Regulatory Filings • Sep 26, 2019
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AB National Municipal Income Fund
Portfolio of Investments
July 31, 2019 (unaudited)
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| MUNICIPAL OBLIGATIONS - 153.7% | ||
| Long-Term Municipal Bonds - 153.7% | ||
| Alabama - 3.8% | ||
| Jefferson County Board of Education/AL | ||
| Series 2018 | ||
| 5.00%, 2/01/46 | $ 10,000 | $ 11,711,300 |
| State of Alabama Docks Department | ||
| AGM Series 2017A | ||
| 5.00%, 10/01/34 | 2,000 | 2,353,060 |
| AGM Series 2017C | ||
| 5.00%, 10/01/36 | 2,000 | 2,352,220 |
| 16,416,580 | ||
| Arizona - 1.1% | ||
| Salt Verde Financial Corp. | ||
| (Citigroup, Inc.) | ||
| Series 2007 | ||
| 5.25%, 12/01/22-12/01/23 | 4,150 | 4,706,669 |
| Arkansas - 0.5% | ||
| Pulaski County Public Facilities Board | ||
| (Baptist Health Obligated Group) | ||
| Series 2014 | ||
| 5.00%, 12/01/42 | 2,000 | 2,214,380 |
| California - 17.2% | ||
| Anaheim Public Financing Authority | ||
| (City of Anaheim CA Lease) | ||
| Series 2014A | ||
| 5.00%, 5/01/39 | 3,500 | 4,022,655 |
| Bay Area Toll Authority | ||
| Series 2013S | ||
| 5.00%, 4/01/32 (Pre-refunded/ETM) | 5,720 | 6,563,300 |
| California Pollution Control Financing Authority | ||
| (Poseidon Resources Channelside LP) | ||
| Series 2012 | ||
| 5.00%, 7/01/37 (a) | 3,075 | 3,301,474 |
| California Statewide Communities Development Authority | ||
| (Loma Linda University Medical Center) | ||
| Series 2016A | ||
| 5.00%, 12/01/36 (a) | 800 | 901,768 |
| County of San Bernardino CA | ||
| (County of San Bernardino CA COP) | ||
| Series 2009A | ||
| 5.25%, 8/01/26 | 1,455 | 1,455,000 |
| Los Angeles County Metropolitan Transportation Authority | ||
| (Los Angeles County Metropolitan Transportation Authority Sales Tax) | ||
| Series 2013B | ||
| 5.00%, 7/01/34 | 1,770 | 2,021,375 |
| Los Angeles Department of Water | ||
| Series 2013B | ||
| 5.00%, 7/01/32 | 3,840 | 4,396,454 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Los Angeles Department of Water & Power Power System Revenue | ||
| Series 2013A | ||
| 5.00%, 7/01/30 | $ 6,165 | $ 6,963,861 |
| 5.00%, 7/01/30 (Pre-refunded/ETM) (b) | 90 | 102,378 |
| Series 2013B | ||
| 5.00%, 7/01/30 | 10,000 | 11,482,200 |
| San Bernardino County Transportation Authority | ||
| Series 2015-2 | ||
| 5.00%, 3/01/32-3/01/34 (c) | 11,340 | 13,140,681 |
| State of California | ||
| Series 2013 | ||
| 5.00%, 11/01/30 | 5,800 | 6,707,932 |
| University of California | ||
| Series 2012G | ||
| 5.00%, 5/15/31 | 3,825 | 4,228,690 |
| 5.00%, 5/15/31 (Pre-refunded/ETM) (b) | 3,175 | 3,527,679 |
| Series 2013A | ||
| 5.00%, 5/15/30 | 2,875 | 3,293,485 |
| 5.00%, 5/15/30 (Pre-refunded/ETM) | 2,480 | 2,857,630 |
| 74,966,562 | ||
| Colorado - 1.8% | ||
| City & County of Denver CO Airport System Revenue | ||
| (Denver Intl Airport) | ||
| Series 2013B | ||
| 5.25%, 11/15/31 | 6,680 | 7,680,397 |
| Connecticut - 8.5% | ||
| Connecticut State Health & Educational Facilities Authority | ||
