# EDGAR Filing Document

**Accession Number:** 0000798737
**File Stem:** 0001193125-23-022891
**Filing Date:** 2023-2
**Character Count:** 570143
**Document Hash:** 45ff36ae04deb83fc6d655b267bcd160
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-022891.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001193125-23-022891

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB MUNICIPAL INCOME FUND, INC.
- **CENTRAL INDEX KEY:** 0000798737
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04791
- **FILM NUMBER:** 23582412

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND INC
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE MUNICIPAL INCOME FUND INC/NY/
- **DATE OF NAME CHANGE:** 20010629

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE MUNICIPAL INCOME FUND INC/NY
- **DATE OF NAME CHANGE:** 20010629

## Series and Classes Contracts Data

### AB California Portfolio (Series ID: S000010348)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000028619 | Class A       | ALCAX           |
| C000028621 | Class C       | ACACX           |
| C000069624 | Advisor Class | ALCVX           |

### AB National Portfolio (Series ID: S000010351)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000028628 | Class A       | ALTHX           |
| C000028630 | Class C       | ALNCX           |
| C000069625 | Advisor Class | ALTVX           |

### AB New York Portfolio (Series ID: S000010352)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000028631 | Class A       | ALNYX           |
| C000028633 | Class C       | ANYCX           |
| C000069626 | Advisor Class | ALNVX           |

### AB High Income Municipal Portfolio (Series ID: S000027380)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000082627 | Class A       | ABTHX           |
| C000082628 | Class C       | ABTFX           |
| C000082629 | Advisor Class | ABTYX           |
| C000206561 | Class Z       | ABTZX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-04791** 

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## AB MUNICIPAL INCOME FUND, INC.
**(Exact name of registrant as specified in charter)** 

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

**(Address of principal executive offices) (Zip code)** 

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**Joseph J. Mantineo** 

**AllianceBernstein L.P.** 

**1345 Avenue of the Americas** 

**New York, New York 10105** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: May 31, 2023** 

**Date of reporting period: November 30, 2022** 

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| | |
|:---|:---|
| **ITEM 1.** | **REPORTS TO STOCKHOLDERS.**  |

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**NOV** <sup>11.30.22</sup>

![LOGO](g435539g43p34.jpg)

SEMI-ANNUAL REPORT

## AB MUNICIPAL INCOME FUND
+ AB CALIFORNIA PORTFOLIO

+ AB HIGH INCOME MUNICIPAL PORTFOLIO

+ AB NATIONAL PORTFOLIO

+ AB NEW YORK PORTFOLIO

![LOGO](g435539covart_7682.jpg)

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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

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

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

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

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

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

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g435539g92f19.jpg) |

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Dear Shareholder,

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

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

<sup>+</sup> Transforming uncommon insights into uncommon knowledge with a global research scope

<sup>+</sup> Navigating markets with seasoned investment experience and sophisticated solutions

<sup>+</sup> Providing thoughtful investment insights and actionable ideas

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

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

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

![LOGO](g435539g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 1** |

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**SEMI-ANNUAL REPORT** 

**January 19, 2023** 

This report provides management's discussion of fund performance for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio for the semi-annual reporting period ended November 30, 2022.

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

**NAV RETURNS AS OF NOVEMBER 30, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB CALIFORNIA PORTFOLIO** |  |  |
| Class A Shares | -1.98% | -8.93% |
| Class C Shares | -2.36% | -9.62% |
| Advisor Class Shares<sup>1</sup> | -1.86% | -8.71% |
| Bloomberg Municipal Bond Index | -1.43% | -8.64% |

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB HIGH INCOME MUNICIPAL PORTFOLIO** |  |  |
| Class A Shares | -5.46% | -14.71% |
| Class C Shares | -5.83% | -15.37% |
| Advisor Class Shares<sup>1</sup> | -5.35% | -14.51% |
| Class Z Shares<sup>1</sup> | -5.34% | -14.49% |
| Bloomberg Municipal Bond Index | -1.43% | -8.64% |

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| | |
|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

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| | |
|:---|:---|
| **2 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NAV RETURNS AS OF NOVEMBER 30, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB NATIONAL PORTFOLIO** |  |  |
| Class A Shares | -2.50% | -9.62% |
| Class C Shares | -2.97% | -10.41% |
| Advisor Class Shares<sup>1</sup> | -2.37% | -9.40% |
| Bloomberg Municipal Bond Index | -1.43% | -8.64% |

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB NEW YORK PORTFOLIO** |  |  |
| Class A Shares | -2.68% | -9.78% |
| Class C Shares | -3.15% | -10.56% |
| Advisor Class Shares<sup>1</sup> | -2.55% | -9.56% |
| Bloomberg Municipal Bond Index | -1.43% | -8.64% |

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| | |
|:---|:---|
| 1 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

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**INVESTMENT RESULTS** 

The preceding tables show performance for each Portfolio compared to its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended November 30, 2022.

During both periods, all share classes of the Portfolios underperformed the benchmark, before sales charges. An overweight to municipal credit detracted, relative to the benchmark, for all Portfolios.

**California Portfolio:** During both periods, security selection within the multi-family housing sector detracted. For the six-month period, security selection in industrial utility detracted, while selection in not-for-profit health care and ports contributed. During the 12-month period, security selection within tobacco securitization detracted, while selection in public primary/secondary education and miscellaneous revenue contributed.

**High Income Municipal Portfolio:** While the benchmark is fully invested in investment-grade securities, the Portfolio invests in below-investment-grade securities, which detracted over both periods. During both periods, security selection within state general obligation detracted, while selection in public primary/secondary education contributed. For the six-month period, security selection in the multi-family housing sector detracted, while selection in not-for-profit health care contributed. During the 12-month period, security selection within special tax detracted.

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 3** |

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**National Portfolio:** During both periods, security selection within the private-higher-education and senior living sectors detracted, while selection in toll roads/transit and not-for-profit health care contributed.

**New York Portfolio:** During both periods, security selection within the not-for-profit health-care sector contributed. For the six-month period, security selection in airports/ports and tobacco securitization detracted, while selection in industrial airlines contributed. During the 12-month period, security selection within private higher education and senior living detracted, while selection in toll roads/transit contributed.

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

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Yields continued their ascent higher during the six-month period ending November 30, 2022, but saw some relief in November. From May 31, 2022 to November 30, 2022, the yield on a 10-year AAA municipal bond rose from 2.47% to 2.71%. The downside surprise in November's inflation print galvanized a historic rally during November, producing the best monthly return since August 1986.

Demand for municipals continued to weaken during the six-month period, as investors have pulled approximately $111.9 billion year to date from municipal bond mutual funds and exchange-traded funds as of November 30, 2022. Although demand was weak for the period overall, November was an exception. While new issue supply was mundane, fund flows turned positive toward the end of the period, causing after-tax spreads to tighten. From May 31, 2022 to November 30, 2022, the 10-Year AAA Muni/Treasury after-tax spreads tightened from 79 basis points ("b.p.") to 55 b.p. Average BBB credit spreads rose modestly by 5 b.p. from 118 b.p. on May 31, 2022, to 123 b.p. as of November 30, 2022.

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

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|:---|:---|
| **4 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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

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| | | |
|:---|:---|:---|
| Portfolio | Insured Bonds<sup>1</sup> | Pre-refunded/<br>ETM<sup>2</sup>/Insured Bonds<sup>1</sup> |
| California | 4.19% | 0.51% |
| High Income Municipal | 2.11% | 0.00% |
| National | 4.54% | 0.01% |
| New York | 0.93% | 0.00% |

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| | |
|:---|:---|
| 1 | Breakdowns expressed as a percentage of investments in municipal bonds.  |

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2 Escrowed to maturity.

**INVESTMENT POLICIES** 

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

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

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

(continued on next page)

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 5** |

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

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|:---|:---|
| **6 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

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

**A Word About Risk** 

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

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

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

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

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

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

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

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

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

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|:---|:---|
| **8 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

investors anticipate adverse effects on the Portfolios or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolios would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolios' yield.

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

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

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

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

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

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 9** |

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**DISCLOSURES AND RISKS** (continued)

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

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

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

**An Important Note About Historical Performance** 

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

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

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|:---|:---|
| **10 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**AB CALIFORNIA PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2022** (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 3.31% | 5.87% |
| 1 Year | -8.93% | -11.69% |  |  |
| 5 Years | 1.03% | 0.41% |  |  |
| 10 Years | 1.78% | 1.47% |  |  |
| **CLASS C SHARES** |  |  | 2.68% | 4.76% |
| 1 Year | -9.62% | -10.50% |  |  |
| 5 Years | 0.30% | 0.30% |  |  |
| 10 Years<sup>3</sup> | 1.03% | 1.03% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 3.67% | 6.51% |
| 1 Year | -8.71% | -8.71% |  |  |
| 5 Years | 1.28% | 1.28% |  |  |
| 10 Years | 2.04% | 2.04% |  |  |

---

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

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2022.

---

| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

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

---

| | |
|:---|:---|
| 4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 11** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AB CALIFORNIA PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**DECEMBER 31, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -11.52% |
| 5 Years | 0.29% |
| 10 Years | 1.65% |
| **CLASS C SHARES** |  |
| 1 Year | -10.33% |
| 5 Years | 0.15% |
| 10 Years<sup>1</sup> | 1.21% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -8.53% |
| 5 Years | 1.16% |
| 10 Years | 2.22% |

---

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

---

| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** 

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2022** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 4.95% | 7.62% |
| 1 Year | -14.71% | -17.26% |  |  |
| 5 Years | 1.36% | 0.75% |  |  |
| 10 Years | 2.67% | 2.36% |  |  |
| **CLASS C SHARES** |  |  | 4.36% | 6.71% |
| 1 Year | -15.37% | -16.19% |  |  |
| 5 Years | 0.60% | 0.60% |  |  |
| 10 Years<sup>3</sup> | 1.91% | 1.91% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 5.35% | 8.23% |
| 1 Year | -14.51% | -14.51% |  |  |
| 5 Years | 1.61% | 1.61% |  |  |
| 10 Years | 2.94% | 2.94% |  |  |
| **CLASS Z SHARES**<sup>4</sup> |  |  | 5.38% | 8.28% |
| 1 Year | -14.49% | -14.49% |  |  |
| Since Inception<sup>5</sup> | 1.42% | 1.42% |  |  |

---

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

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2022.

---

| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

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

---

| | |
|:---|:---|
| 4 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

5 Inception date: 9/28/2018.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 13** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**DECEMBER 31, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -17.90% |
| 5 Years | 0.39% |
| 10 Years | 2.43% |
| **CLASS C SHARES** |  |
| 1 Year | -16.84% |
| 5 Years | 0.23% |
| 10 Years<sup>1</sup> | 1.98% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -15.17% |
| 5 Years | 1.24% |
| 10 Years | 3.01% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| 1 Year | -15.15% |
| Since Inception<sup>3</sup> | 1.27% |

---

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

---

| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

3 Inception date: 9/28/2018.

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** 

**AB NATIONAL PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2022** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 3.59% | 5.52% |
| 1 Year | -9.62% | -12.31% |  |  |
| 5 Years | 0.98% | 0.36% |  |  |
| 10 Years | 1.64% | 1.33% |  |  |
| **CLASS C SHARES** |  |  | 2.96% | 4.55% |
| 1 Year | -10.41% | -11.29% |  |  |
| 5 Years | 0.22% | 0.22% |  |  |
| 10 Years<sup>3</sup> | 0.88% | 0.88% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 3.97% | 6.11% |
| 1 Year | -9.40% | -9.40% |  |  |
| 5 Years | 1.23% | 1.23% |  |  |
| 10 Years | 1.90% | 1.90% |  |  |

---

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

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2022.

---

| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

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

---

| | |
|:---|:---|
| 4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 15** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AB NATIONAL PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**DECEMBER 31, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -12.51% |
| 5 Years | 0.14% |
| 10 Years | 1.47% |
| **CLASS C SHARES** |  |
| 1 Year | -11.39% |
| 5 Years | 0.00% |
| 10 Years<sup>1</sup> | 1.03% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -9.60% |
| 5 Years | 1.01% |
| 10 Years | 2.05% |

---

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

---

| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** 

**AB NEW YORK PORTFOLIO** 

**AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2022** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 3.50% | 6.04% |
| 1 Year | -9.78% | -12.49% |  |  |
| 5 Years | 0.84% | 0.22% |  |  |
| 10 Years | 1.35% | 1.04% |  |  |
| **CLASS C SHARES** |  |  | 2.87% | 4.96% |
| 1 Year | -10.56% | -11.44% |  |  |
| 5 Years | 0.08% | 0.08% |  |  |
| 10 Years<sup>3</sup> | 0.59% | 0.59% |  |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 3.86% | 6.66% |
| 1 Year | -9.56% | -9.56% |  |  |
| 5 Years | 1.09% | 1.09% |  |  |
| 10 Years | 1.60% | 1.60% |  |  |

---

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

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended November 30, 2022.

---

| | |
|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

---

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

---

| | |
|:---|:---|
| 4 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 17** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AB NEW YORK PORTFOLIO** 

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**DECEMBER 31, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -12.74% |
| 5 Years | -0.01% |
| 10 Years | 1.18% |
| **CLASS C SHARES** |  |
| 1 Year | -11.51% |
| 5 Years | -0.13% |
| 10 Years<sup>1</sup> | 0.74% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -9.81% |
| 5 Years | 0.86% |
| 10 Years | 1.75% |

---

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

---

| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.  |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**EXPENSE EXAMPLE** 

(unaudited)

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

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

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 19** |

---

------

**EXPENSE EXAMPLE** (continued)

(unaudited)

**AB California Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 1, 2022** | **Ending<br>Account Value<br>November 30, 2022** | **Expenses<br>Paid During<br> Period\***  | **Annualized<br>Expense<br> Ratio\***  |
| **Class A** |  |  | | |
|  Actual | $1000 | $980.20 | $3.72 | 0.75% |
|  Hypothetical\*\* | $1000 | $1021.31 | $3.80 | 0.75% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $976.40 | $7.43 | 1.50% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59 | 1.50% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $981.40 | $2.48 | 0.50% |
|  Hypothetical\*\* | $1000 | $1022.56 | $2.54 | 0.50% |

---

**AB High Income Municipal Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 1, 2022** | **Ending<br>Account Value<br>November 30, 2022** | **Expenses<br>Paid During<br> Period\***  | **Annualized<br>Expense<br> Ratio\***  |
| **Class A** |  |  | | |
|  Actual | $1000 | $945.40 | $5.12 | 1.05% |
|  Hypothetical\*\* | $1000 | $1019.80 | $5.32 | 1.05% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $941.70 | $8.76 | 1.80% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | 1.80% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $946.50 | $3.90 | 0.80% |
|  Hypothetical\*\* | $1000 | $1021.06 | $4.05 | 0.80% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $946.60 | $3.90 | 0.80% |
|  Hypothetical\*\* | $1000 | $1021.06 | $4.05 | 0.80% |

---

**AB National Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 1, 2022** | **Ending<br>Account Value<br>November 30, 2022** | **Expenses<br>Paid During<br> Period\***  | **Annualized<br>Expense<br> Ratio\***  |
| **Class A** |  |  | | |
|  Actual | $1000 | $975.00 | $3.71 | 0.75% |
|  Hypothetical\*\* | $1000 | $1021.31 | $3.80 | 0.75% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $970.30 | $7.41 | 1.50% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017.55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59 | 1.50% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $976.30 | $2.48 | 0.50% |
|  Hypothetical\*\* | $1000 | $1022.56 | $2.54 | 0.50% |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**EXPENSE EXAMPLE** (continued)

(unaudited)

**AB New York Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>June 1, 2022** | **Ending<br>Account Value<br>November 30, 2022** | **Expenses<br>Paid During<br> Period\***  | **Annualized<br>Expense<br> Ratio\***  |
| **Class A** |  |  | | |
|  Actual | $1000 | $973.20 | $3.71 | 0.75% |
|  Hypothetical\*\* | $1000 | $1021.31 | $3.80 | 0.75% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $968.50 | $7.40 | 1.50% |
|  Hypothetical\*\* | $1000 | $1017.55 | $7.59 | 1.50% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $974.50 | $2.47 | 0.50% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022.56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | 0.50% |

---

\* Expenses are equal to the classes' annualized expense ratios (interest expense incurred), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 21** |

---

------

**BOND RATING SUMMARY**<sup>1</sup>

**November 30, 2022** (unaudited)

------

![LOGO](g435539g27v57.jpg)

------

![LOGO](g435539g93a20.jpg)

---

| | |
|:---|:---|
| 1 | The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments, such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.  |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**BOND RATING SUMMARY**<sup>1</sup>(continued)

**November 30, 2022** (unaudited)

------

![LOGO](g435539g86a23.jpg)

------

![LOGO](g435539g53z66.jpg)

---

| | |
|:---|:---|
| 1 | The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 23** |

---

------

**PORTFOLIO OF INVESTMENTS** 

**AB CALIFORNIA PORTFOLIO** 

**November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 99.2%** | **MUNICIPAL OBLIGATIONS – 99.2%** | **MUNICIPAL OBLIGATIONS – 99.2%** |
|  **Long-Term Municipal Bonds – 92.8%** | **Long-Term Municipal Bonds – 92.8%** | **Long-Term Municipal Bonds – 92.8%** |
|  **California – 87.7%** | **California – 87.7%** | **California – 87.7%** |
|  Alameda Corridor Transportation Authority <br>Series 2022-A <br>0.00%, 10/01/2047 | $17955 | $8653392 |
|  Anaheim Housing & Public Improvements Authority <br>(City of Anaheim CA Electric System Revenue) <br>Series 2020 <br>2.792%, 10/01/2032 | 5000 | 4172818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 10/01/2045 | 1500 | 1560078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>5.00%, 10/01/2045 | 1000 | 1040052 |
|  Bay Area Toll Authority <br>Series 2013-S <br>5.00%, 04/01/2031 (Pre-refunded/ETM) | 8500 | 8575575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Pre-refunded/ETM) | 4200 | 4237343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.18% (MUNIPSA + 0.28%), 04/01/2056<sup>(a)</sup> | 2500 | 2502082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% (MUNIPSA + 0.30%), 04/01/2056<sup>(a)</sup> | 2000 | 1950257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31% (MUNIPSA + 0.41%), 04/01/2056<sup>(a)</sup> | 10000 | 9710021 |
|  California Community Choice Financing Authority <br>(Morgan Stanley) <br>Series 2021-B <br>4.00%, 02/01/2052 | 4000 | 3946362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 05/01/2053 | 3675 | 3673825 |
|  California Community College Financing Authority <br>(NCCD-Orange Coast Properties LLC) <br>Series 2018 <br>5.25%, 05/01/2043 | 3600 | 3568585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2048 | 2750 | 2685766 |
|  California Community Housing Agency <br>(California Community Housing Agency Aster Apartments) <br>Series 2021-A <br>4.00%, 02/01/2043<sup>(b)</sup> | 1000 | 796801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2056<sup>(b)</sup> | 1000 | 812575 |

---

---

| | |
|:---|:---|
| **24 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021 <br>4.00%, 02/01/2056<sup>(b)</sup> | $2000 | $1625149 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(b)</sup> | 500 | 327754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(b)</sup> | 4000 | 3062231 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>3.00%, 02/01/2057<sup>(b)</sup> | 2000 | 1302566 |
|  California County Tobacco Securitization Agency <br>Series 2020-A <br>4.00%, 06/01/2040 | 1365 | 1255252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 | 12155 | 10461379 |
|  California Earthquake Authority <br>Series 2022-A <br>5.603%, 07/01/2027 | 2000 | 2011653 |
|  California Educational Facilities Authority <br>(Art Center College of Design) <br>Series 2018-A <br>5.00%, 12/01/2037 | 1265 | 1301761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 | 6885 | 7009882 |
|  California Educational Facilities Authority <br>(Chapman University) <br>Series 2015 <br>5.00%, 04/01/2035 | 4415 | 4549925 |
|  California Educational Facilities Authority <br>(Loma Linda University) <br>Series 2017-A <br>5.00%, 04/01/2047 | 4000 | 4191708 |
|  California Educational Facilities Authority <br>(University of Redlands) <br>Series 2022-A <br>5.00%, 10/01/2044 | 2500 | 2544558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 1000 | 1009565 |
|  California Educational Facilities Authority <br>(University of the Pacific) <br>Series 2015 <br>5.00%, 11/01/2031 | 2000 | 2099789 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 25** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Enterprise Development Authority <br>(Provident Group-SDSU Properties LLC) <br>Series 2020-A <br>5.00%, 08/01/2050 | $1030 | $1018754 |
|  California Enterprise Development Authority <br>(Rocketship Education Obligated Group) <br>Series 2022 <br>4.00%, 06/01/2042<sup>(b)</sup> | 1000 | 789465 |
|  California Enterprise Development Authority <br>(Rocklin Academy (The)) <br>Series 2021 <br>4.00%, 06/01/2051<sup>(b)</sup> | 625 | 462112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2061<sup>(b)</sup> | 840 | 587813 |
|  California Health Facilities Financing Authority <br>(Children's Hospital Los Angeles) <br>Series 2017-A <br>5.00%, 08/15/2035 | 1365 | 1411336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 | 3000 | 3092943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 | 2000 | 2030880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2047 | 1000 | 1009170 |
|  California Health Facilities Financing Authority <br>(CommonSpirit Health) <br>Series 2020-A <br>4.00%, 04/01/2037 | 5165 | 4950750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2038 | 7000 | 6652059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 | 3000 | 2827490 |
|  California Health Facilities Financing Authority <br>(Lucile Salter Packard Children's Hospital at Stanford Obligated Group) <br>Series 2022-A <br>4.00%, 05/15/2046 | 13865 | 13477935 |
|  California Health Facilities Financing Authority <br>(Providence St. Joseph Health Obligated Group) <br>Series 2013-A <br>5.00%, 07/01/2033 (Pre-refunded/ETM) | 5000 | 5071698 |
|  California Housing Finance Agency <br>Series 2019-2, Class A <br>4.00%, 03/20/2033 | 7859 | 7628557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A <br>3.50%, 11/20/2035 | 7171 | 6466854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.823%, 03/25/2035<sup>(c)</sup> | 2961 | 168536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A <br>3.25%, 08/20/2036 | 1970 | 1700986 |

---

---

| | |
|:---|:---|
| **26 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Infrastructure & Economic Development Bank <br>Series 2022 <br>0.85%, 01/01/2050 (Pre-refunded/ETM)<sup>(b)</sup> | $7500 | $7463866 |
|  California Infrastructure & Economic Development Bank <br>(California Academy of Sciences) <br>Series 2021 <br>2.25% (MUNIPSA + 0.35%), 08/01/2047<sup>(a)</sup> | 6300 | 6206476 |
|  California Infrastructure & Economic Development Bank <br>(Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) <br>Series 2016 <br>5.00%, 01/01/2036<sup>(b)</sup> | 1500 | 1262238 |
|  California Municipal Finance Authority <br>Series 2015-A <br>5.00%, 02/01/2046 (Pre-refunded/ETM) | 1380 | 1451510 |
|  California Municipal Finance Authority <br>(American Heritage/Escondido/Heritage K-8 Charter School Obligated Group) <br>Series 2016-A <br>5.00%, 06/01/2036 | 1900 | 1939452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046 | 1500 | 1508691 |
|  California Municipal Finance Authority <br>(Azusa Pacific University) <br>Series 2015-B <br>5.00%, 04/01/2035 | 2960 | 2965599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041 | 3000 | 2905316 |
|  California Municipal Finance Authority <br>(Biola University, Inc.) <br>Series 2017 <br>5.00%, 10/01/2032 | 565 | 598259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 625 | 660235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 570 | 599994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 600 | 629182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 1150 | 1203022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 2000 | 2088502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 | 2000 | 2081383 |
|  California Municipal Finance Authority <br>(California Institute of the Arts) <br>Series 2021 <br>4.00%, 10/01/2046 | 965 | 843876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2051 | 1200 | 1021054 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 27** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority <br>(CHF-Riverside II LLC) <br>Series 2019 <br>5.00%, 05/15/2041 | $3470 | $3449239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 4705 | 4664442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2049 | 4500 | 4352483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2052 | 1575 | 1511701 |
|  California Municipal Finance Authority <br>(Community Health Centers of The Central Coast, Inc.) <br>Series 2021-A <br>5.00%, 12/01/2054<sup>(b)</sup> | 1000 | 941489 |
|  California Municipal Finance Authority <br>(Congregational Homes, Inc. Obligated Group) <br>Series 2022 <br>4.00%, 11/15/2042 | 560 | 458402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 3605 | 2750535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2056 | 1685 | 1248952 |
|  California Municipal Finance Authority <br>(Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) <br>Series 2014 <br>5.25%, 01/01/2045 | 1295 | 1019970 |
|  California Municipal Finance Authority <br>(Inland Regional Center) <br>Series 2015 <br>5.00%, 06/15/2032 | 5000 | 5270330 |
|  California Municipal Finance Authority <br>(LAX Integrated Express Solutions LLC) <br>Series 2018 <br>4.00%, 12/31/2047 | 5000 | 4335801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2036 | 5685 | 5828257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2037 | 4000 | 4089100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2047 | 10005 | 10058603 |
|  California Municipal Finance Authority <br>(Samuel Merritt University) <br>Series 2022 <br>5.25%, 06/01/2053<sup>(d)</sup> | 10000 | 10702013 |
|  California Municipal Finance Authority <br>(United Airlines, Inc.) <br>Series 2019 <br>4.00%, 07/15/2029 | 5000 | 4844640 |

---

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority <br>(UTS Bioenergy LLC) <br>Series 2011-A1 <br>7.50%, 12/01/2032<sup>(e)(f)(g)</sup> | $2730 | $54600 |
|  California Pollution Control Financing Authority <br>(Poseidon Resources Channelside LP) <br>Series 2019 <br>5.00%, 07/01/2039<sup>(b)</sup> | 9740 | 9275297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/21/2045<sup>(b)</sup> | 8000 | 7345062 |
|  California Pollution Control Financing Authority <br>(Rialto Bioenergy Facility LLC) <br>Series 2019 <br>7.50%, 12/01/2040<sup>(b)</sup> | 2200 | 1443900 |
|  California Public Finance Authority <br>(California University of Science & Medicine Obligated Group) <br>Series 2019 <br>6.25%, 07/01/2054<sup>(b)</sup> | 2000 | 2141121 |
|  California Public Finance Authority <br>(Enso Village) <br>Series 2021 <br>2.125%, 11/15/2027<sup>(b)</sup> | 2500 | 2321123 |
|  California Public Finance Authority <br>(Henry Mayo Newhall Hospital Obligated Group) <br>Series 2017 <br>5.00%, 10/15/2037 | 1000 | 1022416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2047 | 2665 | 2690185 |
|  California School Finance Authority <br>(ACE Charter Schools Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2042<sup>(b)</sup> | 2750 | 2552650 |
|  California School Finance Authority <br>(Alliance for College Ready Public Schools Obligated Group) <br>Series 2015-A <br>5.00%, 07/01/2045<sup>(b)</sup> | 4675 | 4698423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.25%, 07/01/2052<sup>(b)</sup> | 2500 | 2527044 |
|  California School Finance Authority <br>(Bright Star Schools Obligated Group) <br>Series 2017 <br>5.00%, 06/01/2037<sup>(b)</sup> | 1200 | 1174577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2047<sup>(b)</sup> | 1565 | 1464376 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 29** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority <br>(Classical Academy Obligated Group) <br>Series 2020-A <br>5.00%, 10/01/2050<sup>(b)</sup> | $3000 | $2988747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 10/01/2046<sup>(b)</sup> | 1250 | 1052689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 10/01/2061<sup>(b)</sup> | 2000 | 1947893 |
|  California School Finance Authority <br>(Downtown College Prep Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2046<sup>(b)</sup> | 2325 | 2071609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2051<sup>(b)</sup> | 2910 | 2547138 |
|  California School Finance Authority <br>(Ednovate Obligated Group) <br>Series 2018 <br>5.00%, 06/01/2037<sup>(b)</sup> | 430 | 414953 |
|  California School Finance Authority <br>(Equitas Academy Obligated Group)<br>Series 2018-A<br>5.00%, 06/01/2035<sup>(b)</sup> | 4770 | 4665980 |
|  California School Finance Authority <br>(Fenton Charter Public Schools) <br>Series 2020-A <br>5.00%, 07/01/2058<sup>(b)</sup> | 625 | 559466 |
|  California School Finance Authority <br>(Green Dot Public Schools Obligated Group) <br>Series 2015-A <br>5.00%, 08/01/2045<sup>(b)</sup> | 1000 | 1001423 |
|  California School Finance Authority <br>(Green DOT Public Schools Obligated Group) <br>Series 2022 <br>5.00%, 08/01/2032<sup>(b)</sup> | 750 | 783245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/2052<sup>(b)</sup> | 1650 | 1734052 |
|  California School Finance Authority <br>(Hawking STEAM Charter Schools, Inc.) <br>Series 2022 <br>5.00%, 07/01/2042<sup>(b)</sup> | 1860 | 1753520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052<sup>(b)</sup> | 2255 | 2104539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2056<sup>(b)</sup> | 995 | 928568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2062<sup>(b)</sup> | 1775 | 1653843 |

---

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority <br>(Kipp SoCal Public Schools Obligated Group) <br>Series 2017-A <br>5.00%, 07/01/2037<sup>(b)</sup> | $935 | $954019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2047<sup>(b)</sup> | 2485 | 2494148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 07/01/2049<sup>(b)</sup> | 2000 | 2006547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>4.00%, 07/01/2055<sup>(b)</sup> | 835 | 681209 |
|  California School Finance Authority <br>(Kipp SoCal Public Schools) <br>Series 2014-A <br>5.00%, 07/01/2034<sup>(b)</sup> | 600 | 607256 |
|  California School Finance Authority <br>(Lighthouse Community Public Schools Obligated Group) <br>Series 2022 <br>6.50%, 06/01/2062<sup>(b)</sup> | 2300 | 2340121 |
|  California School Finance Authority <br>(Rocketship Education Obligated Group) <br>Series 2016-A <br>5.00%, 06/01/2036<sup>(b)</sup> | 1000 | 958311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046<sup>(b)</sup> | 2500 | 2248103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.125%, 06/01/2047<sup>(b)</sup> | 700 | 638610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-G <br>5.00%, 06/01/2037<sup>(b)</sup> | 360 | 342521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053<sup>(b)</sup> | 1550 | 1363588 |
|  California School Finance Authority <br>(Summit Public Schools Obligated Group) <br>Series 2017 <br>5.00%, 06/01/2047<sup>(b)</sup> | 1500 | 1502493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053<sup>(b)</sup> | 3800 | 3761547 |
|  California School Finance Authority <br>(View Park Elementary & Middle Schools) <br>Series 2014 <br>5.625%, 10/01/2034 | 575 | 579169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/01/2044 | 1000 | 1007222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2049 | 715 | 721328 |
|  California State University <br>Series 2020-D <br>1.49%, 11/01/2028 | 1500 | 1249478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.144%, 11/01/2033 | 6000 | 4574573 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 31** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Statewide Communities Development Authority <br>AGM Series 2014 <br>5.00%, 11/15/2034 (Pre-refunded/ETM) | $2500 | $2615678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 (Pre-refunded/ETM) | 2000 | 2092542 |
|  California Statewide Communities Development Authority <br>(California Baptist University) <br>Series 2017-A <br>5.00%, 11/01/2032<sup>(b)</sup> | 1135 | 1163245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2041<sup>(b)</sup> | 1875 | 1880585 |
|  California Statewide Communities Development Authority <br>(CHF-Irvine LLC) <br>Series 2017-A <br>5.00%, 05/15/2034 | 1000 | 1024407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1410 | 1440981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1500 | 1531137 |
|  California Statewide Communities Development Authority <br>(Emanate Health Obligated Group) <br>Series 2020-A <br>5.00%, 04/01/2035 | 1000 | 1070909 |
|  California Statewide Communities Development Authority <br>(Enloe Medical Center Obligated Group) <br>AGM Series 2022-A <br>5.375%, 08/15/2057 | 2000 | 2111176 |
|  California Statewide Communities Development Authority <br>(Lancer Educational Housing LLC) <br>Series 2016 <br>5.00%, 06/01/2036<sup>(b)</sup> | 1000 | 970396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 06/01/2051<sup>(b)</sup> | 3165 | 2854640 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center) <br>Series 2016-A <br>5.00%, 12/01/2036<sup>(b)</sup> | 5000 | 5009511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041<sup>(b)</sup> | 1315 | 1314543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2056<sup>(b)</sup> | 1700 | 1690518 |
|  California Statewide Communities Development Authority <br>(Moldaw Residences)<br>Series 2014-A <br>5.25%, 11/01/2044<sup>(b)</sup> | 1800 | 1516777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2049<sup>(b)</sup> | 2500 | 2097480 |

---

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Statewide Communities Development Authority <br>(NCCD-Hooper Street LLC) <br>Series 2019 <br>5.25%, 07/01/2039<sup>(b)</sup> | $2295 | $2099877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2049<sup>(b)</sup> | 2675 | 2314749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052<sup>(b)</sup> | 1565 | 1338315 |
|  Capistrano Unified School District School Facilities Improvement District No. 1 <br>AGM Series 2001-B <br>Zero Coupon, 08/01/2025 | 4650 | 4184040 |
|  City of Atwater CA Wastewater Revenue <br>AGM Series 2017-A <br>5.00%, 05/01/2040 | 1000 | 1057880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 | 1000 | 1051926 |
|  City of Fairfield CA <br>(City of Fairfield CA COP) <br>AGC Series 2007 <br>Zero Coupon, 04/01/2035 | 3700 | 2254441 |
|  City of Irvine CA <br>(City of Irvine CA Assessment Dist No. 13-1) <br>Series 2013 <br>5.00%, 09/02/2027 | 650 | 660415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/02/2029 | 1110 | 1127383 |
|  City of Irvine CA <br>(Irvine Community Facilities District No. 2013-3) <br>Series 2018 <br>5.00%, 09/01/2043 | 2400 | 2462105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 | 4250 | 4333411 |
|  City of Long Beach CA Marina System Revenue <br>Series 2015 <br>5.00%, 05/15/2032 | 1100 | 1130260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2040 | 2250 | 2279957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 2250 | 2275818 |
|  City of Los Angeles CA Wastewater System Revenue <br>Series 2013-B <br>5.00%, 06/01/2031 | 5000 | 5061034 |
|  City of Los Angeles Department of Airports <br>Series 2019 <br>4.00%, 05/15/2044 | 4045 | 3768531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>3.25%, 05/15/2049 | 2000 | 1532910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2047 | 10000 | 9251384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 1500 | 1561932 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 33** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Palo Alto CA <br>(City of Palo Alto CA University Avenue AD) <br>Series 2012 <br>5.00%, 09/02/2025 | $1685 | $1694750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/02/2028 | 530 | 532789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/02/2030 | 745 | 748799 |
|  City of Riverside CA Sewer Revenue <br>Series 2015-A <br>5.00%, 08/01/2033 | 10090 | 10644578 |
|  City of Roseville CA <br>(Fiddyment Ranch Community Facilities District No. 1) <br>Series 2017 <br>5.00%, 09/01/2033 | 1315 | 1378955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1000 | 1044234 |
|  City of Roseville CA <br>(HP Campus Oaks Community Facilities District No. 1) <br>Series 2016 <br>5.00%, 09/01/2036 | 640 | 660751 |
|  City of San Francisco CA Public Utilities Commission Water Revenue <br>Series 2020-E <br>2.825%, 11/01/2041 | 4890 | 3635866 |
|  City of San Jose CA Airport Revenue <br>(Norman Y Mineta San Jose International Airport SJC) <br>Series 2017-A <br>5.00%, 03/01/2033 | 1100 | 1148523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 2000 | 2081862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 3500 | 3622462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 | 1800 | 1852357 |
|  City of Upland CA <br>(San Antonio Regional Hospital) <br>Series 2017 <br>5.00%, 01/01/2032 | 1000 | 1052619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2047 | 2750 | 2795706 |
|  CMFA Special Finance Agency<br>Series 2022-A <br>4.00%, 08/01/2058<sup>(b)</sup> | 2000 | 1533200 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Latitude33) <br>Series 2021-A <br>3.00%, 12/01/2056<sup>(b)</sup> | 2000 | 1292346 |

---

---

| | |
|:---|:---|
| **34 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Solana at Grand) <br>Series 2021-A <br>4.00%, 08/01/2056<sup>(b)</sup> | $3000 | $2434543 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach <br>Series 2021 <br>3.00%, 08/01/2056<sup>(b)</sup> | 4000 | 2566859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2047<sup>(b)</sup> | 1000 | 757838 |
|  Coast Community College District <br>Series 2019-F <br>3.00%, 08/01/2036 | 850 | 779236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2037 | 940 | 844476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2038 | 2175 | 1925182 |
|  County of Los Angeles CA Community Facilities District No 2021-01 <br>Series 2022 <br>5.00%, 09/01/2047 | 2750 | 2771269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | 2500 | 2502581 |
|  County of Sacramento CA <br>(North Vineyard District 2005-2)<br>Series 2016<br>5.00%, 09/01/2040 | 990 | 1010583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2045 | 1250 | 1269109 |
|  County of Sacramento CA Airport System Revenue <br>Series 2016-B <br>5.00%, 07/01/2036 | 1755 | 1844155 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) <br>Series 2021 <br>3.25%, 04/01/2057<sup>(b)</sup> | 4000 | 2672094 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>4.00%, 05/01/2057<sup>(b)</sup> | 1000 | 668868 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2046<sup>(b)</sup> | 3000 | 2142729 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 35** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(b)</sup> | $5000 | $3660609 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Crescent) <br>Series 2022 <br>4.30%, 07/01/2059<sup>(b)</sup> | 1000 | 801206 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) <br>Series 2021-A2 <br>3.125%, 08/01/2056<sup>(b)</sup> | 1000 | 661037 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.25%, 07/01/2056<sup>(b)</sup> | 1000 | 638236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(b)</sup> | 1000 | 657809 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Oceanaire Apartments) <br>Series 2021 <br>4.00%, 09/01/2056<sup>(b)</sup> | 2500 | 1896552 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio) <br>Series 2021 <br>3.00%, 12/01/2056<sup>(b)</sup> | 1000 | 651953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(b)</sup> | 1000 | 693924 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021 <br>4.00%, 05/01/2057<sup>(b)</sup> | 2000 | 1385539 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Towne at Glendale Apartments) <br>Series 2022 <br>Zero Coupon, 09/01/2062<sup>(b)</sup> | 1645 | 777920 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A2 <br>4.00%, 07/01/2056<sup>(b)</sup> | 2400 | 1827099 |

---

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments) <br>Series 2021 <br>3.25%, 10/01/2058<sup>(b)</sup> | $1000 | $650084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048<sup>(b)</sup> | 3000 | 2092910 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments) <br>Series 2021-A <br>3.00%, 09/01/2056<sup>(b)</sup> | 1500 | 948709 |
|  Fremont Community Facilities District No. 1 <br>Series 2015 <br>5.00%, 09/01/2040 | 4000 | 4062209 |
|  Garden Grove Unified School District <br>Series 2013-C <br>5.00%, 08/01/2032 (Pre-refunded/ETM) | 2535 | 2577822 |
|  Golden State Tobacco Securitization Corp. <br>Series 2021 <br>1.85%, 06/01/2031 | 1175 | 1156329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 06/01/2038 | 5000 | 3856575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/2050 | 5000 | 4506206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>Zero Coupon, 06/01/2066 | 10000 | 1072070 |
|  Hastings Campus Housing Finance Authority <br>Series 2020-A <br>5.00%, 07/01/2045<sup>(b)</sup> | 5000 | 4363423 |
|  Irvine Unified School District <br>Series 2017-B <br>5.00%, 09/01/2047 | 1000 | 1015609 |
|  Lake Elsinore Public Financing Authority <br>Series 2015 <br>5.00%, 09/01/2031 | 2690 | 2775799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 1835 | 1881281 |
|  Los Angeles Community College District/CA <br>Series 2019-K <br>4.00%, 08/01/2038 | 2500 | 2538208 |
|  Los Angeles County Public Works Financing Authority <br>(County of Los Angeles CA Lease) <br>Series 2020 <br>4.00%, 12/01/2039 | 5500 | 5536541 |
|  Los Angeles Department of Water & Power Water System Revenue<br>Series 2021-C<br>5.00%, 07/01/2041 | 1250 | 1381520 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 37** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.00%, 07/01/2042 | $8750 | $9818450 |
|  Los Angeles Unified School District/CA <br>Series 2009 <br>5.75%, 07/01/2034 | 2000 | 2115896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R <br>4.00%, 07/01/2036 | 5000 | 5172105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 4500 | 4629190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 | 6000 | 6128692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2044 | 9000 | 8889587 |
|  M-S-R Energy Authority <br>(Citigroup, Inc.) <br>Series 2009-A <br>6.50%, 11/01/2039 | 830 | 1005956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B <br>6.50%, 11/01/2039 | 10000 | 12119949 |
|  Menifee Union School District <br>Series 2018 <br>5.00%, 09/01/2043 | 1000 | 1019784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 | 1215 | 1230276 |
|  Metropolitan Water District of Southern California <br>Series 2021-D <br>2.04% (MUNIPSA + 0.14%), 07/01/2037<sup>(a)</sup> | 2100 | 2083049 |
|  Oakland Unified School District/Alameda County <br>Series 2015-A <br>5.00%, 08/01/2031 (Pre-refunded/ETM) | 1640 | 1741263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 (Pre-refunded/ETM) | 1500 | 1592618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 (Pre-refunded/ETM) | 2200 | 2335840 |
|  Orange County Transportation Authority <br>(91 Express Lanes Toll Road) <br>Series 2013 <br>5.00%, 08/15/2029 | 2360 | 2397713 |
|  Orange County Water District <br>Series 2019-C <br>4.00%, 08/15/2034 | 1250 | 1313520 |
|  Oxnard Financing Authority <br>AGM Series 2014 <br>5.00%, 06/01/2031 | 5250 | 5410564 |
|  Palomar Health <br>Series 2016-A <br>5.00%, 08/01/2031 | 1285 | 1374365 |

