# EDGAR Filing Document

**Accession Number:** 0000798737
**File Stem:** 0001193125-26-039922
**Filing Date:** 2026-2
**Character Count:** 589710
**Document Hash:** 6cbaf4f0503eb5c174253cf586cb9641
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-039922.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001193125-26-039922

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB MUNICIPAL INCOME FUND, INC.
- **CENTRAL INDEX KEY:** 0000798737

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04791
- **FILM NUMBER:** 26604692

**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 INC
- **DATE OF NAME CHANGE:** 20030319

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? AB Municipal Income Fund, Inc.

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## AB MUNICIPAL INCOME FUND, INC.

#### (Exact name of registrant as specified in charter)

#### 66 Hudson Boulevard East

#### New York, New York 10005

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

#### Stephen M. Woetzel

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

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

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

#### Date of fiscal year end: May 31, 2026

#### Date of reporting period: November 30, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Advisor Class: ALCVX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ALCVX-S](g40758g94o16.jpg)

SCAN ME

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# Portfolio Information

# AB California Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB California Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALCVX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $26 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1271257410 |
| # of Portfolio Holdings | 402 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $2681593 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 2.3% |
| AA | 38.4% |
| A | 24.4% |
| BBB | 16.6% |
| BB | 5.5% |
| B | 0.5% |
| A-1+ | 0.6% |
| Not Rated | 11.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Advisor Class:** ALCVX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALCVX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-CA-ADV-0154-1125

**Advisor Class:** ALCVX

# Class A: ALCAX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ALCAX-S](g40758g39h62.jpg)

SCAN ME

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# Portfolio Information

# AB California Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB California Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALCAX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1271257410 |
| # of Portfolio Holdings | 402 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $2681593 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 2.3% |
| AA | 38.4% |
| A | 24.4% |
| BBB | 16.6% |
| BB | 5.5% |
| B | 0.5% |
| A-1+ | 0.6% |
| Not Rated | 11.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class A:** ALCAX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALCAX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-CA-A-0154-1125

**Class A:** ALCAX

# Class C: ACACX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACACX-S](g40758g49g28.jpg)

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# Portfolio Information

# AB California Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB California Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ACACX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.51%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1271257410 |
| # of Portfolio Holdings | 402 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $2681593 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 2.3% |
| AA | 38.4% |
| A | 24.4% |
| BBB | 16.6% |
| BB | 5.5% |
| B | 0.5% |
| A-1+ | 0.6% |
| Not Rated | 11.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class C:** ACACX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ACACX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-CA-C-0154-1125

**Class C:** ACACX

# Advisor Class: ABTYX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABTYX-S](g40758g14n66.jpg)

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# Portfolio Information

# AB High Income Municipal Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB High Income Municipal Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABTYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $2776385873 |
| # of Portfolio Holdings | 818 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $6791173 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 1.5% |
| AA | 13.7% |
| A | 8.4% |
| BBB | 11.2% |
| BB | 10.2% |
| B | 1.1% |
| CCC | 0.8% |
| D | 0.1% |
| Not Rated | 53.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Advisor Class:** ABTYX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ABTYX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-HI-ADV-0154-1125

**Advisor Class:** ABTYX

# Class A: ABTHX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABTHX-S](g40758g91y29.jpg)

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# Portfolio Information

# AB High Income Municipal Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB High Income Municipal Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABTHX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $64 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $2776385873 |
| # of Portfolio Holdings | 818 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $6791173 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 1.5% |
| AA | 13.7% |
| A | 8.4% |
| BBB | 11.2% |
| BB | 10.2% |
| B | 1.1% |
| CCC | 0.8% |
| D | 0.1% |
| Not Rated | 53.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class A:** ABTHX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ABTHX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-HI-A-0154-1125

**Class A:** ABTHX

# Class C: ABTFX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABTFX-S](g40758g64r91.jpg)

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# Portfolio Information

# AB High Income Municipal Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB High Income Municipal Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABTFX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $103 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $2776385873 |
| # of Portfolio Holdings | 818 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $6791173 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 1.5% |
| AA | 13.7% |
| A | 8.4% |
| BBB | 11.2% |
| BB | 10.2% |
| B | 1.1% |
| CCC | 0.8% |
| D | 0.1% |
| Not Rated | 53.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class C:** ABTFX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ABTFX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-HI-C-0154-1125

**Class C:** ABTFX

# Class Z: ABTZX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABTZX-S](g40758g71r59.jpg)

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# Portfolio Information

# AB High Income Municipal Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB High Income Municipal Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABTZX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $2776385873 |
| # of Portfolio Holdings | 818 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $6791173 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 1.5% |
| AA | 13.7% |
| A | 8.4% |
| BBB | 11.2% |
| BB | 10.2% |
| B | 1.1% |
| CCC | 0.8% |
| D | 0.1% |
| Not Rated | 53.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class Z:** ABTZX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ABTZX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-HI-Z-0154-1125

**Class Z:** ABTZX

# Advisor Class: ALTVX
November 30, 2025

![Image](g40758g15b89.jpg)

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# Portfolio Information

# AB National Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB National Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALTVX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $26 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1933507949 |
| # of Portfolio Holdings | 787 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $4008813 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 5.7% |
| AA | 39.0% |
| A | 24.0% |
| BBB | 13.6% |
| BB | 5.9% |
| B | 0.3% |
| Not Rated | 11.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Advisor Class:** ALTVX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALTVX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-NAT-ADV-0154-1125

**Advisor Class:** ALTVX

# Class A: ALTHX
November 30, 2025

![Image](g40758g15b89.jpg)

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# Portfolio Information

# AB National Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB National Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALTHX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $39 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1933507949 |
| # of Portfolio Holdings | 787 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $4008813 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 5.7% |
| AA | 39.0% |
| A | 24.0% |
| BBB | 13.6% |
| BB | 5.9% |
| B | 0.3% |
| Not Rated | 11.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class A:** ALTHX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALTHX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-NAT-A-0154-1125

**Class A:** ALTHX

# Class C: ALNCX
November 30, 2025

![Image](g40758g15b89.jpg)

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# Portfolio Information

# AB National Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB National Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALNCX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1933507949 |
| # of Portfolio Holdings | 787 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $4008813 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 5.7% |
| AA | 39.0% |
| A | 24.0% |
| BBB | 13.6% |
| BB | 5.9% |
| B | 0.3% |
| Not Rated | 11.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class C:** ALNCX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALNCX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-NAT-C-0154-1125

**Class C:** ALNCX

# Advisor Class: ALNVX
November 30, 2025

![Image](g40758g15b89.jpg)

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# Portfolio Information

# AB New York Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB New York Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALNVX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $26 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $534772427 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid (Net) | $990751 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 6.8% |
| AA | 36.8% |
| A | 14.4% |
| BBB | 28.7% |
| BB | 4.4% |
| B | 2.4% |
| CCC | 0.6% |
| A-1+ | 0.2% |
| Not Rated | 5.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Advisor Class:** ALNVX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALNVX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-NY-ADV-0154-1125

**Advisor Class:** ALNVX

# Class A: ALNYX
November 30, 2025

![Image](g40758g15b89.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ALNYX-S](g40758g92u69.jpg)

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# Portfolio Information

# AB New York Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB New York Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ALNYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $534772427 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid (Net) | $990751 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 6.8% |
| AA | 36.8% |
| A | 14.4% |
| BBB | 28.7% |
| BB | 4.4% |
| B | 2.4% |
| CCC | 0.6% |
| A-1+ | 0.2% |
| Not Rated | 5.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class A:** ALNYX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ALNYX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-NY-A-0154-1125

**Class A:** ALNYX

# Class C: ANYCX
November 30, 2025

![Image](g40758g15b89.jpg)

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# Portfolio Information

# AB New York Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB New York Portfolio (the "Portfolio") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/ANYCX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $534772427 |
| # of Portfolio Holdings | 215 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid (Net) | $990751 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 6.8% |
| AA | 36.8% |
| A | 14.4% |
| BBB | 28.7% |
| BB | 4.4% |
| B | 2.4% |
| CCC | 0.6% |
| A-1+ | 0.2% |
| Not Rated | 5.7% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Portfolio's quality rating breakdown is expressed as a percentage of the Portfolio's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Portfolio considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**Class C:** ANYCX

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/ANYCX-S, including the Portfolio's:

• Prospectus

• Financial information

• Portfolio holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

MI-NY-C-0154-1125

**Class C:** ANYCX

------

#### ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

#### November 30, 2025
![LOGO](g40758g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB MUNICIPAL INCOME FUND

+ AB CALIFORNIA PORTFOLIO

+ AB HIGH INCOME MUNICIPAL PORTFOLIO

+ AB NATIONAL PORTFOLIO

+ AB NEW YORK PORTFOLIO

![LOGO](g40758g50e50.jpg)

------

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

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

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

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

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

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

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

------

#### PORTFOLIO OF INVESTMENTS

#### AB CALIFORNIA PORTFOLIO
**November 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 97.3% |  |  |
|  Long-Term Municipal Bonds – 96.3% |  |  |
|  **California – 92.6%** |  |  |
|  Alameda Corridor Transportation Authority<br>(Alameda Corridor Transportation Authority)<br>Series 2022-A<br>0.00%, 10/01/2047<sup>(a)</sup><br>| $17955 | $10231610 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024<br>Zero Coupon, 10/01/2053 | 2000 | 519017 |
|  Bakersfield City School District<br>(Bakersfield City School District)<br>BAM Series 2012-C<br>0.00%, 05/01/2047<sup>(a)</sup> | 9155 | 7260992 |
|  Bay Area Toll Authority<br>(Bay Area Toll Authority)<br>Series 2021<br>3.09% (MUNIPSA + 0.30%),<br>04/01/2056<sup>(b)</sup> | 2000 | 1981882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% (MUNIPSA + 0.41%),<br>04/01/2056<sup>(b)</sup> | 14800 | 14573119 |
|  Burbank-Glendale-Pasadena Airport Authority<br>Brick Campaign<br>(Burbank-Glendale-Pasadena Airport Authority<br>Brick Campaign)<br>Series 2024-B<br>5.25%, 07/01/2044 | 3000 | 3167874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2049 | 9000 | 9419311 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-B<br>4.00%, 07/01/2039 | 1150 | 1160150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2054 | 2000 | 1962188 |
|  California Community Choice Financing Authority<br>(American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 | 5000 | 5293220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 08/01/2055 | 8600 | 9135401 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.)<br>Series 2024<br>5.00%, 01/01/2055 | 12000 | 12621163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2055 | 10000 | 10495425 |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The))<br>Series 2025<br>5.00%, 10/01/2056 | 5380 | 5899372 |
|  California Community Choice Financing Authority<br>(Canadian Imperial Bank of Commerce)<br>Series 2025<br>5.00%, 11/01/2033 | 2310 | 2529963 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | $10375 | $11046076 |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group)<br>Series 2021<br>4.00%, 10/01/2052 | 5745 | 5829941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 12/01/2053 | 8650 | 9135691 |
|  California Community Choice Financing Authority<br>(Morgan Stanley)<br>Series 2021-B<br>4.00%, 02/01/2052 | 4000 | 4072844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 05/01/2053 | 3675 | 3755016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.283% (SOFR + 1.63%), 07/01/2053<sup>(b)</sup> | 5000 | 5013163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323% (SOFR + 1.67%), 02/01/2054<sup>(b)</sup> | 5000 | 5014888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2054 | 12500 | 13351671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 02/01/2055 | 4700 | 5054235 |
|  California Community Choice Financing Authority<br>(New York Life Insurance)<br>Series 2024<br>5.00%, 01/01/2056 | 12265 | 13531283 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance)<br>Series 2024-F<br>5.00%, 02/01/2055 | 5020 | 5483388 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 10000 | 10905289 |
|  California Community College Financing Authority<br>(NCCD-Orange Coast Properties)<br>Series 2018<br>5.25%, 05/01/2043 | 3600 | 3665423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2048 | 2750 | 2782006 |
|  California Community Housing Agency<br>(California Community Housing Agency Aster Apartments)<br>Series 2021-A<br>4.00%, 02/01/2056<sup>(c)</sup> | 1000 | 834262 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021<br>4.00%, 02/01/2056<sup>(c)</sup> | 2000 | 1652475 |

---

---

| | |
|:---|:---|
| 2 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>3.00%, 08/01/2056<sup>(c)</sup> | $1000 | $683248 |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>3.00%, 02/01/2057<sup>(c)</sup> | 2000 | 1359792 |
|  California County Tobacco Securitization Agency<br>(Los Angeles County Securitization)<br>Series 2020-A<br>4.00%, 06/01/2049 | 7155 | 6178577 |
|  California Earthquake Authority<br>(California Earthquake Authority)<br>Series 2022-A<br>5.603%, 07/01/2027 | 1470 | 1488486 |
|  California Educational Facilities Authority<br>(Art Center College of Design)<br>Series 2018-A<br>5.00%, 12/01/2037 | 1265 | 1300539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 | 6885 | 6919485 |
|  California Educational Facilities Authority<br>(Loma Linda University)<br>Series 2017-A<br>5.00%, 04/01/2047 | 4000 | 4010126 |
|  California Educational Facilities Authority<br>(St. Mary's College of California)<br>Series 2023<br>5.25%, 10/01/2044 | 2100 | 2038889 |
|  California Educational Facilities Authority<br>(University of Redlands)<br>Series 2022-A<br>5.00%, 10/01/2044 | 2500 | 2533225 |
|  California Educational Facilities Authority<br>(University of the Pacific)<br>Series 2023<br>4.25%, 11/01/2048 | 3230 | 3168517 |
|  California Enterprise Development Authority<br>(Heights Christian Schools)<br>Series 2023<br>6.25%, 06/01/2053<sup>(c)</sup> | 1920 | 1838866 |
|  California Enterprise Development Authority<br>(Real Journey Academies Obligated Group)<br>Series 2024-A<br>5.00%, 06/01/2064<sup>(c)</sup> | 5000 | 4564272 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Enterprise Development Authority<br>(Rocketship Education Obligated Group)<br>Series 2022<br>4.00%, 06/01/2042<sup>(c)</sup> | $3000 | $2629436 |
|  California Enterprise Development Authority<br>(Rocklin Academy/The)<br>Series 2021<br>4.00%, 06/01/2051<sup>(c)</sup> | 1875 | 1513642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2061<sup>(c)</sup> | 840 | 650659 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group)<br>Series 2024<br>5.00%, 12/01/2034 | 2245 | 2527342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 4250 | 4707991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 | 1500 | 1623612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 12/01/2032 | 1250 | 1390199 |
|  California Health Facilities Financing Authority<br>(Children's Hospital Los Angeles)<br>Series 2017-A<br>5.00%, 08/15/2035 | 1365 | 1394068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 | 3000 | 3056825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 | 2000 | 2009111 |
|  California Housing Finance Agency<br>(CAHFA 2019-2)<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 7047 | 7226700 |
|  California Housing Finance Agency<br>(CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | 6815 | 6770368 |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 6120 | 6180424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035<sup>(d)</sup> | 2824 | 110775 |
|  California Housing Finance Agency<br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 1872 | 1805091 |
|  California Housing Finance Agency<br>(CAHFA 2023-1)<br>Series 2023-1, Class A<br>4.375%, 09/20/2036 | 1953 | 2018790 |
|  California Infrastructure & Economic Development Bank<br>(Adventist Health System/West Obligated Group)<br>Series 2024<br>5.25%, 07/01/2054 | 10000 | 10206775 |

---

---

| | |
|:---|:---|
| 4 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Infrastructure & Economic Development Bank<br>(California Academy of Sciences)<br>Series 2024<br>3.25%, 08/01/2029 | $4750 | $4792303 |
|  California Infrastructure & Economic Development Bank<br>(Equitable School Revolving Fund Obligated Group)<br>Series 2024<br>5.00%, 11/01/2049 | 3250 | 3311295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2054 | 4500 | 4561046 |
|  California Infrastructure & Economic Development Bank<br>(Goodwill Industries of Sacramento Valley & Northern Nevada)<br>Series 2016<br>5.00%, 01/01/2036<sup>(c)</sup> | 1500 | 1281240 |
|  California Infrastructure & Economic Development Bank<br>(Museum Associates)<br>Series 2021<br>3.49% (MUNIPSA + 0.70%), 12/01/2050<sup>(b)</sup> | 4600 | 4591926 |
|  California Infrastructure & Economic Development Bank<br>(PIH Health Obligated Group)<br>Series 2024-A<br>5.00%, 12/01/2054<sup>(c)</sup> | 20000 | 20552138 |
|  California Municipal Finance Authority<br>(American Heritage/Escondido/Heritage K-8 Charter School Obligated Group)<br>Series 2016-A<br>5.00%, 06/01/2036 | 1900 | 1909445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046 | 1000 | 1000386 |
|  California Municipal Finance Authority<br>(Azusa Pacific University)<br>Series 2015-B<br>5.00%, 04/01/2035 | 1565 | 1555617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041 | 1485 | 1401035 |
|  California Municipal Finance Authority<br>(Biola University, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 565 | 580688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 625 | 641260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 570 | 583983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 600 | 613447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 1150 | 1173667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 2000 | 2037106 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority<br>(California Baptist University)<br>Series 2025<br>5.125%, 11/01/2040<sup>(c)</sup> | $1350 | $1403545 |
|  California Municipal Finance Authority <br>(California Institute of the Arts)<br>Series 2021<br>4.00%, 10/01/2046 | 1340 | 1209401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2051 | 1200 | 1045721 |
|  California Municipal Finance Authority<br>(California Municipal Finance Authority)<br>Series 2025<br>4.325%, 11/20/2040 | 6071 | 5939912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1<br>3.537%, 02/20/2041 | 4377 | 4098233 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC)<br>Series 2019<br>5.00%, 05/15/2033 | 1370 | 1447320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 3470 | 3544924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 2705 | 2748957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2049 | 5325 | 5329027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2052 | 1575 | 1565447 |
|  California Municipal Finance Authority<br>(Community Health Centers of The Central Coast)<br>Series 2021-A<br>5.00%, 12/01/2054<sup>(c)</sup> | 1000 | 948788 |
|  California Municipal Finance Authority<br>(Congregational Homes Obligated Group)<br>Series 2022<br>4.00%, 11/15/2042 | 560 | 509131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 3605 | 2941490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2056 | 1685 | 1345040 |
|  California Municipal Finance Authority<br>(Generics Municipal Bond)<br>Series 2025-A<br>5.375%, 01/01/2055<sup>(c)</sup> | 2000 | 1955294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2060<sup>(c)</sup> | 3000 | 2963779 |
|  California Municipal Finance Authority<br>(Goodwill Industries of Sacramento Valley & Northern Nevada)<br>Series 2014<br>5.25%, 01/01/2045 | 1295 | 1015850 |
|  California Municipal Finance Authority<br>(Inland Regional Center)<br>Series 2015<br>5.00%, 06/15/2032 | 5000 | 5004786 |

---

---

| | |
|:---|:---|
| 6 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions)<br>Series 2018<br>4.00%, 12/31/2047 | $5000 | $4387250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2036 | 5685 | 5793341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2037 | 4000 | 4072996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2047 | 8005 | 8030474 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2018<br>3.25%, 12/31/2032 | 1000 | 974682 |
|  California Municipal Finance Authority<br>(PRS-California Obligated Group)<br>Series 2024<br>5.00%, 04/01/2039 | 655 | 705052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040 | 535 | 571619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2049 | 1300 | 1318406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2054 | 2170 | 2185570 |
|  California Municipal Finance Authority<br>(Samuel Merritt University)<br>Series 2022<br>5.25%, 06/01/2053 | 10000 | 10336187 |
|  California Municipal Finance Authority<br>(United Airlines, Inc.)<br>Series 2019<br>4.00%, 07/15/2029 | 8000 | 8061481 |
|  California Municipal Finance Authority<br>(UTS Bioenergy LLC)<br>Series 2011-A1<br>7.50%, 12/01/2032<sup>(e)(f)</sup> | 2745 | 54900 |
|  California Pollution Control Financing Authority<br>(Channelside Water Resources)<br>Series 2012<br>5.00%, 11/21/2045<sup>(c)</sup> | 1250 | 1249993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>5.00%, 11/21/2045<sup>(c)</sup> <br>| 9000 | 9111262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2035<sup>(c)</sup> | 2000 | 2174554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038<sup>(c)</sup> | 1000 | 1068039 |
|  California Pollution Control Financing Authority<br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 07/01/2039<sup>(c)</sup> | 8740 | 8982017 |
|  California Public Finance Authority<br>(California University of Science & Medicine Obligated Group)<br>Series 2019<br>6.25%, 07/01/2054<sup>(c)</sup> | 2000 | 2060150 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 7 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Public Finance Authority<br>(Hazelden Betty Ford Foundation)<br>Series 2025<br>5.00%, 11/01/2049 | $750 | $762676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2054 | 2000 | 2021546 |
|  California Public Finance Authority<br>(Henry Mayo Newhall Hospital Obligated Group)<br>Series 2017<br>5.00%, 10/15/2037 | 1000 | 1006036 |
|  California School Finance Authority<br>(ACE Charter Schools Obligated Group)<br>Series 2016<br>5.00%, 06/01/2042<sup>(c)</sup> | 2750 | 2634438 |
|  California School Finance Authority<br>(Alliance for College Ready Public Schools Obligated Group)<br>Series 2015-A<br>5.00%, 07/01/2045<sup>(c)</sup> | 4675 | 4675817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.25%, 07/01/2052<sup>(c)</sup> | 2500 | 2505850 |
|  California School Finance Authority<br>(Aspire Public Schools Obligated Group)<br>Series 2020-A<br>5.00%, 08/01/2059<sup>(c)</sup> | 2000 | 1914988 |
|  California School Finance Authority<br>(Bright Star Schools Obligated Group)<br>Series 2017<br>5.00%, 06/01/2037<sup>(c)</sup> | 1200 | 1200599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2047<sup>(c)</sup> | 1565 | 1441402 |
|  California School Finance Authority<br>(California School Finance Authority)<br>Series 2017<br>5.00%, 06/01/2047<sup>(c)</sup> | 700 | 646355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053<sup>(c)</sup> | 1775 | 1588692 |
|  California School Finance Authority<br>(Classical Academy Obligated Group)<br>Series 2021<br>4.00%, 10/01/2046<sup>(c)</sup> | 1250 | 1086214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 10/01/2061<sup>(c)</sup> | 2000 | 1960448 |
|  California School Finance Authority<br>(Downtown College Prep Obligated Group)<br>Series 2016<br>5.00%, 06/01/2046<sup>(e)(f)(g)</sup> | 2325 | 1395000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2051<sup>(e)(f)(g)</sup> | 2910 | 1746000 |
|  California School Finance Authority<br>(Ednovate Obligated Group)<br>Series 2018<br>5.00%, 06/01/2037<sup>(c)</sup> | 430 | 426475 |

---

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| | |
|:---|:---|
| 8 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority<br>(Equitas Academy Obligated Group)<br>Series 2018-A<br>5.00%, 06/01/2035<sup>(c)</sup> | $4770 | $4777441 |
|  California School Finance Authority<br>(Fenton Charter Public Schools)<br>Series 2020-A<br>5.00%, 07/01/2058<sup>(c)</sup> | 625 | 545537 |
|  California School Finance Authority<br>(Green Dot Public Schools Obligated Group)<br>Series 2015-A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2045<sup>(c)</sup> | 1000 | 999985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 08/01/2032<sup>(c)</sup> | 640 | 672458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/2052<sup>(c)</sup> | 1650 | 1726851 |
|  California School Finance Authority<br>(Hawking STEAM Charter Schools)<br>Series 2022<br>5.00%, 07/01/2042<sup>(c)</sup> | 1860 | 1853540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052<sup>(c)</sup> | 2755 | 2649366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2056<sup>(c)</sup> | 1990 | 1938739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2062<sup>(c)</sup> | 1775 | 1739132 |
|  California School Finance Authority<br>(KIPP SoCal Public Schools Obligated Group)<br>Series 2017-A<br>5.00%, 07/01/2037<sup>(c)</sup> | 935 | 950189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2049<sup>(c)</sup> | 2000 | 2003314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>4.00%, 07/01/2055<sup>(c)</sup> | 835 | 696514 |
|  California School Finance Authority<br>(Lighthouse Community Public Schools Obligated Group)<br>Series 2022<br>6.50%, 06/01/2062<sup>(c)</sup> | 2300 | 2371547 |
|  California School Finance Authority<br>(Partnerships to Uplift Communities Series 2023 Obligated Group)<br>Series 2023<br>5.50%, 08/01/2043<sup>(c)</sup> | 550 | 559931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2047<sup>(c)</sup> | 525 | 527419 |
|  California School Finance Authority<br>(Prerefunded – US Treasuries)<br>Series 2017<br>5.00%, 06/01/2047<sup>(c)</sup> | 800 | 825710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053<sup>(c)</sup> | 2025 | 2090078 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 9 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority<br>(Rex & Margaret Fortune School of Education)<br>Series 2024<br>5.00%, 06/01/2054<sup>(c)</sup> | $2350 | $2090752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/01/2059<sup>(c)</sup> | 1500 | 1342930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/01/2064<sup>(c)</sup> | 2350 | 2077243 |
|  California School Finance Authority<br>(Rocketship Education Obligated Group)<br>Series 2016-A<br>5.00%, 06/01/2036<sup>(c)</sup> | 1000 | 1000151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046<sup>(c)</sup> | 2500 | 2336297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.125%, 06/01/2047<sup>(c)</sup> | 950 | 894168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-G<br>5.00%, 06/01/2037<sup>(c)</sup> | 360 | 360695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053<sup>(c)</sup> | 2075 | 1878352 |
|  California School Finance Authority<br>(View Park Elementary & Middle Schools)<br>Series 2014<br>5.625%, 10/01/2034 | 520 | 520129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2049 | 715 | 711067 |
|  California State Public Works Board<br>(California State Public Works Board Lease)<br>Series 2025<br>5.00%, 04/01/2043 | 2000 | 2203783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 | 3000 | 3272946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2045 | 2615 | 2838577 |
|  California State Public Works Board<br>(State of California Lease)<br>Series 2024<br>5.00%, 04/01/2049 | 1500 | 1594439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/2032 | 2000 | 2081825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 04/01/2033 | 1000 | 1039903 |
|  California State University <br>(California State University) <br>Series 2017-B<br>3.899%, 11/01/2047 | 4900 | 4103134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>1.49%, 11/01/2028 | 1500 | 1407427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.144%, 11/01/2033 | 6000 | 5167138 |
|  California Statewide Communities Development Authority<br>(California Baptist University)<br>Series 2017-A<br>5.00%, 11/01/2032<sup>(c)</sup> | 1635 | 1664953 |

---

---

| | |
|:---|:---|
| 10 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Statewide Communities Development Authority<br>(CHF-Irvine LLC)<br>Series 2017-A<br>5.00%, 05/15/2034 | $1000 | $1024368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 | 1410 | 1442312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1500 | 1532019 |
|  California Statewide Communities Development Authority<br>(Emanate Health Obligated Group)<br>Series 2020-A<br>5.00%, 04/01/2035 | 1000 | 1070474 |
|  California Statewide Communities Development Authority<br>(Enloe Medical Center Obligated Group)<br>AG Series 2022-A<br>5.375%, 08/15/2057 | 2000 | 2065095 |
|  California Statewide Communities Development Authority<br>(John Muir Health Obligated Group)<br>Series 2024-A<br>5.25%, 12/01/2054 | 18310 | 19398341 |
|  California Statewide Communities Development Authority<br>(Lancer Educational Housing)<br>Series 2016<br>5.00%, 06/01/2036<sup>(c)</sup> | 1000 | 1002861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046<sup>(c)</sup> <br>Series 2019 | 1500 | 1441086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2051<sup>(c)</sup> | 3165 | 2991070 |
|  California Statewide Communities Development Authority<br>(Loma Linda University Medical Center)<br>Series 2016-A<br>5.00%, 12/01/2036<sup>(c)</sup> | 5000 | 5027666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2056<sup>(c)</sup> | 1700 | 1700081 |
|  California Statewide Communities Development Authority<br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.25%, 07/01/2039<sup>(c)</sup> | 2295 | 2338081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2049<sup>(c)</sup> | 2675 | 2669362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052<sup>(c)</sup> | 1565 | 1539557 |
|  California Statewide Communities Development Authority<br>(Southern California Edison)<br>Series 2023<br>4.50%, 11/01/2033 | 8050 | 8439549 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Central Valley Energy Authority<br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 12/01/2055 | $2000 | $2219367 |
|  City of Atwater CA Wastewater Revenue<br>(City of Atwater CA Wastewater Revenue)<br>AG Series 2017-A<br>5.00%, 05/01/2043 | 1000 | 1014776 |
|  City of Fairfield CA<br>(City of Fairfield CA COP)<br>AG Series 2007<br>Zero Coupon, 04/01/2035 | 3700 | 2726228 |
|  City of Fremont CA Community Facilities District No. 1<br>(City of Fremont CA Community Facilities District No. 1)<br>Series 2015<br>5.00%, 09/01/2040 | 4000 | 4005483 |
|  City of Irvine CA<br>(City of Irvine CA Community Facilities District No. 2013-3 Improvement Area No. 8)<br>Series 2018<br>5.00%, 09/01/2043 | 2400 | 2435030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 | 4250 | 4286182 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports)<br>Series 2022<br>3.25%, 05/15/2049 | 2000 | 1524041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 1500 | 1552221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.25%, 05/15/2041 | 3320 | 3348965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 8760 | 9961018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 5000 | 5631818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2055 | 17850 | 18351189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2045 | 1100 | 1178280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2055 | 3900 | 4182156 |
|  City of Palo Alto CA<br>(City of Palo Alto CA University Ave AD)<br>Series 2012<br>5.00%, 09/02/2028 | 530 | 533625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/02/2030 | 745 | 750153 |
|  City of Roseville CA<br>(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)<br>Series 2017<br>5.00%, 09/01/2033 | 1315 | 1349373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1000 | 1025719 |

---

---

| | |
|:---|:---|
| 12 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Roseville CA<br>(HP Campus Oaks Community Facilities District No. 1)<br>Series 2016<br>5.00%, 09/01/2036 | $640 | $645937 |
|  City of San Jose CA Airport Revenue<br>(Norman Y Mineta San Jose Intl Airport SJC)<br>Series 2017-A<br>5.00%, 03/01/2033 | 1100 | 1120192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 2000 | 2034882 |
|  City of Upland CA<br>(San Antonio Regional Hospital)<br>Series 2017<br>5.00%, 01/01/2032 | 1000 | 1036986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2047 | 3895 | 3920420 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Enclave)<br>Series 2022-A<br>4.00%, 08/01/2058<sup>(c)</sup> | 2000 | 1517853 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Latitude33)<br>Series 2021-A<br>3.00%, 12/01/2056<sup>(c)</sup> | 2000 | 1321773 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Solana at Grand)<br>Series 2021-A<br>4.00%, 08/01/2056<sup>(c)</sup> | 3000 | 2578262 |
|  CMFA Special Finance Agency VII<br>(CMFA Special Finance Agency VII The Breakwater Apartments)<br>Series 2021<br>3.00%, 08/01/2056<sup>(c)</sup> | 1000 | 689224 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>(CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>3.00%, 08/01/2056<sup>(c)</sup> | 4000 | 2704695 |
|  Compton Community Redevelopment Agency Successor Agency<br>(Compton Community Redevelopment Agency Successor Agency)<br>AG Series 2022-A<br>5.25%, 08/01/2032 | 3500 | 3943016 |
|  Contra Costa Community College District<br>(Contra Costa Community College District)<br>Series 2014-A<br>4.00%, 08/01/2029 | 2100 | 2101179 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Los Angeles CA Community Facilities District No. 2021-01<br>(County of Los Angeles CA Community Facilities District No. 2021-01 Area No. 1)<br>Series 2022<br>5.00%, 09/01/2047 | $2750 | $2821379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | 2500 | 2551099 |
|  County of Sacramento CA<br>(North Vineyard District 2005-2)<br>Series 2016<br>5.00%, 09/01/2040 | 990 | 996811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2045 | 1250 | 1254683 |
|  County of Sacramento CA Airport System Revenue<br>(County of Sacramento CA Airport System Revenue)<br>Series 2025-A<br>5.25%, 07/01/2041 | 1000 | 1090564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 | 2120 | 2286330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 | 425 | 454856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 | 2000 | 2127703 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.25%, 04/01/2057<sup>(c)</sup> | 5000 | 3579253 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>4.00%, 05/01/2057<sup>(c)</sup> | 1000 | 704702 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046<sup>(c)</sup> | 4000 | 3227568 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>4.00%, 10/01/2056<sup>(c)</sup> | 5000 | 4150082 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.25%, 07/01/2056<sup>(c)</sup> | 1000 | 650443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(c)</sup> | 1000 | 549460 |

---

---

| | |
|:---|:---|
| 14 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Oceanaire Apartments)<br>Series 2021<br>4.00%, 09/01/2056<sup>(c)</sup> | $2500 | $1793842 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>3.00%, 12/01/2056<sup>(c)</sup> | 1000 | 712551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(c)</sup> | 1000 | 764747 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority The Crescent)<br>Series 2022<br>4.30%, 07/01/2059<sup>(c)</sup> | 1000 | 797904 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>4.00%, 05/01/2057<sup>(c)</sup> | 2000 | 1405159 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A2<br>4.00%, 07/01/2056<sup>(c)</sup> | 2400 | 1958390 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>3.25%, 10/01/2058<sup>(c)</sup> | 1000 | 705497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048<sup>(c)</sup> | 3000 | 2325443 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056<sup>(c)</sup> | 1500 | 1024318 |
|  Foothill-De Anza Community College District<br>(Foothill-De Anza Community College District)<br>AMBAC Series 2007-A<br>Zero Coupon, 08/01/2034 | 1995 | 1550936 |
|  Foothill-Eastern Transportation Corridor Agency<br>(Foothill-Eastern Transportation Corridor Agency)<br>Series 2021-A<br>4.00%, 01/15/2046 | 5810 | 5628916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>4.00%, 01/15/2043 | 1500 | 1500165 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 15 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Golden State Connect Authority<br>(Golden State Connect Authority)<br>Series 2025<br>6.50%, 12/01/2060<sup>(c)(h)</sup> | $10000 | $9677412 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization Lease)<br>Series 2021<br>2.746%, 06/01/2034 | 3175 | 2916347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 06/01/2038 | 5000 | 4447286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.293%, 06/01/2042 | 2000 | 1690266 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 6445 | 5909264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>Zero Coupon, 06/01/2066 | 37370 | 4006587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 06/01/2051 | 10000 | 10013397 |
|  Irvine Facilities Financing Authority<br>(City of Irvine CA Community Facilities District No. 2013-3)<br>BAM Series 2023<br>Zero Coupon, 09/01/2049 | 1300 | 418550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2050 | 1250 | 382293 |
|  Irvine Unified School District <br>(Irvine Unified School District) <br>Series 2017-B<br>5.00%, 09/01/2047 | 995 | 997270 |
|  Long Beach Bond Finance Authority<br>(Bank of America Corp.)<br>Series 2007-A<br>5.00%, 11/15/2035 | 3630 | 4145174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2037 | 5300 | 6304081 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023-D<br>5.00%, 07/01/2041 | 7830 | 8466640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2038 | 1640 | 1820943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 07/01/2039 | 1660 | 1838288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 07/01/2050 | 5000 | 5207174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2033 | 8335 | 9507332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 3000 | 3456774 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025-A<br>5.00%, 07/01/2053 | 2000 | 2086043 |

---

---

| | |
|:---|:---|
| 16 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Power System Revenue<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2022-B<br>5.00%, 07/01/2052 | $1495 | $1540588 |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Los Angeles Dept. of Water & Power Water System Revenue)<br>Series 2021-C<br>5.00%, 07/01/2041 | 1250 | 1314804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.00%, 07/01/2043 | 8750 | 9205771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D<br>5.00%, 07/01/2047 | 4550 | 4721366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 01/01/2030 | 5000 | 5380185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2032 | 1000 | 1127303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 3300 | 3764151 |
|  M-S-R Energy Authority<br>(Citigroup, Inc.)<br>Series 2009-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2039 | 2000 | 2460118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B<br>6.50%, 11/01/2039 | 10000 | 12300592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/2034 | 2000 | 2439918 |
|  Menifee Union School District <br>(Menifee Union School District) <br>Series 2018<br>5.00%, 09/01/2043 | 1000 | 1017447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 | 1215 | 1230662 |
|  Northern California Energy Authority<br>(Pacific Life Insurance)<br>Series 2024<br>5.00%, 12/01/2054 | 10000 | 10755728 |
|  Palomar Health<br>(Palomar Health Obligated Group)<br>Series 2016-A<br>5.00%, 08/01/2031 | 1285 | 1286301 |
|  Port of Los Angeles <br>(Port of Los Angeles) <br>Series 2024-2<br>5.00%, 08/01/2036 | 1000 | 1128801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 08/01/2031 | 1000 | 1111200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 2000 | 2250835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 2060 | 2362566 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 17 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Redding Joint Powers Financing Authority<br>(Redding Joint Powers Financing Authority)<br>Series 2015-A<br>5.00%, 06/01/2030 | $1350 | $1351552 |
|  Rialto Redevelopment Agency <br>(Rialto Redevelopment Agency) <br>Series 2018<br>5.00%, 09/01/2032 | 500 | 530414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 500 | 529336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 | 2235 | 2348209 |
|  River Islands Public Financing Authority<br>(River Islands Public Financing Authority Cmnty<br>Facs District No. 2003-1 Area 1)<br>Series 2022<br>5.00%, 09/01/2052 | 5200 | 5204749 |
|  Riverside County Transportation Commission<br>(Riverside County Transportation Commission)<br>Series 2021<br>4.00%, 06/01/2040 | 3330 | 3322805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 | 1765 | 1733234 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.52% (CME Term SOFR 3 Month + 0.55%),<br>06/01/2034<sup>(b)</sup> | 1385 | 1347900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039<sup>(b)</sup> | 5375 | 4901944 |
|  San Diego County Regional Airport Authority<br>(San Diego County Regional Airport Authority)<br>Series 2020<br>5.00%, 07/01/2035 | 650 | 691969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 500 | 529873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 250 | 263702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 250 | 262552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 255 | 266794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 250 | 259859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 07/01/2041 | 3010 | 2929029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2043 | 1185 | 1244767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 21000 | 21573369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 07/01/2034 | 2500 | 2860278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 2500 | 2865782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 | 2555 | 2950397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 | 2875 | 3292791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2050 | 10000 | 10546225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2055 | 1000 | 1076332 |

