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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| AllianceBernstein National Municipal Income Fund Inc | NYSE:AFB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.78 | 0 | 08:09:53 |
AllianceBernstein National Municipal Income Fund, Inc.
Portfolio of Investments
July 31, 2024 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||||
| MUNICIPAL OBLIGATIONS – 161.2% |
||||||||||
| Long-Term Municipal Bonds – 161.2% |
||||||||||
| Alabama – 2.4% |
||||||||||
| County of Jefferson AL Sewer Revenue |
$ | 3,000 | $ | 3,235,024 | ||||||
| 5.50%, 10/01/2053 |
5,000 | 5,463,706 | ||||||||
|
|
|
|||||||||
| 8,698,730 | ||||||||||
|
|
|
|||||||||
| Alaska – 0.3% |
||||||||||
| Municipality of Anchorage AK Solid Waste Services Revenue |
1,000 | 1,067,730 | ||||||||
|
|
|
|||||||||
| Arizona – 3.3% |
||||||||||
| Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) |
1,000 | 926,133 | ||||||||
| Salt Verde Financial Corp. (Citigroup, Inc.) |
1,200 | 1,294,565 | ||||||||
| 5.00%, 12/01/2037 |
8,700 | 9,599,952 | ||||||||
|
|
|
|||||||||
| 11,820,650 | ||||||||||
|
|
|
|||||||||
| Arkansas – 0.6% |
||||||||||
| Pulaski County Public Facilities Board (Baptist Health Obligated Group) |
2,000 | 2,000,836 | ||||||||
|
|
|
|||||||||
| California – 9.0% |
||||||||||
| Alameda Corridor Transportation Authority |
10,000 | 5,795,473 | ||||||||
| AGM Series 2024-A |
6,500 | 1,734,896 | ||||||||
| Zero Coupon, 10/01/2053 |
6,000 | 1,520,412 | ||||||||
| California Housing Finance Agency |
1,086 | 1,102,263 | ||||||||
| Series 2021-1, Class A |
950 | 910,769 | ||||||||
| California Pollution Control Financing Authority (Poseidon Resources Channelside LP) |
3,075 | 3,085,361 | ||||||||
| California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) AGM |
2,000 | 2,170,734 | ||||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||||
| California Statewide Communities Development Authority (Loma Linda University Medical Center) |
$ | 800 | $ | 814,975 | ||||||
| 5.25%, 12/01/2056(a) |
2,000 | 2,022,170 | ||||||||
| Long Beach Bond Finance Authority (Bank of America Corp.) |
2,000 | 2,289,382 | ||||||||
| M-S-R Energy Authority (Citigroup, Inc.) |
2,000 | 2,556,249 | ||||||||
| Series 2009-C |
2,000 | 2,556,248 | ||||||||
| Southern California Public Power Authority (Goldman Sachs Group, Inc. (The)) |
3,335 | 3,511,472 | ||||||||
| Washington Township Health Care District AGM |
2,625 | 2,690,183 | ||||||||
|
|
|
|||||||||
| 32,760,587 | ||||||||||
|
|
|
|||||||||
| Colorado – 3.8% |
||||||||||
| Colorado Health Facilities Authority (CommonSpirit Health) |
705 | 732,871 | ||||||||
| E-470 Public Highway Authority |
2,000 | 1,998,923 | ||||||||
| Public Authority for Colorado Energy (Bank of America Corp.) |
8,975 | 11,095,524 | ||||||||
|
|
|
|||||||||
| 13,827,318 | ||||||||||
|
|
|
|||||||||
| Connecticut – 0.3% |
||||||||||
| Connecticut State Health & Educational Facilities Authority (University of Hartford (The)) |
1,500 | 1,140,596 | ||||||||
|
|
|
|||||||||
| Florida – 8.2% |
||||||||||
| County of Miami-Dade FL |
6,355 | 6,080,825 | ||||||||
| Florida Development Finance Corp. (Brightline Trains Florida LLC) |
2,000 | 2,087,237 | ||||||||
| Florida Development Finance Corp. (Cornerstone Charter Academy, Inc. Obligated Group) |
1,000 | 991,765 | ||||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||||
| Florida Development Finance Corp. (Mater Academy, Inc.) |
$ | 3,250 | $ | 2,813,987 | ||||||
| Florida Higher Educational Facilities Financial Authority (Ringling College of Art and Design, Inc.) |
1,000 | 1,014,761 | ||||||||
| Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Series 2023 Assessment) |
990 | 1,047,738 | ||||||||
| Lee County Industrial Development Authority/FL (Shell Point Obligated Group) |