| (Sacred Heart University, Inc.) | ||
| Series 2017I-1 | ||
| 5.00%, 7/01/42 | 2,410 | 2,826,930 |
| State of Connecticut | ||
| Series 2013C | ||
| 5.00%, 7/15/27 | 7,165 | 8,090,861 |
| Series 2013E | ||
| 5.00%, 8/15/29 | 4,800 | 5,404,464 |
| State of Connecticut Special Tax Revenue | ||
| Series 2011A | ||
| 5.00%, 12/01/28 | 5,000 | 5,386,650 |
| Series 2012 | ||
| 5.00%, 1/01/29 | 13,855 | 15,363,948 |
| 37,072,853 | ||
| District of Columbia - 1.6% | ||
| District of Columbia | ||
| Series 2013A | ||
| 5.00%, 6/01/29 | 5,000 | 5,685,550 |
| Metropolitan Washington Airports Authority | ||
| Series 2016A | ||
| 5.00%, 10/01/35 | 1,000 | 1,181,270 |
| 6,866,820 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Florida - 6.7% | ||
| Alachua County Health Facilities Authority | ||
| (Shands Teaching Hospital and Clinics Obligated Group) | ||
| Series 2014A | ||
| 5.00%, 12/01/44 | $ 4,560 | $ 5,108,294 |
| Brevard County Health Facilities Authority | ||
| (Health First, Inc. Obligated Group) | ||
| Series 2014 | ||
| 5.00%, 4/01/33 | 1,000 | 1,117,400 |
| Florida Ports Financing Commission | ||
| Series 2011A | ||
| 5.00%, 10/01/25-10/01/27 | 4,205 | 4,528,951 |
| Halifax Hospital Medical Center | ||
| (Halifax Hospital Medical Center Obligated Group) | ||
| Series 2015 | ||
| 5.00%, 6/01/35 | 2,655 | 2,977,715 |
| Miami Beach Health Facilities Authority | ||
| (Mount Sinai Medical Center of Florida, Inc.) | ||
| Series 2014 | ||
| 5.00%, 11/15/39 | 9,250 | 10,339,372 |
| Putnam County Development Authority/FL | ||
| (Seminole Electric Cooperative, Inc.) | ||
| Series 2018A | ||
| 5.00%, 3/15/42 | 4,500 | 5,300,190 |
| 29,371,922 | ||
| Georgia - 1.5% | ||
| Augusta Development Authority | ||
| (AU Health System Obligated Group) | ||
| Series 2018 | ||
| 5.00%, 7/01/36 | 4,170 | 4,864,430 |
| City of Atlanta Department of Aviation | ||
| (Hartsfield Jackson Atlanta Intl Airport) | ||
| Series 2014B | ||
| 5.00%, 1/01/32 | 1,275 | 1,462,400 |
| 6,326,830 | ||
| Hawaii - 1.8% | ||
| State of Hawaii Airports System Revenue | ||
| Series 2010A | ||
| 5.00%, 7/01/34 | 5,000 | 5,152,150 |
| Series 2015A | ||
| 5.00%, 7/01/45 | 2,500 | 2,835,900 |
| 7,988,050 | ||
| Illinois - 11.7% | ||
| Chicago Board of Education | ||
| Series 2017C | ||
| 5.00%, 12/01/34 | 1,945 | 2,175,793 |
| Chicago OHare International Airport | ||
| Series 2016B | ||
| 5.00%, 1/01/41 | 8,000 | 9,221,920 |
| Series 2016C | ||
| 5.00%, 1/01/38 | 2,350 | 2,724,637 |
| Series 2018A | ||
| 5.00%, 1/01/48 | 6,300 | 7,394,373 |
| Illinois Finance Authority | ||
| (Illinois Institute of Technology) | ||
| Series 2006A | ||
| 5.00%, 4/01/31 | 1,250 | 1,253,750 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Illinois Finance Authority | ||
| (OSF Healthcare System Obligated Group) | ||
| Series 2015A | ||
| 5.00%, 11/15/45 | $ 4,500 | $ 5,010,390 |
| Illinois State Toll Highway Authority | ||
| Series 2015B | ||
| 5.00%, 1/01/40 | 3,000 | 3,460,170 |
| State of Illinois | ||
| Series 2014 | ||