---

---

| | |
|:---|:---|
| 18 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  San Diego Unified School District/CA<br>(San Diego Unified School District/CA)<br>Series 2023<br>5.00%, 07/01/2048 | $10000 | $10685044 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue<br>(San Francisco City & County Public Utilities Commission Wastewater Revenue)<br>Series 2024<br>4.655%, 10/01/2027 | 2000 | 2032288 |
|  San Francisco City & County Redevelopment Agency Successor Agency<br>(Successor Agency to the Redev of San Francisco - Mission Bay South)<br>Series 2016-B<br>5.00%, 08/01/2033 | 1000 | 1013660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1000 | 1012749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C<br>5.00%, 08/01/2032 | 1000 | 1014097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1000 | 1012749 |
|  San Francisco Intl Airport <br>(San Francisco Intl Airport) <br>Series 2019-E<br>5.00%, 05/01/2050 | 2000 | 2020530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 05/01/2031 | 5000 | 5526562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>3.283%, 05/01/2036 | 3000 | 2708019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.50%, 05/01/2041 | 5350 | 5901101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2037 | 5265 | 5840560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 | 10185 | 11022935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.25%, 05/01/2055 | 12475 | 13069457 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 3405 | 3880881 |
|  Santa Barbara Secondary High School District<br>(Santa Barbara Secondary High School District)<br>Series 2011-A<br>Zero Coupon, 08/01/2036 | 15395 | 10050115 |
|  Sierra Joint Community College District School Facilities District No. 2<br>(Sierra Joint Community College District School Facilities District No. 2)<br>NATL Series 2007-B<br>Zero Coupon, 06/01/2032 | 5485 | 4566787 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  South San Francisco Unified School District<br>(South San Francisco Unified School District)<br>Series 2025<br>5.00%, 09/01/2026 | $3990 | $4071909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 2160 | 2263452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 1150 | 1381251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1010 | 1230223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 1110 | 1364254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 1015 | 1234453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 | 1110 | 1334640 |
|  Southern California Public Power Authority<br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | 3600 | 3852138 |
|  Southern California Public Power Authority<br>(Goldman Sachs Group)<br>Series 2007-A<br>5.00%, 11/01/2033 | 6280 | 6896137 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2036 | 2160 | 2423852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 4925 | 5352531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 | 4275 | 4443902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 | 8985 | 9443422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2042 | 1000 | 1085288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 1000 | 1064708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 2540 | 2635126 |
|  State of California <br>(State of California) <br>Series 2004<br>5.30%, 04/01/2029 | 5 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br>7.30%, 10/01/2039 | 1205 | 1422682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/01/2039 | 1000 | 1231110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 09/01/2042 | 2000 | 2176667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 10/01/2050 | 5000 | 5382637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2053 | 20000 | 21537142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 4000 | 4443684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.15%, 09/01/2034 | 2000 | 2107092 |
|  Stockton Redevelopment Agency Successor Agency<br>(Stockton Redevelopment Agency Successor Agency)<br>AG Series 2016-A<br>5.00%, 09/01/2033 | 2800 | 2845495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1000 | 1015765 |

---

---

| | |
|:---|:---|
| 20 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Successor Agency to the Redev of San Francisco - Mission Bay North<br>(Successor Agency to the Redev of San Francisco - Mission Bay North)<br>Series 2016-A<br>5.00%, 08/01/2032 | $1025 | $1039449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 1105 | 1119682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 595 | 602586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 | 775 | 784342 |
|  Tobacco Securitization Authority of Northern California<br>(Sacramento County Tobacco Securitization)<br>Series 2021<br>Zero Coupon, 06/01/2060 | 10000 | 1578696 |
|  Tobacco Securitization Authority of Southern California<br>(San Diego County Tobacco Asset Securitization)<br>Series 2019<br>5.00%, 06/01/2037 | 1000 | 1039889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2048 | 8610 | 8568288 |
|  Transbay Joint Powers Authority<br>(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment)<br>Series 2020<br>5.00%, 10/01/2040 | 1000 | 1020577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2045 | 2000 | 2012471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2049 | 2200 | 2201635 |
|  University of California<br>(University of California)<br>Series 2023-B<br>4.693%, 05/15/2033 | 5600 | 5764723 |
|  Upland Unified School District<br>(Upland Unified School District)<br>Series 2011-C<br>Zero Coupon, 08/01/2035 | 1020 | 755331 |
|  Washington Township Health Care District<br>(Washington Township Health Care District)<br>Series 2017-B<br>5.00%, 07/01/2032 | 2000 | 2034195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1500 | 1523926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.25%, 08/01/2048 | 1750 | 1911825 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023-B<br>4.25%, 08/01/2045 | 1225 | 1242448 |
|  Yucaipa Valley Water District Financing Authority<br>(Yucaipa Valley Water District Water & Sewer Revenue)<br>Series 2024-A<br>5.00%, 06/01/2026 | 10000 | 10058708 |
|  |  | 1176970524 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** |
|  American Samoa Economic Development Authority<br>(Territory of American Samoa)<br>Series 2018<br>7.125%, 09/01/2038<sup>(c)</sup> | $1385 | $1478257 |
|  **Georgia – 0.0%** | **Georgia – 0.0%** | **Georgia – 0.0%** |
|  Municipal Electric Authority of Georgia<br>(PowerSouth Energy Cooperative)<br>Series 2019<br>5.00%, 01/01/2037 | 100 | 102986 |
|  **Guam – 1.7%** | **Guam – 1.7%** | **Guam – 1.7%** |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority)<br>Series 2023<br>5.375%, 10/01/2040 | 250 | 267742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/01/2043 | 1050 | 1094241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.25%, 10/01/2035 | 535 | 595710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2036 | 200 | 219363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2038 | 1050 | 1137835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2039 | 1055 | 1137713 |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System)<br>Series 2025-A<br>5.25%, 07/01/2050 | 1000 | 1034396 |
|  Guam Power Authority<br>(Guam Power Authority)<br>Series 2017-A<br>5.00%, 10/01/2036 | 2940 | 3010108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1300 | 1327622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 10/01/2044 | 3365 | 3450703 |
|  Territory of Guam<br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 3805 | 3855000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 415 | 420563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 455 | 460606 |
|  Territory of Guam<br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 190 | 200634 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax)<br>Series 2021-F<br>4.00%, 01/01/2042 | 3000 | 2881779 |
|  |  | 21094015 |

---

---

| | |
|:---|:---|
| 22 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Indiana – 0.0%** | **Indiana – 0.0%** | **Indiana – 0.0%** |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029(e) (f) | $47 | $5 |
|  **Puerto Rico – 1.2%** | **Puerto Rico – 1.2%** | **Puerto Rico – 1.2%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico)<br>Series 2021-A<br>Zero Coupon, 07/01/2033 | 1238 | 890742 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2020-A<br>5.00%, 07/01/2030<sup>(c)</sup> | 2490 | 2593540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(c)</sup> <br>Series 2021-C | 1945 | 2013247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2027<sup>(c)</sup> | 1000 | 950909 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 | 1000 | 1019286 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2007-V<br>5.25%, 07/01/2032 | 1000 | 1012603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2034 | 1000 | 1011359 |
|  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 | 172 | 171248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 | 1313 | 1303634 |
|  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 | 1000 | 1133284 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax Revenue)<br>Series 2019-A<br>4.329%, 07/01/2040 | 980 | 954142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 | 90 | 89630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 2900 | 2820581 |
|  |  | 15964205 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Tennessee – 0.1%** | **Tennessee – 0.1%** | **Tennessee – 0.1%** |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax)<br>Series 2016-A<br>5.00%, 12/01/2035<sup>(c)</sup> | $1010 | $970051 |
|  **Washington – 0.0%** | **Washington – 0.0%** | **Washington – 0.0%** |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group)<br>Series 2019-A<br>5.00%, 01/01/2044<sup>(c)</sup> | 130 | 125717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(c)</sup> | 100 | 92975 |
|  |  | 218692 |
|  **Wisconsin – 0.6%** | **Wisconsin – 0.6%** | **Wisconsin – 0.6%** |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041<sup>(g)</sup> | 2000 | 1868712 |
|  Wisconsin Public Finance Authority <br>(SR 400 Peach Partners LLC)<br>Series 2025<br>6.50%, 06/30/2060 | 5505 | 6081997 |
|  |  | 7950709 |
|  Total Long-Term Municipal Bonds <br>(cost $1,239,862,973) |  | 1224749444 |
|  Short-Term Municipal Notes – 1.0% | Short-Term Municipal Notes – 1.0% | Short-Term Municipal Notes – 1.0% |
|  **California – 1.0%** | **California – 1.0%** | **California – 1.0%** |
|  County of Los Angeles CA<br>(County of Los Angeles CA)<br>Series 2025-A<br>5.00%, 06/30/2026 | 7500 | 7617547 |
|  Nuveen California AMT-Free Quality Municipal Income Fund<br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>3.24%, 10/01/2047<sup>(c)(i)</sup> | 5000 | 5000000 |
|  Total Short-Term Municipal Notes<br>(cost $12,592,915) |  | 12617547 |
|  Total Municipal Obligations<br>(cost $1,252,455,888) |  | 1237366991 |

---

---

| | |
|:---|:---|
| 24 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4% |  |  |
|  **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** |
|  California Housing Finance Agency<br>Series 2021-3, Class X<br>0.793%, 08/20/2036<sup>(d)</sup> | $2480 | $110072 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | 3522 | 2893081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class ACA<br>2.875%, 07/25/2036 | 1846 | 1747016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA<br>0.965%, 07/25/2036<sup>(d)</sup> | 5169 | 279364 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $5,648,934) |  | 5029533 |
|  | **Shares** |  |
|  PREFERRED STOCKS – 0.0% |  |  |
|  Utility – 0.0% |  |  |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  AES Guayama Holdings<br>0.00%<sup>(e)(j)(k)</sup><br>(cost $518,457) | 28882 | 84047 |
|  SHORT-TERM INVESTMENTS – 1.4% |  |  |
|  **Investment Companies – 1.4%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(l)(m)(n)</sup><br>(cost $17,235,930) | 17235930 | 17235930 |
|  Total Investments – 99.1%<br>(cost $1,275,859,209) |  | 1259716501 |
|  Other assets less liabilities – 0.9% |  | 11540909 |
|  **Net Assets – 100.0%** |  | $**1271257410** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |  |  |  |  |  |  |
| CDX-NAHY<br>Series 45,<br>5 Year<br>Index,<br>12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD | 18600 | $(1564601) | $(1382397) | $(182204) |

---

\* Termination date

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 25 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 36500 | 10/15/2029 | 2.569% | CPI# | Maturity | $(93064) | $– 0 | $(93064) |
| USD | 35500 | 10/15/2029 | 2.485% | CPI# | Maturity | 54331 | – 0 | 54331 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38733) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38733) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 14000 | 01/15/2027 | 1 Day SOFR | 2.719% | Annual | $(312393) | $– 0 | $(312393) |
|  USD | 24500 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 867689 | – 0 | 867689 |
|  USD | 9700 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 339272 | – 0 | 339272 |
|  USD | 21200 | 12/03/2031 | 1 Day SOFR | 4.027% | Annual | 707477 | 2292 | 705185 |
|  USD | 20000 | 08/15/2034 | 3.545% | 1 Day SOFR | Annual | 41240 | – 0 | 41240 |
|  USD | 9050 | 02/15/2035 | 3.923% | 1 Day SOFR | Annual | (229771) | – 0 | (229771) |
|  USD | 7300 | 02/15/2035 | 3.603% | 1 Day SOFR | Annual | 10719 | (527) | 11246 |
|  USD | 23500 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | 51476 | – 0 | 51476 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473944 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank NA | USD | 12620 | 10/09/2029 | 1.125% | 1 Week SIFMA \* | Quarterly | $629559 | $– 0 | $629559 |

---

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

(a) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2025, the aggregate market value of these securities amounted to $204,905,059 or 16.1% of net assets.

(d) IO – Interest Only.

(e) Non-income producing security.

(f) Defaulted.

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| | |
|:---|:---|
| 26 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.40% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  California School Finance Authority<br>(Downtown College Prep Obligated Group)<br>Series 2016<br>5.00%, 06/01/2046 | 04/22/2016 | $2331722 | $1395000 | 0.11% |
|  California School Finance Authority<br>(Downtown College Prep Obligated Group)<br>Series 2016<br>5.00%, 06/01/2051 | 04/22/2016 -<br>10/25/2017 | 2917233 | 1746000 | 0.14% |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041 | 08/03/2021 | 2000000 | 1868712 | 0.15% |

---

(h) When-Issued or delayed delivery security.

(i) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

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

(k) Fair valued by the Adviser.

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

(m) Affiliated investments.

(n) 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.

As of November 30, 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 3.6% and 0.0%, respectively.

Glossary:

AD – Assessment District

AG – Assured Guaranty Inc.

AMBAC – Ambac Assurance Corporation

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

DOT – Department of Transportation

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 27 |

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#### PORTFOLIO OF INVESTMENTS

#### AB HIGH INCOME MUNICIPAL PORTFOLIO
**November 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 110.2% | MUNICIPAL OBLIGATIONS – 110.2% | MUNICIPAL OBLIGATIONS – 110.2% |
|  Long-Term Municipal Bonds – 110.2% | Long-Term Municipal Bonds – 110.2% | Long-Term Municipal Bonds – 110.2% |
|  **Alabama – 5.9%** | **Alabama – 5.9%** | **Alabama – 5.9%** |
|  Black Belt Energy Gas District<br>(Black Belt Energy Gas District)<br>Series 2025-C<br>5.50%, 11/01/2056<sup>(a)</sup> | $7000 | $7420538 |
|  Black Belt Energy Gas District<br>(BP PLC)<br>Series 2025-2<br>5.00%, 03/01/2055<sup>(a)(b)</sup> | 10000 | 10845980 |
|  Black Belt Energy Gas District<br>(Forethought Life Insurance)<br>Series 2025-B<br>5.00%, 10/01/2035 | 1510 | 1563155 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group)<br>Series 2023-2<br>5.43%, 06/01/2049<sup>(a)(b)</sup> | 10000 | 10195617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.50%, 10/01/2054<sup>(a)(b)</sup> | 10000 | 11045939 |
|  Black Belt Energy Gas District<br>(Morgan Stanley)<br>Series 2022-2<br>5.73%, 02/01/2053<sup>(a)(b)</sup> | 10000 | 10332742 |
|  Black Belt Energy Gas District<br>(Pacific Life Insurance)<br>Series 2024-2<br>5.00%, 05/01/2055<sup>(a)(b)</sup> | 10000 | 10760396 |
|  Black Belt Energy Gas District<br>(Royal Bank of Canada)<br>Series 2023-2<br>5.25%, 12/01/2053<sup>(a)(b)</sup> | 10000 | 10827540 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue)<br>Series 2024<br>5.25%, 10/01/2049 | 10000 | 10392852 |
|  Energy Southeast A Cooperative District<br>(Morgan Stanley)<br>Series 2024-2<br>5.25%, 07/01/2054<sup>(a)(b)</sup> | 10000 | 10871978 |
|  Mobile County Industrial Development Authority<br>(ArcelorMittal SA)<br>Series 2024<br>4.75%, 12/01/2054 | 2545 | 2373892 |

---

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| | |
|:---|:---|
| 28 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 | $| 3500 | $| 3707416 |
|  Southeast Energy Authority A Cooperative District<br>(JPMorgan Chase & Co.)<br>Series 2025-E<br>5.00%, 10/01/2030 |  | 10000 |  | 10762381 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley)<br>Series 2022-2<br>6.00%, 01/01/2053<sup>(a)(b)</sup> |  | 10000 |  | 10479521 |
|  Southeast Energy Authority A Cooperative District<br>(Royal Bank of Canada)<br>Series 2023-2<br>5.00%, 01/01/2054<sup>(a)(b)</sup> |  | 10000 |  | 10631613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.00%, 01/01/2054<sup>(a)(b)</sup> |  | 9190 |  | 9770452 |
|  Southeast Energy Authority A Cooperative District<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-2<br>5.25%, 01/01/2054<sup>(a)(b)</sup> |  | 20000 |  | 21155578 |
|  |  |  |  | 163137590 |
|  **Alaska – 0.0%** | **Alaska – 0.0%** | **Alaska – 0.0%** | **Alaska – 0.0%** | **Alaska – 0.0%** |
|  Northern Tobacco Securitization Corp.<br>(Northern Tobacco Securitization)<br>Series 2021-B<br>Zero Coupon, 06/01/2066 |  | 10000 |  | 1141975 |
|  **American Samoa – 0.0%** |  |  |  |  |
|  American Samoa Economic Development Authority<br>(American Samoa Economic Development Authority)<br>Series 2025-B<br>5.25%, 09/01/2045<sup>(a)(c)</sup> |  | 1100 |  | 1105262 |
|  **Arizona – 2.7%** |  |  |  |  |
|  Arizona Industrial Development Authority<br>(AZIDA 2019-2)<br>Series 2019-2, Class A<br>3.625%, 05/20/2033 |  | 8910 |  | 8817183 |
|  Arizona Industrial Development Authority<br>(BASIS Schools Obligated Group)<br>Series 2017-D<br>5.00%, 07/01/2051<sup>(a)</sup> |  | 1885 |  | 1726743 |
|  Arizona Industrial Development Authority<br>(Benjamin Franklin Charter School Obligated Group)<br>Series 2023<br>5.00%, 07/01/2043<sup>(a)</sup> |  | 1000 |  | 972789 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 29 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group)<br>Series 2021<br>4.00%, 11/01/2051<sup>(a)</sup> | $10000 | $8239469 |
|  Arizona Industrial Development Authority<br>(ISF Ativo Portfolio Obligated Group)<br>Series 2025<br>6.75%, 03/01/2065<sup>(a)</sup> | 3045 | 3048883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/01/2055<sup>(a)</sup> | 3955 | 4033863 |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>7.75%, 07/01/2050<sup>(d)(e)(f)</sup> | 10420 | 244870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.50%, 07/01/2031<sup>(d)(e)(f)</sup> | 480 | 11280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2051<sup>(d)(e)(f)</sup> | 3000 | 70500 |
|  Arizona Industrial Development Authority<br>(San Tan Valley AH I LLLP)<br>Series 2024-A<br>5.68%, 01/01/2043<sup>(a)</sup> | 8315 | 8018902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.68%, 01/01/2043<sup>(a)</sup> | 1775 | 1713217 |
|  Glendale Industrial Development Authority<br>(Beatitudes Campus Obligated Group)<br>Series 2017<br>5.00%, 11/15/2040 | 2865 | 2324327 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(BASIS Schools Obligated Group)<br>Series 2015<br>5.00%, 07/01/2035<sup>(a)</sup> | 1000 | 1000226 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(GreatHearts Arizona Obligated Group)<br>Series 2014<br>5.00%, 07/01/2044 | 10690 | 10690744 |
|  Industrial Development Authority of the County of Pima (The)<br>(Edkey Obligated Group)<br>Series 2020<br>5.00%, 07/01/2040<sup>(d)(e)(f)</sup> | 5000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055<sup>(d)(e)(f)</sup> | 1000 | 800000 |
|  Industrial Development Authority of the County of Pima (The)<br>(La Posada at Park Centre Obligated Group)<br>Series 2022<br>6.75%, 11/15/2042<sup>(a)</sup> | 3250 | 3532159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2052<sup>(a)</sup> | 2000 | 2144992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2057<sup>(a)</sup> | 1000 | 1075018 |

---

---

| | |
|:---|:---|
| 30 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Maricopa County Industrial Development Authority<br>(Benjamin Franklin Charter School)<br>Series 2018<br>6.00%, 07/01/2038<sup>(a)</sup> | $| 2000 | $| 2058429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>6.00%, 07/01/2052<sup>(a)</sup> |  | 4040 |  | 4074611 |
|  Maricopa County Industrial Development Authority<br>(Legacy Traditional School Obligated Group)<br>Series 2025<br>5.50%, 07/01/2060 |  | 1500 |  | 1509101 |
|  Maricopa County Industrial Development Authority<br>(Morrison Education Group Obligated Group)<br>Series 2024-A<br>6.625%, 07/01/2059<sup>(a)</sup> |  | 2000 |  | 2050761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2063<sup>(a)</sup> |  | 2000 |  | 2057689 |
|  Maricopa County Industrial Development Authority<br>(Reid Traditional Schools Obligated Group)<br>Series 2016<br>5.00%, 07/01/2047 |  | 1375 |  | 1290905 |
|  Tempe Industrial Development Authority<br>(Mirabella at ASU, Inc.)<br>Series 2017-A<br>6.125%, 10/01/2047<sup>(a)</sup> |  | 1225 |  | 814339 |
|  |  |  |  | 76321000 |
|  **Arkansas – 0.7%** | **Arkansas – 0.7%** | **Arkansas – 0.7%** | **Arkansas – 0.7%** | **Arkansas – 0.7%** |
|  Arkansas Development Finance Authority<br>(Hybar LLC)<br>Series 2023<br>6.875%, 07/01/2048<sup>(a)</sup> |  | 2700 |  | 2906046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>7.375%, 07/01/2048<sup>(a)</sup> |  | 13000 |  | 14113432 |
|  Arkansas Development Finance Authority<br>(United States Steel Corp.)<br>Series 2022<br>5.45%, 09/01/2052 |  | 2300 |  | 2308543 |
|  |  |  |  | 19328021 |
|  **California – 14.4%** | **California – 14.4%** | **California – 14.4%** | **California – 14.4%** | **California – 14.4%** |
|  Align Affordable Housing Bond Fund LP<br>(Park Landing LP)<br>Series 2022-2<br>5.66%, 08/01/2052 |  | 7300 |  | 6768637 |
|  Align Affordable Housing Bond Fund LP<br>(SHI - Lake Worth LLC)<br>Series 2021<br>3.25%, 12/01/2051<sup>(a)</sup> |  | 15000 |  | 13465347 |
|  Align Capital Series Trust 2025-1<br>(Align Capital Series Trust 2025-1)<br>Series 2025-2<br>5.75%, 01/01/2052<sup>(a)</sup> |  | 3000 |  | 3071253 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 31 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ARC70 II Trust<br>(ARC70 II TRUST)<br>Series 2021<br>4.00%, 12/01/2059 | $3000 | $2552531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 04/01/2065<sup>(a)</sup> | 22152 | 21409647 |
|  California Community Choice Financing Authority<br>(American General Life Insurance)<br>Series 2023-2<br>5.50%, 05/01/2054<sup>(a)(b)</sup> | 10000 | 10586441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.00%, 08/01/2055<sup>(a)(b)</sup> | 10000 | 10622559 |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The))<br>Series 2025-2<br>5.00%, 10/01/2056<sup>(a)(b)</sup> | 10000 | 10965375 |
|  California Community Choice Financing Authority<br>(Canadian Imperial Bank of Commerce)<br>Series 2025<br>5.00%, 11/01/2033 | 10000 | 10952221 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 10000 | 10646820 |
|  California Community Choice Financing Authority<br>(Morgan Stanley)<br>Series 2023-2<br>4.68%, 07/01/2053<sup>(a)(b)</sup> | 10000 | 10026326 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance)<br>Series 2025-2<br>5.00%, 03/01/2056<sup>(a)(b)</sup> | 10000 | 10971249 |
|  California Community Housing Agency<br>(California Community Housing Agency Aster Apartments)<br>Series 2021-A<br>4.00%, 02/01/2056<sup>(a)</sup> | 5200 | 4338160 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021<br>4.00%, 02/01/2056<sup>(a)</sup> | 13500 | 11154204 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>3.00%, 08/01/2056<sup>(a)</sup> | 11070 | 7563555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(a)</sup> | 3295 | 2794730 |

---

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| | |
|:---|:---|
| 32 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>3.00%, 02/01/2057<sup>(a)</sup> | $5000 | $3399480 |
|  California Community Housing Agency<br>(California Community Housing Agency Twin Creek Apartments)<br>Series 2022<br>Zero Coupon, 08/01/2065<sup>(a)</sup> | 32000 | 1276339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2040<sup>(a)</sup> | 1000 | 894878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.50%, 08/01/2052<sup>(a)</sup> | 6000 | 4679893 |
|  California County Tobacco Securitization Agency<br>(Los Angeles County Securitization)<br>Series 2020-B<br>Zero Coupon, 06/01/2055 | 22000 | 4215611 |
|  California Enterprise Development Authority<br>(Heights Christian Schools)<br>Series 2023<br>6.25%, 06/01/2053<sup>(a)</sup> | 960 | 919433 |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class X<br>0.825%, 03/25/2035<sup>(g)</sup> | 15064 | 590802 |
|  California Housing Finance Agency<br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 3744 | 3610183 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises)<br>Series 2025<br>9.50%, 01/01/2065<sup>(a)</sup> | 14200 | 12070000 |
|  California Infrastructure & Economic Development Bank<br>(PIH Health Obligated Group)<br>Series 2024-A<br>5.00%, 12/01/2054<sup>(a)</sup> | 10000 | 10276069 |
|  California Infrastructure & Economic Development Bank<br>(WFCS Holdings II LLC)<br>Series 2021<br>Zero Coupon, 01/01/2061<sup>(a)</sup> | 980 | 85071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A1<br>5.00%, 01/01/2056<sup>(a)</sup> | 1990 | 1714099 |
|  California Municipal Finance Authority<br>(Azusa Pacific University)<br>Series 2015-B<br>5.00%, 04/01/2035 | 990 | 984065 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 33 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority<br>(Goodwill Industries of Sacramento Valley & Northern Nevada)<br>Series 2012-A<br>6.625%, 01/01/2032<sup>(a)</sup> | $630 | $617651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/01/2042<sup>(a)</sup> | 3415 | 3230079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>5.00%, 01/01/2035 | 1050 | 908678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 | 2025 | 1588492 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions)<br>Series 2018<br>5.00%, 12/31/2043 | 3000 | 3017501 |
|  California Municipal Finance Authority<br>(UTS Bioenergy LLC)<br>Series 2011-A1<br>7.50%, 12/01/2032<sup>(d)(e)</sup> | 3795 | 75900 |
|  California Pollution Control Financing Authority<br>(Channelside Water Resources)<br>Series 2012<br>5.00%, 11/21/2045<sup>(a)</sup> | 8595 | 8594954 |
|  California Public Finance Authority<br>(ISF Ativo Portfolio Obligated Group)<br>Series 2025<br>6.625%, 03/01/2065<sup>(a)</sup> | 3345 | 3366543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2055<sup>(a)</sup> | 2385 | 2445338 |
|  California Public Finance Authority<br>(Kendal at Ventura)<br>Series 2023<br>10.00%, 05/15/2028<sup>(a)</sup> | 200 | 261809 |
|  California School Finance Authority<br>(ACE Charter Schools Obligated Group)<br>Series 2016<br>5.00%, 06/01/2052<sup>(a)</sup> | 3790 | 3403002 |
|  California School Finance Authority<br>(Alliance for College Ready Public Schools Obligated Group)<br>Series 2016-A<br>5.00%, 07/01/2046<sup>(a)</sup> | 3500 | 3500459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051<sup>(a)</sup> | 1750 | 1750036 |
|  California School Finance Authority<br>(Bright Star Schools Obligated Group)<br>Series 2017<br>5.00%, 06/01/2054<sup>(a)</sup> | 1165 | 1040936 |
|  California School Finance Authority<br>(Downtown College Prep Obligated Group)<br>Series 2016<br>5.00%, 06/01/2046<sup>(d)(e)(f)</sup> | 1000 | 600000 |

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| | |
|:---|:---|
| 34 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Statewide Communities Development Authority<br>(NCCD-Hooper Street LLC)<br>Series 2019<br>5.25%, 07/01/2052<sup>(a)</sup> | $1000 | $983743 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue)<br>Series 2025-C<br>5.00%, 06/01/2042 | 10000 | 11299637 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports)<br>Series 2025-2<br>5.25%, 05/15/2043<sup>(a)(b)</sup> | 10000 | 10840306 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Enclave)<br>Series 2022-A<br>4.00%, 08/01/2058<sup>(a)</sup> | 10000 | 7589264 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Latitude33)<br>Series 2021-A<br>3.00%, 12/01/2056<sup>(a)</sup> | 3090 | 2042140 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Solana at Grand)<br>Series 2021-A<br>4.00%, 08/01/2056<sup>(a)</sup> | 5000 | 4297104 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>(CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>3.00%, 08/01/2056<sup>(a)</sup> | 6800 | 4597981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2047<sup>(a)</sup> | 2610 | 2388797 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.25%, 05/01/2057<sup>(a)</sup> | 7500 | 5160340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(a)</sup> | 10000 | 7047023 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.25%, 04/01/2057<sup>(a)</sup> | 3275 | 2344411 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2056<sup>(a)</sup> | 5000 | 4109871 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 35 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>4.00%, 10/01/2056<sup>(a)</sup> | $7500 | $6225123 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.25%, 07/01/2056<sup>(a)</sup> | 5800 | 3772571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(a)</sup> | 7360 | 4044028 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Oceanaire Apartments)<br>Series 2021<br>4.00%, 09/01/2056<sup>(a)</sup> | 7000 | 5022757 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Park Crossing Apartments)<br>Series 2021<br>3.25%, 12/01/2058<sup>(a)</sup> | 5500 | 3777655 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>3.00%, 12/01/2056<sup>(a)</sup> | 2000 | 1425102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(a)</sup> | 9600 | 7341568 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority The Crescent)<br>Series 2022<br>4.30%, 07/01/2059<sup>(a)</sup> | 10000 | 7979037 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>4.00%, 05/01/2057<sup>(a)</sup> | 1000 | 702579 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A<br>3.10%, 07/01/2045<sup>(a)</sup> | 5000 | 4210793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A2<br>4.00%, 07/01/2056<sup>(a)</sup> | 10000 | 8159957 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056<sup>(a)</sup> | 2500 | 1707197 |

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| | |
|:---|:---|
| 36 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Golden State Connect Authority<br>(Golden State Connect Authority)<br>Series 2025<br>6.50%, 12/01/2060<sup>(a)(c)</sup> | $| 5000 | $| 4838706 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization)<br>Series 2021-B<br>Zero Coupon, 06/01/2066 |  | 130105 |  | 13949078 |
|  Pleasanton Unified School District<br>(Pleasanton Unified School District)<br>Series 2025<br>4.25%, 08/01/2050 |  | 10980 |  | 10972474 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport)<br>Series 2025-2<br>5.00%, 05/01/2044<sup>(a)(b)</sup> |  | 10000 |  | 10179254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042<sup>(a)(b)</sup> |  | 10000 |  | 10822715 |
|  Tobacco Securitization Authority of Northern California<br>(Sacramento County Tobacco Securitization)<br>Series 2021<br>Zero Coupon, 06/01/2060 |  | 12950 |  | 2044411 |
|  Tobacco Securitization Authority of Southern California<br>(San Diego County Tobacco Asset Securitization)<br>Series 2006<br>Zero Coupon, 06/01/2046 |  | 8680 |  | 1984486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>Zero Coupon, 06/01/2054 |  | 6520 |  | 1343973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 |  | 680 |  | 699512 |
|  |  |  |  | 400909949 |
|  **Colorado – 3.1%** | **Colorado – 3.1%** | **Colorado – 3.1%** | **Colorado – 3.1%** | **Colorado – 3.1%** |
|  Aurora Highlands Community Authority Board<br>(Aurora Highlands Community Authority Board)<br>Series 2021-A<br>5.75%, 12/01/2051 |  | 10000 |  | 9672520 |
|  Broadway Station Metropolitan District No. 3<br>(Broadway Station Metropolitan District No. 3)<br>Series 2019<br>5.00%, 12/01/2039 |  | 748 |  | 665006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 |  | 1750 |  | 1369775 |
|  Centerra Metropolitan District No. 1<br>(Centerra Metropolitan District No. 1)<br>Series 2017<br>5.00%, 12/01/2037<sup>(a)</sup> |  | 5730 |  | 5731849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>6.50%, 12/01/2053 |  | 1000 |  | 1049090 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 37 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Colorado Educational & Cultural Facilities Authority<br>(Lighthouse Building Corp.)<br>Series 2021<br>4.00%, 10/01/2061 | $1500 | $1168529 |
|  Colorado Educational & Cultural Facilities Authority<br>(STEAD School/The)<br>Series 2023-A<br>7.00%, 07/01/2034<sup>(f)</sup> | 4000 | 4114731 |
|  Colorado Educational & Cultural Facilities Authority<br>(STEM School Academy)<br>Series 2014<br>5.00%, 11/01/2044 | 890 | 873030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/01/2049 | 765 | 742128 |
|  Colorado Health Facilities Authority<br>(Aberdeen Ridge Obligated Group)<br>Series 2021-A<br>5.00%, 05/15/2044 | 2000 | 1614424 |
|  Colorado Health Facilities Authority<br>(Christian Living Neighborhoods Obligated Group)<br>Series 2021<br>4.00%, 01/01/2042 | 2750 | 2456666 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health Obligated Group)<br>Series 2022-2<br>5.25%, 11/01/2038<sup>(a)(b)</sup> | 2200 | 2411783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2039<sup>(a)(b)</sup> | 2600 | 2837391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2052<sup>(a)(b)</sup> | 5000 | 5157354 |
|  Colorado Health Facilities Authority<br>(Frasier Meadows Manor Obligated Group)<br>Series 2023-2<br>4.00%, 05/15/2041 | 1175 | 1096240 |
|  Colorado Health Facilities Authority<br>(Sunny Vista Living Center)<br>Series 2015-A<br>6.125%, 12/01/2045<sup>(d)(e)(f)</sup> | 1750 | 1264189 |
|  Douglas County Housing Partnership<br>(Bridgewater Castle Rock ALF)<br>Series 2021<br>5.375%, 01/01/2041<sup>(d)(e)(f)</sup> | 10000 | 7600000 |
|  Johnstown Plaza Metropolitan District<br>(Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 | 8153 | 7216197 |
|  Longs Peak Metropolitan District<br>(Longs Peak Metropolitan District)<br>Series 2021<br>5.25%, 12/01/2051<sup>(a)</sup> | 2000 | 1966260 |

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| | |
|:---|:---|
| 38 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Meridian Ranch Metropolitan District 2018 Subdistrict<br>(Meridian Ranch Metropolitan District 2018 Subdistrict)<br>Series 2022<br>6.75%, 12/01/2052 | $1500 | $1523320 |
|  Platte River Metropolitan District<br>(Platte River Metropolitan District)<br>Series 2023-A<br>6.50%, 08/01/2053<sup>(a)</sup> | 661 | 675296 |
|  Plaza Metropolitan District No. 1<br>(Plaza Metropolitan District No. 1)<br>Series 2013<br>5.00%, 12/01/2040<sup>(a)</sup> | 1000 | 1000312 |
|  Pueblo Urban Renewal Authority<br>(Pueblo Urban Renewal Authority)<br>Series 2021<br>4.75%, 12/01/2045<sup>(f)</sup> | 3760 | 3571025 |
|  Redtail Ridge Metropolitan District<br>(Redtail Ridge Metropolitan District)<br>Series 2025<br>Zero Coupon, 12/01/2032 | 4380 | 2730540 |
|  Riverwalk Metropolitan District No. 2<br>(Riverwalk Metropolitan District No. 2)<br>Series 2022-A<br>5.00%, 12/01/2042 | 3000 | 2743581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 | 1000 | 862119 |
|  Sagebrush Farm Metropolitan District No. 1<br>(Sagebrush Farm Metropolitan District No. 1)<br>Series 2022-A<br>6.75%, 12/01/2052 | 1500 | 1556442 |
|  Spring Hill Metropolitan District No. 3<br>(Spring Hill Metropolitan District No. 3)<br>Series 2022-A<br>6.75%, 12/01/2052<sup>(a)</sup> | 333 | 337893 |
|  St. Vrain Lakes Metropolitan District No. 4<br>(St. Vrain Lakes Metropolitan District No. 4)<br>Series 2024-A<br>0.00%, 09/20/2054<sup>(a)(h)</sup> | 1000 | 705391 |
|  Sterling Ranch Community Authority Board<br>(Sterling Ranch Metropolitan District No. 3)<br>Series 2022<br>6.50%, 12/01/2042 | 2000 | 2116018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2053 | 3000 | 3162497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>8.375%, 12/15/2054 | 1000 | 1001577 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 39 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Vail Home Partners Corp.<br>(Vail Home Partners Corp.)<br>Series 2025<br>6.00%, 10/01/2064<sup>(a)</sup> | $| 2000 | $| 2044100 |
|  Vauxmont Metropolitan District<br>(Vauxmont Metropolitan District)<br>AG Series 2019<br>3.25%, 12/15/2050 |  | 108 |  | 92178 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>5.00%, 12/01/2027 |  | 195 |  | 202680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 270 |  | 291312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 205 |  | 207932 |
|  Verve Metropolitan District No. 1<br>(Verve Metropolitan District No. 1)<br>Series 2023<br>6.50%, 12/01/2043 |  | 1000 |  | 1018043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 |  | 1000 |  | 1016369 |
|  |  |  |  | 85865787 |
|  **Connecticut – 0.2%** | **Connecticut – 0.2%** | **Connecticut – 0.2%** | **Connecticut – 0.2%** | **Connecticut – 0.2%** |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group)<br>Series 2025<br>4.75%, 10/01/2032 |  | 1100 |  | 1133625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2060 |  | 1295 |  | 1295800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2055 |  | 2125 |  | 2167976 |
|  Town of Hamden CT<br>(Whitney Center Obligated Group)<br>Series 2022-A<br>7.00%, 01/01/2053 |  | 1000 |  | 1058123 |
|  |  |  |  | 5655524 |
|  **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** |
|  Affordable Housing Tax-Exempt Bond Pass-Thru Trust<br>(Affordable Housing Tax-Exempt Bond Pass-Thru Trust)<br>Series 2023-2<br>6.00%, 10/05/2040<sup>(a)</sup> |  | 7037 |  | 7126931 |
|  **District of Columbia – 1.5%** |  |  |  |  |
|  District of Columbia<br>(District of Columbia Union Market TIF Area)<br>Series 2024<br>0.00%, 06/01/2041<sup>(a)(h)</sup> |  | 1000 |  | 634170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/2049<sup>(a)(h)</sup> |  | 1600 |  | 982856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.125%, 06/01/2034<sup>(a)</sup> |  | 2720 |  | 2800325 |

