificate of Participation
MUNIPSA – SIFMA Municipal Swap Index
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
25
AB Municipal Income Fund, Inc.
AB California Portfolio
February 28, 2026 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
26
The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 28, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 1,323,790,128 | $ | — | $ | 1,323,790,128 | ||||||||
| Short-Term Municipal Notes | — | 12,571,561 | — | 12,571,561 | ||||||||||||
| Preferred Stocks | — | — | 84,047 | 84,047 | ||||||||||||
| Short-Term Investments | 11,945,743 | — | — | 11,945,743 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | 11,945,743 | 1,336,361,689 | 84,047 | 1,348,391,479 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 1,308,195 | — | 1,308,195 | ||||||||||||
| Interest Rate Swaps | — | 513,169 | — | 513,169 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (1,425,674 | ) | — | (1,425,674 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (201,641 | ) | — | (201,641 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (275,834 | ) | — | (275,834 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 11,945,743 | $ | 1,336,279,904 | $ | 84,047 | $ | 1,348,309,694 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 28, 2026 is as follows:
| Portfolio | Market Value 05/31/2025 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 02/28/2026 (000) |
Dividend Income (000) |
|||||||||||||||
| AB Government Money Market Portfolio | $ | 13,920 | $ | 230,473 | $ | 232,447 | $ | 11,946 | $ | 341 | ||||||||||
27