---

---

| | |
|:---|:---|
| **38 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Palomar Health <br>(Palomar Health Obligated Group) <br>Series 2016 <br>5.00%, 11/01/2036 | $5000 | $5085799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.00%, 11/01/2042 | 1000 | 1006480 |
|  Poway Unified School District Public Financing Authority <br>Series 2015-A <br>5.00%, 09/01/2033 | 1500 | 1544579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 995 | 1022746 |
|  Redding Joint Powers Financing Authority <br>Series 2015-A <br>5.00%, 06/01/2030 | 1350 | 1431362 |
|  Regents of the University of California Medical Center Pooled Revenue <br>Series 2022 <br>5.00%, 05/15/2040 | 10000 | 11070706 |
|  Rialto Redevelopment Agency <br>Series 2018 <br>5.00%, 09/01/2032 | 500 | 547292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 500 | 544215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 | 2235 | 2389714 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Community Facilities District No 2003-1) <br>Series 2022 <br>5.00%, 09/01/2052 | 5200 | 5084992 |
|  Riverside County Transportation Commission <br>Series 2013-A <br>5.25%, 06/01/2032 (Pre-refunded/ETM) | 9165 | 9292234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 06/01/2040 | 3330 | 3176368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 | 1765 | 1671437 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency) <br>NATL Series 2007-B <br>2.615% (LIBOR 3 Month + 0.55%), 06/01/2034<sup>(a)</sup> | 1450 | 1358066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.635% (LIBOR 3 Month + 0.57%), 06/01/2039<sup>(a)</sup> | 5375 | 4634965 |
|  San Diego County Regional Airport Authority <br>Series 2019-A <br>4.00%, 07/01/2037 | 2500 | 2480105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 | 2000 | 1970215 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 39** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 07/01/2035 | $650 | $685743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 500 | 525462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 250 | 261660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 250 | 260876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 255 | 265055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 250 | 258753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 07/01/2056 | 4750 | 4359354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 07/01/2041 | 3010 | 2828054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 2500 | 2282746 |
|  San Diego Unified School District/CA <br>Series 2013-C <br>5.00%, 07/01/2032 (Pre-refunded/ETM) | 3180 | 3227450 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Mission Bay South Public Imp) <br>Series 2013-A <br>5.00%, 08/01/2029 | 1310 | 1311580 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Successor Agency to the Redev of San Francisco – Mission Bay South) <br>Series 2016-B <br>5.00%, 08/01/2033 | 1000 | 1062024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1000 | 1053835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C <br>5.00%, 08/01/2032 | 1000 | 1065579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1000 | 1053835 |
|  San Francisco Intl Airport <br>(San Francisco Intl Airport) <br>Series 2017-A <br>5.00%, 05/01/2042 | 2000 | 2046847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 05/01/2052 | 10000 | 8999706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>3.283%, 05/01/2036 | 3000 | 2416560 |
|  San Joaquin Hills Transportation Corridor Agency <br>Series 1993 <br>Zero Coupon, 01/01/2023<br>(Pre-refunded/ETM) | 25000 | 24947302 |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Santa Clara Valley Water District Safe Clean Water Revenue <br>(Santa Clara Valley Water District Safe Clean Water Revenue Lease) <br>Series 2022-A <br>5.00%, 08/01/2049<sup>(d)</sup> | $1210 | $1333513 |
|  Sierra Joint Community College District School Facilities District No. 2 <br>NATL Series 2007-B <br>Zero Coupon, 06/01/2032 | 5485 | 3935839 |
|  Southern California Public Power Authority <br>(Los Angeles Department of Water & Power PWR) <br>Series 2014-A <br>5.00%, 07/01/2033 | 5000 | 5172627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 3200 | 3309978 |
|  State of California <br>Series 2004 <br>5.30%, 04/01/2029 | 5 | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013 <br>5.00%, 02/01/2031 | 5000 | 5021536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014 <br>5.00%, 12/01/2030 | 2000 | 2048400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 09/01/2042 | 7000 | 7885591 |
|  Stockton Redevelopment Agency Successor Agency <br>AGM Series 2016-A <br>5.00%, 09/01/2033 | 2800 | 2992100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1000 | 1066789 |
|  Successor Agency to the Redev of San Francisco – Mission Bay North <br>Series 2016-A <br>5.00%, 08/01/2032 | 1025 | 1091486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1105 | 1169751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 595 | 627032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 | 775 | 812375 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization Corp.) <br>Series 2021 <br>Zero Coupon, 06/01/2060 | 10000 | 1535404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2023 | 1160 | 1169180 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 41** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tobacco Securitization Authority of Southern California <br>Series 2019 <br>5.00%, 06/01/2037 | $| 1000 | $| 1046217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2048 |  | 13825 |  | 14053811 |
|  Transbay Joint Powers Authority <br>(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev) <br>Series 2020 <br>5.00%, 10/01/2040 |  | 1000 |  | 1041626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2045 |  | 2000 |  | 2059262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2049 |  | 2200 |  | 2233518 |
|  University of California <br>Series 2023-B <br>5.00%, 05/15/2034<sup>(d)</sup> |  | 1740 |  | 2033681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035<sup>(d)</sup> |  | 5000 |  | 5799830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036<sup>(d)</sup> |  | 5000 |  | 5746211 |
|  Upland Unified School District <br>Series 2011-C <br>Zero Coupon, 08/01/2035 |  | 1020 |  | 618259 |
|  Walnut Energy Center Authority <br>Series 2014 <br>5.00%, 01/01/2031 |  | 4000 |  | 4137472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 |  | 3700 |  | 3826580 |
|  Washington Township Health Care District <br>Series 2017-B <br>5.00%, 07/01/2032 |  | 2000 |  | 2050172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 1500 |  | 1534062 |
|  |  |  |  | 816956554 |
|  **American Samoa – 0.2%** | **American Samoa – 0.2%** | **American Samoa – 0.2%** | **American Samoa – 0.2%** | **American Samoa – 0.2%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa) <br>Series 2015-A <br>6.625%, 09/01/2035 |  | 430 |  | 451482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>7.125%, 09/01/2038<sup>(b)</sup> |  | 1385 |  | 1536106 |
|  |  |  |  | 1987588 |
|  **Georgia – 0.2%** | **Georgia – 0.2%** | **Georgia – 0.2%** | **Georgia – 0.2%** | **Georgia – 0.2%** |
|  Municipal Electric Authority of Georgia <br>Series 2019 <br>5.00%, 01/01/2037 |  | 100 |  | 102824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 |  | 100 |  | 102488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 100 |  | 102676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 |  | 215 |  | 215551 |

---

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 | $| 655 | $| 656695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2059 |  | 220 |  | 217614 |
|  |  |  |  | 1397848 |
|  **Guam – 2.1%** | **Guam – 2.1%** | **Guam – 2.1%** | **Guam – 2.1%** | **Guam – 2.1%** |
|  Antonio B Won Pat International Airport Authority <br>Series 2021-A <br>3.839%, 10/01/2036 |  | 700 |  | 586299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.375%, 10/01/2040<sup>(d)</sup> |  | 250 |  | 240866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2043<sup>(d)</sup> |  | 1050 |  | 1006466 |
|  Guam Government Waterworks Authority <br>Series 2016 <br>5.00%, 01/01/2046 |  | 1335 |  | 1340240 |
|  Guam Power Authority <br>Series 2017-A <br>5.00%, 10/01/2036 |  | 2940 |  | 3023413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 |  | 1300 |  | 1334520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 |  | 1000 |  | 1019680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 10/01/2044 |  | 3700 |  | 3765946 |
|  Territory of Guam <br>Series 2019 <br>5.00%, 11/15/2031 |  | 265 |  | 272582 |
|  Territory of Guam <br>(Guam Section 30 Income Tax) <br>Series 2016-A <br>5.00%, 12/01/2029 |  | 3805 |  | 3915711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 415 |  | 426771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 |  | 455 |  | 465997 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>4.00%, 01/01/2042 |  | 3000 |  | 2597317 |
|  |  |  |  | 19995808 |
|  **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** | **Illinois – 0.2%** |
|  Chicago Board of Education <br>Series 2018-A <br>5.00%, 12/01/2031 |  | 2000 |  | 2016347 |
|  **Louisiana – 0.0%** | **Louisiana – 0.0%** | **Louisiana – 0.0%** | **Louisiana – 0.0%** | **Louisiana – 0.0%** |
|  Parish of St. James LA <br>(NuStar Logistics LP) <br>Series 2020-2 <br>6.35%, 07/01/2040<sup>(b)</sup> |  | 200 |  | 213746 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 43** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Michigan – 0.0%** | **Michigan – 0.0%** | **Michigan – 0.0%** |
|  City of Detroit MI <br>Series 2018 <br>5.00%, 04/01/2036 | $305 | $310769 |
|  **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.) <br>Series 2018 <br>4.00%, 01/01/2036 | 535 | 497711 |
|  **Puerto Rico – 1.7%** | **Puerto Rico – 1.7%** | **Puerto Rico – 1.7%** |
|  Commonwealth of Puerto Rico <br>Series 2021-A <br>Zero Coupon, 07/01/2024 | 445 | 408972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 1238 | 677200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 410 | 356111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 9 | 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 7 | 6245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 10 | 8162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 11 | 8153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 283 | 284109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 521 | 527962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 2301 | 2353644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 716 | 732280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 145 | 148894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>0.00%, 11/01/2043 | 64 | 29133 |
|  Puerto Rico Electric Power Authority <br>AGM Series 2007-V <br>5.25%, 07/01/2031 | 1000 | 999508 |
|  Puerto Rico Highway & Transportation Authority <br>AGC Series 2005-L <br>5.25%, 07/01/2041 | 725 | 715861 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C <br>5.50%, 07/01/2031 | 140 | 142327 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N <br>5.25%, 07/01/2034 | 1020 | 1009939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 1070 | 1058465 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP) <br>Series 2000 <br>6.625%, 06/01/2026 | 1900 | 1968148 |

---

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| | |
|:---|:---|
| **44 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue <br>Series 2018-A <br>Zero Coupon, 07/01/2029 | $| 847 | $| 615139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>4.329%, 07/01/2040 |  | 1065 |  | 962143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 |  | 90 |  | 83595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 |  | 2650 |  | 2507723 |
|  |  |  |  | 15611141 |
|  **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(b)</sup> |  | 1010 |  | 943489 |
|  **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** |
|  Mission Economic Development Corp. <br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(b)</sup> |  | 1805 |  | 1745777 |
|  **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2019-A <br>5.00%, 01/01/2044<sup>(b)</sup> |  | 130 |  | 107136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(b)</sup> |  | 100 |  | 79687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(b)</sup> |  | 410 |  | 318067 |
|  |  |  |  | 504890 |
|  **Wisconsin – 0.2%** | **Wisconsin – 0.2%** | **Wisconsin – 0.2%** | **Wisconsin – 0.2%** | **Wisconsin – 0.2%** |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group)<br>Series 2019<br>5.00%, 11/01/2054 |  | 115 |  | 93471 |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The)) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(b)</sup> |  | 2000 |  | 1799869 |
|  |  |  |  | 1893340 |
|  Total Long-Term Municipal Bonds <br>(cost $930,726,117) |  |  |  | 864075008 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 45** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Short-Term Municipal Notes – 6.4%** | **Short-Term Municipal Notes – 6.4%** | **Short-Term Municipal Notes – 6.4%** |
|  **California – 6.4%** | **California – 6.4%** | **California – 6.4%** |
|  Antelope Valley-East Kern Water Agency <br>Series 2008-A <br>1.60%, 06/01/2037<sup>(h)</sup> | $1125 | $1125000 |
|  California Statewide Communities Development Authority <br>(Scripps Health Obligated Group) <br>Series 2012-A <br>1.40%, 08/01/2035<sup>(h)</sup> | 11315 | 11315000 |
|  Calleguas-Las Virgenes Public Financing Authority <br>Series 2008-A <br>1.60%, 07/01/2037<sup>(h)</sup> | 1805 | 1805000 |
|  Calleguas-Las Virgenes Public Financing Authority <br>Series 2008-A <br>1.65%, 07/01/2037<sup>(h)</sup> | 550 | 550000 |
|  City of Los Angeles CA <br>Series 2022 <br>4.00%, 06/29/2023 | 30250 | 30525006 |
|  County of San Bernardino CA <br>(WLP Parkview Place Apartments LLC) <br>Series 2004-A <br>1.55%, 02/15/2027<sup>(h)</sup> | 1875 | 1875000 |
|  County of San Bernardino CA <br>(WLP Green Valley Apartments LLC) <br>Series 1999 <br>1.55%, 05/15/2029<sup>(h)</sup> | 1000 | 1000000 |
|  County of San Bernardino CA <br>(WLP Mountain View Apartments LLC) <br>Series 2004-A <br>1.55%, 02/15/2027<sup>(h)</sup> | 3545 | 3545000 |
|  County of San Bernardino CA <br>(WLP Parkview Place Apartments LLC) <br>Series 2004-A <br>1.55%, 02/15/2027<sup>(h)</sup> | 275 | 275000 |
|  San Francisco City & County Redevelopment Agency Successor Agency <br>(Mercy Terrace LLC) <br>Series 2005-A <br>1.50%, 06/15/2035<sup>(h)</sup> | 1050 | 1050000 |

---

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| | |
|:---|:---|
| **46 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  State of California <br>Series 2018-C <br>1.30%, 05/01/2033<sup>(h)</sup> | $| 6600 | $6600000 |
|  Total Short-Term Municipal Notes <br>(cost $59,635,418) |  |  | 59665006 |
|  Total Municipal Obligations <br>(cost $990,361,535) |  |  | 923740014 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%** |  |  |  |
|  **Agency CMBS – 1.2%** | **Agency CMBS – 1.2%** | **Agency CMBS – 1.2%** | **Agency CMBS – 1.2%** |
|  California Housing Finance Agency <br>Series 2021-2, Class A <br>3.75%, 03/25/2035 |  | 6415 | 6296172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X <br>0.78%, 08/20/2036<sup>(c)</sup> |  | 2610 | 160386 |
|  Federal Home Loan Mortgage Corp. <br>Series 2021-ML10, Class AUS <br>2.032%, 01/25/2038 |  | 3671 | 2789403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class ACA <br>2.875%, 07/25/2036<sup>(b)</sup> |  | 2000 | 1746832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA <br>0.95%, 07/25/2036<sup>(b)(c)</sup> |  | 5600 | 325821 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $13,601,036) |  |  | 11318614 |
|  | **Shares** | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 1.1%** |  |  |  |
|  **Investment Companies – 1.1%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.50%<sup>(i)(j)(k)</sup> <br>(cost $10,537,576) |  | 10537576 | 10537576 |
|  **Total Investments – 101.5%** <br>(cost $1,014,500,147) |  |  | 945596204 |
|  Other assets less liabilities – (1.5)% |  |  | (14295475) |
|  **Net Assets – 100.0%** |  |  | $**931300729** |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 47** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 6350 | 01/15/2025 | 2.565% | CPI<sup>#</sup> | Maturity | $561732 | $– 0 | $561732 |
|  USD | 3340 | 01/15/2025 | 4.028% | CPI<sup>#</sup> | Maturity | 98852 | – 0 | 98852 |
|  USD | 3175 | 01/15/2025 | 2.585% | CPI<sup>#</sup> | Maturity | 278363 | – 0 | 278363 |
|  USD | 3175 | 01/15/2025 | 2.613% | CPI<sup>#</sup> | Maturity | 274920 | – 0 | 274920 |
|  USD | 37160 | 01/15/2027 | CPI<sup>#</sup> | 3.336% | Maturity | (1547391) | – 0 | (1547391) |
|  USD | 10000 | 01/15/2027 | CPI<sup>#</sup> | 3.466% | Maturity | (337129) | (11230) | (325899) |
|  USD | 20520 | 01/15/2028 | 1.230% | CPI<sup>#</sup> | Maturity | 3629811 | – 0 | 3629811 |
|  USD | 16260 | 01/15/2028 | 0.735% | CPI<sup>#</sup> | Maturity | 3451678 | – 0 | 3451678 |
|  USD | 16830 | 01/15/2029 | CPI<sup>#</sup> | 3.735% | Maturity | 111182 | – 0 | 111182 |
|  USD | 3150 | 01/15/2029 | CPI<sup>#</sup> | 3.408% | Maturity | (64481) | – 0 | (64481) |
|  USD | 6300 | 01/15/2030 | 1.572% | CPI<sup>#</sup> | Maturity | 1057526 | – 0 | 1057526 |
|  USD | 6300 | 01/15/2030 | 1.587% | CPI<sup>#</sup> | Maturity | 1048982 | – 0 | 1048982 |
|  USD | 655 | 01/15/2030 | 1.714% | CPI<sup>#</sup> | Maturity | 101492 | – 0 | 101492 |
|  USD | 655 | 01/15/2030 | 1.731% | CPI<sup>#</sup> | Maturity | 100472 | – 0 | 100472 |
|  USD | 6200 | 01/15/2031 | 2.782% | CPI<sup>#</sup> | Maturity | 402709 | – 0 | 402709 |
|  USD | 5700 | 01/15/2031 | 2.680% | CPI<sup>#</sup> | Maturity | 426589 | – 0 | 426589 |
|  USD | 5120 | 01/15/2032 | CPI<sup>#</sup> | 3.064% | Maturity | (163436) | – 0 | (163436) |
|  USD | 5250 | 04/15/2032 | CPI<sup>#</sup> | 2.909% | Maturity | (236216) | – 0 | (236216) |
|  USD | 1120 | 04/15/2032 | CPI<sup>#</sup> | 2.748% | Maturity | (69554) | – 0 | (69554) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137331 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 14000 | 01/15/2027 | 1 Day<br>SOFR | 2.719% | Annual | $(462397) | $– 0 | $(462397) |
|  USD | 17000 | 04/15/2032 | 1.280% | 1 Day<br>SOFR | Annual | 2919191 | – 0 | 2919191 |
|  USD | 15000 | 04/15/2032 | 2.891% | 1 Day<br>SOFR | Annual | 528557 | – 0 | 528557 |
|  USD | 14500 | 04/15/2032 | 2.455% | 1 Day<br>SOFR | Annual | 1091064 | – 0 | 1091064 |
|  USD | 13900 | 04/15/2032 | 1.284% | 1 Day<br>SOFR | Annual | 2382692 | – 0 | 2382692 |
|  USD | 10000 | 04/15/2032 | 3.619% | 1 Day<br>SOFR | Annual | (190090) | – 0 | (190090) |
|  USD | 9000 | 04/15/2032 | 1.729% | 1 Day<br>SOFR | Annual | 1198969 | – 0 | 1198969 |
|  USD | 8000 | 04/15/2032 | 1.618% | 1 Day<br>SOFR | Annual | 1141631 | – 0 | 1141631 |
|  USD | 4500 | 02/15/2041 | 1 Day<br>SOFR | 2.654% | Annual | (402529) | – 0 | (402529) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207088 |

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| | |
|:---|:---|
| **48 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB CALIFORNIA PORTFOLIO** 

**INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank, NA | USD | 12620 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415680 |

---

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

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2022.

(b) 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 November 30, 2022, the aggregate market value of these securities amounted to $169,326,423 or 18.2% of net assets.

(c) IO – Interest Only.

(d) When-Issued or delayed delivery security.

(e) Non-income producing security.

(f) Defaulted.

(g) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  California Municipal Finance Authority<br>(UTS Bioenergy LLC)<br>Series 2011-A1 <br>7.50%, 12/01/2032 | 12/22/2011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 | 0.01% |

---

(h) 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.

(i) Affiliated investments.

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

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

As of November 30, 2022, 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 4.2% and 0.5%, respectively.

Glossary:

AD – Assessment District

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 49** |

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**PORTFOLIO OF INVESTMENTS** 

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

**November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 110.7%** | **MUNICIPAL OBLIGATIONS – 110.7%** | **MUNICIPAL OBLIGATIONS – 110.7%** |
|  **Long-Term Municipal Bonds – 110.7%** | **Long-Term Municipal Bonds – 110.7%** | **Long-Term Municipal Bonds – 110.7%** |
|  **Alabama – 1.6%** | **Alabama – 1.6%** | **Alabama – 1.6%** |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2021 <br>4.00%, 10/01/2052 | $3000 | $2969923 |
|  County of Jefferson AL Sewer Revenue <br>Series 2013-D <br>6.00%, 10/01/2042 | 18565 | 19855488 |
|  Lower Alabama Gas District (The) <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2016-A <br>5.00%, 09/01/2046 | 1000 | 1029818 |
|  Southeast Energy Authority A Cooperative District <br>(Morgan Stanley) <br>Series 2022-A <br>1.00%, 01/01/2053<sup>(a)</sup> | 10000 | 10018050 |
|  Sumter County Industrial Development Authority/AL <br>(Enviva, Inc.) <br>Series 2022 <br>6.00%, 07/15/2052 | 15000 | 13961227 |
|  |  | 47834506 |
|  **American Samoa – 0.3%** | **American Samoa – 0.3%** | **American Samoa – 0.3%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa) <br>Series 2015-A <br>6.625%, 09/01/2035 | 7095 | 7449449 |
|  **Arizona – 2.3%** | **Arizona – 2.3%** | **Arizona – 2.3%** |
|  Arizona Industrial Development Authority <br>(Arizona Industrial Development Authority) Series 2019-2, Class A <br>3.625%, 05/20/2033 | 10739 | 10334236 |
|  Arizona Industrial Development Authority <br>(Equitable School Revolving Fund LLC Obligated Group) <br>Series 2021 <br>4.00%, 11/01/2051<sup>(b)</sup> | 10000 | 8372773 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>7.75%, 07/01/2050<sup>(b)</sup> | 10420 | 7294000 |

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| | |
|:---|:---|
| **50 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.50%, 07/01/2031<sup>(b)</sup> | $480 | $336000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2051<sup>(b)</sup> | 3000 | 2100000 |
|  Arizona Industrial Development Authority <br>(Pinecrest Academy of Nevada) <br>Series 2020-A <br>4.00%, 07/15/2050<sup>(b)</sup> | 1000 | 756605 |
|  Glendale Industrial Development Authority <br>(Beatitudes Campus Obligated Group (The)) <br>Series 2017 <br>5.00%, 11/15/2040 | 2865 | 2506932 |
|  Industrial Development Authority of the City of Phoenix (The) <br>(GreatHearts Arizona Obligated Group) <br>Series 2014 <br>5.00%, 07/01/2044 | 10690 | 10728209 |
|  Industrial Development Authority of the County of Pima (The) <br>(La Posada at Park Centre, Inc. Obligated Group) <br>Series 2022 <br>6.75%, 11/15/2042<sup>(b)</sup> | 3250 | 3354363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2052<sup>(b)</sup> | 2000 | 2052772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2057<sup>(b)</sup> | 1000 | 1025868 |
|  Industrial Development Authority of the County of Pima (The) <br>(Edkey, Inc. Obligated Group) <br>Series 2020 <br>5.00%, 07/01/2040<sup>(b)</sup> | 5000 | 4643611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055<sup>(b)</sup> | 1000 | 865996 |
|  Maricopa County Industrial Development Authority <br>(Benjamin Franklin Charter School Ltd.) <br>Series 2018 <br>6.00%, 07/01/2038<sup>(b)</sup> | 2000 | 2077522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>6.00%, 07/01/2052<sup>(b)</sup> | 5170 | 5285032 |
|  Maricopa County Industrial Development Authority <br>(Commercial Metals Co.) <br>Series 2022 <br>4.00%, 10/15/2047<sup>(b)</sup> | 3600 | 2868548 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 51** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Maricopa County Industrial Development Authority <br>(Reid Traditional Schools Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2047 | $| 1375 | $| 1379934 |
|  Tempe Industrial Development Authority <br>(Mirabella at ASU, Inc.) <br>Series 2017-A <br>6.125%, 10/01/2047<sup>(b)</sup> |  | 1225 |  | 1079929 |
|  |  |  |  | 67062330 |
|  **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
|  Arkansas Development Finance Authority <br>(United States Steel Corp.) <br>Series 2022 <br>5.45%, 09/01/2052<sup>(b)</sup> |  | 2300 |  | 2276393 |
|  **California – 8.4%** | **California – 8.4%** | **California – 8.4%** | **California – 8.4%** | **California – 8.4%** |
|  ARC70 II TRUST <br>Series 2021 <br>4.00%, 12/01/2059 |  | 3000 |  | 2498204 |
|  California Community Housing Agency <br>(California Community Housing Agency Aster Apartments) <br>Series 2021-A <br>4.00%, 02/01/2056<sup>(b)</sup> |  | 5200 |  | 4225388 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021 <br>4.00%, 02/01/2056<sup>(b)</sup> |  | 13500 |  | 10969758 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(b)</sup> |  | 11070 |  | 7256475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(b)</sup> |  | 3335 |  | 2553135 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>3.00%, 02/01/2057<sup>(b)</sup> |  | 5000 |  | 3256415 |

---

---

| | |
|:---|:---|
| **52 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency <br>(California Community Housing Agency Twin Creek Apartments) <br>Series 2022 <br>Zero Coupon, 08/01/2065<sup>(b)</sup> | $32000 | $1685555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2040<sup>(b)</sup> | 2000 | 1794750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.50%, 08/01/2052<sup>(b)</sup> | 6000 | 4923272 |
|  California County Tobacco Securitization Agency <br>Series 2020-B <br>Zero Coupon, 06/01/2055 | 22000 | 4005652 |
|  California Housing Finance Agency <br>Series 2019-2, Class A <br>4.00%, 03/20/2033 | 5327 | 5170569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A <br>3.50%, 11/20/2035 | 4239 | 3822923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.823%, 03/25/2035<sup>(c)</sup> | 15791 | 898860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A <br>3.25%, 08/20/2036 | 3940 | 3401971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X <br>0.78%, 08/20/2036<sup>(c)</sup> | 14060 | 863966 |
|  California Municipal Finance Authority <br>(Azusa Pacific University) <br>Series 2015-B <br>5.00%, 04/01/2035 | 2000 | 2003783 |
|  California Municipal Finance Authority <br>(Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) <br>Series 2012-A <br>6.625%, 01/01/2032<sup>(b)</sup> | 965 | 957812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/01/2042<sup>(b)</sup> | 3415 | 3277475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014 <br>5.00%, 01/01/2035 | 1050 | 892909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 | 2025 | 1594933 |
|  California Municipal Finance Authority <br>(LAX Integrated Express Solutions LLC) <br>Series 2018 <br>5.00%, 12/31/2043 | 2000 | 2021938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2047 | 3000 | 3016073 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 53** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority <br>(Partnerships to Uplift Communities Lakeview Terrace and Los Angeles Project)<br>Series 2012-A <br>5.30%, 08/01/2047 | $1675 | $1516934 |
|  California Municipal Finance Authority <br>(UTS Bioenergy LLC) <br>Series 2011-A1 <br>7.50%, 12/01/2032<sup>(d)(e)</sup> | 3775 | 75500 |
|  California Pollution Control Financing Authority <br>(Poseidon Resources Channelside LP) <br>Series 2012 <br>5.00%, 11/21/2045<sup>(b)</sup> | 8595 | 8123796 |
|  California Pollution Control Financing Authority <br>(Rialto Bioenergy Facility LLC) <br>Series 2019 <br>7.50%, 12/01/2040<sup>(b)</sup> | 515 | 338004 |
|  California Public Finance Authority <br>(Enso Village) <br>Series 2021 <br>5.00%, 11/15/2036<sup>(b)</sup> | 1000 | 908112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046<sup>(b)</sup> | 1000 | 845763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2051<sup>(b)</sup> | 1000 | 829016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2056<sup>(b)</sup> | 1000 | 811650 |
|  California School Finance Authority <br>(ACE Charter Schools Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2052<sup>(b)</sup> | 1895 | 1682016 |
|  California School Finance Authority <br>(Alliance for College Ready Public Schools Obligated Group) <br>Series 2016-A <br>5.00%, 07/01/2046<sup>(b)</sup> | 3500 | 3515149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051<sup>(b)</sup> | 1750 | 1754143 |
|  California School Finance Authority <br>(Bright Star Schools Obligated Group) <br>Series 2017 <br>5.00%, 06/01/2054<sup>(b)</sup> | 1165 | 1070132 |
|  California School Finance Authority <br>(Kipp SoCal Public Schools) <br>Series 2014-A <br>5.125%, 07/01/2044<sup>(b)</sup> | 2850 | 2864686 |

---

---

| | |
|:---|:---|
| **54 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority <br>(Partnerships to Uplift Communities Valley Project) <br>Series 2014-A <br>6.40%, 08/01/2034 (Pre-refunded/ETM)<sup>(b)</sup> | $1000 | $1040847 |
|  California Statewide Communities Development Authority<br>(Loma Linda University Medical Center) <br>Series 2016-A <br>5.00%, 12/01/2041<sup>(b)</sup> | 4610 | 4608396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046<sup>(b)</sup> | 5575 | 5462091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.25%, 12/01/2048<sup>(b)</sup> | 6080 | 6127287 |
|  CMFA Special Finance Agency<br>Series 2022-A<br>4.00%, 08/01/2058<sup>(b)</sup> | 10000 | 7666002 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Latitude33) <br>Series 2021-A <br>3.00%, 12/01/2056<sup>(b)</sup> | 2800 | 1809285 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Solana at Grand) <br>Series 2021-A <br>4.00%, 08/01/2056<sup>(b)</sup> | 4000 | 3246058 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach <br>Series 2021 <br>3.00%, 08/01/2056<sup>(b)</sup> | 6800 | 4363660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2047<sup>(b)</sup> | 3000 | 2273514 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) <br>Series 2021 <br>3.25%, 04/01/2057<sup>(b)</sup> | 1500 | 1002035 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>3.25%, 05/01/2057<sup>(b)</sup> | 7500 | 5078263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(b)</sup> | 10000 | 6688675 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 55** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(b)</sup> | $5000 | $3982260 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(b)</sup> | 7500 | 5490914 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Crescent) <br>Series 2022 <br>4.30%, 07/01/2059<sup>(b)</sup> | 10000 | 8012056 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) <br>Series 2021-A2 <br>3.125%, 08/01/2056<sup>(b)</sup> | 3105 | 2052519 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.25%, 07/01/2056<sup>(b)</sup> | 5800 | 3701766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(b)</sup> | 7360 | 4841474 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Park Crossing Apartments)<br>Series 2021<br>3.25%, 12/01/2058<sup>(b)</sup> | 5500 | 3569115 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio) <br>Series 2021 <br>3.00%, 12/01/2056<sup>(b)</sup> | 2000 | 1303906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(b)</sup> | 9600 | 6661666 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments) <br>Series 2021 <br>4.00%, 05/01/2057<sup>(b)</sup> | 1000 | 692769 |

---

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A <br>3.10%, 07/01/2045<sup>(b)</sup> | $5000 | $3733920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A2 <br>4.00%, 07/01/2056<sup>(b)</sup> | 10000 | 7612914 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments) <br>Series 2021-A <br>3.00%, 09/01/2056<sup>(b)</sup> | 2000 | 1264945 |
|  Golden State Tobacco Securitization Corp. <br>Series 2021-B <br>Zero Coupon, 06/01/2066 | 84270 | 9034334 |
|  Hastings Campus Housing Finance Authority Series 2020-A <br>5.00%, 07/01/2061<sup>(b)</sup> | 16525 | 13547104 |
|  Los Angeles Unified School District/CA <br>Series 2020-C <br>4.00%, 07/01/2040<sup>(a)</sup> | 10005 | 10100088 |
|  San Joaquin Hills Transportation Corridor Agency <br>Series 2014-B <br>5.25%, 01/15/2044 | 4000 | 4065460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 01/15/2044 | 5518 | 5115818 |
|  Southern California Logistics Airport Authority <br>AGC Series 2006 <br>5.00%, 12/01/2036 | 3600 | 3636394 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization Corp.) <br>Series 2021 <br>Zero Coupon, 06/01/2060 | 3250 | 499006 |
|  Tobacco Securitization Authority of Southern California<br>Series 2019 <br>Zero Coupon, 06/01/2054 | 6520 | 1169490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 | 680 | 706229 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 57** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tobacco Securitization Authority of Southern California <br>(San Diego County Tobacco Asset Securitization Corp.)<br>Series 2006<br>Zero Coupon, 06/01/2046 | $| 5465 | $| 976729 |
|  |  |  |  | 246563706 |
|  **Colorado – 3.3%** | **Colorado – 3.3%** | **Colorado – 3.3%** | **Colorado – 3.3%** | **Colorado – 3.3%** |
|  Aurora Highlands Community Authority Board <br>Series 2021-A <br>5.75%, 12/01/2051 |  | 10000 |  | 8867374 |
|  Broadway Station Metropolitan District No. 3 Series 2019 <br>5.00%, 12/01/2039 |  | 750 |  | 640780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 |  | 1750 |  | 1404827 |
|  Centerra Metropolitan District No 1 <br>Series 2017 <br>5.00%, 12/01/2037<sup>(b)</sup> |  | 5730 |  | 5432901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>6.50%, 12/01/2053 |  | 1000 |  | 997279 |
|  City & County of Denver CO Airport System Revenue <br>Series 2015-A <br>5.00%, 12/01/2048<sup>(a)</sup> |  | 10000 |  | 10141630 |
|  Clear Creek Station Metropolitan District No. 2 <br>Series 2017-A <br>5.00%, 12/01/2047 |  | 1000 |  | 912711 |
|  Colorado Educational & Cultural Facilities Authority <br>(Aspen View Academy, Inc.) <br>Series 2021 <br>4.00%, 05/01/2051 |  | 1100 |  | 877589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2061 |  | 500 |  | 380228 |
|  Colorado Educational & Cultural Facilities Authority <br>(Lighthouse Building Corp.) <br>Series 2021 <br>4.00%, 10/01/2061 |  | 1500 |  | 1153134 |
|  Colorado Educational & Cultural Facilities Authority <br>(STEM School Academy) <br>Series 2014 <br>5.00%, 11/01/2044 |  | 890 |  | 866852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/01/2049 |  | 765 |  | 746915 |

---

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Colorado Health Facilities Authority <br>5.25%, 11/01/2038<sup>(a)</sup> | $2200 | $2345152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2039<sup>(a)</sup> | 2600 | 2766785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2052<sup>(a)</sup> | 5000 | 5145607 |
|  Colorado Health Facilities Authority <br>(Aberdeen Ridge, Inc. Obligated Group) <br>Series 2021-A <br>5.00%, 05/15/2044 | 2000 | 1655410 |
|  Colorado Health Facilities Authority <br>(Christian Living Neighborhoods Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2042 | 1750 | 1303497 |
|  Colorado Health Facilities Authority <br>(CommonSpirit Health) <br>Series 2019-A <br>4.00%, 08/01/2038 | 735 | 679115 |
|  Colorado Health Facilities Authority <br>(Frasier Meadows Manor, Inc. Obligated Group) <br>Series 2023-2 <br>4.00%, 05/15/2041<sup>(f)</sup> | 1175 | 933065 |
|  Colorado Health Facilities Authority <br>(Intermountain Healthcare) <br>Series 2022-S <br>5.00%, 05/15/2052<sup>(a)</sup> | 10000 | 10646365 |
|  Colorado Health Facilities Authority <br>(Sunny Vista Living Center) <br>Series 2015-A <br>6.125%, 12/01/2045<sup>(b)</sup> | 1750 | 1255779 |
|  Copper Ridge Metropolitan District <br>Series 2019 <br>5.00%, 12/01/2039 | 1405 | 1283712 |
|  Douglas County Housing Partnership <br>(Bridgewater Castle Rock ALF LLC) <br>Series 2021 <br>5.375%, 01/01/2041<sup>(b)</sup> | 10000 | 7458583 |
|  Four Corners Business Improvement District <br>Series 2022 <br>6.00%, 12/01/2052 | 1000 | 889472 |
|  Johnstown Plaza Metropolitan District <br>Series 2022 <br>4.25%, 12/01/2046 | 9760 | 7710981 |
|  Longs Peak Metropolitan District <br>Series 2021 <br>5.25%, 12/01/2051<sup>(b)</sup> | 2000 | 1647753 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 59** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Plaza Metropolitan District No. 1 <br>Series 2013 <br>5.00%, 12/01/2040<sup>(b)</sup> | $| 1000 | $| 940171 |
|  Pueblo Urban Renewal Authority <br>Series 2021 <br>4.75%, 12/01/2045<sup>(b)</sup> |  | 3810 |  | 3070138 |
|  Riverwalk Metropolitan District No. 2 <br>Series 2022-A <br>5.00%, 12/01/2042 |  | 3000 |  | 2647097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 |  | 1000 |  | 841008 |
|  Sagebrush Farm Metropolitan District No 1 <br>Series 2022-A <br>6.75%, 12/01/2052 |  | 1500 |  | 1452678 |
|  Spring Hill Metropolitan District No 3 <br>Series 2022-A <br>6.75%, 12/01/2052<sup>(b)</sup> |  | 2000 |  | 2008560 |
|  STC Metropolitan District No. 2 <br>Series 2019-A <br>5.00%, 12/01/2038 |  | 1060 |  | 990870 |
|  Sterling Ranch Community Authority Board <br>(Sterling Ranch Metropolitan District No 3) Series 2022 <br>6.50%, 12/01/2042 |  | 2000 |  | 2013604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2053 |  | 3000 |  | 3011000 |
|  Vauxmont Metropolitan District <br>AGM Series 2019 <br>3.25%, 12/15/2050 |  | 189 |  | 155943 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020 <br>5.00%, 12/01/2027 |  | 195 |  | 211824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 270 |  | 298268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 205 |  | 209801 |
|  |  |  |  | 95994458 |
|  **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** |
|  Connecticut State Health & Educational Facilities Authority <br>(Hartford HealthCare Obligated Group) <br>Series 2020-A <br>4.00%, 07/01/2036 |  | 500 |  | 486791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 |  | 800 |  | 772271 |
|  Connecticut State Health & Educational Facilities Authority <br>(McLean Affiliates Obligated Group) <br>Series 2020-B <br>2.75%, 01/01/2026<sup>(b)</sup> |  | 115 |  | 112961 |

---

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| | |
|:---|:---|
| **60 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Connecticut <br>Series 2013-E <br>5.00%, 08/15/2031<sup>(a)</sup> | $| 7850 | $| 7967219 |
|  Town of Hamden CT <br>(Whitney Center, Inc. Obligated Group) <br>Series 2022-A <br>7.00%, 01/01/2053 |  | 1000 |  | 1015072 |
|  |  |  |  | 10354314 |
|  **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** |
|  District of Columbia <br>(Friendship Public Charter School, Inc.) <br>Series 2016-A <br>5.00%, 06/01/2041 |  | 3070 |  | 3083413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046 |  | 635 |  | 633437 |
|  District of Columbia <br>(KIPP DC Obligated Group) <br>Series 2017-A <br>5.00%, 07/01/2042 |  | 1000 |  | 1018390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 |  | 5800 |  | 5862979 |
|  District of Columbia Tobacco Settlement Financing Corp. <br>Series 2006 <br>Zero Coupon, 06/15/2055 |  | 163875 |  | 13710843 |
|  |  |  |  | 24309062 |
|  **Florida – 6.2%** | **Florida – 6.2%** | **Florida – 6.2%** | **Florida – 6.2%** | **Florida – 6.2%** |
|  Alachua County Health Facilities Authority <br>(Oak Hammock at the University of Florida Obligated Group) <br>Series 2022 <br>4.00%, 10/01/2040 |  | 2400 |  | 2045294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2046 |  | 1750 |  | 1409575 |
|  Alachua County Health Facilities Authority <br>(Shands Teaching Hospital & Clinics Obligated Group) <br>Series 2014-A <br>5.00%, 12/01/2044 |  | 4000 |  | 4023380 |
|  Align Affordable Housing Bond Fund LP <br>(SHI – Lake Worth LLC) <br>Series 2021 <br>3.25%, 12/01/2051<sup>(b)</sup> |  | 15000 |  | 12941336 |
|  Bexley Community Development District <br>Series 2016 <br>4.875%, 05/01/2047 |  | 2055 |  | 1871355 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 61** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Brevard County Health Facilities Authority <br>(Health First, Inc. Obligated Group) <br>Series 2023 <br>5.00%, 04/01/2027<sup>(f)</sup> | $2320 | $2435176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029<sup>(f)</sup> | 2560 | 2738065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031<sup>(f)</sup> | 2825 | 3048933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033<sup>(f)</sup> | 3110 | 3354167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038<sup>(f)</sup> | 3435 | 3581930 |
|  Cape Coral Health Facilities Authority <br>(Gulf Care, Inc. Obligated Group) <br>Series 2015 <br>6.00%, 07/01/2050<sup>(b)</sup> | 1550 | 1399926 |
|  Capital Projects Finance Authority/FL <br>(CAPFA Capital Corp. 2000F) <br>Series 2020-A <br>5.00%, 10/01/2028 | 1300 | 1326914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 1000 | 1004434 |
|  Capital Trust Agency, Inc. <br>(Aviva Senior Life) <br>Series 2017 <br>5.00%, 07/01/2046<sup>(b)</sup> | 1500 | 1180491 |
|  Capital Trust Agency, Inc. <br>(Educational Growth Fund LLC) <br>Series 2021 <br>3.375%, 07/01/2031<sup>(b)</sup> | 1000 | 877470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056<sup>(b)</sup> | 6800 | 6026572 |
|  Capital Trust Agency, Inc. <br>(Team Success A School of Excellence, Inc.) <br>Series 2020 <br>5.00%, 06/01/2045<sup>(b)</sup> | 1000 | 849017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055<sup>(b)</sup> | 1000 | 814116 |
|  City of Jacksonville FL <br>(Genesis Health, Inc. Obligated Group) <br>Series 2020 <br>5.00%, 11/01/2050 | 11940 | 12047332 |
|  City of Tallahassee FL <br>(Tallahassee Memorial HealthCare, Inc.) <br>Series 2015-A <br>5.00%, 12/01/2044 | 6830 | 6874559 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue) <br>Series 2020-A <br>Zero Coupon, 09/01/2039 | 850 | 393469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2042 | 1000 | 392745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2049 | 1000 | 276797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2053 | 1400 | 315489 |

---

---

| | |
|:---|:---|
| **62 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Lake FL <br>(Waterman Communities, Inc.) <br>Series 2020 <br>5.50%, 08/15/2040 | $3000 | $2681085 |
|  County of Osceola FL Transportation Revenue <br>Series 2020-A <br>Zero Coupon, 10/01/2035 | 250 | 125929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2036 | 410 | 194411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2037 | 230 | 102597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2038 | 315 | 132187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2039 | 390 | 153550 |
|  County of Palm Beach FL <br>(Provident Group-PBAU Properties LLC) <br>Series 2019 <br>5.00%, 04/01/2039<sup>(b)</sup> | 500 | 458599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2051<sup>(b)</sup> | 1970 | 1693482 |
|  Florida Atlantic University Finance Corp. <br>Series 2019-A <br>5.00%, 07/01/2031<sup>(a)</sup> | 2025 | 2243831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033<sup>(a)</sup> | 2505 | 2749438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034<sup>(a)</sup> | 5235 | 5699630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036<sup>(a)</sup> | 1935 | 2083265 |
|  Florida Development Finance Corp. <br>(Assistance Unlimited, Inc,) <br>Series 2022 <br>6.00%, 08/15/2057<sup>(b)</sup> | 3900 | 3562594 |
|  Florida Development Finance Corp. <br>(Brightline Trains Florida LLC) <br>Series 2020 <br>7.375%, 01/01/2049<sup>(b)</sup> | 6100 | 5422019 |
|  Florida Development Finance Corp. <br>(Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding Inc.) <br>Series 2021 <br>3.00%, 07/01/2031<sup>(b)</sup> | 675 | 600011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2051<sup>(b)</sup> | 1950 | 1476093 |
|  Florida Development Finance Corp. <br>(IDEA Florida, Inc.) <br>Series 2022 <br>5.25%, 06/15/2029<sup>(b)</sup> | 1000 | 970406 |
|  Florida Development Finance Corp. <br>(Mater Academy, Inc.) <br>Series 2020-A <br>5.00%, 06/15/2035 | 1000 | 1021376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2050 | 2000 | 1980852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2055 | 1435 | 1395539 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 63** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp. <br>(Seaside School Consortium, Inc.) <br>Series 2022 <br>6.00%, 06/15/2057 | $2000 | $2086128 |
|  Florida Higher Educational Facilities Financial Authority <br>(Ringling College of Art and Design, Inc.) <br>Series 2019 <br>5.00%, 03/01/2044 | 795 | 798328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2049 | 3375 | 3369656 |
|  Hillsborough County Aviation Authority <br>5.00%, 10/01/2048<sup>(a)</sup> | 10000 | 10501141 |
|  Lee County Industrial Development Authority/FL <br>(Cypress Cove at Healthpark Florida Obligated Group) <br>Series 2022 <br>5.25%, 10/01/2057 | 3000 | 2579755 |
|  North Broward Hospital District <br>Series 2017-B <br>5.00%, 01/01/2037 | 7235 | 7383346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 | 17900 | 17883996 |
|  Orange County Health Facilities Authority <br>(Presbyterian Retirement Communities, Inc. Obligated Group) <br>Series 2023 <br>4.00%, 08/01/2042<sup>(f)</sup> | 5000 | 4259580 |
|  Palm Beach County Educational Facilities Authority <br>(Palm Beach Atlantic University Obligated Group) <br>Series 2021 <br>4.00%, 10/01/2041 | 1000 | 908144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2051 | 1815 | 1561719 |
|  Palm Beach County Health Facilities Authority <br>(Federation CCRC Operations Corp. Obligated Group) <br>Series 2022 <br>4.25%, 06/01/2056 | 2100 | 1550566 |
|  Palm Beach County Health Facilities Authority <br>(Green Cay Life Plan Village, Inc.) <br>Series 2022 <br>11.50%, 07/01/2027<sup>(b)</sup> | 1000 | 971266 |

