# EDGAR Filing Document

**Accession Number:** 0000899774
**File Stem:** 0001410368-25-018018
**Filing Date:** 2025-10
**Character Count:** 120323
**Document Hash:** 7f8e7f1cfe498ab9e28055cbefb5b533
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-018018.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001410368-25-018018

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB MUNICIPAL INCOME FUND II
- **CENTRAL INDEX KEY:** 0000899774

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07618
- **FILM NUMBER:** 251419629

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE MUNICIPAL INCOME FUND II
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### AB Massachusetts Portfolio (Series ID: S000010355)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000028643 | Class A       | AMAAX           |
| C000028645 | Class C       | AMACX           |
| C000082955 | Advisor Class | AMAYX           |

## Nport-Ex

**AB Municipal Income Fund II** 

**AB Massachusetts Portfolio** 

**Portfolio of Investments** 

**August 31, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 96.2%** |  |  |
|  **Long-Term Municipal Bonds – 95.9%** |  |  |
|  **Massachusetts – 82.6%** |  |  |
|  City of Boston MA<br> (City of Boston MA)<br>Series 2023<br>5.00%, 11/01/2041 | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067654 |
|  City of Quincy MA<br> (City of Quincy MA)<br>Series 2022-A<br>5.00%, 06/01/2047 | 3060 | 3241272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 07/24/2026 | 5000 | 5111759 |
|  City of Worcester MA<br> (City of Worcester MA)<br>AG Series 2022<br>3.00%, 02/01/2046 | 2600 | 1886549 |
|  Commonwealth of Massachusetts<br> (Commonwealth of Massachusetts)<br>Series 2018-A<br>5.00%, 01/01/2042 | 5000 | 5061054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.00%, 04/01/2050 | 1000 | 552533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>3.00%, 02/01/2045 | 4965 | 3739986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 07/15/2031 | 396 | 395867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>5.00%, 10/01/2052 | 2005 | 2019441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 12/01/2054 | 5000 | 5062631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 04/01/2045 | 1500 | 1553130 |
|  Commonwealth of Massachusetts Transportation Fund Revenue<br> (Commonwealth of Massachusetts Transportation Fund Revenue)<br>Series 2022<br>5.00%, 06/01/2050 | 2000 | 2006383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 06/01/2052 | 3000 | 3017134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 06/01/2053 | 1405 | 1416650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 06/01/2051 | 3000 | 3031079 |
|  Marthas Vineyard Land Bank<br> (Marthas Vineyard Land Bank)<br>BAM Series 2014<br>5.00%, 05/01/2031 | 1000 | 1009382 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br> (Massachusetts Bay Transportation Authority Sales Tax Revenue)<br>Series 2017-A<br>5.00%, 07/01/2040 | 2000 | 2023597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 07/01/2050 | 3000 | 2981216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.25%, 07/01/2048 | 1000 | 1033229 |

---

------

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 | $4000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2045 | 500 | 517224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2055 | 3500 | 3630269 |
|  Massachusetts Clean Water Trust (The)<br> (Massachusetts Clean Water State Revolving Fund)<br>Series 2023-2<br>5.00%, 02/01/2040 | 600 | 637383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 | 1050 | 1096139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2044 | 1500 | 1546547 |
|  Massachusetts Development Finance Agency<br> (Baystate Medical Obligated Group)<br>Series 2014-N<br>5.00%, 07/01/2044 | 7150 | 7099543 |
|  Massachusetts Development Finance Agency<br> (Beth Israel Lahey Health Obligated Group)<br>Series 2018-J<br>5.00%, 07/01/2053 | 5000 | 4798865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2034 | 2000 | 2221043 |
|  Massachusetts Development Finance Agency<br> (Boston Medical Center Obligated Group)<br>Series 2015-D<br>5.00%, 07/01/2044 | 3755 | 3507629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.375%, 07/01/2052 | 2000 | 1697369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052 | 2000 | 1886081 |
|  Massachusetts Development Finance Agency<br> (Brandeis University)<br>Series 2019-S<br>5.00%, 10/01/2035 | 1795 | 1884866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 | 1780 | 1834012 |
|  Massachusetts Development Finance Agency<br> (Care Communities Obligated Group)<br>Series 2025<br>6.375%, 07/15/2045<sup>(a)</sup> | 600 | 589818 |
|  Massachusetts Development Finance Agency<br> (CHF Merrimack, Inc.)<br>Series 2024<br>5.00%, 07/01/2054<sup>(a)</sup> | 1200 | 1066043 |
|  Massachusetts Development Finance Agency<br> (Children's Hospital Obligated Group)<br>Series 2024-T<br>5.25%, 03/01/2054 | 2000 | 2051105 |
|  Massachusetts Development Finance Agency<br> (Emerson College)<br>Series 2016-A<br>5.00%, 01/01/2047 | 1000 | 933674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 | 1000 | 998306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.25%, 01/01/2038 | 1210 | 1273200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 | 1230 | 1249049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 | 1000 | 998462 |
|  Massachusetts Development Finance Agency<br> (Emmanuel College/MA)<br>Series 2016-A<br>5.00%, 10/01/2031 | 2000 | 1993722 |