---

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| | |
|:---|:---|
| 40 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  District of Columbia<br>(Rocketship DC Obligated Group)<br>Series 2019<br>5.00%, 06/01/2039<sup>(a)</sup> | $| 1425 | $| 1425271 |
|  District of Columbia Tobacco Settlement Financing Corp.<br>(District of Columbia Tobacco Settlement Financing)<br>Series 2006<br>Zero Coupon, 06/15/2055 |  | 140500 |  | 13338901 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2025-2<br>5.00%, 10/01/2037<sup>(a)(b)</sup> |  | 4500 |  | 5030657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038<sup>(a)(b)</sup> |  | 5500 |  | 6098564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 10/01/2050 |  | 1000 |  | 1028089 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority State Lease)<br>Series 2024<br>5.00%, 07/15/2054 |  | 10000 |  | 10350419 |
|  |  |  |  | 41689252 |
|  **Florida – 6.0%** | **Florida – 6.0%** | **Florida – 6.0%** | **Florida – 6.0%** | **Florida – 6.0%** |
|  Alachua County Health Facilities Authority<br>(Oak Hammock at the University of Florida Obligated Group)<br>Series 2022<br>4.00%, 10/01/2040 |  | 2400 |  | 2266940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2046 |  | 1750 |  | 1477013 |
|  Bexley Community Development District<br>(Bexley Community Development District)<br>Series 2016<br>4.875%, 05/01/2047 |  | 2050 |  | 1998727 |
|  Cape Coral Health Facilities Authority<br>(Gulf Care Obligated Group)<br>Series 2015<br>6.00%, 07/01/2050<sup>(a)</sup> |  | 1550 |  | 970192 |
|  Capital Projects Finance Authority/FL<br>(CAPFA Capital Corp. 2000F)<br>Series 2020-A<br>5.00%, 10/01/2028 |  | 1300 |  | 1352492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 |  | 1000 |  | 1060509 |
|  Capital Projects Finance Authority/FL<br>(IDEA Lakeland)<br>Series 2023<br>7.00%, 06/15/2030<sup>(a)</sup> |  | 3000 |  | 3091898 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 41 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Capital Projects Finance Authority/FL<br>(Imagine School At North Port)<br>Series 2025<br>6.75%, 06/15/2065<sup>(a)</sup> | $1710 | $1719149 |
|  Capital Projects Finance Authority/FL<br>(PRG – UnionWest Properties)<br>Series 2024<br>0.00%, 06/01/2062<sup>(a)(h)</sup> | 9125 | 1214496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2049<sup>(a)</sup> | 1300 | 1242348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2054<sup>(a)</sup> | 3525 | 3314217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2039<sup>(a)</sup> <br>| 1000 | 1038482 |
|  Capital Trust Agency, Inc. <br>(Aviva Senior Life)<br>Series 2017<br>5.00%, 07/01/2046<sup>(a)</sup> <br>| 1500 | 1106945 |
|  Capital Trust Agency, Inc. <br>(Educational Growth Fund)<br>Series 2021<br>Zero Coupon, 07/01/2061<sup>(a)</sup> | 27000 | 2383347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/01/2031<sup>(a)</sup> | 785 | 760280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056<sup>(a)</sup> | 7500 | 6664097 |
|  Capital Trust Agency, Inc.<br>(Southeastern University Obligated Group)<br>Series 2023<br>6.25%, 05/01/2048<sup>(a)</sup> | 1000 | 1014367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/2053<sup>(a)</sup> | 1000 | 1015325 |
|  Capital Trust Agency, Inc.<br>(Team Success A School of Excellence)<br>Series 2020<br>5.00%, 06/01/2045<sup>(a)</sup> | 1000 | 869672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055<sup>(a)</sup> | 2000 | 1624942 |
|  Capital Trust Authority<br>(IDEA Florida, Inc.)<br>Series 2023-A<br>6.375%, 06/15/2058<sup>(a)</sup> | 2000 | 2039623 |
|  City of Tampa FL<br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2039 | 850 | 479898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2042 | 1000 | 464283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2049 | 1000 | 304797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2053 | 1400 | 336054 |
|  County of Lake FL<br>(Waterman Communities) <br>Series 2020<br>5.50%, 08/15/2040 | 3000 | 3022036 |
|  County of Lee FL Airport Revenue<br>(County of Lee FL Airport Revenue)<br>Series 2025-2<br>5.25%, 10/01/2054<sup>(a)(b)</sup> | 10200 | 10504700 |

---

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| | |
|:---|:---|
| 42 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2024-2<br>5.00%, 10/01/2034<sup>(a)(b)</sup> | $4630 | $5146082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035<sup>(a)(b)</sup>  | 11470 | 12839802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.50%, 10/01/2055<sup>(a)(b)</sup> | 10000 | 10535505 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2035 | 250 | 165978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2036 | 410 | 259365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2037 | 230 | 138444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2038 | 315 | 179293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2039 | 390 | 209921 |
|  County of Palm Beach FL<br>(Palm Beach Atlantic University) <br>Series 2025<br>5.50%, 10/01/2045<sup>(a)</sup> | 1000 | 1022425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2055<sup>(a)</sup> | 2305 | 2376803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2065<sup>(a)</sup> | 2280 | 2343716 |
|  County of Palm Beach FL<br>(Provident Group - LU Properties II)<br>Series 2024<br>8.50%, 06/01/2033 | 150 | 154730 |
|  County of Palm Beach FL <br>(Provident Group - LU Properties) <br>Series 2024<br>6.00%, 06/01/2044 | 1000 | 991022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/01/2054 | 1000 | 975146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2059 | 1000 | 983575 |
|  County of Palm Beach FL<br>(Provident Group-PBAU Properties) <br>Series 2019<br>5.00%, 04/01/2039<sup>(a)</sup> | 1000 | 1005424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2051<sup>(a)</sup> | 1970 | 1855026 |
|  Escambia County Housing Finance Authority<br>(4900 S. Rio Grande Ave)<br>Series 2023-A<br>6.88%, 11/01/2053<sup>(a)</sup> | 1000 | 1060694 |
|  Florida Development Finance Corp.<br>(Assistance Unlimited)<br>Series 2022<br>6.00%, 08/15/2057<sup>(a)</sup> | 3900 | 3648606 |
|  Florida Development Finance Corp.<br>(Drs Kiran & Pallavi Patel 2017 Foundation for<br>Global Understanding)<br>Series 2021<br>3.00%, 07/01/2031<sup>(a)</sup> | 895 | 864973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2051<sup>(a)</sup> | 1950 | 1601242 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 43 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp.<br>(GFL Solid Waste Southeast)<br>Series 2024<br>4.375%, 10/01/2054<sup>(a)</sup> | $5000 | $5070373 |
|  Florida Development Finance Corp.<br>(Parrish Charter Academy)<br>Series 2023<br>6.25%, 04/23/2058<sup>(a)</sup> | 2365 | 2355055 |
|  Florida Development Finance Corp.<br>(Seaside School Consortium)<br>Series 2022<br>6.00%, 06/15/2057<sup>(a)</sup> | 2000 | 2064141 |
|  Florida Development Finance Corp.<br>(SFP - Tampa I LLC)<br>Series 2024<br>5.00%, 06/01/2044<sup>(a)</sup> | 1000 | 979732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2054<sup>(a)</sup> | 1050 | 1014772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2059<sup>(a)</sup> | 1000 | 956161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2059<sup>(a)</sup> | 1200 | 1203164 |
|  Florida Higher Educational Facilities Financing Authority<br>(Ringling College of Art & Design)<br>Series 2019<br>5.00%, 03/01/2044 | 795 | 787552 |
|  Florida Housing Finance Corp.<br>(Bayside Breeze Redevelopment LLLP)<br>Series 2025<br>3.625%, 08/01/2029 | 1200 | 1200560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 08/01/2055 | 1520 | 1563255 |
|  Florida Local Government Finance Commission<br>(BridgePrep Academy Series 2025 Obligated Group)<br>Series 2025<br>6.125%, 06/15/2065<sup>(a)</sup> | 3685 | 3717609 |
|  Florida Local Government Finance Commission<br>(Ponte Vedra Pine Obligated Group)<br>Series 2025<br>4.20%, 11/15/2030<sup>(a)</sup> | 1000 | 1005557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2064<sup>(a)</sup> | 1305 | 1364806 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority)<br>Series 2025-2<br>5.50%, 10/01/2054<sup>(a)(b)</sup> | 10000 | 10602197 |
|  Lee County Industrial Development Authority/FL<br>(Cypress Cove at Healthpark Florida Obligated Group)<br>Series 2022<br>5.25%, 10/01/2057 | 3000 | 2778023 |

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| | |
|:---|:---|
| 44 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lee County Industrial Development Authority/FL<br>(Shell Point Obligated Group)<br>Series 2024<br>5.25%, 11/15/2054 | $1000 | $1004799 |
|  Miami-Dade County Housing Finance Authority<br>(Wynwood Works LLC)<br>Series 2023-A<br>5.70%, 06/01/2052<sup>(a)</sup> | 1500 | 1466913 |
|  Orange County Health Facilities Authority<br>(Presbyterian Retirement Communities Obligated Group)<br>Series 2023<br>4.00%, 08/01/2042 | 5000 | 4673987 |
|  Palm Beach County Educational Facilities Authority<br>(Palm Beach Atlantic University Obligated Group)<br>Series 2021<br>4.00%, 10/01/2041 | 1000 | 905893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2051 | 1815 | 1484828 |
|  Palm Beach County Health Facilities Authority<br>(Federation CCRC Operations Obligated Group)<br>Series 2022<br>4.25%, 06/01/2056 | 2100 | 1698318 |
|  Palm Beach County Health Facilities Authority<br>(Green Cay Life Plan Village)<br>Series 2022<br>11.50%, 07/01/2027<sup>(a)</sup> | 1000 | 1434719 |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033<sup>(d)(e)(f)(i)(j)</sup> | 1905 | 381000 |
|  Sarasota County Health Facilities Authority<br>(Village On the Isle)<br>Series 2017-A<br>5.00%, 01/01/2047 | 2450 | 2306194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2052 | 4500 | 4097347 |
|  Village Community Development District No. 13<br>(Village Community Development Dist No. 13 Phase II Series 2020 Special Assmnts)<br>Series 2020<br>3.50%, 05/01/2051<sup>(a)</sup> | 1910 | 1493099 |
|  Village Community Development District No. 13<br>(Village Community Development Dist No. 13 Phase III Series 2020 Special Assmnts)<br>Series 2021<br>1.80%, 05/01/2026 | 100 | 99356 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15 Series 2023 Phase I Special Assmnt)<br>Series 2023<br>5.25%, 05/01/2054<sup>(a)</sup> | 975 | 978301 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 45 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15<br>Series 2024 Special Assessment)<br>Series 2024<br>4.00%, 05/01/2034<sup>(a)</sup> | $| 995 | $| 1006565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/2039<sup>(a)</sup> |  | 1000 |  | 993813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/01/2044<sup>(a)</sup> |  | 1000 |  | 966601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/01/2055<sup>(a)</sup> |  | 2495 |  | 2393698 |
|  |  |  |  | 165742989 |
|  **Georgia – 2.5%** | **Georgia – 2.5%** | **Georgia – 2.5%** | **Georgia – 2.5%** | **Georgia – 2.5%** |
|  Atlanta Development Authority (The)<br>(City of Atlanta GA Westside Tax Allocation District Gulch Area)<br>Series 2024<br>0.00%, 12/15/2048<sup>(a)(h)</sup> |  | 10000 |  | 8960898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.50%, 04/01/2039<sup>(a)</sup> |  | 2500 |  | 2572112 |
|  Atlanta Development Authority (The)<br>(PRG - CAU Properties LLC)<br>Series 2025<br>6.00%, 07/01/2055<sup>(a)</sup> |  | 1065 |  | 1098984 |
|  City of Atlanta GA Airport Passenger Facility Charge<br>(City of Atlanta GA Airport Passenger Facility Charge)<br>Series 2023<br>5.25%, 07/01/2043 |  | 11475 |  | 12230629 |
|  Glynn-Brunswick Memorial Hospital Authority<br>(Southeast Georgia Health System Obligated Group)<br>Series 2017<br>5.00%, 08/01/2043 |  | 1000 |  | 1000794 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.)<br>Series 2023-2<br>5.00%, 12/01/2054<sup>(a)(b)</sup> |  | 10000 |  | 10624334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2<br>0.05%, 06/01/2053<sup>(a)(b)</sup> |  | 10000 |  | 10579623 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada)<br>Series 2023-2<br>5.00%, 07/01/2053<sup>(a)(b)</sup> |  | 10000 |  | 10605556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2<br>0.053%, 12/01/2053<sup>(a)(b)</sup> |  | 10000 |  | 10334791 |
|  Municipal Electric Authority of Georgia<br>(PowerSouth Energy Cooperative)<br>Series 2019<br>5.00%, 01/01/2039 |  | 605 |  | 620318 |
|  |  |  |  | 68628039 |

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| | |
|:---|:---|
| 46 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Guam – 0.3%** | **Guam – 0.3%** | **Guam – 0.3%** |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System)<br>Series 2025-A<br>5.50%, 07/01/2055 | $2790 | $2926146 |
|  Territory of Guam<br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2046 | 4365 | 4403055 |
|  |  | 7329201 |
|  **Idaho – 0.3%** |  |  |
|  Idaho Health Facilities Authority<br>(North Canyon Medical Center)<br>Series 2023<br>7.125%, 11/01/2057 | 3000 | 3214255 |
|  Idaho Housing & Finance Association<br>(Battelle Energy Alliance)<br>Series 2010-A<br>7.00%, 02/01/2036 | 4000 | 4007886 |
|  |  | 7222141 |
|  **Illinois – 4.7%** |  |  |
|  Bellwood Municipal Housing Corp.<br>(Village of Bellwood IL)<br>Series 2024<br>6.375%, 12/01/2059<sup>(a)</sup> | 2000 | 1885127 |
|  Chicago Board of Education<br>(Chicago Board of Education)<br>Series 2015-C<br>5.25%, 12/01/2035 | 1835 | 1835010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>7.00%, 12/01/2046<sup>(a)</sup> | 4975 | 5109788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>6.75%, 12/01/2030<sup>(a)</sup> | 11365 | 11952660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2042<sup>(a)</sup> | 2400 | 2480811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H<br>5.00%, 12/01/2046 | 1380 | 1239215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2032 | 4800 | 4826095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.875%, 12/01/2047 | 5000 | 5018785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2049 | 5000 | 5035724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.75%, 12/01/2050 | 1025 | 1002392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C<br>5.50%, 12/01/2045 | 13500 | 13093990 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 47 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Chicago IL<br>(City of Chicago IL)<br>Series 2016-C<br>5.00%, 01/01/2038 | $90 | $90017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>6.00%, 01/01/2050 | 7000 | 7351477 |
|  City of Chicago IL<br>(Goldblatts Supportive Living Project)<br>Series 2013<br>6.375%, 12/01/2052<sup>(d)(e)</sup> | 7950 | 5096950 |
|  Eastern Illinois Economic Development Authority<br>(City of Mattoon IL Sales & Hotel Tax)<br>Series 2023<br>6.00%, 05/01/2046 | 2000 | 1957567 |
|  Eastern Illinois Economic Development Authority<br>(City of Mattoon IL)<br>Series 2025<br>7.00%, 02/15/2056 | 2205 | 2126632 |
|  Illinois Finance Authority<br>(Acero Charter Schools Obligated Group)<br>Series 2021<br>4.00%, 10/01/2042<sup>(a)</sup> | 1000 | 862369 |
|  Illinois Finance Authority<br>(Bradley University)<br>Series 2021-A<br>4.00%, 08/01/2043 | 1190 | 989066 |
|  Illinois Finance Authority<br>(CHF-Chicago LLC)<br>Series 2017-A<br>5.00%, 02/15/2047 | 1790 | 1738165 |
|  Illinois Finance Authority<br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2036 | 540 | 540167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 1000 | 1000601 |
|  Illinois Finance Authority<br>(LRS Holdings LLC)<br>Series 2023<br>7.375%, 09/01/2042<sup>(a)</sup> | 3000 | 3411380 |
|  Illinois Finance Authority<br>(Park Place of Elmhurst Obligated Group)<br>Series 2021<br>5.125%, 05/15/2060 | 11442 | 8384919 |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2022<br>7.17%, 11/01/2038 | 600 | 616791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.67%, 11/01/2038<sup>(f)</sup> | 5820 | 5761646 |

---

---

| | |
|:---|:---|
| 48 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority)<br>Series 2012<br>Zero Coupon, 12/15/2041 | $| 24500 | $| 12273770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2050 |  | 19675 |  | 5756476 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2017<br>Zero Coupon, 12/15/2056 |  | 4495 |  | 1003669 |
|  State of Illinois<br>(State of Illinois)<br>Series 2010<br>7.35%, 07/01/2035 |  | 5357 |  | 5844798 |
|  Upper Illinois River Valley Development Authority<br>(High Point Residence Fox Valley Obligated Group)<br>Series 2025<br>7.00%, 11/01/2060 |  | 2000 |  | 1951662 |
|  Village of Antioch IL Special Service Areas No. 1 & 2<br>(Village of Antioch IL Special Service Areas No. 1 & 2)<br>Series 2016-A<br>4.50%, 03/01/2033 |  | 6682 |  | 6682418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>7.00%, 03/01/2033 |  | 3086 |  | 3086426 |
|  |  |  |  | 130006563 |
|  **Indiana – 2.3%** | **Indiana – 2.3%** | **Indiana – 2.3%** | **Indiana – 2.3%** | **Indiana – 2.3%** |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029<sup>(d)(e)</sup> |  | 328 |  | 33 |
|  City of Valparaiso IN<br>(Green Oaks of Valparaiso)<br>Series 2021<br>5.375%, 12/01/2041<sup>(a)</sup> |  | 3315 |  | 3015387 |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC)<br>Series 2024<br>4.875%, 01/01/2044<sup>(a)</sup> |  | 1000 |  | 1007860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2054<sup>(a)</sup> |  | 2000 |  | 1984636 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039<sup>(d)(e)(f)</sup> |  | 17575 |  | 878750 |
|  Indiana Finance Authority<br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>4.00%, 04/01/2038 |  | 2045 |  | 1986668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2040 |  | 2215 |  | 2070367 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 49 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(Greencroft Goshen Obligated Group)<br>Series 2023-2<br>4.00%, 11/15/2026 | $| 1000 | $| 1000177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2027 |  | 1000 |  | 1001892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2030 |  | 1000 |  | 1006189 |
|  Indiana Finance Authority<br>(Indiana University Health Obligated Group)<br>Series 2025-C<br>5.25%, 10/01/2045 |  | 5780 |  | 6270876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2046 |  | 5000 |  | 5393160 |
|  Indiana Finance Authority<br>(Ohio Valley Electric)<br>Series 2021-B<br>2.50%, 11/01/2030 |  | 4025 |  | 3854696 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group)<br>Series 2024-A<br>5.00%, 11/01/2054 |  | 10000 |  | 10177829 |
|  Indiana Finance Authority<br>(SFP-PUFW I LLC)<br>Series 2024<br>5.00%, 07/01/2059 |  | 1750 |  | 1753369 |
|  Indiana Finance Authority<br>(University of Evansville)<br>Series 2022<br>5.25%, 09/01/2057 |  | 4750 |  | 4592551 |
|  Indiana Housing & Community Development Authority<br>(Vita of Marion LLC)<br>Series 2021-A<br>5.25%, 04/01/2041<sup>(a)</sup> |  | 1325 |  | 1160705 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel)<br>Series 2023<br>5.75%, 03/01/2043 |  | 2000 |  | 2117320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2053 |  | 5000 |  | 5231377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F<br>7.75%, 03/01/2067 |  | 4075 |  | 4511186 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023<br>5.25%, 03/01/2067 |  | 5000 |  | 5201306 |
|  |  |  |  | 64216334 |
|  **Iowa – 0.6%** | **Iowa – 0.6%** | **Iowa – 0.6%** | **Iowa – 0.6%** | **Iowa – 0.6%** |
|  Iowa Finance Authority<br>(Wesley Retirement Services Obligated Group)<br>Series 2021<br>4.00%, 12/01/2031 |  | 1465 |  | 1441596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 |  | 3400 |  | 2944545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 |  | 2275 |  | 1800375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 |  | 4060 |  | 3058693 |

---

---

| | |
|:---|:---|
| 50 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Iowa Higher Education Loan Authority<br>(Simpson College)<br>Series 2020<br>5.50%, 11/01/2051 | $5000 | $4372455 |
|  Iowa Tobacco Settlement Authority <br>(Iowa Tobacco Settlement Authority) <br>Series 2021-B<br>Zero Coupon, 06/01/2065 | 28905 | 4320676 |
|  |  | 17938340 |
|  **Kansas – 0.4%** |  |  |
|  City of Colby KS<br>(Citizens Medical Center)<br>Series 2024<br>5.50%, 07/01/2026 | 5000 | 5001924 |
|  Overland Park Development Corp. <br>(City of Overland Park KS)<br>Series 2019<br>5.00%, 03/01/2037 | 1000 | 1029363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 | 1070 | 1094582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 | 655 | 656796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2049 | 3835 | 3768134 |
|  |  | 11550799 |
|  **Kentucky – 2.3%** |  |  |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group)<br>Series 2019<br>4.00%, 02/01/2038 | 745 | 731812 |
|  Kentucky Economic Development Finance Authority<br>(Masonic Homes of Kentucky Obligated Group)<br>Series 2012<br>5.375%, 11/15/2042 | 7765 | 6683384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 | 1665 | 1398245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 05/15/2046 | 4500 | 3709303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2051 | 3500 | 2767564 |
|  Kentucky Economic Development Finance Authority<br>(Owensboro Health Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2037 | 4045 | 4075247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2041 | 3650 | 3684151 |
|  Kentucky Economic Development Finance Authority<br>(Rosedale Green)<br>Series 2015<br>5.75%, 11/15/2050 | 2650 | 2278631 |
|  Kentucky Housing Corp.<br>(Churchill Park LLLP)<br>Series 2022-A<br>5.75%, 11/01/2040<sup>(a)</sup> | 5130 | 5257540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>6.75%, 11/01/2040<sup>(a)</sup> | 850 | 870326 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 51 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Kentucky Public Energy Authority<br>(Goldman Sachs Group)<br>Series 2024-2<br>5.00%, 05/01/2055<sup>(a)(b)</sup> | $| 10000 | $| 10616649 |
|  Kentucky Public Energy Authority<br>(Morgan Stanley)<br>Series 2024-2<br>4.00%, 08/01/2052<sup>(a)(b)</sup> |  | 10000 |  | 10169750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.25%, 06/01/2055<sup>(a)(b)</sup> |  | 10000 |  | 10654234 |
|  Louisville/Jefferson County Metropolitan Government<br>(Norton Healthcare Obligated Group)<br>Series 2020-A<br>5.00%, 10/01/2038 |  | 370 |  | 388607 |
|  |  |  |  | 63285443 |
|  **Louisiana – 0.8%** | **Louisiana – 0.8%** | **Louisiana – 0.8%** | **Louisiana – 0.8%** | **Louisiana – 0.8%** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(St. James Place of Baton Rouge)<br>Series 2015-A<br>6.25%, 11/15/2045 |  | 7625 |  | 7605856 |
|  Louisiana Public Facilities Authority<br>(Acadiana Renaissance Charter Academy)<br>Series 2025<br>6.00%, 06/15/2045<sup>(a)</sup> |  | 1000 |  | 1020744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 06/15/2055<sup>(a)</sup> |  | 2150 |  | 2187590 |
|  Louisiana Public Facilities Authority<br>(Calcasieu Bridge Partners)<br>Series 2024<br>5.00%, 09/01/2066 |  | 5260 |  | 5011875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2064 |  | 5500 |  | 5716849 |
|  Louisiana Public Facilities Authority<br>(Louisiana Pellets, Inc.)<br>Series 2013-B<br>10.50%, 07/01/2039<sup>(d)(e)</sup> |  | 7250 |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>8.375%, 07/01/2039<sup>(d)(e)</sup> |  | 17000 |  | 170 |
|  Louisiana Public Facilities Authority<br>(Prerefunded - US Govt Agencies)<br>Series 2016<br>5.00%, 05/15/2047 |  | 25 |  | 25268 |
|  Parish of St. James LA<br>(NuStar Logistics LP)<br>Series 2020-2<br>6.35%, 07/01/2040<sup>(a)</sup> |  | 1055 |  | 1147820 |
|  |  |  |  | 22716244 |

---

---

| | |
|:---|:---|
| 52 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Maryland – 2.1%** | **Maryland – 2.1%** | **Maryland – 2.1%** |
|  City of Westminster MD<br>(Lutheran Village at Miller's Grant) <br>Series 2014-A<br>6.00%, 07/01/2034 | $1385 | $1386044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/01/2039 | 950 | 950451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2044 | 2600 | 2600513 |
|  Maryland Health & Higher Educational Facilities Authority<br>(Adventist Healthcare Obligated Group)<br>Series 2021<br>5.00%, 01/01/2026 | 495 | 495511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 430 | 437552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 300 | 309828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 290 | 303514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 285 | 301836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1790 | 1886993 |
|  Maryland Stadium Authority<br>(Baltimore City Public School Construction Financing Fund)<br>Series 2022-2<br>5.00%, 05/01/2050<sup>(a)(b)</sup> | 45000 | 48765442 |
|  |  | 57437684 |
|  **Massachusetts – 1.7%** | **Massachusetts – 1.7%** | **Massachusetts – 1.7%** |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts) <br>Series 2025-A<br>5.00%, 04/01/2055 | 10000 | 10498800 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br>(Massachusetts Bay Transportation Authority Sales Tax Revenue)<br>Series 2025-B<br>5.25%, 07/01/2055 | 10000 | 10744677 |
|  Massachusetts Development Finance Agency<br>(Care Communities Obligated Group)<br>Series 2025<br>6.50%, 07/15/2060<sup>(a)</sup> | 3630 | 3629854 |
|  Massachusetts Development Finance Agency<br>(NewBridge on the Charles)<br>Series 2017<br>5.00%, 10/01/2037<sup>(a)</sup> | 1000 | 1010477 |
|  Massachusetts Development Finance Agency<br>(Tufts Medicine Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2036 | 2700 | 2736465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>8.50%, 10/01/2026 | 2175 | 2177406 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 53 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Port Authority <br>(Massachusetts Port Authority) <br>Series 2025-2<br>5.00%, 07/01/2036<sup>(a)(b)</sup> | $| 4500 | $| 4717850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(a)(b)</sup> |  | 4000 |  | 4178012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038<sup>(a)(b)</sup> |  | 8100 |  | 8430940 |
|  |  |  |  | 48124481 |
|  **Michigan – 0.5%** | **Michigan – 0.5%** | **Michigan – 0.5%** | **Michigan – 0.5%** | **Michigan – 0.5%** |
|  City of Detroit MI<br>(City of Detroit MI)<br>4.813%, 06/15/2049<sup>(d)(e)</sup> |  | 1622 |  | 1753936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>4.00%, 04/01/2044<sup>(h)</sup> |  | 6960 |  | 5511378 |
|  Michigan Finance Authority<br>(Lawrence Technological University Obligated Group)<br>Series 2022<br>4.00%, 02/01/2027 |  | 95 |  | 94791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2032 |  | 285 |  | 282116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2042 |  | 1115 |  | 967016 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-B<br>Zero Coupon, 06/01/2065 |  | 18000 |  | 1838414 |
|  Michigan Finance Authority<br>(Prerefunded - US Treasuries)<br>Series 2016<br>5.00%, 12/01/2045 |  | 45 |  | 45474 |
|  Michigan Tobacco Settlement Finance Authority<br>(Tobacco Settlement Financing Corp/MI)<br>Series 2008-C<br>Zero Coupon, 06/01/2058 |  | 164100 |  | 3614483 |
|  |  |  |  | 14107608 |
|  **Minnesota – 1.3%** | **Minnesota – 1.3%** | **Minnesota – 1.3%** | **Minnesota – 1.3%** | **Minnesota – 1.3%** |
|  City of Apple Valley MN<br>(PHS Apple Valley Senior Housing)<br>Series 2021<br>4.00%, 09/01/2061 |  | 870 |  | 653732 |
|  City of Bloomington MN<br>(City of Bloomington MN)<br>Series 2024-A<br>6.18%, 07/01/2041<sup>(a)</sup> |  | 2570 |  | 2536263 |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH I LLLP)<br>Series 2023<br>6.205%, 01/01/2042<sup>(a)(h)</sup> |  | 5000 |  | 5161394 |

---

---

| | |
|:---|:---|
| 54 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH II LLLP)<br>Series 2024<br>6.26%, 07/01/2041<sup>(a)</sup> | $| 5000 | $| 4963887 |
|  City of Columbus MN<br>(Adalyn Avenue LLLP)<br>Series 2023<br>5.98%, 12/01/2041<sup>(a)</sup> |  | 5000 |  | 5041263 |
|  City of Fridley MN<br>(Roers Fridley Apartments Owner II)<br>Series 2023-A<br>5.75%, 06/01/2041<sup>(a)</sup> |  | 3060 |  | 3176966 |
|  City of Shakopee MN Senior Housing Revenue<br>(Benedictine Living Community of Shakopee Obligated Group)<br>Series 2025<br>5.875%, 11/01/2065 |  | 1750 |  | 1762664 |
|  Dakota County Community Development Agency<br>(Rosemont AH I LLLP)<br>Series 2023<br>5.66%, 07/01/2041<sup>(a)</sup> |  | 7500 |  | 7352986 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota<br>(Minnesota Math & Science Academy)<br>Series 2021<br>4.00%, 06/01/2041<sup>(f)</sup> |  | 2100 |  | 987000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(f)</sup> |  | 2225 |  | 1045750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2056<sup>(f)</sup> |  | 1000 |  | 470000 |
|  Washington County Community Development Agency<br>(Raymie Johnson Estates)<br>Series 2025<br>4.66%, 07/01/2027 |  | 1000 |  | 1000983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 07/01/2042 |  | 1000 |  | 1029114 |
|  |  |  |  | 35182002 |
|  **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** | **Mississippi – 0.3%** |
|  Mississippi Business Finance Corp.<br>(Alden Group Renewable Energy Mississippi)<br>Series 2022<br>8.00%, 12/01/2029<sup>(d)(e)(f)</sup> |  | 5750 |  | 3910000 |
|  Mississippi Development Bank<br>(Magnolia Regional Health Center)<br>Series 2021<br>4.00%, 10/01/2041<sup>(a)</sup> |  | 1000 |  | 837408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031<sup>(a)</sup> |  | 2850 |  | 2968346 |
|  Mississippi Hospital Equipment & Facilities Authority<br>(Forrest County General Hospital)<br>Series 2019<br>4.00%, 01/01/2037 |  | 250 |  | 250794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 |  | 750 |  | 796738 |
|  |  |  |  | 8763286 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 55 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Missouri – 1.4%** | **Missouri – 1.4%** | **Missouri – 1.4%** |
|  Health & Educational Facilities Authority of the State of Missouri<br>(BJC Healthcare Obligated Group)<br>Series 2025-A<br>5.00%, 04/01/2040 | $10500 | $12185712 |
|  I-470 Western Gateway Transportation Development District<br>(I-470 Western Gateway Transportation<br>Development District Sales Tax)<br>Series 2019-A<br>5.25%, 12/01/2048<sup>(a)</sup> | 5000 | 5003212 |
|  Kansas City Industrial Development Authority<br>(Kingswood Senior Living Community)<br>Series 2021<br>2.00%, 11/15/2046<sup>(d)(e)</sup> | 1165 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046<sup>(d)(e)</sup> | 2610 | 991736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>10.00%, 11/15/2046<sup>(d)(e)</sup> | 804 | 804000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>7.50%, 11/15/2037<sup>(d)(e)</sup> | 643 | 643000 |
|  Kansas City Industrial Development Authority<br>(Platte Purchase Project)<br>Series 2019<br>5.00%, 07/01/2040<sup>(a)</sup> | 1445 | 1441135 |
|  Lee's Summit Industrial Development Authority<br>(John Knox Village Obligated Group)<br>Series 2016-A<br>5.00%, 08/15/2036 | 2000 | 2004764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2046 | 5585 | 5118951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2051 | 2415 | 2145494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 08/15/2056 | 4910 | 4292957 |
|  Missouri Development Finance Board<br>(Missouri Development Finance Board)<br>Series 2025-A<br>6.50%, 06/15/2045<sup>(a)</sup> | 2340 | 2319321 |
|  Taney County Industrial Development Authority<br>(Taney County Industrial Development Authority Lease)<br>Series 2023<br>6.00%, 10/01/2049<sup>(a)</sup> | 2000 | 2002768 |
|  |  | 38953166 |
|  **Montana – 0.1%** | **Montana – 0.1%** | **Montana – 0.1%** |
|  County of Gallatin MT<br>(Bozeman Fiber, Inc.)<br>Series 2025<br>0.00%, 10/15/2055<sup>(a)(h)</sup> | 4245 | 3561923 |

---

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| | |
|:---|:---|
| 56 AB Municipal Income Fund | **ABFunds.com** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Nebraska – 0.3%** | **Nebraska – 0.3%** | **Nebraska – 0.3%** |
|  Central Plains Energy Project<br>(Goldman Sachs Group)<br>Series 2017-A<br>5.00%, 09/01/2042 | $8000 | $8588244 |
|  **Nevada – 0.6%** | **Nevada – 0.6%** | **Nevada – 0.6%** |
|  City of Reno NV<br>(County of Washoe NV Sales Tax Revenue)<br>Series 2018-C<br>Zero Coupon, 07/01/2058<sup>(a)</sup> | 8500 | 1384757 |
|  Las Vegas Valley Water District<br>(Las Vegas Valley Water District)<br>Series 2025-A<br>5.25%, 06/01/2055 | 10000 | 10709864 |
|  State of Nevada Department of Business & Industry<br>(Desertxpress Enterprises)<br>Series 2025<br>9.50%, 01/01/2065<sup>(a)</sup> | 6725 | 5716250 |
|  State of Nevada Department of Business & Industry<br>(Fulcrum Sierra Holdings)<br>Series 2018<br>6.95%, 02/15/2038<sup>(d)(e)(f)</sup> | 1465 | 15 |
|  |  | 17810886 |
|  **New Hampshire – 3.6%** | **New Hampshire – 3.6%** | **New Hampshire – 3.6%** |
|  National Finance Authority Affordable Housing<br>Certificates Series 2024-1<br>(NFAAH 2024-1)<br>Series 2024-1, Class A<br>4.15%, 10/20/2040 | 3383 | 3369353 |
|  New Hampshire Business Finance Authority<br>(ARC70 2025-1)<br>Series 2025-1, Class A1<br>4.75%, 06/20/2041 | 2856 | 2946028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2<br>5.15%, 06/20/2041 | 999 | 1042817 |
|  New Hampshire Business Finance Authority<br>(Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035<sup>(a)</sup> | 5897 | 5891534 |
|  New Hampshire Business Finance Authority<br>(Emberly & Canterra Creek Projects)<br>Series 2024<br>5.375%, 12/01/2031<sup>(a)</sup> | 956 | 954421 |
|  New Hampshire Business Finance Authority<br>(Greater Raleigh Area Christian Education)<br>Series 2025<br>6.00%, 08/01/2065 | 1590 | 1602527 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 57 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(Lakes Fresh Water Supply District of Denton County)<br>Series 2024<br>5.00%, 12/01/2028<sup>(a)</sup> | $748 | $747219 |
|  New Hampshire Business Finance Authority<br>(New Hampshire Business Finance Authority)<br>Series 2025<br>5.875%, 11/01/2045 | 2590 | 2522646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2055 | 6990 | 6618307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 05/01/2036 | 1700 | 1709035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.15%, 09/28/2037 | 3510 | 3556589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>Zero Coupon, 02/01/2035<sup>(a)</sup> | 4662 | 2589071 |
|  New Hampshire Business Finance Authority<br>(NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 11652 | 11854256 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-1)<br>Series 2022-1, Class A<br>4.375%, 09/20/2036 | 16229 | 16504522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036<sup>(g)</sup> | 10515 | 201373 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 | 9571 | 9471540 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-1)<br>Series 2024-1, Class X<br>0.548%, 07/01/2051<sup>(g)</sup> | 4143 | 150129 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2)<br>Series 2024-2, Class X<br>0.596%, 08/20/2039<sup>(g)</sup> | 9896 | 388934 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1)<br>Series 2025<br>5.75%, 04/28/2042 | 2350 | 2454790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/15/2033<sup>(a)</sup> | 3484 | 3448532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2<br>4.167%, 01/20/2041 | 1491 | 1400046 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-3)<br>Series 2025-3, Class A1<br>4.795%, 02/20/2041 | 1060 | 1106738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2<br>4.795%, 02/20/2041 | 3000 | 3011033 |