---

---

| | |
|:---|:---|
| **64 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Polk County Industrial Development Authority <br>(Mineral Development LLC) <br>Series 2020 <br>5.875%, 01/01/2033<sup>(b)</sup> | $| 2000 | $| 1999132 |
|  Sarasota County Health Facilities Authority <br>(Village On the Isle) <br>Series 2017-A <br>5.00%, 01/01/2047 |  | 2450 |  | 2128680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2052 |  | 4500 |  | 3835074 |
|  Tampa Florida Hospitals <br>4.00%, 07/01/2045<sup>(a)</sup> |  | 15415 |  | 13965336 |
|  Village Community Development District No. 13 <br>Series 2020 <br>3.50%, 05/01/2051<sup>(b)</sup> |  | 1955 |  | 1287351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>1.80%, 05/01/2026 |  | 400 |  | 361679 |
|  |  |  |  | 183406313 |
|  **Georgia – 1.0%** | **Georgia – 1.0%** | **Georgia – 1.0%** | **Georgia – 1.0%** | **Georgia – 1.0%** |
|  Glynn-Brunswick Memorial Hospital Authority <br>(Southeast Georgia Health System Obligated Group) <br>Series 2017 <br>5.00%, 08/01/2043 |  | 1000 |  | 1006424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2047 |  | 1650 |  | 1652724 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP)<br>Series 2022-C<br>4.00%, 08/01/2052<sup>(b)</sup> |  | 10000 |  | 9511987 |
|  Municipal Electric Authority of Georgia <br>Series 2019 <br>5.00%, 01/01/2038 |  | 715 |  | 734467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 780 |  | 798768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 |  | 1530 |  | 1533923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049 |  | 4000 |  | 4007478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 |  | 1360 |  | 1363521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2059 |  | 1560 |  | 1543082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 07/01/2063 |  | 6500 |  | 6677220 |
|  |  |  |  | 28829594 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 65** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Guam – 0.5%** |  |  |  |  |
|  Guam Government Waterworks Authority <br>Series 2020-A <br>5.00%, 01/01/2050 | $| 2160 | $| 2166031 |
|  Guam Power Authority <br>Series 2022-A <br>5.00%, 10/01/2042 |  | 6500 |  | 6626430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 |  | 1000 |  | 1018376 |
|  Territory of Guam <br>Series 2019 <br>5.00%, 11/15/2031 |  | 820 |  | 843460 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax) Series 2021-F <br>4.00%, 01/01/2036 |  | 5000 |  | 4614021 |
|  |  |  |  | 15268318 |
|  **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** |
|  Idaho Housing & Finance Association <br>(Battelle Energy Alliance LLC) <br>Series 2010-A <br>7.00%, 02/01/2036 |  | 4000 |  | 4007318 |
|  **Illinois – 11.4%** | **Illinois – 11.4%** | **Illinois – 11.4%** | **Illinois – 11.4%** | **Illinois – 11.4%** |
|  Chicago Board of Education <br>Series 2015-C <br>5.25%, 12/01/2035 |  | 5405 |  | 5435029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2039 |  | 10095 |  | 10117703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>7.00%, 12/01/2044 |  | 3095 |  | 3286865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>7.00%, 12/01/2046<sup>(b)</sup> |  | 4975 |  | 5407582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>6.75%, 12/01/2030<sup>(b)</sup> |  | 11365 |  | 12563339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2042<sup>(b)</sup> |  | 2400 |  | 2622332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 12/01/2034 |  | 5055 |  | 5023032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-G <br>5.00%, 12/01/2044 |  | 8150 |  | 7723220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 12/01/2028 |  | 3750 |  | 3791952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 |  | 4800 |  | 4825005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 2600 |  | 2599996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C<br>5.00%, 12/01/2026 |  | 4900 |  | 4958430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>5.00%, 12/01/2030 |  | 425 |  | 428515 |

---

---

| | |
|:---|:---|
| **66 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | $750 | $754537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 310 | 310877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 290 | 289361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>4.00%, 12/01/2041 | 5000 | 4266710 |
|  Chicago O'Hare International Airport <br>5.25%, 01/01/2053<sup>(a)</sup> | 37000 | 38089106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 01/01/2053<sup>(a)</sup> | 10000 | 10101110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 01/01/2053<sup>(a)</sup> | 10000 | 10217414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 01/01/2055<sup>(a)</sup> | 10000 | 10520821 |
|  Chicago Transit Authority <br>(Chicago Transit Authority Sales Tax) <br>Series 2020-A <br>4.00%, 12/01/2050<sup>(a)</sup> | 4510 | 4002999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2055<sup>(a)</sup> | 10250 | 8982978 |
|  City of Chicago IL <br>Series 2014-A <br>5.00%, 01/01/2036 | 1080 | 1069021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2 <br>5.00%, 01/01/2025 | 400 | 405321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A <br>5.50%, 01/01/2033 | 1000 | 1009431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C <br>5.00%, 01/01/2038 | 90 | 90098 |
|  City of Chicago IL <br>(Goldblatts Supportive Living Project) <br>Series 2013 <br>6.375%, 12/01/2052 | 7950 | 4973022 |
|  Illinois Finance Authority <br>4.00%, 08/15/2036<sup>(a)</sup> | 3000 | 2992181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2037<sup>(a)</sup> | 3000 | 2966100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2038<sup>(a)</sup> | 4000 | 3930932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2039<sup>(a)</sup> | 2500 | 2436629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2040<sup>(a)</sup> | 1750 | 1689472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2041<sup>(a)</sup> | 2000 | 1912763 |
|  Illinois Finance Authority <br>(Acero Charter Schools, Inc. Obligated Group) <br>Series 2021 <br>4.00%, 10/01/2042<sup>(b)</sup> | 1000 | 789562 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 67** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Illinois Finance Authority <br>(Bradley University) <br>Series 2021-A <br>4.00%, 08/01/2043 | $1190 | $1034539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046 | 2000 | 1700027 |
|  Illinois Finance Authority <br>(CHF-Chicago LLC) <br>Series 2017-A <br>5.00%, 02/15/2047 | 1790 | 1609115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2050 | 1000 | 889855 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology) <br>Series 2019 <br>4.00%, 09/01/2035 | 400 | 359844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2037 | 520 | 456611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 | 850 | 730614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 | 385 | 324635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 540 | 541898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 535 | 532633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 | 465 | 458496 |
|  Illinois Finance Authority <br>(Park Place of Elmhurst Obligated Group) <br>Series 2021 <br>5.125%, 05/15/2060 | 11613 | 8355716 |
|  Illinois Finance Authority <br>(Rosalind Franklin University of Medicine & Science) <br>Series 2017-C <br>5.00%, 08/01/2049 | 1075 | 1086935 |
|  Illinois Housing Development Authority <br>Series 2022 <br>5.67%, 12/01/2025<sup>(b)</sup> | 6100 | 6124149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17%, 11/01/2038 | 600 | 610917 |
|  Illinois State Toll Highway Authority <br>Series 2021-A <br>4.00%, 01/01/2042<sup>(a)</sup> | 10985 | 10810116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2046<sup>(a)</sup> | 6000 | 5743705 |
|  Metropolitan Pier & Exposition Authority <br>Series 2012 <br>Zero Coupon, 12/15/2041 | 24500 | 9319398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2050 | 19675 | 4435548 |
|  State of Illinois <br>Series 2010 <br>7.35%, 07/01/2035 | 6964 | 7393047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014 <br>5.00%, 05/01/2029 | 1010 | 1023177 |

---

---

| | |
|:---|:---|
| **68 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | $| 4165 | $| 4215495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.00%, 02/01/2028 |  | 15000 |  | 15557346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 |  | 13000 |  | 13475560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 |  | 4255 |  | 4383084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D <br>5.00%, 11/01/2028 |  | 13400 |  | 13972678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2029 |  | 2115 |  | 2218918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 |  | 4460 |  | 4663668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>4.00%, 11/01/2033 |  | 1500 |  | 1436207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 |  | 5565 |  | 5878451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>5.00%, 10/01/2031 |  | 2085 |  | 2207645 |
|  Village of Antioch IL Special Service Areas No. 1 & 2 <br>Series 2016-A <br>4.50%, 03/01/2033 |  | 8436 |  | 7650910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>7.00%, 03/01/2033 |  | 3782 |  | 3555358 |
|  Village of Pingree Grove IL Special Service Area No. 7<br>Series 2015 <br>4.50%, 03/01/2025 |  | 1467 |  | 1456400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 |  | 8950 |  | 8451654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>6.00%, 03/01/2036 |  | 2594 |  | 2595328 |
|  |  |  |  | 335843122 |
|  **Indiana – 1.4%** | **Indiana – 1.4%** | **Indiana – 1.4%** | **Indiana – 1.4%** | **Indiana – 1.4%** |
|  City of Valparaiso IN <br>(Green Oaks of Valparaiso LLC) <br>Series 2021 <br>5.375%, 12/01/2041<sup>(b)</sup> |  | 3350 |  | 2640873 |
|  Indiana Finance Authority <br>(Brightmark Plastics Renewal Indiana LLC) <br>Series 2019 <br>7.00%, 03/01/2039<sup>(b)</sup> |  | 18845 |  | 14175190 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group) <br>Series 2022 <br>4.00%, 04/01/2038 |  | 2045 |  | 1755226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 |  | 2215 |  | 1860832 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 69** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority <br>(Greencroft Goshen Obligated Group) <br>Series 2023-2 <br>4.00%, 11/15/2026<sup>(f)</sup> | $| 1000 | $| 950500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2027<sup>(f)</sup> |  | 1000 |  | 931631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2030<sup>(f)</sup> |  | 1000 |  | 876282 |
|  Indiana Finance Authority <br>(Marquette Manor) <br>Series 2015-A <br>5.00%, 03/01/2039 |  | 2675 |  | 2654231 |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.) <br>Series 2020 <br>3.00%, 11/01/2030 |  | 6375 |  | 5673081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>3.00%, 11/01/2030 |  | 2690 |  | 2393818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.50%, 11/01/2030 |  | 4025 |  | 3450015 |
|  Indiana Finance Authority <br>(University of Evansville) <br>Series 2022 <br>5.25%, 09/01/2057 |  | 5000 |  | 4656890 |
|  |  |  |  | 42018569 |
|  **Iowa – 0.8%** | **Iowa – 0.8%** | **Iowa – 0.8%** | **Iowa – 0.8%** | **Iowa – 0.8%** |
|  Iowa Finance Authority <br>(Iowa Fertilizer Co. LLC) <br>Series 2022 <br>5.00%, 12/01/2050 |  | 10000 |  | 9632806 |
|  Iowa Finance Authority <br>(Wesley Retirement Services, Inc. Obligated Group) <br>Series 2021 <br>4.00%, 12/01/2031 |  | 2265 |  | 2050388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 |  | 3400 |  | 2758455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 |  | 2275 |  | 1752888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 |  | 4060 |  | 3026362 |
|  Iowa Higher Education Loan Authority <br>(Simpson College) <br>Series 2020 <br>5.50%, 11/01/2051 |  | 5000 |  | 4664783 |
|  |  |  |  | 23885682 |
|  **Kansas – 0.5%** | **Kansas – 0.5%** | **Kansas – 0.5%** | **Kansas – 0.5%** | **Kansas – 0.5%** |
|  City of Lawrence KS <br>(Lawrence Memorial Hospital/KS) <br>Series 2018 <br>5.00%, 07/01/2043 |  | 7500 |  | 7659635 |

---

---

| | |
|:---|:---|
| **70 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Overland Park Development Corp. <br>(City of Overland Park KS) <br>Series 2019 <br>5.00%, 03/01/2037 | $| 1000 | $| 964108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 |  | 1070 |  | 1019276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 |  | 655 |  | 611098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2049 |  | 3835 |  | 3534831 |
|  |  |  |  | 13788948 |
|  **Kentucky – 2.2%** | **Kentucky – 2.2%** | **Kentucky – 2.2%** | **Kentucky – 2.2%** | **Kentucky – 2.2%** |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019 <br>4.00%, 02/01/2038 |  | 745 |  | 679956 |
|  City of Henderson KY <br>(Pratt Paper LLC) <br>Series 2022 <br>4.70%, 01/01/2052<sup>(b)</sup> |  | 7000 |  | 6173278 |
|  Kentucky Economic Development Finance Authority <br>(CommonSpirit Health) <br>Series 2019-A <br>5.00%, 08/01/2044<sup>(a)</sup> |  | 12150 |  | 12307202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049<sup>(a)</sup> |  | 2490 |  | 2502387 |
|  Kentucky Economic Development Finance Authority <br>(Masonic Homes of Kentucky, Inc. Obligated Group) <br>Series 2012 <br>5.375%, 11/15/2042 |  | 7765 |  | 6581001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 |  | 2350 |  | 1980704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 05/15/2046 |  | 4500 |  | 3693055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2051 |  | 3500 |  | 2803995 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group) <br>Series 2017-A <br>5.00%, 06/01/2037 |  | 4045 |  | 4147583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2041 |  | 3650 |  | 3716822 |
|  Kentucky Economic Development Finance Authority <br>(Rosedale Green)<br>Series 2015 <br>5.75%, 11/15/2050 |  | 2650 |  | 2257241 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 71** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Kentucky Housing Corp. <br>(Churchill Park LLLP) <br>Series 2022-A <br>4.65%, 05/01/2025<sup>(b)</sup> | $| 1105 | $| 1105158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2040<sup>(b)</sup> |  | 5130 |  | 5133821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>6.75%, 11/01/2040<sup>(b)</sup> |  | 850 |  | 850582 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley) <br>Series 2022-A <br>4.00%, 08/01/2052<sup>(a)</sup> |  | 10000 |  | 9719170 |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group) <br>Series 2020-A <br>5.00%, 10/01/2038 |  | 370 |  | 383609 |
|  |  |  |  | 64035564 |
|  **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** | **Louisiana – 1.0%** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth <br>(St. James Place of Baton Rouge) <br>Series 2015-A <br>6.25%, 11/15/2045 |  | 7625 |  | 7294080 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth <br>(Woman's Hospital Foundation) <br>Series 2017 <br>5.00%, 10/01/2041 |  | 5000 |  | 5128409 |
|  Louisiana Public Facilities Authority <br>Series 2016 <br>5.00%, 05/15/2047 (Pre-refunded/ETM) |  | 25 |  | 26724 |
|  Louisiana Public Facilities Authority <br>(Louisiana Pellets, Inc.) <br>Series 2013-B <br>10.50%, 07/01/2039<sup>(d)(e)</sup> |  | 7250 |  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A <br>8.375%, 07/01/2039<sup>(d)(e)</sup> |  | 17000 |  | 170 |
|  Louisiana Public Facilities Authority <br>(Louisiana State University & Agricultural & Mechanical College Lease) <br>Series 2016-A <br>5.00%, 07/01/2051<sup>(a)</sup> |  | 10000 |  | 10100864 |
|  Parish of St. James LA <br>(NuStar Logistics LP) <br>Series 2020-2 <br>6.35%, 07/01/2040<sup>(b)</sup> |  | 955 |  | 1020637 |

---

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| | |
|:---|:---|
| **72 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  St Tammany Parish Finance Authority <br>(Christwood) <br>Series 2015 <br>5.25%, 11/15/2037 | $| 4600 | $| 4420242 |
|  |  |  |  | 27991199 |
|  **Maine – 0.6%** | **Maine – 0.6%** | **Maine – 0.6%** | **Maine – 0.6%** | **Maine – 0.6%** |
|  Finance Authority of Maine <br>(Casella Waste Systems, Inc.) <br>Series 2017 <br>5.25%, 01/01/2025<sup>(b)</sup> |  | 7270 |  | 7330879 |
|  Maine Health & Higher Educational Facilities Authority <br>4.00%, 07/01/2037<sup>(a)</sup> |  | 1150 |  | 1125979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038<sup>(a)</sup> |  | 1350 |  | 1305758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039<sup>(a)</sup> |  | 2000 |  | 1887092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040<sup>(a)</sup> |  | 1690 |  | 1564353 |
|  Maine Health & Higher Educational Facilities Authority <br>(MaineHealth Obligated Group) <br>Series 2020-A <br>4.00%, 07/01/2045<sup>(a)</sup> |  | 4215 |  | 3714824 |
|  |  |  |  | 16928885 |
|  **Maryland – 2.2%** | **Maryland – 2.2%** | **Maryland – 2.2%** | **Maryland – 2.2%** | **Maryland – 2.2%** |
|  City of Westminster MD <br>(Lutheran Village at Miller's Grant, Inc. (The)) <br>Series 2014-A <br>6.00%, 07/01/2034 |  | 1500 |  | 1517907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/01/2039 |  | 750 |  | 758657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2044 |  | 2000 |  | 2022901 |
|  Maryland Economic Development Corp. <br>Series 2020 <br>3.25%, 09/01/2030 |  | 500 |  | 445828 |
|  Maryland Economic Development Corp. <br>(City of Baltimore MD Port Covington Development District) <br>Series 2020 <br>4.00%, 09/01/2050 |  | 1500 |  | 1183379 |
|  Maryland Health & Higher Educational Facilities Authority <br>(Adventist Healthcare Obligated Group) <br>Series 2021 <br>5.00%, 01/01/2025 |  | 475 |  | 486853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 |  | 495 |  | 511867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 |  | 430 |  | 447760 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 73** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | $| 300 | $| 314317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 |  | 290 |  | 305196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 |  | 285 |  | 300931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 |  | 1790 |  | 1858584 |
|  Maryland Health & Higher Educational Facilities Authority <br>(Meritus Medical Center Obligated Group) Series 2015 <br>5.00%, 07/01/2040 |  | 3500 |  | 3531005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 |  | 1775 |  | 1778345 |
|  Maryland Stadium Authority <br>(Baltimore City Public School Construction Financing Fund)<br>Series 2020<br>5.00%, 05/01/2050<sup>(a)</sup> |  | 45000 |  | 49313886 |
|  |  |  |  | 64777416 |
|  **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** |
|  Commonwealth of Massachusetts <br>Series 2020-D <br>4.00%, 11/01/2041<sup>(a)</sup> |  | 10630 |  | 10678034 |
|  Massachusetts Development Finance Agency <br>(Emmanuel College/MA) <br>Series 2016-A <br>5.00%, 10/01/2034 |  | 1135 |  | 1152051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 |  | 3000 |  | 3036812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 |  | 1115 |  | 1117893 |
|  Massachusetts Development Finance Agency <br>(Merrimack College) <br>Series 2014 <br>5.125%, 07/01/2044 |  | 1000 |  | 1009700 |
|  Massachusetts Development Finance Agency <br>(NewBridge on the Charles, Inc.) <br>Series 2017 <br>5.00%, 10/01/2037<sup>(b)</sup> |  | 1000 |  | 1031062 |
|  Massachusetts Development Finance Agency <br>(Springfield College) <br>Series 2021-B <br>4.00%, 06/01/2041 |  | 1355 |  | 1224227 |

---

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| | |
|:---|:---|
| **74 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency <br>(Wellforce Obligated Group) <br>Series 2019-A <br>5.00%, 07/01/2036 | $| 3000 | $| 3064843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 |  | 4230 |  | 4234234 |
|  Massachusetts Port Authority <br>Series 2019-A <br>5.00%, 07/01/2036<sup>(a)</sup> |  | 4500 |  | 4779922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(a)</sup> |  | 4000 |  | 4226294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038<sup>(a)</sup> |  | 8100 |  | 8535417 |
|  |  |  |  | 44090489 |
|  **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** |
|  City of Detroit MI <br>Series 2014-B <br>4.00%, 04/01/2044 |  | 7000 |  | 5134240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 04/01/2037 |  | 1700 |  | 1725881 |
|  Grand Rapids Economic Development Corp.<br>(Beacon Hill at Eastgate) <br>Series 2017-A <br>5.00%, 11/01/2047 |  | 1060 |  | 868395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 |  | 1185 |  | 942707 |
|  Michigan Finance Authority <br>Series 2016 <br>5.00%, 12/01/2045 (Pre-refunded/ETM) |  | 45 |  | 48372 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Sewage Disposal System Revenue) <br>Series 2014-C6 <br>5.00%, 07/01/2033 |  | 2750 |  | 2821293 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Water Supply System Revenue) <br>Series 2014-D4 <br>5.00%, 07/01/2029 |  | 1400 |  | 1441751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 |  | 1000 |  | 1029510 |
|  Michigan Finance Authority <br>(Lawrence Technological University Obligated Group)<br>Series 2022 <br>4.00%, 02/01/2027 |  | 185 |  | 179089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2032 |  | 285 |  | 264984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2042 |  | 745 |  | 619093 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 75** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue) <br>Series 2020-B <br>Zero Coupon, 06/01/2065 | $| 16250 | $| 1373042 |
|  Michigan Finance Authority <br>(Public Lighting Authority) <br>Series 2014-B <br>5.00%, 07/01/2039 |  | 13580 |  | 13644432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 |  | 1200 |  | 1203203 |
|  Michigan Tobacco Settlement Finance Authority <br>(Tobacco Settlement Financing Corp./MI) <br>Series 2008-C <br>Zero Coupon, 06/01/2058 |  | 164100 |  | 7343376 |
|  |  |  |  | 38639368 |
|  **Minnesota – 0.5%** | **Minnesota – 0.5%** | **Minnesota – 0.5%** | **Minnesota – 0.5%** | **Minnesota – 0.5%** |
|  City of Apple Valley MN <br>(PHS Apple Valley Senior Housing, Inc.) <br>Series 2021 <br>4.00%, 09/01/2051 |  | 230 |  | 181835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2061 |  | 870 |  | 654995 |
|  City of Minneapolis MN <br>(Fairview Health Services Obligated Group) <br>Series 2018-A <br>5.00%, 11/15/2049<sup>(a)</sup> |  | 10250 |  | 10466296 |
|  Duluth Economic Development Authority <br>(Benedictine Health System Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2036 |  | 1000 |  | 851761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 830 |  | 668728 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>4.00%, 06/01/2041<sup>(b)</sup> |  | 1000 |  | 758943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(b)</sup> |  | 1000 |  | 682375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2056<sup>(b)</sup> |  | 1000 |  | 660513 |
|  |  |  |  | 14925446 |
|  **Mississippi – 0.5%** | **Mississippi – 0.5%** | **Mississippi – 0.5%** | **Mississippi – 0.5%** | **Mississippi – 0.5%** |
|  Mississippi Business Finance Corp. <br>(Enviva, Inc.)<br>Series 2022<br>7.75%, 07/15/2047 |  | 1000 |  | 1003100 |

---

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| | |
|:---|:---|
| **76 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Mississippi Development Bank <br>(Magnolia Regional Health Center) <br>Series 2021 <br>4.00%, 10/01/2041<sup>(b)</sup> | $| 1000 | $| 824151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031<sup>(b)</sup> |  | 2850 |  | 3032082 |
|  Mississippi Hospital Equipment & Facilities Authority <br>(Baptist Memorial Health Care Obligated Group) <br>Series 2016-A <br>5.00%, 09/01/2036 |  | 6400 |  | 6472087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2046 |  | 2285 |  | 2257305 |
|  Mississippi Hospital Equipment & Facilities Authority <br>(Forrest General Hospital, Inc.) <br>Series 2019 <br>4.00%, 01/01/2037 |  | 465 |  | 456502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 |  | 750 |  | 795331 |
|  |  |  |  | 14840558 |
|  **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** |
|  Cape Girardeau County Industrial Development Authority <br>(SoutheastHEALTH Obligated Group) <br>Series 2017-A <br>5.00%, 03/01/2036 |  | 1825 |  | 1862615 |
|  I-470 Western Gateway Transportation Development District <br>(I-470 Western Gateway Transportation Development District Sales Tax) <br>Series 2019-A <br>5.25%, 12/01/2048<sup>(b)</sup> |  | 5000 |  | 4916435 |
|  Kansas City Industrial Development Authority Series 2019 <br>5.00%, 07/01/2040<sup>(b)</sup> |  | 1855 |  | 1574515 |
|  Kansas City Industrial Development Authority<br>(Kansas City United Methodist Retirement Home Obligated Group) <br>Series 2021-A <br>10.00%, 11/15/2037 |  | 804 |  | 699030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>7.50%, 11/15/2046 |  | 643 |  | 495848 |
|  Kansas City Industrial Development Authority<br>(Kingswood Senior Living Community) <br>Series 2021 <br>2.00%, 11/15/2046 |  | 1165 |  | 55231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046 |  | 2610 |  | 1971065 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 77** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Lee's Summit Industrial Development Authority <br>(John Knox Village Obligated Group) <br>Series 2016-A <br>5.00%, 08/15/2036 | $| 2000 | $| 1841099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2046 |  | 5585 |  | 4794832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2051 |  | 2415 |  | 2031203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 08/15/2056 |  | 5000 |  | 4131210 |
|  |  |  |  | 24373083 |
|  **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** | **Nebraska – 0.9%** |
|  Central Plains Energy Project <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2017-A <br>5.00%, 09/01/2032 |  | 10730 |  | 11458776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042<sup>(a)</sup> |  | 14215 |  | 14704474 |
|  |  |  |  | 26163250 |
|  **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** | **Nevada – 0.3%** |
|  City of Reno NV <br>(County of Washoe NV Sales Tax Revenue) <br>Series 2018-C <br>Zero Coupon, 07/01/2058<sup>(b)</sup> |  | 10500 |  | 1233826 |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax) <br>Series 2019-A <br>2.75%, 06/15/2028<sup>(b)</sup> |  | 2550 |  | 2258307 |
|  Las Vegas Redevelopment Agency <br>Series 2016 <br>5.00%, 06/15/2045 |  | 3000 |  | 3057353 |
|  State of Nevada Department of Business & Industry <br>(Fulcrum Sierra Biofuels LLC) <br>Series 2018 <br>6.95%, 02/15/2038<sup>(b)</sup> |  | 1635 |  | 1456345 |
|  |  |  |  | 8005831 |
|  **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** |
|  New Hampshire Business Finance Authority <br>National Finance Authority <br>Series 2020-1, Class A <br>4.125%, 01/20/2034 |  | 12317 |  | 11873321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A <br>4.375%, 09/20/2036 |  | 16913 |  | 16184801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>0.35%, 09/20/2036 |  | 11000 |  | 264957 |

---

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| | |
|:---|:---|
| **78 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A <br>4.00%, 10/20/2036 | $| 9980 | $| 9195180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class X <br>0.688%, 10/01/2036<sup>(c)</sup> |  | 10000 |  | 514154 |
|  New Hampshire Business Finance Authority <br>(Covanta Holding Corp.) <br>Series 2020-A <br>3.625%, 07/01/2043<sup>(b)</sup> |  | 1240 |  | 984844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>3.75%, 07/01/2045<sup>(b)</sup> |  | 2475 |  | 2000400 |
|  New Hampshire Health and Education Facilities Authority Act <br>(Dartmouth-Hitchcock Obligated Group) <br>Series 2020-A <br>5.00%, 08/01/2059 |  | 10920 |  | 11341677 |
|  |  |  |  | 52359334 |
|  **New Jersey – 5.2%** | **New Jersey – 5.2%** | **New Jersey – 5.2%** | **New Jersey – 5.2%** | **New Jersey – 5.2%** |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease) <br>Series 2014 <br>5.00%, 06/15/2040 |  | 2845 |  | 2869186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-W <br>5.25%, 06/15/2040 |  | 4725 |  | 4824822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.25%, 04/01/2028 |  | 2720 |  | 2987327 |
|  New Jersey Economic Development Authority <br>(NYNJ Link Borrower LLC) <br>Series 2013 <br>5.125%, 01/01/2034 |  | 9780 |  | 9796537 |
|  New Jersey Economic Development Authority <br>(Port Newark Container Terminal LLC) <br>Series 2017 <br>5.00%, 10/01/2037 |  | 2000 |  | 2012648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047 |  | 8750 |  | 8566627 |
|  New Jersey Economic Development Authority <br>(UMM Energy Partners LLC) <br>Series 2012-A <br>5.125%, 06/15/2043 |  | 7515 |  | 7515581 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 79** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.) <br>Series 2012 <br>5.25%, 09/15/2029 | $| 4140 | $| 4151771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B <br>5.625%, 11/15/2030 |  | 4525 |  | 4550724 |
|  New Jersey Educational Facilities Authority <br>(Stevens Institute of Technology International, Inc.) <br>Series 2020-A <br>4.00%, 07/01/2050 |  | 1195 |  | 1040608 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2028 |  | 13615 |  | 14367038 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease) <br>Series 2013-A <br>5.00%, 06/15/2036 |  | 5000 |  | 5024180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A <br>5.00%, 06/15/2045 |  | 1000 |  | 1009225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 12/15/2033<sup>(a)</sup> |  | 12240 |  | 13128204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2035<sup>(a)</sup> |  | 6545 |  | 6893189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>4.00%, 06/15/2037 |  | 930 |  | 903721 |
|  South Jersey Transportation Authority <br>Series 2014-A <br>5.00%, 11/01/2039 |  | 3515 |  | 3573674 |
|  Tobacco Settlement Financing Corp./NJ <br>Series 2018-B <br>5.00%, 06/01/2046 |  | 60055 |  | 58041368 |
|  |  |  |  | 151256430 |
|  **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** |
|  New Mexico Hospital Equipment Loan Council <br>(Haverland Carter Lifestyle Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2039 |  | 445 |  | 387226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 |  | 3935 |  | 3184108 |
|  |  |  |  | 3571334 |

---

---

| | |
|:---|:---|
| **80 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **New York – 7.0%** |  |  |
|  Build NYC Resource Corp. <br>(Albert Einstein College of Medicine, Inc.) <br>Series 2016 <br>5.50%, 09/01/2045<sup>(b)</sup> | $4415 | $4435897 |
|  Build NYC Resource Corp. <br>(Integration Charter Schools) <br>Series 2021 <br>5.00%, 06/01/2056<sup>(b)</sup> | 2050 | 1776548 |
|  Build NYC Resource Corp. <br>(Metropolitan College of New York) <br>Series 2014 <br>5.00%, 11/01/2039 | 7050 | 6489747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2044 | 2875 | 2724291 |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC) <br>Series 2015 <br>12.00%, 07/01/2034<sup>(g)</sup> | 5000 | 250000 |
|  Metropolitan Transportation Authority <br>Series 2013-A <br>5.00%, 11/15/2023 | 2130 | 2146900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A <br>5.00%, 11/15/2045 | 4830 | 4736713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 11/15/2032 | 1295 | 1320014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 11/15/2025 | 635 | 655773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2037 | 13265 | 13431477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>5.00%, 11/15/2027 | 4630 | 4821696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2028 | 1650 | 1712071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>4.75%, 11/15/2045 | 2000 | 1944340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>4.00%, 11/15/2048 | 10000 | 8363498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043 | 4000 | 3940616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E <br>4.00%, 11/15/2045 | 2000 | 1698559 |
|  Monroe County Industrial Development Corp./NY <br>(St Ann's of Greater Rochester Obligated Group) <br>Series 2019 <br>5.00%, 01/01/2050 | 3150 | 2488002 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 81** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Nassau County Industrial Development Agency <br>(Amsterdam House Continuing Care Retirement Community, Inc.) <br>Series 2021 <br>5.00%, 01/01/2058 | $7315 | $3593083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 01/01/2041<sup>(b)</sup> | 3660 | 3046910 |
|  New York City Housing Development Corp. <br>Series 2020 <br>2.55%, 08/01/2040 | 1355 | 1005230 |
|  New York City NY Transitional <br>5.00%, 02/01/2032<sup>(a)</sup> | 8640 | 8668581 |
|  New York Counties Tobacco Trust V <br>Series 2005 <br>Zero Coupon, 06/01/2050 | 51990 | 6813945 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax) <br>Series 2022 <br>4.00%, 03/15/2040<sup>(a)</sup> | 10000 | 9900692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 03/15/2040<sup>(a)</sup> | 10000 | 9900692 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.) <br>Series 2020 <br>5.00%, 10/01/2035 | 2500 | 2519163 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC) <br>Series 2022 <br>5.00%, 12/01/2038 | 3000 | 3021049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 1000 | 995275 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC) <br>Series 2016-A <br>5.00%, 07/01/2041 | 17110 | 17144660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2050 | 8000 | 8024298 |
|  Orange County Funding Corp. <br>(The Hamlet at Wallkill) <br>Series 2013 <br>6.50%, 01/01/2046 | 5865 | 4711377 |
|  Triborough Bridge & Tunnel Authority <br>5.25%, 05/15/2057<sup>(a)</sup> | 10000 | 10938185 |

---

---

| | |
|:---|:---|
| **82 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021-B <br>5.50%, 11/15/2057<sup>(a)</sup> | $| 10000 | $| 11313105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 05/15/2052<sup>(a)</sup> |  | 13000 |  | 14475358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.25%, 05/15/2052<sup>(a)</sup> |  | 5000 |  | 5489694 |
|  Ulster County Capital Resource Corp. <br>(Woodland Pond at New Paltz) <br>Series 2017 <br>5.00%, 09/15/2037 |  | 4270 |  | 3473646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2042 |  | 1795 |  | 1428586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2047 |  | 3080 |  | 2349548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2053 |  | 6635 |  | 4881016 |
|  Westchester County Local Development Corp. <br>(Purchase Senior Learning Community Obligated Group) <br>Series 2021 <br>2.875%, 07/01/2026<sup>(b)</sup> |  | 7650 |  | 7371632 |
|  Western Regional Off-Track Betting Corp.<br>Series 2021<br>4.125%, 12/01/2041<sup>(b)</sup> |  | 1650 |  | 1245170 |
|  |  |  |  | 205247037 |
|  **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** | **North Carolina – 0.2%** |
|  Fayetteville State University <br>Series 2023 <br>5.00%, 04/01/2033<sup>(b)(f)</sup> |  | 710 |  | 758684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035<sup>(b)(f)</sup> |  | 830 |  | 876975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039<sup>(b)(f)</sup> |  | 1120 |  | 1165157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041<sup>(b)(f)</sup> |  | 1290 |  | 1335581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043<sup>(b)(f)</sup> |  | 1480 |  | 1528594 |
|  North Carolina Medical Care Commission <br>(Pennybyrn at Maryfield) <br>Series 2015 <br>5.00%, 10/01/2035 |  | 1625 |  | 1591752 |
|  |  |  |  | 7256743 |
|  **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** | **North Dakota – 0.2%** |
|  County of Grand Forks ND <br>(Red River Biorefinery LLC) <br>Series 2021 <br>6.625%, 12/15/2031<sup>(b)</sup> |  | 1550 |  | 924574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/2043<sup>(b)</sup> |  | 1610 |  | 904821 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 83** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  County of Ward ND <br>(Trinity Health Obligated Group) <br>Series 2017-C <br>5.00%, 06/01/2043 | $| 5000 | $| 4520413 |
|  |  |  |  | 6349808 |
|  **Ohio – 4.8%** | **Ohio – 4.8%** | **Ohio – 4.8%** | **Ohio – 4.8%** | **Ohio – 4.8%** |
|  Buckeye Tobacco Settlement Financing Authority <br>Series 2020-B <br>Zero Coupon, 06/01/2057 |  | 36605 |  | 4278912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 |  | 83640 |  | 76633201 |
|  City of Middleburg Heights OH <br>(Southwest General Health Center Obligated Group) <br>Series 2021 <br>5.00%, 08/01/2032 |  | 1000 |  | 1089231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 800 |  | 867712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 |  | 1000 |  | 1078792 |
|  County of Cuyahoga OH <br>(MetroHealth System (The)) <br>Series 2017 <br>5.00%, 02/15/2042 |  | 21160 |  | 21430895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2052 |  | 2500 |  | 2501174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2047 |  | 7325 |  | 7371490 |
|  County of Franklin OH <br>(First Community Village Obligated Group)<br>Series 2019 <br>5.00%, 07/01/2049 |  | 2840 |  | 2376078 |
|  County of Marion OH <br>(United Church Homes, Inc. Obligated Group) <br>Series 2019 <br>5.00%, 12/01/2039 |  | 565 |  | 516557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2049 |  | 690 |  | 604798 |
|  County of Montgomery OH <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049<sup>(b)(d)(e)</sup> |  | 5215 |  | 1960840 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group) <br>Series 2022 <br>6.625%, 12/01/2042 |  | 1000 |  | 992971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 |  | 10000 |  | 9866459 |

---

---

| | |
|:---|:---|
| **84 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Jefferson County Port Authority/OH <br>(JSW Steel USA Ohio, Inc.) <br>Series 2021 <br>3.50%, 12/01/2051<sup>(b)</sup> | $| 3700 | $| 2535900 |
|  Ohio Air Quality Development Authority <br>(Pratt Paper OH, Inc.) <br>Series 2017 <br>4.25%, 01/15/2038<sup>(b)</sup> |  | 1540 |  | 1430784 |
|  Port of Greater Cincinnati Development Authority <br>Series 2021 <br>4.375%, 06/15/2056 |  | 1000 |  | 919724 |
|  Toledo-Lucas County Port Authority <br>(ParkUToledo Inc) <br>Series 2021 <br>4.00%, 01/01/2057 |  | 7065 |  | 5215821 |
|  |  |  |  | 141671339 |
|  **Oklahoma – 1.4%** | **Oklahoma – 1.4%** | **Oklahoma – 1.4%** | **Oklahoma – 1.4%** | **Oklahoma – 1.4%** |
|  Norman Regional Hospital Authority <br>(Norman Regional Hospital Authority Obligated Group) <br>Series 2019 <br>3.25%, 09/01/2038 |  | 2545 |  | 2018015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/2039 |  | 1000 |  | 779972 |
|  Oklahoma Development Finance Authority <br>(Oklahoma City University Obligated Group) <br>Series 2019 <br>5.00%, 08/01/2044 |  | 4525 |  | 4413665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049 |  | 4520 |  | 4339469 |
|  Oklahoma Development Finance Authority <br>(OU Medicine Obligated Group) <br>Series 2018-B <br>5.00%, 08/15/2033 |  | 3165 |  | 3024638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2052 |  | 5000 |  | 4581540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2057 |  | 11290 |  | 10233073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.50%, 08/15/2044 |  | 10000 |  | 9419885 |
|  Tulsa Authority for Economic Opportunity <br>(Tulsa Authority for Economic Opportunity Increment District No. 8) <br>Series 2021 <br>4.375%, 12/01/2041<sup>(b)</sup> |  | 1980 |  | 1600797 |
|  |  |  |  | 40411054 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 85** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Oregon – 0.3%** |  |  |  |  |
|  Clackamas County Hospital Facility Authority<br>(Rose Villa, Inc. Obligated Group)<br>Series 2020-A<br>5.25%, 11/15/2050 | $| 1000 | $| 884170 |
|  Hospital Facilities Authority of Multnomah County Oregon <br>(Mirabella at South Waterfront) <br>Series 2014-A <br>5.40%, 10/01/2044 |  | 2750 |  | 2677592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2049 |  | 5650 |  | 5510306 |
|  Yamhill County Hospital Authority <br>(Friendsview Manor Obligated Group) <br>Series 2021-B <br>1.75%, 11/15/2026 |  | 340 |  | 313341 |
|  |  |  |  | 9385409 |
|  **Pennsylvania – 3.8%** | **Pennsylvania – 3.8%** | **Pennsylvania – 3.8%** | **Pennsylvania – 3.8%** | **Pennsylvania – 3.8%** |
|  Allentown Neighborhood Improvement Zone Development Authority <br>Series 2017 <br>5.00%, 05/01/2042<sup>(b)</sup> |  | 3070 |  | 2777616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 05/01/2042<sup>(b)</sup> |  | 2325 |  | 2103569 |
|  Berks County Industrial Development Authority <br>(Tower Health Obligated Group) <br>Series 2017 <br>5.00%, 11/01/2047 |  | 1800 |  | 1219554 |
|  Berks County Municipal Authority (The) <br>(Tower Health Obligated Group) <br>Series 2020-B <br>5.00%, 02/01/2040 |  | 6000 |  | 5596392 |
|  Bucks County Industrial Development Authority <br>(Grand View Hospital/Sellersville PA Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2051 |  | 5000 |  | 3641052 |
|  Chester County Industrial Development Authority <br>(Collegium Charter School) <br>Series 2022 <br>5.625%, 10/15/2042<sup>(b)</sup> |  | 2750 |  | 2649526 |