| 5.00%, 4/01/30-2/01/39 | 12,070 | 12,946,471 |
| Series 2017D | ||
| 5.00%, 11/01/28 | 5,000 | 5,648,200 |
| Series 2018A | ||
| 5.00%, 10/01/27 | 1,000 | 1,149,750 |
| 50,985,454 | ||
| Indiana - 0.3% | ||
| Indiana Finance Authority | ||
| (Ohio River Bridges) | ||
| Series 2013A | ||
| 5.00%, 7/01/44 | 1,250 | 1,359,188 |
| Iowa - 0.3% | ||
| Iowa Finance Authority | ||
| (Iowa Fertilizer Co. LLC) | ||
| Series 2013B | ||
| 5.25%, 12/01/50 | 1,205 | 1,302,677 |
| Kansas - 1.3% | ||
| City of Lawrence KS | ||
| (Lawrence Memorial Hospital/KS) | ||
| Series 2018 | ||
| 5.00%, 7/01/48 | 5,000 | 5,846,850 |
| Kentucky - 1.3% | ||
| Kentucky Turnpike Authority | ||
| Series 2013A | ||
| 5.00%, 7/01/29 | 5,000 | 5,633,550 |
| Maryland - 1.7% | ||
| Maryland Health & Higher Educational Facilities Authority | ||
| (Meritus Medical Center Obligated Group) | ||
| Series 2015 | ||
| 5.00%, 7/01/45 | 6,725 | 7,546,122 |
| Massachusetts - 3.9% | ||
| Massachusetts School Building Authority | ||
| (Massachusetts School Building Authority Sales Tax) | ||
| Series 2011B | ||
| 5.00%, 10/15/32 | 13,000 | 14,064,180 |
| Series 2012B | ||
| 5.00%, 8/15/30 | 2,480 | 2,751,188 |
| 16,815,368 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Michigan - 10.8% | ||
| Detroit City School District | ||
| Series 2012A | ||
| 5.00%, 5/01/26-5/01/27 | $ 6,045 | $ 6,618,440 |
| Detroit Downtown Development Authority | ||
| AGM Series 2018A | ||
| 5.00%, 7/01/43-7/01/48 | 13,020 | 14,339,361 |
| Michigan Finance Authority | ||
| (Great Lakes Water Authority Water Supply System Revenue) | ||
| AGM Series 2014D-1 | ||
| 5.00%, 7/01/35 | 1,250 | 1,418,112 |
| Michigan Finance Authority | ||
| (Public Lighting Authority) | ||
| Series 2014B | ||
| 5.00%, 7/01/34 | 2,250 | 2,478,555 |
| Michigan Strategic Fund | ||
| (Detroit Renewable Energy Obligated Group) | ||
| Series 2013 | ||
| 7.00%, 12/01/30 (a)(b) | 3,340 | 3,781,348 |
| Plymouth Educational Center Charter School | ||
| Series 2005 | ||
| 5.125%, 11/01/23 (d) | 2,140 | 1,818,016 |
| Wayne State University | ||
| Series 2009A | ||
| 5.00%, 11/15/29 | 4,520 | 4,565,109 |
| 5.00%, 11/15/29 (Pre-refunded/ETM) (b) | 11,980 | 12,111,421 |
| 47,130,362 | ||
| Minnesota - 2.3% | ||
| City of Rochester MN | ||
| (Mayo Clinic) | ||
| Series 2018 | ||
| 4.00%, 11/15/48 | 3,000 | 3,297,360 |
| Duluth Economic Development Authority | ||
| (Essentia Health Obligated Group) | ||
| Series 2018A | ||
| 5.00%, 2/15/58 | 6,000 | 6,890,760 |
| 10,188,120 | ||
| Nebraska - 3.1% | ||
| Central Plains Energy Project | ||
| (Goldman Sachs Group, Inc. (The)) | ||
| Series 2017A | ||
| 5.00%, 9/01/42 | 10,000 | 13,346,200 |
| New Jersey - 11.1% | ||
| New Jersey Economic Development Authority | ||
| (New Jersey Economic Development Authority State Lease) | ||
| Series 2014P | ||
| 5.00%, 6/15/31 | 2,500 | 2,769,275 |
| Series 2016B | ||
| 5.50%, 6/15/30 | 5,000 | 5,962,250 |
| New Jersey Economic Development Authority | ||
| (NYNJ Link Borrower LLC) | ||
| Series 2013 | ||
