AB Municipal Income Fund, Inc.
AB New York Portfolio
Portfolio of Investments
February 28, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 95.9% |
||||||||
| Long-Term Municipal Bonds – 92.7% |
||||||||
| New York – 86.7% |
||||||||
| Albany Capital Resource Corp. (Albany Medical Center Hospital Obligated Group) |
$ | 2,000 | $ | 2,189,030 | ||||
| Brookhaven Local Development Corp. (Jefferson’s Ferry) |
1,785 | 1,805,857 | ||||||
| Series 2020 |
1,000 | 929,148 | ||||||
| Broome County Local Development Corp. (Good Shepherd Village at Endwell Obligated Group) |
1,000 | 875,228 | ||||||
| Buffalo & Fort Erie Public Bridge Authority (Buffalo & Fort Erie Public Bridge Authority) |
2,250 | 2,278,893 | ||||||
| Build NYC Resource Corp. (Build NYC Resource Corp.) |
924 | 738,826 | ||||||
| Series 2014 |
587 | 469,619 | ||||||
| Build NYC Resource Corp. (City University of New York) |
1,110 | 1,111,767 | ||||||
| 5.00%, 06/01/2033 |
1,320 | 1,322,070 | ||||||
| 5.00%, 06/01/2034 |
550 | 550,801 | ||||||
| Build NYC Resource Corp. (Classical Charter School) |
760 | 676,922 | ||||||
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) |
2,125 | 2,120,383 | ||||||
| Build NYC Resource Corp. (Global Community Charter School) |
1,275 | 1,100,330 | ||||||
| Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) |
1,285 | 1,245,831 | ||||||
| 5.00%, 07/01/2062 |
4,000 | 3,791,902 | ||||||
| Build NYC Resource Corp. (Integration Charter Schools) |
1,500 | 1,209,742 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Build NYC Resource Corp. (KIPP NYC Public Charter Schools) |
$ | 2,000 | $ | 2,025,227 | ||||
| 5.25%, 07/01/2057 |
1,865 | 1,881,366 | ||||||
| 5.25%, 07/01/2062 |
1,000 | 1,006,088 | ||||||
| Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) |
1,000 | 905,715 | ||||||
| Build NYC Resource Corp. (South Bronx Charter School For Intl Cultures & The Arts) |
1,200 | 1,235,934 | ||||||
| Build NYC Resource Corp. (Success Academy Charter Schools Obligated Group) |
880 | 865,338 | ||||||
| 4.00%, 09/01/2044 |
1,025 | 995,675 | ||||||
| Build NYC Resource Corp. (TrIPs Obligated Group) |
5,000 | 5,283,921 | ||||||
| Build NYC Resource Corp. (Zeta Charter Schools Obligated Group) |
1,000 | 977,573 | ||||||
| 5.375%, 10/15/2061(a) |
2,000 | 1,932,595 | ||||||
| City of New York NY (City of New York NY) |
5,905 | 5,721,589 | ||||||
| 1.723%, 08/01/2029 |
2,475 | 2,320,674 | ||||||
| 1.823%, 08/01/2030 |
2,210 | 2,034,306 | ||||||
| Series 2023-C |
1,150 | 1,197,171 | ||||||
| Series 2024-C |
1,000 | 1,001,861 | ||||||
| Series 2025-A |
2,000 | 2,379,211 | ||||||
| Series 2025-E |
5,000 | 5,318,870 | ||||||
| City of New York NY (Prerefunded - US Treasuries) |
525 | 491,622 | ||||||
| 1.823%, 08/01/2030 |
790 | 727,254 | ||||||
| Dutchess County Local Development Corp. (Bard College) |
6,400 | 6,400,742 | ||||||
| Series 2020-B |
2,085 | 2,128,106 | ||||||
| Hempstead Town Local Development Corp. (Evergreen Charter School) |
5,000 | 4,974,530 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Hempstead Town Local Development Corp. (Molloy College) |
$ | 1,845 | $ | 1,846,325 | ||||
| 5.00%, 07/01/2039 |
1,100 | 1,100,802 | ||||||
| Long Island Power Authority (Long Island Power Authority) |
5,000 | 5,067,911 | ||||||
| 5.00%, 09/01/2033 |
3,515 | 3,560,289 | ||||||
| Series 2023-E |
5,000 | 5,293,883 | ||||||
| Series 2024-A |
5,000 | 5,320,521 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) |
10,740 | 10,937,967 | ||||||
| 5.25%, 11/15/2035 |
5,000 | 5,088,318 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
2,000 | 2,289,538 | ||||||
| Series 2020-C |
1,000 | 1,026,449 | ||||||
| Series 2021 |
100 | 99,672 | ||||||
| Series 2024-B |
5,000 | 5,627,495 | ||||||
| Series 2025 |
2,290 | 2,730,436 | ||||||
| 5.25%, 11/15/2045 |
5,000 | 5,433,172 | ||||||
| AG Series 2021 |
1,285 | 1,285,071 | ||||||
| BAM Series 2024-A |
6,000 | 5,625,929 | ||||||
| Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) |
3,000 | 2,779,377 | ||||||
| Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) |