---

---

| | |
|:---|:---|
| **86 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Crawford County Hospital Authority <br>(Meadville Medical Center Obligated Group) <br>Series 2016-A <br>6.00%, 06/01/2046 | $7950 | $8095622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2051 | 3715 | 3758138 |
|  Cumberland County Municipal Authority <br>(Asbury Pennsylvania Obligated Group) <br>Series 2019 <br>5.00%, 01/01/2045 | 1185 | 1073212 |
|  Cumberland County Municipal Authority <br>(Penn State Health Obligated Group) <br>Series 2019 <br>4.00%, 11/01/2036 | 865 | 858079 |
|  Geisinger Authority <br>(Geisinger Health System Obligated Group) <br>Series 2020 <br>5.00%, 04/01/2043<sup>(a)</sup> | 2000 | 2178308 |
|  Geisinger Pennsylvania Authority Health System <br>5.00%, 04/01/2050<sup>(a)</sup> | 8000 | 8159436 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group) <br>Series 2017 <br>5.00%, 07/01/2032 | 1000 | 1032625 |
|  Lancaster County Hospital Authority/PA <br>(St Anne's Retirement Community Obligated Group) <br>Series 2020 <br>5.00%, 03/01/2040 | 1000 | 876764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2045 | 500 | 421682 |
|  Montgomery County Higher Education and Health Authority <br>(Thomas Jefferson University Obligated Group) <br>Series 2022 <br>5.00%, 05/01/2057<sup>(a)</sup> | 10000 | 10002913 |
|  Moon Industrial Development Authority <br>(Baptist Homes Society) <br>Series 2015 <br>6.00%, 07/01/2045 | 18125 | 15482194 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 87** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pennsylvania Economic Development Financing Authority<br>(Covanta Holding Corp.) <br>Series 2019 <br>3.25%, 08/01/2039<sup>(b)</sup> | $1640 | $1240656 |
|  Pennsylvania Economic Development Financing Authority<br>(Iron Cumberland LLC) <br>Series 2022 <br>7.00%, 12/01/2029 | 11500 | 11154937 |
|  Pennsylvania Economic Development Financing Authority<br>(PA Bridges Finco LP) <br>Series 2015 <br>5.00%, 12/31/2034 | 2110 | 2138138 |
|  Pennsylvania Turnpike Commission <br>Series 2017-B <br>5.00%, 06/01/2036 | 2010 | 2093372 |
|  Philadelphia Authority for Industrial Development <br>(Greater Philadelphia Health Action, Inc.) <br>Series 2015-A <br>6.375%, 06/01/2040 | 1300 | 1271223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2045 | 2390 | 2351193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/01/2050 | 3870 | 3838544 |
|  Philadelphia Authority for Industrial Development <br>(MaST Community Charter School III) <br>Series 2021 <br>5.00%, 08/01/2050 | 2240 | 2215112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2054 | 1585 | 1544209 |
|  Scranton-Lackawanna Health and Welfare Authority <br>(Scranton Parking System Concession Project)<br>Series 2016-A<br>5.00%, 01/01/2051<sup>(b)</sup> | 6920 | 4270055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2057<sup>(b)</sup> | 5475 | 3261258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>6.08%, 01/01/2026<sup>(b)</sup> | 495 | 471621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C <br>Zero Coupon, 01/01/2036<sup>(b)</sup> | 3010 | 943437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>Zero Coupon, 01/01/2057<sup>(h)</sup> | 59415 | 3564900 |
|  |  | 110285337 |

---

---

| | |
|:---|:---|
| **88 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Puerto Rico – 13.0%** |  |  |
|  Children's Trust Fund <br>Series 2005-A <br>Zero Coupon, 05/15/2050 | $3830 | $663745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-A <br>Zero Coupon, 05/15/2057 | 70000 | 4626160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-B <br>Zero Coupon, 05/15/2057 | 445000 | 23087401 |
|  Commonwealth of Puerto Rico <br>Series 2021-A <br>Zero Coupon, 07/01/2024 | 872 | 800809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 21858 | 11961140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 32493 | 28241326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 6453 | 5487679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 2012 | 1675947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 2735 | 2190148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 2844 | 2187741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 1456 | 1462185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 4904 | 4971260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 5694 | 5824690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 7607 | 7784902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 5122 | 5250383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.068%, 11/01/2051 | 16150 | 7206937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>0.00%, 11/01/2043 | 30439 | 13849766 |
|  GDB Debt Recovery Authority of Puerto Rico<br>Series 2018 <br>7.50%, 08/20/2040 | 4726 | 3946209 |
|  PR Custodial Trust <br>Series 2022 <br>5.50%, 07/01/2029 | 307 | 313395 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority <br>Series 2008-A <br>6.125%, 07/01/2024 | 1740 | 1774510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>4.00%, 07/01/2023<sup>(b)</sup> | 3000 | 2996833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025<sup>(b)</sup> | 5000 | 5056441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030<sup>(b)</sup> | 10000 | 10093801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2047<sup>(b)</sup> | 10000 | 9561575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 07/01/2042<sup>(b)</sup> | 3765 | 3179486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047<sup>(b)</sup> | 1975 | 1619358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025<sup>(b)</sup> | 3505 | 3544565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028<sup>(b)</sup> | 2550 | 2577095 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 89** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(b)</sup> | $3850 | $3888116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033<sup>(b)</sup> | 2835 | 2840765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(b)</sup> | 2530 | 2485207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 07/01/2047<sup>(b)</sup> | 3230 | 2648367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033<sup>(b)</sup> | 10000 | 10021209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(b)</sup> | 10000 | 9822953 |
|  Puerto Rico Electric Power Authority <br>Series 2007-T <br>5.00%, 07/01/2032<sup>(d)(e)</sup> | 7425 | 5475937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(d)(e)</sup> | 10045 | 7408187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W <br>5.00%, 07/01/2028<sup>(d)(e)</sup> | 7285 | 5372688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-WW <br>5.375%, 07/01/2024<sup>(d)(e)</sup> | 3700 | 2742625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A <br>5.25%, 07/01/2029<sup>(d)(e)</sup> | 2370 | 1753800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030<sup>(d)(e)</sup> | 390 | 288600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C <br>5.00%, 07/01/2024<sup>(d)(e)</sup> | 1530 | 1128375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2027<sup>(d)(e)</sup> | 2000 | 1480000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028<sup>(d)(e)</sup> | 5255 | 3888700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-DDD <br>5.00%, 07/01/2020<sup>(e)(i)</sup> | 1660 | 1220100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2021<sup>(e)(i)</sup> | 920 | 676200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2022<sup>(e)(i)</sup> | 610 | 448350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-X <br>5.25%, 07/01/2027<sup>(d)(e)</sup> | 3725 | 2756500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040<sup>(d)(e)</sup> | 10035 | 7425900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2036<sup>(d)(e)</sup> | 1000 | 747500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-ZZ <br>5.25%, 07/01/2019<sup>(e)(i)</sup> | 1715 | 1264813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2022<sup>(e)(i)</sup> | 1565 | 1154188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2024<sup>(d)(e)</sup> | 1570 | 1161800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2025<sup>(d)(e)</sup> | 440 | 325600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A <br>5.00%, 07/01/2029<sup>(d)(e)</sup> | 3345 | 2466938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042<sup>(d)(e)</sup> | 200 | 147500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-V <br>5.25%, 07/01/2031 | 14090 | 14083066 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2007-V <br>5.25%, 07/01/2029 | 215 | 215573 |
|  Puerto Rico Highway & Transportation Authority <br>AGC Series 2005-L <br>5.25%, 07/01/2041 | 4260 | 4206300 |

---

---

| | |
|:---|:---|
| **90 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C<br>5.50%, 07/01/2031 | $| 655 | $| 665886 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N <br>5.25%, 07/01/2036 |  | 3560 |  | 3521620 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP) <br>Series 2000 <br>6.625%, 06/01/2026 |  | 14580 |  | 15102944 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue <br>Series 2018-A <br>Zero Coupon, 07/01/2024 |  | 138 |  | 128137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2027 |  | 383 |  | 308214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2029 |  | 1519 |  | 1103183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2046 |  | 53618 |  | 13446059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>4.329%, 07/01/2040 |  | 21770 |  | 19667464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 |  | 2637 |  | 2449326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 |  | 57481 |  | 54394885 |
|  |  |  |  | 382269062 |
|  **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
|  Rhode Island Health and Educational Building Corp. <br>(Lifespan Obligated Group) <br>Series 2016 <br>5.00%, 05/15/2031 |  | 1795 |  | 1830740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 |  | 1890 |  | 1923271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 |  | 1000 |  | 1015902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 |  | 1600 |  | 1620944 |
|  |  |  |  | 6390857 |
|  **South Carolina – 1.4%** | **South Carolina – 1.4%** | **South Carolina – 1.4%** | **South Carolina – 1.4%** | **South Carolina – 1.4%** |
|  Columbia Housing Authority/SC <br>Series 2022 <br>4.80%, 11/01/2024 |  | 2975 |  | 2887635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 11/01/2032 |  | 500 |  | 484589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 |  | 7515 |  | 7116190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 |  | 330 |  | 311529 |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) <br>Series 2021 <br>6.25%, 06/01/2040<sup>(b)</sup> |  | 3115 |  | 2338428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2051<sup>(b)</sup> |  | 3175 |  | 2271670 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 91** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority <br>(PSG Patriot's Place Apartments LLC) <br>Series 2022 <br>Zero Coupon, 06/01/2052 | $| 6215 | $| 4148317 |
|  South Carolina Public Service Authority <br>Series 2022 <br>3.00%, 12/01/2043 |  | 1606 |  | 1222692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 |  | 5500 |  | 4864545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049 |  | 14178 |  | 12310032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2050 |  | 4047 |  | 3498228 |
|  |  |  |  | 41453855 |
|  **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
|  County of Lincoln SD <br>(Augustana College Association (The)) <br>Series 2021 <br>4.00%, 08/01/2041 |  | 835 |  | 710600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2051 |  | 3620 |  | 2863097 |
|  |  |  |  | 3573697 |
|  **Tennessee – 1.4%** | **Tennessee – 1.4%** | **Tennessee – 1.4%** | **Tennessee – 1.4%** | **Tennessee – 1.4%** |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.125%, 12/01/2042<sup>(b)</sup> |  | 19305 |  | 17674697 |
|  Chattanooga Health Educational & Housing Facility Board <br>(CommonSpirit Health) <br>Series 2019-A <br>4.00%, 08/01/2037 |  | 805 |  | 750376 |
|  Knox County Industrial Development Board <br>(Tompaul Knoxville LLC) <br>Series 2022 <br>9.25%, 11/01/2042<sup>(b)(f)</sup> |  | 2350 |  | 2352370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 09/01/2052<sup>(b)(f)</sup> |  | 6600 |  | 6606215 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Trevecca Nazarene University) <br>Series 2021 <br>4.00%, 10/01/2051 |  | 1000 |  | 797769 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Trousdale Foundation Obligated Group) <br>Series 2018 <br>7.50%, 04/01/2049<sup>(b)(d)(e)</sup> |  | 100 |  | 6500 |

---

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| | |
|:---|:---|
| **92 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>6.25%, 04/01/2049<sup>(b)(d)(e)</sup> | $| 4465 | $| 1678840 |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board <br>(South Nashville Central Business Improvement District) <br>Series 2021 <br>4.00%, 06/01/2051<sup>(b)</sup> |  | 1300 |  | 1008789 |
|  Shelby County Health Educational & Housing Facilities Board <br>(Trezevant Episcopal Home (The)) <br>Series 2013-A <br>5.375%, 09/01/2041 |  | 1020 |  | 853724 |
|  Shelby County Health Educational & Housing Facilities Board <br>(Village at Germantown, Inc.) <br>Series 2014 <br>5.25%, 12/01/2044 |  | 1075 |  | 1047636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2049 |  | 3250 |  | 3114391 |
|  Wilson County Health & Educational Facilities Board<br>Series 2021 <br>4.00%, 12/01/2039 |  | 5800 |  | 4360565 |
|  |  |  |  | 40251872 |
|  **Texas – 7.4%** | **Texas – 7.4%** | **Texas – 7.4%** | **Texas – 7.4%** | **Texas – 7.4%** |
|  Abilene Convention Center Hotel Development Corp. <br>(City of Abilene TX Abilene Convention Center Revenue) <br>Series 2021-A <br>4.00%, 10/01/2050 |  | 2895 |  | 2377748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 10/01/2050<sup>(b)</sup> |  | 4250 |  | 3575118 |
|  Arlington Higher Education Finance Corp. <br>(Uplift Education) <br>Series 2016-A <br>5.00%, 12/01/2046 |  | 2175 |  | 2183750 |
|  Arlington Higher Education Finance Corp. <br>(Wayside Schools) <br>Series 2021-A <br>4.00%, 08/15/2041 |  | 610 |  | 490413 |
|  Baytown Municipal Development District <br>(Baytown Municipal Development District Hotel Occupancy Tax) <br>Series 2021 <br>5.00%, 10/01/2050<sup>(b)</sup> |  | 6205 |  | 5106646 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 93** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Board of Managers Joint Guadalupe County-City of Seguin Hospital <br>Series 2015 <br>5.00%, 12/01/2040 | $1500 | $1477222 |
|  Brazoria County Industrial Development Corp. <br>(Aleon Renewable Metals LLC) <br>Series 2022 <br>10.00%, 06/01/2042<sup>(b)</sup> | 8500 | 8300878 |
|  City of Dallas Housing Finance Corp. <br>Series 2022 <br>Zero Coupon, 12/01/2062<sup>(f)</sup> | 69320 | 4487534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2062<sup>(f)</sup> | 8080 | 7959497 |
|  City of Houston TX <br>(City of Houston TX Hotel Occupancy Tax) <br>Series 2015 <br>5.00%, 09/01/2040 | 4715 | 4776161 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.) <br>Series 2014 <br>5.00%, 07/01/2029 | 12845 | 12865716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 07/15/2030 | 3155 | 3172502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 | 1500 | 1475103 |
|  Clifton Higher Education Finance Corp. <br>(IDEA Public Schools) <br>Series 2012 <br>5.00%, 08/15/2042 | 2470 | 2471839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013 <br>6.00%, 08/15/2043 | 1000 | 1015097 |
|  Conroe Local Government Corp. <br>(Conroe Local Government Corp. Conroe Convention Center Hotel) <br>Series 2021 <br>4.00%, 10/01/2046 | 1160 | 1086973 |
|  Dallas County Flood Control District No. 1 <br>Series 2015 <br>5.00%, 04/01/2032<sup>(b)</sup> | 2000 | 1982397 |
|  Decatur Hospital Authority <br>(Wise Regional Health System) <br>Series 2014-A <br>5.25%, 09/01/2044 | 6300 | 6340198 |
|  El Paso County Hospital District <br>Series 2017 <br>5.00%, 08/15/2033 | 3940 | 4070566 |

---

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| | |
|:---|:---|
| **94 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Harris County Cultural Education Facilities Finance Corp. <br>(Memorial Hermann Health System Obligated Group) <br>Series 2022 <br>5.00%, 07/01/2052<sup>(a)</sup> | $10000 | $10294635 |
|  Hidalgo County Regional Mobility Authority <br>Series 2022-B <br>Zero Coupon, 12/01/2043 | 2965 | 885659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2055 | 5000 | 658283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2056 | 3325 | 410314 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving) <br>Series 2017-A <br>5.00%, 10/15/2033 | 1055 | 1094943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 | 1665 | 1722148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2037 | 2765 | 2834664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2038 | 2615 | 2676729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2039 | 2840 | 2901167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2044 | 5375 | 5452080 |
|  Kerrville Health Facilities Development Corp. <br>(Sid Peterson Memorial Hospital) <br>Series 2015 <br>5.00%, 08/15/2035 | 1800 | 1841605 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(b)</sup> | 15000 | 14507844 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(BSPV – Plano LLC) <br>Series 2019 <br>7.25%, 12/01/2053<sup>(d)(e)</sup> | 4145 | 3730500 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Buckingham Senior Living Community, Inc. Obligated Group) <br>Series 2021 <br>2.00%, 11/15/2061 | 9306 | 4283430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036 | 2265 | 1938543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037 | 365 | 297567 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Longhorn Village) <br>Series 2017 <br>5.00%, 01/01/2037 | 2285 | 2191219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 | 7485 | 6953965 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 95** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Morningside Ministries Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2055 | $1680 | $1378665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 01/01/2047 | 1300 | 924367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/01/2057 | 5000 | 3394323 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Outlook at Windhaven Forefront Living Obligated Group) <br>Series 2022 <br>6.875%, 10/01/2057 | 5000 | 4714229 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Wesleyan Homes Obligated Group) <br>Series 2019 <br>5.00%, 01/01/2055 | 2200 | 1603525 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Westminster Manor) <br>Series 2016 <br>5.00%, 11/01/2040 | 1000 | 985993 |
|  Newark Higher Education Finance Corp. <br>(TLC Academy) <br>Series 2021-A <br>4.00%, 08/15/2051 | 1275 | 939839 |
|  North East Texas Regional Mobility Authority Series 2016 <br>5.00%, 01/01/2046 | 15170 | 15152996 |
|  Port Beaumont Navigation District <br>(Jefferson Railport Terminal II LLC) <br>Series 2020 <br>4.00%, 01/01/2050<sup>(b)</sup> | 1460 | 1071439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.75%, 01/01/2036<sup>(b)</sup> | 1750 | 1258801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 01/01/2041<sup>(b)</sup> | 2000 | 1332880 |
|  Red River Education Finance Corp. <br>(St. Edward's University, Inc.) <br>Series 2016 <br>5.00%, 06/01/2046 | 1090 | 1098407 |
|  Sanger Industrial Development Corp. <br>(Texas Pellets, Inc.) <br>Series 2012-B <br>8.00%, 07/01/2038<sup>(d)(e)</sup> | 5720 | 1430000 |

---

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| | |
|:---|:---|
| **96 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Edgemere Retirement Senior Quality Lifestyles Corp.)<br>Series 2015-A<br>5.00%, 11/15/2045<sup>(d)(e)</sup> | $| 2585 | $| 1034000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 11/15/2036<sup>(d)(e)</sup> |  | 1125 |  | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.25%, 11/15/2047<sup>(d)(e)</sup> |  | 845 |  | 338000 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Stayton at Museum Way) <br>Series 2020-A <br>5.75%, 12/01/2054 |  | 16668 |  | 11706802 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Trinity Terrace Project) <br>Series 2014-A1 <br>5.00%, 10/01/2044 |  | 1335 |  | 1336759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2049 |  | 2625 |  | 2616980 |
|  Texas Private Activity Bond Surface Transportation Corp. <br>(NTE Mobility Partners Segments 3 LLC) <br>Series 2019 <br>5.00%, 06/30/2058 |  | 23230 |  | 22962330 |
|  Uptown Development Authority <br>Series 2017-A <br>5.00%, 09/01/2040 |  | 1985 |  | 1996278 |
|  |  |  |  | 217617266 |
|  **Utah – 0.5%** | **Utah – 0.5%** | **Utah – 0.5%** | **Utah – 0.5%** | **Utah – 0.5%** |
|  County of Utah UT <br>(IHC Health Services, Inc. Obligated Group) <br>Series 2020-I <br>5.00%, 05/15/2043<sup>(a)</sup> |  | 5000 |  | 5341686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050<sup>(a)</sup> |  | 8000 |  | 8279032 |
|  Military Installation Development Authority <br>Series 2021-A <br>4.00%, 06/01/2052 |  | 3000 |  | 2186384 |
|  |  |  |  | 15807102 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 97** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Virginia – 2.6%** |  |  |  |  |
|  Align Affordable Housing Bond Fund LP <br>(Park Landing LP) <br>Series 2022-2 <br>5.66%, 08/01/2052 | $| 3226 | $| 2924857 |
|  Lexington Industrial Development Authority <br>(Kendal at Lexington) <br>Series 2017-A <br>5.00%, 01/01/2042 |  | 690 |  | 712021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 |  | 1250 |  | 1289892 |
|  Richmond Redevelopment & Housing Authority <br>(American Tobacco Holdings LLC) <br>Series 2017 <br>5.55%, 01/01/2037<sup>(b)</sup> |  | 1275 |  | 1146896 |
|  Tobacco Settlement Financing Corp./VA <br>Series 2007-B1 <br>5.00%, 06/01/2047 |  | 30935 |  | 28827785 |
|  Virginia College Building Authority <br>(Marymount University)<br>Series 2015<br>5.00%, 07/01/2045<sup>(b)</sup> |  | 4000 |  | 3845137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A <br>5.00%, 07/01/2035<sup>(b)</sup> |  | 1200 |  | 1205134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(b)</sup> |  | 3110 |  | 2989436 |
|  Virginia Small Business Financing Authority <br>(95 Express Lanes LLC) <br>Series 2022 <br>4.00%, 01/01/2048 |  | 7000 |  | 5833577 |
|  Virginia Small Business Financing Authority <br>(I-66 Express Mobility Partners LLC) <br>Series 2017 <br>5.00%, 12/31/2049 |  | 11275 |  | 11275408 |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake LLC) <br>Series 2022 <br>6.50%, 06/01/2029<sup>(b)</sup> |  | 8500 |  | 8140413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2042<sup>(b)</sup> |  | 10000 |  | 9260675 |
|  |  |  |  | 77451231 |
|  **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** | **Washington – 2.4%** |
|  King County Public Hospital District No. 4 <br>Series 2015-A <br>5.00%, 12/01/2038 |  | 5700 |  | 5601283 |

---

---

| | |
|:---|:---|
| **98 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Port of Seattle WA <br>Series 2019 <br>5.00%, 04/01/2044<sup>(a)</sup> | $10000 | $10255599 |
|  Washington Health Care Facilities Authority <br>5.00%, 09/01/2055<sup>(a)</sup> | 10000 | 10195137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 08/01/2049<sup>(a)</sup> | 1500 | 1507462 |
|  Washington Health Care Facilities Authority <br>(CommonSpirit Health) <br>Series 2019-A <br>5.00%, 08/01/2039<sup>(a)</sup> | 1000 | 1031213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044<sup>(a)</sup> | 4485 | 4543029 |
|  Washington Health Care Facilities Authority <br>(Overlake Hospital Medical Center Obligated Group) <br>Series 2017-B <br>5.00%, 07/01/2033 | 2835 | 2988650 |
|  Washington Health Care Facilities Authority <br>(Seattle Cancer Care Alliance Obligated Group) <br>Series 2021 <br>3.00%, 12/01/2035<sup>(b)</sup> | 440 | 380773 |
|  Washington State Convention Center Public Facilities District <br>(Washington State Convention Center Public Facilities District Hotel Occupancy Tax) <br>Series 2021 <br>4.00%, 07/01/2031 | 10600 | 9559093 |
|  Washington State Housing Finance Commission <br>Series 2021-1, Class A <br>3.50%, 12/20/2035 | 9931 | 8901390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.726%, 12/20/2035<sup>(c)</sup> | 7847 | 405293 |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2016 <br>5.00%, 01/01/2036<sup>(b)</sup> | 2200 | 1944005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2046<sup>(b)</sup> | 4425 | 3609679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 01/01/2044<sup>(b)</sup> | 440 | 362614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(b)</sup> | 275 | 219140 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 99** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission <br>(Riverview Retirement Community Obligated Group) <br>Series 2012 <br>5.00%, 01/01/2048 | $| 5315 | $| 4762830 |
|  Washington State Housing Finance Commission <br>(Rockwood Retirement Communities) <br>Series 2014-A <br>7.375%, 01/01/2044<sup>(b)</sup> |  | 4185 |  | 4197771 |
|  |  |  |  | 70464961 |
|  **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** | **West Virginia – 0.3%** |
|  City of South Charleston WV <br>(City of South Charleston WV South Charleston Park Place Excise Tax District) <br>Series 2022 <br>4.50%, 06/01/2050<sup>(b)</sup> |  | 1000 |  | 754562 |
|  Monongalia County Commission Excise Tax District <br>Series 2021-A <br>4.125%, 06/01/2043<sup>(b)</sup> |  | 2250 |  | 1962692 |
|  West Virginia Economic Development Authority <br>(Arch Resources, Inc.) <br>Series 2021 <br>4.125%, 07/01/2045 |  | 1990 |  | 1939820 |
|  West Virginia Hospital Finance Authority <br>(Charleston Area Medical Center, Inc. Obligated Group) <br>Series 2019 <br>5.00%, 09/01/2038 |  | 2470 |  | 2536625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 |  | 1400 |  | 1440868 |
|  |  |  |  | 8634567 |
|  **Wisconsin – 5.7%** | **Wisconsin – 5.7%** | **Wisconsin – 5.7%** | **Wisconsin – 5.7%** | **Wisconsin – 5.7%** |
|  Public Finance Authority <br>4.00%, 10/01/2052<sup>(a)</sup> |  | 10000 |  | 8995661 |
|  St. Croix Chippewa Indians of Wisconsin <br>Series 2021 <br>5.00%, 09/30/2041<sup>(b)</sup> |  | 6175 |  | 4697473 |
|  UMA Education, Inc. <br>Series 2019 <br>5.00%, 10/01/2034<sup>(b)</sup> |  | 7245 |  | 6934151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039<sup>(b)</sup> |  | 7095 |  | 6532626 |

---

---

| | |
|:---|:---|
| **100 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Center District<br>AGM Series 2020-D<br>Zero Coupon, 12/15/2050 | $44075 | $11643703 |
|  Wisconsin Center District <br>(Wisconsin Center District Ded Tax) <br>Series 2022 <br>5.25%, 12/15/2061<sup>(b)</sup> | 2000 | 1991555 |
|  Wisconsin Health & Educational Facilities Authority <br>(Marshfield Clinic Health System Obligated Group) <br>AGM Series 2020 <br>4.00%, 02/15/2035 | 800 | 799977 |
|  Wisconsin Health & Educational Facilities Authority <br>(Oakwood Lutheran Senior Ministries Obligated Group)<br>Series 2021 <br>4.00%, 01/01/2047 | 2400 | 1787643 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group) <br>Series 2019 <br>5.00%, 11/01/2046 | 980 | 827853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2054 | 1100 | 894070 |
|  Wisconsin Housing & Economic Development Authority <br>(Roers Sun Prairie Apartments Owner LLC) <br>Series 2022 <br>4.625%, 03/15/2040<sup>(b)</sup> | 1605 | 1374907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>3.875%, 12/01/2039<sup>(b)</sup> | 7370 | 6265648 |
|  Wisconsin Public Finance Authority <br>Series 2022 <br>6.00%, 02/01/2062<sup>(b)</sup> | 7850 | 7394306 |
|  Wisconsin Public Finance Authority <br>(21st Century Public Academy) <br>Series 2020 <br>5.00%, 06/01/2040<sup>(b)</sup> | 750 | 656891 |
|  Wisconsin Public Finance Authority <br>(Bancroft Neurohealth Obligated Group) <br>Series 2016 <br>5.125%, 06/01/2048<sup>(b)</sup> | 8770 | 7976060 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 101** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The)) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(b)</sup> | $27000 | $24298234 |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC) <br>Series 2016-C <br>4.30%, 11/01/2030 | 1885 | 1851453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>4.05%, 11/01/2030 | 1780 | 1719050 |
|  Wisconsin Public Finance Authority <br>(CFC-SA LLC) <br>Series 2022 <br>5.00%, 02/01/2052 | 7250 | 6710480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2052<sup>(b)</sup> | 13000 | 11927816 |
|  Wisconsin Public Finance Authority <br>(Gannon University) <br>Series 2017 <br>5.00%, 05/01/2047 | 1000 | 970018 |
|  Wisconsin Public Finance Authority <br>(KDC Agribusiness LLC) <br>Series 2022 <br>15.00%, 02/01/2023<sup>(b)</sup> | 7500 | 7490183 |
|  Wisconsin Public Finance Authority <br>(McLemore Resort Manager LLC) <br>Series 2021 <br>4.50%, 06/01/2056<sup>(b)</sup> | 6640 | 4939822 |
|  Wisconsin Public Finance Authority <br>(Renown Regional Medical Center) <br>Series 2020 <br>4.00%, 06/01/2045<sup>(a)</sup> | 10000 | 9446571 |
|  Wisconsin Public Finance Authority <br>(Rose Villa, Inc./OR) <br>Series 2014-A <br>6.00%, 11/15/2049 (Pre-refunded/ETM)<sup>(b)</sup> | 1500 | 1588662 |
|  Wisconsin Public Finance Authority <br>(Rose Villa, Inc. Obligated Group) <br>Series 2014-A <br>5.75%, 11/15/2044 (Pre-refunded/ETM)<sup>(b)</sup> | 1100 | 1160478 |
|  Wisconsin Public Finance Authority <br>(Roseman University of Health Sciences) <br>Series 2015 <br>5.875%, 04/01/2045 | 1740 | 1744144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 04/01/2050<sup>(b)</sup> | 800 | 710530 |

---

---

| | |
|:---|:---|
| **102 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group) <br>Series 2021 <br>4.00%, 06/01/2056<sup>(b)</sup> | $| 16500 | $| 10474636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 06/01/2049<sup>(b)</sup> |  | 4000 |  | 2687636 |
|  Wisconsin Public Finance Authority <br>(Seabury Retirement Community) <br>Series 2015-A <br>5.00%, 09/01/2038<sup>(b)</sup> |  | 1725 |  | 1555553 |
|  Wisconsin Public Finance Authority <br>(Sky Harbour Capital LLC Obligated Group) <br>Series 2021 <br>4.25%, 07/01/2054 |  | 2000 |  | 1441845 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group) <br>Series 2022 <br>4.00%, 02/01/2035 |  | 1650 |  | 1577044 |
|  Wisconsin Public Finance Authority <br>(Uwharrie Charter Academy) <br>Series 2022 <br>5.00%, 06/15/2062<sup>(b)</sup> |  | 5000 |  | 4182045 |
|  Wisconsin Public Finance Authority <br>(Washoe Barton Medical Clinic) <br>Series 2021 <br>4.00%, 12/01/2041 |  | 1500 |  | 1254964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 |  | 1500 |  | 1183226 |
|  |  |  |  | 167686914 |
|  Total Municipal Obligations <br>(cost $3,672,000,635) |  |  |  | 3253058380 |
|  **CORPORATES - NON-INVESTMENT GRADE – 1.0%** |  |  |  |  |
|  **Financial Institutions – 1.0%** | **Financial Institutions – 1.0%** | **Financial Institutions – 1.0%** | **Financial Institutions – 1.0%** | **Financial Institutions – 1.0%** |
|  **Banking – 0.0%** | **Banking – 0.0%** | **Banking – 0.0%** | **Banking – 0.0%** | **Banking – 0.0%** |
|  UMB Financial Corp. <br>10.00%, 01/01/2049<sup>(g)(j)</sup> |  | 599 |  | 596101 |
|  **Communications - Media – 0.2%** | **Communications - Media – 0.2%** | **Communications - Media – 0.2%** | **Communications - Media – 0.2%** | **Communications - Media – 0.2%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.25%, 01/15/2034<sup>(b)</sup> |  | 7730 |  | 6018964 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 103** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Entertainment – 0.4%** |  |  |  |
|  Wild Rivers Water Park <br>8.50%, 11/01/2051 | $| 13775 | $11915375 |
|  **Consumer Non-Cyclical – 0.3%** | **Consumer Non-Cyclical – 0.3%** | **Consumer Non-Cyclical – 0.3%** | **Consumer Non-Cyclical – 0.3%** |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(b)</sup> |  | 10000 | 8595900 |
|  **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** |
|  Trousdale Issuer LLC <br>Series A <br>6.50%, 04/01/2025<sup>(d)(e)(g)</sup> |  | 5265 | 1979640 |
|  Total Corporates – Non-Investment Grade <br>(cost $33,509,249) |  |  | 29105980 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%** |  |  |  |
|  **Agency CMBS – 0.1%** | **Agency CMBS – 0.1%** | **Agency CMBS – 0.1%** | **Agency CMBS – 0.1%** |
|  Federal Home Loan Mortgage Corp. <br>Series 2022-ML13, Class XCA <br>0.95%, 07/25/2036<sup>(b)(c)</sup> |  | 6900 | 401459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS <br>0.98%, 09/25/2036<sup>(b)(c)</sup> |  | 12000 | 843452 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $1,241,816) |  |  | 1244911 |
|  | **Shares** | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 0.6%** | **SHORT-TERM INVESTMENTS – 0.6%** | **SHORT-TERM INVESTMENTS – 0.6%** | **SHORT-TERM INVESTMENTS – 0.6%** |
|  **Investment Companies – 0.6%** | **Investment Companies – 0.6%** | **Investment Companies – 0.6%** | **Investment Companies – 0.6%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>3.50%<sup>(k)(l)(m)</sup> <br>(cost $17,189,726) |  | 17189726 | 17189726 |
|  **Total Investments – 112.4%** <br>(cost $3,723,941,426) |  |  | 3300598997 |
|  Other assets less liabilities – (12.4)% |  |  | (362860080) |
|  **Net Assets – 100.0%** |  |  | $**2937738917** |

---

---

| | |
|:---|:---|
| **104 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 30985 | 01/15/2025 | 2.565% | CPI# | Maturity | $2740986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $2740986 |
| USD | 15493 | 01/15/2025 | 2.585% | CPI# | Maturity | 1358326 | – 0 | 1358326 |
| USD | 15492 | 01/15/2025 | 2.613% | CPI# | Maturity | 1341436 | – 0 | 1341436 |
| USD | 5360 | 01/15/2025 | 4.028% | CPI# | Maturity | 158637 | – 0 | 158637 |
| USD | 15550 | 01/15/2026 | CPI# | 3.765% | Maturity | (434063) | – 0 | (434063) |
| USD | 53000 | 01/15/2027 | CPI# | 3.320% | Maturity | (2258525) | – 0 | (2258525) |
| USD | 51000 | 01/15/2027 | CPI# | 3.466% | Maturity | (1719356) | (57276) | (1662080) |
| USD | 41300 | 01/15/2027 | CPI# | 3.323% | Maturity | (1752417) | – 0 | (1752417) |
| USD | 97890 | 01/15/2028 | 1.230% | CPI# | Maturity | 17315898 | – 0 | 17315898 |
| USD | 91090 | 01/15/2028 | 0.735% | CPI# | Maturity | 19336613 | – 0 | 19336613 |
| USD | 91000 | 01/15/2029 | CPI# | 3.390% | Maturity | (1996828) | – 0 | (1996828) |
| USD | 68050 | 01/15/2029 | CPI# | 3.735% | Maturity | 449551 | – 0 | 449551 |
| USD | 36580 | 01/15/2029 | CPI# | 3.331% | Maturity | (978850) | – 0 | (978850) |
| USD | 29000 | 01/15/2030 | 1.572% | CPI# | Maturity | 4867979 | – 0 | 4867979 |
| USD | 29000 | 01/15/2030 | 1.587% | CPI# | Maturity | 4828645 | – 0 | 4828645 |
| USD | 30000 | 01/15/2031 | 2.782% | CPI# | Maturity | 1948592 | – 0 | 1948592 |
| USD | 28000 | 01/15/2031 | 2.680% | CPI# | Maturity | 2095526 | – 0 | 2095526 |
| USD | 25000 | 01/15/2031 | 2.989% | CPI# | Maturity | 1116603 | – 0 | 1116603 |
| USD | 22280 | 01/15/2032 | CPI# | 3.064% | Maturity | (711202) | – 0 | (711202) |
| USD | 18550 | 04/15/2032 | CPI# | 2.909% | Maturity | (834631) | – 0 | (834631) |
|  |  |  |  |  |  | $46872920 | $(57276) | $46930196 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 140000 | 01/15/2027 | 1 Day<br>SOFR | 3.848% | Annual | $789359 | $– 0 | $789359 |
| USD | 140000 | 01/15/2029 | 1.363% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;18286078 | (92309) | &nbsp;&nbsp;&nbsp;&nbsp;18378387 |
| USD | 140000 | 04/15/2032 | 2.748% | 1 Day<br>SOFR | Annual | 7085035 | – 0 | 7085035 |
| USD | 80000 | 04/15/2032 | 2.671% | 1 Day<br>SOFR | Annual | 4338899 | – 0 | 4338899 |
| USD | 63000 | 04/15/2032 | 2.815% | 1 Day<br>SOFR | Annual | 2526894 | &nbsp;&nbsp;&nbsp;&nbsp;391823 | 2135071 |
| USD | 45800 | 04/15/2032 | 1.280% | 1 Day<br>SOFR | Annual | 7864643 | – 0 | 7864643 |
| USD | 25000 | 04/15/2032 | 2.757% | 1 Day<br>SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp;1245421 | – 0 | 1245421 |
| USD | 18000 | 04/15/2032 | 3.069% | 1 Day<br>SOFR | Annual | 400901 | – 0 | 400901 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 105** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 11000 | 04/15/2032 | 2.175% | 1 Day<br>SOFR | Annual | $1044286 | $– 0 | $1044286 |
| USD | 10000 | 04/15/2032 | 3.082% | 1 Day<br>SOFR | Annual | 212202 | – 0 | 212202 |
| USD | 65000 | 02/15/2041 | 1 Day<br>SOFR | 2.832% | Annual | (4350188) | – 0 | (4350188) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;39443530 | $&nbsp;&nbsp;&nbsp;&nbsp;299514 | $&nbsp;&nbsp;&nbsp;&nbsp;39144016 |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br>Counterparty & <br>Referenced<br>Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 249 | $(58628) | $(23208) | $(35420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 339 | (79733) | (39910) | (39823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 485 | (113972) | (56827) | (57145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1652 | (388192) | (198246) | (189946) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 110 | (25796) | (12776) | (13020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 137 | (32206) | (12866) | (19340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1702 | (399918) | (159962) | (239956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2561 | (601909) | (234572) | (367337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3362 | (790142) | (388738) | (401404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6653 | (1563398) | (601326) | (962072) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 637 | (149773) | (76168) | (73605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1663 | (390850) | (144117) | (246733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2062 | (484654) | (233175) | (251479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2219 | (521549) | (197284) | (324265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 5556 | (1305593) | (750130) | (555463) |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 9979 | (2345096) | (869503) | (1475593) |
|  |  |  |  |  |  | $(9251409) | $(3998808) | $(5252601) |

---

\* Termination date

---

| | |
|:---|:---|
| **106 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

**INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank, NA | USD | 10000 | 04/07/2023 | SIFMA\* | 2.655% | Maturity | $(405092) | $– 0 | $(405092) |
|  Citibank, NA | USD | 25000 | 05/01/2023 | SIFMA\* | 3.090% | Maturity | (16742) | – 0 | (16742) |
|  Citibank, NA | USD | 20000 | 06/15/2023 | SIFMA\* | 3.440% | Maturity | 566743 | – 0 | 566743 |
|  Citibank, NA | USD | 10000 | 10/06/2023 | SIFMA\* | 3.430% | Maturity | 206601 | – 0 | 206601 |
|  Citibank, NA | USD | 21490 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | 2410695 | – 0 | 2410695 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 03/15/2023 | SIFMA\* | 2.400% | Maturity | (314585) | – 0 | (314585) |
|  Morgan Stanley Capital Services LLC | USD | 10000 | 03/23/2023 | SIFMA\* | 2.460% | Maturity | (579724) | – 0 | (579724) |
|  Morgan Stanley Capital Services LLC | USD | 20000 | 04/14/2023 | SIFMA\* | 2.800% | Maturity | (545558) | – 0 | (545558) |
|  Morgan Stanley Capital Services LLC | USD | 10000 | 05/15/2023 | SIFMA\* | 3.400% | Maturity | 272923 | – 0 | 272923 |
|  Morgan Stanley Capital Services LLC | USD | 10000 | 05/18/2023 | SIFMA\* | 3.400% | Maturity | 270888 | – 0 | 270888 |
|  Morgan Stanley Capital Services LLC | USD | 20000 | 07/10/2023 | SIFMA\* | 2.900% | Maturity | (514825) | – 0 | (514825) |
|  |  |  |  |  |  |  | $1351324 | $– 0 | $1351324 |

---

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

(a) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund (see Note
H).

(b) 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 November 30, 2022, the aggregate market value of these securities amounted to $747,929,048 or 25.5% of net assets.

(c) IO – Interest Only.

(d) Defaulted.

(e) Non-income producing security.

(f) When-Issued or delayed delivery security.

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 107** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB HIGH INCOME MUNICIPAL PORTFOLIO** 

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.12% of net assets as of November 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Scranton-Lackawanna Health and Welfare Authority <br>(Scranton Parking System Concession Project)<br>Series 2016-D<br>Zero Coupon, 01/01/2057 | 08/24/2016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564900 | 0.12% |

---

(i) Defaulted matured security.

(j) Fair valued by the Adviser.

(k) Affiliated investments.