| 5.125%, 1/01/34 | 1,000 | 1,122,360 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| New Jersey Health Care Facilities Financing Authority | ||
| (New Jersey Health Care Facilities Financing Authority State Lease) | ||
| Series 2017 | ||
| 5.00%, 10/01/36 | $ 2,500 | $ 2,868,175 |
| New Jersey Health Care Facilities Financing Authority | ||
| (RWJ Barnabas Health Obligated Group) | ||
| Series 2014 | ||
| 5.00%, 7/01/44 | 6,450 | 7,336,359 |
| New Jersey Transportation Trust Fund Authority | ||
| (New Jersey Transportation Fed Hwy Grant) | ||
| Series 2016 | ||
| 5.00%, 6/15/29 | 4,750 | 5,613,408 |
| New Jersey Turnpike Authority | ||
| Series 2012B | ||
| 5.00%, 1/01/29 | 6,500 | 7,288,840 |
| Series 2013A | ||
| 5.00%, 1/01/31 (Pre-refunded/ETM) | 5,000 | 5,560,700 |
| Tobacco Settlement Financing Corp./NJ | ||
| Series 2018A | ||
| 5.00%, 6/01/46 | 8,990 | 10,042,549 |
| 48,563,916 | ||
| New York - 18.6% | ||
| City of New York NY | ||
| Series 2012B | ||
| 5.00%, 8/01/30 | 5,070 | 5,622,326 |
| Metropolitan Transportation Authority | ||
| Series 2012D | ||
| 5.00%, 11/15/29 | 4,000 | 4,433,920 |
| Series 2012F | ||
| 5.00%, 11/15/27 | 1,575 | 1,750,502 |
| Series 2013A | ||
| 5.00%, 11/15/29 (Pre-refunded/ETM) | 1,830 | 2,105,689 |
| Series 2014B | ||
| 5.25%, 11/15/34 | 4,000 | 4,605,560 |
| Metropolitan Transportation Authority | ||
| (Metropolitan Transportation Authority Ded Tax) | ||
| Series 2016A | ||
| 5.25%, 11/15/35 (c) | 14,260 | 17,592,277 |
| New York City Municipal Water Finance Authority | ||
| Series 2011HH | ||
| 5.00%, 6/15/26 | 5,000 | 5,362,000 |
| Series 2013D | ||
| 5.00%, 6/15/34 | 3,600 | 4,077,468 |
| New York City NY Transitional | ||
| Series 2007B | ||
| 5.00%, 8/01/34-8/01/37 (c) | 10,000 | 11,799,620 |
| New York State Dormitory Authority | ||
| Series 2012D | ||
| 5.00%, 2/15/29 (Pre-refunded/ETM) (b) | 1,135 | 1,247,501 |
| New York State Dormitory Authority | ||
| (State of New York Pers Income Tax) | ||
| Series 2012B | ||
| 5.00%, 3/15/32 | 7,600 | 8,303,760 |
| Series 2012D | ||
| 5.00%, 2/15/29 | 6,865 | 7,504,475 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Port Authority of New York & New Jersey | ||
| Series 2013-178 | ||
| 5.00%, 12/01/32 | $ 4,400 | $ 4,989,072 |
| Ulster County Capital Resource Corp. | ||
| (Woodland Pond at New Paltz) | ||
| Series 2017 | ||
| 5.00%, 9/15/37 (b) | 490 | 494,856 |
| 5.25%, 9/15/42-9/15/53 (b) | 1,320 | 1,340,256 |
| 81,229,282 | ||
| North Carolina - 2.5% | ||
| North Carolina Medical Care Commission | ||
| (Vidant Health Obligated Group) | ||
| Series 2015 | ||
| 5.00%, 6/01/45 | 4,445 | 4,993,602 |
| North Carolina Turnpike Authority | ||
| Series 2018 | ||
| 5.00%, 1/01/40 | 5,000 | 5,898,050 |
| 10,891,652 | ||
| Ohio - 1.4% | ||
| City of Chillicothe/OH | ||
| (Adena Health System Obligated Group) | ||
| Series 2017 | ||
| 5.00%, 12/01/47 | 1,800 | 2,096,892 |
| County of Cuyahoga/OH | ||
| (MetroHealth System (The)) | ||
| 5.00%, 2/15/52 | 2,240 | 2,491,530 |