2,000 | 2,003,796 | ||||||
| Monroe County Industrial Development Corp./NY (Eugenio Maria de Hostos Charter School) |
1,000 | 999,095 | ||||||
| Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) |
1,200 | 1,206,589 | ||||||
| 4.00%, 12/01/2039 |
1,000 | 1,001,565 | ||||||
| Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) |
2,150 | 2,158,328 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community) |
$ | 1,447 | $ | 103,578 | ||||
| Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) |
1,195 | 1,174,330 | ||||||
| 5.00%, 07/01/2055 |
3,700 | 3,393,794 | ||||||
| New York City Health & Hospitals Corp. (New York City Health & Hospital Lease) |
1,500 | 1,684,403 | ||||||
| New York City Housing Development Corp. (8 Spruce NY Owner LLC) |
330 | 341,585 | ||||||
| 4.375%, 12/15/2031 |
640 | 661,011 | ||||||
| 5.25%, 12/15/2031 |
1,565 | 1,628,448 | ||||||
| New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) |
10,000 | 10,557,235 | ||||||
| Series 2023 |
4,500 | 4,757,746 | ||||||
| Series 2024-C |
3,000 | 2,886,853 | ||||||
| Series 2025 |
1,250 | 1,320,582 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (State of New York) |
2,000 | 2,078,258 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) |
7,000 | 7,995,413 | ||||||
| Series 2024 |
10,000 | 11,334,511 | ||||||
| Series 2025 |
2,500 | 2,681,621 | ||||||
| Series 2026 |
1,500 | 1,619,443 | ||||||
| New York Convention Center Development Corp. (New York City Hotel Unit Fee Revenue Hotel Occupancy Tax) |
9,220 | 9,233,784 | ||||||
| 5.00%, 11/15/2035 |
6,000 | 6,008,797 | ||||||
| New York Energy Finance Development Corp. (Athene Annuity & Life Co.) |
3,640 | 3,904,583 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
$ | 2,200 | $ | 2,203,611 | ||||
| 5.375%, 11/15/2040(a) |
700 | 701,147 | ||||||
| 7.25%, 11/15/2044(a) |
1,280 | 1,283,019 | ||||||
| New York Liberty Development Corp. (7 World Trade Center II) |
2,000 | 1,746,815 | ||||||
| New York Liberty Development Corp. (One Bryant Park LLC) |
7,780 | 7,367,947 | ||||||
| 2.80%, 09/15/2069 |
5,780 | 5,446,868 | ||||||
| New York Liberty Development Corp. (Port Authority of New York & New Jersey) |
3,000 | 2,668,000 | ||||||
| New York Power Authority (New York Power Authority SFP Transmission Project) |
3,000 | 3,157,490 | ||||||
| New York State Dormitory Authority (Catholic Health System Obligated Group) |
1,310 | 1,295,236 | ||||||
| New York State Dormitory Authority (Cornell University) |
5,000 | 5,456,333 | ||||||
| New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) |
3,000 | 3,006,045 | ||||||
| 5.00%, 07/01/2033 |
3,000 | 3,005,598 | ||||||
| New York State Dormitory Authority (Iona College) |
875 | 887,742 | ||||||
| Series 2022-2 |
200 | 215,851 | ||||||
| 5.00%, 07/01/2042 |
275 | 287,023 | ||||||
| New York State Dormitory Authority (Iona University) |
2,285 | 2,368,627 | ||||||
| New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center) |
4,900 | 4,556,719 | ||||||
| New York State Dormitory Authority (Montefiore Obligated Group) |
1,950 | 2,029,005 | ||||||
| 5.00%, 08/01/2033 |
2,000 | 2,075,041 | ||||||
| 5.00%, 08/01/2035 |
1,515 | 1,557,993 | ||||||
| Series 2020 |
800 | 780,121 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| 4.00%, 09/01/2039 |
$ | 1,345 | $ | 1,278,856 | ||||
| Series 2024 |
2,300 | 2,509,049 | ||||||
| 5.50%, 11/01/2047 |
1,160 | 1,218,615 | ||||||
| AG Series 2020 |
3,000 | 2,148,144 | ||||||
| New York State Dormitory Authority (Mount Sinai Hospital Obligated Group) |
5,000 | 5,040,118 | ||||||
| New York State Dormitory Authority (New School/The) |
2,815 | 2,858,728 | ||||||
| New York State Dormitory Authority (Pratt Institute) |
1,000 | 1,007,538 | ||||||
| New York State Dormitory Authority (Prerefunded - US Govt Agencies) |
1,000 | 1,013,322 | ||||||
| New York State Dormitory Authority (State of New York Pers Income Tax) |
1,000 | 1,039,171 | ||||||
| Series 2017-B |
8,095 | 8,405,948 | ||||||
| Series 2025-A |
9,525 | 9,921,703 | ||||||