---

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---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | $2100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086671 |
|  Massachusetts Development Finance Agency<br> (Equitable School Revolving Fund Obligated Group)<br>Series 2021<br>4.00%, 11/01/2046 | 1000 | 836769 |
|  Massachusetts Development Finance Agency<br> (GingerCare Living Obligated Group)<br>Series 2024-A<br>5.875%, 12/01/2060<sup>(a)</sup> | 1000 | 867821 |
|  Massachusetts Development Finance Agency<br> (Lesley University)<br>Series 2016<br>5.00%, 07/01/2039 | 2055 | 2038297 |
|  Massachusetts Development Finance Agency<br> (Mass General Brigham)<br>Series 2015-O<br>4.00%, 07/01/2045 | 5855 | 5055874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 07/01/2031 | 1000 | 1017657 |
|  Massachusetts Development Finance Agency<br> (MCPHS University)<br>Series 2013-F<br>4.00%, 07/01/2032 | 1000 | 1000129 |
|  Massachusetts Development Finance Agency<br> (Merrimack College)<br>Series 2017<br>5.00%, 07/01/2047 | 3200 | 3004442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 07/01/2052 | 1000 | 931271 |
|  Massachusetts Development Finance Agency<br> (NewBridge on the Charles)<br>Series 2017<br>5.00%, 10/01/2047<sup>(a)</sup> | 2000 | 1852341 |
|  Massachusetts Development Finance Agency<br> (Northeastern University)<br>Series 2022<br>5.00%, 10/01/2041 | 1500 | 1557293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 | 3000 | 3090316 |
|  Massachusetts Development Finance Agency<br> (Prerefunded - US Treasuries)<br>Series 2019-A<br>5.00%, 06/01/2039 | 1400 | 1536695 |
|  Massachusetts Development Finance Agency<br> (President & Fellows of Harvard College)<br>Series 2016-A<br>5.00%, 07/15/2036 | 700 | 799184 |
|  Massachusetts Development Finance Agency<br> (PRG Medford Properties)<br>Series 2025<br>5.25%, 06/01/2055 | 3250 | 3254543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2050 | 4000 | 4148280 |
|  Massachusetts Development Finance Agency<br> (Salem Community Obligated Group)<br>Series 2022<br>5.125%, 01/01/2040 | 1020 | 965517 |

---

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---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency<br> (Simmons University)<br>Series 2018-L<br>5.00%, 10/01/2035 | $2455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M<br>4.00%, 10/01/2050 | 1000 | 704321 |
|  Massachusetts Development Finance Agency<br> (South Shore Hospital Obligated Group)<br>Series 2016-I<br>4.00%, 07/01/2036 | 2080 | 1954254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 2500 | 2412079 |
|  Massachusetts Development Finance Agency<br> (Southcoast Health System Obligated Group)<br>Series 2013<br>4.00%, 07/01/2043 | 1750 | 1506818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-G<br>4.00%, 07/01/2046 | 1750 | 1450932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1000 | 1045894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050 | 3550 | 3403572 |
|  Massachusetts Development Finance Agency<br> (Springfield College)<br>Series 2021<br>4.00%, 06/01/2056 | 3000 | 2103074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 06/01/2050 | 1000 | 727239 |
|  Massachusetts Development Finance Agency<br> (Suffolk University)<br>Series 2021<br>4.00%, 07/01/2051 | 1000 | 773691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.25%, 07/01/2055 | 3000 | 2817737 |
|  Massachusetts Development Finance Agency<br> (Trustees of Boston College)<br>Series 2017-T<br>5.00%, 07/01/2037 | 1000 | 1020207 |
|  Massachusetts Development Finance Agency<br> (Trustees of The Deerfield Academy/The)<br>Series 2023<br>5.00%, 10/01/2033 | 1000 | 1152854 |
|  Massachusetts Development Finance Agency<br> (Tufts Medicine Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2038 | 1000 | 994463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>8.50%, 10/01/2026 | 200 | 200357 |
|  Massachusetts Development Finance Agency<br> (UMass Memorial Health Care Obligated Group)<br>Series 2016<br>5.00%, 07/01/2036 | 1500 | 1510534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.50%, 07/01/2054 | 3500 | 3104163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 | 1000 | 990427 |
|  Massachusetts Development Finance Agency<br> (Woods Hole Oceanographic Institution State Lease)<br>Series 2018<br>5.00%, 06/01/2048 | 3000 | 2920693 |
|  Massachusetts Health & Educational Facilities Authority<br> (Trustees of Boston College)<br>Series 2008<br>5.50%, 06/01/2035 | 1710 | 1978365 |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Massachusetts Port Authority<br> (Bosfuel Corp.)<br>Series 2019-A<br>5.00%, 07/01/2033 | $2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100062 |
|  Massachusetts Port Authority<br> (Massachusetts Port Authority)<br>Series 2011-B<br>6.202%, 07/01/2031 | 1765 | 1873960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2032 | 4685 | 4923825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 4000 | 4111845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 2500 | 2541564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C<br>5.00%, 07/01/2049 | 1000 | 976652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E<br>5.00%, 07/01/2051 | 5000 | 4923433 |
|  Massachusetts School Building Authority<br> (Massachusetts School Building Authority Sales Tax)<br>Series 2009<br>5.715%, 08/15/2039 | 4000 | 4145278 |
|  Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue<br> (Massachusetts Transportation Trust Fund Metropolitan Highway System Rev State Lease)<br>Series 2019-C<br>5.00%, 01/01/2034 | 1000 | 1060274 |
|  Massachusetts Water Resources Authority<br> (Prerefunded - US Treasuries)<br>Series 2016-C<br>5.00%, 08/01/2033 | 5500 | 5637126 |
|  Town of Weymouth MA<br> (Town of Weymouth MA)<br>Series 2021<br>2.00%, 09/15/2045 | 2000 | 1221438 |
|  University of Massachusetts Building Authority<br> (University of Massachusetts)<br>Series 2017<br>5.00%, 11/01/2034 | 2500 | 2585856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.013%, 11/01/2043 | 2000 | 1473347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200667668 |
|  **Alabama – 3.2%** |  |  |
|  Black Belt Energy Gas District<br> (BP PLC)<br>Series 2024-D<br>5.00%, 03/01/2055 | 1000 | 1054054 |
|  Black Belt Energy Gas District<br> (Nomura Holdings, Inc.)<br>Series 2022-A<br>4.00%, 12/01/2052 | 1200 | 1199114 |
|  Black Belt Energy Gas District<br> (Pacific Life Insurance)<br>Series 2024-C<br>5.00%, 05/01/2055 | 1000 | 1069222 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Southeast Alabama Gas Supply District (The)<br> (Morgan Stanley)<br>Series 2024<br>5.00%, 06/01/2049 | $| 1200 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277183 |
|  Southeast Alabama Gas Supply District (The)<br> (Pacific Life Insurance)<br>Series 2024-A<br>5.00%, 08/01/2054 |  | 1000 |  | 1061137 |
|  Southeast Energy Authority A Cooperative District<br> (Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 |  | 1000 |  | 1027115 |
|  Southeast Energy Authority A Cooperative District<br> (Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 |  | 1000 |  | 1034137 |
|  |  |  |  | 7721962 |
|  **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 2018<br>7.125%, 09/01/2038<sup>(a)</sup> |  | 395 |  | 416871 |
|  **Arizona – 0.4%** | **Arizona – 0.4%** | **Arizona – 0.4%** | **Arizona – 0.4%** | **Arizona – 0.4%** |
|  Salt Verde Financial Corp.<br> (Citigroup, Inc.)<br>Series 2007<br>5.00%, 12/01/2037 |  | 1000 |  | 1045119 |
|  **California – 0.7%** | **California – 0.7%** | **California – 0.7%** | **California – 0.7%** | **California – 0.7%** |
|  M-S-R Energy Authority<br> (Citigroup, Inc.)<br>Series 2009-B<br>6.50%, 11/01/2039 |  | 1300 |  | 1543654 |
|  **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** | **Connecticut – 0.4%** |
|  State of Connecticut<br> (State of Connecticut)<br>Series 2015-F<br>5.00%, 11/15/2032 |  | 1000 |  | 1003519 |
|  **Florida – 0.0%** | **Florida – 0.0%** | **Florida – 0.0%** | **Florida – 0.0%** | **Florida – 0.0%** |
|  Palm Beach County Health Facilities Authority<br> (Federation CCRC Operations Obligated Group)<br>Series 2022<br>4.25%, 06/01/2056 |  | 100 |  | 77813 |
|  **Georgia – 0.5%** | **Georgia – 0.5%** | **Georgia – 0.5%** | **Georgia – 0.5%** | **Georgia – 0.5%** |
|  Main Street Natural Gas, Inc.<br> (Citigroup, Inc.)<br>Series 2021-C<br>4.00%, 05/01/2052 |  | 1200 |  | 1217190 |
|  **Guam – 2.6%** | **Guam – 2.6%** | **Guam – 2.6%** | **Guam – 2.6%** | **Guam – 2.6%** |
|  Antonio B Won Pat International Airport Authority<br> (Antonio B Won Pat Intl Airport Authority)<br>Series 2021-A<br>4.46%, 10/01/2043 |  | 210 |  | 176318 |