| Series 2017 | ||
| 5.00%, 2/15/42 | 1,500 | 1,682,580 |
| 6,271,002 | ||
| Oklahoma - 2.3% | ||
| Oklahoma City Airport Trust | ||
| Series 2018 | ||
| 5.00%, 7/01/43-7/01/47 | 7,000 | 8,209,620 |
| Tulsa Airports Improvement Trust | ||
| BAM Series 2015A | ||
| 5.00%, 6/01/45 | 1,700 | 1,884,484 |
| 10,094,104 | ||
| Oregon - 1.2% | ||
| Oregon State Lottery | ||
| Series 2011A | ||
| 5.25%, 4/01/25 | 695 | 742,468 |
| 5.25%, 4/01/25 (Pre-refunded/ETM) (b) | 4,305 | 4,589,819 |
| 5,332,287 | ||
| Pennsylvania - 13.0% | ||
| Allegheny County Hospital Development Authority | ||
| (Allegheny Health Network Obligated Group) | ||
| Series 2018A | ||
| 5.00%, 4/01/47 | 5,000 | 5,815,850 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| Allegheny County Industrial Development Authority | ||
| (Residential Resources, Inc./PA) | ||
| Series 2006 | ||
| 5.00%, 9/01/21 | $ 315 | $ 315,784 |
| Butler County Hospital Authority | ||
| (Butler Health System Obligated Group) | ||
| Series 2015 | ||
| 5.00%, 7/01/35-7/01/39 | 3,510 | 3,971,441 |
| City of Philadelphia PA | ||
| Series 2019B | ||
| 5.00%, 2/01/39 (b)(e) | 2,155 | 2,632,139 |
| Montgomery County Higher Education & Health Authority | ||
| (Thomas Jefferson University Obligated Group) | ||
| Series 2018 | ||
| 5.00%, 9/01/43-9/01/48 | 13,250 | 15,589,503 |
| Montgomery County Industrial Development Authority/PA | ||
| Series 2010 | ||
| 5.25%, 8/01/33 (Pre-refunded/ETM) (b) | 3,480 | 3,623,898 |
| Pennsylvania Economic Development Financing Authority | ||
| (PA Bridges Finco LP) | ||
| Series 2015 | ||
| 5.00%, 12/31/34-6/30/42 | 9,270 | 10,463,367 |
| Pennsylvania Turnpike Commission | ||
| Series 2014A | ||
| 5.00%, 12/01/31-12/01/33 | 6,355 | 7,391,001 |
| Philadelphia Authority for Industrial Development | ||
| (LLPCS Foundation) | ||
| Series 2005A | ||
| 5.25%, 7/01/24 (b)(f)(g)(h) | 1,150 | 11,500 |
| School District of Philadelphia (The) | ||
| Series 2016F | ||
| 5.00%, 9/01/35 | 5,000 | 5,816,250 |
| Scranton School District/PA | ||
| BAM Series 2017E | ||
| 4.00%, 12/01/37 | 1,025 | 1,132,010 |
| 56,762,743 | ||
| Puerto Rico - 0.6% | ||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | ||
| Series 2019A | ||
| 5.00%, 7/01/58 (b) | 2,625 | 2,624,869 |
| South Carolina - 4.8% | ||
| South Carolina Jobs-Economic Development Authority | ||
| (Prisma Health Obligated Group) | ||
| Series 2018A | ||
| 5.00%, 5/01/48 | 5,900 | 6,863,824 |
| South Carolina Ports Authority | ||
| Series 2015 | ||
| 5.00%, 7/01/45 | 5,000 | 5,668,850 |
| Principal Amount (000) | U.S. $ Value | |
|---|---|---|
| South Carolina Public Service Authority | ||
| Series 2014A | ||
| 5.00%, 12/01/49 | $ 1,400 | $ 1,552,754 |
| Series 2014C | ||
| 5.00%, 12/01/46 | 1,000 | 1,122,150 |
| Series 2016B | ||
| 5.00%, 12/01/41 | 5,000 | 5,826,400 |
| 21,033,978 | ||
| Tennessee - 1.9% | ||
| Chattanooga-Hamilton County Hospital Authority | ||
| Series 2014 | ||
| 5.00%, 10/01/44 | 7,500 | 8,250,375 |
| Texas - 9.6% | ||
| Arlington Higher Education Finance Corp. | ||