---

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| | |
|:---|:---|
| 58 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(Reworld Holding Corp.)<br>Series 2020-B<br>3.75%, 07/01/2045<sup>(a)</sup> | $3215 | $2643430 |
|  New Hampshire Business Finance Authority<br>(Tamarron Project)<br>Series 2024<br>5.25%, 12/01/2035<sup>(a)</sup> | 1511 | 1505125 |
|  New Hampshire Business Finance Authority<br>(The Highlands Project)<br>Series 2024<br>5.125%, 12/15/2030 | 717 | 715954 |
|  New Hampshire Health & Education Facilities Authority Act<br>(Dartmouth Health Obligated Group)<br>Series 2020-A<br>5.00%, 08/01/2059 | 10920 | 11335214 |
|  |  | 99741163 |
|  **New Jersey – 3.2%** |  |  |
|  Essex County Improvement Authority<br>(North Star Academy Charter School of Newark)<br>Series 2020<br>4.00%, 07/15/2050<sup>(a)</sup> | 1000 | 851527 |
|  New Jersey Economic Development Authority<br>(DRP Urban Renewal 4 LLC)<br>Series 2025<br>6.375%, 01/01/2035<sup>(a)</sup> | 1400 | 1452192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2045<sup>(a)</sup> | 2080 | 2159549 |
|  New Jersey Economic Development Authority<br>(NYNJ Link Borrower LLC)<br>Series 2013<br>5.125%, 01/01/2034 | 9780 | 9796414 |
|  New Jersey Economic Development Authority<br>(Port Newark Container Terminal)<br>Series 2017<br>5.00%, 10/01/2037 | 2000 | 2029691 |
|  New Jersey Economic Development Authority<br>(UMM Energy Partners LLC)<br>Series 2012-A<br>5.125%, 06/15/2043 | 7515 | 7514605 |
|  New Jersey Economic Development Authority<br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 2925 | 2928795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>5.625%, 11/15/2030 | 4525 | 4532811 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 59 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease)<br>Series 2009-A<br>Zero Coupon, 12/15/2039 | $2670 | $1542249 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority)<br>Series 2025-C<br>5.00%, 01/01/2033 | 2250 | 2582530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 6000 | 6957476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 2325 | 2721379 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-B<br>5.00%, 06/01/2046 | 44815 | 43504999 |
|  |  | 88574217 |
|  **New York – 5.8%** |  |  |
|  Build NYC Resource Corp.<br>(Albert Einstein College of Medicine)<br>Series 2016<br>5.50%, 09/01/2045<sup>(a)</sup> | 4060 | 4011274 |
|  Build NYC Resource Corp.<br>(Metropolitan College of New York)<br>Series 2014<br>5.00%, 11/01/2039<sup>(d)(e)</sup> | 7050 | 4935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2044<sup>(d)(e)</sup> | 2875 | 2012500 |
|  Build NYC Resource Corp.<br>(Zeta Charter Schools Obligated Group)<br>Series 2025<br>5.375%, 10/15/2061<sup>(a)</sup> | 2000 | 1976150 |
|  Nassau County Industrial Development Agency<br>(Amsterdam House Continuing Care Retirement Community)<br>5.00%, 01/01/2058<sup>(i)(j)</sup> | 7315 | 523613 |
|  New York City Housing Development Corp.<br>(New York City Housing Development)<br>Series 2020<br>2.55%, 08/01/2040 | 1355 | 1054920 |
|  New York City Transitional Finance Authority<br>Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2025<br>5.00%, 05/01/2050 | 10000 | 10378282 |
|  New York Counties Tobacco Trust V<br>(New York Counties Tobacco Trust V)<br>Series 2005<br>Zero Coupon, 06/01/2050 | 51990 | 7903691 |

---

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| | |
|:---|:---|
| 60 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC)<br>Series 2014<br>5.00%, 11/15/2044<sup>(a)</sup> | $6690 | $6689983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044<sup>(a)</sup> | 1705 | 1706252 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax)<br>Series 2025-C<br>5.25%, 03/15/2050 | 2000 | 2133536 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners)<br>Series 2024<br>5.50%, 12/31/2060 | 6000 | 6128422 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC)<br>Series 2023<br>5.375%, 06/30/2060 | 5500 | 5516650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/30/2054 | 2500 | 2599288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 06/30/2060 | 2000 | 1935835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2054 | 11925 | 12093616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>6.00%, 06/30/2059 | 5000 | 5312687 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.00%, 06/30/2049 | 2000 | 2014720 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.00%, 07/01/2041 | 17110 | 17111328 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>6.00%, 12/01/2053 | 4000 | 4060274 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2022-2<br>5.25%, 05/15/2052<sup>(a)(b)</sup> | 5000 | 5217574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2057<sup>(a)(b)</sup> | 10000 | 10432112 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2022-2<br>5.50%, 11/15/2057<sup>(a)(b)</sup> | 10000 | 10701237 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue<br>(Triborough Bridge & Tunnel Authority Sales Tax Revenue)<br>Series 2024-A<br>5.25%, 05/15/2059 | 10000 | 10528484 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 61 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  TSASC, Inc./NY <br>(TSASC, Inc./NY)<br>Series 2016<br>5.00%, 06/01/2045 | $2500 | $2220156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2048 | 3550 | 3122744 |
|  Ulster County Capital Resource Corp. <br>(Woodland Pond at New Paltz)<br>Series 2017<br>5.00%, 09/15/2037 | 4270 | 4270381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2042 | 1795 | 1747583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2047 | 3080 | 2868995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2053 | 6635 | 6017725 |
|  Ulster County Capital Resource Corp. <br>(Woodland Pond Obligated Group) <br>Series 2025<br>5.875%, 09/15/2059<sup>(a)</sup> | 1000 | 989142 |
|  Western Regional Off-Track Betting Corp.<br>(Western Regional Off-Track Betting)<br>Series 2021<br>4.125%, 12/01/2041<sup>(a)</sup> | 1650 | 1497361 |
|  |  | 159711515 |
|  **North Carolina – 0.3%** |  |  |
|  Fayetteville State University <br>(Fayetteville State University)<br>Series 2023<br>5.00%, 04/01/2033<sup>(a)</sup> | 710 | 783555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035<sup>(a)</sup> | 830 | 921574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039<sup>(a)</sup> | 1120 | 1213019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041<sup>(a)</sup> | 1290 | 1380717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043<sup>(a)</sup> | 1480 | 1562111 |
|  North Carolina Turnpike Authority <br>(North Carolina Turnpike Authority) <br>AG Series 2024<br>Zero Coupon, 01/01/2051 | 3000 | 897823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/2052 | 2000 | 566761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/2053 | 1000 | 268681 |
|  |  | 7594241 |
|  **Ohio – 1.8%** |  |  |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority)<br>Series 2020-B<br>Zero Coupon, 06/01/2057 | 46605 | 4082356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 | 23975 | 20188439 |
|  City of Middleburg Heights OH<br>(Southwest General Health Center Obligated Group)<br>Series 2021<br>5.00%, 08/01/2033 | 800 | 854342 |

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| | |
|:---|:---|
| 62 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Cuyahoga OH <br>(MetroHealth System/The) <br>Series 2017<br>5.00%, 02/15/2042 | $5 | $5000 |
|  County of Franklin OH<br>(First Community Village Obligated Group)<br>Series 2019<br>5.00%, 07/01/2049 | 2635 | 2438370 |
|  County of Marion OH<br>(United Church Homes Obligated Group)<br>Series 2019<br>5.125%, 12/01/2049 | 690 | 523355 |
|  County of Montgomery OH<br>(Trousdale Foundation Obligated Group)<br>Series 2018-A<br>6.25%, 04/01/2049<sup>(d)(e)(f)(i)(j)</sup> | 4140 | 49055 |
|  County of Washington OH<br>(Marietta Area Health Care Obligated Group)<br>Series 2022<br>6.625%, 12/01/2042 | 1000 | 1061984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 | 8550 | 8857785 |
|  Jefferson County Port Authority/OH<br>(JSW Steel USA Ohio, Inc.)<br>Series 2021<br>3.50%, 12/01/2051<sup>(a)</sup> | 3700 | 3066439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 12/01/2053<sup>(a)</sup> | 2000 | 2049406 |
|  Port of Greater Cincinnati Development Authority<br>(IDEA Greater Cincinnati)<br>Series 2021<br>4.375%, 06/15/2056 | 1000 | 993612 |
|  Toledo-Lucas County Port Authority<br>(ParkUToledo, Inc.)<br>Series 2021<br>4.00%, 01/01/2057 | 7065 | 5744887 |
|  |  | 49915030 |
|  **Oklahoma – 1.6%** |  |  |
|  Norman Regional Hospital Authority<br>(Norman Regional Hospital Authority Obligated Group)<br>Series 2019<br>3.25%, 09/01/2038 | 3295 | 2291828 |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group)<br>Series 2018-B<br>5.00%, 08/15/2033 | 3165 | 3255159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2052 | 3000 | 3011663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2057 | 11290 | 11311384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.50%, 08/15/2044 | 10000 | 10100836 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 63 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority)<br>Series 2025-B<br>5.00%, 01/01/2037 | $5340 | $6224559 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.)<br>Series 2025<br>6.25%, 12/01/2035 | 4255 | 4906517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/2040 | 2000 | 2245092 |
|  |  | 43347038 |
|  **Oregon – 0.6%** |  |  |
|  Clackamas County Hospital Facility Authority<br>(Rose Villa Obligated Group)<br>Series 2020-A<br>5.25%, 11/15/2050 | 1000 | 969153 |
|  Multnomah County School District No. 40<br>(Multnomah County School District No. 40)<br>Series 2023-A<br>Zero Coupon, 06/15/2051 | 10000 | 2743853 |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue)<br>Series 2025-2<br>5.25%, 07/01/2040<sup>(a)(b)</sup>  | 10605 | 11691051 |
|  Umatilla County School District No. 6R Umatilla<br>(Umatilla County School District No. 6R Umatilla)<br>Series 2023-B<br>Zero Coupon, 06/15/2053 | 3000 | 755885 |
|  |  | 16159942 |
|  **Pennsylvania – 2.6%** |  |  |
|  Berks County Municipal Authority (The)<br>(Tower Health Obligated Group)<br>Series 2024<br>5.00%, 06/30/2039 | 5710 | 5139247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/2039 | 5710 | 4627007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/2034 | 1360 | 1368881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>6.00%, 06/30/2034 | 640 | 688600 |
|  Bucks County Industrial Development Authority<br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021<br>4.00%, 07/01/2051 | 5000 | 4193804 |
|  Chester County Industrial Development Authority<br>(Collegium Charter School)<br>Series 2022<br>5.625%, 10/15/2042<sup>(a)</sup> | 2750 | 2731639 |

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| | |
|:---|:---|
| 64 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Crawford County Hospital Authority<br>(Meadville Medical Center Obligated Group)<br>Series 2016-A<br>6.00%, 06/01/2046 | $7950 | $7973224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2051 | 3715 | 3721500 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The)<br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2032 | 1000 | 1016790 |
|  Lancaster County Hospital Authority/PA<br>(St. Anne's Retirement Community Obligated Group)<br>Series 2020<br>5.00%, 03/01/2040 | 1000 | 939890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2045 | 500 | 431971 |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation)<br>AG Series 2022<br>5.75%, 12/31/2062 | 4000 | 4247216 |
|  Pennsylvania Economic Development Financing Authority<br>(Iron Cumberland LLC)<br>Series 2022<br>7.00%, 12/01/2029 | 7210 | 7204835 |
|  Pennsylvania Economic Development Financing Authority<br>(Noble Environmental, Inc.)<br>Series 2025<br>6.875%, 09/01/2047<sup>(a)</sup> | 2000 | 2078387 |
|  Pennsylvania Economic Development Financing Authority<br>(Reworld Holding Corp.)<br>Series 2019<br>3.25%, 08/01/2039<sup>(a)</sup> | 1640 | 1320963 |
|  Philadelphia Authority for Industrial Development<br>(Greater Philadelphia Health Action)<br>Series 2015-A<br>6.375%, 06/01/2040 | 1300 | 1300123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2045 | 2390 | 2389876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/01/2050 | 3870 | 3869662 |
|  Philadelphia Authority for Industrial Development <br>(Philadelphia Electrical & Technology Charter High School)<br>Series 2021<br>4.00%, 06/01/2051 | 3650 | 2837104 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 65 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Scranton-Lackawanna Health & Welfare Authority<br>(Community Development Properties Scranton)<br>Series 2025<br>6.25%, 08/01/2053<sup>(a)</sup> | $11900 | $12075025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/01/2060<sup>(a)</sup> | 2350 | 2475783 |
|  |  | 72631527 |
|  **Puerto Rico – 8.2%** |  |  |
|  Children's Trust Fund<br>(Children's Trust Fund)<br>Series 2008-B<br>Zero Coupon, 05/15/2057 | 345000 | 10397265 |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico)<br>Series 2021-A<br>Zero Coupon, 07/01/2033 | 21858 | 15732858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>Zero Coupon, 11/01/2051 | 4922 | 2866928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/2051 | 37300 | 11230750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%, 11/01/2051 | 12247 | 7991121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>Zero Coupon, 11/01/2043 | 22422 | 14350299 |
|  GDB Debt Recovery Authority of Puerto Rico<br>(GDB Debt Recovery Authority of Puerto Rico)<br>Series 2018<br>7.50%, 08/20/2040 | 3008 | 2925038 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2020-A<br>5.00%, 07/01/2047<sup>(a)</sup> | 5500 | 5406492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 07/01/2028<sup>(a)</sup> | 2550 | 2610584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(a)</sup> | 3850 | 3980101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033<sup>(a)</sup> | 2835 | 2960938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(a)</sup> | 2530 | 2616861 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>Series 2007-T<br>5.00%, 07/01/2032<sup>(d)(e)</sup> | 7425 | 4937625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(d)(e)</sup> | 10045 | 6679925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W<br>5.00%, 07/01/2028<sup>(d)(e)</sup> | 7285 | 4844525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008WW<br>5.375%, 07/01/2024<sup>(d)(k)</sup> | 3700 | 2460500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A<br>5.25%, 07/01/2029<sup>(d)(e)</sup> | 2370 | 1576050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030<sup>(d)(e)</sup> | 390 | 259350 |

---

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| | |
|:---|:---|
| 66 AB Municipal Income Fund | **ABFunds.com** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C<br>5.00%, 07/01/2024<sup>(d)(k)</sup> | $1530 | $1017450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2027<sup>(d)(e)</sup> | 2550 | 1695750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028<sup>(d)(e)</sup> | 5255 | 3494575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-X<br>5.25%, 07/01/2027<sup>(d)(e)</sup> | 3725 | 2477125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040<sup>(d)(e)</sup> | 10035 | 6673275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2036<sup>(d)(e)</sup> | 2280 | 1516200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010DDD<br>5.00%, 07/01/2020<sup>(d)(k)</sup> | 1660 | 1103900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2021<sup>(d)(k)</sup> | 920 | 611800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2022<sup>(d)(k)</sup> | 610 | 405650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010ZZ<br>5.25%, 07/01/2018<sup>(d)(k)</sup> | 2500 | 1662500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2019<sup>(d)(k)</sup> | 1715 | 1140475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2022<sup>(d)(k)</sup> | 1565 | 1040725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2024<sup>(d)(k)</sup> | 1570 | 1044050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2025<sup>(d)(k)</sup> | 440 | 292600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A<br>5.00%, 07/01/2029<sup>(d)(e)</sup> | 3345 | 2224425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042<sup>(d)(e)</sup> | 1000 | 665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/01/2042<sup>(d)(e)</sup> | 2000 | 1330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>7.00%, 07/01/2033<sup>(d)(e)</sup> | 2200 | 1463000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/01/2040<sup>(d)(e)</sup> | 575 | 382375 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2007-V<br>5.25%, 07/01/2031 | 14090 | 14361738 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2007-V<br>5.25%, 07/01/2029 | 245 | 246906 |
|  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 | 1346 | 1338356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 | 10263 | 10188319 |
|  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 | 2000 | 2259070 |
|  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, 07/01/2027 | 274 | 259689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2029 | 1519 | 1344920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2046 | 57388 | 19468868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2051 | 40000 | 9917616 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 67 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>4.329%, 07/01/2040 | $21675 | $21103094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 | 2637 | 2626149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 10000 | 9726140 |
|  |  | 226908950 |
|  **South Carolina – 1.5%** |  |  |
|  Columbia Housing Authority/SC <br>(Garden Lakes Apartments) <br>Series 2022<br>5.26%, 11/01/2032 | 385 | 384811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 | 7515 | 7329967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 | 330 | 322286 |
|  Greenville Housing Authority/SC<br>(Victor Verdae Apartments)<br>Series 2023<br>6.16%, 05/01/2063<sup>(a)</sup> | 5000 | 4542138 |
|  Last Step Recycling LLC<br>(Last Step Recycling LLC)<br>9.50%, 12/15/2028<sup>(f)(i)(j)(l)</sup> | 2364 | 2363805 |
|  South Carolina Jobs-Economic Development Authority<br>(Connexion Communities Obligated Group)<br>Series 2025<br>6.75%, 10/15/2060<sup>(a)</sup> | 6205 | 6226843 |
|  South Carolina Jobs-Economic Development Authority<br>(FAH Pelham LLC)<br>Series 2023<br>10.00%, 08/01/2039<sup>(a)</sup> | 185 | 175791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>6.50%, 02/01/2056<sup>(a)</sup> | 5305 | 5432039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>7.50%, 08/01/2047<sup>(a)</sup> | 2200 | 2193893 |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.25%, 06/01/2040<sup>(d)(e)(f)</sup> | 3115 | 342650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2051<sup>(d)(e)(f)</sup> | 3175 | 349250 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 1000 | 961032 |
|  South Carolina Jobs-Economic Development Authority<br>(PSG Patriot's Place Apartments)<br>Series 2022<br>0.00%, 06/01/2052<sup>(h)</sup> | 6135 | 4577076 |

---

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| | |
|:---|:---|
| 68 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority<br>(Rolling Green Village)<br>Series 2025<br>5.75%, 12/01/2060 | $4955 | $4925995 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority)<br>Series 2022<br>3.00%, 12/01/2043 | 1606 | 1230003 |
|  |  | 41357579 |
|  **South Dakota – 0.2%** |  |  |
|  County of Lincoln SD<br>(Augustana College Association/SD)<br>Series 2021<br>4.00%, 08/01/2041 | 1000 | 908607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2051 | 3620 | 2981114 |
|  South Dakota Housing Development Authority<br>(Schuett Spearfish LP)<br>Series 2023<br>6.15%, 09/01/2039 | 1500 | 1545284 |
|  |  | 5435005 |
|  **Tennessee – 1.3%** |  |  |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax)<br>Series 2016-A<br>5.125%, 12/01/2042<sup>(a)</sup> | 19305 | 18247180 |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC)<br>Series 2022<br>9.25%, 11/01/2042<sup>(f)</sup> | 2350 | 2319287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2052<sup>(f)</sup> | 6860 | 6577030 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Trousdale Foundation Obligated Group)<br>Series 2018<br>7.50%, 04/01/2049<sup>(d)(e)(f)</sup> | 100 | 10 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>(Trousdale Foundation Obligated Group)<br>Series 2018-A<br>6.25%, 04/01/2049<sup>(d)(e)(f)(i)(j)</sup> | 3544 | 42000 |
|  Shelby County Health Educational & Housing Facilities Board<br>(Village at Germantown)<br>Series 2014<br>5.25%, 12/01/2044 | 1075 | 989221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2049 | 3250 | 2868541 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 69 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wilson County Health & Educational Facilities Board<br>(Limestone Trail Apartments)<br>Series 2021<br>4.00%, 12/01/2039 | $5725 | $4564133 |
|  |  | 35607402 |
|  **Texas – 7.9%** |  |  |
|  Arlington Higher Education Finance Corp.<br>(BASIS Texas Charter Schools)<br>Series 2025<br>5.75%, 06/15/2055<sup>(a)</sup> | 1200 | 1211935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2065<sup>(a)</sup> | 1200 | 1214842 |
|  Arlington Higher Education Finance Corp.<br>(Magellan School/The)<br>Series 2022<br>6.25%, 06/01/2052<sup>(a)</sup> | 1100 | 1111400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/01/2062<sup>(a)</sup> | 3500 | 3534286 |
|  Arlington Higher Education Finance Corp.<br>(Uplift Education)<br>Series 2016-A<br>5.00%, 12/01/2046 | 2175 | 2166325 |
|  Baytown Municipal Development District<br>(Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax)<br>Series 2021<br>5.00%, 10/01/2050<sup>(a)</sup> | 6205 | 5154129 |
|  Board of Managers Joint Guadalupe County-City of Seguin Hospital<br>(Board of Managers Joint Guadalupe County-City of Seguin Hospital)<br>Series 2015<br>5.00%, 12/01/2040 | 1500 | 1499925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 | 1000 | 947441 |
|  Board of Regents of the University of Texas System<br>(Board of Regents of the University of Texas System)<br>Series 2025-B<br>5.00%, 08/15/2051 | 10000 | 10646819 |
|  Brazoria County Industrial Development Corp.<br>(Brazoria County Industrial Development)<br>10.00%, 06/01/2042<sup>(d)(e)(f)(i)(j)</sup> | 7968 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 06/01/2043<sup>(d)(e)(f)(i)(j)</sup> | 937 | 94 |
|  City of Dallas Housing Finance Corp.<br>(DHFC The Briscoe Apartments)<br>Series 2022<br>Zero Coupon, 12/01/2062<sup>(a)</sup> | 69315 | 4451832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2062 | 8080 | 7473569 |

---

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| | |
|:---|:---|
| 70 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Dallas Housing Finance Corp.<br>(DHFC The Dylan Apartments)<br>Series 2022<br>6.00%, 12/01/2062<sup>(a)</sup> | $3460 | $3147086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/2054<sup>(a)</sup> | 1400 | 1220659 |
|  City of Houston TX<br>(City of Houston TX Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 09/01/2040 | 4715 | 4717822 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.)<br>Series 2014<br>5.00%, 07/01/2029 | 10540 | 10551654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.50%, 07/15/2038 | 3520 | 3807393 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>(City of San Antonio TX Electric & Gas Systems Revenue)<br>Series 2024-E<br>5.25%, 02/01/2049 | 10000 | 10617339 |
|  Clifton Higher Education Finance Corp.<br>(Valor Texas Education Foundation)<br>Series 2023-A<br>6.00%, 06/15/2048<sup>(a)</sup> | 1000 | 949129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/2053<sup>(a)</sup> | 2000 | 1924853 |
|  Conroe Local Government Corp.<br>(Conroe Local Govt Conroe Convention Center Hotel)<br>Series 2021<br>4.00%, 10/01/2046 | 1160 | 1069189 |
|  Dallas County Flood Control District No. 1<br>(Dallas County Flood Control District No. 1)<br>Series 2015<br>5.00%, 04/01/2032<sup>(a)</sup> | 2000 | 2000351 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport)<br>Series 2025-A<br>5.00%, 11/01/2036 | 10000 | 11089662 |
|  El Paso County Hospital District<br>(El Paso County Hospital District)<br>Series 2017<br>5.00%, 08/15/2033 | 3940 | 4019788 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority)<br>Series 2022-A<br>Zero Coupon, 12/01/2054 | 1585 | 331487 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 71 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>Zero Coupon, 12/01/2043 | $2965 | $1180061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2046 | 1000 | 326687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2055 | 5000 | 945543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2056 | 3325 | 594831 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(a)</sup> | 9335 | 9361620 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Bella Vida Forefront Living Obligated Group)<br>Series 2025<br>4.25%, 10/01/2030 | 1000 | 1002802 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Brazos Presbyterian Homes Obligated Group)<br>Series 2025<br>5.375%, 01/01/2055 | 2000 | 1978120 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(BSPV - Plano LLC)<br>Series 2023<br>0.00%, 12/31/2030<sup>(d)(e)</sup> | 736 | 494288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/31/2030<sup>(d)(e)</sup> | 4145 | 4061087 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Buckingham Senior Living Community Obligated Group)<br>Series 2021<br>2.00%, 11/16/2061<sup>(d)(e)(h)</sup> | 9781 | 4205852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036<sup>(d)(e)</sup> | 2265 | 2265000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037<sup>(d)(e)</sup> | 365 | 365000 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027<sup>(f)</sup> | 7610 | 7609061 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Legacy at Midtown Park Obligated Group)<br>Series 2018-A<br>5.50%, 07/01/2054 | 3000 | 2506206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>6.75%, 07/01/2044 | 2190 | 2242410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/2056 | 1000 | 1019065 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Longhorn Village)<br>Series 2017<br>5.00%, 01/01/2042 | 7485 | 7467674 |

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| | |
|:---|:---|
| 72 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2055 | $1680 | $1409804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2047 | 1300 | 985809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/01/2057 | 5000 | 3599267 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Outlook at Windhaven Forefront Living Obligated Group)<br>Series 2022<br>6.875%, 10/01/2057 | 5000 | 5057844 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Prerefunded - US Treasuries)<br>Series 2017<br>5.00%, 01/01/2037 | 2285 | 2311991 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(SLF CHP LLC)<br>Series 2025<br>6.25%, 07/01/2045<sup>(a)</sup> | 3000 | 2869309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2056<sup>(a)</sup> | 3920 | 3721372 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Wesleyan Homes Obligated Group)<br>Series 2019<br>5.00%, 01/01/2055 | 2200 | 1976657 |
|  Newark Higher Education Finance Corp.<br>(TLC Academy)<br>Series 2021-A<br>4.00%, 08/15/2051 | 1275 | 1008231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2056 | 1380 | 1059504 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group)<br>Series 2024<br>5.00%, 01/01/2039<sup>(a)</sup> | 2315 | 2271820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/01/2044<sup>(a)</sup> | 3000 | 2919853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054<sup>(a)</sup> | 2000 | 1917181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 07/01/2026<sup>(a)</sup> | 2000 | 2007382 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Stayton at Museum Way)<br>Series 2024-A<br>5.75%, 12/01/2054 | 12026 | 10370149 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 73 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Tarrant County Cultural Education Facilities Finance)<br>5.00%, 11/15/2036<sup>(d)(e)(i)(j)</sup> | $| 920 | $| – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2045<sup>(d)(e)(i)(j)</sup> |  | 2115 |  | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2047<sup>(d)(e)(i)(j)</sup> |  | 678 |  | – 0 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC)<br>Series 2023-2<br>5.50%, 01/01/2054<sup>(a)(b)</sup> |  | 10895 |  | 11667815 |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.)<br>Series 2025-2<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)(b)</sup> |  | 10000 |  | 11025785 |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners LLC)<br>Series 2023<br>5.50%, 12/31/2058 |  | 10000 |  | 10422003 |
|  |  |  |  | 219086889 |
|  **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** |
|  Black Desert Public Infrastructure District<br>(Black Desert Public Infrastructure District Black Desert Assessment Area No. 1)<br>Series 2024<br>5.625%, 12/01/2053<sup>(a)</sup> |  | 2200 |  | 2224248 |
|  County of Utah UT<br>(Intermountain Healthcare Obligated Group)<br>Series 2022-2<br>5.00%, 05/15/2043<sup>(a)(b)</sup> |  | 5000 |  | 5210932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050<sup>(a)(b)</sup> |  | 8000 |  | 8210269 |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Assessment Area No. 1)<br>Series 2024-A<br>5.25%, 12/01/2044<sup>(a)</sup> |  | 3000 |  | 2947029 |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Residential Facilities Fee Revenue)<br>Series 2024-A<br>6.00%, 03/01/2055<sup>(a)</sup> |  | 2000 |  | 1886076 |
|  MIDA Mountain Veterans Program Public Infrastructure District<br>(MIDA Mountain Veterans Program Public Infrastructure District)<br>Series 2024<br>5.20%, 06/01/2054<sup>(a)</sup> |  | 1000 |  | 996068 |

---

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| | |
|:---|:---|
| 74 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Mida Mountain Village Public Infrastructure District<br>(Military Installation Development Auth Military Recreation Fac Project Area)<br>Series 2024-1<br>5.125%, 06/15/2054<sup>(a)</sup> | $| 1000 | $| 996688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2<br>6.00%, 06/15/2054<sup>(a)</sup> |  | 1000 |  | 1030066 |
|  Military Installation Development Authority<br>(Military Installation Development Auth Military Recreation Fac Project Area)<br>Series 2021-A<br>4.00%, 06/01/2052 |  | 3000 |  | 2522612 |
|  Point Phase 1 Public Infrastructure District No. 1<br>(Point Phase 1 Public Infrastructure District No. 1)<br>Series 2025<br>8.50%, 03/15/2055 |  | 2200 |  | 2229871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>0.00%, 03/01/2055<sup>(h)</sup> |  | 1250 |  | 1005809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2045 |  | 1000 |  | 1033337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2055 |  | 1820 |  | 1898426 |
|  Utah Housing Corp.<br>(255 State 4 LLC)<br>Series 2020<br>4.58%, 01/01/2040<sup>(a)(h)</sup> |  | 3173 |  | 2762512 |
|  Wakara Ridge Public Infrastructure District<br>(Wakara Ridge Public Infrastructure District Wakara Ridge Assessment Area)<br>Series 2025<br>5.625%, 12/01/2054<sup>(a)</sup> |  | 1000 |  | 1024134 |
|  Wohali Public Infrastructure District No. 1<br>(Wohali Public Infrastructure District No. 1 Assessment Area No. 1)<br>Series 2023<br>7.00%, 12/01/2042<sup>(a)</sup> |  | 2000 |  | 1642018 |
|  Wolf Creek Infrastructure Financing District No. 1<br>(Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1)<br>Series 2025<br>5.75%, 12/01/2044 |  | 1900 |  | 1943880 |
|  |  |  |  | 39563975 |
|  **Vermont – 0.0%** | **Vermont – 0.0%** | **Vermont – 0.0%** | **Vermont – 0.0%** | **Vermont – 0.0%** |
|  Vermont Educational & Health Buildings Financing Agency<br>(St. Michael's College)<br>Series 2023<br>5.50%, 10/01/2043<sup>(a)</sup> |  | 1500 |  | 1377442 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 75 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Virginia – 2.3%** | **Virginia – 2.3%** | **Virginia – 2.3%** |
|  Atlantic Park Community Development Authority<br>(Atlantic Park Community Development Authority District)<br>Series 2023<br>6.25%, 08/01/2045<sup>(a)</sup> | $6410 | $6124932 |
|  Powhatan County Economic Development Authority<br>(Powhatan County Economic Development Authority)<br>Series 2025<br>6.125%, 09/01/2060<sup>(a)</sup> | 1700 | 1662521 |
|  Richmond Redevelopment & Housing Authority<br>(American Tobacco Holdings)<br>Series 2017<br>5.55%, 01/01/2037<sup>(a)</sup> | 1230 | 1206586 |
|  Tobacco Settlement Financing Corp./VA<br>(Tobacco Settlement Financing Corp./VA)<br>Series 2007-B1<br>5.00%, 06/01/2047 | 28805 | 23873175 |
|  US Bank Trust Co. NA<br>(Park Landing LP)<br>Series 2022-B<br>5.90%, 08/01/2052 | 6700 | 5994778 |
|  Virginia College Building Authority<br>(Marymount University)<br>Series 2015<br>5.00%, 07/01/2045<sup>(a)</sup> | 4000 | 3035358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A<br>5.00%, 07/01/2035<sup>(a)</sup> | 1200 | 1025373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(a)</sup> | 3110 | 2359991 |
|  Virginia Small Business Financing Authority<br>(P3 VB Holdings LLC)<br>Series 2023<br>8.50%, 12/01/2052<sup>(a)</sup> | 4465 | 4291490 |
|  Virginia Small Business Financing Authority<br>(Total Fiber Recovery @ Chesapeake)<br>Series 2022<br>8.50%, 06/01/2042<sup>(d)(e)(f)</sup> | 10000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.552% (SOFR + 5.50%), 06/01/2029<sup>(d)(e)(f)(m)</sup> | 8500 | 6800000 |
|  |  | 64374204 |
|  **Washington – 2.1%** | **Washington – 2.1%** | **Washington – 2.1%** |
|  Grays Harbor County Public Hospital District No. 1<br>(Grays Harbor County Public Hospital District No. 1)<br>Series 2023<br>6.875%, 12/01/2053 | 1000 | 1107121 |

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| | |
|:---|:---|
| 76 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  King County Public Hospital District No. 4<br>(King County Public Hospital District No. 4)<br>Series 2015-A<br>5.00%, 12/01/2038 | $5700 | $5700518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>6.625%, 12/01/2045 | 1000 | 1012402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2060 | 5665 | 5808069 |
|  Port of Seattle WA<br>(Port of Seattle WA)<br>Series 2020-2<br>5.00%, 04/01/2044<sup>(a)(b)</sup> | 10000 | 10169962 |
|  Vancouver Housing Authority<br>(Vancouver Housing Authority)<br>Series 2025<br>4.25%, 02/01/2038 | 3970 | 4073268 |
|  Washington Health Care Facilities Authority<br>(Fred Hutchinson Cancer Center Obligated Group)<br>Series 2021<br>3.00%, 12/01/2035<sup>(a)</sup> | 440 | 415661 |
|  Washington Health Care Facilities Authority<br>(Overlake Hospital Medical Center Obligated Group)<br>Series 2017-B<br>5.00%, 07/01/2033 | 2835 | 2901943 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group)<br>Series 2016<br>4.00%, 01/01/2026<sup>(a)</sup> | 810 | 809826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036<sup>(a)</sup> | 2200 | 2212593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2046<sup>(a)</sup> | 4425 | 4188821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 01/01/2044<sup>(a)</sup> | 440 | 425504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(a)</sup> | 1000 | 929751 |
|  Washington State Housing Finance Commission<br>(Riverview Retirement Community Obligated Group)<br>Series 2012<br>5.00%, 01/01/2048 | 5000 | 4624070 |
|  Washington State Housing Finance Commission<br>(Seattle Academy of Arts & Sciences)<br>Series 2023<br>6.375%, 07/01/2063<sup>(a)</sup> | 2960 | 3205642 |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 9447 | 9171714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.727%, 12/20/2035<sup>(g)</sup> | 7446 | 283434 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 77 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1)<br>Series 2024-1, Class A<br>4.221%, 03/01/2050 | $| 1291 | $| 1264799 |
|  |  |  |  | 58305098 |
|  **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** |
|  City of South Charleston WV<br>(City of South Charleston WV South Charleston Park Place Excise Tax District)<br>Series 2022<br>4.50%, 06/01/2050<sup>(a)</sup> |  | 1000 |  | 799466 |
|  County of Monongalia WV<br>(Monongalia County Building Commission Development District No. 4)<br>Series 2023<br>5.00%, 06/01/2033<sup>(a)</sup> |  | 395 |  | 412542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2053<sup>(a)</sup> |  | 875 |  | 921528 |
|  Monongalia County Commission Excise Tax District<br>(Monongalia County Commission Excise Tax District)<br>Series 2021-A<br>4.125%, 06/01/2043<sup>(a)</sup> |  | 2075 |  | 1836518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>0.00%, 06/01/2053<sup>(a)(h)</sup> |  | 5070 |  | 1134340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/2043<sup>(a)</sup> |  | 430 |  | 451019 |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC)<br>Series 2023<br>9.00%, 06/01/2038<sup>(f)</sup> |  | 8000 |  | 7200000 |
|  |  |  |  | 12755413 |
|  **Wisconsin – 8.0%** | **Wisconsin – 8.0%** | **Wisconsin – 8.0%** | **Wisconsin – 8.0%** | **Wisconsin – 8.0%** |
|  KDC Agribusiness LLC<br>12.00%, 09/14/2023<sup>(d)(i)(j)(k)</sup> |  | 3409 |  | – 0 |
|  St. Croix Chippewa Indians of Wisconsin<br>(St. Croix Chippewa Indians of Wisconsin)<br>Series 2021<br>5.00%, 09/30/2041<sup>(a)</sup> |  | 6175 |  | 5669650 |
|  Wisconsin Center District<br>(Wisconsin Center District Ded Tax)<br>Series 2022<br>5.25%, 12/15/2061<sup>(a)</sup> |  | 2000 |  | 1993026 |
|  Wisconsin Center District<br>(Wisconsin Center District)<br>AG Series 2020-D<br>Zero Coupon, 12/15/2050 |  | 44075 |  | 13442492 |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group)<br>Series 2024<br>5.00%, 07/01/2035 |  | 1000 |  | 1020187 |