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

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

As of November 30, 2022, 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 2.1% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CCRC – Congregate Care Retirement Center

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

NATL – National Interstate Corporation

SD – School District

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| **108 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** 

**AB NATIONAL PORTFOLIO** 

**November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 95.7%** | **MUNICIPAL OBLIGATIONS – 95.7%** | **MUNICIPAL OBLIGATIONS – 95.7%** |
|  **Long-Term Municipal Bonds – 95.7%** | **Long-Term Municipal Bonds – 95.7%** | **Long-Term Municipal Bonds – 95.7%** |
|  **Alabama – 2.5%** | **Alabama – 2.5%** | **Alabama – 2.5%** |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2021 <br>4.00%, 10/01/2052 | $3000 | $2969923 |
|  County of Jefferson AL <br>Series 2017 <br>5.00%, 09/15/2033 | 1000 | 1077735 |
|  County of Jefferson AL Sewer Revenue <br>Series 2013-D <br>6.00%, 10/01/2042 | 3000 | 3208536 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile <br>(Infirmary Health System Obligated Group) <br>Series 2016 <br>5.00%, 02/01/2036 | 2500 | 2558113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 02/01/2038 | 2135 | 2070961 |
|  Jefferson County Board of Education/AL <br>Series 2018 <br>5.00%, 02/01/2042 | 3010 | 3166340 |
|  Lower Alabama Gas District (The) <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2020 <br>4.00%, 12/01/2050 | 20000 | 19930330 |
|  Southeast Energy Authority A Cooperative District <br>(Morgan Stanley) <br>Series 2022-A <br>4.966% (SOFR + 2.42%), 01/01/2053<sup>(a)</sup> | 2000 | 1999515 |
|  Sumter County Industrial Development Authority/AL <br>(Enviva, Inc.) <br>Series 2022 <br>6.00%, 07/15/2052 | 4650 | 4327980 |
|  |  | 41309433 |
|  **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa) <br>Series 2015-A <br>6.625%, 09/01/2035 | 325 | 341236 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 109** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>7.125%, 09/01/2038<sup>(b)</sup> | $1490 | $1652562 |
|  |  | 1993798 |
|  **Arizona – 3.2%** |  |  |
|  Arizona Health Facilities Authority <br>(HonorHealth) <br>Series 2014-A <br>5.00%, 12/01/2033 | 9175 | 9376862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 3440 | 3511738 |
|  Arizona Industrial Development Authority <br>(Arizona Industrial Development Authority)<br>Series 2019-2, Class A<br>3.625%, 05/20/2033 | 5098 | 4905463 |
|  Arizona Industrial Development Authority <br>(KIPP Nashville Obligated Group) <br>Series 2022-A <br>5.00%, 07/01/2062 | 1575 | 1513247 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>7.75%, 07/01/2050<sup>(b)</sup> | 3725 | 2607500 |
|  City of Glendale AZ <br>(City of Glendale AZ COP) <br>Series 2021 <br>2.222%, 07/01/2030 | 2000 | 1624506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 07/01/2035 | 2000 | 1496933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.842%, 07/01/2036 | 2000 | 1480758 |
|  City of Tempe AZ <br>(City of Tempe AZ COP) <br>Series 2021 <br>2.071%, 07/01/2032 | 1000 | 770588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.521%, 07/01/2036 | 2500 | 1830034 |
|  Industrial Development Authority of the County of Pima (The) <br>(La Posada at Park Centre, Inc. Obligated Group) <br>Series 2022 <br>5.125%, 11/15/2029<sup>(b)</sup> | 1000 | 1000998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2057<sup>(b)</sup> | 1000 | 1025868 |
|  Industrial Development Authority of the County of Pima (The) <br>(Edkey, Inc. Obligated Group) <br>Series 2020 <br>5.00%, 07/01/2040<sup>(b)</sup> | 1355 | 1258418 |

---

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| | |
|:---|:---|
| **110 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Maricopa County Industrial Development Authority <br>(Commercial Metals Co.) <br>Series 2022 <br>4.00%, 10/15/2047<sup>(b)</sup> | $| 1000 | $| 796819 |
|  Maricopa County Special Health Care District <br>Series 2018-C <br>5.00%, 07/01/2034 |  | 1000 |  | 1092430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 6000 |  | 6526477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 7800 |  | 8459060 |
|  Salt Verde Financial Corp. <br>(Citigroup, Inc.) <br>Series 2007 <br>5.25%, 12/01/2023 |  | 3685 |  | 3736542 |
|  Tempe Industrial Development Authority <br>(Mirabella at ASU, Inc.) <br>Series 2017-A <br>6.00%, 10/01/2037<sup>(b)</sup> |  | 1200 |  | 1094350 |
|  |  |  |  | 54108591 |
|  **Arkansas – 0.0%** | **Arkansas – 0.0%** | **Arkansas – 0.0%** | **Arkansas – 0.0%** | **Arkansas – 0.0%** |
|  Arkansas Development Finance Authority <br>(United States Steel Corp.) <br>Series 2022 <br>5.45%, 09/01/2052<sup>(b)</sup> |  | 500 |  | 494868 |
|  **California – 11.0%** | **California – 11.0%** | **California – 11.0%** | **California – 11.0%** | **California – 11.0%** |
|  Alameda Corridor Transportation Authority <br>Series 2022-A <br>0.00%, 10/01/2048 |  | 4000 |  | 1923321 |
|  California Community Housing Agency <br>(California Community Housing Agency Aster Apartments) <br>Series 2021-A <br>4.00%, 02/01/2056<sup>(b)</sup> |  | 2000 |  | 1625149 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021 <br>4.00%, 02/01/2056<sup>(b)</sup> |  | 5000 |  | 4062873 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(b)</sup> |  | 1000 |  | 655508 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 111** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(b)</sup> | $1000 | $765558 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>3.00%, 02/01/2057<sup>(b)</sup> | 1000 | 651283 |
|  California Community Housing Agency <br>(California Community Housing Agency Twin Creek Apartments) <br>Series 2022-A <br>4.50%, 08/01/2052<sup>(b)</sup> | 2000 | 1641091 |
|  California Educational Facilities Authority <br>(Chapman University) <br>Series 2015 <br>5.00%, 04/01/2045 | 4000 | 4067478 |
|  California Housing Finance Agency <br>Series 2021-1, Class A <br>3.50%, 11/20/2035 | 976 | 879844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.823%, 03/25/2035<sup>(c)</sup> | 2467 | 140447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A <br>3.25%, 08/20/2036 | 985 | 850493 |
|  California Housing Finance Agency<br>Series 2019-2, Class A <br>4.00%, 03/20/2033 | 563 | 546220 |
|  California Municipal Finance Authority <br>(CHF-Riverside II LLC) <br>Series 2019 <br>5.00%, 05/15/2035 | 1000 | 1016408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1215 | 1230624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 1000 | 1011103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2038 | 2250 | 2268340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 915 | 909526 |
|  California Municipal Finance Authority <br>(LAX Integrated Express Solutions LLC) <br>Series 2018 <br>5.00%, 12/31/2035 | 4300 | 4419542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2036 | 3910 | 4008528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 | 12250 | 12384371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2047 | 2075 | 2086117 |
|  California Pollution Control Financing Authority <br>(Poseidon Resources Channelside LP) <br>Series 2012 <br>5.00%, 07/01/2037<sup>(b)</sup> | 5795 | 5665726 |

---

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| | |
|:---|:---|
| **112 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority <br>(Equitas Academy Obligated Group) <br>Series 2018-A <br>5.00%, 06/01/2041<sup>(b)</sup> | $3090 | $2946530 |
|  California State University <br>Series 2021-B <br>2.374%, 11/01/2035 | 2000 | 1494399 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center) <br>Series 2016-A <br>5.00%, 12/01/2041<sup>(b)</sup> | 1400 | 1399513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2056<sup>(b)</sup> | 1000 | 994423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.25%, 12/01/2048<sup>(b)</sup> | 785 | 791105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.50%, 12/01/2058<sup>(b)</sup> | 1090 | 1098444 |
|  City of Los Angeles CA Wastewater System Revenue <br>Series 2013-A <br>5.00%, 06/01/2033 | 9310 | 9421331 |
|  City of Los Angeles Department of Airports <br>Series 2022 <br>3.25%, 05/15/2049 | 1000 | 766455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2047 | 3000 | 2775415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2047 | 5000 | 5327480 |
|  CMFA Special Finance Agency <br>Series 2022-A <br>4.00%, 08/01/2058<sup>(b)</sup> | 2000 | 1533200 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Solana at Grand) <br>Series 2021-A <br>4.00%, 08/01/2056<sup>(b)</sup> | 1000 | 811514 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach <br>Series 2021 <br>3.00%, 08/01/2056<sup>(b)</sup> | 4000 | 2566859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2047<sup>(b)</sup> | 1000 | 757838 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>3.25%, 05/01/2057<sup>(b)</sup> | 1000 | 677102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(b)</sup> | 2000 | 1337735 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 113** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(b)</sup> | $2000 | $1592904 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Crescent) <br>Series 2022 <br>4.30%, 07/01/2059<sup>(b)</sup> | 2000 | 1602411 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.25%, 07/01/2056<sup>(b)</sup> | 1000 | 638236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(b)</sup> | 1000 | 657809 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Park Crossing Apartments) <br>Series 2021 <br>3.25%, 12/01/2058<sup>(b)</sup> | 1500 | 973395 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio) <br>Series 2021 <br>3.00%, 12/01/2056<sup>(b)</sup> | 1480 | 964890 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A2 <br>4.00%, 07/01/2056<sup>(b)</sup> | 3300 | 2512262 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments) <br>Series 2021 <br>3.25%, 10/01/2058<sup>(b)</sup> | 1245 | 809355 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments) <br>Series 2021-A <br>3.00%, 09/01/2056<sup>(b)</sup> | 2000 | 1264945 |
|  Golden State Tobacco Securitization Corp. <br>Series 2021 <br>3.85%, 06/01/2050 | 2500 | 2253103 |

---

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| | |
|:---|:---|
| **114 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hastings Campus Housing Finance Authority<br>Series 2020-A <br>5.00%, 07/01/2061<sup>(b)</sup> | $3100 | $2541363 |
|  Los Angeles Department of Water & Power Power System Revenue <br>Series 2013-A <br>5.00%, 07/01/2031 | 9115 | 9132769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-B <br>5.00%, 07/01/2029 | 5630 | 5710077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 10000 | 10141071 |
|  Los Angeles Department of Water & Power Water System Revenue <br>Series 2013-B <br>5.00%, 07/01/2032 | 1900 | 1926693 |
|  Manteca Unified School District <br>(Manteca Unified School District CFD No. 89-1)<br>NATL Series 2001<br>Zero Coupon, 09/01/2031 | 11910 | 8402388 |
|  Morongo Band of Mission Indians (The) <br>Series 2018-A <br>5.00%, 10/01/2042<sup>(b)</sup> | 4500 | 4506678 |
|  Ontario Redevelopment Financing Authority <br>NATL Series 1993 <br>5.80%, 08/01/2023 (Pre-refunded/ETM) | 220 | 224647 |
|  Port of Los Angeles <br>Series 2014-A <br>5.00%, 08/01/2034 | 5790 | 5906528 |
|  Sacramento County Water Financing Authority <br>(Sacramento County Water Agency) <br>NATL Series 2007-B <br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039<sup>(a)</sup> | 8075 | 6963226 |
|  San Francisco Intl Airport <br>Series 2019-A <br>5.00%, 05/01/2044 | 17000 | 17439856 |
|  State of California <br>Series 2013 <br>5.00%, 11/01/2029 | 8000 | 8179370 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization Corp.) <br>Series 2021 <br>Zero Coupon, 06/01/2060 | 1000 | 153540 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 115** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  University of California <br>Series 2013-A <br>5.00%, 05/15/2030 | $| 1720 | $| 1740281 |
|  |  |  |  | 183746690 |
|  **Colorado – 1.0%** | **Colorado – 1.0%** | **Colorado – 1.0%** | **Colorado – 1.0%** | **Colorado – 1.0%** |
|  Centerra Metropolitan District No 1 <br>Series 2022 <br>6.50%, 12/01/2053 |  | 1000 |  | 997279 |
|  City & County of Denver CO Airport System Revenue <br>(Denver Intl Airport) <br>Series 2018-A <br>5.00%, 12/01/2031 |  | 820 |  | 874326 |
|  Colorado Health Facilities Authority <br>(Sanford Obligated Group) <br>Series 2019-A <br>5.00%, 11/01/2044 |  | 1000 |  | 1013374 |
|  Douglas County Housing Partnership <br>(Bridgewater Castle Rock ALF LLC) <br>Series 2021 <br>5.375%, 01/01/2041<sup>(b)</sup> |  | 2500 |  | 1864646 |
|  E-470 Public Highway Authority <br>Series 2021-B <br>2.903% (SOFR + 0.35%), 09/01/2039<sup>(a)</sup> |  | 2000 |  | 1980304 |
|  Johnstown Plaza Metropolitan District <br>Series 2022 <br>4.25%, 12/01/2046 |  | 976 |  | 771098 |
|  Park Creek Metropolitan District <br>Series 2015-A <br>5.00%, 12/01/2034 |  | 1300 |  | 1348150 |
|  State of Colorado <br>Series 2022 <br>6.00%, 12/15/2041 |  | 5000 |  | 5941664 |
|  Sterling Ranch Community Authority Board <br>(Sterling Ranch Metropolitan District No 3)<br>Series 2022 <br>6.50%, 12/01/2042 |  | 1175 |  | 1182993 |
|  |  |  |  | 15973834 |
|  **Connecticut – 1.5%** | **Connecticut – 1.5%** | **Connecticut – 1.5%** | **Connecticut – 1.5%** | **Connecticut – 1.5%** |
|  Connecticut State Health & Educational Facilities Authority <br>(Fairfield University) <br>Series 2022-U <br>4.00%, 07/01/2052 |  | 10000 |  | 8721900 |

---

---

| | |
|:---|:---|
| **116 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Connecticut <br>Series 2015-B <br>5.00%, 06/15/2032 | $| 2350 | $| 2470569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-F <br>5.00%, 11/15/2030 |  | 2000 |  | 2123198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 |  | 2500 |  | 2650126 |
|  State of Connecticut Special Tax Revenue <br>Series 2012-A <br>5.00%, 01/01/2029 |  | 6445 |  | 6458253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 05/01/2038 |  | 1400 |  | 1551439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 |  | 1000 |  | 1099217 |
|  |  |  |  | 25074702 |
|  **Delaware – 0.0%** | **Delaware – 0.0%** | **Delaware – 0.0%** | **Delaware – 0.0%** | **Delaware – 0.0%** |
|  Delaware State Economic Development Authority <br>(Newark Charter School, Inc.) <br>Series 2016 <br>5.00%, 09/01/2046 |  | 550 |  | 553542 |
|  **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** |
|  Metropolitan Washington Airports Authority Aviation Revenue <br>Series 2020-A <br>4.00%, 10/01/2036 |  | 2500 |  | 2429620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2037 |  | 2000 |  | 1934046 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue <br>AGM Series 2019 <br>4.00%, 10/01/2053 |  | 2990 |  | 2670357 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2022 <br>4.00%, 10/01/2052 |  | 6975 |  | 6326859 |
|  |  |  |  | 13360882 |
|  **Florida – 5.7%** | **Florida – 5.7%** | **Florida – 5.7%** | **Florida – 5.7%** | **Florida – 5.7%** |
|  Align Affordable Housing Bond Fund LP <br>(SHI – Lake Worth LLC) <br>Series 2021 <br>3.25%, 12/01/2051<sup>(b)</sup> |  | 3000 |  | 2588267 |
|  Bexley Community Development District <br>Series 2016 <br>4.70%, 05/01/2036 |  | 1750 |  | 1680180 |
|  Brevard County Health Facilities Authority <br>(Health First, Inc. Obligated Group) <br>Series 2014 <br>5.00%, 04/01/2033 |  | 1500 |  | 1543525 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 117** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Cape Coral Health Facilities Authority <br>(Gulf Care, Inc. Obligated Group) <br>Series 2015 <br>5.875%, 07/01/2040<sup>(b)</sup> | $1000 | $924186 |
|  Capital Trust Agency, Inc. <br>(Educational Growth Fund LLC) <br>Series 2021 <br>5.00%, 07/01/2056<sup>(b)</sup> | 3000 | 2658782 |
|  Capital Trust Agency, Inc. <br>(Team Success A School of Excellence, Inc.) <br>Series 2020 <br>4.25%, 06/01/2030<sup>(b)</sup> | 1585 | 1449985 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue) <br>Series 2020-A <br>Zero Coupon, 09/01/2038 | 1000 | 489350 |
|  County of Broward FL Airport System Revenue <br>Series 2019-A <br>4.00%, 10/01/2044 | 1210 | 1110604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1340 | 1399745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C <br>2.384%, 10/01/2026 | 5500 | 5018049 |
|  County of Miami-Dade FL Aviation Revenue <br>Series 2014-A <br>5.00%, 10/01/2033 | 1700 | 1725028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A <br>5.00%, 10/01/2038 | 4300 | 4368810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 10/01/2049 | 2500 | 2528607 |
|  County of Miami-Dade Seaport Department <br>AGM Series 2021-A <br>4.00%, 10/01/2041 | 9500 | 8846012 |
|  Florida Development Finance Corp. <br>(Assistance Unlimited, Inc,) <br>Series 2022 <br>6.00%, 08/15/2057<sup>(b)</sup> | 1000 | 913486 |
|  Florida Development Finance Corp. <br>(Brightline Trains Florida LLC) <br>Series 2020 <br>7.375%, 01/01/2049<sup>(b)</sup> | 1000 | 888856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>2.90%, 12/01/2056 (Pre-refunded/ETM) | 12760 | 12707476 |

---

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| | |
|:---|:---|
| **118 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp. <br>(Lakeland Regional Health Systems Obligated Group) <br>Series 2021 <br>4.00%, 11/15/2037 | $2400 | $2348972 |
|  Florida Development Finance Corp. <br>(Mater Academy, Inc.) <br>Series 2020-A <br>5.00%, 06/15/2050 | 1000 | 990426 |
|  Florida Development Finance Corp. <br>(Seaside School Consortium, Inc.)<br>Series 2022 <br>6.00%, 06/15/2057 | 1000 | 1043064 |
|  Florida Higher Educational Facilities Financial Authority <br>(Nova Southeastern University, Inc.) <br>Series 2016 <br>5.00%, 04/01/2032 | 1125 | 1175083 |
|  Greater Orlando Aviation Authority <br>Series 2017-A <br>5.00%, 10/01/2031 | 1200 | 1263024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 10/01/2049 | 5000 | 5103915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 10/01/2052 | 2500 | 2248218 |
|  Halifax Hospital Medical Center <br>(Halifax Hospital Medical Center Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2036 | 2190 | 2241894 |
|  Marshall Creek Community Development District <br>Series 2016 <br>6.32%, 05/01/2045 | 115 | 109334 |
|  Marshall Creek Community Development District <br>(Marshall Creek Community Development District 2002A) <br>Series 2017 <br>5.00%, 05/01/2032 | 1385 | 1338355 |
|  Martin County Health Facilities Authority <br>(Cleveland Clinic Health System Obligated Group) <br>Series 2019 <br>4.00%, 01/01/2046 | 1000 | 960879 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 119** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Miami-Dade County Expressway Authority <br>Series 2014-B <br>5.00%, 07/01/2031 | $3750 | $3841975 |
|  North Broward Hospital District <br>Series 2017-B <br>5.00%, 01/01/2035 | 5230 | 5385584 |
|  Orange County Health Facilities Authority <br>(Presbyterian Retirement Communities, Inc. Obligated Group) <br>Series 2023 <br>4.00%, 08/01/2042<sup>(d)</sup> | 1000 | 851916 |
|  Orange County School Board <br>(Orange County School Board COP) <br>Series 2016-C <br>5.00%, 08/01/2034 | 5000 | 5276038 |
|  Palm Beach County Health Facilities Authority <br>(ACTS Retirement-Life Communities, Inc. Obligated Group) <br>Series 2020-B <br>4.00%, 11/15/2041 | 250 | 213030 |
|  Polk County Industrial Development Authority <br>(Mineral Development LLC) <br>Series 2020 <br>5.875%, 01/01/2033<sup>(b)</sup> | 1000 | 999566 |
|  Sarasota County Health Facilities Authority <br>(Village On the Isle) <br>Series 2017-A <br>5.00%, 01/01/2042 | 1100 | 987477 |
|  South Florida Water Management District <br>(South Florida Water Management District COP) <br>Series 2016 <br>5.00%, 10/01/2033 | 5000 | 5270059 |
|  St. Johns County Industrial Development Authority <br>(Presbyterian Retirement Communities, Inc. Obligated Group) <br>Series 2020 <br>4.00%, 08/01/2055 | 1000 | 882837 |
|  Tampa-Hillsborough County Expressway Authority <br>Series 2017-C <br>5.00%, 07/01/2048 | 2640 | 2707549 |
|  |  | 96080143 |

---

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| | |
|:---|:---|
| **120 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Georgia – 1.9%** | **Georgia – 1.9%** | **Georgia – 1.9%** |
|  City of Atlanta GA Department of Aviation <br>Series 2022-B <br>5.00%, 07/01/2047 | $15000 | $15450413 |
|  Development Authority of Appling County <br>(Oglethorpe Power Corp.) <br>Series 2020 <br>1.50%, 01/01/2038 | 2300 | 2159169 |
|  Development Authority of Burke County (The) <br>(Oglethorpe Power Corp.) <br>Series 2020 <br>1.50%, 01/01/2040 | 7350 | 6899954 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP) <br>Series 2022-C <br>4.00%, 08/01/2052<sup>(b)</sup> | 3650 | 3471875 |
|  Municipal Electric Authority of Georgia <br>Series 2019 <br>5.00%, 01/01/2037 | 150 | 154236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 205 | 210137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 | 375 | 375962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 | 1350 | 1353495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2059 | 390 | 385770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 07/01/2063 | 2000 | 2054529 |
|  |  | 32515540 |
|  **Guam – 0.4%** | **Guam – 0.4%** | **Guam – 0.4%** |
|  Territory of Guam <br>Series 2019 <br>5.00%, 11/15/2031 | 260 | 267439 |
|  Territory of Guam <br>(Guam Section 30 Income Tax) <br>Series 2016-A <br>5.00%, 12/01/2029 | 1840 | 1893537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 565 | 581025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 790 | 809094 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D <br>5.00%, 11/15/2032 | 2000 | 2036547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 410 | 416597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 | 1365 | 1379364 |
|  |  | 7383603 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 121** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Hawaii – 1.0%** | **Hawaii – 1.0%** | **Hawaii – 1.0%** |
|  State of Hawaii <br>Series 2016-F <br>4.00%, 10/01/2031 | $3000 | $3112599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 5000 | 5150398 |
|  State of Hawaii Airports System Revenue <br>Series 2022-A <br>5.00%, 07/01/2051 | 7855 | 8029019 |
|  |  | 16292016 |
|  **Illinois – 7.3%** | **Illinois – 7.3%** | **Illinois – 7.3%** |
|  Chicago Board of Education <br>Series 2017-D <br>5.00%, 12/01/2031 | 1800 | 1812101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-G <br>5.00%, 12/01/2034 | 2350 | 2334934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H <br>5.00%, 12/01/2046 | 1640 | 1543936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>5.00%, 12/01/2030 | 235 | 236943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 345 | 347087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 155 | 155439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 150 | 149669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>4.00%, 12/01/2041 | 4000 | 3413368 |
|  Chicago O'Hare International Airport <br>Series 2018-A <br>5.00%, 01/01/2053 | 2000 | 2020222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.625%, 01/01/2053 | 4000 | 3910526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 | 10900 | 11467695 |
|  Chicago Transit Authority Capital Grant Receipts Revenue <br>(City of Chicago IL Fed Hwy Grant) <br>Series 2021 <br>5.00%, 06/01/2027 | 2400 | 2545740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 2500 | 2682163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 1000 | 1083177 |
|  Illinois Finance Authority <br>(Park Place of Elmhurst Obligated Group) <br>Series 2021 <br>5.125%, 05/15/2060 | 3010 | 2165991 |
|  Illinois Finance Authority <br>(State of Illinois Water Revolving Fund – Clean Water Program) <br>Series 2020 <br>4.00%, 07/01/2037 | 6000 | 6169949 |

---

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| | |
|:---|:---|
| **122 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Illinois Housing Development Authority <br>Series 2022 <br>5.67%, 12/01/2025<sup>(b)</sup> | $| 1500 | $| 1505938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17%, 11/01/2038 |  | 150 |  | 152729 |
|  Illinois State Toll Highway Authority <br>Series 2017-A <br>5.00%, 01/01/2042 |  | 15000 |  | 15634497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 01/01/2043 |  | 15000 |  | 15999373 |
|  Kane Cook & DuPage Counties School District No. U-46 Elgin <br>Series 2015-D <br>5.00%, 01/01/2034 |  | 2400 |  | 2433172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 |  | 1850 |  | 1873412 |
|  Metropolitan Pier & Exposition Authority <br>Series 2020 <br>5.00%, 06/15/2050 |  | 6000 |  | 6004859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/15/2042 |  | 1000 |  | 898110 |
|  State of Illinois <br>Series 2014 <br>5.00%, 04/01/2030 |  | 2680 |  | 2712491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D <br>5.00%, 11/01/2026 |  | 1000 |  | 1039852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 |  | 8700 |  | 9071814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2027 |  | 2000 |  | 2087799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 10/01/2026 |  | 10000 |  | 10391362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>4.00%, 11/01/2036 |  | 7030 |  | 6552842 |
|  Village of Pingree Grove IL Special Service Area No. 7 <br>Series 2015 <br>4.50%, 03/01/2025 |  | 381 |  | 378247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 |  | 2317 |  | 2187987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>6.00%, 03/01/2036 |  | 671 |  | 671344 |
|  |  |  |  | 121634768 |
|  **Indiana – 1.3%** | **Indiana – 1.3%** | **Indiana – 1.3%** | **Indiana – 1.3%** | **Indiana – 1.3%** |
|  Indiana Finance Authority <br>Series 2013-A <br>5.00%, 07/01/2044 (Pre-refunded/ETM) |  | 1930 |  | 1953421 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 123** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority <br>(Brightmark Plastics Renewal Indiana LLC) <br>Series 2019 <br>7.00%, 03/01/2039<sup>(b)</sup> | $| 3720 | $| 2798180 |
|  Indiana Finance Authority <br>(CWA Authority, Inc.) <br>Series 2014-A <br>5.00%, 10/01/2032 |  | 1875 |  | 1937451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 |  | 4570 |  | 4721388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 |  | 5875 |  | 6063260 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group) <br>Series 2022 <br>5.00%, 04/01/2029 |  | 1080 |  | 1146469 |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.) <br>Series 2020 <br>3.00%, 11/01/2030 |  | 1085 |  | 965536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>3.00%, 11/01/2030 |  | 1295 |  | 1152414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.50%, 11/01/2030 |  | 525 |  | 450002 |
|  Indiana Housing & Community Development Authority <br>(Vita of Marion LLC) <br>Series 2021-B <br>4.00%, 04/01/2024 |  | 900 |  | 871472 |
|  |  |  |  | 22059593 |
|  **Iowa – 1.3%** | **Iowa – 1.3%** | **Iowa – 1.3%** | **Iowa – 1.3%** | **Iowa – 1.3%** |
|  Iowa Finance Authority <br>Series 2022-E <br>3.46% (SOFR + 0.80%), 01/01/2052<sup>(a)</sup> |  | 5000 |  | 4899322 |
|  Iowa Finance Authority <br>(Iowa Fertilizer Co. LLC) <br>Series 2022 <br>5.00%, 12/01/2050 |  | 10000 |  | 9632806 |
|  Iowa Finance Authority <br>(Wesley Retirement Services, Inc. Obligated Group) <br>Series 2021 <br>4.00%, 12/01/2031 |  | 555 |  | 502413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 |  | 820 |  | 665275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 |  | 550 |  | 423775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 |  | 985 |  | 734228 |

---

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| | |
|:---|:---|
| **124 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Iowa Tobacco Settlement Authority <br>Series 2021-B <br>4.00%, 06/01/2049 | $| 4725 | $| 4691381 |
|  |  |  |  | 21549200 |
|  **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** |
|  City of Overland Park KS Sales Tax Revenue<br>Series 2022 <br>6.00%, 11/15/2034<sup>(b)</sup> |  | 155 |  | 158531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2042<sup>(b)</sup> |  | 1185 |  | 1202554 |
|  Kansas Development Finance Authority <br>(State of Kansas Department of Administration Lease) <br>Series 2021-K <br>1.369%, 05/01/2027 |  | 2405 |  | 2072172 |
|  |  |  |  | 3433257 |
|  **Kentucky – 1.0%** | **Kentucky – 1.0%** | **Kentucky – 1.0%** | **Kentucky – 1.0%** | **Kentucky – 1.0%** |
|  City of Henderson KY <br>(Pratt Paper LLC) <br>Series 2022 <br>3.70%, 01/01/2032<sup>(b)</sup> |  | 1025 |  | 973951 |
|  County of Trimble KY <br>(Louisville Gas and Electric Co.) <br>Series 2020 <br>1.30%, 09/01/2044 |  | 1500 |  | 1255934 |
|  Kentucky Economic Development Finance Authority <br>(Louisville Arena Authority, Inc.) <br>AGM Series 2017-A <br>5.00%, 12/01/2047 |  | 1250 |  | 1250364 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group)<br>Series 2015 <br>5.25%, 06/01/2050 |  | 3015 |  | 3030049 |
|  Kentucky Public Energy Authority <br>(BP PLC) <br>Series 2020-A <br>4.00%, 12/01/2050 |  | 3000 |  | 2978291 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley) <br>Series 2022-A <br>4.00%, 08/01/2052 |  | 2000 |  | 1943834 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 125** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group) <br>Series 2016 <br>5.00%, 10/01/2030 | $| 2330 | $| 2437167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 |  | 2670 |  | 2768308 |
|  |  |  |  | 16637898 |
|  **Louisiana – 1.3%** | **Louisiana – 1.3%** | **Louisiana – 1.3%** | **Louisiana – 1.3%** | **Louisiana – 1.3%** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth <br>(Woman's Hospital Foundation) <br>Series 2017 <br>5.00%, 10/01/2033 |  | 3790 |  | 3986541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 |  | 3500 |  | 3571972 |
|  Louisiana Public Facilities Authority <br>Series 2016 <br>5.00%, 05/15/2034 (Pre-refunded/ETM) |  | 20 |  | 21380 |
|  Louisiana Public Facilities Authority <br>(Ochsner Clinic Foundation Obligated Group) <br>Series 2016 <br>5.00%, 05/15/2034 |  | 1730 |  | 1790037 |
|  Louisiana Stadium & Exposition District <br>Series 2021 <br>4.00%, 07/03/2023 |  | 1000 |  | 1003553 |
|  Parish of St. James LA <br>(NuStar Logistics LP) <br>Series 2020-2 <br>6.35%, 07/01/2040<sup>(b)</sup> |  | 555 |  | 593145 |
|  Parish of St. John the Baptist LA <br>(Marathon Oil Corp.) <br>Series 2019 <br>2.00%, 06/01/2037 |  | 480 |  | 475974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/2037 |  | 600 |  | 580116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/2037 |  | 365 |  | 335242 |
|  State of Louisiana Gasoline & Fuels Tax Revenue <br>Series 2017-C <br>5.00%, 05/01/2035 |  | 4500 |  | 4843306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 |  | 4620 |  | 4947685 |
|  |  |  |  | 22148951 |
|  **Maryland – 1.3%** | **Maryland – 1.3%** | **Maryland – 1.3%** | **Maryland – 1.3%** | **Maryland – 1.3%** |
|  Maryland Economic Development Corp. <br>(Ports America Chesapeake LLC) <br>Series 2017-A <br>5.00%, 06/01/2035 |  | 1035 |  | 1074722 |

---

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| | |
|:---|:---|
| **126 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners LLC)<br>Series 2022 <br>5.25%, 06/30/2047 | $| 5000 | $| 5210612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2052 |  | 1000 |  | 1036871 |
|  Maryland Health & Higher Educational Facilities Authority <br>(TidalHealth Obligated Group) <br>Series 2020 <br>4.00%, 07/01/2036 |  | 305 |  | 299102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 |  | 360 |  | 350945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 |  | 2960 |  | 3027727 |
|  Maryland Stadium Authority <br>(Baltimore City Public School Construction Financing Fund) <br>Series 2020 <br>5.00%, 05/01/2050 |  | 3000 |  | 3287593 |
|  Maryland State Transportation Authority <br>Series 2021-A <br>5.00%, 07/01/2046 |  | 5095 |  | 5582740 |
|  State of Maryland Department of Transportation <br>(Baltimore/Washington International Thurgood Marshall Airport) <br>Series 2021 <br>5.00%, 08/01/2035 |  | 1000 |  | 1064067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 |  | 1000 |  | 1059606 |
|  |  |  |  | 21993985 |
|  **Massachusetts – 1.2%** | **Massachusetts – 1.2%** | **Massachusetts – 1.2%** | **Massachusetts – 1.2%** | **Massachusetts – 1.2%** |
|  Commonwealth of Massachusetts <br>AGC Series 2007-A <br>3.545% (LIBOR 3 Month + 0.57%), 05/01/2037<sup>(a)</sup> |  | 4250 |  | 3995482 |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) <br>Series 2022-B <br>4.11%, 07/15/2031 |  | 2300 |  | 2238139 |
|  Massachusetts Development Finance Agency <br>(Emerson College) <br>Series 2018 <br>5.00%, 01/01/2048 |  | 1180 |  | 1189635 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 127** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency <br>(UMass Memorial Health Care Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2036 | $| 2385 | $| 2447904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-L <br>5.00%, 07/01/2044 |  | 5000 |  | 5052785 |
|  Massachusetts Development Finance Agency <br>(Wellforce Obligated Group) <br>Series 2019-A <br>4.00%, 07/01/2044 |  | 4005 |  | 3519159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 |  | 2000 |  | 2002002 |
|  |  |  |  | 20445106 |
|  **Michigan – 2.0%** | **Michigan – 2.0%** | **Michigan – 2.0%** | **Michigan – 2.0%** | **Michigan – 2.0%** |
|  City of Detroit MI <br>Series 2014-B <br>4.00%, 04/01/2044 |  | 2000 |  | 1466926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 04/01/2036 |  | 835 |  | 850793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 04/01/2031 |  | 1000 |  | 1050219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.017%, 04/01/2023 |  | 375 |  | 370641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.189%, 04/01/2024 |  | 400 |  | 381866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%, 04/01/2025 |  | 500 |  | 463831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.644%, 04/01/2034 |  | 275 |  | 223610 |
|  City of Detroit MI Sewage Disposal System Revenue <br>(Great Lakes Water Authority Sewage Disposal System Revenue) <br>AGM Series 2006-D <br>3.108% (LIBOR 3 Month + 0.60%), 07/01/2032<sup>(a)</sup> |  | 5000 |  | 4854904 |
|  Kalamazoo Economic Development Corp. <br>(Heritage Community of Kalamazoo Obligated Group) <br>Series 2020 <br>5.00%, 05/15/2055 |  | 2000 |  | 1619069 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Water Supply System Revenue) <br>Series 2014-D4 <br>5.00%, 07/01/2034 |  | 11225 |  | 11500311 |

---

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| | |
|:---|:---|
| **128 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Michigan Finance Authority <br>(Michigan Finance Authority School Loan Revolving Fund) <br>Series 2019 <br>2.366%, 09/01/2049 | $| 5000 | $| 4913165 |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue) <br>Series 2020-A <br>3.267%, 06/01/2039 |  | 2000 |  | 1631854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>Zero Coupon, 06/01/2065 |  | 1250 |  | 105619 |
|  Michigan Finance Authority <br>(Public Lighting Authority) <br>Series 2014-B <br>5.00%, 07/01/2033 |  | 2485 |  | 2509867 |
|  Plymouth Educational Center Charter School<br>Series 2005 <br>5.375%, 11/01/2030<sup>(e)</sup> |  | 2000 |  | 1220000 |
|  |  |  |  | 33162675 |
|  **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** |
|  Minneapolis-St Paul Metropolitan Airports Commission <br>Series 2022-B <br>5.00%, 01/01/2047 |  | 4500 |  | 4612636 |
|  Minnesota Higher Education Facilities Authority <br>(St. Olaf College) <br>Series 2015-8 <br>5.00%, 12/01/2030 |  | 1000 |  | 1053883 |
|  |  |  |  | 5666519 |
|  **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** |
|  Mississippi Business Finance Corp. <br>(Enviva, Inc.) <br>Series 2022 <br>7.75%, 07/15/2047 |  | 225 |  | 225697 |
|  **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** | **Missouri – 0.8%** |
|  Health & Educational Facilities Authority of the State of Missouri <br>(Lutheran Senior Services Obligated Group) <br>Series 2019 <br>4.00%, 02/01/2042 |  | 2900 |  | 2332397 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 129** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2048 | $| 2965 | $| 2240524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 |  | 2695 |  | 2617180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2048 |  | 400 |  | 365777 |
|  Howard Bend Levee District <br>XLCA INS Series 2005 <br>5.75%, 03/01/2025 |  | 190 |  | 192926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 |  | 175 |  | 178573 |
|  Joplin Industrial Development Authority <br>(Freeman Health System Obligated Group) <br>Series 2015 <br>5.00%, 02/15/2035 |  | 1485 |  | 1501490 |
|  Kansas City Industrial Development Authority<br>Series 2019 <br>5.00%, 07/01/2040<sup>(b)</sup> |  | 455 |  | 386202 |
|  Kansas City Industrial Development Authority<br>(Kansas City United Methodist Retirement Home Obligated Group) <br>Series 2021-A <br>10.00%, 11/15/2037 |  | 360 |  | 312999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>7.50%, 11/15/2046 |  | 288 |  | 222090 |
|  Kansas City Industrial Development Authority<br>(Kingswood Senior Living Community) <br>Series 2021 <br>2.00%, 11/15/2046 |  | 522 |  | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046 |  | 1169 |  | 882686 |
|  Lee's Summit Industrial Development Authority <br>(John Knox Village Obligated Group) <br>Series 2021-A <br>5.00%, 08/15/2056 |  | 2700 |  | 2230853 |
|  |  |  |  | 13488431 |
|  **Nebraska – 0.3%** | **Nebraska – 0.3%** | **Nebraska – 0.3%** | **Nebraska – 0.3%** | **Nebraska – 0.3%** |
|  Central Plains Energy Project <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2017-A <br>5.00%, 09/01/2028 |  | 2620 |  | 2752601 |
|  Omaha Public Power District <br>Series 2014-A <br>5.00%, 02/01/2032 |  | 2775 |  | 2845484 |
|  |  |  |  | 5598085 |

---

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| | |
|:---|:---|
| **130 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Nevada – 0.7%** | **Nevada – 0.7%** | **Nevada – 0.7%** |
|  City of Carson City NV <br>(Carson Tahoe Regional Healthcare)<br>Series 2017<br>5.00%, 09/01/2042 | $1965 | $1997267 |
|  City of Reno NV <br>(County of Washoe NV Sales Tax Revenue) <br>Series 2018-C <br>Zero Coupon, 07/01/2058<sup>(b)</sup> | 2500 | 293768 |
|  Clark County School District <br>AGM Series 2019-B <br>3.00%, 06/15/2036 | 6725 | 5869080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2037 | 4305 | 3646640 |
|  |  | 11806755 |
|  **New Hampshire – 1.0%** | **New Hampshire – 1.0%** | **New Hampshire – 1.0%** |
|  National Finacnce Authority <br>(New Hampshire Business Finance Authority) <br>National Finance Authority Series 2022-2, Class X <br>0.688%, 10/01/2036<sup>(c)</sup> | 4000 | 205662 |
|  New Hampshire Business Finance Authority <br>Series 2022-1, Class A <br>4.375%, 09/20/2036 | 7959 | 7616377 |
|  National Finance Authority Series 2020-1, Class A <br>4.125%, 01/20/2034 | 5098 | 4914852 |
|  National Finance Authority Series 2022-2 <br>0.35%, 09/20/2036 | 6200 | 149340 |
|  New Hampshire Business Finance Authority <br>National Finance Authority Series 2022-2, Class A <br>4.00%, 10/20/2036 | 3992 | 3678072 |
|  |  | 16564303 |
|  **New Jersey – 4.8%** | **New Jersey – 4.8%** | **New Jersey – 4.8%** |
|  Essex County Improvement Authority <br>(Friends of TEAM Academy Charter School Obligated Group) <br>Series 2021 <br>4.00%, 06/15/2051 | 1700 | 1429526 |
|  Morris-Union Jointure Commission <br>(Morris-Union Jointure Commission COP)<br>AGM Series 2013 <br>5.00%, 08/01/2025 | 2055 | 2084657 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 131** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease) <br>Series 2017-D <br>5.00%, 06/15/2034 | $2000 | $2099595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2035 | 1560 | 1626496 |
|  New Jersey Economic Development Authority <br>(Port Newark Container Terminal LLC) <br>Series 2017 <br>5.00%, 10/01/2037 | 3320 | 3340996 |
|  New Jersey Educational Facilities Authority <br>(Ramapo College of New Jersey) <br>AGM Series 2022-A <br>4.00%, 07/01/2042 | 725 | 702162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 | 285 | 271641 |
|  New Jersey Health Care Facilities Financing Authority <br>(New Jersey Health Care Facilities Financing Authority State Lease) <br>Series 2017 <br>5.00%, 10/01/2034 | 5000 | 5280324 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2027 | 5000 | 5283458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 2175 | 2291814 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease) <br>Series 2018-A <br>5.00%, 12/15/2033 | 1640 | 1759008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2035 | 1000 | 1053199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>4.00%, 06/15/2045 | 7585 | 6928862 |
|  New Jersey Turnpike Authority <br>Series 2014-A <br>5.00%, 01/01/2033 | 4750 | 4898387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-E <br>5.00%, 01/01/2033 | 11000 | 11449140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 01/01/2034 | 5000 | 5368514 |

---

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| | |
|:---|:---|
| **132 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>5.00%, 01/01/2028 | $| 7200 | $| 7722487 |
|  Tobacco Settlement Financing Corp./NJ <br>Series 2018-B <br>5.00%, 06/01/2046 |  | 12185 |  | 11776439 |
|  Union County Utilities Authority <br>(County of Union NJ Lease) <br>Series 2011-A <br>5.25%, 12/01/2031 |  | 4215 |  | 4222702 |
|  |  |  |  | 79589407 |
|  **New York – 13.9%** | **New York – 13.9%** | **New York – 13.9%** | **New York – 13.9%** | **New York – 13.9%** |
|  Build NYC Resource Corp. <br>(Albert Einstein College of Medicine, Inc.) <br>Series 2016 <br>5.50%, 09/01/2045<sup>(b)</sup> |  | 7015 |  | 7048203 |
|  City of New York NY <br>Series 2019-B <br>4.00%, 10/01/2037 |  | 3900 |  | 3916661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2039 |  | 1825 |  | 1822818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 |  | 3755 |  | 3720814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>1.396%, 08/01/2027 |  | 5205 |  | 4477790 |
|  Metropolitan Transportation Authority <br>Series 2013-E <br>5.00%, 11/15/2032 |  | 5000 |  | 5041166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>4.00%, 11/15/2025 |  | 1000 |  | 1011643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>5.00%, 11/15/2027 |  | 1000 |  | 1041403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 |  | 5000 |  | 5115277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 11/15/2024 |  | 1755 |  | 1805290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2023 |  | 1540 |  | 1563150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2024 |  | 1045 |  | 1074945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 |  | 2610 |  | 2740340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 |  | 1000 |  | 1037619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 |  | 5500 |  | 5642803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 11/15/2026 |  | 1000 |  | 1049939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 02/01/2023 |  | 1000 |  | 1002813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>5.00%, 11/15/2043 |  | 1000 |  | 985154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E <br>4.00%, 11/15/2026 |  | 1000 |  | 1002887 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 133** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | $1000 | $1049478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 1500 | 1568531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 11/15/2050 | 2000 | 1654204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D <br>2.883% (SOFR + 0.33%), 11/01/2035<sup>(a)</sup> | 2515 | 2453799 |
|  New York City Municipal Water Finance Authority <br>Series 2014-D <br>5.00%, 06/15/2035 | 4000 | 4101013 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease) <br>Series 2018-S <br>5.00%, 07/15/2036 | 14800 | 15852817 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue <br>Series 2014-B1 <br>5.00%, 08/01/2032 | 4000 | 4128427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-D1 <br>5.00%, 02/01/2034 | 5000 | 5111951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 08/01/2032 | 10000 | 10680119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-E1 <br>5.00%, 02/01/2036 | 2500 | 2670430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 02/01/2044 | 3000 | 3244882 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax) <br>Series 2015-E <br>5.00%, 03/15/2034 | 10000 | 10508907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2033 | 2000 | 2122179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>4.00%, 02/15/2036 | 10000 | 10132111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2047 | 6000 | 5706052 |
|  New York State Environmental Facilities Corp. <br>(New York City Municipal Water Finance Authority) <br>Series 2020 <br>2.75%, 09/01/2050 | 2000 | 1894474 |