| Series 2025-C |
1,000 | 1,076,364 | ||||||
| New York State Dormitory Authority (State University of New York Dormitory Facilities Revenue) |
1,000 | 832,747 | ||||||
| New York State Dormitory Authority (Wagner College) |
3,625 | 3,120,201 | ||||||
| New York State Dormitory Authority (White Plains Hospital Obligated Group) |
3,840 | 3,908,070 | ||||||
| New York State Dormitory Authority (Yeshiva University) |
1,000 | 997,056 | ||||||
| New York State Environmental Facilities Corp. (Casella Waste Systems) |
3,125 | 3,043,700 | ||||||
| New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) |
5,000 | 5,232,197 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Thruway Authority (State of New York Pers Income Tax) |
$ | 1,000 | $ | 1,087,880 | ||||
| New York Transportation Development Corp. (Delta Air Lines, Inc.) |
1,000 | 1,002,927 | ||||||
| 5.00%, 01/01/2030 |
2,395 | 2,482,206 | ||||||
| Series 2020 |
2,200 | 2,334,195 | ||||||
| 5.00%, 10/01/2040 |
3,815 | 3,948,483 | ||||||
| Series 2023 |
1,000 | 1,115,899 | ||||||
| New York Transportation Development Corp. (Empire State Thruway Partners) |
6,000 | 5,445,290 | ||||||
| New York Transportation Development Corp. (JFK Intl Air Terminal) |
1,150 | 1,259,338 | ||||||
| New York Transportation Development Corp. (JFK Millennium Partners) |
4,250 | 4,356,001 | ||||||
| AG Series 2024 |
5,310 | 3,578,722 | ||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
10,000 | 10,214,404 | ||||||
| AG Series 2023 |
1,000 | 1,011,011 | ||||||
| 5.125%, 06/30/2060 |
5,000 | 5,046,291 | ||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
2,000 | 2,000,128 | ||||||
| 4.00%, 07/01/2033 |
2,250 | 2,250,180 | ||||||
| 5.00%, 07/01/2034 |
2,490 | 2,493,664 | ||||||
| 5.00%, 07/01/2046 |
2,000 | 2,000,781 | ||||||
| 5.25%, 01/01/2050 |
3,030 | 3,031,067 | ||||||
| Oneida County Local Development Corp. (Hamilton College) |
2,405 | 2,713,464 | ||||||
| Onondaga Civic Development Corp. (Crouse Health Hospital Obligated Group) |
1,650 | 1,533,759 | ||||||
| Onondaga Civic Development Corp. (Le Moyne College) |
1,400 | 1,386,957 | ||||||
| Series 2022 |
525 | 497,459 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| Onondaga Civic Development Corp. (Syracuse University) |
$ | 5,150 | $ | 5,660,489 | ||||
| Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) |
2,000 | 2,090,706 | ||||||
| Series 2020-2 |
5,000 | 4,844,907 | ||||||
| Series 2022-2 |
2,500 | 2,802,231 | ||||||
| Series 2023-2 |
2,000 | 2,214,834 | ||||||
| 5.00%, 12/01/2038 |
2,000 | 2,215,412 | ||||||
| 5.00%, 07/15/2040 |
1,625 | 1,772,302 | ||||||
| Saratoga County Capital Resource Corp. (Washington Saratoga Warren Hamilton & Essex Boces) |
3,000 | 3,196,205 | ||||||
| Suffolk County Economic Development Corp. (Catholic Health Services of Long Island Obligated Group) |
2,500 | 2,504,952 | ||||||
| Suffolk County Economic Development Corp. (Peconic Landing at Southold) |
1,500 | 1,545,355 | ||||||
| Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) |
1,600 | 1,652,209 | ||||||
| Suffolk Tobacco Asset Securitization Corp. (Suffolk Tobacco Asset Securitization) |
790 | 723,497 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
3,500 | 3,040,893 | ||||||
| Series 2021-C |
10,000 | 10,407,747 | ||||||
| Series 2022 |
2,500 | 2,500,844 | ||||||
| Series 2022-C |
2,000 | 2,096,526 | ||||||
| Series 2025 |
8,090 | 8,337,039 | ||||||
| Series 2026 |
6,220 | 6,564,648 | ||||||
| 5.00%, 02/01/2029 |
1,000 | 1,079,334 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority Real Estate Transfer Tax) |
$ | 1,500 | $ | 1,599,624 | ||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
3,000 | 3,090,325 | ||||||
| Series 2020-A |
3,000 | 3,128,121 | ||||||
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) |
1,250 | 1,354,782 | ||||||
| Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts) |
1,000 | 1,055,078 | ||||||
| TSASC, Inc./NY (TSASC, Inc./NY) |
3,350 | 3,110,288 | ||||||
| Series 2017-A |
10,850 | 10,923,241 | ||||||
| Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) |