---

---

| | |
|:---|:---|
| 78 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/01/2055 | $1675 | $1680485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>6.625%, 07/01/2060 | 2000 | 2085602 |
|  Wisconsin Health & Educational Facilities Authority<br>(Oakwood Lutheran Senior Ministries Obligated Group)<br>Series 2021<br>4.00%, 01/01/2047 | 2400 | 1995328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 | 1000 | 776603 |
|  Wisconsin Housing & Economic Development Authority<br>(Roers Sun Prairie Apartments Owner)<br>Series 2022<br>4.625%, 03/15/2040<sup>(a)</sup> | 1605 | 1435368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>3.875%, 12/01/2039<sup>(a)</sup> | 7370 | 6572559 |
|  Wisconsin Public Finance Authority<br>(21st Century Public Academy)<br>Series 2020<br>5.00%, 06/01/2040<sup>(a)</sup> | 750 | 687403 |
|  Wisconsin Public Finance Authority<br>(Absolute Awakenings)<br>Series 2025-A<br>7.00%, 01/01/2045<sup>(a)</sup> | 1000 | 1075372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/01/2061<sup>(a)</sup> | 2710 | 2914557 |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)<br>Series 2024<br>Zero Coupon, 12/15/2038<sup>(a)</sup> | 5000 | 2304707 |
|  Wisconsin Public Finance Authority<br>(Bancroft Neurohealth Obligated Group)<br>Series 2016<br>5.125%, 06/01/2048<sup>(a)</sup> | 8770 | 8074131 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041<sup>(f)</sup> | 27000 | 25227612 |
|  Wisconsin Public Finance Authority<br>(CFC-SA LLC)<br>Series 2022<br>5.00%, 02/01/2052 | 7250 | 7267552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2052<sup>(a)</sup> | 8500 | 8674695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2062<sup>(a)</sup> | 7850 | 8076628 |
|  Wisconsin Public Finance Authority<br>(Crossroads Health Project)<br>Series 2023<br>8.00%, 07/01/2053<sup>(f)</sup> | 5500 | 5523109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/01/2058<sup>(f)</sup> | 5500 | 5530502 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 79 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(FAH Tree House LLC)<br>Series 2023<br>6.50%, 08/01/2053<sup>(a)</sup> | $6975 | $6309203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/01/2046<sup>(a)</sup> | 4750 | 3902160 |
|  Wisconsin Public Finance Authority<br>(Foundation Academy Charter School A NJ Nonprofit)<br>Series 2024<br>4.75%, 07/01/2045<sup>(a)</sup> | 1800 | 1636907 |
|  Wisconsin Public Finance Authority<br>(Gannon University)<br>Series 2017<br>5.00%, 05/01/2047 | 1000 | 933127 |
|  Wisconsin Public Finance Authority<br>(Heritage Bend Project)<br>Series 2025<br>Zero Coupon, 12/15/2042<sup>(a)</sup> | 13360 | 4078148 |
|  Wisconsin Public Finance Authority<br>(KDC Agribusiness LLC)<br>Series 2022<br>15.00%, 04/30/2023<sup>(d)(f)(i)(j)(k)</sup> | 7500 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>15.00%, 04/30/2023<sup>(d)(f)(i)(j)(k)</sup> | 1815 | 18 |
|  Wisconsin Public Finance Authority<br>(Lackland Project)<br>Series 2024<br>Zero Coupon, 02/01/2031 | 3404 | 2385623 |
|  Wisconsin Public Finance Authority<br>(Lehigh Valley Health Network)<br>Series 2023<br>6.625%, 12/01/2032<sup>(a)</sup> | 1000 | 1012144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/01/2042<sup>(a)</sup> | 2370 | 2429843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/2052<sup>(a)</sup> | 2060 | 2128775 |
|  Wisconsin Public Finance Authority<br>(McLemore Resort Manager)<br>Series 2021<br>4.50%, 06/01/2056<sup>(a)</sup> | 6640 | 4648000 |
|  Wisconsin Public Finance Authority<br>(Montgomery County Municipal Utility District Nos 123 & 153)<br>Series 2024<br>Zero Coupon, 12/15/2034<sup>(a)</sup> | 2000 | 1169283 |
|  Wisconsin Public Finance Authority<br>(North San Gabriel Municipal Utility District No. 1)<br>Series 2023<br>Zero Coupon, 09/01/2029<sup>(a)</sup> | 1022 | 777844 |

---

---

| | |
|:---|:---|
| 80 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Prerefunded - US Treasuries)<br>Series 2020<br>5.00%, 04/01/2050<sup>(a)</sup>  | $40 | $43589 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC)<br>Series 2024<br>5.75%, 07/01/2049 | 4475 | 4682206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2054 | 1000 | 1040686 |
|  Wisconsin Public Finance Authority<br>(QCF Behavioral Hospitals I Obligated Group)<br>Series 2024<br>7.50%, 07/01/2059<sup>(a)</sup>  | 3000 | 3377478 |
|  Wisconsin Public Finance Authority<br>(RBS Evolution LLC)<br>Series 2023<br>10.00%, 11/01/2038<sup>(a)</sup>  | 6000 | 6730214 |
|  Wisconsin Public Finance Authority<br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021<br>4.00%, 06/01/2056<sup>(a)</sup>  | 16500 | 11642356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 06/01/2049<sup>(a)</sup>  | 3970 | 2946954 |
|  Wisconsin Public Finance Authority<br>(Seabury Retirement Community)<br>Series 2015-A<br>5.00%, 09/01/2038<sup>(a)</sup>  | 1725 | 1725460 |
|  Wisconsin Public Finance Authority<br>(Signorelli Projects)<br>Series 2024<br>5.375%, 12/15/2032<sup>(a)</sup>  | 872 | 869763 |
|  Wisconsin Public Finance Authority<br>(Southeast Overtown Park West Community Redevelopment Agency)<br>Series 2024<br>5.00%, 06/01/2041<sup>(a)</sup>  | 3540 | 3595287 |
|  Wisconsin Public Finance Authority<br>(SR 400 Peach Partners LLC)<br>Series 2025<br>5.75%, 06/30/2060 | 10000 | 10393182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 | 2000 | 2209626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2065 | 3000 | 3316835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.75%, 12/31/2065<sup>(a)(b)</sup> | 10000 | 10370285 |
|  Wisconsin Public Finance Authority<br>(Triad Math & Science Academy)<br>Series 2025<br>5.25%, 06/15/2065 | 1200 | 1146127 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 81 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2039<sup>(a)</sup>  | $| 5095 | $5189285 |
|  Wisconsin Public Finance Authority<br>(Washoe Barton Medical Clinic)<br>Series 2021<br>4.00%, 12/01/2041<sup>(a)</sup>  |  | 2500 | 2294994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051<sup>(a)</sup>  |  | 1500 | 1245028 |
|  Wisconsin Public Finance Authority<br>(West 44th Avenue)<br>Series 2025<br>5.00%, 01/01/2061 |  | 5040 | 4924681 |
|  Wisconsin Public Finance Authority<br>(WFCS Holdings II LLC)<br>Series 2021-A1<br>5.00%, 01/01/2056<sup>(a)</sup>  |  | 1150 | 969579 |
|  |  |  | 222152258 |
|  Total Long-Term Municipal Bonds<br>(cost $3,315,339,389) |  |  | 3058045552 |
|  Short-Term Municipal Notes – 0.0% |  |  |  |
|  **Pennsylvania – 0.0%** |  |  |  |
|  Scranton-Lackawanna Health & Welfare Authority<br>(Community Development Properties Scranton)<br>Series 2025<br>6.25%, 08/01/2026<sup>(a)</sup>(cost $185,000) |  | 185 | 185259 |
|  Total Municipal Obligations<br>(cost $3,315,524,389) |  |  | 3058230811 |
|  CORPORATES - NON-INVESTMENT GRADE – 0.6% | CORPORATES - NON-INVESTMENT GRADE – 0.6% | CORPORATES - NON-INVESTMENT GRADE – 0.6% |  |
|  Financial Institutions – 0.1% |  |  |  |
|  **REITs – 0.1%** |  |  |  |
|  Bridgewater Castle Rock ALF LLC<br>9.50%, 12/31/2025<sup>(i)(j)</sup>  |  | 2545 | 2545000 |
|  Industrial – 0.5% |  |  |  |
|  **Communications - Media – 0.2%** |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034<sup>(a)</sup>  |  | 7730 | 6557359 |
|  **Consumer Cyclical - Entertainment – 0.3%** |  |  |  |
|  Wild Rivers Water Park<br>8.50%, 11/01/2051<sup>(i)</sup>  |  | 13775 | 8615600 |

---

---

| | |
|:---|:---|
| 82 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Services – 0.0%** |  |  |  |  |
|  Trousdale Issuer LLC<br>Series A<br>6.50%, 04/01/2025<sup>(d)(i)(j)(k)</sup>  | $| 4179 | $| 49909 |
|  |  |  |  | 15222868 |
|  Total Corporates - Non-Investment Grade<br>(cost $25,108,763) |  |  |  | 17767868 |
|  CORPORATES - INVESTMENT GRADE – 0.2% |  |  |  |  |
|  Financial Institutions – 0.2% |  |  |  |  |
|  **Banking – 0.2%** |  |  |  |  |
|  Citigroup, Inc.<br>Series Z 7.375%, 05/15/2028<sup>(n)</sup> <br>(cost $6,136,198) |  | 6300 |  | 6485913 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2% |  |  |  |  |
|  **Agency CMBS – 0.1%** |  |  |  |  |
|  California Housing Finance Agency<br>Series 2021-3, Class X<br>0.793%, 08/20/2036<sup>(g)</sup>  |  | 13361 |  | 592939 |
|  Federal Home Loan Mortgage Corp. Multifamily<br>ML Certificates<br>Series 2022-ML13, Class XCA<br>0.965%, 07/25/2036<sup>(g)</sup>  |  | 6369 |  | 344216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS<br>1.005%, 09/25/2036<sup>(g)</sup>  |  | 11373 |  | 769251 |
|  |  |  |  | 1706406 |
|  **Non-Agency Fixed Rate CMBS – 0.1%** |  |  |  |  |
|  New Hampshire Business Finance Authority<br>Series 2022-2, Class X<br>0.691%, 10/01/2036<sup>(g)</sup>  |  | 9571 |  | 400819 |
|  Washington State Housing Finance Commission<br>Series 2023-1, Class X<br>1.495%, 04/20/2037<sup>(g)</sup>  |  | 19594 |  | 1907185 |
|  |  |  |  | 2308004 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $3,946,028) |  |  |  | 4014410 |
|  | **Shares** | **Shares** |  |  |
|  PREFERRED STOCKS – 0.0% | 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% | Utility – 0.0% |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  AES Guayama Holdings<br>0.00%<sup>(d)(i)(j)</sup><br>(cost $4,015,812) |  | 225721 |  | 656848 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 83 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 0.1% | SHORT-TERM INVESTMENTS – 0.1% | SHORT-TERM INVESTMENTS – 0.1% |
|  **Investment Companies – 0.1%** | **Investment Companies – 0.1%** | **Investment Companies – 0.1%** |
|  AB Fixed Income Shares, Inc. – Government<br>Money Market Portfolio – Class AB,<br>3.82%<sup>(o)(p)(q)</sup><br>(cost $1,801,803) | 1801803 | $1801803 |
|  Total Investments – 111.3%<br>(cost $3,356,532,993) |  | 3088957653 |
|  Other assets less liabilities – (11.3)% |  | (312571780) |
|  **Net Assets – 100.0%** |  | $**2776385873** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| CDX-NAHY<br>Series 45,<br>5 Year<br>Index,<br>12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD | 171630 | $(14437236) | $(12415874) | $(2021362) |

---

\* Termination date

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made**<br> **by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Appreciation**<br> **Unrealized**<br> (Depreciation) |
|  USD | 126000 | 10/15/2029 | 2.569% | CPI# | Maturity | $(321261) | $– 0 | $(321261) |
|  USD | 124000 | 10/15/2029 | 2.485% | CPI# | Maturity | 189777 | – 0 | 189777 |
|  |  |  |  |  |  | $(131484) | $– 0 | $(131484) |

---

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

---

| | |
|:---|:---|
| 84 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made**<br> **by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 100700 | 01/15/2027 | 1 Day SOFR | 3.528% | Annual | $(625184) | $– 0 | $(625184) |
|  USD | 9000 | 04/30/2030 | 1 Day SOFR | 3.075% | Annual | (143033) | – 0 | (143033) |
|  USD | 68800 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 2406380 | – 0 | 2406380 |
|  USD | 34700 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 1228931 | – 0 | 1228931 |
|  USD | 69100 | 12/03/2031 | 1 Day SOFR | 4.088% | Annual | 2547037 | – 0 | 2547037 |
|  USD | 77500 | 03/12/2032 | 1 Day SOFR | 3.772% | Annual | 1482164 | – 0 | 1482164 |
|  USD | 16300 | 02/15/2035 | 3.603% | 1 Day SOFR | Annual | 23933 | (1177) | 25110 |
|  USD | 15000 | 02/15/2041 | 1 Day SOFR | 2.832% | Annual | (1972197) | – 0 | (1972197) |
|  |  |  |  |  |  | $4948031 | $(1177) | $4949208 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap**<br> **Counterparty** | **Notional<br>Amount**<br> (000) | **Notional<br>Amount**<br> (000) | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market**<br> **Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | USD | 10000 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | $509822 | $– 0 | $509822 |
|  Bank of America NA | USD | 10000 | 05/06/2026 | MMD 10 Year^ | 3.660% | Maturity | 765974 | – 0 | 765974 |
|  Bank of America NA | USD | 15000 | 06/25/2026 | MMD 10 Year^ | 3.570% | Maturity | 952780 | – 0 | 952780 |
|  Bank of America NA | USD | 10000 | 08/10/2026 | MMD 10 Year^ | 3.580% | Maturity | 607174 | – 0 | 607174 |
|  Bank of America NA | USD | 20000 | 09/18/2026 | MMD 5 Year^ | 2.480% | Maturity | (94499) | – 0 | (94499) |
|  Citibank NA | USD | 21490 | 10/09/2029 | 1.125% | 1 Week<br>SIFMA\* | Quarterly | 1072046 | – 0 | 1072046 |
|  JPMorgan Chase Bank NA | USD | 10000 | 03/16/2026 | MMD 10 Year^ | 3.460% | Maturity | 613491 | – 0 | 613491 |
|  JPMorgan Chase Bank NA | USD | 10000 | 04/23/2026 | MMD 10 Year^ | 3.840% | Maturity | 954942 | – 0 | 954942 |
|  JPMorgan Chase Bank NA | USD | 8000 | 06/04/2026 | MMD 10 Year^ | 3.690% | Maturity | 615662 | – 0 | 615662 |
|  Morgan Stanley Capital Services LLC | USD | 20000 | 12/19/2025 | MMD 10 Year^ | 3.300% | Maturity | 1069110 | – 0 | 1069110 |
|  Morgan Stanley Capital Services LLC | USD | 10000 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | 509822 | – 0 | 509822 |
|  Morgan Stanley Capital Services LLC | USD | 20000 | 03/26/2026 | MMD 10 Year^ | 3.640% | Maturity | 1567348 | – 0 | 1567348 |
|  Morgan Stanley Capital Services LLC | USD | 20000 | 04/13/2026 | MMD 10 Year^ | 3.890% | Maturity | 2024337 | – 0 | 2024337 |
|  Morgan Stanley Capital Services LLC | USD | 10000 | 05/29/2026 | MMD 10 Year^ | 3.660% | Maturity | 744992 | – 0 | 744992 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 85 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap**<br> **Counterparty** | **Notional<br>Amount**<br> (000) | **Notional<br>Amount**<br> (000) | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market**<br> **Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services LLC | USD | 10000 | 07/13/2026 | MMD<br> 5 Year^ | 2.930% | Maturity | $192315 | $– 0 | $192315 |
|  Royal Bank of Canada | USD | 20000 | 10/13/2026 | MMD<br> 5 Year^ | 2.610% | Maturity | 14246 | – 0 | 14246 |
|  |  |  |  |  |  |  | $12119562 | $– 0 | $12119562 |

---

^ Variable interest rate based on the Municipal Market Data AAA General Obligation Scale.

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2025, the aggregate market value of these securities amounted to $1,385,938,898 or 49.9% of net assets.

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

(c) When-Issued or delayed delivery security.

(d) Non-income producing security.

(e) Defaulted.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 4.09% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>7.75%, 07/01/2050 | 08/12/2020 -<br>06/10/2022 | $10701376 | $244870 | 0.01% |
|  Arizona Industrial Development Authority (Legacy Cares, Inc.)<br>Series 2021-A<br>5.50%, 07/01/2031 | 06/04/2021 -<br>07/21/2022 | 466370 | 11280 | 0.00% |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2021-A<br>6.00%, 07/01/2051 | 06/04/2021 | 3000000 | 70500 | 0.00% |
|  Brazoria County Industrial Development Corp.<br>(Brazoria County Industrial Development)<br>10.00%, 06/01/2042 | 06/08/2022 | 7808977 | 797 | 0.00% |
|  Brazoria County Industrial Development Corp.<br>(Brazoria County Industrial Development)<br>12.00%, 06/01/2043 | 06/05/2023 | 937369 | 94 | 0.00% |
|  California School Finance Authority<br>(Downtown College Prep Obligated Group)<br>Series 2016<br>5.00%, 06/01/2046 | 01/10/2023 | 929889 | 600000 | 0.02% |

---

---

| | |
|:---|:---|
| 86 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Colorado Educational & Cultural Facilities Authority<br>(STEAD School/The)<br>Series 2023-A<br>7.00%, 07/01/2034 | 12/20/2023 | $4000000 | $4114731 | 0.15% |
|  Colorado Health Facilities Authority<br>(Sunny Vista Living Center)<br>Series 2015-A<br>6.125%, 12/01/2045 | 11/20/2015 | 1751086 | 1264189 | 0.05% |
|  County of Montgomery OH<br>(Trousdale Foundation Obligated Group)<br>Series 2018-A<br>6.25%, 04/01/2049 | 08/29/2018 -<br>10/05/2020 | 2765543 | 49055 | 0.00% |
|  Douglas County Housing Partnership<br>(Bridgewater Castle Rock ALF)<br>Series 2021<br>5.375%, 01/01/2041 | 01/14/2021 | 9860216 | 7600000 | 0.27% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota<br>(Minnesota Math & Science Academy)<br>Series 2021<br>4.00%, 06/01/2041 | 07/14/2021 -<br>04/27/2023 | 1915004 | 987000 | 0.04% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota<br>(Minnesota Math & Science Academy)<br>Series 2021<br>4.00%, 06/01/2051 | 07/14/2021 -<br>04/17/2023 | 1914526 | 1045750 | 0.04% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota<br>(Minnesota Math & Science Academy)<br>Series 2021<br>4.00%, 06/01/2056 | 07/14/2021 | 1015232 | 470000 | 0.02% |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2024<br>5.67%, 11/01/2038 | 10/19/2022 | 5820000 | 5761646 | 0.21% |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039 | 03/28/2019 -<br>02/09/2022 | 16910385 | 878750 | 0.03% |
|  Industrial Development Authority of the County of Pima (The)<br>(Edkey Obligated Group)<br>Series 2020<br>5.00%, 07/01/2040 | 10/29/2020 | 5088250 | 4000000 | 0.14% |
|  Industrial Development Authority of the County of Pima (The)<br>(Edkey Obligated Group)<br>Series 2020<br>5.00%, 07/01/2055 | 10/29/2020 | 980723 | 800000 | 0.03% |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 87 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Knox County Industrial Development Board (Tompaul Knoxville LLC)<br>Series 2022<br>9.25%, 11/01/2042 | 11/25/2022 | $2350000 | $2319287 | 0.08% |
|  Knox County Industrial Development Board (Tompaul Knoxville LLC)<br>Series 2022<br>9.50%, 11/01/2052 | 11/25/2022 -<br>06/13/2025 | 6853523 | 6577030 | 0.24% |
|  Last Step Recycling LLC<br>(Last Step Recycling LLC)<br>9.50%, 12/15/2028 | 03/26/2025 -<br>06/23/2025 | 2363805 | 2363805 | 0.09% |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Trousdale Foundation Obligated Group)<br>Series 2018<br>7.50%, 04/01/2049 | 01/27/2021 | 35000 | 10 | 0.00% |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>(Trousdale Foundation Obligated Group)<br>Series 2018-A<br>6.25%, 04/01/2049 | 08/29/2018 | 3520266 | 42000 | 0.00% |
|  Mississippi Business Finance Corp.<br>(Alden Group Renewable Energy Mississippi)<br>Series 2022<br>8.00%, 12/01/2029 | 12/13/2022 | 5688897 | 3910000 | 0.14% |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027 | 02/03/2023 -<br>07/30/2024 | 7609907 | 7609061 | 0.27% |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033 | 10/23/2020 | 1905000 | 381000 | 0.01% |
|  Pueblo Urban Renewal Authority<br>(Pueblo Urban Renewal Authority)<br>Series 2021<br>4.75%, 12/01/2045 | 03/24/2021 -<br>03/30/2021 | 3823291 | 3571025 | 0.13% |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.25%, 06/01/2040 | 06/16/2021 -<br>07/20/2022 | 3043149 | 342650 | 0.01% |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.50%, 06/01/2051 | 06/16/2021 -<br>10/20/2022 | 2823606 | 349250 | 0.01% |

---

---

| | |
|:---|:---|
| 88 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  State of Nevada Department of Business & Industry<br>(Fulcrum Sierra Holdings)<br>Series 2018<br>6.95%, 02/15/2038 | 08/24/2018 | $1464724 | $15 | 0.00% |
|  Virginia Small Business Financing Authority<br>(Total Fiber Recovery @ Chesapeake)<br>Series 2022<br>8.50%, 06/01/2042 | 06/08/2022 | 10000000 | 8000000 | 0.29% |
|  Virginia Small Business Financing Authority<br>(Total Fiber Recovery @ Chesapeake)<br>Series 2022<br>8.552%, 06/01/2029 | 06/08/2022 | 8500000 | 6800000 | 0.24% |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC)<br>Series 2023<br>9.00%, 06/01/2038 | 05/31/2023 | 8000000 | 7200000 | 0.26% |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041 | 08/03/2021 | 27000000 | 25227612 | 0.91% |
|  Wisconsin Public Finance Authority<br>(Crossroads Health Project)<br>Series 2023<br>8.00%, 07/01/2053 | 07/10/2023 | 5500000 | 5523109 | 0.20% |
|  Wisconsin Public Finance Authority<br>(Crossroads Health Project)<br>Series 2023<br>8.125%, 07/01/2058 | 07/10/2023 | 5500000 | 5530502 | 0.20% |
|  Wisconsin Public Finance Authority<br>(KDC Agribusiness LLC)<br>Series 2022<br>15.00%, 04/30/2023 | 11/10/2022 | 7500000 | – 0 | 0.00% |
|  Wisconsin Public Finance Authority<br>(KDC Agribusiness LLC)<br>Series 2023<br>15.00%, 04/30/2023 | 03/16/2023 | 1815000 | 18 | 0.00% |

---

(g) IO – Interest Only.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November *30, 2025.* 

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

(j) Fair valued by the Adviser.

(k) Defaulted matured security.

(l) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at November 30, 2025.

(m) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(n) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 89 |

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**PORTFOLIO OF INVESTMENTS** (continued)

(p) 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.

(q) Affiliated investments.

As of November 30, 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 1.4% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CDX-NAHY – North American High Yield Credit Default Swap Index

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

MMD – Municipal Market Data

NATL – National Interstate Corporation

REIT – Real Estate Investment Trust

SD – School District

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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| | |
|:---|:---|
| 90 AB Municipal Income Fund | **ABFunds.com** |

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------

#### PORTFOLIO OF INVESTMENTS

#### AB NATIONAL PORTFOLIO
**November 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 97.1% |  |  |
|  Long-Term Municipal Bonds – 96.1% |  |  |
|  **Alabama – 4.2%** |  |  |
|  Black Belt Energy Gas District<br>(Black Belt Energy Gas District)<br>Series 2025-C<br>5.50%, 11/01/2056<sup>(a)</sup> | $2850 | $3021219 |
|  Black Belt Energy Gas District<br>(BP PLC)<br>Series 2024-D<br>5.00%, 03/01/2055 | 4000 | 4338392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.00%, 12/01/2055 | 1725 | 1863122 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group)<br>Series 2023-C<br>5.50%, 10/01/2054 | 5000 | 5522969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D<br>4.503% (SOFR + 1.85%), 06/01/2049<sup>(b)</sup> | 5000 | 5097808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 10/01/2055 | 2420 | 2615539 |
|  Black Belt Energy Gas District<br>(Morgan Stanley)<br>Series 2022-C<br>5.25%, 02/01/2053 | 1770 | 1872746 |
|  Black Belt Energy Gas District<br>(Pacific Life Insurance)<br>Series 2024-C<br>5.00%, 05/01/2055 | 2000 | 2152079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D<br>5.00%, 12/01/2055 | 1205 | 1305585 |
|  County of Jefferson AL<br>(County of Jefferson AL Sales & Use Tax<br>Revenue)<br>Series 2017<br>5.00%, 09/15/2033 | 1000 | 1025962 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue)<br>Series 2024<br>5.25%, 10/01/2049 | 1000 | 1039285 |
|  Energy Southeast A Cooperative District<br>(Goldman Sachs Group)<br>Series 2025-A<br>5.00%, 11/01/2035 | 1000 | 1079465 |
|  Energy Southeast A Cooperative District<br>(Morgan Stanley)<br>Series 2023-A<br>4.703% (SOFR + 2.05%), 11/01/2053<sup>(b)</sup> | 2000 | 2025418 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 91 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>4.853% (SOFR + 2.20%), 04/01/2054<sup>(b)</sup> | $3000 | $3054385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.25%, 07/01/2054 | 2000 | 2174396 |
|  Homewood Educational Building Authority<br>(CHF - Horizons II LLC)<br>Series 2024<br>5.50%, 10/01/2049 | 250 | 256059 |
|  Infirmary Health System Special Care Facilities<br>Financing Authority of Mobile<br>(Infirmary Health System Obligated Group)<br>Series 2016<br>5.00%, 02/01/2036 | 2500 | 2505935 |
|  Mobile County Industrial Development Authority<br>(ArcelorMittal SA)<br>Series 2024<br>4.75%, 12/01/2054 | 1000 | 932767 |
|  Southeast Alabama Gas Supply District (The)<br>(Pacific Life Insurance)<br>Series 2024-A<br>5.00%, 08/01/2054 | 2500 | 2703866 |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | 6245 | 6521357 |
|  Southeast Energy Authority A Cooperative District<br>(BP PLC)<br>Series 2025-F<br>5.25%, 11/01/2055 | 4370 | 4847125 |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 | 2000 | 2118524 |
|  Southeast Energy Authority A Cooperative District<br>(Goldman Sachs Group)<br>Series 2022-B<br>5.00%, 05/01/2053 | 1000 | 1040156 |
|  Southeast Energy Authority A Cooperative District<br>(JPMorgan Chase & Co.)<br>Series 2025-E<br>5.00%, 10/01/2030 | 5500 | 5919310 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley)<br>Series 2021-B<br>4.00%, 12/01/2051 | 2000 | 2039511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.073% (SOFR + 2.42%), 01/01/2053<sup>(b)</sup> | 2000 | 2095904 |

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| | |
|:---|:---|
| 92 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District<br>(New York Life Insurance)<br>Series 2025<br>5.00%, 09/01/2035 | $1390 | $1523213 |
|  Southeast Energy Authority A Cooperative District<br>(Pacific Life Insurance)<br>Series 2024-C<br>5.00%, 10/01/2055 | 3575 | 3895589 |
|  Southeast Energy Authority A Cooperative District<br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 | 2000 | 2126323 |
|  Southeast Energy Authority A Cooperative District<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 01/01/2054 | 4000 | 4231116 |
|  |  | 80945125 |
|  **Alaska – 0.1%** |  |  |
|  Municipality of Anchorage AK<br>(Municipality of Anchorage AK)<br>Series 2024-A<br>4.50%, 02/01/2060 | 1000 | 942851 |
|  Northern Tobacco Securitization Corp.<br>(Northern Tobacco Securitization)<br>Series 2021-B<br>Zero Coupon, 06/01/2066 | 1000 | 114197 |
|  |  | 1057048 |
|  **American Samoa – 0.1%** |  |  |
|  American Samoa Economic Development<br>Authority<br>(Territory of American Samoa)<br>Series 2018<br>7.125%, 09/01/2038<sup>(a)</sup> | 1490 | 1590327 |
|  **Arizona – 3.5%** |  |  |
|  Arizona Industrial Development Authority<br>(AZIDA 2019-2)<br>Series 2019-2, Class A<br>3.625%, 05/20/2033 | 4229 | 4185347 |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated<br>Group)<br>Series 2024<br>5.00%, 11/01/2049 | 4185 | 4233566 |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>7.75%, 07/01/2050<sup>(c)(d)(e)</sup> | 3725 | 87538 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 93 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Arizona Industrial Development Authority<br>(San Tan Valley AH I LLLP)<br>Series 2024-A<br>5.68%, 01/01/2043<sup>(a)</sup> | $2000 | $1928780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.68%, 01/01/2043<sup>(a)</sup> | 430 | 415033 |
|  Chandler Industrial Development Authority<br>(Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2052 | 2000 | 2032997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 8000 | 8119509 |
|  City of Glendale AZ<br>(City of Glendale AZ COP)<br>Series 2021<br>2.222%, 07/01/2030 | 2000 | 1857149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 07/01/2035 | 2000 | 1726831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.842%, 07/01/2036 | 2000 | 1706926 |
|  City of Tempe AZ<br>(City of Tempe AZ COP)<br>Series 2021<br>2.071%, 07/01/2032 | 1000 | 882168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.521%, 07/01/2036 | 2500 | 2081972 |
|  Industrial Development Authority of the City of<br>Phoenix Arizona (The)<br>(AZ GFF Tiyan LLC Lease)<br>Series 2014<br>5.00%, 02/01/2029 | 1625 | 1615256 |
|  Industrial Development Authority of the City of<br>Phoenix Arizona (The)<br>(Brooks West Rehabilitation Services I)<br>Series 2024<br>5.00%, 10/31/2044 | 5000 | 5308606 |
|  Industrial Development Authority of the County of<br>Pima (The)<br>(Edkey Obligated Group)<br>Series 2020<br>5.00%, 07/01/2040<sup>(c)(d)(e)</sup> | 1355 | 1084000 |
|  Industrial Development Authority of the County of<br>Pima (The)<br>(La Posada at Park Centre Obligated Group)<br>Series 2022<br>7.00%, 11/15/2057<sup>(a)</sup> | 1000 | 1075018 |
|  Maricopa County Industrial Development Authority<br>(Commercial Metals Co.)<br>Series 2022<br>4.00%, 10/15/2047<sup>(a)</sup> | 1100 | 934862 |

---

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| | |
|:---|:---|
| 94 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group)<br>Series 2024-D<br>5.00%, 12/01/2042 | $1225 | $1302760 |
|  Maricopa County Industrial Development Authority<br>(Legacy Traditional School Obligated Group)<br>Series 2025<br>5.25%, 07/01/2050 | 1000 | 994324 |
|  Maricopa County Industrial Development Authority<br>(Morrison Education Group Obligated Group)<br>Series 2024-A<br>6.75%, 07/01/2063<sup>(a)</sup> | 1000 | 1028844 |
|  Maricopa County Special Health Care District<br>(Maricopa County Special Health Care District)<br>Series 2018-C<br>5.00%, 07/01/2035 | 4000 | 4200521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 7800 | 8169862 |
|  Salt River Project Agricultural Improvement & Power<br>District<br>(Salt River Project Agricultural Improvement &<br>Power District)<br>Series 2023-B<br>5.25%, 01/01/2053 | 10000 | 10641446 |
|  Tempe Industrial Development Authority<br>(Mirabella at ASU, Inc.)<br>Series 2017-A 6.00%, 10/01/2037<sup>(a)</sup> | 1200 | 906175 |
|  Yuma Industrial Development Authority<br>(Yuma Regional Medical Center Obligated Group)<br>AG Series 2024<br>4.00%, 08/01/2054 | 2000 | 1797694 |
|  |  | 68317184 |
|  **Arkansas – 0.1%** |  |  |
|  Arkansas Development Finance Authority<br>(Hybar LLC)<br>Series 2024<br>7.375%, 07/01/2048<sup>(a)</sup> | 1100 | 1194214 |
|  Arkansas Development Finance Authority<br>(United States Steel Corp.)<br>Series 2022<br>5.45%, 09/01/2052 | 500 | 501857 |
|  |  | 1696071 |
|  **California – 14.2%** |  |  |
|  Alameda Corridor Transportation Authority<br>(Alameda Corridor Transportation Authority)<br>Series 2022-A<br>0.00%, 10/01/2048<sup>(f)</sup> | 4000 | 2267433 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024<br>Zero Coupon, 10/01/2053 | 2000 | 519017 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 95 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 1999-1<br>Zero Coupon, 10/01/2031<br>| $2000 | $1675084 |
|  Align Affordable Housing Bond Fund LP<br>(Park Landing LP)<br>Series 2022-2<br>5.66%, 08/01/2052 | 2000 | 1854421 |
|  Align Affordable Housing Bond Fund LP<br>(SHI - Lake Worth LLC)<br>Series 2021<br>3.25%, 12/01/2051<sup>(a)</sup> | 3000 | 2693069 |
|  Align Capital Series Trust 2025-1<br>(Align Capital Series Trust 2025-1)<br>Series 2025-2<br>5.75%, 01/01/2052<sup>(a)</sup> | 1000 | 1023751 |
|  ARC70 II Trust<br>(ARC70 II TRUST)<br>Series 2023<br>5.00%, 04/01/2065<sup>(a)</sup> | 5538 | 5352411 |
|  Burbank-Glendale-Pasadena Airport Authority<br>Brick Campaign<br>(Burbank-Glendale-Pasadena Airport Authority<br>Brick Campaign)<br>AG Series 2024-B<br>4.375%, 07/01/2049 | 5000 | 4799532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2054 | 2250 | 2207461 |
|  California Community Choice Financing Authority<br>(American General Life Insurance)<br>Series 2024<br>5.00%, 08/01/2055 | 2000 | 2124512 |
|  California Community Choice Financing Authority<br>(Apollo Global Management)<br>Series 2025-A<br>5.00%, 01/01/2056 | 1000 | 1062331 |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The))<br>Series 2025<br>5.00%, 10/01/2056 | 4085 | 4479356 |
|  California Community Choice Financing Authority<br>(Canadian Imperial Bank of Commerce)<br>Series 2025<br>5.00%, 11/01/2033 | 1755 | 1922115 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 5300 | 5642815 |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group)<br>Series 2023<br>5.25%, 11/01/2054 | 2745 | 2935992 |

---

---

| | |
|:---|:---|
| 96 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Morgan Stanley)<br>Series 2023<br>4.283% (SOFR + 1.63%), 07/01/2053<sup>(b)</sup> | $2000 | $2005265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.323% (SOFR + 1.67%), 02/01/2054<sup>(b)</sup> | 2000 | 2005955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2054 | 2000 | 2141411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 02/01/2055<br>| 1000 | 1075369 |
|  California Community Choice Financing Authority<br>(New York Life Insurance)<br>Series 2024<br>5.00%, 01/01/2056 | 1000 | 1103244 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 03/01/2056 | 1950 | 2139394 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 2320 | 2530027 |
|  California Community Housing Agency<br>(California Community Housing Agency Aster<br>Apartments)<br>Series 2021-A<br>4.00%, 02/01/2056<sup>(a)</sup> | 2000 | 1668523 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio<br>Apartments & Next on Lex Apartments)<br>Series 2021<br>4.00%, 02/01/2056<sup>(a)</sup> | 5000 | 4131187 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountainsat Emerald Park)<br>Series 2021<br>3.00%, 08/01/2056<sup>(a)</sup> | 1000 | 683248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(a)</sup> | 990 | 839691 |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at<br>Sausalito Apartments)<br>Series 2021<br>3.00%, 02/01/2057<sup>(a)</sup> | 1000 | 679896 |
|  California Community Housing Agency<br>(California Community Housing Agency Twin<br>Creek Apartments)<br>Series 2022-A<br>4.50%, 08/01/2052<sup>(a)</sup> | 2000 | 1559964 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 97 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California County Tobacco Securitization Agency<br>(Los Angeles County Securitization)<br>Series 2020-A<br>4.00%, 06/01/2035 | $1300 | $1297057 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group)<br>Series 2025<br>5.00%, 12/01/2032 | 1650 | 1835062 |
|  California Housing Finance Agency<br>(CAHFA 2019-2)<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 505 | 517446 |
|  California Housing Finance Agency<br>(CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | 927 | 921139 |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 4707 | 4754172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035<sup>(g)</sup> | 2354 | 92313 |
|  California Housing Finance Agency<br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 936 | 902546 |
|  California Infrastructure & Economic Development<br>Bank<br>(PIH Health Obligated Group)<br>Series 2024-A<br>5.00%, 12/01/2054<sup>(a)</sup> | 2000 | 2055214 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC)<br>Series 2019<br>5.00%, 05/15/2035 | 1000 | 1049205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 | 1215 | 1269328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 1000 | 1040460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2038 | 2250 | 2331977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 915 | 934757 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions)<br>Series 2018<br>5.00%, 12/31/2035 | 4300 | 4383424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2036 | 3910 | 3984514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 | 12250 | 12321463 |
|  California Municipal Finance Authority<br>(United Airlines, Inc.)<br>Series 2019<br>4.00%, 07/15/2029 | 1000 | 1007685 |