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 10/01/2036 | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2043 | 200 | 202468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.25%, 10/01/2043 | 615 | 617821 |
|  Guam Government Waterworks Authority<br> (Guam Waterworks Authority Water And Wastewater System)<br>Series 2024-A<br>5.00%, 01/01/2046 | 1125 | 1109589 |
|  Guam Power Authority<br> (Guam Power Authority)<br>Series 2017-A<br>5.00%, 10/01/2036 | 350 | 354621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 | 1420 | 1420160 |
|  Territory of Guam<br> (Territory of Guam Business Privilege Tax)<br>Series 2021-F<br>4.00%, 01/01/2042 | 2255 | 2000584 |
|  Territory of Guam<br> (Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 170 | 178327 |
|  |  | 6164383 |
|  **Illinois – 0.0%** |  |  |
|  Village of Bolingbrook IL Sales Tax Revenue<br> (Village of Bolingbrook IL Sales Tax Revenue)<br>Series 2005<br>0.00%, 01/01/2024<sup>(b) (c)</sup> | 12 | 11671 |
|  **Indiana – 0.0%** |  |  |
|  Indiana Finance Authority<br> (Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039<sup>(a) (c) (d) (e)</sup> | 250 | 12500 |
|  **Kentucky – 0.4%** |  |  |
|  Kentucky Public Energy Authority<br> (Goldman Sachs Group)<br>Series 2024-A<br>5.00%, 05/01/2055 | 1000 | 1057054 |
|  **New Jersey – 0.5%** |  |  |
|  New Jersey Transportation Trust Fund Authority<br> (New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2029 | 1170 | 1190805 |
|  **North Carolina – 0.6%** |  |  |
|  North Carolina Medical Care Commission<br> (Aldersgate United Methodist Retirement Community)<br>Series 2015<br>4.70%, 07/01/2037 | 540 | 452166 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  North Carolina Turnpike Authority<br> (North Carolina Turnpike Authority)<br>Series 2017<br>5.00%, 01/01/2032 | $| 1000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022693 |
|  |  |  |  | 1474859 |
|  **Puerto Rico – 1.7%** | **Puerto Rico – 1.7%** | **Puerto Rico – 1.7%** | **Puerto Rico – 1.7%** | **Puerto Rico – 1.7%** |
|  Commonwealth of Puerto Rico<br> (Commonwealth of Puerto Rico)<br>Series 2021-A<br>5.625%, 07/01/2029 |  | 120 |  | 127834 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br> (Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2020-A<br>5.00%, 07/01/2030<sup>(a)</sup> |  | 610 |  | 638266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(a)</sup> |  | 500 |  | 515424 |
|  Puerto Rico Electric Power Authority<br> (Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 |  | 240 |  | 242263 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2007-V<br> 5.25%, 07/01/2032 |  | 300 |  | 299592 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br> (AES Puerto Rico LP)<br>Series 2023-A<br>6.625%, 01/01/2027 |  | 52 |  | 51919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 |  | 397 |  | 396281 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br> (San Juan Cruise Port LLC)<br>Series 2024<br>6.75%, 01/01/2045 |  | 600 |  | 662844 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br> (Puerto Rico Sales Tax Financing Sales Tax Revenue)<br>Series 2018-A<br>Zero Coupon, 07/01/2046 |  | 1000 |  | 314142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>4.329%, 07/01/2040 |  | 165 |  | 152670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 |  | 22 |  | 20947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 |  | 815 |  | 745301 |
|  |  |  |  | 4167483 |
|  **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> |  | 560 |  | 527353 |
|  **Texas – 1.0%** | **Texas – 1.0%** | **Texas – 1.0%** | **Texas – 1.0%** | **Texas – 1.0%** |
|  New Hope Cultural Education Facilities Finance Corp.<br> (SLF CHP LLC)<br>Series 2025<br>6.25%, 07/01/2045<sup>(a)</sup> |  | 100 |  | 90964 |