1,515 | 1,526,834 | ||||||
| 5.25%, 09/15/2042 |
135 | 135,506 | ||||||
| 5.25%, 09/15/2047 |
235 | 225,394 | ||||||
| 5.25%, 09/15/2053 |
505 | 469,476 | ||||||
| Westchester County Healthcare Corp./NY (Westchester County Health Care Obligated Group) |
105 | 105,050 | ||||||
| Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) |
2,925 | 2,859,529 | ||||||
| 5.00%, 01/01/2051 |
2,505 | 2,524,239 | ||||||
| Westchester Tobacco Asset Securitization Corp. (Westchester Tobacco Asset Securitization) |
1,830 | 1,850,342 | ||||||
|
|
|
|||||||
| 486,816,043 | ||||||||
|
|
|
|||||||
| Alabama – 0.2% |
| |||||||
| Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) |
1,000 | 1,052,329 | ||||||
|
|
|
|||||||
| Florida – 0.1% |
| |||||||
| Marshall Creek Community Development District (Marshall Creek Community Development District 2002A) |
400 | 400,690 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| Marshall Creek Community Development District (Marshall Creek Community Development District) |
$ | 45 | $ | 45,039 | ||||
|
|
|
|||||||
| 445,729 | ||||||||
|
|
|
|||||||
| Georgia – 0.0% |
| |||||||
| Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) |
100 | 103,503 | ||||||
| 5.00%, 01/01/2039 |
100 | 103,030 | ||||||
|
|
|
|||||||
| 206,533 | ||||||||
|
|
|
|||||||
| Guam – 2.3% |
| |||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
175 | 192,205 | ||||||
| 5.25%, 10/01/2036 |
585 | 650,047 | ||||||
| Series 2024-A |
1,000 | 1,116,233 | ||||||
| 5.25%, 10/01/2042 |
300 | 321,438 | ||||||
| Guam Government Waterworks Authority (Guam Govt Waterworks Authority) |
4,440 | 4,447,830 | ||||||
| Guam Power Authority (Guam Power Authority) |
1,000 | 1,023,418 | ||||||
| 5.00%, 10/01/2037 |
1,500 | 1,532,429 | ||||||
| Territory of Guam (Territory of Guam Business Privilege Tax) |
3,760 | 3,738,982 | ||||||
|
|
|
|||||||
| 13,022,582 | ||||||||
|
|
|
|||||||
| Indiana – 0.0% |
| |||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
26 | 3 | ||||||
| Indiana Finance Authority (Brightmark Plastics Renewal Indiana) |
745 | 37,250 | ||||||
|
|
|
|||||||
| 37,253 | ||||||||
|
|
|
|||||||
| Maryland – 0.2% |
| |||||||
| City of Baltimore MD (City of Baltimore MD Harbor Point Special Taxing District) |
650 | 613,418 | ||||||
| Series 2019-B |
200 | 192,813 | ||||||
|
|
|
|||||||
| 806,231 | ||||||||
|
|
|
|||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Puerto Rico – 1.9% |
| |||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
$ | 1,290 | $ | 1,375,337 | ||||
| 5.00%, 07/01/2035(a) |
1,295 | 1,352,736 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
710 | 734,711 | ||||||
| NATL Series 2007-V |
1,000 | 1,023,764 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) |
140 | 139,966 | ||||||
| 6.625%, 01/01/2028 |
1,068 | 1,069,599 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
1,400 | 1,585,523 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (Puerto Rico Sales Tax Financing Sales Tax Revenue) |
620 | 621,078 | ||||||
| 4.55%, 07/01/2040 |
73 | 73,465 | ||||||
| 4.75%, 07/01/2053 |
3,000 | 2,919,431 | ||||||
|
|
|
|||||||
| 10,895,610 | ||||||||
|
|
|
|||||||
| Tennessee – 0.2% |
| |||||||
| Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) |
1,020 | 1,007,540 | ||||||
|
|
|
|||||||
| Texas – 0.3% |
| |||||||
| New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) |
100 | 85,512 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) |
722 | 632,168 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) |
1,000 | 1,094,261 | ||||||
|
|
|
|||||||
| 1,811,941 | ||||||||
|
|
|
|||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Washington – 0.0% |
| |||||||
| Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) |
$ | 105 | $ | 98,788 | ||||
|
|
|
|||||||
| Wisconsin – 0.8% |
| |||||||
| Wisconsin Public Finance Authority (Catholic Bishop of Chicago/The) |
1,250 | 1,191,385 | ||||||
| Wisconsin Public Finance Authority (SR 400 Peach Partners LLC) |
2,320 | 2,581,323 | ||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