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| | |
|:---|:---|
| **134 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road)<br>Series 2016-A<br>5.00%, 01/01/2034 | $2070 | $2163817 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax) <br>Series 2021-A <br>4.00%, 03/15/2041 | 7480 | 7343804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 03/15/2039 | 15500 | 17204819 |
|  New York State Urban Development Corp. <br>(State of New York Pers Income Tax) <br>Series 2013-A <br>5.00%, 03/15/2043 | 5000 | 5017503 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.) <br>Series 2018 <br>4.00%, 01/01/2036 | 3525 | 3279309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 10/01/2030 | 6500 | 6320630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/01/2045 | 1000 | 910345 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC) <br>Series 2022 <br>5.00%, 12/01/2039 | 2000 | 2007421 |
|  Niagara Area Development Corp. <br>(Covanta Holding Corp.) <br>Series 2018-A <br>4.75%, 11/01/2042<sup>(b)</sup> | 3235 | 2914478 |
|  Oneida County Local Development Corp. <br>(Hamilton College) <br>Series 2021 <br>5.00%, 07/01/2051 | 3200 | 3612343 |
|  Port Authority of New York & New Jersey <br>Series 2014 <br>5.00%, 09/01/2030 | 10000 | 10214339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 3750 | 3827188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 <br>4.00%, 07/15/2046 | 4635 | 4248308 |
|  Triborough Bridge & Tunnel Authority <br>Series 2020-A <br>5.00%, 11/15/2054 | 2000 | 2105044 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 135** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021-A <br>2.591%, 05/15/2036 | $| 2000 | $| 1504050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.917%, 05/15/2040 |  | 2000 |  | 1450153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2046 |  | 3000 |  | 2885867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 05/15/2056 |  | 5000 |  | 4655078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.00%, 05/15/2047 |  | 5000 |  | 5386872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2052 |  | 5000 |  | 5489693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-E <br>3.603% (SOFR + 1.05%), 04/01/2026<sup>(a)</sup> |  | 4000 |  | 4019386 |
|  Westchester County Local Development Corp. <br>(Westchester County Health Care Corp. Obligated Group)<br>Series 2016<br>5.00%, 11/01/2046 |  | 2000 |  | 2001096 |
|  |  |  |  | 232541632 |
|  **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** |
|  Fayetteville State University <br>Series 2023 <br>4.00%, 04/01/2024<sup>(b)(d)</sup> |  | 140 |  | 141687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2025<sup>(b)(d)</sup> |  | 335 |  | 337554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026<sup>(b)(d)</sup> |  | 375 |  | 389018 |
|  State of North Carolina <br>(State of North Carolina Fed Hwy Grant) <br>Series 2015 <br>5.00%, 03/01/2030 |  | 5000 |  | 5226173 |
|  |  |  |  | 6094432 |
|  **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** |
|  Buckeye Tobacco Settlement Financing Authority <br>Series 2020-B <br>5.00%, 06/01/2055 |  | 15925 |  | 14590910 |
|  County of Allen/OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health, Inc.) <br>Series 2020 <br>4.00%, 12/01/2040 |  | 4490 |  | 4366187 |
|  County of Cuyahoga OH <br>(MetroHealth System (The)) <br>Series 2017 <br>5.00%, 02/15/2042 |  | 8000 |  | 8102418 |

---

---

| | |
|:---|:---|
| **136 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  County of Hamilton OH <br>(UC Health Obligated Group) <br>Series 2020 <br>5.00%, 09/15/2050 | $| 3045 | $| 3051275 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group) <br>Series 2022 <br>6.625%, 12/01/2042 |  | 2000 |  | 1985942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 |  | 1000 |  | 986646 |
|  Ohio Higher Educational Facility Commission<br>(University of Dayton) <br>Series 2022 <br>5.00%, 02/01/2040 |  | 7195 |  | 7611721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2052 |  | 4000 |  | 4153012 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund <br>Series 2020-A <br>5.00%, 12/01/2038 |  | 1095 |  | 1222341 |
|  |  |  |  | 46070452 |
|  **Oklahoma – 0.5%** | **Oklahoma – 0.5%** | **Oklahoma – 0.5%** | **Oklahoma – 0.5%** | **Oklahoma – 0.5%** |
|  Oklahoma Development Finance Authority <br>Oklahoma Development Finance Authority Series 2022 <br>4.714%, 05/01/2052 |  | 5000 |  | 4637025 |
|  Oklahoma Development Finance Authority <br>(Gilcrease Expressway West) <br>Series 2020 <br>1.625%, 07/06/2023 |  | 785 |  | 771415 |
|  Oklahoma Development Finance Authority <br>(OU Medicine Obligated Group) <br>Series 2022-A <br>5.50%, 08/15/2044 |  | 2360 |  | 2223093 |
|  |  |  |  | 7631533 |
|  **Oregon – 0.8%** | **Oregon – 0.8%** | **Oregon – 0.8%** | **Oregon – 0.8%** | **Oregon – 0.8%** |
|  Medford Hospital Facilities Authority <br>(Asante Health System Obligated Group) <br>Series 2020-A <br>4.00%, 08/15/2050 |  | 5000 |  | 4566486 |
|  Port of Portland OR Airport Revenue <br>Series 2019 <br>5.00%, 07/01/2049 |  | 5000 |  | 5100774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>4.00%, 07/01/2047 |  | 5000 |  | 4494030 |
|  |  |  |  | 14161290 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 137** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** |
|  Federal Home Loan Mortgage Corp. <br>Series 2021-ML12, Class AUS <br>2.34%, 07/25/2041<sup>(b)</sup> | $1983 | $1542611 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>2.65%, 06/15/2036<sup>(b)</sup> | 5435 | 4415654 |
|  |  | 5958265 |
|  **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** |
|  Allegheny County Airport Authority <br>Series 2021-A <br>4.00%, 01/01/2037 | 2000 | 1934457 |
|  Berks County Industrial Development Authority <br>(Tower Health Obligated Group) <br>Series 2017 <br>5.00%, 11/01/2047 | 600 | 406518 |
|  Berks County Municipal Authority (The) <br>(Tower Health Obligated Group) <br>Series 2020-B <br>5.00%, 02/01/2040 | 2000 | 1879731 |
|  Bucks County Industrial Development Authority <br>(Grand View Hospital/Sellersville PA Obligated Group) <br>Series 2021 <br>5.00%, 07/01/2027 | 1000 | 1033047 |
|  Chambersburg Area Municipal Authority <br>(Wilson College) <br>Series 2018 <br>5.75%, 10/01/2038 | 2350 | 2290267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2043 | 5000 | 4749526 |
|  Chester County Industrial Development Authority <br>(Collegium Charter School) <br>Series 2022 <br>5.00%, 10/15/2032<sup>(b)</sup> | 1000 | 983137 |
|  Cumberland County Municipal Authority <br>(Penn State Health Obligated Group)<br>Series 2019<br>3.00%, 11/01/2038 | 1875 | 1514706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2036 | 335 | 332319 |

---

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| | |
|:---|:---|
| **138 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Geisinger Authority <br>(Geisinger Health System Obligated Group) <br>Series 2020 <br>4.00%, 04/01/2039 | $3820 | $3707103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2050 | 5000 | 4536355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 | 6250 | 6807213 |
|  Montgomery County Higher Education and Health Authority <br>(Thomas Jefferson University Obligated Group) <br>Series 2022 <br>5.00%, 05/01/2057 | 2000 | 2000583 |
|  Montgomery County Industrial Development Authority/PA <br>(ACTS Retirement-Life Communities, Inc. Obligated Group) <br>Series 2020 <br>5.00%, 11/15/2045 | 440 | 423143 |
|  Moon Industrial Development Authority <br>(Baptist Homes Society Obligated Group) <br>Series 2015 <br>6.125%, 07/01/2050 | 1000 | 842676 |
|  Moon Industrial Development Authority <br>(Baptist Homes Society) <br>Series 2015 <br>6.00%, 07/01/2045 | 5375 | 4591271 |
|  Pennsylvania Economic Development Financing Authority <br>(PA Bridges Finco LP) <br>Series 2015 <br>5.00%, 06/30/2042 | 1000 | 1001931 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group) <br>Series 2022-C <br>2.60% (MUNIPSA + 0.70%), 11/15/2047<sup>(a)</sup> | 5000 | 4845660 |
|  Pennsylvania Turnpike Commission <br>Series 2019-A <br>5.00%, 12/01/2038 | 2655 | 2807297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 12/01/2036 | 1000 | 1122919 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 139** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Pennsylvania Turnpike Commission <br>(Pennsylvania Turnpike Commission Oil Franchise Tax) <br>Series 2018-B <br>5.00%, 12/01/2038 | $| 1500 | $| 1594044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 |  | 3000 |  | 3174548 |
|  Philadelphia Authority for Industrial Development <br>(Greater Philadelphia Health Action, Inc.) <br>Series 2015-A <br>6.375%, 06/01/2040 |  | 3100 |  | 3031378 |
|  Philadelphia Gas Works Co. <br>Series 2017 <br>5.00%, 08/01/2042 |  | 2000 |  | 2079970 |
|  |  |  |  | 57689799 |
|  **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** | **Puerto Rico – 1.4%** |
|  Children's Trust Fund <br>Series 2008-A <br>Zero Coupon, 05/15/2057 |  | 30000 |  | 1982640 |
|  Commonwealth of Puerto Rico <br>Series 2022-A <br>5.068%, 11/01/2051 |  | 3875 |  | 1729219 |
|  Commonwealth of Puerto Rico <br>Series 2021-A <br>Zero Coupon, 07/01/2024 |  | 6 |  | 5790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 |  | 564 |  | 308782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 |  | 484 |  | 420549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 17 |  | 14412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 |  | 15 |  | 12118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 20 |  | 15836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 |  | 21 |  | 15819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 |  | 511 |  | 512663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 |  | 621 |  | 629512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 |  | 861 |  | 880608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 |  | 600 |  | 614511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 |  | 170 |  | 174149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>0.00%, 11/01/2043 |  | 7302 |  | 3322218 |
|  PR Custodial Trust <br>Series 2022 <br>5.50%, 07/01/2029 |  | 61 |  | 62679 |
|  Puerto Rico Electric Power Authority <br>AGM Series 2007-V <br>5.25%, 07/01/2031 |  | 1895 |  | 1894067 |

---

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| | |
|:---|:---|
| **140 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Highway & Transportation Authority <br>AGC Series 2005-L <br>5.25%, 07/01/2041 | $| 1370 | $| 1352730 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-C <br>5.50%, 07/01/2031 |  | 190 |  | 193158 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N <br>5.25%, 07/01/2034 |  | 1915 |  | 1896111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 |  | 2015 |  | 1993277 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP) <br>Series 2000 <br>6.625%, 06/01/2026 |  | 3550 |  | 3677329 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue <br>Series 2018-A <br>Zero Coupon, 07/01/2029 |  | 1595 |  | 1158379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>4.329%, 07/01/2040 |  | 1504 |  | 1358744 |
|  |  |  |  | 24225300 |
|  **South Carolina – 2.5%** | **South Carolina – 2.5%** | **South Carolina – 2.5%** | **South Carolina – 2.5%** | **South Carolina – 2.5%** |
|  Columbia Housing Authority/SC <br>Series 2022 <br>4.80%, 11/01/2024 |  | 500 |  | 485317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 11/01/2032 |  | 100 |  | 96918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 |  | 1240 |  | 1174195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 |  | 100 |  | 94403 |
|  South Carolina Jobs-Economic Development Authority <br>(Bon Secours Mercy Health, Inc.) <br>Series 2020 <br>5.00%, 12/01/2046 |  | 2855 |  | 2987895 |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) <br>Series 2021 <br>6.50%, 06/01/2051<sup>(b)</sup> |  | 1450 |  | 1037456 |
|  South Carolina Jobs-Economic Development Authority <br>(Prisma Health Obligated Group) <br>Series 2018-A <br>5.00%, 05/01/2048 |  | 1000 |  | 1014821 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 141** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority <br>(PSG Patriot's Place Apartments LLC) <br>Series 2022 <br>0.00%, 06/01/2052 | $| 1620 | $| 1081299 |
|  South Carolina Public Service Authority <br>Series 2016-A <br>5.00%, 12/01/2036 |  | 4750 |  | 4856885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 12/01/2036 |  | 2000 |  | 2050909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 |  | 4525 |  | 4575923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2056 |  | 6250 |  | 6234255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>4.00%, 12/01/2042 |  | 2000 |  | 1836226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 12/01/2038 |  | 1500 |  | 1453345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 12/01/2047 |  | 10000 |  | 8795815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2052 |  | 5000 |  | 4282802 |
|  |  |  |  | 42058464 |
|  **Tennessee – 1.7%** | **Tennessee – 1.7%** | **Tennessee – 1.7%** | **Tennessee – 1.7%** | **Tennessee – 1.7%** |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(b)</sup> |  | 2785 |  | 2601600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2042<sup>(b)</sup> |  | 1325 |  | 1213104 |
|  Chattanooga Health Educational & Housing Facility Board <br>(CommonSpirit Health) <br>Series 2019-A <br>4.00%, 08/01/2037 |  | 345 |  | 321590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 |  | 495 |  | 457363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049 |  | 1675 |  | 1683332 |
|  Knox County Industrial Development Board <br>(Tompaul Knoxville LLC) <br>Series 2022 <br>9.25%, 11/01/2042<sup>(b)(d)</sup> |  | 1000 |  | 1001009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 09/01/2052<sup>(b)(d)</sup> |  | 1000 |  | 1000942 |
|  Memphis-Shelby County Airport Authority <br>Series 2020-B <br>5.00%, 07/01/2023 |  | 3000 |  | 3031722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 |  | 3500 |  | 3594004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 |  | 2250 |  | 2334043 |

---

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| | |
|:---|:---|
| **142 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Vanderbilt University Medical Center Obligated Group)<br>Series 2016 <br>5.00%, 07/01/2035 | $| 4325 | $| 4456650 |
|  Tennergy Corp/TN <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2022-A <br>5.50%, 10/01/2053<sup>(d)</sup> |  | 5000 |  | 5222150 |
|  Wilson County Health & Educational Facilities Board <br>Series 2021 <br>4.00%, 12/01/2039 |  | 1000 |  | 751822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2024 |  | 1000 |  | 936992 |
|  |  |  |  | 28606323 |
|  **Texas – 6.8%** | **Texas – 6.8%** | **Texas – 6.8%** | **Texas – 6.8%** | **Texas – 6.8%** |
|  Abilene Convention Center Hotel Development Corp. <br>(City of Abilene TX Abilene Convention Center Revenue) <br>Series 2021-B <br>5.00%, 10/01/2050<sup>(b)</sup> |  | 500 |  | 420602 |
|  Arlington Higher Education Finance Corp. <br>(Harmony Public Schools) <br>Series 2016-A <br>5.00%, 02/15/2033 |  | 1410 |  | 1484858 |
|  Bexar County Hospital District <br>Series 2018 <br>5.00%, 02/15/2048 |  | 9000 |  | 9406113 |
|  Board of Regents of the University of Texas System <br>Series 2020-A <br>5.00%, 08/15/2040 |  | 2980 |  | 3433326 |
|  Central Texas Regional Mobility Authority <br>Series 2016 <br>5.00%, 01/01/2032 |  | 1600 |  | 1670459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 |  | 1300 |  | 1349096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 |  | 1350 |  | 1397665 |
|  Central Texas Turnpike System <br>Series 2015-C <br>5.00%, 08/15/2034 |  | 10000 |  | 10196758 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 143** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Houston TX <br>(City of Houston TX Hotel Occupancy Tax) <br>Series 2015 <br>5.00%, 09/01/2031 | $2500 | $2553160 |
|  City of Houston TX Airport System Revenue <br>(United Airlines, Inc.) <br>Series 2014 <br>5.00%, 07/01/2029 | 505 | 505814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 07/15/2030 | 4650 | 4675795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 07/15/2028 | 1300 | 1315833 |
|  City of San Antonio TX Electric & Gas Systems Revenue <br>Series 2021-A <br>5.00%, 02/01/2046 | 1500 | 1583410 |
|  County of Harris TX <br>Series 2020-A <br>3.00%, 10/01/2045 | 1600 | 1251587 |
|  Dallas Fort Worth International Airport <br>Series 2022-A <br>4.507%, 11/01/2051 | 1000 | 897935 |
|  Grand Parkway Transportation Corp. <br>Series 2018-A <br>5.00%, 10/01/2035 | 7860 | 8494019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 10000 | 10767948 |
|  Hidalgo County Regional Mobility Authority <br>Series 2022-B <br>Zero Coupon, 12/01/2042 | 2000 | 649144 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving) <br>Series 2017-A <br>5.00%, 10/15/2044 | 1785 | 1810598 |
|  Katy Independent School District <br>Series 2022 <br>4.00%, 02/15/2047 | 1000 | 998678 |
|  Mission Economic Development Corp. <br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(b)</sup> | 4500 | 4352353 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Army Retirement Residence Obligated Group) <br>Series 2022 <br>5.75%, 07/15/2052 | 1000 | 937952 |

---

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| | |
|:---|:---|
| **144 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp. <br>(BSPV – Plano LLC) <br>Series 2019 <br>7.25%, 12/01/2053<sup>(f)(g)</sup> | $1000 | $900000 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Buckingham Senior Living Community, Inc. Obligated Group) <br>Series 2021 <br>2.00%, 11/15/2061 | 3955 | 1820340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036 | 970 | 830193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037 | 150 | 122288 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Morningside Ministries Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2055 | 425 | 348770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 01/01/2057 | 1000 | 796400 |
|  Newark Higher Education Finance Corp. <br>(Abilene Christian University) <br>Series 2022 <br>4.00%, 04/01/2057 | 5000 | 4253080 |
|  North East Texas Regional Mobility Authority<br>Series 2016 <br>5.00%, 01/01/2046 | 3330 | 3326267 |
|  North Texas Tollway Authority <br>(North Texas Tollway System) <br>Series 2015-A <br>5.00%, 01/01/2034 | 10585 | 10938482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 5000 | 5151079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 01/01/2034 | 1700 | 1761975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 01/01/2036 | 1000 | 1045760 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2008 <br>Zero Coupon, 01/01/2036 | 7200 | 4100124 |
|  Port Beaumont Navigation District <br>(Jefferson Railport Terminal II LLC) <br>Series 2021 <br>1.875%, 01/01/2026<sup>(b)</sup> | 850 | 769810 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 145** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Edgemere Retirement Senior Quality Lifestyles Corp.) <br>Series 2015-A <br>5.00%, 11/15/2045<sup>(f)(g)</sup> | $| 3785 | $| 1514000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 11/15/2036<sup>(f)(g)</sup> |  | 1850 |  | 740000 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Stayton at Museum Way) <br>Series 2020-A <br>5.75%, 12/01/2054 |  | 2118 |  | 1487869 |
|  Texas State Public Finance Authority Charter School Finance Corp. <br>(KIPP Texas, Inc.) <br>Series 2014-A <br>5.00%, 08/15/2032 |  | 1385 |  | 1427642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 |  | 1945 |  | 2002270 |
|  |  |  |  | 113489452 |
|  **Utah – 0.2%** | **Utah – 0.2%** | **Utah – 0.2%** | **Utah – 0.2%** | **Utah – 0.2%** |
|  City of Salt Lake City UT Airport Revenue <br>Series 2017-A <br>5.00%, 07/01/2047 |  | 3265 |  | 3303709 |
|  **Virginia – 0.5%** | **Virginia – 0.5%** | **Virginia – 0.5%** | **Virginia – 0.5%** | **Virginia – 0.5%** |
|  Align Affordable Housing Bond Fund LP <br>(Park Landing LP) <br>Series 2022-2 <br>5.66%, 08/01/2052 |  | 884 |  | 801331 |
|  Arlington County Industrial Development Authority <br>(Virginia Hospital Center Arlington Health System/VA) <br>Series 2020 <br>4.00%, 07/01/2038 |  | 515 |  | 516648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2045 |  | 690 |  | 661261 |
|  Cherry Hill Community Development Authority <br>(Potomac Shores Project) <br>Series 2015 <br>5.40%, 03/01/2045<sup>(b)</sup> |  | 1415 |  | 1386171 |
|  Virginia Small Business Financing Authority <br>(95 Express Lanes LLC) <br>Series 2022 <br>4.00%, 01/01/2048 |  | 3000 |  | 2500104 |

---

---

| | |
|:---|:---|
| **146 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Virginia Small Business Financing Authority <br>(National Senior Campuses, Inc. Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2028 | $| 2100 | $| 2228999 |
|  |  |  |  | 8094514 |
|  **Washington – 2.8%** | **Washington – 2.8%** | **Washington – 2.8%** | **Washington – 2.8%** | **Washington – 2.8%** |
|  City of Seattle WA Municipal Light & Power Revenue <br>Series 2021-A <br>4.00%, 07/01/2035 |  | 5000 |  | 5177750 |
|  Energy Northwest <br>(Bonneville Power Administration) <br>Series 2021 <br>4.00%, 07/01/2042 |  | 10000 |  | 10029935 |
|  Grays Harbor County Public Hospital District No. 2 <br>Series 2018 <br>5.00%, 12/15/2048 |  | 5650 |  | 5754123 |
|  Port of Seattle WA <br>Series 2019 <br>4.00%, 04/01/2044 |  | 2175 |  | 1939819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 08/01/2040 |  | 2000 |  | 1850524 |
|  Spokane County School District No. 81 Spokane <br>Series 2012 <br>3.00%, 12/01/2031 |  | 2000 |  | 1926436 |
|  Washington Economic Development Finance Authority <br>(Mura Cascade ELP LLC) <br>Series 2022 <br>3.90%, 12/01/2042<sup>(b)(d)</sup> |  | 10000 |  | 10014328 |
|  Washington Health Care Facilities Authority <br>(Seattle Cancer Care Alliance Obligated Group) <br>Series 2020 <br>4.00%, 09/01/2045 |  | 455 |  | 412560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 |  | 450 |  | 470163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 |  | 700 |  | 728195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2045 |  | 430 |  | 442779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2050 |  | 500 |  | 510760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>3.00%, 12/01/2034<sup>(b)</sup> |  | 425 |  | 376418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048<sup>(b)</sup> |  | 1740 |  | 1554458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(b)</sup> |  | 440 |  | 471647 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 147** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(b)</sup> | $| 305 | $| 329757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(b)</sup> |  | 170 |  | 184808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030<sup>(b)</sup> |  | 265 |  | 288825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(b)</sup> |  | 265 |  | 286452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032<sup>(b)</sup> |  | 225 |  | 242587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(b)</sup> |  | 245 |  | 262929 |
|  Washington State Housing Finance Commission <br>Series 2021-1, Class A <br>3.50%, 12/20/2035 |  | 2314 |  | 2074068 |
|  Washington State Housing Finance Commission<br>Series 2021-1, Class X <br>0.726%, 12/20/2035<sup>(c)</sup> |  | 1962 |  | 101323 |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2019-A <br>5.00%, 01/01/2044<sup>(b)</sup> |  | 1000 |  | 824123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(b)</sup> |  | 365 |  | 283157 |
|  |  |  |  | 46537924 |
|  **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
|  Tobacco Settlement Finance Authority/WV <br>Series 2020 <br>3.00%, 06/01/2035 |  | 922 |  | 836998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2049 |  | 2000 |  | 1716385 |
|  West Virginia Economic Development Authority <br>(Arch Resources, Inc.) <br>Series 2021 <br>4.125%, 07/01/2045 |  | 435 |  | 424031 |
|  |  |  |  | 2977414 |
|  **Wisconsin – 3.5%** | **Wisconsin – 3.5%** | **Wisconsin – 3.5%** | **Wisconsin – 3.5%** | **Wisconsin – 3.5%** |
|  St. Croix Chippewa Indians of Wisconsin <br>Series 2021 <br>5.00%, 09/30/2041<sup>(b)</sup> |  | 1000 |  | 760724 |
|  Wisconsin Center District <br>(Wisconsin Center District Ded Tax) <br>Series 2022 <br>5.25%, 12/15/2061<sup>(b)</sup> |  | 1000 |  | 995778 |
|  Wisconsin Health & Educational Facilities Authority <br>(Gundersen Lutheran Obligated Group) <br>Series 2021 <br>4.00%, 10/15/2035 |  | 1375 |  | 1381309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2036 |  | 2600 |  | 2601181 |

---

---

| | |
|:---|:---|
| **148 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group) <br>Series 2019 <br>2.25%, 11/01/2026 | $30 | $29998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2046 | 250 | 211187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2054 | 215 | 174750 |
|  Wisconsin Health & Educational Facilities Authority <br>(Thedacare, Inc. Obligated Group) <br>Series 2019 <br>4.00%, 12/15/2035 | 305 | 304107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2036 | 335 | 333863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2037 | 320 | 315629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2038 | 335 | 328372 |
|  Wisconsin Housing & Economic Development Authority <br>(Roers Sun Prairie Apartments Owner LLC) <br>Series 2022 <br>4.625%, 03/15/2040<sup>(b)</sup> | 255 | 218443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>3.875%, 12/01/2039<sup>(b)</sup> | 1170 | 994682 |
|  Wisconsin Public Finance Authority<br>Series 2022 <br>6.00%, 02/01/2062<sup>(b)</sup> | 1700 | 1601315 |
|  Wisconsin Public Finance Authority <br>(ACTS Retirement-Life Communities, Inc. Obligated Group) <br>Series 2020 <br>5.00%, 11/15/2041 | 500 | 491573 |
|  Wisconsin Public Finance Authority <br>(Beyond Boone LLC) <br>AGM Series 2019 <br>5.00%, 07/01/2054 | 775 | 780386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 750 | 755212 |
|  Wisconsin Public Finance Authority <br>(Blue Ridge Healthcare Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2035 | 500 | 527697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 500 | 524849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 500 | 520451 |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The)) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(b)</sup> | 6750 | 6074559 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 149** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC) <br>Series 2016-A <br>5.00%, 01/01/2024 | $3395 | $3421495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 12/01/2025 | 1795 | 1827444 |
|  Wisconsin Public Finance Authority <br>(CFC-SA LLC) <br>Series 2022 <br>5.00%, 02/01/2052 | 1150 | 1064421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2052<sup>(b)</sup> | 1500 | 1376286 |
|  Wisconsin Public Finance Authority <br>(CHF – Wilmington LLC) <br>AGM Series 2018 <br>5.00%, 07/01/2053 | 3315 | 3362299 |
|  Wisconsin Public Finance Authority <br>(Moses H Cone Memorial Hospital Obligated Group) <br>Series 2022-A <br>5.00%, 10/01/2052 | 15000 | 15522698 |
|  Wisconsin Public Finance Authority <br>(Pine Lake Preparatory, Inc.) <br>Series 2015 <br>5.50%, 03/01/2045<sup>(b)</sup> | 3465 | 3494539 |
|  Wisconsin Public Finance Authority <br>(Queens University of Charlotte) <br>Series 2022 <br>5.25%, 03/01/2042 | 2000 | 2018911 |
|  Wisconsin Public Finance Authority <br>(Roseman University of Health Sciences) <br>Series 2015 <br>5.875%, 04/01/2045 | 1000 | 1002382 |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021<br>4.00%, 06/01/2056<sup>(b)</sup> | 5500 | 3491545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 06/01/2049<sup>(b)</sup> | 1000 | 671909 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 02/01/2033 | 2000 | 2117085 |
|  |  | 59297079 |
|  Total Municipal Obligations <br>(cost $1,723,794,761) |  | 1603629854 |

---

---

| | |
|:---|:---|
| **150 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%** |  |  |
|  **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** |
|  California Housing Finance Agency <br>Series 2021-2, Class A <br>3.75%, 03/25/2035 | $4935 | $4843209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class X <br>0.78%, 08/20/2036<sup>(c)</sup> | 2265 | 139203 |
|  Federal Home Loan Mortgage Corp. <br>Series 2021-ML10, Class ACA <br>2.046%, 06/25/2038 | 985 | 742143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class AUS <br>2.032%, 01/25/2038 | 1281 | 973483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA <br>0.95%, 07/25/2036<sup>(b)(c)</sup> | 1600 | 93092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS <br>0.98%, 09/25/2036<sup>(b)(c)</sup> | 2700 | 189777 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $8,602,399) |  | 6980907 |
|  **CORPORATES – NON-INVESTMENT GRADE – 0.0%** |  |  |
|  **Financial Institutions – 0.0%** | **Financial Institutions – 0.0%** | **Financial Institutions – 0.0%** |
|  **Banking – 0.0%** | **Banking – 0.0%** | **Banking – 0.0%** |
|  UMB Financial Corp. <br>10.00%, 01/01/2049<sup>(h)(i)</sup> <br>(cost $740,705) | 741 | 737438 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 3.7%** | **SHORT-TERM INVESTMENTS – 3.7%** | **SHORT-TERM INVESTMENTS – 3.7%** |
|  **Investment Companies – 3.7%** | **Investment Companies – 3.7%** | **Investment Companies – 3.7%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.50%<sup>(j)(k)(l)</sup> <br>(cost $61,249,544) | 61249544 | 61249544 |
|  **Total Investments – 99.8%** <br>(cost $1,794,387,409) |  | 1672597743 |
|  Other assets less liabilities – 0.2% |  | 2632674 |
|  **Net Assets – 100.0%** |  | $**1675230417** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 151** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 11290 | 01/15/2025 | 2.565% | CPI# | Maturity | $998733 | $– 0 | $998733 |
| USD | 5645 | 01/15/2025 | 2.585% | CPI# | Maturity | 494917 | – 0 | 494917 |
| USD | 5645 | 01/15/2025 | 2.613% | CPI# | Maturity | 488795 | – 0 | 488795 |
| USD | 3730 | 01/15/2025 | 4.028% | CPI# | Maturity | 110395 | – 0 | 110395 |
| USD | 12930 | 01/15/2026 | CPI# | 3.720% | Maturity | (390773) | – 0 | (390773) |
| USD | 17700 | 01/15/2027 | CPI# | 3.466% | Maturity | (596717) | (19878) | (576839) |
| USD | 17500 | 01/15/2027 | CPI# | 3.320% | Maturity | (745739) | – 0 | (745739) |
| USD | 14020 | 01/15/2027 | CPI# | 3.323% | Maturity | (594888) | – 0 | (594888) |
| USD | 37280 | 01/15/2028 | 1.230% | CPI# | Maturity | 6594511 | – 0 | 6594511 |
| USD | 30890 | 01/15/2028 | 0.735% | CPI# | Maturity | 6557339 | – 0 | 6557339 |
| USD | 31250 | 01/15/2029 | CPI# | 3.390% | Maturity | (685724) | – 0 | (685724) |
| USD | 20860 | 01/15/2029 | CPI# | 3.735% | Maturity | 137805 | – 0 | 137805 |
| USD | 14020 | 01/15/2029 | CPI# | 3.290% | Maturity | (421925) | – 0 | (421925) |
| USD | 10715 | 01/15/2030 | 1.572% | CPI# | Maturity | 1798634 | – 0 | 1798634 |
| USD | 10715 | 01/15/2030 | 1.587% | CPI# | Maturity | 1784101 | – 0 | 1784101 |
| USD | 10500 | 01/15/2031 | 2.782% | CPI# | Maturity | 682007 | – 0 | 682007 |
| USD | 10000 | 01/15/2031 | 2.680% | CPI# | Maturity | 748402 | – 0 | 748402 |
| USD | 8450 | 01/15/2031 | 2.989% | CPI# | Maturity | 377412 | – 0 | 377412 |
| USD | 8300 | 01/15/2032 | CPI# | 3.064% | Maturity | (264945) | – 0 | (264945) |
| USD | 8280 | 04/15/2032 | CPI# | 2.909% | Maturity | (372547) | – 0 | (372547) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;16699793 | $&nbsp;&nbsp;&nbsp;&nbsp;(19878 | $&nbsp;&nbsp;&nbsp;&nbsp;16719671 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 30000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $(1348454) | $– 0 | $(1348454) |
| USD | 20000 | 01/15/2027 | 1 Day SOFR | 2.143% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;(1134092) | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;(1134092) |
| USD | 33000 | 01/15/2029 | 1.363% | 3 Month LIBOR | Semi-Annual/ Quarterly | 4310290 | &nbsp;&nbsp;&nbsp;&nbsp;(21758 | 4332048 |
| USD | 35000 | 04/15/2032 | 2.120% | 1 Day SOFR | Annual | 3487966 | – 0 | 3487966 |
| USD | 34000 | 04/15/2032 | 3.591% | 1 Day SOFR | Annual | (566976) | – 0 | (566976) |
| USD | 19500 | 04/15/2032 | 2.569% | 1 Day SOFR | Annual | 1197793 | – 0 | 1197793 |
| USD | 17850 | 04/15/2032 | 1.280% | 1 Day SOFR | Annual | 3065150 | – 0 | 3065150 |
| USD | 17000 | 04/15/2032 | 1.737% | 1 Day SOFR | Annual | 2252316 | – 0 | 2252316 |

---

---

| | |
|:---|:---|
| **152 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 15000 | 04/15/2032 | 1.848% | 1 Day SOFR | Annual | $1845061 | $– 0 | $1845061 |
| USD | 10000 | 04/15/2032 | 3.063% | 1 Day SOFR | Annual | 255731 | – 0 | 255731 |
| USD | 10000 | 04/15/2032 | 3.066% | 1 Day SOFR | Annual | 253274 | – 0 | 253274 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;13618059 | $&nbsp;&nbsp;&nbsp;&nbsp;(21758 | $&nbsp;&nbsp;&nbsp;&nbsp;13639817 |

---

**INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank, N.A. | USD | &nbsp;&nbsp;&nbsp;&nbsp;22105 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479684 |

---

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

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2022.

(b) 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 November 30, 2022, the aggregate market value of these securities amounted to $148,286,527 or 8.9% of net assets.

(c) IO – Interest Only.

(d) When-Issued or delayed delivery security.

(e) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Plymouth Educational Center Charter School Series 2005 <br>5.375%, 11/01/2030 | 11/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | 0.07% |

---

(f) Non-income producing security.

(g) Defaulted.

(h) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(i) Fair valued by the Adviser.

(j) Affiliated investments.

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

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

As of November 30, 2022, 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 4.5% and 0.0%, respectively.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 153** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NATIONAL PORTFOLIO** 

Glossary:

ACA – ACA Financial Guaranty Corporation

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CFD – Community Facilities District

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

---

| | |
|:---|:---|
| **154 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** 

**AB NEW YORK PORTFOLIO** 

**November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 97.0%** | **MUNICIPAL OBLIGATIONS – 97.0%** | **MUNICIPAL OBLIGATIONS – 97.0%** |
|  **Long-Term Municipal Bonds – 97.0%** | **Long-Term Municipal Bonds – 97.0%** | **Long-Term Municipal Bonds – 97.0%** |
|  **New York – 90.1%** | **New York – 90.1%** | **New York – 90.1%** |
|  Brookhaven Local Development Corp. <br>(Jefferson's Ferry) <br>Series 2016 <br>5.25%, 11/01/2036 | $1500 | $1531805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 11/01/2045 | 1000 | 838008 |
|  Broome County Local Development Corp. <br>(Good Shepherd Village at Endwell Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2047 | 1000 | 739410 |
|  Buffalo & Fort Erie Public Bridge Authority <br>Series 2017 <br>5.00%, 01/01/2042 | 2250 | 2339947 |
|  Build NYC Resource Corp. <br>(Albert Einstein College of Medicine, Inc.) <br>Series 2016 <br>5.50%, 09/01/2045<sup>(a)</sup> | 960 | 964544 |
|  Build NYC Resource Corp. <br>(City University of New York (The)) <br>Series 2014-A <br>5.00%, 06/01/2030 | 1110 | 1139181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 1320 | 1351783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 550 | 562838 |
|  Build NYC Resource Corp. <br>(Grand Concourse Acadmey Charter School) Series 2022 <br>5.00%, 07/01/2056 | 540 | 524958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2062 | 6000 | 5764753 |
|  Build NYC Resource Corp. <br>(Integration Charter Schools) <br>Series 2021 <br>5.00%, 06/01/2051<sup>(a)</sup> | 1500 | 1329864 |
|  Build NYC Resource Corp. <br>(Metropolitan College of New York) <br>Series 2014 <br>5.25%, 11/01/2029 | 2305 | 2306964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2044 | 1625 | 1539817 |
|  Build NYC Resource Corp. <br>(Metropolitan Lighthouse Charter School) <br>Series 2017 <br>5.00%, 06/01/2052<sup>(a)</sup> | 500 | 446384 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 155** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Build NYC Resource Corp. <br>(NEW World Preparatory Charter School) <br>Series 2021 <br>4.00%, 06/15/2051 | $735 | $547394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2056 | 700 | 502686 |
|  Build NYC Resource Corp. <br>(Shefa School) <br>Series 2021-A <br>5.00%, 06/15/2051<sup>(a)</sup> | 2000 | 1816789 |
|  City of New York NY <br>Series 2016-B <br>5.00%, 12/01/2034 | 2000 | 2134540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>1.396%, 08/01/2027 | 5905 | 5079990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D <br>1.723%, 08/01/2029 | 3000 | 2475162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.823%, 08/01/2030 | 3000 | 2416990 |
|  County of Nassau NY <br>Series 2016-A <br>5.00%, 01/01/2038 | 1000 | 1045024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C <br>5.00%, 04/01/2036 | 5085 | 5346518 |
|  Dutchess County Local Development Corp. <br>(Bard College) <br>Series 2020-A <br>5.00%, 07/01/2045<sup>(a)</sup> | 3000 | 2767178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>5.918%, 07/01/2039<sup>(a)</sup> | 1460 | 1424946 |
|  Dutchess County Local Development Corp. <br>(Nuvance Health Obligated Group) <br>Series 2016-B <br>5.00%, 07/01/2046 | 4980 | 4984972 |
|  Hempstead Town Local Development Corp. <br>(Molloy College) <br>Series 2014 <br>5.00%, 07/01/2034 | 1845 | 1870980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1100 | 1110559 |
|  Hudson Yards Infrastructure Corp. <br>Series 2017-A <br>5.00%, 02/15/2042 | 5000 | 5224981 |
|  Huntington Local Development Corp. <br>(Gurwin Independent Housing Obligated Group) <br>Series 2021 <br>3.00%, 07/01/2025 | 1175 | 1130821 |

---

---

| | |
|:---|:---|
| **156 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC) <br>Series 2019 <br>5.25%, 01/01/2024<sup>(b)(c)</sup> | $1000 | $200000 |
|  Long Island Power Authority <br>Series 2014-A <br>5.00%, 09/01/2035 | 1000 | 1028786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 09/01/2030 | 5000 | 5363386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 3515 | 3744728 |
|  Metropolitan Transportation Authority <br>Series 2014-B <br>5.00%, 11/15/2044 | 12000 | 11789708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2033 | 5000 | 5129820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.983% (SOFR + 0.43%), 11/01/2026<sup>(d)</sup> | 660 | 639175 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021 <br>3.103% (SOFR + 0.55%), 11/01/2032<sup>(d)</sup> | 1000 | 982447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.346% (SOFR + 0.80%), 11/01/2032<sup>(d)</sup> | 1285 | 1226454 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority Dedicated Tax Fund) <br>Series 2016-A <br>5.25%, 11/15/2034 | 10740 | 11560793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2035 | 5000 | 5372499 |
|  Monroe County Industrial Development Corp./NY <br>(Academy of Health Sciences Charter School) <br>Series 2022 <br>5.875%, 07/01/2052<sup>(a)</sup> | 2000 | 1918791 |
|  Monroe County Industrial Development Corp./NY <br>(Rochester General Hospital (The)) <br>Series 2017 <br>5.00%, 12/01/2034 | 1150 | 1186331 |
|  Monroe County Industrial Development Corp./NY <br>(Rochester Regional Health Obligated Group)<br>Series 2020 <br>4.00%, 12/01/2035 | 3015 | 2830227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 | 1200 | 1099796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1000 | 904485 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 157** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Monroe County Industrial Development Corp./NY <br>(St. Ann's of Greater Rochester Obligated Group) <br>Series 2019 <br>5.00%, 01/01/2040 | $2150 | $1814229 |
|  Nassau County Industrial Development Agency <br>(Amsterdam House Continuing Care Retirement Community, Inc.) <br>Series 2021 <br>5.00%, 01/01/2058 | 1447 | 710766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 01/01/2041<sup>(a)</sup> | 720 | 599392 |
|  New York City Municipal Water Finance Authority <br>Series 2013-BB <br>5.00%, 06/15/2046 | 5000 | 5041450 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease) <br>Series 2015-S <br>5.00%, 07/15/2035 | 5160 | 5351399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-S <br>5.00%, 07/15/2043 | 7000 | 7380255 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue <br>Series 2013-I <br>5.00%, 05/01/2032 | 4995 | 5036354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 (Pre-refunded/ETM) | 5 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 7500 | 7561472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-F <br>5.00%, 02/01/2032 | 10000 | 10602561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 02/01/2047 | 5000 | 4748095 |
|  New York Convention Center Development Corp. <br>(New York Convention Center Development Corp. Hotel Occupancy Tax) <br>Series 2015 <br>5.00%, 11/15/2034 | 9220 | 9510531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 | 6000 | 6166465 |
|  New York Liberty Development Corp. <br>(One Bryant Park LLC) <br>Series 2019 <br>2.625%, 09/15/2069 | 7780 | 6983280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 5780 | 5215205 |

---

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| | |
|:---|:---|
| **158 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Liberty Development Corp. <br>(Port Authority of New York & New Jersey) <br>Series 2021-1 <br>3.00%, 02/15/2042 | $3000 | $2336491 |
|  New York State Dormitory Authority <br>(Catholic Health System Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2035 | 1310 | 1076973 |
|  New York State Dormitory Authority <br>(Icahn School of Medicine at Mount Sinai) <br>Series 2015-A <br>5.00%, 07/01/2031 | 3000 | 3112481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 3000 | 3102855 |
|  New York State Dormitory Authority <br>(Iona College) <br>Series 2021-A <br>5.00%, 07/01/2046 | 375 | 385309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051 | 1200 | 1226027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>5.00%, 07/01/2037 | 200 | 212139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 275 | 286047 |
|  New York State Dormitory Authority <br>(Montefiore Obligated Group) <br>Series 2018 <br>5.00%, 08/01/2032 | 1950 | 1979463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 2000 | 2022317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1515 | 1499120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 09/01/2037 | 800 | 693995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 | 1345 | 1147022 |
|  New York State Dormitory Authority <br>(New School (The)) <br>Series 2016-A <br>5.00%, 07/01/2035 | 2815 | 2897841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 3000 | 3080223 |
|  New York State Dormitory Authority <br>(New York State Dormitory Authority Lease) <br>Series 2018-E <br>5.00%, 03/15/2048 | 5000 | 5267312 |
|  New York State Dormitory Authority <br>(Northwell Health Obligated Group) <br>Series 2015-A <br>5.00%, 05/01/2033 | 5000 | 5140002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.25%, 05/01/2052 | 5000 | 4784902 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 159** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(NYU Langone Hospitals) <br>Series 2014 <br>5.00%, 07/01/2031 | $1000 | $1023812 |
|  New York State Dormitory Authority <br>(Orange Regional Medical Center Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2032<sup>(a)</sup> | 1000 | 1010222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(a)</sup> | 1000 | 1009010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037<sup>(a)</sup> | 2000 | 2004570 |
|  New York State Dormitory Authority <br>(Pratt Institute)<br>Series 2016 <br>5.00%, 07/01/2030 | 1000 | 1055306 |
|  New York State Dormitory Authority <br>(Rochester Institute of Technology) <br>Series 2020-A <br>5.00%, 07/01/2036 | 1115 | 1215397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1265 | 1360217 |
|  New York State Dormitory Authority <br>(St. John's University/NY) <br>Series 2015-A <br>5.00%, 07/01/2033 | 1000 | 1035284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1000 | 1032959 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax) <br>Series 2017-B <br>5.00%, 02/15/2033 | 12095 | 13148303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 03/15/2042 | 5000 | 4888372 |
|  New York State Dormitory Authority <br>(Wagner College) <br>Series 2022 <br>5.00%, 07/01/2047 | 5625 | 5524586 |
|  New York State Environmental Facilities Corp. <br>(Casella Waste Systems, Inc.) <br>Series 2019 <br>2.875%, 12/01/2044<sup>(a)</sup> | 3125 | 2674872 |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road) <br>Series 2014-K <br>5.00%, 01/01/2031 | 7500 | 7797012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 5000 | 5192879 |