---

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| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br> (BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 | $1200 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279979 |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br> (Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 | 1000 |  | 1063844 |
|  |  |  | 2434787 |
|  **Wisconsin – 0.9%** | **Wisconsin – 0.9%** | **Wisconsin – 0.9%** | **Wisconsin – 0.9%** |
|  Wisconsin Public Finance Authority<br> (Celanese US Holdings LLC)<br>Series 2016-B<br>5.00%, 12/01/2025 | 1000 |  | 1001748 |
|  Wisconsin Public Finance Authority<br> (SR 400 Peach Partners LLC)<br>Series 2025<br>6.50%, 06/30/2060 | 1100 |  | 1162869 |
|  |  |  | 2164617 |
|  Total Long-Term Municipal Bonds <br>(cost $245,286,899) |  |  | 232899308 |
|  **Short-Term Municipal Notes – 0.3%** | **Short-Term Municipal Notes – 0.3%** | **Short-Term Municipal Notes – 0.3%** | **Short-Term Municipal Notes – 0.3%** |
|  **Massachusetts – 0.3%** | **Massachusetts – 0.3%** | **Massachusetts – 0.3%** | **Massachusetts – 0.3%** |
|  Massachusetts Health & Educational Facilities Authority<br> (Mass General Brigham)<br>Series 2011<br>2.45%, 07/01/2040<sup>(f)</sup> <br>(cost $615,000) | 615 |  | 615000 |
|  Total Municipal Obligations <br>(cost $245,901,899) |  |  | 233514308 |
|  | **Shares** |  |  |
|  **PREFERRED STOCKS – 0.0%** | **PREFERRED STOCKS – 0.0%** | **PREFERRED STOCKS – 0.0%** | **PREFERRED STOCKS – 0.0%** |
|  **Utility – 0.0%** | **Utility – 0.0%** | **Utility – 0.0%** | **Utility – 0.0%** |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  AES Guayama Holdings <br>0.00%<sup>(c) (g) (h)</sup> <br>(cost $156,813) | 8741 |  | 25436 |
|  | **Principal<br>Amount<br>(000)** |  |  |
|  **ASSET-BACKED SECURITIES – 0.0%** | **ASSET-BACKED SECURITIES – 0.0%** | **ASSET-BACKED SECURITIES – 0.0%** | **ASSET-BACKED SECURITIES – 0.0%** |
|  **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth 12.50%<br> (PRIME 1 Month + 4.00%), 03/04/2026<sup>(g) (h) (i)</sup> <br>(cost $6,895) | $7 |  | 6723 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **U.S. $ Value** |
|  **SHORT-TERM INVESTMENTS – 2.6%** | **SHORT-TERM INVESTMENTS – 2.6%** | **SHORT-TERM INVESTMENTS – 2.6%** |
|  **Investment Companies – 2.6%** | **Investment Companies – 2.6%** | **Investment Companies – 2.6%** |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.14%<sup>(j) (k) (l)</sup> <br>(cost $6,362,398) | 6362398 | $6362398 |
|  **Total Investments – 98.8%** <br>(cost $252,428,005)<sup>(m)</sup> | **Total Investments – 98.8%** <br>(cost $252,428,005)<sup>(m)</sup> | 239908865 |
|  Other assets less liabilities – 1.2% |  | 2934200 |
|  **Net Assets – 100.0%** |  | $**242843065** |