2,000 | 2,107,847 | ||||||||
| Miami-Dade County Expressway Authority |
5,000 | 5,003,166 | ||||||||
| School District of Broward County/FL |
8,020 | 8,707,528 | ||||||||
|
|
|
|||||||||
| 29,854,854 | ||||||||||
|
|
|
|||||||||
| Georgia – 3.6% |
||||||||||
| Augusta Development Authority (WellStar Health System Obligated Group) |
4,170 | 4,383,425 | ||||||||
| Main Street Natural Gas, Inc. (Citadel LP) |
1,000 | 984,508 | ||||||||
| Municipal Electric Authority of Georgia |
100 | 103,739 | ||||||||
| 5.00%, 01/01/2049 |
2,000 | 2,057,146 | ||||||||
| 5.00%, 01/01/2063 |
3,165 | 3,231,806 | ||||||||
| Series 2021 |
330 | 316,608 | ||||||||
| 4.00%, 01/01/2051 |
1,275 | 1,199,746 | ||||||||
| 5.00%, 01/01/2056 |
650 | 660,251 | ||||||||
|
|
|
|||||||||
| 12,937,229 | ||||||||||
|
|
|
|||||||||
| Illinois – 14.8% |
||||||||||
| Chicago Board of Education |
5,005 | 4,975,347 | ||||||||
| Chicago O’Hare International Airport |
6,500 | 6,603,122 | ||||||||
| Series 2022 |
6,000 | 6,005,451 | ||||||||
| Illinois Finance Authority (OSF Healthcare System Obligated Group) |
4,500 | 4,526,954 | ||||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Illinois Finance Authority (University of Illinois) |
$ | 3,565 | $ | 3,173,890 | ||||||||
| Metropolitan Pier & Exposition Authority |
8,755 | 8,904,814 | ||||||||||
| State of Illinois |
1,655 | 1,656,594 | ||||||||||
| 5.00%, 05/01/2030 |
1,300 | 1,301,251 | ||||||||||
| 5.00%, 05/01/2033 |
1,150 | 1,150,831 | ||||||||||
| 5.00%, 02/01/2039 |
2,400 | 2,400,174 | ||||||||||
| Series 2022-C |
6,250 | 7,046,621 | ||||||||||
| Series 2024-B |
4,900 | 4,831,300 | ||||||||||
| Village of Elk Grove Village IL |
1,060 | 1,113,687 | ||||||||||
|
|
|
|||||||||||
| 53,690,036 | ||||||||||||
|
|
|
|||||||||||
| Indiana – 0.8% |
||||||||||||
| Indiana Finance Authority (University of Evansville) |
3,000 | 2,987,583 | ||||||||||
|
|
|
|||||||||||
| Iowa – 1.5% |
||||||||||||
| Iowa Finance Authority (Iowa Fertilizer Co., LLC) |
5,000 | 5,304,954 | ||||||||||
|
|
|
|||||||||||
| Louisiana – 4.6% |
||||||||||||
| City of New Orleans LA |
15,000 | 15,902,797 | ||||||||||
| Parish of St. John the Baptist LA (Marathon Oil Corp.) |
950 | 919,416 | ||||||||||
|
|
|
|||||||||||
| 16,822,213 | ||||||||||||
|
|
|
|||||||||||
| Maryland – 0.6% |
||||||||||||
| Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) |
2,000 | 2,216,468 | ||||||||||
|
|
|
|||||||||||
| Massachusetts – 6.0% |
||||||||||||
| Commonwealth of Massachusetts |
10,000 | 10,788,167 | ||||||||||
| Series 2023-D |
5,000 | 5,409,756 | ||||||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||||
| Massachusetts Development Finance Agency (Emerson College) |
$ | 5,750 | $ | 5,776,202 | ||||||
|
|
|
|||||||||
| 21,974,125 | ||||||||||
|
|
|
|||||||||
| Michigan – 11.0% |
||||||||||
| Ann Arbor School District |
4,170 | 4,218,967 | ||||||||
| City of Detroit MI |
1,970 | 2,076,871 | ||||||||
| Series 2023-C |
2,300 | 2,649,488 | ||||||||
| Detroit City School District |
7,875 | 8,417,344 | ||||||||
| Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) |
6,000 | 6,307,978 | ||||||||
| Detroit Downtown Development Authority (Pre-refunded - US Treasuries) |
3,020 | 3,028,148 | ||||||||
| 5.00%, 07/01/2048 |
10,000 | 10,026,980 | ||||||||
| Michigan Finance Authority (Public Lighting Authority) |
2,250 | 2,251,976 | ||||||||
| Plymouth Educational Center Charter School |
2,140 | 1,070,000 | ||||||||
|
|
|
|||||||||
| 40,047,752 | ||||||||||
|
|
|
|||||||||
| Minnesota – 1.8% |
||||||||||
| City of Ramsey MN (Pact Charter School) |
1,000 | 1,013,898 | ||||||||
| Duluth Economic Development Authority (Essentia Health Obligated Group) |
5,625 | 5,710,961 | ||||||||
|
|
|
|||||||||
| 6,724,859 | ||||||||||
|
|
|
|||||||||
| Nebraska – 2.6% |
||||||||||
| Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) |
4,000 | 4,214,042 | ||||||||
| 5.00%, 09/01/2031 |
5,000 | 5,353,952 | ||||||||
|
|
|
|||||||||
| 9,567,994 | ||||||||||
|
|
|
|||||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||||
| Nevada – 2.9% |
||||||||||
| Las Vegas Valley Water District |
$ | 8,645 | $ | 8,389,075 | ||||||
| State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) |
695 | 728,876 | ||||||||
| Series 2024 |
1,500 | 1,520,632 | ||||||||
|
|
|
|||||||||
| 10,638,583 | ||||||||||
|
|
|
|||||||||
| New Hampshire – 1.0% |
||||||||||
| New Hampshire Business Finance Authority |
750 | 746,025 | ||||||||
| New Hampshire Business Finance Authority (Reworld Holding Corp.) |
1,000 | 836,104 | ||||||||
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Obligated Group) |
2,000 | 2,118,157 | ||||||||
|
|
|
|||||||||
| 3,700,286 | ||||||||||
|
|
|
|||||||||
| New Jersey – 5.4% |
||||||||||
| New Jersey Economic Development Authority (NYNJ Link Borrower LLC) |
1,000 | 1,001,014 | ||||||||
| New Jersey Health Care Facilities Financing Authority (New Jersey Transportation Trust Fund Authority State Lease) |
2,500 | 2,594,010 | ||||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
4,750 | 4,894,096 | ||||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) |
800 | 806,175 | ||||||||
| South Jersey Transportation Authority |
1,000 | 1,024,670 | ||||||||
| Tobacco Settlement Financing Corp./NJ |
8,990 | 9,310,823 | ||||||||
|
|
|
|||||||||
| 19,630,788 | ||||||||||
|
|
|
|||||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||||
| New York – 11.9% |
||||||||||
| City of New York NY |
$ | 11,300 | $ | 11,128,609 | ||||||
| 5.00%, 08/01/2051 |
2,000 | 2,167,893 | ||||||||
| Long Island Power Authority |
3,500 | 3,809,546 | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue |
6,000 | 6,092,822 | ||||||||
| 5.00%, 08/01/2037 |
4,000 | 4,055,970 | ||||||||
| New York State Thruway Authority (State of New York Pers Income Tax) |
4,000 | 3,895,350 | ||||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
10,000 | 10,437,949 | ||||||||
| Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) |
490 | 440,948 | ||||||||
| 5.25%, 09/15/2042 |
205 | 178,718 | ||||||||
| 5.25%, 09/15/2047 |
355 | 294,883 | ||||||||
| 5.25%, 09/15/2053 |
760 | 608,190 | ||||||||
|
|
|
|||||||||
| 43,110,878 | ||||||||||
|
|
|
|||||||||
| North Carolina – 1.2% |
||||||||||
| Greater Asheville Regional Airport Authority |
4,000 | 4,270,335 | ||||||||
| North Carolina Turnpike Authority |
1,000 | 256,023 | ||||||||
|
|
|
|||||||||
| 4,526,358 | ||||||||||
|
|
|
|||||||||
| North Dakota – 0.7% |
||||||||||
| City of Grand Forks ND (Altru Health System Obligated Group) |
2,000 | 2,079,079 | ||||||||
| County of Ward ND (Trinity Health Obligated Group) |
500 | 488,277 | ||||||||
|
|
|
|||||||||
| 2,567,356 | ||||||||||
|
|
|
|||||||||
| Ohio – 3.1% |
||||||||||
| Buckeye Tobacco Settlement Financing Authority |
2,000 | 1,862,934 | ||||||||
| City of Chillicothe OH (Adena Health System Obligated Group) |
1,800 | 1,822,720 | ||||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||||
| County of Cuyahoga OH (MetroHealth System (The)) |
$ | 2,240 | $ | 2,248,522 | ||||||
| 5.50%, 02/15/2052 |
4,585 | 4,684,038 | ||||||||
| Ohio Higher Educational Facility Commission (Kenyon College) |
730 | 731,641 | ||||||||
|
|
|
|||||||||
| 11,349,855 | ||||||||||
|
|
|
|||||||||
| Oklahoma – 2.0% |
||||||||||
| Oklahoma City Airport Trust |
2,000 | 2,048,286 | ||||||||
| 5.00%, 07/01/2047 |
5,000 | 5,094,433 | ||||||||
|
|
|
|||||||||
| 7,142,719 | ||||||||||
|
|
|
|||||||||
| Oregon – 0.4% |
||||||||||
| Multnomah County School District No. 40 |
5,000 | 1,309,878 | ||||||||
|
|
|
|||||||||
| Pennsylvania – 5.7% |
||||||||||
| Berks County Municipal Authority (The) (Tower Health Obligated Group) |