---

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| | |
|:---|:---|
| **160 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.25%, 01/01/2056 | $2940 | $3027718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>4.00%, 01/01/2037 | 1575 | 1569059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M <br>2.90%, 01/01/2035 | 5000 | 4110717 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax) <br>Series 2022-A <br>5.00%, 03/15/2039 | 5000 | 5549941 |
|  New York Transportation Development Corp. <br>(American Airlines, Inc.) <br>Series 2021 <br>2.25%, 08/01/2026 | 1625 | 1518046 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.) <br>Series 2018 <br>5.00%, 01/01/2030 | 2395 | 2435288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 13850 | 13901084 |
|  New York Transportation Development Corp. <br>(Empire State Thruway Partners LLC) <br>Series 2021 <br>4.00%, 10/31/2046 | 11000 | 9436582 |
|  New York Transportation Development Corp. <br>(JFK International Air Terminal LLC)<br>Series 2020<br>4.00%, 12/01/2038 | 1050 | 943848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2042 | 1940 | 1692240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 1100 | 1136954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/01/2042 | 2000 | 1742288 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC) <br>Series 2016-A <br>4.00%, 07/01/2032 | 2000 | 1938164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 2250 | 2166020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 3490 | 3535940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 | 5015 | 4975031 |
|  Niagara Area Development Corp. <br>(Covanta Holding Corp.) <br>Series 2018-A <br>4.75%, 11/01/2042<sup>(a)</sup> | 5000 | 4504603 |
|  Oneida County Local Development Corp. <br>(Hamilton College) <br>Series 2021 <br>5.00%, 07/01/2051 | 2405 | 2714902 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 161** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Onondaga Civic Development Corp. <br>(Le Moyne College) <br>Series 2021 <br>5.00%, 07/01/2051 | $700 | $707785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 07/01/2042 | 525 | 469022 |
|  Orange County Funding Corp. <br>(The Hamlet at Wallkill) <br>Series 2013 <br>6.50%, 01/01/2046 | 2035 | 1634723 |
|  Port Authority of New York & New Jersey <br>Series 2014 <br>5.00%, 09/01/2031 | 5000 | 5102917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 <br>4.00%, 07/15/2046 | 5000 | 4582857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2061 | 11025 | 9470449 |
|  Schenectady County Capital Resource Corp. <br>(Trustees of Union College) <br>Series 2017 <br>5.00%, 01/01/2040 | 2600 | 2699865 |
|  Suffolk County Economic Development Corp. <br>(Catholic Health Services of Long Island Obligated Group) <br>Series 2014-C <br>5.00%, 07/01/2031 | 2500 | 2559142 |
|  Suffolk County Economic Development Corp. <br>(Peconic Landing at Southold, Inc.) <br>Series 2020 <br>5.00%, 12/01/2040 | 1500 | 1506148 |
|  Suffolk Tobacco Asset Securitization Corp. <br>Series 2021 <br>4.00%, 06/01/2050 | 5000 | 4411787 |
|  Town of Oyster Bay NY <br>Series 2021 <br>4.00%, 03/01/2023 | 850 | 853235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2024 | 850 | 864405 |
|  Triborough Bridge & Tunnel Authority<br>Series 2017-B<br>5.00%, 11/15/2036 | 3000 | 3197017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 11/15/2043 | 5000 | 5249460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 11/15/2054 | 3000 | 3157566 |

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| | |
|:---|:---|
| **162 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021-A <br>2.511%, 05/15/2035 | $3500 | $2663368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2051 | 5000 | 5311468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 05/15/2041 | 2500 | 2733712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 5150 | 5620066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.00%, 05/15/2047 | 10000 | 10773745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-E <br>3.603% (SOFR + 1.05%), 04/01/2026<sup>(d)</sup> | 2500 | 2512116 |
|  Troy Capital Resource Corp. <br>(Rensselaer Polytechnic Institute) <br>Series 2020 <br>5.00%, 09/01/2035 | 1450 | 1541843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 2250 | 2382072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 | 2000 | 2109804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 1500 | 1577517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 | 2000 | 2094983 |
|  Trust for Cultural Resources of The City of New York (The) <br>(Lincoln Center for the Performing Arts, Inc.) <br>Series 2020 <br>4.00%, 12/01/2033 | 1000 | 1025829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 | 3000 | 3021844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 | 1000 | 998301 |
|  TSASC, Inc./NY <br>Series 2016 <br>5.00%, 06/01/2045 | 3350 | 3151763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 06/01/2041 | 10850 | 10975300 |
|  Ulster County Capital Resource Corp. <br>(Woodland Pond at New Paltz) <br>Series 2017 <br>5.00%, 09/15/2037 | 1515 | 1232453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2042 | 135 | 107442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2047 | 235 | 179267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2053 | 505 | 371502 |
|  Westchester County Healthcare Corp./NY <br>(Westchester County Health Care Corp. Obligated Group) <br>Series 2010-B <br>6.00%, 11/01/2030 | 120 | 120209 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 163** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Westchester County Local Development Corp. <br>(Kendal on Hudson Obligated Group) <br>Series 2022 <br>4.25%, 01/01/2045 | $| 2925 | $| 2483381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2051 |  | 2505 |  | 2369549 |
|  Westchester County Local Development Corp. <br>(Kendal on Hudson)<br>Series 2013<br>5.00%, 01/01/2034 |  | 1800 |  | 1803553 |
|  Westchester County Local Development Corp. <br>(Purchase Housing Corp. II) <br>Series 2017 <br>5.00%, 06/01/2042 |  | 1000 |  | 1003591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2047 |  | 1000 |  | 994406 |
|  Westchester County Local Development Corp. <br>(Westchester County Health Care Corp. Obligated Group) <br>Series 2016 <br>5.00%, 11/01/2046 |  | 10000 |  | 10005479 |
|  Westchester Tobacco Asset Securitization Corp. <br>Series 2016-B <br>5.00%, 06/01/2041 |  | 1000 |  | 1025470 |
|  |  |  |  | 476741871 |
|  **American Samoa – 0.3%** | **American Samoa – 0.3%** | **American Samoa – 0.3%** | **American Samoa – 0.3%** | **American Samoa – 0.3%** |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa) <br>Series 2015-A <br>6.625%, 09/01/2035 |  | 280 |  | 293988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>7.125%, 09/01/2038<sup>(a)</sup> |  | 935 |  | 1037010 |
|  |  |  |  | 1330998 |
|  **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** | **Florida – 0.1%** |
|  Marshall Creek Community Development District <br>Series 2016 <br>6.32%, 05/01/2045 |  | 45 |  | 42783 |
|  Marshall Creek Community Development District <br>(Marshall Creek Community Development District 2002A) <br>Series 2017 <br>5.00%, 05/01/2032 |  | 510 |  | 492824 |
|  |  |  |  | 535607 |

---

---

| | |
|:---|:---|
| **164 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Georgia – 0.2%** | **Georgia – 0.2%** | **Georgia – 0.2%** |
|  Municipal Electric Authority of Georgia <br>Series 2019 <br>5.00%, 01/01/2037 | $100 | $102824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 100 | 102328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 | 160 | 160410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 | 490 | 491269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2059 | 170 | 168156 |
|  |  | 1024987 |
|  **Guam – 2.6%** | **Guam – 2.6%** | **Guam – 2.6%** |
|  Antonio B Won Pat International Airport Authority <br>Series 2021-A <br>3.839%, 10/01/2036 | 500 | 418785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.25%, 10/01/2031<sup>(e)</sup> | 175 | 176048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2036<sup>(e)</sup> | 585 | 566467 |
|  Guam Government Waterworks Authority <br>Series 2016 <br>5.00%, 01/01/2046 | 1025 | 1029023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.00%, 07/01/2034 | 1100 | 1129419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1375 | 1395150 |
|  Guam Power Authority <br>Series 2017-A <br>5.00%, 10/01/2036 | 1000 | 1028372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1500 | 1539831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1930 | 1977225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 10/01/2044 | 1100 | 1119606 |
|  Territory of Guam <br>Series 2019 <br>5.00%, 11/15/2031 | 105 | 108004 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>4.00%, 01/01/2042 | 3760 | 3255304 |
|  |  | 13743234 |
|  **Illinois – 0.4%** | **Illinois – 0.4%** | **Illinois – 0.4%** |
|  Chicago Board of Education <br>Series 2018-A <br>5.00%, 12/01/2031 | 1710 | 1723976 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 165** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Illinois Finance Authority <br>(Illinois Institute of Technology) <br>Series 2019 <br>4.00%, 09/01/2037 | $| 100 | $| 87810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 |  | 115 |  | 96969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 |  | 115 |  | 115404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 |  | 100 |  | 99558 |
|  |  |  |  | 2123717 |
|  **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** | **Indiana – 0.1%** |
|  Indiana Finance Authority <br>(Brightmark Plastics Renewal Indiana LLC) <br>Series 2019 <br>7.00%, 03/01/2039<sup>(a)</sup> |  | 800 |  | 601759 |
|  **Kentucky – 0.0%** | **Kentucky – 0.0%** | **Kentucky – 0.0%** | **Kentucky – 0.0%** | **Kentucky – 0.0%** |
|  Kentucky Economic Development Finance Authority <br>(CommonSpirit Health) <br>Series 2019-A <br>5.00%, 08/01/2044 |  | 105 |  | 106358 |
|  **Louisiana – 0.0%** | **Louisiana – 0.0%** | **Louisiana – 0.0%** | **Louisiana – 0.0%** | **Louisiana – 0.0%** |
|  Parish of St. James LA <br>(NuStar Logistics LP) <br>Series 2020-2 <br>6.35%, 07/01/2040<sup>(a)</sup> |  | 100 |  | 106873 |
|  **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** |
|  City of Baltimore MD <br>(Harbor Point Special Taxing District) <br>Series 2019 <br>3.50%, 06/01/2039<sup>(a)</sup> |  | 650 |  | 516356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>3.70%, 06/01/2039<sup>(a)</sup> |  | 200 |  | 161771 |
|  |  |  |  | 678127 |
|  **Michigan – 0.1%** | **Michigan – 0.1%** | **Michigan – 0.1%** | **Michigan – 0.1%** | **Michigan – 0.1%** |
|  City of Detroit MI <br>Series 2018 <br>5.00%, 04/01/2036 |  | 245 |  | 249634 |
|  **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** |
|  County of Grand Forks ND <br>(Red River Biorefinery LLC) <br>Series 2021 <br>6.625%, 12/15/2031<sup>(a)</sup> |  | 105 |  | 62632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/2043<sup>(a)</sup> |  | 115 |  | 64630 |
|  |  |  |  | 127262 |

---

---

| | |
|:---|:---|
| **166 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Ohio – 0.2%** | **Ohio – 0.2%** | **Ohio – 0.2%** |
|  Buckeye Tobacco Settlement Financing Authority <br>Series 2020-B <br>5.00%, 06/01/2055 | $1340 | $1227744 |
|  **Puerto Rico – 1.6%** | **Puerto Rico – 1.6%** | **Puerto Rico – 1.6%** |
|  Commonwealth of Puerto Rico <br>Series 2021-A <br>Zero Coupon, 07/01/2024 | 208 | 191097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 908 | 496716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 260 | 225863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 9 | 7539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 8 | 6339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 10 | 8286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 211 | 162104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 176 | 176241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 361 | 365933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 1046 | 1069942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 276 | 282154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 115 | 118298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>0.01%, 11/01/2043 | 65 | 29568 |
|  Puerto Rico Electric Power Authority <br>AGM Series 2007-V <br>5.25%, 07/01/2031 | 710 | 709651 |
|  Puerto Rico Highway & Transportation Authority<br>AGC Series 2005-L <br>5.25%, 07/01/2041 | 285 | 281407 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N <br>5.25%, 07/01/2034 | 795 | 787158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 | 685 | 677615 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-C <br>5.25%, 07/01/2036 | 100 | 98922 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP) <br>Series 2000 <br>6.625%, 06/01/2026 | 1545 | 1600415 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue <br>Series 2018-A <br>Zero Coupon, 07/01/2029 | 654 | 474972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>4.329%, 07/01/2040 | 675 | 609809 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 167** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 | $| 73 | $| 67805 |
|  |  |  |  | 8447834 |
|  **Tennessee – 0.2%** | **Tennessee – 0.2%** | **Tennessee – 0.2%** | **Tennessee – 0.2%** | **Tennessee – 0.2%** |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(a)</sup> |  | 820 |  | 766001 |
|  Chattanooga Health Educational & Housing Facility Board <br>(CommonSpirit Health) <br>Series 2019-A <br>4.00%, 08/01/2037 |  | 65 |  | 60589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 |  | 130 |  | 120116 |
|  |  |  |  | 946706 |
|  **Texas – 0.4%** | **Texas – 0.4%** | **Texas – 0.4%** | **Texas – 0.4%** | **Texas – 0.4%** |
|  Mission Economic Development Corp. <br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(a)</sup> |  | 1455 |  | 1407261 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Morningside Ministries Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2055 |  | 100 |  | 82064 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Stayton at Museum Way) <br>Series 2020-A <br>5.75%, 12/01/2054 |  | 1000 |  | 702350 |
|  |  |  |  | 2191675 |
|  **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** | **Washington – 0.1%** |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2019-A <br>5.00%, 01/01/2044<sup>(a)</sup> |  | 100 |  | 82412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(a)</sup> |  | 105 |  | 83672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> |  | 305 |  | 236611 |
|  |  |  |  | 402695 |
|  **Wisconsin – 0.5%** | **Wisconsin – 0.5%** | **Wisconsin – 0.5%** | **Wisconsin – 0.5%** | **Wisconsin – 0.5%** |
|  UMA Education, Inc. <br>Series 2019 <br>5.00%, 10/01/2023<sup>(a)</sup> |  | 100 |  | 100130 |

---

---

| | |
|:---|:---|
| **168 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025<sup>(a)</sup> | $| 365 | $365165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026<sup>(a)</sup> |  | 390 | 389435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> |  | 405 | 403257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 225 | 223303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 100 | 98912 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group) <br>Series 2019 <br>5.00%, 11/01/2054 |  | 100 | 81279 |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The)) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(a)</sup> |  | 1250 | 1124918 |
|  |  |  | 2786399 |
|  Total Municipal Obligations <br>(cost $552,565,542) |  |  | 513373480 |
|  | **Shares** | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 1.2%** | **SHORT-TERM INVESTMENTS – 1.2%** | **SHORT-TERM INVESTMENTS – 1.2%** | **SHORT-TERM INVESTMENTS – 1.2%** |
|  **Investment Companies – 1.2%** | **Investment Companies – 1.2%** | **Investment Companies – 1.2%** | **Investment Companies – 1.2%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.50%<sup>(f)(g)(h)</sup> <br>(cost $6,303,164) |  | 6303164 | 6303164 |
|  **Total Investments – 98.2%** <br>(cost $558,868,706) |  |  | 519676644 |
|  Other assets less liabilities – 1.8% |  |  | 9475682 |
|  **Net Assets – 100.0%** |  |  | $**529152326** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 3910 | 01/15/2025 | 2.565% | CPI# | Maturity | $345885 | $– 0 | $345885 |
|  USD | 1955 | 01/15/2025 | 2.585% | CPI# | Maturity | 171402 | – 0 | 171402 |
|  USD | 1955 | 01/15/2025 | 2.613% | CPI# | Maturity | 169281 | – 0 | 169281 |
|  USD | 1290 | 01/15/2025 | 4.028% | CPI# | Maturity | 38179 | – 0 | 38179 |
|  USD | 6900 | 01/15/2026 | CPI# | 3.720% | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;(208533) | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;(208533) |
|  USD | 6200 | 01/15/2027 | CPI# | 3.320% | Maturity | (264205) | – 0 | (264205) |
|  USD | 6100 | 01/15/2027 | CPI# | 3.466% | Maturity | (205649) | &nbsp;&nbsp;&nbsp;&nbsp;(6850 | (198799) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 169** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 4830 | 01/15/2027 | CPI# | 3.323% | Maturity | $(204944) | $– 0 | $(204944) |
|  USD | 16000 | 01/15/2028 | 1.230% | CPI# | Maturity | 2830262 | – 0 | 2830262 |
|  USD | 12350 | 01/15/2028 | 0.735% | CPI# | Maturity | 2621662 | – 0 | 2621662 |
|  USD | 11050 | 01/15/2029 | CPI# | 3.390% | Maturity | (242472) | – 0 | (242472) |
|  USD | 7130 | 01/15/2029 | CPI# | 3.735% | Maturity | 47102 | – 0 | 47102 |
|  USD | 4160 | 01/15/2029 | CPI# | 3.290% | Maturity | (125193) | – 0 | (125193) |
|  USD | 2265 | 01/15/2030 | 1.572% | CPI# | Maturity | 380206 | – 0 | 380206 |
|  USD | 2265 | 01/15/2030 | 1.587% | CPI# | Maturity | 377134 | – 0 | 377134 |
|  USD | 3700 | 01/15/2031 | 2.782% | CPI# | Maturity | 240326 | – 0 | 240326 |
|  USD | 3450 | 01/15/2031 | 2.680% | CPI# | Maturity | 258199 | – 0 | 258199 |
|  USD | 2900 | 01/15/2031 | 2.989% | CPI# | Maturity | 129526 | – 0 | 129526 |
|  USD | 2870 | 01/15/2032 | CPI# | 3.064% | Maturity | (91613) | – 0 | (91613) |
|  USD | 2800 | 04/15/2032 | CPI# | 2.909% | Maturity | (125982) | – 0 | (125982) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;6140573 | $&nbsp;&nbsp;&nbsp;&nbsp;(6850 | $&nbsp;&nbsp;&nbsp;&nbsp;6147423 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| |<br>**Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency**<br> **Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 27500 | 01/15/2027 | 1 Day<br>SOFR | 2.583% | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;(1050440) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;(1050440) |
|  USD | 5200 | 01/15/2027 | 1 Day<br>SOFR | 2.540% | Annual | (210787) | – 0 | (210787) |
|  USD | 14600 | 04/15/2032 | 2.671% | 1 Day<br>SOFR | Annual | 791849 | – 0 | 791849 |
|  USD | 7350 | 04/15/2032 | 1.280% | 1 Day<br>SOFR | Annual | 1262121 | – 0 | 1262121 |
|  USD | 7000 | 04/15/2032 | 3.591% | 1 Day<br>SOFR | Annual | (116730) | – 0 | (116730) |
|  USD | 5000 | 04/15/2032 | 1.737% | 1 Day<br>SOFR | Annual | 662446 | – 0 | 662446 |
|  USD | 5000 | 04/15/2032 | 2.571% | 1 Day<br>SOFR | Annual | 303882 | – 0 | 303882 |
|  USD | 3600 | 04/15/2032 | 3.069% | 1 Day<br>SOFR | Annual | 80180 | – 0 | 80180 |
|  USD | 15000 | 07/15/2032 | 2.446% | 1 Day<br>SOFR | Annual | 1161962 | – 0 | 1161962 |
|  USD | 8500 | 07/15/2032 | 2.446% | 1 Day<br>SOFR | Annual | 658445 | – 0 | 658445 |
|  |  |  |  |  |  | $3542928 | $– 0 | $3542928 |

---

---

| | |
|:---|:---|
| **170 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**AB NEW YORK PORTFOLIO** 

**INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank, N.A. | USD | 9395 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;1053908 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;1053908 |

---

\* 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 November 30, 2022, the aggregate market value of these securities amounted to $30,303,273 or 5.7% of net assets.

(b) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.04% of net assets as of November 30, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Jefferson County Industrial Development Agency <br>(ReEnergy Black River LLC) Series 2019 <br>5.25%, 01/01/2024 | 11/13/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 0.04% |

---

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2022.

(e) When-Issued or delayed delivery security.

(f) Affiliated investments.

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

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

As of November 30, 2022, 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 0.9% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CPI – Consumer Price Index

ETM – Escrowed to Maturity

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 171** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **AB California** | **AB High Income<br>Municipal** |
| **Assets** | **Assets** | **Assets** |
|  Investments in securities, at value | Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,003,962,571 and $3,706,751,700, respectively) | $935058628 | $3283409271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $10,537,576 and $17,189,726, respectively) | 10537576 | 17189726 |
|  Cash | 26757 | 467009 |
|  Cash collateral due from broker | 3213721 | 25548984 |
|  Interest receivable | 11440696 | 50505300 |
|  Receivable for capital stock sold | 2186720 | 13237066 |
|  Unrealized appreciation on interest rate swaps | 1415680 | 3727850 |
|  Receivable for investment securities sold | 350000 | 2447000 |
|  Affiliated dividends receivable | 46927 | 58454 |
|  Total assets | 964276705 | 3396590660 |
| **Liabilities** | **Liabilities** | **Liabilities** |
|  Payable for investment securities purchased | 26626702 | 60303775 |
|  Payable for capital stock redeemed | 3571541 | 13480069 |
|  Cash collateral due to broker | 1580000 | 2639000 |
|  Dividends payable | 443781 | 2178526 |
|  Advisory fee payable | 316299 | 1138879 |
|  Payable for variation margin on centrally cleared swaps | 188200 | 1278790 |
|  Distribution fee payable | 113675 | 202693 |
|  Administrative fee payable | 16799 | 14259 |
|  Transfer Agent fee payable | 4791 | 24094 |
|  Directors' fees payable | 90 | 1949 |
|  Unrealized depreciation on interest rate swaps | – 0 | 2376526 |
|  Market value on credit default swaps (net premiums received $0 and $3,998,808, respectively) | – 0 | 9251409 |
|  Payable for floating rate notes issued<sup>(a)</sup> | – 0 | 365625000 |
|  Accrued expenses | 114098 | 336774 |
|  Total liabilities | 32975976 | 458851743 |
|  Net Assets | $**931300729** | $**2937738917** |
| **Composition of Net Assets** | **Composition of Net Assets** | **Composition of Net Assets** |
|  Capital stock, at par | $90961 | $289652 |
|  Additional paid-in capital | 991168062 | 3328743648 |
|  Accumulated loss | (59958294) | (391294383) |
|  | $**931300729** | $**2937738917** |

---

(a) Represents short-term floating rate certificates issued by tender option bond trusts (see Note I).

See notes to financial statements.

---

| | |
|:---|:---|
| **172 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** (continued)

**Net Asset Value Per Share—81,200,000,000 shares of capital stock authorized, $.001 par value (see Note E)** 

---

| | | | |
|:---|:---|:---|:---|
| **AB California Portfolio** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **Class A** | $460789741 | 45006050 | $10.24 \* |
| **Class C** | $25323034 | 2474141 | $10.24 |
| **Advisor Class** | $445187954 | 43481004 | $&nbsp;&nbsp;&nbsp;&nbsp;10.24 |
| **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
| **Class A** | $645882509 | 63655923 | $10.15 \* |
| **Class C** | $86715162 | 8551344 | $10.14 |
| **Advisor Class** | $&nbsp;&nbsp;&nbsp;&nbsp;2143363755 | 211356127 | $10.14 |
| **Class Z** | $61777491 | 6088330 | $10.15 |

---

\* The maximum offering price per share for Class A of AB California Portfolio and AB High Income Municipal Portfolio were $10.56 and $10.46, respectively, which reflects a sales charge of 3.00%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 173** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB National** | **AB New York** |
| **Assets** | **Assets** | **Assets** |
|  Investments in securities, at value | Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,733,137,865 and $552,565,542, respectively) | $1611348199 | $513373480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $61,249,544 and $6,303,164, respectively) | 61249544 | 6303164 |
|  Cash | 20582 | – 0 |
|  Cash collateral due from broker | 7374274 | 2825261 |
|  Interest receivable | 22732954 | 6910212 |
|  Receivable for capital stock sold | 16661227 | 2062830 |
|  Unrealized appreciation on interest rate swaps | 2479684 | 1053908 |
|  Receivable for investment securities sold | 1994000 | 175000 |
|  Affiliated dividends receivable | 74303 | 9225 |
|  Total assets | 1723934767 | 532713080 |
| **Liabilities** | **Liabilities** | **Liabilities** |
|  Payable for investment securities purchased | 36462438 | 755957 |
|  Payable for capital stock redeemed | 7987481 | 1041646 |
|  Cash collateral due to broker | 2620000 | 1230000 |
|  Advisory fee payable | 525854 | 155550 |
|  Dividends payable | 485763 | 99687 |
|  Payable for variation margin on centrally cleared swaps | 382110 | 71193 |
|  Distribution fee payable | 110438 | 84676 |
|  Transfer Agent fee payable | 15688 | 7549 |
|  Administrative fee payable | 14492 | 15347 |
|  Directors' fees payable | – 0 | 348 |
|  Accrued expenses | 100086 | 98801 |
|  Total liabilities | 48704350 | 3560754 |
|  Net Assets | $**1675230417** | $**529152326** |
| **Composition of Net Assets** | **Composition of Net Assets** | **Composition of Net Assets** |
|  Capital stock, at par | $176424 | $58099 |
|  Additional paid-in capital | 1808627807 | 578934738 |
|  Accumulated loss | (133573814) | (49840511) |
|  | $**1675230417** | $**529152326** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **174 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** (continued)

**Net Asset Value Per Share—81,200,000,000 shares of capital stock authorized, $.001 par value (see Note E)** 

---

| | | | |
|:---|:---|:---|:---|
| **AB National Portfolio** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **Class A** | $435100863 | 45823170 | $9.50 \* |
| **Class C** | $27527624 | 2902628 | $9.48 |
| **Advisor Class** | $&nbsp;&nbsp;&nbsp;&nbsp;1212601930 | 127698182 | $&nbsp;&nbsp;&nbsp;&nbsp;9.50 |
| **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
| **Class A** | $341279237 | 37473401 | $9.11 \* |
| **Class C** | $20523162 | 2254558 | $9.10 |
| **Advisor Class** | $167349927 | 18370741 | $9.11 |

---

\* The maximum offering price per share for Class A of AB National Portfolio and AB New York Portfolio were $9.79 and $9.39, respectively, which reflects a sales charge of 3.00%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 175** |

---

------

**STATEMENT OF OPERATIONS** 

**Six Months Ended November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **AB California** | **AB High Income<br>Municipal** |
| **Investment Income** | **Investment Income** | **Investment Income** |
|  Interest | $16637245 | $81639743 |
|  Dividends – Affiliated issuers | 329706 | 138097 |
|  Total income | 16966951 | 81777840 |
| **Expenses** | **Expenses** | **Expenses** |
|  Advisory fee (see Note B) | 2152144 | 7878669 |
|  Distribution fee – Class A | 576191 | 877655 |
|  Distribution fee – Class C | 132323 | 497401 |
|  Transfer agency – Class A | 58863 | 124290 |
|  Transfer agency – Class C | 3447 | 17810 |
|  Transfer agency – Advisor Class | 59768 | 424848 |
|  Transfer agency – Class Z | – 0 | 1651 |
|  Custody and accounting | 66216 | 126941 |
|  Administrative | 51425 | 51084 |
|  Audit and tax | 26925 | 31836 |
|  Registration fees | 23634 | 93230 |
|  Legal | 21079 | 32943 |
|  Printing | 16259 | 46150 |
|  Directors' fees | 15080 | 31464 |
|  Miscellaneous | 15157 | 42048 |
|  Total expenses before bank interest expense | 3218511 | 10278020 |
|  Interest expense | 11276 | 3990870 |
|  Total expenses | 3229787 | 14268890 |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (135963) | (46304) |
|  Net expenses | 3093824 | 14222586 |
|  Net investment income | 13873127 | 67555254 |
| **Realized and Unrealized Gain (Loss) on Investment Transactions** |  |  |
|  Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (10581023) | (101455713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 5031696 | 64696535 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (26927896) | (182395094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1728738) | (48072563) |
|  Net loss on investment transactions | (34205961) | (267226835) |
|  **Net Decrease in Net Assets from Operations** | $**(20332834** | $**(199671581)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **176 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF OPERATIONS** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB National** | **AB New York** |
| **Investment Income** | **Investment Income** | **Investment Income** |
|  Interest | $30318050 | $9318354 |
|  Dividends – Affiliated issuers | 269296 | 27407 |
|  Total income | 30587346 | 9345761 |
| **Expenses** | **Expenses** | **Expenses** |
|  Advisory fee (see Note B) | 3978147 | 1229850 |
|  Distribution fee – Class A | 581641 | 434499 |
|  Distribution fee – Class C | 148738 | 108979 |
|  Transfer agency – Class A | 100929 | 67714 |
|  Transfer agency – Class C | 6895 | 4303 |
|  Transfer agency – Advisor Class | 274672 | 34352 |
|  Custody and accounting | 90813 | 52655 |
|  Registration fees | 89369 | 21563 |
|  Administrative | 47496 | 48680 |
|  Audit and tax | 27817 | 27638 |
|  Printing | 27703 | 14556 |
|  Legal | 24053 | 19555 |
|  Directors' fees | 20406 | 12704 |
|  Miscellaneous | 23333 | 11112 |
|  Total expenses before bank interest expense | 5442012 | 2088160 |
|  Interest expense | 3979 | 2477 |
|  Total expenses | 5445991 | 2090637 |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (307172) | (179569) |
|  Net expenses | 5138819 | 1911068 |
|  Net investment income | 25448527 | 7434693 |
| **Realized and Unrealized Gain (Loss) on Investment Transactions** |  |  |
|  Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (31102337) | (11434322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 4581623 | 3247536 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (45978694) | (13394273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1121032) | (2139501) |
|  Net loss on investment transactions | (73620440) | (23720560) |
|  **Net Decrease in Net Assets from Operations** | $**(48171913)** | $**(16285867)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 177** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **AB California** | **AB California** |
|  | **Six Months Ended<br>November 30, 2022<br>(unaudited)** | **Year Ended<br>May 31,<br>2022** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $13873127 | $23091448 |
|  Net realized loss on investment transactions | (5549327) | (5108745) |
|  Net change in unrealized appreciation (depreciation) of investments | (28656634) | (88195869) |
|  Net decrease in net assets from operations | (20332834) | (70213166) |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6624243) | (10634508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (280644) | (410892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (7307625) | (10525418) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net increase (decrease) | (8553326) | 25912817 |
|  Total decrease | (43098672) | (65871167) |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974399401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040270568 |
|  End of period | $**931300729** | $**974399401** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **178 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB High Income Municipal** | **AB High Income Municipal** |
|  | **Six Months Ended<br>November 30, 2022<br>(unaudited)** | **Year Ended<br>May 31,<br>2022** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $67555254 | $122886240 |
|  Net realized loss on investment transactions | (36759178) | (12275579) |
|  Net change in unrealized appreciation (depreciation) of investments | (230467657) | (417029836) |
|  Contributions from Affiliates (see Note B) | – 0 | 5607 |
|  Net decrease in net assets from operations | (199671581) | (306413568) |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (14248855) | (28080259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1642757) | (3371752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (51691489) | (93231953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (396463) | (63948) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net increase (decrease) | (287737260) | 227810407 |
|  Total decrease | (555388405) | (203351073) |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 3493127322 | 3696478395 |
|  End of period | $**2937738917** | $**3493127322** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 179** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB National** | **AB National** |
|  | **Six Months Ended<br>November 30, 2022<br>(unaudited)** | **Year Ended<br>May 31,<br>2022** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $25448527 | $41137521 |
|  Net realized loss on investment transactions | (26520714) | (949833) |
|  Net change in unrealized appreciation (depreciation) of investments | (47099726) | (158534645) |
|  Net decrease in net assets from operations | (48171913) | (118346957) |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6410276) | (11089886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (298623) | (477411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (19046343) | (27409488) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net increase (decrease) | (62812467) | 115776648 |
|  Total decrease | (136739622) | (41547094) |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 1811970039 | 1853517133 |
|  End of period | $**1675230417** | $**1811970039** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **180 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB New York** | **AB New York** |
|  | **Six Months Ended<br>November 30, 2022<br>(unaudited)** | **Year Ended<br>May 31,<br>2022** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $7434693 | $14340824 |
|  Net realized loss on investment transactions | (8186786) | (2603583) |
|  Net change in unrealized appreciation (depreciation) of investments | (15533774) | (53369175) |
|  Net decrease in net assets from operations | (16285867) | (41631934) |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4722008) | (8638635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (214569) | (371460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2620533) | (4649535) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net increase (decrease) | (44444577) | 4204436 |
|  Total decrease | (68287554) | (51087128) |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 597439880 | 648527008 |
|  End of period | $**529152326** | $**597439880** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 181** |

---

------

**STATEMENT OF CASH FLOWS** 

**For the six months ended November 30, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **AB High Income Municipal** | **AB High Income Municipal** |
| **Cash flows from operating activities** |  |  |
|  Net decrease in net assets from operations |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199671581) |
| **Reconciliation of net decrease in net assets from operations to net increase in cash from operating activities** |  |  |
|  Purchases of long-term investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468853940) |  |
|  Purchases of short-term investments | (389633256) |  |
|  Proceeds from disposition of long-term investments | 818700246 |  |
|  Proceeds from disposition of short-term investments | 386137674 |  |
|  Net realized loss on investment transactions | 36759178 |  |
|  Net change in unrealized appreciation (depreciation) on investment transactions | 230467657 |  |
|  Net accretion of bond discount and amortization of bond premium | 4901494 |  |
|  Decrease in receivable for investments sold | 2969674 |  |
|  Decrease in interest receivable | 2538332 |  |
|  Increase in affiliated dividends receivable | (56646) |  |
|  Decrease in cash collateral due from broker | 417364 |  |
|  Decrease in payable for investments purchased | (108429155) |  |
|  Increase in cash collateral due to broker | 363000 |  |
|  Decrease in advisory fee payable | (213096) |  |
|  Decrease in administrative fee payable | (27987) |  |
|  Increase in Transfer Agent fee payable | 3032 |  |
|  Decrease in distribution fee payable | (41345) |  |
|  Decrease in Directors' fee payable | (13935) |  |
|  Decrease in accrued expenses | (107918) |  |
|  Proceeds on swaps, net | 629815 |  |
|  Proceeds for exchange-traded derivatives settlements, net | 18329677 |  |
|  Total adjustments |  | 534839865 |
|  Net cash provided by (used in) operating activities |  | 335168284 |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **182 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF CASH FLOWS** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB High Income Municipal** | **AB High Income Municipal** |
| **Cash flows from financing activities** |  |  |
|  Redemptions of capital stock, net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316083558) |  |
|  Cash dividends paid (net of dividend reinvestments)<sup>†</sup> | (27560535) |  |
|  Increase in payable for floating rate notes issued | 6065000 |  |
|  Net cash provided by (used in) financing activities |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337579093) |
|  Net decrease in cash |  | (2410809) |
|  Cash at beginning of period |  | 2877818 |
|  Cash at end of period |  | $**467009** |
| **Supplemental disclosure of cash flow information** |  |  |
|  <sup>†</sup> Reinvestment of dividends | $40518797 |  |
|  Interest expense paid during the period | $3990870 |  |

---

\* In accordance with U.S. GAAP, the Portfolio has included a Statement of Cash Flows as a result of its substantial investments in floating rate notes throughout the period.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 183** |

---

------

**NOTES TO FINANCIAL STATEMENTS** 

**November 30, 2022** (unaudited)

**NOTE A** 

**Significant Accounting Policies** 

AB Municipal Income Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of the diversified AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio (the "Portfolios"). Each series is considered to be a separate entity for financial reporting and tax purposes. The AB California Portfolio, AB National Portfolio and AB New York Portfolio offer Class A, Class C and Advisor Class shares. The AB High Income Municipal Portfolio offers Class A, Class C, Advisor Class and Class Z shares. Class B and Class T shares have been authorized but currently are not offered. Class Z shares have been authorized but currently are not being offered for AB California Portfolio, AB National Portfolio and AB New York Portfolio. Class A shares are sold with a front-end sales charge of up to 3% for purchases up to $500,000; purchases of $500,000 or more are not subject to a sales charge. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All six classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolios.

**1. Security Valuation** 

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are

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|:---|:---|
| **184 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Fund's Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolios's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios's portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 185** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

**2. Fair Value Measurements** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios 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 as described in Note A.1 above). 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 Portfolios. Unobservable inputs reflect the Portfolios' 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Portfolios' 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

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|:---|:---|
| **186 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 are 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.

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 tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of November 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $864075008 | $– 0 | $864075008 |
|  Short-Term Municipal Notes | – 0 | 59665006 | – 0 | 59665006 |
|  Commercial Mortgage-Backed Securities | – 0 | 11318614 | – 0 | 11318614 |
|  Short-Term Investments | 10537576 | – 0 | – 0 | 10537576 |
|  Total Investments in Securities | 10537576 | 935058628 | – 0 | 945596204 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 11544308 | – 0 | 11544308 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 9262104 | – 0 | 9262104 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 1415680 | – 0 | 1415680 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (2418207) | – 0 | (2418207)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (1055016) | – 0 | (1055016)<sup>(b)</sup> |
|  **Total** | $**10537576** | $**953807497** | $**– 0** | $**964345073** |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 187** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $3252808380 | $250000 | $3253058380 |
|  Corporates – Non-Investment Grade | – 0 | 26530239 | 2575741 | 29105980 |
|  Commercial Mortgage-Backed Securities | – 0 | 1244911 | – 0 | 1244911 |
|  Short-Term Investments | 17189726 | – 0 | – 0 | 17189726 |
|  **Liabilities:** |  |  |  |  |
|  Floating Rate Notes<sup>(c)</sup> | (365625000) | – 0 | – 0 | (365625000) |
|  Total Investments in Securities | (348435274) | 3280583530 | 2825741 | 2934973997 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 57558792 | – 0 | 57558792 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 43793718 | – 0 | 43793718 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 3727850 | – 0 | 3727850 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (10685872) | – 0 | (10685872)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (4350188) | – 0 | (4350188)<sup>(b)</sup> |
|  Credit Default Swaps | – 0 | (9251409) | – 0 | (9251409) |
|  Interest Rate Swaps | – 0 | (2376526) | – 0 | (2376526) |
|  **Total** | $**(348435274** | $**3358999895** | $**2825741** | $**3013390362** |

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|:---|:---|
| **188 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $1603629854 | $– 0 | $1603629854 |
|  Commercial Mortgage-Backed Securities | – 0 | 6980907 | – 0 | 6980907 |
|  Corporates – Non-Investment Grade | – 0 | – 0 | 737438 | 737438 |
|  Short-Term Investments | 61249544 | – 0 | – 0 | 61249544 |
|  Total Investments in Securities | 61249544 | 1610610761 | 737438 | 1672597743 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 20773051 | – 0 | 20773051 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 16667581 | – 0 | 16667581 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 2479684 | – 0 | 2479684 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (4073258) | – 0 | (4073258)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (3049522) | – 0 | (3049522)<sup>(b)</sup> |
|  **Total** | $**61249544** | $**1643408297** | $**737438** | $**1705395279** |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 189** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $513173480 | $200000 | $513373480 |
|  Short-Term Investments | 6303164 | – 0 | – 0 | 6303164 |
|  Total Investments in Securities | 6303164 | 513173480 | 200000 | 519676644 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 7609164 | – 0 | 7609164 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 4920885 | – 0 | 4920885 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 1053908 | – 0 | 1053908 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (1468591) | – 0 | (1468591)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (1377957) | – 0 | (1377957)<sup>(b)</sup> |
|  **Total** | $**6303164** | $**523910889** | $**200000** | $**530414053** |

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(a) 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, written options and written swaptions which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This
amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

(c) The Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial statement
purposes.

**3. Taxes** 

It is each Portfolio's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolios have a tax year-end of November 30 concurrent with the filing of the Portfolios' tax returns.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios'

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|:---|:---|
| **190 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios' financial statements.

**4. Investment Income and Investment Transactions** 

Dividend income is recorded on the ex-dividend date or as soon as the Portfolios are informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete original issue and market discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

**5. Class Allocations** 

All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in each Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to the Portfolios or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

**6. Dividends and Distributions** 

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 191** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE B** 

**Advisory Fee and Other Transactions with Affiliates** 

Under the terms of the investment advisory agreement, the Portfolios pay the Adviser at the annual rates as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Average Daily Net Assets** | **Average Daily Net Assets** | **Average Daily Net Assets** |
| <br>**Portfolio** | **First**<br> **$2.5 Billion** | **Next**<br> **$2.5 Billion** | **In Excess of**<br> **$5 Billion** |
|  AB California | .45% | .40% | .35% |
|  AB High Income Municipal | .50% | .45% | .40% |
|  AB National | .45% | .40% | .35% |
|  AB New York | .45% | .40% | .35% |

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Such fees are accrued daily and paid monthly.

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total operating expenses (excluding interest expense, brokerage commissions and other transaction costs, taxes and extraordinary expenses) on an annual basis (the "Expense Caps") as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Class A** | **Class C** | **Advisor<br>Class** | **Class Z** |
|  AB California | .75% | 1.50% | .50% | N/A |
|  AB High Income Municipal | .80% | 1.55% | .55% | .55% |
|  AB National | .75% | 1.50% | .50% | N/A |
|  AB New York | .75% | 1.50% | .50% | N/A |

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This contractual agreement extends through September 30, 2023, for all Portfolios and may be extended by the Adviser for additional one year terms.

For the six months ended November 30, 2022, such reimbursements amounted to $118,727, $39,460, $291,470 and $178,182 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.

Pursuant to the investment advisory agreement, each Portfolio may reimburse the Adviser for certain legal and accounting services provided to each Portfolio by the Adviser. For the six months ended November 30, 2022, the reimbursement for such services amounted to $51,425, $51,084, $47,496 and $48,680 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.

The Portfolios compensate AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolios. ABIS may make payments to intermediaries that

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|:---|:---|
| **192 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to: AB California Portfolio, $35,015; AB High Income Municipal Portfolio, $126,429; AB National Portfolio, $100,096 and AB New York Portfolio, $30,555 for the six months ended November 30, 2022.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Portfolios' shares. The Distributor has advised the Portfolios that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares for each Portfolio for the six months ended November 30, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Front-End Sales<br>Charges** | **Contingent Deferred Sales<br>Charges** | **Contingent Deferred Sales<br>Charges** |
| <br>**Portfolio** | **Class A** | **Class A** | **Class C** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38949 | $122 |
|  AB High Income Municipal | 308 | 31393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257 |
|  AB National | 17 | 3778 | 368 |
|  AB New York | – 0 | 190 | 800 |

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The Portfolios may invest in AB Government Money Market Portfolio (the "Government Money Market Portfolio") which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Portfolios in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolio's pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the six months ended November 30, 2022, such waivers amounted to:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236 |
|  AB High Income Municipal | 6844 |
|  AB National | 15702 |
|  AB New York | 1387 |

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 193** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Portfolios' transactions in shares of the Government Money Market Portfolio for the six months ended November 30, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market<br>Value**<br> **5/31/22**<br> **(000)** | **Purchases**<br> **at Cost**<br> **(000)** | **Sales**<br> **Proceeds**<br> **(000)** | **Market<br>Value**<br> **11/30/22**<br> **(000)** | **Dividend**<br> **Income**<br> **(000)** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
|  AB High Income Municipal | 18724 | 382134 | 383668 | 17190 | 138 |
|  AB National | 33986 | 371712 | 344448 | 61250 | 269 |
|  AB New York | 1679 | 70299 | 65675 | 6303 | 27 |

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During the year ended May 31, 2022, the Adviser reimbursed the AB High Income Municipal Portfolio $5,607 for trading losses incurred due to a trade entry error.