---

**CENTRALLY CLEARED INFLATION (CPI) SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **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 | 8170 | 10/15/2028 | CPI# | 2.565% | Maturity | $(85151) | $— | $(85151) |
| USD | 7250 | 10/15/2029 | 2.569% | CPI# | Maturity | 64726 |  | 64726 |
| USD | 7000 | 10/15/2029 | 2.485% | CPI# | Maturity | 90783 |  | 90783 |
| USD | 5587 | 10/15/2029 | 2.516% | CPI# | Maturity | 64114 |  | 64114 |
| USD | 5582 | 10/15/2029 | 2.451% | CPI# | Maturity | 81458 |  | 81458 |
| USD | 5581 | 10/15/2029 | 2.499% | CPI# | Maturity | 68617 |  | 68617 |
| USD | 8580 | 10/15/2030 | CPI# | 2.531% | Maturity | (86390) |  | (86390) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198157 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **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 | 08/15/2031 | 1 Day SOFR | 4.053% | Annual | $477313 | $— | $477313 |
| USD | 3200 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 82496 |  | 82496 |
| USD | 1180 | 08/15/2034 | 3.183% | 1 Day SOFR | Annual | 41484 |  | 41484 |
| USD | 1170 | 08/15/2034 | 3.450% | 1 Day SOFR | Annual | 16994 |  | 16994 |
| USD | 1470 | 02/15/2035 | 3.741% | 1 Day SOFR | Annual | (5879) |  | (5879) |
| USD | 1230 | 02/15/2035 | 3.738% | 1 Day SOFR | Annual | (3522) |  | (3522) |
| USD | 5400 | 08/15/2035 | 3.801% | 1 Day SOFR | Annual | (49375) | (553) | (48822) |
| USD | 2300 | 08/15/2035 | 3.804% | 1 Day SOFR | Annual | (21612) |  | (21612) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538452 |

---

------

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap 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 | 3025 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167728 |

---

*\** *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 August 31, 2025, the aggregate market value of these securities amounted to $6,577,401 or 2.7% of net assets.* 

*(b)* *Defaulted matured security.* 

*(c)* *Non-income producing security.* 

*(d)* *Defaulted.* 

*(e)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.01% of net assets as of August 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | | **Market<br>Value** | | **Percentage<br>of<br>Net Assets** |
|  *Indiana Finance Authority <br>(Brightmark Plastics Renewal Indiana) <br>Series 2019 <br>7.00%, 03/01/2039* | *03/29/2019* | $*257806* | | $*12500* | | *0.01%* |

---

*(f)* *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.* 

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

*(h)* *Fair valued by the Adviser.* 

*(i)* *Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2025.* 

*(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.* 

*(l)* *Affiliated investments.* 

*(m)* *As of August 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,796,849 and gross unrealized depreciation of investments was $(13,411,652), resulting in net unrealized depreciation of $(11,614,803).* 

*As of August 31, 2025, 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 1.5% and 0.0%, respectively.* 

*Glossary:* 

*ABS – Asset-Backed Securities* 

*AG – Assured Guaranty Inc.* 

*BAM – Build American Mutual* 

*CCRC – Congregate Care Retirement Center* 

*CHF – Collegiate Housing Foundation* 

*NATL – National Interstate Corporation* 

*PRIME – US Bank Prime Loan Rate* 

*SOFR – Secured Overnight Financing Rate* 

------

**AB Municipal Income Fund II** 

**AB Massachusetts Portfolio** 

**August 31, 2025 (unaudited)** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&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 Portfolio's own assumptions in determining the fair value
of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

------

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Portfolio's investments by the above fair value hierarchy levels as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Long-Term Municipal Bonds | $— | $232899308 | $— | $232899308 |
| Short-Term Municipal Notes |  | 615000 |  | 615000 |
| Preferred Stocks |  |  | 25436 | 25436 |
| Asset-Backed Securities |  |  | 6723 | 6723 |
| Short-Term Investments | 6362398 |  |  | 6362398 |
| Total Investments in Securities | 6362398 | 233514308 | 32159 | 239908865 |
| **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Centrally Cleared Inflation (CPI) Swaps |  | 369698 |  | 369698 |
| Centrally Cleared Interest Rate Swaps |  | 618287 |  | 618287 |
| Interest Rate Swaps |  | 167728 |  | 167728 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Centrally Cleared Inflation (CPI) Swaps |  | (171541) |  | (171541) |
| Centrally Cleared Interest Rate Swaps |  | (80388) |  | (80388) |
| **Total** | $**6362398** | $**234418092** | $**32159** | $**240812649** |

---

*<sup>(a)</sup>* *Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.* 

A summary of the Portfolio's transactions in AB mutual funds for the three months ended August 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>05/31/2025<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>08/31/2025<br>(000)** | **Dividend<br>Income<br>(000)** |
| AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AB MUNICIPAL INCOME FUND II

- **b. Investment Company Act file number:** 811-07618

- **c. CIK number of Registrant:** 0000899774

- **d. LEI of Registrant:** 549300NQ4217TS0L9K86

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ALLIANCEBERNSTEIN LP

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-969-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** AB Massachusetts Portfolio

- **b. EDGAR series identifier (if any):** S000010355

- **c. LEI of Series:** GX8OABUX9TYQCBNLUZ20

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $243441901.20

**Total Liabilities:** $1167949.42

**Net Assets:** $242273951.78

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -586.52000000 | **1-Year:** -9437.74000000 | **5-Year:** -31072.68000000 | **10-Year:** -82602.48000000 | **30-Year:** -35606.71000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -50.92000000 | **1-Year:** -973.26000000 | **5-Year:** -3013.62000000 | **10-Year:** -6346.26000000 | **30-Year:** -3486.15000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000082955 | 0.50%                | -0.38%               | 0.72%                |
| Class ID C000028645 | 0.52%                | -0.56%               | 0.63%                |
| Class ID C000028643 | 0.58%                | -0.50%               | 0.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-228543.96              | $1038307.78                                |
| Month 2  | $-189020.86              | $-1791490.47                               |
| Month 3  | $-199205.76              | $1178684.24                                |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond Unhedged