| (Lifeschool of Dallas) | ||
| Series 2014A | ||
| 5.00%, 8/15/39 | 4,805 | 5,403,607 |
| Central Texas Regional Mobility Authority | ||
| Series 2016 | ||
| 5.00%, 1/01/40 | 3,500 | 3,996,650 |
| City of Austin TX Water & Wastewater System Revenue | ||
| Series 2013A | ||
| 5.00%, 11/15/29 | 5,000 | 5,668,000 |
| City of Houston TX Combined Utility System Revenue | ||
| Series 2011D | ||
| 5.00%, 11/15/26 (Pre-refunded/ETM) | 6,000 | 6,522,480 |
| Fort Bend Independent School District | ||
| Series 2009 | ||
| 5.00%, 2/15/27 | 1,705 | 1,707,387 |
| 5.00%, 2/15/27 (Pre-refunded/ETM) (b) | 5,855 | 5,863,021 |
| New Hope Cultural Education Facilities Finance Corp. | ||
| (CHF-Collegiate Housing Denton LLC) | ||
| AGM Series 2018A-1 | ||
| 5.00%, 7/01/38-7/01/48 | 1,600 | 1,837,994 |
| North Texas Tollway Authority | ||
| (North Texas Tollway System) | ||
| Series 2015B | ||
| 5.00%, 1/01/40 | 5,000 | 5,528,350 |
| Texas Private Activity Bond Surface Transportation Corp. | ||
| (NTE Mobility Partners LLC) | ||
| Series 2009 | ||
| 6.875%, 12/31/39 | 1,720 | 1,757,668 |
| Texas Private Activity Bond Surface Transportation Corp. | ||
| (NTE Mobility Partners Segments 3 LLC) | ||
| Series 2013 | ||
| 6.75%, 6/30/43 | 3,000 | 3,489,090 |
| 41,774,247 | ||
| Utah - 1.9% | ||
| Salt Lake City Corp. Airport Revenue | ||
| Series 2017A | ||
| 5.00%, 7/01/47 | 4,500 | 5,224,770 |
| Series 2018A | ||
| 5.00%, 7/01/48 | 2,500 | 2,944,975 |
| 8,169,745 |
| U.S. $ Value | |||
|---|---|---|---|
| West Virginia - 1.0% | |||
| West Virginia Hospital Finance Authority | |||
| (West Virginia United Health System Obligated Group) | |||
| Series 2018A | |||
| 5.00%, 6/01/52 | $ 3,875 | $ 4,489,343 | |
| Wisconsin - 2.6% | |||
| Wisconsin Public Finance Authority | |||
| (CHF - Wilmington LLC) | |||
| AGM | |||
| 5.00%, 7/01/58 | 10,000 | 11,272,000 | |
| Total Long-Term Municipal Bonds (cost $623,200,666) | 670,524,497 | ||
| Shares | |||
| SHORT-TERM INVESTMENTS - 4.8% | |||
| Investment Companies - 4.8% | |||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, | |||
| 2.31% (i)(j)(k) (cost $20,665,854) | 20,665,854 | 20,665,854 | |
| Total Investments - 158.5% (cost $643,866,520) (l) | 691,190,351 | ||
| Other assets less liabilities - (57.9)% | (252,231,561 | ) | |
| Preferred Shares at liquidation value - (0.6)% | (2,750,000 | ) | |
| Net Assets Applicable to Common Shareholders - 100.0% (m) | $ 436,208,790 |
(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2019, the aggregate market value of these securities amounted to $7,984,590 or 1.8% of net assets.
(b) Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(c) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.
(d) Restricted and illiquid security.
| Restricted & Illiquid Securities | Cost | Market Value | ||
|---|---|---|---|---|
| Plymouth Educational Center Charter School Series 2005 | ||||
| 5.125%, 11/01/23 | 11/30/05 | $ 2,130,695 | $ 1,818,016 | 0.42 % |
(e) When-Issued or delayed delivery security.