390 | 393,584 | ||||||
| 5.00%, 10/01/2028(a) |
225 | 234,219 | ||||||
| 5.00%, 10/01/2029(a) |
100 | 105,417 | ||||||
|
|
|
|||||||
| 4,505,928 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
520,706,507 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 3.2% |
| |||||||
| New York – 3.2% |
| |||||||
| County of Suffolk NY (County of Suffolk NY) |
3,000 | 3,021,511 | ||||||
| North Syracuse Central School District (North Syracuse Central School District) |
1,470 | 1,479,681 | ||||||
| Nuveen New York AMT-Free Quality Municipal Income Fund (Nuveen New York AMT-Free Quality Municipal Income Fund) |
2,800 | 2,800,000 | ||||||
| Town of Oyster Bay NY (Town of Oyster Bay NY) |
6,500 | 6,552,804 | ||||||
| Series 2026 |
2,000 | 2,035,988 | ||||||
| Town of Tonawanda NY (Town of Tonawanda NY) |
2,000 | 2,015,769 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
17,905,753 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
538,612,260 | ||||||
|
|
|
|||||||
12
| Company | Shares | U.S. $ Value | ||||||
| PREFERRED STOCKS – 0.0% |
| |||||||
| Industrials – 0.0% |
| |||||||
| AES Guayama Holdings |
23,486 | $ | 68,344 | |||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 3.3% |
| |||||||
| Investment Companies – 3.3% |
| |||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(k) (l) (m) |
18,826,408 | 18,826,408 | ||||||
|
|
|
|||||||
| Total Investments – 99.2% |
|
557,507,012 | ||||||
| Other assets less liabilities – 0.8% |
|
4,232,242 | ||||||
|
|
|
|||||||
| Net Assets – 100.0% |
|
$ | 561,739,254 | |||||
|
|
|
|||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description |
Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at February 28, 2026 |
Notional Amount (000) |
Market Value |
Upfront Paid (Received) |
Unrealized Appreciation (Depreciation) |
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| Buy Contracts |
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| CDX-NAHY Series 45, 5 Year Index, 12/20/2030* |
(5.00 | )% | Quarterly | 3.32% | USD | 7,425 | $ | (574,869) | $ | (503,464) | $ | (71,405) | ||||||||||||||||
| * | 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) |
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| USD | 14,750 | 10/15/2029 | 2.569% | CPI# | Maturity | $ | (71,318 | ) | $ | — | $ | (71,318 | ) | |||||||||||
| USD | 14,250 | 10/15/2029 | 2.485% | CPI# | Maturity | (10,099 | ) | — | (10,099 | ) | ||||||||||||||
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| $ | (81,417 | ) | $ | — | $ | (81,417 | ) | |||||||||||||||||
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| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
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CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional |
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) |
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| USD | 27,500 | 01/15/2027 | 1 Day SOFR | 2.583% | Annual | $ | (246,532 | ) | $ | — | $ | (246,532 | ) | |||||||||||
| USD | 5,200 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | (48,822 | ) | — | (48,822 | ) | ||||||||||||||
| USD | 2,700 | 01/15/2029 | 1 Day SOFR | 3.315% | Annual | 9,760 | — | 9,760 | ||||||||||||||||
| USD | 6,900 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 264,803 | — | 264,803 | ||||||||||||||||
| USD | 4,900 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 185,873 | — | 185,873 | ||||||||||||||||
| USD | 7,800 | 12/03/2031 | 1 Day SOFR | 4.111% | Annual | 343,713 | — | 343,713 | ||||||||||||||||
| USD | 4,200 | 12/03/2031 | 1 Day SOFR | 3.898% | Annual | 136,060 | (534 | ) | 136,594 | |||||||||||||||
| USD | 5,800 | 07/30/2032 | 1 Day SOFR | 3.701% | Annual | 114,763 | — | 114,763 | ||||||||||||||||
| USD | 4,300 | 12/16/2032 | 1 Day SOFR | 3.596% | Annual | 64,817 | — | 64,817 | ||||||||||||||||
| USD | 10,700 | 01/03/2033 | 1 Day SOFR | 3.720% | Annual | 245,169 | — | 245,169 | ||||||||||||||||
| USD | 6,200 | 01/03/2033 | 1 Day SOFR | 3.571% | Annual | 84,254 | — | 84,254 | ||||||||||||||||