- **Index Identifier:** LMBITR:IND

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Puerto Rico Electric Power Authority                                            | PUERTO RICO ELEC PWR AUTH PWRREVENUE                                                                                               | CUSIP: 74526QPP1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    240000 | PA      | $242263.18    | 0.10%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                                                                                           | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2000583.46   | 0.83%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YG94<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1450931.65   | 0.60%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE                                                                              | CUSIP: 575579B30<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023597.40   | 0.84%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE                                                                              | CUSIP: 5755792B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517223.55    | 0.21%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE                                                                          | CUSIP: 65820YLK0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    540000 | PA      | $452166.57    | 0.19%             | 2037-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: SS30EP8   IRS USD R F  2.56500 IS30EP8 CCPINFLATIONZERO / Short: SS30EP8   IRS USD P V 12MUSCPI IS30EQ9 CCPINFLATIONZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8170000 | OU      | $-85150.68    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                                                                                           | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027114.70   | 0.42%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3104162.60   | 1.28%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS2ZA89   IRS USD R V 00MSOFR IS2ZA90 CCPOIS / Short: BS2ZA89   IRS USD P F  3.18250 IS2ZA89 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1180000 | OU      | $41484.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS35Q68   IRS USD R V 00MSOFR IS35Q79 CCPOIS / Short: BS35Q68   IRS USD P F  3.80400 IS35Q68 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   2300000 | OU      | $-21611.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS2Y9Y5   IRS USD R V 00MSOFR IS2Y9Z6 CCPOIS / Short: BS2Y9Y5   IRS USD P F  3.30384 IS2Y9Y5 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3200000 | OU      | $82496.02     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BCX4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867820.90    | 0.36%             | 2060-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57583UN79<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7099543.17   | 2.93%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI TOLL REVENUE                                                                                                    | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1162869.40   | 0.48%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BDX3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998462.20    | 0.41%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57583U6R4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $3507628.86   | 1.45%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Worcester MA                                                            | WORCESTER MA                                                                                                                       | CUSIP: 981306F65<br>LEI: 5493006DO0NOILRNNH68 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $1886548.56   | 0.78%             | 2046-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS31F03   IRS USD R V 12MUSCPI IS31F14 CCPINFLATIONZERO / Short: BS31F03   IRS USD P F  2.48500 IS31F03 CCPINFLATIONZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7000000 | OU      | $90783.07     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | GUAM INTERNATIONAL ARPT AUTH                                                                                                       | CUSIP: 40064RFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202468.42    | 0.08%             | 2043-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                                                                                                   | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2019440.81   | 0.83%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YH28<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3403572.44   | 1.40%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | GUAM INTERNATIONAL ARPT AUTH                                                                                                       | CUSIP: 40064RFE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104494.67    | 0.04%             | 2036-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                            | GUAM PWR AUTH REVENUE                                                                                                              | CUSIP: 400653JL6<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1420159.47   | 0.59%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS2YDU9   IRS USD R V 00MSOFR IS2YDV0 CCPOIS / Short: BS2YDU9   IRS USD P F  3.44950 IS2YDU9 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1170000 | OU      | $16993.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                       | INDIANA ST FIN AUTH EXEMPT FAC REVENUE                                                                                             | CUSIP: 45470DAA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $12500.00     | 0.01%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS30759   IRS USD R V 12MUSCPI IS30760 CCP INFLATION ZERO / Short: BS30759   IRS USD P F  2.45000 BS30759 CCP INFLATION ZERO | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5582000 | OU      | $81457.57     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XVS7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2038297.37   | 0.84%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: SS31KA8   IRS USD R F  4.05250 IS31KA8 CCPOIS / Short: SS31KA8   IRS USD P V 00MSOFR IS31KB9 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  14000000 | OU      | $477313.53    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y3U1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3090315.90   | 1.28%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                                                                                  | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $152669.55    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                                                                                         | CUSIP: 575896TJ4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4111844.80   | 1.70%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS35D34   IRS USD R V 00MSOFR IS35D45 CCPOIS / Short: BS35D34   IRS USD P F  3.80100 IS35D34 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5400000 | OU      | $-49375.35    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BKJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2817737.10   | 1.16%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS32MF0   IRS USD R V 00MSOFR IS32MG1 CCPOIS / Short: BS32MF0   IRS USD P F  3.73750 IS32MF0 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1230000 | OU      | $-3522.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| City of Boston MA                                                               | BOSTON MA                                                                                                                          | CUSIP: 100853K90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067653.90   | 0.44%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE                                                                              | CUSIP: 575579Q83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033228.80   | 0.43%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YQG7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994462.50    | 0.41%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE                                                                                     | CUSIP: 745160SH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515424.35    | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                                                                                  | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $745300.63    | 0.31%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AES PUERTO RICO LP                                                              | AES PUERTO RICO LP                                                                                                                 | CUSIP: 00810HAA0<br>LEI: 54930031FSLPC1L9X341 | Long             | DBT              | CORP              | US        |      6931 | PA      | $6722.66      | 0.00%             | 2026-03-04      | Variable      | 11.50%                | No            |                  3 | On Loan: No      |
| AES GUAYAMA HOLDINGS PFD                                                        | AES GUAYAMA HOLDINGS PFD                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8741 | NS      | $25436.31     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $773691.10    | 0.32%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y2W8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $965516.90    | 0.40%             | 2040-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                   | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                                                                                        | CUSIP: 02936TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $416871.19    | 0.17%             | 2038-09-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE                                                                                    | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057053.60   | 0.44%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                     | Long: IS1WUB4   IRS USD R V 01MMUNIP IS1WUC5 VANILLA / Short: IS1WUB4   IRS USD P F  1.12500 IS1WUB4 VANILLA                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | US        |   3025000 | OU      | $167727.60    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE                                                                              | CUSIP: 575579J57<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2981216.10   | 1.23%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BAB4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051105.00   | 0.85%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BMU9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4148280.00   | 1.71%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                       | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                                                                                            | CUSIP: 57604TKE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1416650.40   | 0.58%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XPS4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993721.60   | 0.82%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y7A1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152853.60   | 0.48%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XPV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2086670.88   | 0.86%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1886080.80   | 0.78%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                             | MASSACHUSETTS ST CLEAN WTR TRUST                                                                                                   | CUSIP: 575829MQ6<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1096139.42   | 0.45%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                  | UNIV OF MASSACHUSETTS MA BLDG AUTH REVENUE                                                                                         | CUSIP: 914437TD0<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2585855.75   | 1.07%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                                                                                                   | CUSIP: 57582RRH1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5061054.00   | 2.09%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH SPL FACS REVENUE                                                                                        | CUSIP: 575898CS8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1873959.63   | 0.77%             | 2031-07-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS33Y68   IRS USD R V 00MSOFR IS33Y79 CCPOIS / Short: BS33Y68   IRS USD P F  3.74050 IS33Y68 CCPOIS                          | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   1470000 | OU      | $-5879.