**NOTE C** 

**Distribution Services Agreement** 

The Portfolios have adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Portfolios pay distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Portfolios' average daily net assets attributable to Class A shares and 1% of the Portfolios' average daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. There are no distribution and servicing fees on the Advisor Class and Class Z shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios' operations, the distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:

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| | |
|:---|:---|
| **Portfolio** | **Class C** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622522 |
|  AB High Income Municipal | 4062884 |
|  AB National | 7140379 |
|  AB New York | 4572560 |

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While such costs may be recovered from the Portfolios in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Portfolios' shares.

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|:---|:---|
| **194 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE D** 

**Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for the six months ended November 30, 2022, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
| **Portfolio** | **Investments** | **Government<br>Securities** | **Investments** | **Government<br>Securities** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171706717 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151768248 | $– 0 |
|  AB High Income Municipal | 467616659 | 1241816 | 776257512 | – 0 |
|  AB National | 321572517 | 282167 | 382431410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 |
|  AB New York | 28532358 | – 0 | 87959705 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Unrealized** | **Gross Unrealized** | **Net<br>Unrealized**<br>**Depreciation** |
| **Portfolio** | **Appreciation** | **(Depreciation)** | **Net<br>Unrealized**<br>**Depreciation** |
|  AB California | $27253727 | $(77397571) | $(50143844) |
|  AB High Income Municipal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121503001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462672495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341169494) |
|  AB National | 44381584 | (133332078) | (88950494) |
|  AB New York | 14311942 | (42759745) | (28447803) |

---

**1. Derivative Financial Instruments** 

Each Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Portfolios, as well as the methods in which they may be used are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

Each Portfolio may enter into swaps to hedge its exposure to interest rates or credit risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 195** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolios' exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolios enter into a centrally cleared swap, each Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the

---

| | |
|:---|:---|
| **196 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

**Interest Rate Swaps:** 

Each Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Portfolios may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolios anticipate purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended November 30, 2022, the Portfolios held interest rate swaps for hedging purposes.

**Inflation (CPI) Swaps:** 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 197** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended November 30, 2022, the Portfolios held inflation (CPI) swaps for hedging purposes.

**Credit Default Swaps:** 

Each Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling

---

| | |
|:---|:---|
| **198 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended November 30, 2022, AB High Income Municipal Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolios' net liability, held by the defaulting party, may be delayed or denied.

The Portfolios' ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolios decline below specific levels ("net asset contingent features"). If these levels are triggered, the Portfolios' OTC counterparty has the right to terminate such transaction and require the Portfolios to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 199** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended November 30, 2022, the Portfolios had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative<br>Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $20806412<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $3461993<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1415680 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22222092 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461993 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $5031696 | $(1728738) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1728738) |

---

---

| | |
|:---|:---|
| **200 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative<br>Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $101052996<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $14978784<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 3727850 | Unrealized depreciation on interest rate swaps | 2376526 |
|  Credit contracts |  |  | Market value on credit default swaps | 9251409 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104780846 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26606719 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $60601473 | $(48952139) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 4095062 | 879576 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64696535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48072563) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 201** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative<br>Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $37462390<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $7102902<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 2479684 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39942074 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102902 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $4581623 | $(1121032) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1121032) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative<br>Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | $12530049<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $2839698<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1053908 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13583957 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839698 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

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| | |
|:---|:---|
| **202 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $3247536 | $(2139501) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2139501) |

---

The following tables represent the average monthly volume of the Portfolios' derivative transactions during the six months ended November 30, 2022:

---

| | |
|:---|:---|
|  **AB California Portfolio** |  |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $12620000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $125881429 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157260000 |

---

---

| | |
|:---|:---|
|  **AB High Income Municipal Portfolio** |  |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $145775714 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $863818571 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $794620000 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $46122180 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29970000 <sup>(a)</sup> |

---

(a) Positions were open for less than one month during the period.

---

| | |
|:---|:---|
|  **AB National Portfolio** |  |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $22105000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255207143 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $289720000 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 203** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | |
|:---|:---|
|  **AB New York Portfolio** |  |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $9395000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119042857 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $104080000 |

---

For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of November 30, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Citibank, NA | $1415680 | $– 0 | $(1415680) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1415680) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $0 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Citibank, NA/Citigroup Global Markets, Inc. | $3184039 | $(1062359) | $(1924400) | $– 0 | $197280 |
|  Morgan Stanley Capital Services LLC | 543811 | (543811) | – 0 | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1606170) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1924400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197280 |

---

---

| | |
|:---|:---|
| **204 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1062359 | $(1062359) | $– 0 | $– 0 – $| – 0 |
|  Credit Suisse International | 3413369 | – 0 | (3413369) | – 0 – | – 0 |
|  Goldman Sachs International | 2852419 | – 0 | (2852419) | – 0 – | – 0 |
|  Morgan Stanley Capital Services LLC | 4299788 | (543811) | (3592580) | – 0 – | 163397 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11627935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1606170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9858368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163397 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Citibank, NA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2479684) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total | $2479684 | $– 0 | $(2479684) | $– 0 | $0 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
| **Counterparty** | **Derivative<br>Assets<br>Subject<br>to a MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Citibank, NA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053908) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total | $1053908 | $– 0 | $(1053908) | $– 0 | $0 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 205** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE E** 

**Capital Stock** 

The Fund has authorized 81.2 billion shares of capital stock. The allocation is as follow:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Allocation of Shares (In Million)** | **Allocation of Shares (In Million)** | **Allocation of Shares (In Million)** | **Allocation of Shares (In Million)** | **Allocation of Shares (In Million)** | **Allocation of Shares (In Million)** | **Allocation of Shares (In Million)** |
| **Portfolio** | **Class A** | **Class B** | **Class C** | **Advisor** | **Class T** | **Class Z** | **Total** |
|  AB California | 6000 | – 0 | 6000 | 6050 | 3000 | 3000 | 24050 |
|  AB High Income Municipal | 3000 | 3000 | 3000 | 3000 | 3000 | 3000 | 18000 |
|  AB National | 6000 | – 0 | 6000 | 6100 | 3000 | 3000 | 24100 |
|  AB New York | 3000 | – 0 | 3000 | 3050 | 3000 | 3000 | 15050 |

---

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 |
| **Class A** |  |  |  |  |
|  Shares sold | 4335945 | 7478896 | $44088599 | $84651764 |
|  Shares issued in reinvestment of dividends | 359758 | 464192 | 3670379 | 5213008 |
|  Shares converted from Class C | 88517 | 529039 | 908391 | 6078594 |
|  Shares redeemed | (5197002) | (10408334) | (53201014) | (115518127) |
|  **Net decrease** | **(412782)** | **(1936207)** | $**(4533645)** | $**(19574761)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 246220 | 390437 | $2526228 | $4448291 |
|  Shares issued in reinvestment of dividends | 20569 | 26005 | 209702 | 291675 |
|  Shares converted to Class A | (88567) | (529084) | (908391) | (6078594) |
|  Shares redeemed | (384397) | (797173) | (3922846) | (8862801) |
|  **Net decrease** | **(206175)** | **(909815)** | $**(2095307)** | $**(10201429)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 19971141 | 23386825 | $205502327 | $258734960 |
|  Shares issued in reinvestment of dividends | 381668 | 497566 | 3890596 | 5590250 |
|  Shares redeemed | (20697436) | (19056318) | (211317297) | (208636203) |
|  **Net increase (decrease)** | **(344627)** | **4828073** | $**(1924374)** | $**55689007** |

---

---

| | |
|:---|:---|
| **206 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 |
| **Class A** |  |  |  |  |
|  Shares sold | 7102776 | 13171334 | $73431596 | $157629945 |
|  Shares issued in reinvestment of dividends | 774552 | 1190291 | 7900525 | 14175988 |
|  Shares converted from Class C | 815991 | 3309348 | 8399449 | 39969528 |
|  Shares redeemed | (15299407) | (20789884) | (156496010) | (242159011) |
|  **Net decrease** | **(6606088)** | **(3118911)** | $**(66764440)** | $**(30383550)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 747168 | 1310463 | $7726773 | $15713438 |
|  Shares issued in reinvestment of dividends | 110288 | 183730 | 1124341 | 2189096 |
|  Shares converted to Class A | (816409) | (3310011) | (8399449) | (39969528) |
|  Shares redeemed | (1813235) | (2313449) | (18377000) | (27008496) |
|  **Net decrease** | **(1772188)** | **(4129267)** | $**(17925335)** | $**(49075490)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 60884784 | 92612188 | $625924266 | $1083036165 |
|  Shares issued in reinvestment of dividends | 3089306 | 4236935 | 31485473 | 50331307 |
|  Shares redeemed | (90869655) | (72377595) | (919174570) | (825709965) |
|  **Net increase (decrease)** | **(26895565)** | **24471528** | $**(261764831)** | $**307657507** |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  Shares sold | 8489970 | 47919 | $83317674 | $586248 |
|  Shares issued in reinvestment of dividends | 830 | 1348 | 8458 | 15990 |
|  Shares redeemed | (2514811) | (87427) | (24608786) | (990298) |
|  **Net increase (decrease)** | **5975989** | **(38160)** | $**58717346** | $**(388060)** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 207** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 |
| **Class A** |  |  |  |  |
|  Shares sold | 4429687 | 5973500 | $42198465 | $61613474 |
|  Shares issued in reinvestment of dividends | 417541 | 624155 | 3964717 | 6539160 |
|  Shares converted from Class C | 229639 | 1088206 | 2185519 | 11661302 |
|  Shares redeemed | (10750425) | (11039618) | (102529901) | (114125674) |
|  **Net decrease** | **(5673558)** | **(3353757)** | $**(54181200)** | $**(34311738)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 352676 | 394306 | $3331152 | $4133562 |
|  Shares issued in reinvestment of dividends | 24639 | 34322 | 233549 | 358962 |
|  Shares converted to Class A | (229915) | (1089303) | (2185519) | (11661302) |
|  Shares redeemed | (546446) | (952848) | (5179748) | (9841947) |
|  **Net decrease** | **(399046)** | **(1613523)** | $**(3800566)** | $**(17010725)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 62161126 | 60018399 | $593471270 | $612040055 |
|  Shares issued in reinvestment of dividends | 1461736 | 1804119 | 13897092 | 18877242 |
|  Shares redeemed | (64504410) | (45557420) | (612199063) | (463818186) |
|  **Net increase (decrease)** | **(881548)** | **16265098** | $**(4830701)** | $**167099111** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 |
| **Class A** |  |  |  |  |
|  Shares sold | 6127007 | 10205010 | $55077261 | $99859065 |
|  Shares issued in reinvestment of dividends | 309118 | 464880 | 2809365 | 4686215 |
|  Shares converted from Class C | 97279 | 1110369 | 885295 | 11433466 |
|  Shares redeemed | (9139122) | (12499602) | (82894167) | (121867864) |
|  **Net decrease** | **(2605718)** | **(719343)** | $**(24122246)** | $**(5889118)** |

---

---

| | |
|:---|:---|
| **208 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 | Six Months Ended<br>November 30, 2022<br>(unaudited) | Year Ended<br>May 31,<br>2022 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 94945 | 233754 | $853186 | $2362297 |
|  Shares issued in reinvestment of dividends | 17704 | 26229 | 160825 | 264086 |
|  Shares converted to Class A | (97325) | (1111323) | (885295) | (11433466) |
|  Shares redeemed | (300302) | (438587) | (2737749) | (4370815) |
|  **Net decrease** | **(284978)** | **(1289927)** | $**(2609033)** | $**(13177898)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 6607499 | 10856529 | $60206399 | $106775743 |
|  Shares issued in reinvestment of dividends | 160566 | 219569 | 1460593 | 2210058 |
|  Shares redeemed | (8727373) | (8851737) | (79380290) | (85714349) |
|  **Net increase (decrease)** | **(1959308)** | **2224361** | $**(17713298)** | $**23271452** |

---

**NOTE F** 

**Risks Involved in Investing in the Portfolios** 

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

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

**Below Investment-Grade Securities Risk**—Investments in fixed-income securities with lower ratings (commonly known as "junk bonds")

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 209** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

**Municipal Market Risk**—This is the risk that special factors may adversely affect the value of the municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Portfolios invest more of their assets in a particular state's municipal securities, the Portfolios may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolios. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Portfolios. The Portfolios' investment in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

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

The Portfolios invest from time to time in the municipal securities of Puerto Rico and other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico's economy.

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| | |
|:---|:---|
| **210 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

**Tax Risk**—There is no guarantee that the income on the Portfolios' municipal securities will be exempt from regular federal, and if applicable, state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolios by increasing taxes on that income. In such event, the Portfolios' NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of portfolio shares as investors anticipate adverse effects on the Portfolios or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolios would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolios' yield.

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

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

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

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 211** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Financing and Related Transactions; Leverage and Other Risks**—The Portfolios may utilize financial leverage, including tender option bond transactions, to seek to enhance the yield and net asset value. These objectives may not be achieved in all interest rate environments. Leverage creates certain risks for shareholders, including the likelihood of greater volatility of the net asset value. If income from the securities purchased from the funds made available by leverage is not sufficient to cover the cost of leverage, the Portfolios' return will be less than if leverage had not been used. As a result, the amounts available for distribution as dividends and other distributions will be reduced. During periods of rising short-term interest rates, the interest paid on the floaters in tender option bond transactions would increase, which may adversely affect the Portfolios' income and distribution to shareholders. A decline in distributions would adversely affect the Portfolios' yield. If rising short-term rates coincide with a period of rising long-term rates, the value of the long-term municipal bonds purchased with the proceeds of leverage would decline, adversely affecting the net asset value.

In a tender option bond transaction, the Portfolios may transfer a highly rated fixed-rate municipal security to a broker, which, in turn, deposits the bond into a special purpose vehicle (typically, a trust) usually sponsored by the broker. The Portfolios receive cash and a residual interest security (sometimes referred to as an "inverse floater") issued by the trust in return. The trust simultaneously issues securities, which pay an interest rate that is reset each week based on an index of high-grade short-term seven-day demand notes. These securities, sometimes referred to as "floaters", are bought by third parties, including tax-exempt money market funds, and can be tendered by these holders to a liquidity provider at par, unless certain events occur. The Portfolios continue to earn all the interest from the transferred bond less the amount of interest paid on the floaters and the expenses of the trust, which include payments to the trustee and the liquidity provider and organizational costs. The Portfolios also use the cash received from the transaction for investment purposes or to retire other forms of leverage. Under certain circumstances, the trust may be terminated and collapsed, either by the Portfolios or upon the occurrence of certain events, such as a downgrade in the credit quality of the underlying bond, or in the event holders of the floaters tender their securities to the liquidity provider. See Note I to the Financial Statements "Floating Rate Notes Issued in Connection with Securities Held" for more information about tender option bond transactions.

The Portfolios may also purchase inverse floaters from a tender option bond trust in a secondary market transaction without first owning the underlying bond. The income received from an inverse floater varies inversely with the short-term interest rate paid on the floaters issued by the

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| | |
|:---|:---|
| **212 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

trust. The prices of inverse floaters are subject to greater volatility than the prices of fixed-income securities that are not inverse floaters. Investments in inverse floaters may amplify the risks of leverage. If short-term interest rates rise, the interest payable on the floaters would increase and income from the inverse floaters decrease.

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

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

**LIBOR Transition and Associated Risk**—The Portfolios may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 213** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Portfolios' performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Portfolios' performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**Indemnification Risk**—In the ordinary course of business, the Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios' maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.

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

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| | |
|:---|:---|
| **214 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE G** 

**Joint Credit Facility** 

A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the six months ended November 30, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions to be paid for the year ending May 31, 2023 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal period through May 31, 2022 and the tax years ended November 30, 2021 and May 31, 2021 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **AB California Portfolio** | **December 1,<br>2021 to May 31,<br>2022** | **June 1, 2021 to<br>November 30,<br>2021** | **Year Ended<br>May 31,<br>2021** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 | $237886 | $703142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | – 0 | – 0 | 42445 |
|  Total taxable distributions | – 0 | 237886 | 745587 |
|  Tax exempt distributions | 11320603 | 10012329 | 24787438 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25533025 |
| **AB High Income**<br> **Municipal Portfolio** | **December 1,<br>2021 to May 31,<br>2022** | **June 1, 2021 to<br>November 30,<br>2021** | **Year Ended<br>May 31,<br>2021** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 | $4359494 | $8478725 |
|  Total taxable distributions | – 0 | 4359494 | 8478725 |
|  Tax exempt distributions | 64660568 | 55727850 | 107306485 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64660568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60087344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115785210 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 215** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **AB National Portfolio** | **December 1,<br>2021 to May 31,<br>2022** | **June 1, 2021 to<br>November 30,<br>2021** | **Year Ended<br>May 31,<br>2021** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 | $182163 | $1247779 |
|  Total taxable distributions | – 0 | 182163 | 1247779 |
|  Tax exempt distributions | 20244856 | 18549766 | 39730104 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20244856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18731929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40977883 |
| **AB New York Portfolio** | **December 1,<br>2021 to May 31,<br>2022** | **June 1, 2021 to<br>November 30,<br>2021** | **Year Ended<br>May 31,<br>2021** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $– 0 | $61452 | $463944 |
|  Total taxable distributions | – 0 | 61452 | 463944 |
|  Tax exempt distributions | 7066933 | 6531245 | 14293752 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7066933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14757696 |

---

As of November 30, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed**<br> **Tax- Exempt**<br> **Income** | **Accumulated**<br> **Capital and<br>Other Losses<sup>(a)</sup>** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)<sup>(b)</sup>** | **Total**<br> **Accumulated**<br> **Earnings/**<br> **(Deficit)<sup>(c)</sup>** |
|  AB California | $4559 | $(124321) | $63223225 | $63103463 |
|  AB High Income Municipal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158438 | (7126957) | 347263888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342295369 |
|  AB National | 78351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18354933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116835201 | 98558619 |
|  AB New York | 32379 | (11036161) | 41291549 | 30287767 |

---

(a) At November 30, 2021, AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio, and AB New
York Portfolio had capital loss carryforwards for federal income tax purposes. As of November 30, 2021, AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio, and AB New York Portfolio had net capital loss
carryforwards of $124,321, $7,126,957, $18,354,933, and $11,036,161, respectively. During the tax period ended November 30, 2021, AB National Portfolio and AB New York Portfolio utilized $255,383 and $60,294 of capital loss carryforwards to
offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation
(depreciation) are attributable primarily to the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of tender option bonds.

(c) The differences between book-basis and tax-basis components of accumulated
earnings/(deficit) are attributable primarily to the tax treatment of defaulted securities and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

---

| | |
|:---|:---|
| **216 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2021, the Portfolios had net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Short-Term<br>Amount** | **Long-Term<br>Amount** |
|  AB California | $124321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  AB High Income Municipal | 7126957 | – 0 |
|  AB National | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354933 | – 0 |
|  AB New York | 11036161 | – 0 |

---

**NOTE I** 

**Floating Rate Notes Issued in Connection with Securities Held** 

Each Portfolio may engage in tender option bond transactions in which the Portfolio may transfer a fixed rate bond ("Fixed Rate Bond") into a Special Purpose Vehicle (the "SPV", which is generally organized as a trust). The Portfolio buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation ("Inverse Floater"). The SPV also issues floating rate notes ("Floating Rate Notes") which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Portfolio gives the Portfolio the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Portfolio, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its statement of assets and liabilities. Interest expense related to the Portfolios' liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Portfolios' expense ratio. At November 30, 2022, the amount of Floating Rate Notes outstanding was $365,625,000 and the related interest rate ranged from 1.93% to 2.20%% for AB High Income Municipal Portfolio. At November 30, 2022, AB California Portfolio, AB National Portfolio and AB New York Portfolio did not have any Floating Rate Notes outstanding. For the six months ended November 30, 2022, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Average**<br> **Amount**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Interest Rate** |
|  AB High Income Municipal | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349872022 | 2.24% |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 217** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Each Portfolio may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Portfolios' financial statements as a secured borrowing. For the six months ended November 30, 2022, AB California Portfolio engaged in such transactions.

The final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") were issued on December 10, 2013. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs, such as the Fund's TOB transactions (as such programs were then previously or are presently structured), and (ii) continuing certain relationships with or certain services for residual interest bond programs.

**NOTE J** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE K** 

**Subsequent Events** 

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolios' financial statements through this date.

---

| | |
|:---|:---|
| **218 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** 

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.60 | $11.57 | $10.96 | $11.21 | $11.06 | $11.25 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .24 | .29 | .33 | .37 | .37 |
|  Net realized and unrealized gain (loss) on investment transactions | (.35 | (.99) | .61 | (.25) | .15 | (.20) |
|  Net increase (decrease) in net asset value from operations | (.21 | (.75) | .90 | .08 | .52 | .17 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.22) | (.29) | (.33) | (.37) | (.36) |
|  Net asset value, end of period | **$10.24** | **$10.60** | **$11.57** | **$10.96** | **$11.21** | **$11.06** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (1.98) | (6.57)% | 8.30% | .68% | 4.84% | 1.55% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $460790 | $481440 | $547704 | $494992 | $482499 | $465581 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .75 | .75% | .75% | .75% | .75% | .76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .78 | .76% | .77% | .78% | .80% | .80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.80 | 2.09% | 2.54% | 2.96% | 3.38% | 3.28% |
|  Portfolio turnover rate | 17 | 17% | 23% | 16% | 13% | 14% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 219** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.60 | $11.56 | $10.96 | $11.21 | $11.05 | $11.24 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .15 | .20 | .25 | .29 | .28 |
|  Net realized and unrealized gain (loss) on investment transactions | (.36 | (.97) | .61 | (.26) | .16 | (.19) |
|  Net increase (decrease) in net asset value from operations | (.25 | (.82) | .81 | (.01) | .45 | .09 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.11 | (.14) | (.21) | (.24) | (.29) | (.28) |
|  Net asset value, end of period | **$10.24** | **$10.60** | **$11.56** | **$10.96** | **$11.21** | **$11.05** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (2.36) | (7.19)% | 7.40% | (.08)% | 4.15% | .79% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $25323 | $28401 | $41511 | $42622 | $44421 | $48977 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.50 | 1.50% | 1.50% | 1.50% | 1.50% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.53 | 1.51% | 1.52% | 1.53% | 1.55% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.14 | 1.33% | 1.80% | 2.21% | 2.63% | 2.53% |
|  Portfolio turnover rate | 17 | 17% | 23% | 16% | 13% | 14% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **220 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.60 | $11.57 | $10.96 | $11.21 | $11.06 | $11.25 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .26 | .32 | .36 | .40 | .39 |
|  Net realized and unrealized gain (loss) on investment transactions | (.36 | (.98) | .61 | (.26) | .15 | (.19) |
|  Net increase (decrease) in net asset value from operations | (.20 | (.72) | .93 | .10 | .55 | .20 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.16 | (.25) | (.32) | (.35) | (.40) | (.39) |
|  Net asset value, end of period | **$10.24** | **$10.60** | **$11.57** | **$10.96** | **$11.21** | **$11.06** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (1.86) | (6.34)% | 8.57% | .93% | 5.10% | 1.80% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $445188 | $464558 | $451056 | $381036 | $279106 | $184599 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .50 | .50% | .50% | .50% | .51% | .51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .53 | .51% | .52% | .53% | .55% | .55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.04 | 2.34% | 2.78% | 3.20% | 3.63% | 3.52% |
|  Portfolio turnover rate | 17 | 17% | 23% | 16% | 13% | 14% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 221** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.96 | $12.25 | $10.90 | $11.65 | $11.39 | $11.34 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .21 | .37 | .39 | .42 | .43 | .45 |
|  Net realized and unrealized gain (loss) on investment transactions | (.81 | (1.29) | 1.36 | (.74 | .30 | .05 |
|  Contributions from Affiliates | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.60 | (.92) | 1.75 | (.32 | .73 | .50 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.21 | (.37) | (.40 | (.43 | (.47 | (.45 |
|  Net asset value, end of period | **$10.15** | **$10.96** | **$12.25** | **$10.90** | **$11.65** | **$11.39** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (5.46) | (7.68)% | 16.40 | (2.97) | 6.64 | 4.50 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $645883 | $769846 | $899274 | $680380 | $754555 | $755327 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.05 | .85% | .85 | .85 | .87 | .87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.05 | .85% | .85 | .85 | .88 | .88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.03 | 3.06% | 3.27 | 3.59 | 3.81 | 3.95 |
|  Portfolio turnover rate | 13 | 16% | 16 | 22 | 23 | 22 |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **222 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.95 | $12.25 | $10.89 | $11.65 | $11.39 | $11.33 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .28 | .30 | .33 | .35 | .36 |
|  Net realized and unrealized gain (loss) on investment transactions | (.81 | (1.30) | 1.38 | (.74 | .30 | .07 |
|  Contributions from Affiliates | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.64 | (1.02) | 1.68 | (.41 | .65 | .43 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.17 | (.28) | (.32 | (.35 | (.39 | (.37 |
|  Net asset value, end of period | **$10.14** | **$10.95** | **$12.25** | **$10.89** | **$11.65** | **$11.39** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (5.83) | (8.46)% | 15.53 | (3.69) | 5.85 | 3.82 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $86715 | $113046 | $177019 | $217533 | $273186 | $290311 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.80 | 1.60% | 1.60 | 1.60 | 1.62 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.80 | 1.60% | 1.61 | 1.60 | 1.63 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.28 | 2.30% | 2.54 | 2.85 | 3.06 | 3.20 |
|  Portfolio turnover rate | 13 | 16% | 16 | 22 | 23 | 22 |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 223** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.95 | $12.25 | $10.89 | $11.65 | $11.38 | $11.33 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .22 | .40 | .42 | .45 | .46 | .48 |
|  Net realized and unrealized gain (loss) on investment transactions | (.81 | (1.30) | 1.37 | (.75 | .31 | .05 |
|  Contributions from Affiliates | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.59 | (.90) | 1.79 | (.30 | .77 | .53 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.22 | (.40) | (.43 | (.46 | (.50 | (.48 |
|  Net asset value, end of period | **$10.14** | **$10.95** | **$12.25** | **$10.89** | **$11.65** | **$11.38** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (5.35) | (7.53)% | 16.70 | (2.72) | 7.00 | 4.76 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2143364 | $2609004 | $2618340 | $1872364 | $1975651 | $1593859 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .80 | .60% | .60 | .60 | .62 | .62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .80 | .60% | .60 | .60 | .63 | .63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.27 | 3.32% | 3.52 | 3.84 | 4.05 | 4.20 |
|  Portfolio turnover rate | 13 | 16% | 16 | 22 | 23 | 22 |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **224 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| | **Six Months<br>Ended<br>November 30,<br>2022 <br>(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **October 1,**<br> **2018<sup>(f)</sup> to**<br> **May 31,**<br> **2019** |
| | **Six Months<br>Ended<br>November 30,<br>2022 <br>(unaudited)** |  |  |  | **October 1,**<br> **2018<sup>(f)</sup> to**<br> **May 31,**<br> **2019** |
|  | **Six Months<br>Ended<br>November 30,<br>2022 <br>(unaudited)** | **2022** | **2021** | **2020** | **October 1,**<br> **2018<sup>(f)</sup> to**<br> **May 31,**<br> **2019** |
|  Net asset value, beginning of period | $10.96 | $12.26 | $10.90 | $11.65 | $11.27 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .22 | .40 | .42 | .43 | .31 |
|  Net realized and unrealized gain (loss) on investment transactions | (.81 | (1.30) | 1.37 | (.71 | .42 |
|  Contributions from Affiliates | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.59 | (.90) | 1.79 | (.28 | .73 |
|  **Less: Dividends** | **Less: Dividends** | **Less: Dividends** | **Less: Dividends** | **Less: Dividends** | **Less: Dividends** |
|  Dividends from net investment income | (.22 | (.40) | (.43 | (.47 | (.35 |
|  Net asset value, end of period | **$10.15** | **$10.96** | **$12.26** | **$10.90** | **$11.65** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (5.34) | (7.52)% | 16.69 | (2.60) | 6.59 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $61777 | $1231 | $1845 | $2085 | $10 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .80 | .59% | .59 | .60 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .83 | .59% | .59 | .61 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.79 | 3.32% | 3.55 | 4.11 | 4.11 |
|  Portfolio turnover rate | 13 | 16% | 16 | 22 | 23 |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 225** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $9.88 | $10.77 | $10.20 | $10.38 | $10.15 | $10.30 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .13 | .22 | .23 | .27 | .29 | .30 |
|  Net realized and unrealized gain (loss) on investment transactions | (.38 | (.91) | .58 | (.19) | .23 | (.15) |
|  Net increase (decrease) in net asset value from operations | (.25 | (.69) | .81 | .08 | .52 | .15 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.13 | (.20) | (.24) | (.26) | (.29) | (.30) |
|  Net asset value, end of period | **$9.50** | **$9.88** | **$10.77** | **$10.20** | **$10.38** | **$10.15** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (2.50) | (6.45)% | 8.00% | .80% | 5.23% | 1.48% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $435101 | $508814 | $590789 | $549816 | $572911 | $585549 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .75 | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .78 | .77% | .78% | .78% | .79% | .80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.72 | 2.05% | 2.21% | 2.57% | 2.87% | 2.93% |
|  Portfolio turnover rate | 19 | 12% | 24% | 28% | 19% | 18% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **226 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $9.87 | $10.76 | $10.19 | $10.37 | $10.14 | $10.29 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .09 | .14 | .16 | .19 | .21 | .22 |
|  Net realized and unrealized gain (loss) on investment transactions | (.38 | (.90) | .57 | (.18) | .24 | (.15) |
|  Net increase (decrease) in net asset value from operations | (.29 | (.76) | .73 | .01 | .45 | .07 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.10 | (.13) | (.16) | (.19) | (.22) | (.22) |
|  Net asset value, end of period | **$9.48** | **$9.87** | **$10.76** | **$10.19** | **$10.37** | **$10.14** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (2.97) | (7.16)% | 7.20% | .05% | 4.45% | .72% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of<br>period<br>(000's omitted) | $27528 | $32583 | $52879 | $64573 | $75942 | $89963 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.50 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.54 | 1.52% | 1.53% | 1.54% | 1.54% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.97 | 1.30% | 1.48% | 1.82% | 2.12% | 2.19% |
|  Portfolio turnover rate | 19 | 12% | 24% | 28% | 19% | 18% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 227** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $9.88 | $10.77 | $10.20 | $10.38 | $10.15 | $10.30 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .24 | .26 | .29 | .31 | .32 |
|  Net realized and unrealized gain (loss) on investment transactions | (.38 | (.90) | .58 | (.18) | .24 | (.14) |
|  Net increase (decrease) in net asset value from operations | (.24 | (.66) | .84 | .11 | .55 | .18 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.14 | (.23) | (.27) | (.29) | (.32) | (.33) |
|  Net asset value, end of period | **$9.50** | **$9.88** | **$10.77** | **$10.20** | **$10.38** | **$10.15** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (2.37) | (6.22)% | 8.27% | 1.05% | 5.49% | 1.73% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1212601 | $1270573 | $1209849 | $1001776 | $853908 | $656958 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .50 | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .53 | .52% | .53% | .53% | .54% | .55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.96 | 2.31% | 2.45% | 2.81% | 3.11% | 3.18% |
|  Portfolio turnover rate | 19 | 12% | 24% | 28% | 19% | 18% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **228 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $9.49 | $10.34 | $9.70 | $10.05 | $9.82 | $10.01 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .12 | .22 | .23 | .26 | .29 | .28 |
|  Net realized and unrealized gain (loss) on investment transactions | (.38 | (.86) | .65 | (.35) | .23 | (.19) |
|  Net increase (decrease) in net asset value from operations | (.26 | (.64) | .88 | (.09) | .52 | .09 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.12 | (.21) | (.24) | (.26) | (.29) | (.28) |
|  Net asset value, end of period | **$9.11** | **$9.49** | **$10.34** | **$9.70** | **$10.05** | **$9.82** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (2.68) | (6.29)% | 9.13% | (.92)% | 5.37% | .95% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of<br>period<br>(000's omitted) | $341279 | $380361 | $421752 | $414853 | $440361 | $428147 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .75 | .75% | .75% | .75% | .76% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .82 | .79% | .80% | .80% | .82% | .81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.67 | 2.17% | 2.31% | 2.64% | 2.92% | 2.86% |
|  Portfolio turnover rate | 5 | 16% | 22% | 23% | 15% | 11% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 229** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $9.49 | $10.33 | $9.69 | $10.04 | $9.81 | $10.01 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .09 | .14 | .16 | .19 | .21 | .21 |
|  Net realized and unrealized gain (loss) on investment transactions | (.39 | (.85) | .64 | (.35) | .23 | (.20) |
|  Net increase (decrease) in net asset value from operations | (.30 | (.71) | .80 | (.16) | .44 | .01 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.09 | (.13) | (.16) | (.19) | (.21) | (.21) |
|  Net asset value, end of period | **$9.10** | **$9.49** | **$10.33** | **$9.69** | **$10.04** | **$9.81** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (3.15) | (6.91)% | 8.33% | (1.66)% | 4.59% | .09% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of<br>period<br>(000's omitted) | $20523 | $24089 | $39563 | $44221 | $51764 | $61179 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.50 | 1.50% | 1.50% | 1.50% | 1.51% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.57 | 1.54% | 1.55% | 1.55% | 1.57% | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.92 | 1.41% | 1.56% | 1.89% | 2.18% | 2.11% |
|  Portfolio turnover rate | 5 | 16% | 22% | 23% | 15% | 11% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **230 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $9.49 | $10.34 | $9.70 | $10.05 | $9.82 | $10.02 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .13 | .25 | .26 | .29 | .31 | .31 |
|  Net realized and unrealized gain (loss) on investment transactions | (.37 | (.87) | .64 | (.35) | .23 | (.20) |
|  Net increase (decrease) in net asset value from operations | (.24 | (.62) | .90 | (.06) | .54 | .11 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.14 | (.23) | (.26) | (.29) | (.31) | (.31) |
|  Net asset value, end of period | **$9.11** | **$9.49** | **$10.34** | **$9.70** | **$10.05** | **$9.82** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | (2.55) | (6.06)% | 9.40% | (.67)% | 5.63% | 1.20% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of<br>period<br>(000's omitted) | $167350 | $192990 | $187212 | $145160 | $135701 | $111151 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .50 | .50% | .50% | .50% | .51% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .57 | .54% | .55% | .55% | .57% | .56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.91 | 2.42% | 2.55% | 2.89% | 3.17% | 3.11% |
|  Portfolio turnover rate | 5 | 16% | 22% | 23% | 15% | 11% |

---

See footnote summary on page 232-233.

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 231** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

(a) Net of expenses waived/reimbursed by the Adviser.

(b) Based on average shares outstanding.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total
investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(d) The expense ratios presented below exclude interest/bank overdraft expense:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75 | % | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .78 | %<sup>^</sup> | .76% | .77% | .78% | .79 | % | .79% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50 | % | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.53 | %<sup>^</sup> | 1.51% | 1.52% | 1.53% | 1.54 | % | 1.54% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50 | % | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .53 | %<sup>^</sup> | .51% | .52% | .53% | .54 | % | .54% |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** |  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** |  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .80 | %<sup>^</sup> | .78% | .79% | .80% | .80 | % | .80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .80 | %<sup>^</sup> | .78% | .80% | .80% | .81 | % | .81% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.55 | %<sup>^</sup> | 1.53% | 1.55% | 1.55% | 1.55 | % | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.55 | %<sup>^</sup> | 1.53% | 1.55% | 1.55% | 1.56 | % | 1.56% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .55 | %<sup>^</sup> | .53% | .55% | .55% | .55 | % | .55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .55 | %<sup>^</sup> | .53% | .55% | .55% | .55 | % | .56% |
|  **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  | **Class Z<sup>(f)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .55 | %<sup>^</sup> | .52% | .53% | .55% | .53 | %<sup>^</sup> | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .58 | %<sup>^</sup> | .53% | .54% | .56% | .53 | %<sup>^</sup> | N/A |

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| | |
|:---|:---|
| **232 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** | | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .78 | %<sup>^</sup> | .77% | .78% | .78% | .79% | .80% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.54 | %<sup>^</sup> | 1.52% | 1.53% | 1.54% | 1.54% | 1.55% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .53 | %<sup>^</sup> | .52% | .53% | .53% | .54% | .55% |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** |  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2022**<br> **(unaudited)** |  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .82 | %<sup>^</sup> | .79% | .80% | .80% | .81% | .81% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.57 | %<sup>^</sup> | 1.54% | 1.55% | 1.55% | 1.56% | 1.56% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .57 | %<sup>^</sup> | .54% | .55% | .55% | .56% | .56% |

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(e) Amount is less than $.005.

(f) Commencement of distribution as of October 1, 2018.

^ Annualized.

See notes to financial statements.

---

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 233** |

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**BOARD OF DIRECTORS** 

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| | |
|:---|:---|
| **Garry L. Moody**<sup>(1)</sup>**,**<br> Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President and Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Marshall C. Turner, Jr.**<sup>(1)</sup> |

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**OFFICERS** 

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| | |
|:---|:---|
| **Daryl Clements**<sup>(2)</sup>**,** Vice President<br> **Terrance T. Hults**<sup>(2)</sup>**,** Vice President<br> **Matthew J. Norton**<sup>(2)</sup>**,** Vice President<br> **Andrew D. Potter**<sup>(2)</sup>**,** Vice President<br> **Nancy E. Hay,** Secretary | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Jennifer Friedland,** Chief Compliance Officer |

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br> State Street Corporation CCB/5<br> 1 Iron Street<br> Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br>501 Commerce Street<br>Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br>One Battery Park Plaza<br>New York, NY 10004 | **Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br>One Manhattan West<br>New York, NY 10001<br>**Transfer Agent**<br> AllianceBernstein Investor<br>Services, Inc.<br> P.O. Box 786003<br>San Antonio, TX 78278<br>Toll-Free (800) 221-5672 |

---

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

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| | |
|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolios are made by the Adviser's Municipal Bond Investment Team. Messrs. Clements, Hults, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolios.  |

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| **234 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**Operation and Effectiveness of the Portfolios' Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolios to designate an Administrator of the Portfolios' Liquidity Risk Management Program. The Administrator of the Portfolios' LRMP is AllianceBernstein L.P., the Portfolios' investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Portfolios' Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolios' LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Portfolios' compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolios will be unable to meet their redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolios classify the liquidity of their portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolios' strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolios participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolios are required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Portfolios' reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Portfolio's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

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| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 235** |

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The Adviser informed the Fund Board that the Committee believes the Portfolios' LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolios or their ability to timely meet redemptions during the Program Reporting Period.

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| **236 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund** 

The disinterested directors (the "directors") of AB Municipal Income Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a "Fund" and collectively, the "Funds") at a meeting held in-person on November 1-3, 2022 (the "Meeting"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AB California Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AB High Income Municipal Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AB National Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AB New York Portfolio

Prior to approval of the continuance of the Advisory Agreement in respect of each Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of each Fund. The directors also discussed the proposed continuances in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the money market fund advised by the Adviser in which the Funds invest a portion of their assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee in respect of each Fund. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Fund and the overall arrangements between each Fund and the Adviser,

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 237** |

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as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Fund's investment strategies and from time to time proposes changes intended to improve a Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of each Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that each Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to such Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid in respect of a Fund, result in a higher rate of total compensation from such Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of each Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2020 and 2021 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationships with the Funds, including those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because

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| **238 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationships with the Funds before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with each Fund was not unreasonable.

**Fall-Out Benefits** 

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which the Funds invest, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds' principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds' shares; and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

**Investment Results** 

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for each Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of each Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2022 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that each Fund's investment performance was acceptable.

**Advisory Fees and Other Expenses** 

The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each Fund's contractual effective advisory fee rate with a peer group median and noted that it was above the median in the case of each of AB California Portfolio, AB National Portfolio and AB High Income Municipal Portfolio. The directors took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 239** |

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The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of any of the Funds. In the case of each of AB California Portfolio, AB National Portfolio and AB New York Portfolio, the directors compared each Fund's advisory fee rate with that for another fund advised by the Adviser utilizing similar investment strategies.

In connection with their review of each Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of each Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund's latest fiscal year, and the directors considered the Adviser's expense cap for each Fund. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Funds by others. Based on their review, the directors concluded the expense ratio for each of AB High Income Municipal Portfolio and AB New York Portfolio was acceptable. The directors noted that the expense ratio for AB California Portfolio was above a median and the expense ratio for National Portfolio was above the medians. After reviewing and discussing the Adviser's explanations of the reasons for this, the directors concluded that each Fund's expense ratio was acceptable.

**Economies of Scale** 

The directors noted that the advisory fee schedule for the Funds contains breakpoints that reduce the fee rates on assets above specified levels, and that the net assets of AB High Income Municipal Portfolio were higher than a breakpoint level. Accordingly, the Fund's current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any)

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| **240 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of AB High Income Municipal Portfolio, the Fund's breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and, in the case of the other Funds, such Funds' shareholders would benefit from a sharing of economies of scale in the event a Fund's net assets exceed a breakpoint in the future.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 241** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

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Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

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**VALUE** 

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Equity Income Fund

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**INTERNATIONAL/ GLOBAL EQUITY** 

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Global Core Equity Portfolio

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**GROWTH** 

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**VALUE** 

All China Equity Portfolio

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**FIXED INCOME** 

**MUNICIPAL** 

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Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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|:---|:---|
| **242 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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**NOTES** 

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL INCOME FUND <sup>\|</sup> 243** |

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**NOTES** 

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|:---|:---|
| **244 <sup>\|</sup> AB MUNICIPAL INCOME FUND** | **abfunds.com** |

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![LOGO](g435539g43p34.jpg)

AB MUNICIPAL INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

MI-0152-1122 ![LOGO](g435539g22c48.jpg)

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**ITEM 2. CODE OF ETHICS.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.** 

Not applicable to the registrant.

**ITEM 6. INVESTMENTS.** 

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** 

Not applicable to the registrant.

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

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**ITEM 11. CONTROLS AND PROCEDURES.** 

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 13. EXHIBITS.** 

The following exhibits are attached to this Form N-CSR:

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| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 12 (b) (1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d435539dex99cert.htm) |
| 12 (b) (2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d435539dex99cert.htm#a) |
| 12 (c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d435539dex99906cert.htm) |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant): AB Municipal Income Fund, Inc. | (Registrant): AB Municipal Income Fund, Inc. |
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: January 26, 2023 | Date: January 26, 2023 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: January 26, 2023 | Date: January 26, 2023 |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |
| Date: January 26, 2023 | Date: January 26, 2023 |

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## Ex-99.Cert

**Exhibit 12(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Municipal Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Municipal Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 26, 2023

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| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

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**Exhibit 12(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of AB Municipal Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Municipal Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 26, 2023

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| |
|:---|
| /s/ Joseph J. Mantineo |
| Joseph J. Mantineo |
| Treasurer and Chief Financial Officer |

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## Exhibit 99.906

**EXHIBIT 12(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Municipal Income Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: January 26, 2023 |  |  |
|  | By: | /s/ Onur Erzan |
|  |  | Onur Erzan |
|  |  | President |
|  | By: | /s/ Joseph J. Mantineo |
|  |  | Joseph J. Mantineo |
|  |  | Treasurer and Chief Financial Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.