| USD | 7,900 | 02/15/2035 | 3.680% | 1 Day SOFR | Annual | (118,917 | ) | — | (118,917 | ) | ||||||||||||||
| USD | 6,800 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | (29,797 | ) | — | (29,797 | ) | ||||||||||||||
| USD | 5,800 | 09/25/2035 | 3.509% | 1 Day SOFR | Annual | 10,274 | — | 10,274 | ||||||||||||||||
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| $ | 1,015,418 | $ | (534) | $ | 1,015,952 | |||||||||||||||||||
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INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
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| Citibank NA | USD | 9,395 | 10/09/2029 | 1.125% | 1 Week SIFMA* | Quarterly | $ | 382,031 | $ | — | $ | 382,031 | ||||||||||||||||
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
| (a) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the aggregate market value of these securities amounted to $25,884,447 or 4.6% of net assets. |
| (b) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.38% 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 | ||||||||
| Build NYC Resource Corp. |
06/20/2019 - 09/21/2023 |
$ | 968,463 | $ | 905,715 | 0.16% | ||||||
| Indiana Finance Authority |
03/29/2019 - 07/23/2019 |
768,004 | 37,250 | 0.01% | ||||||||
| Wisconsin Public Finance Authority |
08/03/2021 | 1,250,000 | 1,191,385 | 0.21% | ||||||||
| (c) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026. |
| (d) | Fair valued by the Adviser. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026. |
| (g) | Non-income producing security. |
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| (h) | Defaulted. |
| (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) | When-Issued or delayed delivery security. |
| (k) | The rate shown represents the 7-day yield as of period end. |
| (l) | Affiliated investments. |
| (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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (n) | 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 $10,075,703 and gross unrealized depreciation of investments was $(10,578,155), resulting in net unrealized depreciation of $(502,452). |
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 4.8% and 0.0%, respectively.
Glossary:
AG – Assured Guaranty Inc.
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CDX-NAHY – North American High Yield Credit Default Swap Index
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
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AB Municipal Income Fund, Inc.
AB New York 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.
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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 28, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 520,602,929 | $ | 103,578 | $ | 520,706,507 | ||||||||
| Short-Term Municipal Notes | — | 17,905,753 | — | 17,905,753 | ||||||||||||
| Preferred Stocks | — | — | 68,344 | 68,344 | ||||||||||||
| Short-Term Investments | 18,826,408 | — | — | 18,826,408 | ||||||||||||
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| Total Investments in Securities | 18,826,408 | 538,508,682 | 171,922 | 557,507,012 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 1,459,486 | — | 1,459,486 | ||||||||||||
| Interest Rate Swaps | — | 382,031 | — | 382,031 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swaps | — | (574,869 | ) | — | (574,869 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (81,417 | ) | — | (81,417 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | — | (444,068 | ) | — | (444,068 | ) | ||||||||||
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| Total | $ | 18,826,408 | $ | 539,249,845 | $ | 171,922 | $ | 558,248,175 | ||||||||
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| (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) |
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| AB Government Money Market Portfolio | $ | 4,007 | $ | 133,687 | $ | 118,868 | $ | 18,826 | $ | 241 | ||||||||||
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