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XYG0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $799184.12    | 0.33%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y7K9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2221043.00   | 0.92%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE                                                                              | CUSIP: 5755792J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3630268.60   | 1.50%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH SPL FACS REVENUE                                                                                        | CUSIP: 575898DJ7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100062.00   | 0.87%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                                                                  | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1199114.28   | 0.49%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                    | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE                                                                              | CUSIP: 575579R25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4108430.80   | 1.70%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XNM9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2080000 | PA      | $1954253.81   | 0.81%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1066043.28   | 0.44%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BDV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1249049.26   | 0.52%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                             | MASSACHUSETTS ST CLEAN WTR TRUST                                                                                                   | CUSIP: 575829MN3<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |    600000 | PA      | $637383.30    | 0.26%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                                                                                  | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     22000 | PA      | $20947.44     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: SS30FB1   IRS USD R F  2.53125 IS30FB1 CCPINFLATIONZERO / Short: SS30FB1   IRS USD P V 12MUSCPI IS30FC2 CCPINFLATIONZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8580000 | OU      | $-86389.87    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XD57<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933673.60    | 0.39%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YG60<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045894.40   | 0.43%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                         | MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE                                                                                  | CUSIP: 57586CGB5<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    615000 | PA      | $615000.00    | 0.25%             | 2040-07-01      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y3T4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557293.25   | 0.64%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XJ93<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020206.90   | 0.42%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                                                                  | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054053.70   | 0.44%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YX53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2103073.50   | 0.87%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                                                                                                    | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022692.60   | 0.42%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                               | QUINCY MA                                                                                                                          | CUSIP: 748508E38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3060000 | PA      | $3241271.65   | 1.34%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BBJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200356.96    | 0.08%             | 2026-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust/The                                             | MASSACHUSETTS ST CLEAN WTR TRUST                                                                                                   | CUSIP: 575829MS2<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546547.25   | 0.64%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                   | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE                                                                                          | CUSIP: 696507VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $77813.37     | 0.03%             | 2056-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue     | MASSACHUSETTS ST DEPT OF TRANSPRTN MET HIGHWAY SYS REVENUE                                                                         | CUSIP: 57563CFJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060274.00   | 0.44%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS309H5   IRS USD R V 12MUSCPI IS309I6 CCPINFLATIONZERO / Short: BS309H5   IRS USD P F  2.51600 IS309H5 CCPINFLATIONZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5587000 | OU      | $64113.95     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL Sales Tax Revenue                                     | BOLINGBROOK IL SALES TAX REVENUE                                                                                                   | CUSIP: 09755LAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     11671 | PA      | $11670.66     | 0.00%             | 2026-12-31      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                                                                                         | CUSIP: 575896VH5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976652.20    | 0.40%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YMB2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2448907.92   | 1.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57583UX52<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5855000 | PA      | $5055873.88   | 2.09%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                       | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                                                                                      | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061137.20   | 0.44%             | 2054-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XQ87<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3004441.60   | 1.24%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57583UUT3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000129.30   | 0.41%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YPC7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1834011.96   | 0.76%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Quincy MA                                                               | QUINCY MA                                                                                                                          | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5111759.00   | 2.11%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BDS4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1273199.51   | 0.53%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC                                                                       | CUSIP: 74528LAA9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    600000 | PA      | $662843.58    | 0.27%             | 2045-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y4U0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1697369.00   | 0.70%             | 2052-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                                                                                                 | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    120000 | PA      | $127833.72    | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584X4N8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1852341.00   | 0.76%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BMV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3254542.85   | 1.34%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XJZ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510534.35   | 0.62%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                         | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE                                                                                   | CUSIP: 576000KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4145278.40   | 1.71%             | 2039-08-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                                                                                  | CUSIP: 09182TDU8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069222.20   | 0.44%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YSJ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1536695.02   | 0.63%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                         | MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE                                                                                  | CUSIP: 57586CT21<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1978365.35   | 0.82%             | 2035-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                 | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE                                                                       | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063844.50   | 0.44%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | GUAM GOVT                                                                                                                          | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $178326.72    | 0.07%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                            | CONNECTICUT ST                                                                                                                     | CUSIP: 20772JP30<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003518.90   | 0.41%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC                                                                       | CUSIP: 74528KAA1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |     52107 | PA      | $51919.43     | 0.02%             | 2027-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                          | M-S-R CA ENERGY AUTH GAS REVENUE                                                                                                   | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1543654.32   | 0.64%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                                                                                                   | CUSIP: 57582TCE0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5062631.00   | 2.09%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                       | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                                                                                            | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006383.40   | 0.83%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST SPL OBLG REVENUE                                                                                                  | CUSIP: 576004HG3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    395638 | PA      | $395867.23    | 0.16%             | 2031-07-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC                                                                       | CUSIP: 74528KAB9<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    397410 | PA      | $396281.40    | 0.16%             | 2028-01-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                                                                            | CUSIP: 6461362D2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1190804.71   | 0.49%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YNY1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1884866.14   | 0.78%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                             | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE                                                                       | CUSIP: 64542PGP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90963.68     | 0.04%             | 2045-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE                                                                                  | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $314142.10    | 0.13%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alliance Bernstein                                                              | AB Fixed Income Shares, Inc. - Government Money Market Portfolio                                                                   | CUSIP: 018616748<br>LEI: 5493006YWHO7MNK2U579 | Long             | STIV             | RF                | US        |   6362398 | NS      | $6362398.45   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YJW0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4798864.50   | 1.98%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                       | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                                                                                            | CUSIP: 57604TKD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017134.20   | 1.25%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                                                                                         | CUSIP: 575896TL9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2541563.50   | 1.05%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                       | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                                                                                            | CUSIP: 57604TKK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3031079.10   | 1.25%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bristol Industrial Development Board                                            | BRISTOL TN INDL DEV BRD ST SALES TAX REVENUE                                                                                       | CUSIP: 11023PAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $527353.18    | 0.22%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                     | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                                                                                  | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1217190.00   | 0.50%             | 2052-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XHU8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017657.10   | 0.42%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Weymouth MA                                                             | WEYMOUTH MASS                                                                                                                      | CUSIP: 962201GP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1221438.00   | 0.50%             | 2045-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57585BEW4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990427.40    | 0.41%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57583UTY4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1506818.25   | 0.62%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                                                                                         | CUSIP: 575896TE5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4923824.90   | 2.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                  | UNIV OF MASSACHUSETTS MA BLDG AUTH REVENUE                                                                                         | CUSIP: 914437VJ4<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1473346.80   | 0.61%             | 2043-11-01      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | PUERTO RICO ELEC PWR AUTH PWRREVENUE                                                                                               | CUSIP: 74526Q2Q4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    300000 | PA      | $299591.91    | 0.12%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XD65<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998305.90    | 0.41%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                                                                                                   | CUSIP: 57582TCN0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553130.45   | 0.64%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                               | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                                                                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034136.60   | 0.43%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marthas Vineyard Land Bank                                                      | MARTHAS VINEYARD MA LAND BANK REVENUE                                                                                              | CUSIP: 573100CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009382.40   | 0.42%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS308B2   IRS USD R V 12MUSCPI IS308C3 CCPINFLATION ZERO / Short: BS308B2   IRS USD P F  2.49900 BS308B2 CCP INFLATION ZERO  | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   5581000 | OU      | $68617.11     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YX87<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $727239.10    | 0.30%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                    | MASSACHUSETTS ST PORT AUTH                                                                                                         | CUSIP: 575896YK5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4923433.50   | 2.03%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584XNN7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2412079.25   | 1.00%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                             | PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE                                                                                     | CUSIP: 745160SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $638265.81    | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                                        | Long: BS31T56   IRS USD R V 12MUSCPI IS31T67 CCPINFLATIONZERO / Short: BS31T56   IRS USD P F  2.56880 IS31T56 CCPINFLATIONZERO     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   7250000 | OU      | $64725.82     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING REVENUE                                                                                 | CUSIP: 57563WAB4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    600000 | PA      | $589818.06    | 0.24%             | 2045-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584Y4J5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931270.90    | 0.38%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YYM5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $704320.60    | 0.29%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                                               | CUSIP: 57584YGR4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2920692.60   | 1.21%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | GUAM INTERNATIONAL ARPT AUTH                                                                                                       | CUSIP: 40064RFZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $617821.44    | 0.26%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE                                                                                     | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1109588.96   | 0.46%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                               | GUAM INTERNATIONAL ARPT AUTH                                                                                                       | CUSIP: 40064REL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $176318.18    | 0.07%             | 2043-10-01      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                                                                                                   | CUSIP: 57582RN93<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $552533.40    | 0.23%             | 2050-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                         | MASSACHUSETTS ST WTR RESOURCES AUTH                                                                                                | CUSIP: 576051PJ9<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5637126.00   | 2.33%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                   | MASSACHUSETTS ST                                                                                                                   | CUSIP: 57582RW28<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $3739986.05   | 1.54%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                            | GUAM PWR AUTH REVENUE                                                                                                              | CUSIP: 400653JH5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354621.37    | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | PUBLIC FIN AUTH WI EXEMPT FACS REVENUE                                                                                             | CUSIP: 74443QAC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001747.70   | 0.41%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp IV                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                                                                                        | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1279978.80   | 0.53%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                       | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE                                                                                    | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045119.30   | 0.43%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                        | MASSACHUSETTS DEV FIN AGY NATIONAL CHRT SCH REVOLVING LOAN F                                                                       | CUSIP: 57563UAA0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836769.10    | 0.35%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                       | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                                                                                      | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1277183.16   | 0.53%             | 2049-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** AB MUNICIPAL INCOME FUND II

**Signature:** Stephen Woetzel

**Name of Signer:** Stephen Woetzel

**Title:** Controller