(f) Illiquid security.
(g) Non-income producing security.
(h) Defaulted.
(i) Affiliated investments.
(j) To obtain a copy of the funds shareholder report, please go to the Securities and Exchange Commissions website at www.sec.gov, or call AB at (800) 227-4618.
(k) The rate shown represents the 7-day yield as of period end.
(l) As of July 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $48,260,605 and gross unrealized depreciation of investments was $(936,774), resulting in net unrealized appreciation of $47,323,831.
(m) Portfolio percentages are calculated based on net assets applicable to common shareholders.
As of July 31, 2019, the Funds percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 5.5% and 0.0%, respectively.
| Glossary: — AGM | - | Assured Guaranty Municipal |
|---|---|---|
| BAM | - | Build American Mutual |
| COP | - | Certificate of Participation |
| ETM | - | Escrowed to Maturity |
| OSF | - | Order of St. Francis |
AB National Municipal Income Fund
July 31, 2019 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Funds own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
Level 1quoted prices in active markets for identical investments
Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
The following table summarizes the valuation of the Funds investments by the above fair value hierarchy levels as of July 31, 2019:
| Level 1 | Level 2 | |||||||
|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||
| Long-Term Municipal Bonds | ||||||||
| California | $ 0 | | $ 68,478,875 | $ | 6,487,687 | $ | 74,966,562 | |
| Michigan | 0 | | 31,237,593 | 15,892,769 | 47,130,362 | |||
| New York | 0 | | 78,146,669 | 3,082,613 | 81,229,282 | |||
| Oregon | 0 | | 742,468 | 4,589,819 | 5,332,287 | |||
| Pennsylvania | 0 | | 50,495,206 | 6,267,537 | 56,762,743 | |||
| Puerto Rico | 0 | | 0 | | 2,624,869 | 2,624,869 | ||
| Texas | 0 | | 35,911,226 | 5,863,021 | 41,774,247 | |||
| Other | 0 | | 360,704,145 | 0 | | 360,704,145 | ||
| Short-Term Investments | 20,665,854 | 0 | | 0 | | 20,665,854 | ||
| Liabilities: | ||||||||
| Variable Rate MuniFund Term Preferred Shares (a) | 0 | | (228,967,643 | ) | 0 | | (228,967,643 | ) |
| Floating Rate Notes (a) | (26,095,000 | ) | 0 | | 0 | | (26,095,000 | ) |
| Total Investments in Securities | (5,429,146 | ) | 396,748,539 | 44,808,315 | 436,127,708 | |||
| Other Financial Instruments (b) | 0 | | 0 | | 0 | | 0 | |
| Total | $ (5,429,146) | $ 396,748,539 | $ | 44,808,315 | $ | 436,127,708 |
(a) The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.
(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
| Balance as of 10/31/18 | Long-Term Municipal Bonds — $ 39,803,674 | $ | 39,803,674 | |
|---|---|---|---|---|
| Accrued discounts/(premiums) | (186,075 | ) | (186,075 | ) |
| Realized gain (loss) | (15,518 | ) | (15,518 | ) |
| Change in unrealized appreciation/depreciation | 102,378 | 102,378 | ||
| Purchases | 5,258,856 | 5,258,856 | ||
| Sales | (155,000 | ) | (155,000 | ) |
| Transfers in to Level 3 | 0 | | 0 | |
| Transfers out of Level 3 | 0 | | 0 | |
| Balance as of 7/31/19 | $ 44,808,315 | $ | 44,808,315 | |
| Net change in unrealized appreciation/depreciation from investments held as of 7/31/19 | $ 102,378 | $ | 102,378 |
As of July 31, 2019, all Level 3 securities were priced by third party vendors.
A summary of the Funds transactions in AB mutual funds for the nine months ended July 31, 2019 is as follows:
| Fund | Market Value 10/31/18 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 7/31/19 (000) | Dividend Income (000) |
|---|---|---|---|---|---|
| Government Money Market Portfolio | $ 543 | $ 62,416 | $ 42,293 | $ 20,666 | $ 0 |
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