1,000 | 640,000 | ||||||||
| Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) |
2,250 | 1,713,785 | ||||||||
| Chester County Industrial Development Authority (Collegium Charter School) |
1,000 | 1,035,209 | ||||||||
| Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) |
7,500 | 8,203,267 | ||||||||
| Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) |
1,940 | 1,960,683 | ||||||||
| 5.00%, 06/30/2042 |
6,060 | 6,100,613 | ||||||||
| Scranton School District/PA BAM |
1,025 | 1,023,231 | ||||||||
|
|
|
|||||||||
| 20,676,788 | ||||||||||
|
|
|
|||||||||
| Puerto Rico – 0.2% |
||||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
615 | 609,603 | ||||||||
|
|
|
|||||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||||
| South Carolina – 6.4% |
||||||||||
| South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) |
$ | 10,000 | $ | 10,033,651 | ||||||
| South Carolina Jobs-Economic Development Authority (Prisma Health Obligated Group) |
5,900 | 5,986,402 | ||||||||
| South Carolina Public Service Authority |
5,000 | 5,057,521 | ||||||||
| Series 2022 |
1,132 | 867,817 | ||||||||
| 3.00%, 12/01/2049 |
1,566 | 1,157,551 | ||||||||
|
|
|
|||||||||
| 23,102,942 | ||||||||||
|
|
|
|||||||||
| South Dakota – 0.2% |
||||||||||
| County of Lincoln SD (Augustana College Association/SD) |
1,000 | 814,060 | ||||||||
|
|
|
|||||||||
| Tennessee – 0.1% |
||||||||||
| Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) |
145 | 145,354 | ||||||||
| 4.00%, 08/01/2038 |
275 | 274,003 | ||||||||
|
|
|
|||||||||
| 419,357 | ||||||||||
|
|
|
|||||||||
| Texas – 30.0% |
||||||||||
| Arlington Higher Education Finance Corp. (Uplift Education) |
3,000 | 2,998,653 | ||||||||
| Celina Independent School District |
10,000 | 9,616,754 | ||||||||
| County of Smith TX |
7,000 | 7,545,321 | ||||||||
| Dallas Independent School District |
12,000 | 11,590,573 | ||||||||
| Denton Independent School District |
10,000 | 10,900,255 | ||||||||
| Greenwood Independent School District |
14,250 | 13,591,100 | ||||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Hidalgo County Regional Mobility Authority |
$ | 2,000 | $ | 783,123 | ||||||||
| Zero Coupon, 12/01/2044 |
2,420 | 900,752 | ||||||||||
| Zero Coupon, 12/01/2045 |
3,360 | 1,188,820 | ||||||||||
| Lamar Consolidated Independent School District |
15,000 | 16,122,943 | ||||||||||
| Melissa Independent School District |
12,780 | 12,800,217 | ||||||||||
| New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Denton LLC) |
500 | 515,888 | ||||||||||
| Pflugerville Independent School District |
5,000 | 4,912,241 | ||||||||||
| Prosper Independent School District |
15,000 | 14,512,887 | ||||||||||
| Texas Water Development Board (State Water Implementation Revenue Fund for Texas) |
1,000 | 1,075,357 | ||||||||||
|
|
|
|||||||||||
| 109,054,884 | ||||||||||||
|
|
|
|||||||||||
| Utah – 1.3% |
||||||||||||
| City of Salt Lake City UT Airport Revenue |
4,500 | 4,620,063 | ||||||||||
|
|
|
|||||||||||
| Virginia – 1.4% |
||||||||||||
| Virginia Small Business Financing Authority (Capital Beltway Express LLC) |
5,000 | 5,203,142 | ||||||||||
|
|
|
|||||||||||
| Washington – 3.1% |
||||||||||||
| Grays Harbor County Public Hospital District No. 1 |
1,000 | 1,097,986 | ||||||||||
| State of Washington |
7,685 | 8,338,383 | ||||||||||
| Washington State Housing Finance Commission |
953 | 884,216 | ||||||||||
| Series 2023-1, Class A |
994 | 896,960 | ||||||||||
|
|
|
|||||||||||
| 11,217,545 | ||||||||||||
|
|
|
|||||||||||
| West Virginia – 1.1% |
||||||||||||
| West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) |
3,875 | 3,961,060 | ||||||||||
|
|
|
|||||||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||||
| Wisconsin – 7.9% |
||||||||||
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Health System Obligated Group) |