---

---

| | |
|:---|:---|
| 98 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Pollution Control Financing Authority<br>(Channelside Water Resources)<br>Series 2012<br>5.00%, 07/01/2037<sup>(a)</sup> | $5795 | $5797616 |
|  California School Finance Authority<br>(Equitas Academy Obligated Group)<br>Series 2018-A<br>5.00%, 06/01/2041<sup>(a)</sup> | 3090 | 2964677 |
|  California State University<br>(California State University)<br>Series 2021-B<br>2.374%, 11/01/2035 | 2000 | 1675124 |
|  California Statewide Communities Development<br>Authority<br>(Loma Linda University Medical Center)<br>Series 2016-A<br>5.00%, 12/01/2041<sup>(a)</sup> | 1400 | 1403853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.50%, 12/01/2058<sup>(a)</sup> | 1090 | 1095037 |
|  Central Valley Energy Authority<br>(Pacific Life Insurance)<br>Series 2025<br>5.00%, 12/01/2055 | 5000 | 5548418 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports)<br>Series 2022<br>3.25%, 05/15/2049 | 1000 | 762021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2047 | 5000 | 5229604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.25%, 05/15/2044 | 1000 | 1075752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2045 | 1130 | 1210415 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Enclave)<br>Series 2022-A<br>4.00%, 08/01/2058<sup>(a)</sup> | 2000 | 1517853 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Solana at Grand)<br>Series 2021-A<br>4.00%, 08/01/2045<sup>(a)</sup> | 1000 | 880792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2056<sup>(a)</sup> | 1000 | 859421 |
|  CMFA Special Finance Agency VIII Elan<br>Huntington Beach<br>(CMFA Special Finance Agency VIII Elan<br>Huntington Beach)<br>Series 2021<br>3.00%, 08/01/2056<sup>(a)</sup> | 4000 | 2704695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2047<sup>(a)</sup> | 865 | 791689 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 99 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777<br>Place-Pomona)<br>Series 2021<br>3.25%, 05/01/2057<sup>(a)</sup> | $1000 | $688045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(a)</sup> | 2000 | 1409405 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818<br>Platinum Triangle-Anaheim)<br>Series 2021<br>3.25%, 04/01/2057<sup>(a)</sup> | 1000 | 715851 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority<br>Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2056<sup>(a)</sup> | 2000 | 1643948 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority<br>Millennium South Bay-Hawthorne)<br>Series 2021<br>3.25%, 07/01/2056<sup>(a)</sup> | 1000 | 650443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(a)</sup> | 1000 | 549460 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority<br>Oceanaire Apartments)<br>Series 2021<br>4.00%, 09/01/2056<sup>(a)</sup> | 2000 | 1435073 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Park<br>Crossing Apartments)<br>Series 2021<br>3.25%, 12/01/2058<sup>(a)</sup> | 1500 | 1030270 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority<br>Pasadena Portfolio)<br>Series 2021<br>3.00%, 12/01/2056<sup>(a)</sup> | 1480 | 1054576 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority The<br>Crescent)<br>Series 2022<br>4.30%, 07/01/2059<sup>(a)</sup> | 2000 | 1595807 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union<br>South Bay)<br>Series 2021-A2<br>4.00%, 07/01/2056<sup>(a)</sup> | 3300 | 2692786 |

---

---

| | |
|:---|:---|
| 100 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority<br>Vineyard Gardens Apartments)<br>Series 2021<br>3.25%, 10/01/2058<sup>(a)</sup> | $1245 | $878344 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority<br>Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056<sup>(a)</sup> | 2000 | 1365758 |
|  Golden State Connect Authority<br>(Golden State Connect Authority)<br>Series 2025<br>6.50%, 12/01/2060<sup>(a)(h)</sup> | 1000 | 967741 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 4020 | 3685840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>Zero Coupon, 06/01/2066 | 13960 | 1496707 |
|  Hastings Campus Housing Finance Authority<br>(Hastings Campus Housing Finance Authority)<br>Series 2020-A<br>5.00%, 07/01/2061<sup>(a)</sup> | 1000 | 902269 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power<br>System Revenue)<br>Series 2022-C<br>5.00%, 07/01/2038 | 1410 | 1530947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2038 | 1330 | 1476740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 2390 | 2633760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 07/01/2041 | 3125 | 3393458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 07/01/2039 | 2000 | 2214805 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025-A<br>5.25%, 07/01/2046 | 1500 | 1616694 |
|  Los Angeles Department of Water & Power Power<br>System Revenue<br>(Los Angeles Dept. of Water & Power Power<br>System Revenue)<br>Series 2021<br>5.00%, 07/01/2051 | 2250 | 2310539 |
|  Los Angeles Department of Water & Power Water<br>System Revenue<br>(Los Angeles Dept. of Water & Power Water<br>System Revenue)<br>Series 2022-D<br>5.00%, 07/01/2047 | 10000 | 10376628 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 101 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  M-S-R Energy Authority<br>(Citigroup, Inc.)<br>Series 2009-B<br>7.00%, 11/01/2034 | $2000 | $2439918 |
|  Manteca Unified School District<br>(Manteca Unified School District CFD No. 89-1)<br>NATL Series 2001<br>Zero Coupon, 09/01/2031 | 11910 | 9707313 |
|  Morongo Band of Mission Indians (The)<br>(Morongo Band of Mission Indians/The)<br>Series 2018-A<br>5.00%, 10/01/2042<sup>(a)</sup> | 4500 | 4557325 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.54% (CME Term SOFR 3 Month +<br>0.57%), 06/01/2039<sup>(b)</sup> | 8075 | 7364315 |
|  San Diego County Regional Airport Authority<br>(San Diego County Regional Airport Authority)<br>Series 2023<br>5.00%, 07/01/2043 | 11080 | 11638839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.25%, 07/01/2045 | 1000 | 1072737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2055 | 1000 | 1076332 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport)<br>Series 2019-A<br>5.00%, 05/01/2044 | 17000 | 17304732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.25%, 05/01/2035 | 5000 | 5673266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.25%, 05/01/2040 | 3400 | 3752745 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 1830 | 2085760 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power<br>System Revenue)<br>Series 2023<br>5.00%, 07/01/2039 | 1750 | 1934781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 | 1535 | 1595647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 | 4460 | 4687553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2040 | 450 | 495180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 1000 | 1085288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 1795 | 1862225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2046 | 1455 | 1557599 |

---

---

| | |
|:---|:---|
| 102 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  State of California<br>(State of California)<br>Series 2023<br>5.25%, 09/01/2053 | $5000 | $5384285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 1000 | 1110921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 03/01/2037 | 2000 | 2345002 |
|  Tobacco Securitization Authority of Northern California<br>(Sacramento County Tobacco Securitization)<br>Series 2021<br>Zero Coupon, 06/01/2060 | 1400 | 221017 |
|  |  | 274605877 |
|  **Colorado – 1.6%** |  |  |
|  Centerra Metropolitan District No. 1<br>(Centerra Metropolitan District No. 1)<br>Series 2022<br>6.50%, 12/01/2053 | 1000 | 1049090 |
|  City & County of Denver CO Airport System Revenue<br>(City & County of Denver CO Airport System<br>Revenue)<br>Series 2022-A<br>5.00%, 11/15/2033 | 1000 | 1109567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 | 2000 | 2211177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.25%, 11/15/2034 | 3275 | 3731117 |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools)<br>Series 2024<br>5.50%, 04/01/2044<sup>(a)</sup> | 1660 | 1655268 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health Obligated Group)<br>Series 2019-A<br>5.00%, 08/01/2044 | 1675 | 1690895 |
|  Colorado Health Facilities Authority<br>(Intermountain Healthcare Obligated Group)<br>Series 2024-A<br>5.00%, 05/15/2054 | 5000 | 5117234 |
|  Colorado Health Facilities Authority<br>(Sanford Obligated Group)<br>Series 2019-A<br>5.00%, 11/01/2044 | 1000 | 1022010 |
|  Colorado High Performance Transportation<br>Enterprise<br>(Colorado High Performance Transportation<br>Enterprise C-470 Express Lanes System)<br>Series 2017<br>5.00%, 12/31/2056 | 1000 | 994877 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 103 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Douglas County Housing Partnership<br>(Bridgewater Castle Rock ALF)<br>Series 2021<br>5.375%, 01/01/2041<sup>(c)(d)(e)</sup> | $2500 | $1900000 |
|  E-470 Public Highway Authority<br>(E-470 Public Highway Authority)<br>Series 2024-B<br>3.437% (SOFR + 0.75%), 09/01/2039<sup>(b)</sup> | 2000 | 1996319 |
|  Johnstown Plaza Metropolitan District<br>(Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 | 982 | 869165 |
|  Park Creek Metropolitan District<br>(Prerefunded - US Govt Agencies)<br>Series 2015-A<br>5.00%, 12/01/2034 | 1300 | 1300000 |
|  Platte River Metropolitan District<br>(Platte River Metropolitan District)<br>Series 2023-A<br>6.50%, 08/01/2053<sup>(a)</sup> | 413 | 421932 |
|  Southern Ute Indian Tribe of the Southern Ute<br>Reservation of Colorado<br>(Southern Ute Indian Tribe of the Southern Ute<br>Reservation of Colorado)<br>Series 2025-A<br>5.00%, 04/01/2035<sup>(a)</sup> | 4000 | 4379105 |
|  Sterling Ranch Community Authority Board<br>(Sterling Ranch Metropolitan District No. 3)<br>Series 2022<br>6.50%, 12/01/2042 | 1175 | 1243161 |
|  |  | 30690917 |
|  **Connecticut – 0.7%** |  |  |
|  Connecticut State Health & Educational Facilities<br>Authority<br>(Yale University)<br>Series 2023-A<br>2.80%, 07/01/2048 | 6175 | 6170913 |
|  State of Connecticut Special Tax Revenue<br>(State of Connecticut Special Tax Revenue)<br>Series 2023-A<br>5.25%, 07/01/2042 | 7000 | 7761956 |
|  |  | 13932869 |
|  **Delaware – 0.0%** |  |  |
|  Delaware State Economic Development Authority<br>(Newark Charter School)<br>Series 2016<br>5.00%, 09/01/2046 | 550 | 550676 |

---

---

| | |
|:---|:---|
| 104 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **District of Columbia – 2.1%** |  |  |
|  District of Columbia Income Tax Revenue<br>(District of Columbia Income Tax Revenue)<br>Series 2024-A<br>5.00%, 10/01/2036 | $10500 | $12111559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 06/01/2045 | 1200 | 1290166 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority<br>Aviation Revenue)<br>Series 2018-A<br>5.00%, 10/01/2038 | 2630 | 2712393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 10/01/2046 | 10000 | 10237970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2034 | 1000 | 1119290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 10/01/2035 | 1000 | 1138103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 3475 | 3919866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2050 | 1000 | 1028089 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority<br>State Lease)<br>Series 2023<br>5.25%, 07/15/2053 | 2610 | 2736618 |
|  Washington Metropolitan Area Transit Authority<br>Dedicated Revenue<br>(Washington Metropolitan Area Transit Authority<br>Dedicated Revenue Lease)<br>Series 2025-A<br>5.25%, 07/15/2055 | 2000 | 2113692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2060 | 1140 | 1233322 |
|  |  | 39641068 |
|  **Florida – 5.2%** |  |  |
|  Bexley Community Development District<br>(Bexley Community Development District)<br>Series 2016<br>4.70%, 05/01/2036 | 1750 | 1753632 |
|  Cape Coral Health Facilities Authority<br>(Gulf Care Obligated Group)<br>Series 2015<br>5.875%, 07/01/2040<sup>(a)</sup> | 1000 | 675108 |
|  Capital Projects Finance Authority/FL<br>(Navigator Academy of Leadership Obligated<br>Group)<br>Series 2024<br>5.00%, 06/15/2044<sup>(a)</sup> | 1760 | 1670710 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 105 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Capital Projects Finance Authority/FL<br>(PRG - UnionWest Properties)<br>Series 2024<br>0.00%, 06/01/2062<sup>(a)(f)</sup> | $4700 | $625549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2054<sup>(a)</sup> | 2000 | 1880407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044<sup>(a)</sup> | 1000 | 1002617 |
|  Capital Trust Agency, Inc.<br>(Educational Growth Fund)<br>Series 2021<br>Zero Coupon, 07/01/2061<sup>(a)</sup> | 5000 | 441360 |
|  Capital Trust Agency, Inc.<br>(Team Success A School of Excellence)<br>Series 2020<br>4.25%, 06/01/2030<sup>(a)</sup> | 1435 | 1392320 |
|  City of Lakeland FL<br>(Lakeland Regional Health Systems Obligated<br>Group)<br>Series 2024<br>5.00%, 11/15/2044 | 2000 | 2109842 |
|  City of Tampa FL<br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2038 | 1000 | 595183 |
|  County of Broward FL Airport System Revenue<br>(County of Broward FL Airport System Revenue)<br>Series 2019-C<br>2.384%, 10/01/2026 | 5500 | 5428799 |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2019-A<br>5.00%, 10/01/2049 | 2500 | 2520056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2036 | 10000 | 11024607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.50%, 10/01/2055 | 1995 | 2101833 |
|  County of Palm Beach FL<br>(Palm Beach Atlantic University)<br>Series 2025<br>5.75%, 10/01/2055<sup>(a)</sup> | 1560 | 1608595 |
|  County of Palm Beach FL<br>(Provident Group - LU Properties II)<br>Series 2024<br>8.50%, 06/01/2033 | 100 | 103154 |
|  County of Palm Beach FL<br>(Provident Group - LU Properties)<br>Series 2024<br>6.00%, 06/01/2044 | 1000 | 991022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/01/2054 | 1000 | 975146 |

---

---

| | |
|:---|:---|
| 106 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Pasco FL<br>(H Lee Moffitt Cancer Center & Research Institute<br>Obligated Group)<br>Series 2023<br>5.00%, 07/01/2030<sup>(a)</sup> | $10000 | $10763823 |
|  Escambia County Housing Finance Authority<br>(4900 S. Rio Grande Ave)<br>Series 2023-A<br>6.88%, 11/01/2053<sup>(a)</sup> | 220 | 233353 |
|  Florida Development Finance Corp.<br>(Assistance Unlimited)<br>Series 2022<br>6.00%, 08/15/2057<sup>(a)</sup> | 1000 | 935540 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida)<br>AG Series 2024<br>5.25%, 07/01/2053 | 5000 | 4984436 |
|  Florida Development Finance Corp.<br>(GFL Solid Waste Southeast)<br>Series 2024<br>4.375%, 10/01/2054<sup>(a)</sup> | 1000 | 1014075 |
|  Florida Development Finance Corp.<br>(Seaside School Consortium)<br>Series 2022<br>6.00%, 06/15/2057<sup>(a)</sup> | 1000 | 1032071 |
|  Florida Higher Educational Facilities Financing<br>Authority<br>(Nova Southeastern University)<br>Series 2016<br>5.00%, 04/01/2032 | 1125 | 1130701 |
|  Florida Housing Finance Corp.<br>(Bayside Breeze Redevelopment LLLP)<br>Series 2025<br>3.625%, 08/01/2029 | 1000 | 1000466 |
|  Florida Local Government Finance Commission<br>(BridgePrep Academy Series 2025 Obligated<br>Group)<br>Series 2025<br>6.00%, 06/15/2045<sup>(a)</sup> | 1000 | 1024138 |
|  Florida State Board of Governors<br>(Florida State University Athletics Association)<br>BAM Series 2024-A<br>5.00%, 10/01/2042 | 3000 | 3241513 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority)<br>Series 2019-A<br>5.00%, 10/01/2044 | 1950 | 1981959 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 107 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 10/01/2036 | $1590 | $1775831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1500 | 1661568 |
|  Greater Orlando Aviation Authority<br>(United Airlines, Inc.)<br>Series 2025<br>5.50%, 11/01/2036 | 1000 | 1084287 |
|  Halifax Hospital Medical Center<br>(Halifax Hospital Medical Center Obligated Group)<br>Series 2016<br>5.00%, 06/01/2036 | 2190 | 2203685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.25%, 06/01/2054 | 2155 | 2231706 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority)<br>Series 2024<br>5.50%, 10/01/2049 | 2000 | 2135808 |
|  Hillsborough County Industrial Development Authority<br>(BayCare Obligated Group)<br>Series 2024<br>4.125%, 11/15/2051 | 2000 | 1853675 |
|  JEA Water & Sewer System Revenue<br>(JEA Water & Sewer System Revenue)<br>Series 2024-A<br>5.00%, 10/01/2043 | 1000 | 1072318 |
|  Lee County Industrial Development Authority/FL<br>(Shell Point Obligated Group)<br>Series 2024<br>4.375%, 11/15/2029<br>| 1500 | 1506779 |
|  Marshall Creek Community Development District<br>(Marshall Creek Community Development District<br>2002A)<br>Series 2017<br>5.00%, 05/01/2032 | 1065 | 1068280 |
|  Marshall Creek Community Development District<br>(Marshall Creek Community Development District)<br>Series 2016<br>6.32%, 05/01/2045 | 110 | 110172 |
|  Miami-Dade County Educational Facilities Authority<br>(University of Miami)<br>Series 2024-A<br>5.00%, 04/01/2045 | 2300 | 2443859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.25%, 04/01/2040 | 1000 | 1129046 |
|  Miami-Dade County Expressway Authority<br>(Miami-Dade County Expressway Authority)<br>Series 2014-B<br>5.00%, 07/01/2031 | 3750 | 3754150 |

---

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| | |
|:---|:---|
| 108 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  North Broward Hospital District<br>(North Broward Hospital District)<br>Series 2017-B<br>5.00%, 01/01/2035 | $5230 | $5387151 |
|  Orange County Health Facilities Authority<br>(Orlando Health Obligated Group)<br>Series 2025<br>5.00%, 10/01/2046 | 2060 | 2169511 |
|  Orange County Health Facilities Authority<br>(Presbyterian Retirement Communities Obligated<br>Group)<br>Series 2023<br>4.00%, 08/01/2042 | 1000 | 934797 |
|  Palm Beach County Health Facilities Authority<br>(Jupiter Medical Center Obligated Group)<br>Series 2025<br>5.75%, 11/01/2050 | 2170 | 2308117 |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033<sup>(c)(d)(e)(i)(j)</sup> | 950 | 190000 |
|  Sarasota County Health Facilities Authority<br>(Village On the Isle)<br>Series 2017-A<br>5.00%, 01/01/2042 | 1100 | 1097454 |
|  St. Johns County Industrial Development Authority<br>(Presbyterian Retirement Communities Obligated<br>Group)<br>Series 2020<br>4.00%, 08/01/2055 | 1000 | 829225 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15<br>Series 2023 Phase I Special Assmnt)<br>Series 2023<br>5.25%, 05/01/2054<sup>(a)</sup> | 245 | 245830 |
|  |  | 101435264 |
|  **Georgia – 2.9%**<br>|  |  |
|  City of Atlanta GA Department of Aviation<br>(City of Atlanta GA Dept. of Aviation)<br>Series 2025-B<br>5.00%, 07/01/2037 | 1000 | 1110471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1400 | 1542993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 1000 | 1082754 |
|  Development Authority of Burke County (The)<br>(Georgia Power Co.)<br>Series 2023<br>3.875%, 10/01/2032 | 3245 | 3252276 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 109 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Development Authority of Cobb County (The)<br>(MT Bethel Christian Academy)<br>Series 2025<br>6.25%, 06/01/2055<sup>(a)</sup> | $1000 | $1032930 |
|  Development Authority of Monroe County (The)<br>(Georgia Power Co.)<br>Series 2023<br>3.875%, 10/01/2048 | 3750 | 3758408 |
|  Fayette County Development Authority<br>(United States Soccer Federation)<br>Series 2024<br>5.00%, 10/01/2031 | 575 | 635707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2054 | 2000 | 2070970 |
|  Main Street Natural Gas, Inc.<br>(Citadel LP)<br>Series 2022-C<br>4.00%, 08/01/2052<sup>(a)</sup> | 1650 | 1650539 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.)<br>Series 2023-D<br>5.00%, 05/01/2054 | 6000 | 6374600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 12/01/2054 | 3000 | 3228543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 05/01/2055 | 1595 | 1720879 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada)<br>Series 2023<br>4.387% (SOFR + 1.70%), 12/01/2053<sup>(b)</sup> | 5000 | 5167395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C<br>5.00%, 09/01/2053 | 5000 | 5335623 |
|  Main Street Natural Gas, Inc.<br>(Toronto-Dominion Bank)<br>Series 2024-D<br>5.00%, 04/01/2054 | 1570 | 1694488 |
|  Municipal Electric Authority of Georgia<br>(JEA Electric System Revenue)<br>Series 2019<br>5.00%, 01/01/2049 | 2000 | 2003803 |
|  Municipal Electric Authority of Georgia<br>(PowerSouth Energy Cooperative)<br>Series 2019<br>5.00%, 01/01/2037 | 150 | 154480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 100 | 102532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.50%, 07/01/2063 | 2000 | 2048377 |

---

---

| | |
|:---|:---|
| 110 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Private Colleges & Universities Authority<br>(Emory University)<br>Series 2023<br>5.00%, 09/01/2033<sup>(a)</sup> | $11000 | $12680071 |
|  |  | 56647839 |
|  **Guam – 0.2%** |  |  |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And<br>Wastewater System)<br>Series 2025-A<br>5.25%, 07/01/2050 | 1000 | 1034396 |
|  Territory of Guam<br>(Guam Section 30 Income Tax)<br>Series 2016-A<br>5.00%, 12/01/2029 | 1840 | 1864179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 565 | 572574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 790 | 799734 |
|  Territory of Guam<br>(Territory of Guam)<br>Series 2019<br>5.00%, 11/15/2031 | 185 | 195354 |
|  |  | 4466237 |
|  **Hawaii – 0.6%** |  |  |
|  City & County Honolulu HI Wastewater System<br>Revenue<br>(City & County Honolulu HI Wastewater System<br>Revenue)<br>Series 2020-A<br>2.624%, 07/01/2045 | 1000 | 714616 |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue)<br>Series 2022-A<br>5.00%, 07/01/2047 | 1250 | 1276964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051 | 7855 | 7982499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C<br>5.00%, 07/01/2041 | 1260 | 1357639 |
|  |  | 11331718 |
|  **Idaho – 0.1%** |  |  |
|  Idaho Health Facilities Authority<br>(North Canyon Medical Center)<br>Series 2023<br>7.125%, 11/01/2057 | 1000 | 1071418 |
|  **Illinois – 4.6%** |  |  |
|  Chicago Board of Education<br>(Chicago Board of Education)<br>Series 2012-B<br>5.00%, 12/01/2033 | 1605 | 1604891 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 111 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C<br>5.25%, 12/01/2035 | $340 | $340002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 12/01/2031 | 1800 | 1819227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-G<br>5.00%, 12/01/2034 | 2350 | 2349512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 12/01/2034 | 3250 | 3266426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>6.00%, 12/01/2041 | 2075 | 2154241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2043 | 1440 | 1479635 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport)<br>Series 2022<br>5.50%, 01/01/2055 | 10900 | 11292321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.50%, 01/01/2053 | 4865 | 5094277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.25%, 01/01/2044 | 1350 | 1430161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 | 1000 | 1053489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 01/01/2037 | 1000 | 1105869 |
|  City of Chicago IL<br>(City of Chicago IL)<br>Series 2019-A<br>5.50%, 01/01/2049 | 1000 | 986628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>6.00%, 01/01/2050 | 2000 | 2100422 |
|  Eastern Illinois Economic Development Authority<br>(City of Mattoon IL)<br>Series 2025<br>6.50%, 02/15/2040 | 1000 | 999485 |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad)<br>Series 2024<br>4.125%, 12/01/2043<sup>(a)</sup> | 1450 | 1446960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.80%, 12/01/2043<sup>(a)</sup> | 2000 | 2062672 |
|  Illinois Finance Authority<br>(Mercy Health Corp.)<br>Series 2016<br>5.00%, 12/01/2040 | 2000 | 2010779 |
|  Illinois Finance Authority<br>(Park Place of Elmhurst Obligated Group)<br>Series 2021<br>5.125%, 05/15/2060 | 2966 | 2173561 |
|  Illinois Housing Development Authority<br>(Circle Park Preservation)<br>Series 2024-H<br>4.00%, 01/01/2042 | 4500 | 4351893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2062 | 2000 | 1946179 |

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| | |
|:---|:---|
| 112 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2022<br>7.17%, 11/01/2038 | $150 | $154198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.67%, 11/01/2038<sup>(c)</sup> | 1430 | 1415662 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority)<br>Series 2009<br>6.184%, 01/01/2034 | 2000 | 2162972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 01/01/2043 | 15000 | 15817756 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority)<br>Series 2017-A<br>5.00%, 06/15/2057 | 1000 | 982449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 06/15/2050 | 4310 | 4284288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 06/15/2053 | 1175 | 1158062 |
|  State of Illinois<br>(State of Illinois)<br>Series 2017-D<br>5.00%, 11/01/2028 | 8700 | 9025221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>4.25%, 05/01/2046 | 2000 | 1887513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.00%, 09/01/2043 | 1265 | 1324017 |
|  |  | 89280768 |
|  **Indiana – 1.6%** |  |  |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029<sup>(d)(e)</sup> | 105 | 11 |
|  City of Whiting IN<br>(BP PLC)<br>Series 2023<br>4.40%, 11/01/2045 | 4000 | 4224497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.20%, 06/01/2044 | 1120 | 1177094 |
|  Indiana Finance Authority<br>(Ascension Health Credit Group)<br>Series 2025<br>5.00%, 11/15/2043<sup>(h)</sup> | 1055 | 1130344 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039<sup>(c)(d)(e)</sup> | 3470 | 173500 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 113 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(CWA Authority, Inc.)<br>Series 2024<br>5.00%, 10/01/2035 | $2125 | $2457888 |
|  Indiana Finance Authority<br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>5.00%, 04/01/2029 | 1080 | 1129018 |
|  Indiana Finance Authority<br>(Indiana University Health Obligated Group)<br>Series 2025-C<br>5.25%, 10/01/2046 | 1000 | 1078632 |
|  Indiana Finance Authority<br>(Ohio Valley Electric)<br>Series 2020<br>3.00%, 11/01/2030 | 1085 | 1060071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>3.00%, 11/01/2030 | 1295 | 1269261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>2.50%, 11/01/2030 | 525 | 502787 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group)<br>Series 2024-B<br>3.517% (SOFR + 0.71%), 11/01/2046<sup>(b)(c)</sup> | 1910 | 1898379 |
|  Indiana Finance Authority<br>(SFP-PUFW I LLC)<br>Series 2024<br>5.00%, 07/01/2049 | 1000 | 1011228 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel)<br>Series 2023<br>5.75%, 03/01/2043 | 1000 | 1058660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2053 | 1500 | 1569413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F<br>7.75%, 03/01/2067 | 1225 | 1356124 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023<br>5.25%, 03/01/2067 | 10000 | 10402611 |
|  |  | 31499518 |
|  **Iowa – 0.1%** |  |  |
|  Iowa Finance Authority<br>(Wesley Retirement Services Obligated Group)<br>Series 2021<br>4.00%, 12/01/2031 | 355 | 349329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 | 820 | 710155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 | 550 | 435255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 | 985 | 742072 |

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| | |
|:---|:---|
| 114 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Iowa Tobacco Settlement Authority<br>(Iowa Tobacco Settlement Authority)<br>Series 2021-B<br>Zero Coupon, 06/01/2065 | $3490 | $521680 |
|  |  | 2758491 |
|  **Kansas – 0.2%** |  |  |
|  City of Colby KS<br>(Citizens Medical Center)<br>Series 2024<br>5.50%, 07/01/2026 | 1000 | 1000385 |
|  City of Overland Park KS Sales Tax Revenue<br>(City of Overland Park KS Sales Tax Revenue)<br>Series 2022<br>6.00%, 11/15/2034<sup>(a)</sup> | 100 | 105329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2042<sup>(a)</sup> | 1185 | 1246074 |
|  Kansas Development Finance Authority<br>(State of Kansas Lease)<br>Series 2021-K<br>1.369%, 05/01/2027 | 2405 | 2324237 |
|  |  | 4676025 |
|  **Kentucky – 1.1%** |  |  |
|  City of Henderson KY<br>(Pratt Paper KY LLC)<br>Series 2022<br>3.70%, 01/01/2032<sup>(a)</sup> | 780 | 782963 |
|  County of Trimble KY<br>(Louisville Gas & Electric)<br>Series 2020<br>1.30%, 09/01/2044 | 1500 | 1424323 |
|  Kenton County Airport Board<br>(Cincinnati/Northern Kentucky Intl Airport)<br>Series 2024-A<br>5.25%, 01/01/2049 | 2000 | 2077732 |
|  Kentucky Economic Development Finance Authority<br>(Owensboro Health Obligated Group)<br>Series 2015<br>5.25%, 06/01/2050 | 3015 | 3014967 |
|  Kentucky Public Energy Authority<br>(BP PLC)<br>Series 2024-B<br>5.00%, 01/01/2055<br>| 2085 | 2241933 |
|  Kentucky Public Energy Authority<br>(Morgan Stanley)<br>Series 2023-A<br>4.633% (SOFR + 1.98%), 04/01/2054<sup>(b)</sup> | 5000 | 5000000 |
|  Kentucky State Property & Building Commission<br>(Commonwealth of Kentucky Lease)<br>Series 2024-A<br>4.00%, 11/01/2041 | 3430 | 3408994 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 115 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Louisville/Jefferson County Metropolitan Government<br>(Norton Healthcare Obligated Group)<br>Series 2016<br>5.00%, 10/01/2030 | $2330 | $2366179 |
|  |  | 20317091 |
|  **Louisiana – 0.9%** |  |  |
|  City of New Orleans LA Water System Revenue<br>(City of New Orleans LA Water System Revenue)<br>AG Series 2021<br>2.889%, 12/01/2041 | 1000 | 779961 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Louisiana Utilities Restoration ELL System<br>Restoration Revenue)<br>Series 2023<br>5.048%, 12/01/2034 | 2180 | 2266685 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Woman's Hospital Foundation)<br>Series 2017<br>5.00%, 10/01/2033 | 3790 | 3898266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 | 3500 | 3532589 |
|  Louisiana Public Facilities Authority<br>(Calcasieu Bridge Partners)<br>Series 2024<br>5.75%, 09/01/2064 | 2440 | 2536202 |
|  Louisiana Public Facilities Authority<br>(Prerefunded - US Govt Agencies)<br>Series 2016<br>5.00%, 05/15/2034 | 20 | 20214 |
|  New Orleans Aviation Board<br>(New Orleans Aviation Board)<br>Series 2024<br>5.25%, 01/01/2041 | 1210 | 1307700 |
|  Parish of St. James LA<br>(NuStar Logistics LP)<br>Series 2020-2<br>6.35%, 07/01/2040<sup>(a)</sup> | 1000 | 1087982 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.)<br>Series 2024<br>3.30%, 06/01/2037 | 1100 | 1102365 |
|  |  | 16531964 |
|  **Maryland – 1.3%** |  |  |
|  Maryland Economic Development Corp.<br>(Ports America Chesapeake)<br>Series 2017-A<br>5.00%, 06/01/2035 | 1035 | 1066679 |

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| | |
|:---|:---|
| 116 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners)<br>Series 2022<br>5.25%, 06/30/2052 | $6000 | $5989825 |
|  Maryland Health & Higher Educational Facilities<br>Authority<br>(TidalHealth Obligated Group)<br>Series 2020<br>4.00%, 07/01/2037 | 360 | 359116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 | 2960 | 2995465 |
|  Maryland Stadium Authority<br>(Baltimore City Public School Construction<br>Financing Fund)<br>Series 2020<br>5.00%, 05/01/2050 | 4400 | 4768177 |
|  Maryland Stadium Authority<br>(State of Maryland Built to Learn Revenue State<br>Lease)<br>Series 2024<br>5.00%, 06/01/2045 | 4735 | 5017417 |
|  Maryland State Transportation Authority<br>(Maryland State Transportation Authority)<br>Series 2021-A<br>5.00%, 07/01/2051 | 4990 | 5155462 |
|  |  | 25352141 |
|  **Massachusetts – 3.3%** |  |  |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts)<br>Series 2022-B<br>4.11%, 07/15/2031 | 455 | 454890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 12/01/2054 | 5000 | 5231045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 05/01/2043 | 2000 | 2167024 |
|  Commonwealth of Massachusetts Transportation<br>Fund Revenue<br>(Commonwealth of Massachusetts Transportation<br>Fund Revenue)<br>Series 2023<br>5.00%, 06/01/2053 | 10000 | 10403678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 06/01/2051 | 5000 | 5208217 |
|  Massachusetts Bay Transportation Authority Sales<br>Tax Revenue<br>(Massachusetts Bay Transportation Authority<br>Sales Tax Revenue)<br>Series 2023-A<br>5.25%, 07/01/2053 | 4840 | 5143334 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 117 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.25%, 07/01/2052 | $1000 | $1069512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.25%, 07/01/2055 | 2900 | 3115956 |
|  Massachusetts Development Finance Agency<br>(Care Communities Obligated Group)<br>Series 2025<br>6.375%, 07/15/2045<sup>(a)</sup> | 1000 | 1012252 |
|  Massachusetts Development Finance Agency<br>(Emerson College)<br>Series 2018<br>5.00%, 01/01/2048 | 1180 | 1145786 |
|  Massachusetts Development Finance Agency<br>(Mass General Brigham)<br>Series 2016Q<br>5.00%, 07/01/2041 | 10000 | 10068935 |
|  Massachusetts Development Finance Agency<br>(PRG Medford Properties)<br>Series 2025<br>5.25%, 06/01/2060 | 1000 | 1038454 |
|  Massachusetts Development Finance Agency<br>(Tufts Medicine Obligated Group)<br>Series 2024<br>8.50%, 10/01/2026 | 1220 | 1221349 |
|  Massachusetts Development Finance Agency<br>(UMass Memorial Health Care Obligated Group)<br>Series 2016<br>5.00%, 07/01/2036 | 2385 | 2403006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-L<br>5.00%, 07/01/2044 | 5000 | 4989508 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority)<br>Series 2021-E<br>5.00%, 07/01/2051 | 5000 | 5074318 |
|  Massachusetts Water Resources Authority<br>(Massachusetts Water Resources Authority)<br>Series 2024-B<br>5.00%, 08/01/2042 | 2945 | 3242910 |
|  |  | 62990174 |
|  **Michigan – 1.3%** |  |  |
|  City of Detroit MI<br>(City of Detroit MI)<br>Series 2014-B<br>4.00%, 04/01/2044<sup>(f)</sup> | 1989 | 1574680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>3.644%, 04/01/2034 | 275 | 255288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>6.00%, 05/01/2039 | 2000 | 2283138 |

---

---

| | |
|:---|:---|
| 118 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Detroit MI Sewage Disposal System Revenue<br>(Great Lakes Water Authority Sewage Disposal<br>System Revenue)<br>AG Series 2006-D<br>3.445% (CME Term SOFR 3 Month +<br>0.60%), 07/01/2032<sup>(b)</sup> | $5000 | $4950298 |
|  Detroit Downtown Development Authority<br>(Detroit Downtown Development Authority Catalyst<br>Development Area)<br>Series 2024<br>5.00%, 07/01/2048 | 1260 | 1315919 |
|  Kalamazoo Economic Development Corp.<br>(Heritage Community of Kalamazoo Obligated<br>Group)<br>Series 2020<br>5.00%, 05/15/2055 | 2000 | 1821401 |
|  Michigan Finance Authority<br>(Corewell Health Obligated Group)<br>Series 2016<br>5.00%, 11/01/2044 | 3430 | 3431343 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Tobacco Settlement<br>Revenue)<br>Series 2020-A<br>3.267%, 06/01/2039 | 1735 | 1658256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>Zero Coupon, 06/01/2065 | 1250 | 127668 |
|  Michigan Finance Authority<br>(Public Lighting Authority)<br>BAM Series 2025<br>5.00%, 07/01/2042 | 1515 | 1646598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 1250 | 1329619 |
|  Michigan State Hospital Finance Authority<br>(Corewell Health Obligated Group)<br>Series 2025-A<br>5.00%, 08/15/2045 | 3000 | 3175147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Educational Center Charter School<br>(Plymouth Educational Center Charter School)<br>Series 2005<br>5.375%, 11/01/2030<sup>(d)(e)</sup> | 2000 | 800000 |
|  |  | 24369355 |
|  **Minnesota – 0.8%** |  |  |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH I LLLP)<br>Series 2023<br>6.205%, 01/01/2042<sup>(a)(f)</sup> | 2000 | 2064557 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 119 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH II LLLP)<br>Series 2024<br>6.26%, 07/01/2041<sup>(a)</sup> | $1500 | $1489166 |
|  City of Columbus MN<br>(Adalyn Avenue LLLP)<br>Series 2023<br>5.98%, 12/01/2041<sup>(a)</sup> | 1500 | 1512379 |
|  City of Shakopee MN Senior Housing Revenue<br>(Benedictine Living Community of Shakopee<br>Obligated Group)<br>Series 2025<br>5.75%, 11/01/2055 | 1600 | 1600081 |
|  Dakota County Community Development Agency<br>(Rosemont AH I LLLP)<br>Series 2023<br>5.66%, 07/01/2041<sup>(a)</sup> | 1415 | 1387263 |
|  Minneapolis-St. Paul Metropolitan Airports<br>Commission<br>(Minneapolis-St Paul Metropolitan Airports<br>Commission)<br>Series 2022-B<br>5.00%, 01/01/2047 | 4500 | 4578727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 01/01/2041 | 2000 | 2127339 |
|  Washington County Community Development Agency<br>(Raymie Johnson Estates)<br>Series 2025<br>6.08%, 07/01/2042 | 1000 | 1029114 |
|  |  | 15788626 |
|  **Mississippi – 0.1%** |  |  |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group)<br>Series 2025<br>5.25%, 07/01/2043 | 1125 | 1192260 |
|  Mississippi Business Finance Corp.<br>(Alden Group Renewable Energy Mississippi)<br>Series 2022<br>8.00%, 12/01/2029<sup>(c)(d)(e)</sup> | 1250 | 850000 |
|  |  | 2042260 |
|  **Missouri – 1.4%** |  |  |
|  City of St. Charles MO<br>(City of St. Charles MO)<br>Series 2024-A<br>5.00%, 03/01/2042 | 2805 | 3074319 |