$ | 5,000 | $ | 5,001,360 | ||||||
| Wisconsin Public Finance Authority (CFC-SA LLC) |
10,000 | 10,177,490 | ||||||||
| Wisconsin Public Finance Authority (CHF - Wilmington LLC) |
10,000 | 10,196,603 | ||||||||
| Wisconsin Public Finance Authority (Pre-refunded - US Treasuries) |
90 | 96,532 | ||||||||
| Wisconsin Public Finance Authority (Queens University of Charlotte) |
2,000 | 2,043,014 | ||||||||
| Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) |
1,505 | 1,269,135 | ||||||||
|
|
|
|||||||||
| 28,784,134 | ||||||||||
|
|
|
|||||||||
| Total Municipal Obligations |
585,884,793 | |||||||||
|
|
|
|||||||||
| Shares |
||||||||||
| SHORT-TERM INVESTMENTS – 1.6% |
||||||||||
| Investment Companies – 1.6% |
||||||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.20%(h) (i) (j) |
5,874,754 | 5,874,754 | ||||||||
|
|
|
|||||||||
| Total Investments – 162.8% |
591,759,547 | |||||||||
| Other assets less liabilities – (62.8)% |
(228,189,261 | ) | ||||||||
|
|
|
|||||||||
| Net Assets – 100.0% |
$ | 363,570,286 | ||||||||
|
|
|
|||||||||
| (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 July 31, 2024, the aggregate market value of these securities amounted to $11,521,633 or 3.2% of net assets. |
| (b) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2024. |
| (c) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2024. |
| (d) | Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund. |
| (e) | Non-income producing security. |
11
| (f) | Defaulted matured security. |
| (g) | When-Issued or delayed delivery security. |
| (h) | Affiliated investments. |
| (i) | The rate shown represents the 7-day yield as of period end. |
| (j) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
| (k) | As of July 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,756,409 and gross unrealized depreciation of investments was $(6,954,895), resulting in net unrealized appreciation of $6,801,514. |
As of July 31, 2024, the Fund’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 15.2% and 0.0%, respectively.
Glossary:
AGM – Assured Guaranty Municipal
BAM – Build American Mutual
CFC – Community Finance Corporation
CHF – Collegiate Housing Foundation
OSF – Order of St. Francis
SOFR – Secured Overnight Financing Rate
12
AllianceBernstein National Municipal Income Fund, Inc.
July 31, 2024 (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 Fund’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 Fund’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.
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2024:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: |
| |||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 585,884,793 | $ | — | $ | 585,884,793 | ||||||||
| Short-Term Investments | 5,874,754 | — | — | 5,874,754 | ||||||||||||
| Total Investments in Securities | 5,874,754 | 585,884,793 | — | 591,759,547 | ||||||||||||
| Other Financial Instruments(a) | — | — | — | — | ||||||||||||
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| Total | $ | 5,874,754 | $ | 585,884,793 | $ | — | $ | 591,759,547 | ||||||||
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The Fund holds liabilities for floating rate note obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2.
| (a) | Other financial instruments include reverse repurchase agreements and 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 Fund’s transactions in AB mutual funds for the nine months ended July 31, 2024 is as follows:
| Fund | Market Value 10/31/2023 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 07/31/2024 (000) |
Dividend Income (000) |
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| Government Money Market Portfolio | $ | 9,713 | $ | 123,505 | $ | 127,343 | $ | 5,875 | $ | 239 |
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