---

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| | |
|:---|:---|
| 120 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Health & Educational Facilities Authority of the<br>State of Missouri<br>(Lutheran Senior Services Obligated Group)<br>Series 2019<br>4.00%, 02/01/2042 | $2900 | $2630710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2048 | 2965 | 2482993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 | 2695 | 2703928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2048 | 400 | 387007 |
|  Health & Educational Facilities Authority of the<br>State of Missouri<br>(Mercy Health/MO)<br>Series 2023<br>5.50%, 12/01/2048 | 10000 | 10746427 |
|  Howard Bend Levee District<br>(Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 | 175 | 179883 |
|  Kansas City Industrial Development Authority<br>(Kingswood Senior Living Community)<br>Series 2021<br>2.00%, 11/15/2046<sup>(d)(e)</sup> | 522 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046<sup>(d)(e)</sup> | 1169 | 444121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>10.00%, 11/15/2046<sup>(d)(e)</sup> | 360 | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>7.50%, 11/15/2037<sup>(d)(e)</sup> | 288 | 288000 |
|  Kansas City Industrial Development Authority<br>(Platte Purchase Project)<br>Series 2019<br>5.00%, 07/01/2040<sup>(a)</sup> | 350 | 349064 |
|  Lee's Summit Industrial Development Authority<br>(John Knox Village Obligated Group)<br>Series 2021-A<br>5.00%, 08/15/2056 | 2650 | 2316973 |
|  Missouri Development Finance Board<br>(Missouri Development Finance Board)<br>Series 2025-A<br>6.00%, 06/15/2040<sup>(a)</sup> | 1000 | 999964 |
|  |  | 26963441 |
|  **Nebraska – 0.1%** |  |  |
|  Central Plains Energy Project<br>(Royal Bank of Canada)<br>Series 2025-A<br>5.00%, 08/01/2055 | 2085 | 2242480 |
|  **Nevada – 0.7%** |  |  |
|  City of Las Vegas NV<br>(City of Las Vegas NV)<br>Series 2015-C<br>5.00%, 09/01/2027 | 1400 | 1408186 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 121 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Reno NV<br>(County of Washoe NV Sales Tax Revenue)<br>Series 2018-C<br>Zero Coupon, 07/01/2058<sup>(a)</sup> | $1500 | $244369 |
|  Clark County School District<br>(Clark County School District)<br>AG Series 2019-B<br>3.00%, 06/15/2036 | 6725 | 6287834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2037 | 4305 | 3957899 |
|  Reno-Tahoe Airport Authority<br>(Reno-Tahoe Airport Authority)<br>Series 2024<br>5.25%, 07/01/2037 | 1000 | 1124135 |
|  |  | 13022423 |
|  **New Hampshire – 2.2%** |  |  |
|  National Finance Authority<br>(NFA 2024-3)<br>Series 2024-3, Class A<br>4.163%, 10/01/2051 | 2480 | 2450409 |
|  National Finance Authority Affordable Housing<br>Certificates Series 2024-1<br>(NFAAH 2024-1)<br>Series 2024-1, Class A<br>4.15%, 10/20/2040 | 1996 | 1987819 |
|  New Hampshire Business Finance Authority<br>(ARC70 2025-1)<br>Series 2025-1, Class A1<br>4.75%, 06/20/2041 | 999 | 1030080 |
|  New Hampshire Business Finance Authority<br>(Brazoria-Fort Bend County Municipal Utility<br>District No. 3)<br>Series 2024<br>4.875%, 12/01/2033<sup>(a)</sup> | 426 | 425179 |
|  New Hampshire Business Finance Authority<br>(Emberly & Canterra Creek Projects)<br>Series 2024<br>5.375%, 12/01/2031<sup>(a)</sup> | 956 | 954421 |
|  New Hampshire Business Finance Authority<br>(Greater Raleigh Area Christian Education)<br>Series 2025<br>5.75%, 08/01/2055 | 1000 | 994185 |
|  New Hampshire Business Finance Authority<br>(Lakes Fresh Water Supply District of Denton<br>County)<br>Series 2024<br>5.00%, 12/01/2028<sup>(a)</sup> | 748 | 747218 |

---

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| | |
|:---|:---|
| 122 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(New Hampshire Business Finance Authority)<br>Series 2025<br>5.875%, 11/01/2045 | $1525 | $1485342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2055 | 4115 | 3896185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 05/01/2036 | 1000 | 1005315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2<br>5.15%, 09/28/2037 | 1000 | 1013273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>Zero Coupon, 02/01/2035<sup>(a)</sup> | 1442 | 800824 |
|  New Hampshire Business Finance Authority<br>(NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 4823 | 4906961 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-1)<br>Series 2022-1, Class A<br>4.375%, 09/20/2036 | 7637 | 7766834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036<sup>(g)</sup> | 5926 | 113501 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 | 3828 | 3788616 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-1)<br>Series 2024-1, Class X<br>0.548%, 07/01/2051<sup>(g)</sup> | 2686 | 97326 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2)<br>Series 2024-2, Class X<br>0.596%, 08/20/2039<sup>(g)</sup> | 1979 | 77787 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1)<br>Series 2025<br>5.875%, 12/15/2033<sup>(a)</sup> | 2025 | 2004385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1<br>4.167%, 01/20/2041 | 994 | 986294 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-2)<br>Series 2025-2, Class A1<br>4.217%, 11/20/2042 | 3491 | 3389921 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-3)<br>Series 2025-3, Class A1<br>4.795%, 02/20/2041 | 1000 | 1044092 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 123 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(Tamarron Project)<br>Series 2024<br>5.25%, 12/01/2035<sup>(a)</sup> | $688 | $685325 |
|  |  | 41651292 |
|  **New Jersey – 3.3%** |  |  |
|  New Jersey Economic Development Authority<br>(DRP Urban Renewal 4 LLC)<br>Series 2025<br>6.625%, 01/01/2045<sup>(a)</sup> | 1000 | 1038245 |
|  New Jersey Economic Development Authority<br>(New Jersey-American Water)<br>Series 2023<br>3.75%, 11/01/2034 | 2000 | 2023809 |
|  New Jersey Economic Development Authority<br>(Port Newark Container Terminal)<br>Series 2017<br>5.00%, 10/01/2037 | 3320 | 3369287 |
|  New Jersey Educational Facilities Authority<br>(Ramapo College of New Jersey)<br>AG Series 2022-A<br>4.00%, 07/01/2042 | 1000 | 1003431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 | 285 | 271027 |
|  New Jersey Health Care Facilities Financing Authority<br>(New Jersey Health Care Facilities Financing<br>Authority State Lease)<br>Series 2017<br>5.00%, 10/01/2034 | 5000 | 5221293 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2029 | 2175 | 2198093 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease)<br>Series 2022<br>4.00%, 06/15/2050 | 7585 | 6975570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 06/15/2040 | 2985 | 3263114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2043<br>| 1985 | 2114200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>4.00%, 06/15/2042 | 6700 | 6484474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 8000 | 8650173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 06/15/2045 | 2500 | 2643472 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority)<br>Series 2024-A<br>4.00%, 01/01/2035 | 3000 | 3233069 |

---

---

| | |
|:---|:---|
| 124 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.25%, 01/01/2055 | $1000 | $1078466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C<br>5.00%, 01/01/2031 | 1000 | 1114101 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-B<br>5.00%, 06/01/2046 | 9980 | 9688272 |
|  Union County Utilities Authority<br>(County of Union NJ Lease)<br>Series 2011-A<br>5.25%, 12/01/2031 | 3885 | 3891769 |
|  |  | 64261865 |
|  **New Mexico – 0.3%** |  |  |
|  New Mexico Municipal Energy Acquisition Authority<br>(Royal Bank of Canada)<br>Series 2025<br>5.00%, 06/01/2054 | 5000 | 5352772 |
|  **New York – 9.1%** |  |  |
|  Build NYC Resource Corp.<br>(Albert Einstein College of Medicine)<br>Series 2016<br>5.50%, 09/01/2045<sup>(a)</sup> | 6455 | 6377530 |
|  Build NYC Resource Corp.<br>(TrIPs Obligated Group)<br>Series 2025<br>5.50%, 07/01/2050 | 1000 | 1044582 |
|  Build NYC Resource Corp.<br>(Zeta Charter Schools Obligated Group)<br>Series 2025<br>5.375%, 10/15/2055<sup>(a)</sup> | 1000 | 997803 |
|  City of New York NY<br>(City of New York NY)<br>Series 2021<br>1.396%, 08/01/2027 | 5205 | 5006790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 03/01/2043 | 1000 | 1062508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D<br>4.00%, 04/01/2045 | 3180 | 3008334 |
|  Dutchess County Local Development Corp.<br>(Bard College)<br>Series 2020-A<br>5.00%, 07/01/2051 | 1355 | 1333679 |
|  Long Island Power Authority<br>(Long Island Power Authority)<br>Series 2023-E<br>5.00%, 09/01/2048 | 2650 | 2772914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2053 | 2350 | 2441466 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 125 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority)<br>Series 2016-D<br>5.00%, 11/15/2027 | $1000 | $1019709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 | 5000 | 5099305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.25%, 11/15/2055 | 1000 | 1028631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D<br>5.00%, 11/15/2043 | 1000 | 1031443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2042 | 1000 | 1076543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2045 | 2160 | 2311463 |
|  New York City Housing Development Corp.<br>(8 Spruce NY Owner LLC)<br>Series 2024<br>4.00%, 12/15/2031 | 215 | 220220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2031 | 415 | 424103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2031 | 1000 | 1029798 |
|  New York City Municipal Water Finance Authority<br>(New York City Municipal Water Finance Authority)<br>Series 2022-A<br>5.25%, 06/15/2052 | 5000 | 5299135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>4.25%, 06/15/2054 | 2000 | 1925859 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(New York City Transitional Finance Authority<br>Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2036 | 5800 | 6073640 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority<br>Future Tax Secured Revenue)<br>Series 2017-E1<br>5.00%, 02/01/2036 | 2500 | 2554859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/01/2038 | 5900 | 6629703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 | 1700 | 1889921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/01/2046 | 3175 | 3327452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.00%, 11/01/2053 | 1000 | 1034037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H<br>5.25%, 11/01/2045 | 2530 | 2727265 |
|  NEW York Energy Finance Development Corp.<br>(Athene Annuity & Life Co.)<br>Series 2025<br>5.00%, 07/01/2056 | 2000 | 2142522 |

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| | |
|:---|:---|
| 126 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC)<br>Series 2014<br>5.375%, 11/15/2040<sup>(a)</sup> | $300 | $299999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044<sup>(a)</sup> | 510 | 510374 |
|  New York Power Authority<br>(New York Power Authority SFP Transmission<br>Project)<br>AG Series 2023<br>5.00%, 11/15/2048 | 8000 | 8454027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2053 | 2000 | 2091689 |
|  New York State Dormitory Authority<br>(Montefiore Obligated Group)<br>Series 2024<br>5.50%, 11/01/2047 | 5050 | 5294211 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax)<br>Series 2025-C<br>5.25%, 03/15/2050 | 2000 | 2133536 |
|  New York State Thruway Authority<br>(New York State Thruway Authority Gen Toll<br>Road)<br>Series 2016-A<br>5.00%, 01/01/2034 | 2070 | 2072844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-O<br>4.00%, 01/01/2043 | 1000 | 982995 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax)<br>Series 2025<br>5.00%, 03/15/2055 | 3530 | 3667826 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.)<br>Series 2020<br>4.00%, 10/01/2030 | 5345 | 5450759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.625%, 04/01/2040 | 6500 | 6827577 |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal)<br>Series 2022<br>5.00%, 12/01/2040 | 2000 | 2090150 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners)<br>Series 2024<br>5.50%, 12/31/2060 | 2000 | 2042807 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024<br>0.00%, 12/31/2054<sup>(f)</sup> | 9350 | 6101322 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC)<br>Series 2023<br>5.375%, 06/30/2060 | 2000 | 2006054 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 127 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 06/30/2060 | $3215 | $3111855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2060 | 14640 | 14828695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>6.00%, 06/30/2059 | 1000 | 1062538 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.00%, 06/30/2049 | 1000 | 1007360 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.00%, 07/01/2046 | 3930 | 3914632 |
|  Niagara Area Development Corp.<br>(Reworld Holding Corp.)<br>Series 2018-A<br>4.75%, 11/01/2042<sup>(a)</sup> | 3235 | 2899479 |
|  Oneida County Local Development Corp.<br>(Hamilton College)<br>Series 2021<br>5.00%, 07/01/2051 | 3200 | 3581924 |
|  Onondaga Civic Development Corp.<br>(Syracuse University)<br>Series 2025<br>5.50%, 12/01/2056 | 2000 | 2196765 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>6.00%, 12/01/2053 | 1000 | 1015069 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll<br>Mobility Tax Revenue)<br>Series 2021-A<br>2.591%, 05/15/2036 | 2000 | 1678064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.917%, 05/15/2040 | 2000 | 1585222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 05/15/2051 | 5000 | 5163280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.737% (SOFR + 1.05%), 04/01/2026<sup>(b)</sup> | 4000 | 4001531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2052 | 2000 | 2243183 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2020-A<br>5.00%, 11/15/2049 | 2000 | 2062941 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue<br>(Triborough Bridge & Tunnel Authority Sales Tax Revenue)<br>Series 2023-A<br>4.50%, 05/15/2063 | 4625 | 4549522 |
|  |  | 175819444 |

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| | |
|:---|:---|
| 128 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **North Carolina – 0.5%** |  |  |
|  City of Charlotte NC Airport Revenue<br>(City of Charlotte NC Airport Revenue)<br>Series 2023<br>5.00%, 07/01/2044 | $1250 | $1300512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 | 7250 | 7553568 |
|  Fayetteville State University<br>(Fayetteville State University)<br>Series 2023<br>5.00%, 04/01/2026<sup>(a)</sup> | 375 | 377171 |
|  North Carolina Turnpike Authority<br>(North Carolina Turnpike Authority)<br>AG Series 2024<br>Zero Coupon, 01/01/2053 | 2000 | 537362 |
|  |  | 9768613 |
|  **Ohio – 2.4%** |  |  |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority)<br>Series 2025<br>5.25%, 01/01/2041 | 1925 | 2079681 |
|  County of Cuyahoga OH<br>(MetroHealth System/The)<br>Series 2017<br>5.00%, 02/15/2042 | 8000 | 7999910 |
|  County of Hamilton OH<br>(Christ Hospital Obligated Group)<br>Series 2023<br>5.00%, 06/01/2042 | 2000 | 2056478 |
|  County of Hamilton OH<br>(UC Health Obligated Group)<br>Series 2020<br>5.00%, 09/15/2050 | 3045 | 2989737 |
|  County of Washington OH<br>(Marietta Area Health Care Obligated Group)<br>Series 2022<br>6.625%, 12/01/2042 | 2000 | 2123969 |
|  Lancaster Port Authority<br>(Royal Bank of Canada)<br>Series 2024-A<br>5.00%, 02/01/2055 | 1000 | 1067970 |
|  Ohio Air Quality Development Authority<br>(American Electric Power)<br>Series 2024<br>3.70%, 10/01/2028 | 5500 | 5501086 |
|  Ohio Air Quality Development Authority<br>(Duke Energy Corp.)<br>Series 2022<br>4.25%, 11/01/2039 | 2000 | 2031860 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 129 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Ohio Higher Educational Facility Commission<br>(John Carroll University)<br>Series 2025<br>5.375%, 10/01/2045 | $1000 | $1007461 |
|  Ohio Higher Educational Facility Commission<br>(University of Dayton)<br>Series 2022<br>5.00%, 02/01/2052 | 4000 | 4090358 |
|  Ohio Higher Educational Facility Commission<br>(Xavier University)<br>Series 2024<br>5.00%, 05/01/2038 | 1010 | 1092367 |
|  Ohio Housing Finance Agency<br>(Ohio Housing Finance Agency)<br>Series 2024<br>7.50%, 03/01/2049 | 2500 | 3035122 |
|  Ohio State University (The)<br>(Ohio State University)<br>Series 2023<br>5.25%, 12/01/2046 | 1000 | 1079521 |
|  University of Toledo<br>(University of Toledo)<br>Series 2023-B<br>3.637% (SOFR + 0.90%), 06/01/2036<sup>(a)(b)</sup> | 9530 | 9404927 |
|  |  | 45560447 |
|  **Oklahoma – 0.5%** |  |  |
|  Oklahoma Development Finance Authority<br>(Oklahoma Development Finance Authority)<br>Series 2022<br>4.714%, 05/01/2052<br>| 5000 | 4682513 |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group)<br>Series 2022-A<br>5.50%, 08/15/2044 | 2360 | 2383797 |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority)<br>Series 2025-A<br>5.50%, 01/01/2054 | 1000 | 1086719 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.)<br>Series 2025<br>6.25%, 12/01/2035 | 1370 | 1579772 |
|  |  | 9732801 |
|  **Oregon – 0.0%** |  |  |
|  Multnomah County School District No. 40<br>(Multnomah County School District No. 40)<br>Series 2023-A<br>Zero Coupon, 06/15/2043 | 1000 | 435674 |

---

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| | |
|:---|:---|
| 130 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Umatilla County School District No. 6R Umatilla<br>(Umatilla County School District No. 6R Umatilla)<br>Series 2023-B<br>Zero Coupon, 06/15/2053 | $2000 | $503923 |
|  |  | 939597 |
|  **Other – 0.6%** |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily<br>ML Certificates<br>(FRETE 2024-ML22)<br>Series 2024-ML22, Class AUS<br>4.686%, 10/25/2040 | 989 | 1025020 |
|  Federal Home Loan Mortgage Corp. Multifamily<br>ML Certificates<br>(FRETE 2024-ML23)<br>Series 2024-ML23, Class AUS<br>4.701%, 04/25/2042<sup>(a)</sup> | 995 | 1018909 |
|  Federal Home Loan Mortgage Corp. Multifamily<br>VRD Certificates<br>(FHLM)<br>4.759%, 08/25/2041 | 4473 | 4573661 |
|  Federal Home Loan Mortgage Corp. Multifamily<br>VRD Certificates<br>(FHLMC Multifamily VRD Certificates)<br>Series 2025-M<br>4.095%, 11/25/2042 | 3234 | 3242934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.497%, 06/25/2042 | 1999 | 2047603 |
|  |  | 11908127 |
|  **Pennsylvania – 3.7%** |  |  |
|  Berks County Municipal Authority (The)<br>(Tower Health Obligated Group)<br>Series 2024<br>5.00%, 06/30/2039 | 1920 | 1728083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/2039 | 1000 | 810334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/2034 | 280 | 281828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>6.00%, 06/30/2034 | 135 | 145252 |
|  Chambersburg Area Municipal Authority<br>(Wilson College)<br>Series 2018<br>5.75%, 10/01/2038 | 2350 | 2328926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2043 | 5000 | 4747095 |
|  Chester County Industrial Development Authority<br>(Collegium Charter School)<br>Series 2022<br>5.00%, 10/15/2032<sup>(a)</sup> | 755 | 763463 |
|  Geisinger Authority<br>(Kaiser Obligated Group)<br>Series 2020<br>4.00%, 04/01/2039 | 3820 | 3771268 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 131 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 | $6250 | $6682198 |
|  Montgomery County Higher Education & Health<br>Authority<br>(Thomas Jefferson University Obligated Group)<br>Series 2022<br>5.00%, 05/01/2052 | 2000 | 2028863 |
|  Pennsylvania Economic Development Financing<br>Authority<br>(Commonwealth of Pennsylvania Dept. of<br>Transportation)<br>Series 2022<br>6.00%, 06/30/2061 | 10000 | 10606475 |
|  Pennsylvania Economic Development Financing<br>Authority<br>(Noble Environmental, Inc.)<br>Series 2025<br>6.875%, 09/01/2047<sup>(a)</sup> | 1000 | 1039194 |
|  Pennsylvania Economic Development Financing<br>Authority<br>(PA Bridges Finco LP)<br>Series 2015<br>5.00%, 06/30/2042 | 1000 | 1002137 |
|  Pennsylvania Economic Development Financing<br>Authority<br>(UPMC Obligated Group)<br>Series 2022-C<br>3.49% (MUNIPSA + 0.70%),<br>11/15/2047<sup>(b)</sup> | 10000 | 9950447 |
|  Pennsylvania Higher Educational Facilities Authority<br>(Thomas Jefferson University Obligated Group)<br>Series 2024<br>5.50%, 11/01/2054 | 1300 | 1382710 |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission)<br>Series 2022-A<br>5.00%, 12/01/2036 | 1000 | 1124901 |
|  Pennsylvania Turnpike Commission Registration<br>Fee Revenue<br>(Pennsylvania Turnpike Commission Registration<br>Fee Revenue)<br>Series 2023<br>3.64% (MUNIPSA + 0.85%), 07/15/2041<sup>(b)</sup> | 10000 | 9988835 |
|  Philadelphia Authority for Industrial Development<br>(Greater Philadelphia Health Action)<br>Series 2015-A<br>6.375%, 06/01/2040 | 3100 | 3100294 |

---

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| | |
|:---|:---|
| 132 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority)<br>AG Series 2023-C<br>3.607% (SOFR + 0.80%), 09/01/2040<sup>(a)(b)</sup> | $10000 | $9902130 |
|  |  | 71384433 |
|  **Puerto Rico – 0.9%** |  |  |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico)<br>Series 2022-A<br>Zero Coupon, 11/01/2051 | 1966 | 1145312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/2051 | 2500 | 668750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%, 11/01/2051 | 1672 | 1090938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>Zero Coupon, 11/01/2043 | 5940 | 3801600 |
|  Puerto Rico Commonwealth Aqueduct & Sewer<br>Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer<br>Authority)<br>Series 2021-C<br>3.50%, 07/01/2026<sup>(a)</sup> | 2000 | 1960782 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 | 1895 | 1931547 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2007-V<br>5.25%, 07/01/2033 | 1150 | 1165264 |
|  Puerto Rico Industrial Tourist Educational Medical<br>& Environmental Control Facilities Financing Auth<br>(AES Puerto Rico LP)<br>Series 2023-A<br>6.625%, 01/01/2027 | 322 | 319963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 | 2454 | 2435737 |
|  Puerto Rico Industrial Tourist Educational Medical<br>& Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC)<br>Series 2024<br>6.75%, 01/01/2045 | 1000 | 1133284 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax<br>Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax<br>Revenue)<br>Series 2018-A<br>Zero Coupon, 07/01/2029 | 1595 | 1412210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>4.329%, 07/01/2040 | 1339 | 1303670 |
|  |  | 18369057 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 133 |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **South Carolina – 3.3%** |  |  |
|  Columbia Housing Authority/SC<br>(Garden Lakes Apartments)<br>Series 2022<br>5.26%, 11/01/2032 | $100 | $99951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 | 1240 | 1209469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 | 100 | 97662 |
|  Greenville Housing Authority/SC<br>(Victor Verdae Apartments)<br>Series 2023<br>6.16%, 05/01/2063<sup>(a)</sup> | 3000 | 2725283 |
|  Last Step Recycling LLC<br>(Last Step Recycling LLC)<br>9.50%, 12/15/2028<sup>(c)(i)(j)(k)</sup> | 546 | 546278 |
|  Patriots Energy Group Financing Agency<br>(Royal Bank of Canada)<br>Series 2023<br>5.25%, 02/01/2054 | 2275 | 2467419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>4.553% (SOFR + 1.90%), 02/01/2054<sup>(b)</sup> | 5000 | 5208897 |
|  Patriots Energy Group Financing Agency<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 10/01/2054 | 2000 | 2179542 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(Bon Secours Mercy Health)<br>Series 2025<br>5.25%, 11/01/2043 | 1000 | 1095727 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(Connexion Communities Obligated Group)<br>Series 2025<br>6.75%, 10/15/2060<sup>(a)</sup> | 1485 | 1490228 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(International Paper Co.)<br>Series 2023<br>4.00%, 04/01/2033 | 1000 | 1001494 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.50%, 06/01/2051<sup>(c)(d)(e)</sup> | 1450 | 159500 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(Novant Health Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 7000 | 6727226 |

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| | |
|:---|:---|
| 134 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2043 | $5000 | $5399393 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(Prisma Health Obligated Group)<br>Series 2018<br>5.00%, 05/01/2038 | 2500 | 2589603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 05/01/2048 | 1000 | 1009272 |
|  South Carolina Jobs-Economic Development<br>Authority<br>(PSG Patriot's Place Apartments)<br>Series 2022 0.00%, 06/01/2052<sup>(f)</sup> | 1600 | 1193695 |
|  South Carolina Jobs-Economic Development Authority<br>(Rolling Green Village)<br>Series 2025<br>5.00%, 12/01/2040 | 1125 | 1133179 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority)<br>Series 2015-A<br>5.00%, 12/01/2050 | 1980 | 1980310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>5.00%, 12/01/2036 | 4750 | 4790310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 12/01/2036 | 2000 | 2033672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2056 | 6250 | 6270983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 12/01/2052 | 5000 | 4465965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 | 2500 | 2549655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.25%, 12/01/2050 | 5000 | 5286319 |
|  |  | 63711032 |
|  **South Dakota – 0.0%** |  |  |
|  South Dakota Housing Development Authority<br>(Schuett Spearfish LP)<br>Series 2023<br>6.15%, 09/01/2039 | 400 | 412076 |
|  **Tennessee – 1.7%** |  |  |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax)<br>Series 2016-A<br>5.00%, 12/01/2035<sup>(a)</sup> | 2785 | 2674842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2042<sup>(a)</sup> | 1325 | 1252397 |
|  Hamilton County & Chattanooga Sports Authority<br>(Hamilton County & Chattanooga Sports Authority)<br>Series 2024-A<br>5.75%, 12/01/2050 | 1500 | 1678223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055 | 2400 | 2728040 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 135 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC)<br>Series 2022<br>9.25%, 11/01/2042<sup>(c)</sup> | $1000 | $986931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2052<sup>(c)</sup> | 1060 | 1016276 |
|  Metropolitan Government Nashville & Davidson<br>County Sports Authority<br>(Metropolitan Govt of Nashville & Davidson<br>County TN) AG<br>Series 2023-A<br>5.25%, 07/01/2053 | 4000 | 4186598 |
|  Metropolitan Government of Nashville & Davidson<br>County TN Water & Sewer Revenue<br>(Metropolitan Govt of Nashville & Davidson County<br>TN Water & Sewer Revenue)<br>Series 2025<br>5.00%, 07/01/2050 | 5000 | 5250951 |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The)<br>Series 2022-B<br>5.50%, 07/01/2040 | 2350 | 2572400 |
|  Tennergy Corp./TN<br>(Nomura Holdings, Inc.)<br>Series 2022-A<br>5.50%, 10/01/2053 | 5000 | 5413741 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group)<br>Series 2023-A<br>5.00%, 05/01/2053 | 2000 | 2069050 |
|  Tennessee Energy Acquisition Corp.<br>(Pacific Life Insurance)<br>Series 2025-A<br>5.00%, 12/01/2035 | 2000 | 2173784 |
|  Wilson County Health & Educational Facilities Board<br>(Limestone Trail Apartments)<br>Series 2021<br>4.00%, 12/01/2039 | 990 | 789256 |
|  |  | 32792489 |
|  **Texas – 5.1%** |  |  |
|  Arlington Higher Education Finance Corp.<br>(BASIS Texas Charter Schools)<br>Series 2025<br>5.625%, 06/15/2045<sup>(a)</sup> | 1630 | 1657521 |
|  Arlington Higher Education Finance Corp.<br>(Cypress Christian School)<br>Series 2024-2<br>5.75%, 06/01/2043<sup>(a)</sup> | 1020 | 1035070 |

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| | |
|:---|:---|
| 136 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Arlington Higher Education Finance Corp.<br>(Harmony Public Schools)<br>Series 2016-A<br>5.00%, 02/15/2033 | $1410 | $1414486 |
|  Arlington Higher Education Finance Corp.<br>(Magellan School/The)<br>Series 2022<br>6.25%, 06/01/2052<sup>(a)</sup> | 1000 | 1010364 |
|  Central Texas Regional Mobility Authority<br>(Central Texas Regional Mobility Authority)<br>Series 2016<br>5.00%, 01/01/2033 | 1300 | 1302386 |
|  City of Houston TX<br>(City of Houston TX Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 09/01/2031 | 2500 | 2503498 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue)<br>Series 2025-A<br>5.00%, 07/01/2035 | 1000 | 1124357 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.)<br>Series 2014<br>5.00%, 07/01/2029 | 415 | 415459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B<br>5.00%, 07/15/2030 | 4650 | 4651801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 07/15/2028 | 1300 | 1336815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.50%, 07/15/2038 | 2345 | 2536459 |
|  County of Harris TX<br>(County of Harris TX)<br>Series 2020-A<br>3.00%, 10/01/2045 | 1600 | 1267003 |
|  County of Harris TX Toll Road Revenue<br>(County of Harris TX Toll Road Revenue)<br>Series 2021<br>4.00%, 08/15/2050 | 1175 | 1077269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>4.00%, 08/15/2054 | 1000 | 911286 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport)<br>Series 2022-A<br>4.507%, 11/01/2051 | 1000 | 884874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 11/01/2033 | 1000 | 1120141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2038 | 1000 | 1123293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2039 | 3565 | 3979501 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 137 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Harris County Cultural Education Facilities Finance Corp.<br>(Memorial Hermann Health System Obligated Group)<br>Series 2022<br>3.64% (MUNIPSA + 0.85%),<br>07/01/2049<sup>(b)</sup><br>| $1000 | $1000056 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority)<br>Series 2022-B<br>Zero Coupon, 12/01/2042<br>| 2000 | 856178 |
|  Irving Hospital Authority<br>(Baylor Medical Center at Irving)<br>Series 2017-A<br>5.00%, 10/15/2044 | 1785 | 1786782 |
|  Lamar Consolidated Independent School District<br>(Lamar Consolidated Independent School District)<br>AG Series 2023<br>5.50%, 02/15/2058 | 19050 | 20434691 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(a)</sup> | 4200 | 4211977 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Army Retirement Residence Obligated Group)<br>Series 2022<br>5.75%, 07/15/2052 | 1000 | 1002915 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(BSPV - Plano LLC)<br>Series 2023<br>0.00%, 12/31/2030<sup>(d)(e)</sup> | 177 | 119249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/31/2030<sup>(d)(e)</sup> | 1000 | 979756 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Buckingham Senior Living Community Obligated Group)<br>Series 2021<br>2.00%, 11/16/2061<sup>(d)(e)(f)</sup> | 4198 | 1805233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036<sup>(d)(e)</sup> | 970 | 970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037<sup>(d)(e)</sup> | 150 | 150000 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027<sup>(c)</sup> | 1500 | 1499815 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2055 | 425 | 356647 |

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| | |
|:---|:---|
| 138 AB Municipal Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 01/01/2057 | $1000 | $827213 |
|  Newark Higher Education Finance Corp.<br>(Abilene Christian University)<br>Series 2022<br>4.00%, 04/01/2057 | 5000 | 4199560 |
|  North Texas Tollway Authority<br>(North Texas Tollway System)<br>AG Series 2008<br>Zero Coupon, 01/01/2036 | 7200 | 5076240 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower<br>Obligated Group)<br>Series 2024<br>10.00%, 07/01/2026<sup>(a)</sup> | 1000 | 1003691 |
|  Port of Beaumont Navigation District<br>(Jefferson Railport Terminal II)<br>Series 2021<br>1.875%, 01/01/2026<sup>(a)</sup> | 850 | 848278 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Stayton at Museum Way)<br>Series 2024-A<br>5.75%, 12/01/2054 | 1528 | 1317988 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Tarrant County Cultural Education Facilities Finance)<br>5.00%, 11/15/2036<sup>(d)(e)(i)(j)</sup> | 1514 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2045<sup>(d)(e)(i)(j)</sup> | 3097 | – 0 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Texas Health Resources Obligated Group)<br>Series 2025-A<br>5.50%, 11/15/2052 | 1205 | 1309725 |
|  Texas Municipal Gas Acquisition & Supply Corp. II<br>(JPMorgan Chase & Co.)<br>Series 2012-C<br>3.528% (CME Term SOFR 3 Month + 0.86%), 09/15/2027<sup>(b)</sup> | 1735 | 1735894 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 | 1125 | 1204800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.50%, 01/01/2054 | 2000 | 2271386 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 139 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 | $5000 | $5512892 |
|  Texas State Public Finance Authority Charter<br>School Finance Corp.<br>(KIPP Texas, Inc.)<br>Series 2014-A<br>5.00%, 08/15/2032 | 1385 | 1386871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 1945 | 1947612 |
|  Texas State University System<br>(Texas State University System)<br>Series 2024<br>4.00%, 03/15/2049 | 4350 | 3957462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2043 | 1000 | 1071507 |
|  |  | 98196001 |
|  **Utah – 0.7%**<br>|  |  |
|  City of Salt Lake City UT Airport Revenue<br>(City of Salt Lake City UT Airport Revenue)<br>Series 2025-A<br>5.00%, 07/01/2037 | 2680 | 2993608 |
|  Downtown Revitalization Public Infrastructure District<br>(City of Salt Lake City UT Revitalization Sales Tax Revenue) AG<br>Series 2025<br>5.50%, 06/01/2055 | 2000 | 2155071 |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Assessment Area No. 1)<br>Series 2024-A<br>5.25%, 12/01/2044<sup>(a)</sup> | 1100 | 1080577 |
|  Intermountain Power Agency<br>(Intermountain Power Agency)<br>Series 2022-A<br>5.00%, 07/01/2045 | 5045 | 5230510 |
|  Utah Housing Corp.<br>(255 State 4 LLC)<br>Series 2020<br>4.58%, 01/01/2040<sup>(a)(f)</sup> | 823 | 716527 |
|  Wakara Ridge Public Infrastructure District<br>(Wakara Ridge Public Infrastructure District<br>Wakara Ridge Assessment Area)<br>Series 2025<br>5.625%, 12/01/2054<sup>(a)</sup> | 1000 | 1024134 |

---

---

| | |
|:---|:---|
| 140 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wolf Creek Infrastructure Financing District No. 1<br>(Wolf Creek Infrastructure Financing District No. 1<br>Wolf Creek Assessment Area 1)<br>Series 2025<br>5.75%, 12/01/2044 | $1000 | $1023095 |
|  |  | 14223522 |
|  **Vermont – 0.0%** |  |  |
|  Vermont Educational & Health Buildings Financing<br>Agency<br>(St. Michael's College)<br>Series 2023<br>5.50%, 10/01/2043<sup>(a)</sup> | 1000 | 918294 |
|  **Virginia – 0.8%** |  |  |
|  Arlington County Industrial Development Authority<br>(Virginia Hospital Center Arlington Health System<br>Obligated Group)<br>Series 2020<br>4.00%, 07/01/2045 | 690 | 659458 |
|  Cherry Hill Community Development Authority<br>(Potomac Shores Project)<br>Series 2015<br>5.40%, 03/01/2045<sup>(a)</sup> | 1410 | 1410923 |
|  Federal Home Loan Mortgage Corp. VA FEDMFH<br>(FMMV M052)<br>Series M052, Class A<br>2.65%, 06/15/2036 | 5135 | 4608220 |
|  Powhatan County Economic Development Authority<br>(Powhatan County Economic Development<br>Authority)<br>Series 2025<br>6.125%, 09/01/2060<sup>(a)</sup> | 1000 | 977953 |
|  US Bank Trust Co. NA<br>(Park Landing LP)<br>Series 2022-B<br>5.90%, 08/01/2052 | 1630 | 1458431 |
|  Virginia Beach Development Authority<br>(Westminster-Canterbury on Chesapeake Bay<br>Obligated Group)<br>Series 2023<br>5.375%, 09/01/2029 | 1000 | 1012248 |
|  Virginia College Building Authority<br>(Washington & Lee University)<br>Series 2021<br>3.00%, 01/01/2040 | 2000 | 1649098 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 141 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Virginia Small Business Financing Authority<br>(National Senior Communities Obligated Group)<br>Series 2020<br>3.375%, 01/01/2051 | $1000 | $769031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 2100 | 2165715 |
|  |  | 14711077 |
|  **Washington – 4.1%** |  |  |
|  Central Puget Sound Regional Transit Authority<br>(Central Puget Sound Regional Transit Authority<br>Sales & Use Tax)<br>Series 2009-2<br>5.491%, 11/01/2039 | 2000 | 2087672 |
|  City of Tacoma WA Electric System Revenue<br>(City of Tacoma WA Electric System Revenue)<br>Series 2025-A<br>5.25%, 01/01/2055 | 14785 | 15739181 |
|  Grays Harbor County Public Hospital District No. 1<br>(Grays Harbor County Public Hospital District No. 1)<br>Series 2023<br>6.875%, 12/01/2053 | 300 | 332136 |
|  Grays Harbor County Public Hospital District No. 2<br>(Grays Harbor County Public Hospital District No. 2)<br>Series 2018<br>5.00%, 12/15/2048 | 5650 | 5272791 |
|  Port of Seattle WA<br>(Port of Seattle WA)<br>Series 2021<br>4.00%, 08/01/2041 | 2000 | 1939737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 08/01/2047 | 11195 | 11467778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2047 | 1000 | 1056934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 10/01/2033 | 2000 | 2250775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 4850 | 5504389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 4110 | 4639816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 2000 | 2219403 |
|  Port of Tacoma WA<br>(Port of Tacoma WA)<br>Series 2016-B<br>5.00%, 12/01/2037 | 2000 | 2010381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | 2500 | 2509580 |
|  Spokane County School District No. 81 Spokane<br>(Spokane County School District No. 81 Spokane)<br>Series 2012<br>3.00%, 12/01/2031 | 2000 | 1988462 |
|  Washington Health Care Facilities Authority<br>(CommonSpirit Health Obligated Group)<br>Series 2025<br>5.50%, 09/01/2055 | 1000 | 1066828 |

---

---

| | |
|:---|:---|
| 142 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Washington Health Care Facilities Authority<br>(Fred Hutchinson Cancer Center Obligated Group)<br>Series 2020<br>5.00%, 09/01/2040 | $700 | $734613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>3.00%, 12/01/2034<sup>(a)</sup> | 425 | 407762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(a)</sup> | 440 | 458156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(a)</sup> | 315 | 333905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(a)</sup> | 170 | 183122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030<sup>(a)</sup> | 265 | 290035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(a)</sup> | 265 | 291027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032<sup>(a)</sup> | 225 | 246688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(a)</sup> | 490 | 534388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.25%, 03/01/2044 | 1765 | 1740357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 | 1620 | 1773164 |
|  Washington Higher Education Facilities Authority<br>(of Gonzaga University)<br>Series 2023<br>4.00%, 04/01/2043 | 2600 | 2502745 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest<br>Obligated Group)<br>Series 2019-A<br>5.00%, 01/01/2044<sup>(a)</sup> | 1000 | 967054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> | 1000 | 907656 |
|  Washington State Housing Finance Commission<br>(Seattle Academy of Arts & Sciences)<br>Series 2023<br>6.375%, 07/01/2063<sup>(a)</sup> | 910 | 985518 |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 | 2201 | 2137055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.727%, 12/20/2035<sup>(g)</sup> | 1861 | 70858 |
|  Washington State Housing Finance Commission<br>(WSHFC 2023-1)<br>Series 2023-1, Class A<br>3.375%, 04/20/2037 | 980 | 926194 |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1)<br>Series 2024-1, Class A<br>4.221%, 03/01/2050 | 993 | 972923 |
|  Washington State Housing Finance Commission<br>(WSHFC 2025-1)<br>Series 2025-1, Class A1<br>4.079%, 08/20/2063 | 1995 | 1918271 |
|  |  | 78467354 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 143 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **West Virginia – 0.2%** |  |  |
|  Monongalia County Commission Excise Tax District<br>(Monongalia County Commission Excise Tax<br>District)<br>Series 2023<br>0.00%, 06/01/2053<sup>(a)(f)</sup> | $760 | $170039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/2043<sup>(a)</sup> | 100 | 104888 |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.875%, 06/01/2049 | 1320 | 1211115 |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC)<br>Series 2023<br>9.00%, 06/01/2038<sup>(c)</sup> | 2250 | 2025000 |
|  |  | 3511042 |
|  **Wisconsin – 3.6%** |  |  |
|  St. Croix Chippewa Indians of Wisconsin<br>(St. Croix Chippewa Indians of Wisconsin)<br>Series 2021<br>5.00%, 09/30/2041<sup>(a)</sup> | 1000 | 918162 |
|  Wisconsin Center District<br>(Wisconsin Center District Ded Tax)<br>Series 2022<br>5.25%, 12/15/2061<sup>(a)</sup> | 1000 | 996513 |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group)<br>Series 2024<br>5.875%, 07/01/2055 | 1000 | 1003275 |
|  Wisconsin Health & Educational Facilities Authority<br>(Froedtert ThedaCare Health Obligated Group)<br>Series 2019<br>4.00%, 12/15/2035 | 305 | 307311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2036 | 335 | 336124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2037 | 320 | 319010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2038 | 335 | 330549 |
|  Wisconsin Health & Educational Facilities Authority<br>(Gundersen Lutheran Obligated Group)<br>Series 2021<br>4.00%, 10/15/2035 | 1375 | 1412420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2036 | 2600 | 2653529 |
|  Wisconsin Health & Educational Facilities Authority<br>(Oakwood Lutheran Senior Ministries Obligated<br>Group)<br>Series 2021<br>4.00%, 01/01/2057 | 1000 | 776603 |

---

---

| | |
|:---|:---|
| 144 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Housing & Economic Development<br>Authority<br>(Roers Sun Prairie Apartments Owner)<br>Series 2022<br>4.625%, 03/15/2040<sup>(a)</sup> | $255 | $228049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>3.875%, 12/01/2039<sup>(a)</sup> | 1170 | 1043405 |
|  Wisconsin Public Finance Authority<br>(Absolute Awakenings)<br>Series 2025-A<br>7.00%, 01/01/2045<sup>(a)</sup> | 1010 | 1086126 |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement<br>District of Denton & Wise Counties)<br>Series 2024<br>Zero Coupon, 12/15/2038<sup>(a)</sup> | 2000 | 921883 |
|  Wisconsin Public Finance Authority<br>(Beyond Boone LLC)<br>AG Series 2019<br>5.00%, 07/01/2054 | 775 | 779768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 750 | 753889 |
|  Wisconsin Public Finance Authority<br>(Blue Ridge Healthcare Obligated Group)<br>Series 2020<br>5.00%, 01/01/2035 | 500 | 530766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 500 | 529084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 500 | 527075 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041<sup>(c)</sup> | 6750 | 6306903 |
|  Wisconsin Public Finance Authority<br>(Celanese US Holdings LLC)<br>Series 2016-B<br>5.00%, 12/01/2025 | 1795 | 1795000 |
|  Wisconsin Public Finance Authority<br>(CFC-SA LLC)<br>Series 2022<br>5.00%, 02/01/2052 | 1150 | 1152784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2062 | 1000 | 991511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2052<sup>(a)</sup> | 1000 | 1020552 |
|  Wisconsin Public Finance Authority<br>(FAH Tree House LLC)<br>Series 2023<br>6.50%, 08/01/2053<sup>(a)</sup> | 2825 | 2555340 |
|  Wisconsin Public Finance Authority<br>(Heritage Bend Project)<br>Series 2025<br>Zero Coupon, 12/15/2042<sup>(a)</sup> | 3485 | 1063798 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 145 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Inperium Obligated Group)<br>Series 2024<br>5.75%, 12/01/2054<sup>(a)</sup> | $1000 | $1004179 |
|  Wisconsin Public Finance Authority<br>(Lackland Project)<br>Series 2024<br>Zero Coupon, 02/01/2031 | 680 | 476564 |
|  Wisconsin Public Finance Authority<br>(Montgomery County Municipal Utility District Nos<br>123 & 153)<br>Series 2024<br>Zero Coupon, 12/15/2034<sup>(a)</sup> | 1000 | 584642 |
|  Wisconsin Public Finance Authority<br>(North San Gabriel Municipal Utility District No. 1)<br>Series 2023<br>Zero Coupon, 09/01/2029<sup>(a)</sup> | 342 | 260296 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC)<br>Series 2024<br>5.50%, 07/01/2044 | 1000 | 1034323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2049 | 1000 | 1046303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2054 | 2000 | 2081372 |
|  Wisconsin Public Finance Authority<br>(QCF Behavioral Hospitals I Obligated Group)<br>Series 2024<br>7.50%, 07/01/2059<sup>(a)</sup> | 1000 | 1125826 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 | 2000 | 2030092 |
|  Wisconsin Public Finance Authority<br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021<br>4.00%, 06/01/2056<sup>(a)</sup> | 5000 | 3527987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 06/01/2049<sup>(a)</sup> | 985 | 731171 |
|  Wisconsin Public Finance Authority<br>(Southeastern Regional Medical Center Obligated<br>Group)<br>Series 2022<br>5.00%, 02/01/2033 | 2000 | 2000273 |
|  Wisconsin Public Finance Authority<br>(SR 400 Peach Partners LLC)<br>Series 2025<br>5.75%, 06/30/2060 | 5000 | 5196591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2065 | 6630 | 6875499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 | 3000 | 3314440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2065 | 3400 | 3759080 |

---

---

| | |
|:---|:---|
| 146 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Triad Math & Science Academy)<br>Series 2025<br>5.25%, 06/15/2065 | $1000 | $955106 |
|  Wisconsin Public Finance Authority<br>(Waterstone Projects)<br>Series 2024<br>5.50%, 12/15/2038<sup>(a)</sup> | 1000 | 1003951 |
|  Wisconsin Public Finance Authority<br>(West 44th Avenue)<br>Series 2025<br>5.00%, 01/01/2061 | 1175 | 1148115 |
|  Wisconsin Public Finance Authority<br>(Wisconsin Public Finance Authority-MF Affordable<br>Housing)<br>Series 2024-1<br>4.10%, 09/25/2039 | 1540 | 1555977 |
|  |  | 70051216 |
|  Total Long-Term Municipal Bonds<br>(cost $1,885,858,544) |  | 1857556946 |
|  Short-Term Municipal Notes – 1.0% |  |  |
|  **California – 0.1%** |  |  |
|  Nuveen California AMT-Free Quality Municipal<br>Income Fund<br>(Nuveen California AMT-Free Quality Municipal<br>Income Fund)<br>Series 2017<br>3.24%, 10/01/2047<sup>(a)(l)</sup> | 2000 | 2000000 |
|  **New York – 0.3%** |  |  |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2025<br>3.77% (MUNIPSA + 0.98%),<br>05/01/2026<sup>(b)</sup> | 6100 | 6100000 |
|  **Other – 0.6%** |  |  |
|  Nuveen AMT-Free Municipal Credit Income Fund<br>(Nuveen AMT-Free Municipal Credit Income Fund)<br>Series 2019<br>3.24%, 03/01/2029<sup>(l)</sup> | 5200 | 5200000 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 147 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Nuveen AMT-Free Quality Municipal Income Fund<br>(Nuveen AMT-Free Quality Municipal Income<br>Fund)<br>Series 2021<br>3.24%, 03/01/2029<sup>(l)</sup> | $6100 | $6100000 |
|  |  | 11300000 |
|  Total Short-Term Municipal Notes<br>(cost $19,396,937) |  | 19400000 |
|  Total Municipal Obligations<br>(cost $1,905,255,481) |  | 1876956946 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6% |  |  |
|  **Agency CMBS – 0.6%** |  |  |
|  California Housing Finance Agency<br>Series 2021-3, Class X<br>0.793%, 08/20/2036<sup>(g)</sup> | 2153 | 95535 |
|  Federal Home Loan Mortgage Corp. Multifamily<br>ML Certificates<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 | 942 | 794248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class AUS<br>2.032%, 01/25/2038 | 1229 | 1009666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML12, Class AUS<br>2.34%, 07/25/2041 | 1908 | 1614675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA<br>0.965%, 07/25/2036<sup>(g)</sup> | 1477 | 79818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS<br>1.005%, 09/25/2036<sup>(g)</sup> | 2559 | 173081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML21, Class AUS<br>4.615%, 08/25/2041 | 3204 | 3293833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML24, Class AUS<br>4.30%, 05/25/2041 | 4343 | 4378301 |
|  |  | 11439157 |
|  **Non-Agency Fixed Rate CMBS – 0.0%** |  |  |
|  New Hampshire Business Finance Authority<br>Series 2022-2, Class X<br>0.691%, 10/01/2036<sup>(g)</sup> | 3828 | 160328 |
|  Washington State Housing Finance Commission<br>Series 2023-1, Class X<br>1.495%, 04/20/2037<sup>(g)</sup> | 4898 | 476796 |
|  |  | 637124 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $12,953,354) |  | 12076281 |

---

---

| | |
|:---|:---|
| 148 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT GRADE – 0.1% |  |  |
|  Financial Institutions – 0.1% |  |  |
|  **REITs – 0.1%** |  |  |
|  Bridgewater Castle Rock ALF LLC<br>9.50%, 12/31/2025<sup>(i)(j)</sup><br>(cost $635,000) | $635 | $635000 |
|  | **Shares** |  |
|  PREFERRED STOCKS – 0.0% |  |  |
|  Utility – 0.0% |  |  |
|  **Electric – 0.0%** |  |  |
|  AES Guayama Holdings<br>0.00%<sup>(d)(i)(j)</sup>(cost $969,220) | 53964 | 157035 |
|  SHORT-TERM INVESTMENTS – 0.4% |  |  |
|  **Investment Companies – 0.4%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(m)(n)(o)</sup> (cost $8,247,493) | 8247493 | 8247493 |
|  Total Investments – 98.2%<br>(cost $1,928,060,548) |  | 1898072755 |
|  Other assets less liabilities – 1.8% |  | 35435194 |
|  **Net Assets – 100.0%** |  | $**1933507949** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,<br>2025** | **Notional**<br> **Amount<br>(000)** | **Notional**<br> **Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |  |  |  |  |  |  |
| CDX-NAHY<br>Series 45,<br>5 Year<br>Index,<br>12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD | 41200 | $(3465677) | $(2980464) | $(485213) |

---

\* Termination date

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 149 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** | **Payment**<br> **Frequency<br>Paid/**<br> **Received** | **Market**<br> **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| USD | 58000 | 10/15/2029 | 2.569% | CPI# | Maturity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147882) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147882) |
| USD | 56500 | 10/15/2029 | 2.485% | CPI# | Maturity | 86471 | – 0 | 86471 |
|  |  |  |  |  |  | $(61411) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $(61411) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 3900 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $138122 | $– 0 | $138122 |
| USD | 36900 | 12/03/2031 | 1 Day SOFR | 4.178% | Annual | 1576563 | – 0 | 1576563 |
| USD | 32540 | 03/12/2032 | 1 Day SOFR | 3.843% | Annual | 730599 | (172) | 730771 |
| USD | 24953 | 08/15/2034 | 3.844% | 1 Day SOFR | Annual | (531554) | – 0 | (531554) |
| USD | 9687 | 08/15/2034 | 3.856% | 1 Day SOFR | Annual | (215438) | – 0 | (215438) |
| USD | 9250 | 08/15/2034 | 3.272% | 1 Day SOFR | Annual | 216761 | – 0 | 216761 |
| USD | 13800 | 02/15/2035 | 3.800% | 1 Day SOFR | Annual | (206859) | 379 | (207238) |
| USD | 22500 | 10/25/2035 | 3.521% | 1 Day SOFR | Annual | 169688 | – 0 | 169688 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877882 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877675 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | USD | 2500 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | $127455 | – 0 | $127455 |
|  Bank of America NA | USD | 2500 | 05/06/2026 | MMD 10 Year^ | 3.660% | Maturity | 191494 | – 0 | 191494 |
|  Bank of America NA | USD | 2000 | 06/25/2026 | MMD 10 Year^ | 3.570% | Maturity | 127037 | – 0 | 127037 |
|  Bank of America NA | USD | 3000 | 08/10/2026 | MMD 10 Year^ | 3.580% | Maturity | 182152 | – 0 | 182152 |
|  Bank of America NA | USD | 3000 | 09/18/2026 | MMD 5 Year^ | 2.480% | Maturity | (14175) | – 0 | (14175) |
|  Citibank NA | USD | 22105 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | 1102725 | – 0 | 1102725 |
|  JPMorgan Chase Bank NA | USD | 3000 | 03/16/2026 | MMD 10 Year^ | 3.460% | Maturity | 184047 | – 0 | 184047 |
|  JPMorgan Chase Bank NA | USD | 2500 | 04/23/2026 | MMD 10 Year^ | 3.840% | Maturity | 238736 | – 0 | 238736 |
|  JPMorgan Chase Bank NA | USD | 2000 | 06/04/2026 | MMD 10 Year^ | 3.690% | Maturity | 153916 | – 0 | 153916 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 12/19/2025 | MMD 10 Year^ | 3.300% | Maturity | 267277 | – 0 | 267277 |

---

---

| | |
|:---|:---|
| 150 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services LLC | USD | 2500 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | $127455 | $– 0 | $127455 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 03/26/2026 | MMD 10 Year^ | 3.640% | Maturity | 391837 | – 0 | 391837 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 04/13/2026 | MMD 10 Year^ | 3.890% | Maturity | 506084 | – 0 | 506084 |
|  Morgan Stanley Capital Services LLC | USD | 2500 | 05/29/2026 | MMD 10 Year^ | 3.660% | Maturity | 186248 | – 0 | 186248 |
|  Morgan Stanley Capital Services LLC | USD | 2500 | 07/13/2026 | MMD 5 Year^ | 2.930% | Maturity | 48079 | – 0 | 48079 |
|  Royal Bank of Canada | USD | 3000 | 10/13/2026 | MMD 5 Year^ | 2.610% | Maturity | 2137 | – 0 | 2137 |
|  |  |  |  |  |  |  | $3822504 | $– 0 | $3822504 |

---

^ Variable interest rate based on the Municipal Market Data AAA General Obligation Scale.

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2025, the aggregate market value of these securities amounted to $227,288,030 or 11.8% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.04% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>7.75%, 07/01/2050 | 06/09/2022-<br> 07/20/2022 | $4116975 | $87538 | 0.00% |
|  Douglas County Housing Partnership<br>(Bridgewater Castle Rock ALF)<br>Series 2021<br>5.375%, 01/01/2041 | 01/14/2021 | 2465054 | 1900000 | 0.10% |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2024<br>5.67%, 11/01/2038 | 10/19/2022 | 1430000 | 1415662 | 0.07% |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039 | 03/29/2019 | 3578368 | 173500 | 0.01% |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group)<br>Series 2024-B<br>3.517%, 11/01/2046 | 06/24/2024 | 1910000 | 1898379 | 0.10% |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 151 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Industrial Development Authority of the County of Pima<br>(The) (Edkey Obligated Group)<br>Series 2020<br>5.00%, 07/01/2040 | 10/29/2020 | $1378916 | $1084000 | 0.06% |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC)<br>Series 2022<br>9.25%, 11/01/2042 | 11/25/2022 | 1000000 | 986931 | 0.05% |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC)<br>Series 2022<br>9.50%, 11/01/2052 | 11/25/2022-<br>06/13/2025 | 1058505 | 1016276 | 0.05% |
|  Last Step Recycling LLC<br>(Last Step Recycling LLC)<br>9.50%, 12/15/2028 | 03/26/2025-<br>06/23/2025 | 546278 | 546278 | 0.03% |
|  Mississippi Business Finance Corp.<br>(Alden Group Renewable Energy Mississippi)<br>Series 2022<br>8.00%, 12/01/2029 | 12/13/2022 | 1236717 | 850000 | 0.04% |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027 | 02/03/2023 | 1500000 | 1499815 | 0.08% |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033 | 10/23/2020 | 950000 | 190000 | 0.01% |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.50%, 06/01/2051 | 02/25/2022-<br>10/20/2022 | 1293300 | 159500 | 0.01% |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC)<br>Series 2023 9.00%, 06/01/2038 | 05/31/2023 | 2250000 | 2025000 | 0.10% |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041 | 08/03/2021 | 6750000 | 6306903 | 0.33% |

---

(d) Non-income producing security.

(e) Defaulted.

(f) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(g) IO – Interest Only.

---

| | |
|:---|:---|
| 152 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(h) When-Issued or delayed delivery security.

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

(j) Fair valued by the Adviser.

(k) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at November 30, 2025.

(l) 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.

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

(n) Affiliated investments.

(o) 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.

As of November 30, 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 7.1% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CDX-NAHY – North American High Yield Credit Default Swap Index

CFD – Community Facilities District

CHF – Collegiate Housing Foundation

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

FHLMC – Federal Home Loan Mortgage Corporation

MMD – Municipal Market Data

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 153 |

---

------

#### PORTFOLIO OF INVESTMENTS

#### AB NEW YORK PORTFOLIO
**November 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 96.6% |  |  |
|  Long-Term Municipal Bonds – 95.9% |  |  |
|  **New York – 89.6%** |  |  |
|  Albany Capital Resource Corp.<br>(Albany Medical Center Hospital Obligated Group)<br>Series 2025<br>5.25%, 05/01/2045 | $2000 | $2158934 |
|  Brookhaven Local Development Corp.<br>(Jefferson's Ferry)<br>Series 2016<br>5.25%, 11/01/2036 | 1785 | 1807221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 11/01/2045 | 1000 | 893429 |
|  Broome County Local Development Corp.<br>(Good Shepherd Village at Endwell Obligated Group)<br>Series 2021<br>4.00%, 07/01/2047 | 1000 | 850016 |
|  Buffalo & Fort Erie Public Bridge Authority<br>(Buffalo & Fort Erie Public Bridge Authority)<br>Series 2017<br>5.00%, 01/01/2042 | 2250 | 2277682 |
|  Build NYC Resource Corp.<br>(City University of New York)<br>Series 2014-A<br>5.00%, 06/01/2030 | 1110 | 1111370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 1320 | 1321598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 550 | 550605 |
|  Build NYC Resource Corp.<br>(Classical Charter School)<br>Series 2023<br>4.75%, 06/15/2058 | 760 | 681393 |
|  Build NYC Resource Corp.<br>(East Harlem Scholars Academy Charter School Obligated Group)<br>Series 2022<br>5.75%, 06/01/2052<sup>(a)</sup> | 2125 | 2109084 |
|  Build NYC Resource Corp.<br>(Global Community Charter School)<br>Series 2022<br>5.00%, 06/15/2052 | 1275 | 1077570 |
|  Build NYC Resource Corp.<br>(Grand Concourse Acadmey Charter School)<br>Series 2022<br>5.00%, 07/01/2052 | 1285 | 1251640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2062 | 4000 | 3818839 |

---

---

| | |
|:---|:---|
| 154 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Build NYC Resource Corp.<br>(Integration Charter Schools)<br>Series 2021<br>5.00%, 06/01/2051<sup>(a)</sup> | $1500 | $1213533 |
|  Build NYC Resource Corp.<br>(KIPP NYC Public Charter Schools)<br>Series 2023<br>5.25%, 07/01/2052 | 2000 | 2019775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2057 | 1865 | 1878257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2062 | 3000 | 3013008 |
|  Build NYC Resource Corp.<br>(Metropolitan College of New York)<br>Series 2014<br>5.25%, 11/01/2029<sup>(b)(c)</sup> | 2555 | 1788500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2044<sup>(b)(c)</sup> | 1625 | 1137500 |
|  Build NYC Resource Corp.<br>(Metropolitan Lighthouse Charter School)<br>Series 2017<br>5.00%, 06/01/2052<sup>(d)</sup> | 1000 | 886752 |
|  Build NYC Resource Corp.<br>(South Bronx Charter School For Intl Cultures & The Arts)<br>Series 2023<br>7.00%, 04/15/2053<sup>(a)</sup> | 1200 | 1226532 |
|  Build NYC Resource Corp.<br>(Success Academy Charter Schools Obligated Group)<br>Series 2024<br>4.00%, 09/01/2043 | 880 | 836227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2044 | 1025 | 964379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp. <br>(TrIPs Obligated Group) <br>Series 2025<br> 5.50%, 07/01/2050 | 5000 | 5222908 |
|  Build NYC Resource Corp.<br>(Zeta Charter Schools Obligated Group)<br>Series 2025<br>5.375%, 10/15/2055<sup>(a)</sup> | 1000 | 997803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/15/2061<sup>(a)</sup> | 2000 | 1976150 |
|  City of New York NY<br>(City of New York NY)<br>Series 2021<br>1.396%, 08/01/2027 | 5905 | 5680133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.723%, 08/01/2029 | 2475 | 2289354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.823%, 08/01/2030 | 2210 | 2002077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>4.61%, 09/01/2037 | 1000 | 984338 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 155 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 08/01/2035 | $2000 | $2319853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E<br>5.25%, 08/01/2050 | 5000 | 5262241 |
|  City of New York NY<br>(Prerefunded - US Treasuries) <br>Series 2021<br>1.723%, 08/01/2029 | 525 | 486656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.823%, 08/01/2030 | 790 | 719011 |
|  Dutchess County Local Development Corp.<br>(Bard College)<br>Series 2020-A<br>5.00%, 07/01/2051 | 6400 | 6299293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>5.918%, 07/01/2039 | 1285 | 1271059 |
|  Hempstead Town Local Development Corp.<br>(Evergreen Charter School)<br>Series 2022-A<br>5.50%, 06/15/2057 | 5000 | 5002417 |
|  Hempstead Town Local Development Corp.<br>(Molloy College)<br>Series 2014<br>5.00%, 07/01/2034 | 1845 | 1845934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1100 | 1100590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 07/01/2048 | 1495 | 1499514 |
|  Long Island Power Authority <br>(Long Island Power Authority) <br>Series 2016-B<br>5.00%, 09/01/2030 | 5000 | 5074563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 3515 | 3565056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.00%, 09/01/2048 | 5000 | 5231913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.25%, 09/01/2054 | 5000 | 5316415 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2016-A<br>5.25%, 11/15/2034 | 10740 | 10947234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2035 | 5000 | 5087745 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority)<br>Series 2010<br>6.814%, 11/15/2040 | 995 | 1133151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>3.117% (SOFR + 0.43%), 11/01/2026<sup>(e)</sup> | 100 | 99937 |

---

---

| | |
|:---|:---|
| 156 AB Municipal Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 11/15/2039 | $5000 | $5486347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2035 | 2290 | 2629238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2045 | 5000 | 5350609 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2021<br>3.487% (SOFR + 0.80%), 11/01/2032<sup>(e)</sup> | 1285 | 1285171 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2024-A <br>4.00%, 11/15/2048 | 6000 | 5497230 |
|  Metropolitan Transportation Authority Dedicated Tax Fund<br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2024<br>4.00%, 11/15/2054 | 3000 | 2775677 |
|  Monroe County Industrial Development Corp./NY<br>(Academy of Health Sciences Charter School)<br>Series 2022<br>5.875%, 07/01/2052<sup>(a)</sup> | 2000 | 1978251 |
|  Monroe County Industrial Development Corp./NY<br>(Eugenio Maria de Hostos Charter School)<br>Series 2024<br>5.00%, 07/01/2044<sup>(a)</sup> | 1000 | 950893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054<sup>(a)</sup> | 2000 | 1791580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2059<sup>(a)</sup> | 1350 | 1198152 |
|  Monroe County Industrial Development Corp./NY<br>(Rochester Regional Health Obligated Group)<br>Series 2020<br>4.00%, 12/01/2038 | 1200 | 1183510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1000 | 976526 |
|  Monroe County Industrial Development Corp./NY<br>(St. Ann's of Greater Rochester Obligated Group)<br>Series 2019<br>5.00%, 01/01/2040 | 2150 | 2106259 |
|  Nassau County Industrial Development Agency<br>(Amsterdam House Continuing Care Retirement Community)<br>5.00%, 01/01/2058<sup>(f)(g)</sup> | 1447 | 103578 |
|  Nassau County Local Economic Assistance Corp.<br>(Roosevelt Children's Academy Charter School)<br>Series 2023<br>5.00%, 07/01/2043 | 1195 | 1211021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055 | 3700 | 3654442 |
|  New York City Health & Hospitals Corp.<br>(New York City Health & Hospital Lease)<br>Series 2025-A<br>5.00%, 02/15/2042 | 1500 | 1629763 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 157 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York City Housing Development Corp.<br>(8 Spruce NY Owner LLC)<br>Series 2024<br>4.00%, 12/15/2031 | $330 | $338011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2031 | 640 | 654039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2031 | 1565 | 1611635 |
|  New York City Municipal Water Finance Authority<br>(New York City Municipal Water Finance Authority)<br>Series 2022-A<br>5.25%, 06/15/2052 | 10000 | 10598270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 06/15/2053 | 4500 | 4757525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>4.25%, 06/15/2054 | 3000 | 2888789 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(Prerefunded - US Treasuries)<br>Series 2016-S<br>5.00%, 07/15/2034 | 1000 | 1002944 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(State of New York)<br>Series 2025-S<br>5.00%, 07/15/2027 | 2000 | 2074335 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2016-F<br>5.00%, 02/01/2032 | 10000 | 10034902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.50%, 05/01/2042 | 7000 | 7760393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/01/2039 | 10000 | 11117183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/01/2046 | 2500 | 2620041 |
|  New York Convention Center Development Corp.<br>(New York City Hotel Unit Fee Revenue Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 11/15/2034 | 9220 | 9230398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 | 6000 | 6006651 |
|  NEW York Energy Finance Development Corp.<br>(Athene Annuity & Life Co.)<br>Series 2025<br>5.00%, 07/01/2056 | 3640 | 3899391 |

---

---

| | |
|:---|:---|
| 158 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC)<br>Series 2014<br>5.00%, 11/15/2044<sup>(a)</sup> | $2200 | $2199994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/2040<sup>(a)</sup> | 700 | 699997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044<sup>(a)</sup> | 1280 | 1280940 |
|  New York Liberty Development Corp.<br>(7 World Trade Center II)<br>Series 2022<br>3.00%, 09/15/2043 | 2000 | 1654058 |
|  New York Liberty Development Corp.<br>(One Bryant Park LLC)<br>Series 2019<br>2.625%, 09/15/2069 | 7780 | 7327660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2069 | 5780 | 5405810 |
|  New York Liberty Development Corp.<br>(Port Authority of New York & New Jersey)<br>Series 2021-1<br>3.00%, 02/15/2042 | 3000 | 2584417 |
|  New York Power Authority<br>(New York Power Authority SFP Transmission Project)<br>AG Series 2023<br>5.00%, 11/15/2053 | 3000 | 3137533 |
|  New York State Dormitory Authority<br>(Catholic Health System Obligated Group)<br>Series 2019<br>5.00%, 07/01/2035 | 1310 | 1271898 |
|  New York State Dormitory Authority<br>(Cornell University)<br>Series 2024-A<br>5.50%, 07/01/2054 | 5000 | 5416479 |
|  New York State Dormitory Authority<br>(Garnet Health Medical Center Obligated Group)<br>Series 2017<br>5.00%, 12/01/2032<sup>(a)</sup> | 1000 | 1008876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(a)</sup> | 1000 | 1007007 |
|  New York State Dormitory Authority<br>(Icahn School of Medicine at Mount Sinai)<br>Series 2015-A<br>5.00%, 07/01/2031 | 3000 | 3001032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 3000 | 3000610 |
|  New York State Dormitory Authority<br>(Iona College)<br>Series 2021-A<br>5.00%, 07/01/2046 | 875 | 885541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051 | 1200 | 1205714 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 159 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>5.00%, 07/01/2037 | $200 | $212784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 | 275 | 282032 |
|  New York State Dormitory Authority<br>(Iona University)<br>AG Series 2025<br>5.00%, 07/01/2051 | 2285 | 2374240 |
|  New York State Dormitory Authority<br>(Memorial Sloan-Kettering Cancer Center)<br>Series 2022<br>4.00%, 07/01/2051 | 4900 | 4496657 |
|  New York State Dormitory Authority <br>(Montefiore Obligated Group) <br>Series 2018<br>5.00%, 08/01/2032 | 1950 | 2003243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 2000 | 2049228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1515 | 1545094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 09/01/2037 | 800 | 754150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 | 1345 | 1243656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.25%, 11/01/2041 | 2300 | 2469608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2047 | 1160 | 1216096 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>3.00%, 09/01/2050 | 3000 | 2212190 |
|  New York State Dormitory Authority<br>(Mount Sinai Hospital Obligated Group)<br>Series 2025<br>5.25%, 07/01/2050 | 5000 | 5040910 |
|  New York State Dormitory Authority<br>(New School/The)<br>Series 2016-A<br>5.00%, 07/01/2035 | 2815 | 2858444 |
|  New York State Dormitory Authority<br>(Pratt Institute)<br>Series 2016<br>5.00%, 07/01/2030 | 1000 | 1010448 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax)<br>Series 2009<br>5.628%, 03/15/2039 | 1000 | 1037860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 02/15/2033 | 8095 | 8398477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 03/15/2054 | 9525 | 9888925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C<br>5.25%, 03/15/2050 | 1000 | 1066768 |

---

---

| | |
|:---|:---|
| 160 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority<br>(Wagner College)<br>Series 2022<br>5.00%, 07/01/2047 | $3625 | $3126271 |
|  New York State Dormitory Authority<br>(White Plains Hospital Obligated Group)<br>Series 2024<br>5.25%, 10/01/2049 | 3840 | 3911268 |
|  New York State Environmental Facilities Corp.<br>(Casella Waste Systems)<br>Series 2019<br>2.875%, 12/01/2044<sup>(a)</sup> | 3125 | 2984958 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax)<br>Series 2025-A<br>5.00%, 03/15/2045 | 1000 | 1061401 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.)<br>Series 2018<br>4.00%, 01/01/2036 | 1000 | 973863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 2395 | 2469707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 10/01/2035 | 2200 | 2296408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 | 3815 | 3870299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>6.00%, 04/01/2035 | 1000 | 1103593 |
|  New York Transportation Development Corp.<br>(Empire State Thruway Partners)<br>Series 2021<br>4.00%, 10/31/2046 | 11000 | 9871222 |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal)<br>Series 2020<br>5.00%, 12/01/2031 | 1150 | 1234725 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners)<br>Series 2024<br>5.50%, 12/31/2060 | 4250 | 4340965 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024<br>0.00%, 12/31/2054<sup>(h)</sup> | 3000 | 1957643 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC)<br>Series 2024<br>5.50%, 06/30/2060 | 10000 | 10128890 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023<br>5.00%, 06/30/2049 | 1000 | 1007360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/30/2060 | 5000 | 5024916 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 161 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners)<br>Series 2016-A<br>4.00%, 07/01/2032 | $2000 | $1987928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 2250 | 2239805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 2490 | 2491604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 | 2000 | 1992179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2050 | 3030 | 3029951 |
|  Niagara Area Development Corp.<br>(Reworld Holding Corp.)<br>Series 2018-A<br>4.75%, 11/01/2042<sup>(a)</sup> | 5000 | 4481420 |
|  Oneida County Local Development Corp.<br>(Hamilton College)<br>Series 2021<br>5.00%, 07/01/2051 | 2405 | 2692040 |
|  Onondaga Civic Development Corp.<br>(Crouse Health Hospital Obligated Group)<br>Series 2024<br>5.375%, 08/01/2054 | 1650 | 1448597 |
|  Onondaga Civic Development Corp.<br>(Le Moyne College)<br>Series 2021<br>5.00%, 07/01/2051 | 1400 | 1391817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 07/01/2042 | 525 | 482667 |
|  Onondaga Civic Development Corp.<br>(Syracuse University)<br>Series 2025<br>5.50%, 12/01/2056 | 5150 | 5656669 |
|  Port Authority of New York & New Jersey<br>(Port Authority of New York & New Jersey)<br>Series 2018-2<br>5.00%, 09/15/2031 | 2000 | 2081999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2<br>4.00%, 07/15/2045 | 5000 | 4622573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>5.00%, 08/01/2035 | 2500 | 2729766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2<br>5.00%, 07/15/2038 | 2000 | 2168258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | 2000 | 2167139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 | 1625 | 1731465 |
|  Saratoga County Capital Resource Corp.<br>(Washington Saratoga Warren Hamilton & Essex Boces)<br>Series 2025<br>5.00%, 07/01/2047 | 3000 | 3178508 |

---

---

| | |
|:---|:---|
| 162 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Suffolk County Economic Development Corp.<br>(Catholic Health Services of Long Island Obligated Group)<br>Series 2014-C<br>5.00%, 07/01/2031 | $2500 | $2503526 |
|  Suffolk County Economic Development Corp.<br>(Peconic Landing at Southold)<br>Series 2020<br>5.00%, 12/01/2040 | 1500 | 1516283 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>5.75%, 12/01/2044 | 1600 | 1626867 |
|  Suffolk Tobacco Asset Securitization Corp.<br>(Suffolk Tobacco Asset Securitization)<br>Series 2021<br>4.00%, 06/01/2050 | 790 | 720880 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.511%, 05/15/2035 | 3500 | 2981202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C<br>5.00%, 05/15/2051 | 10000 | 10326561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.737% (SOFR + 1.05%), 04/01/2026<sup>(e)</sup> | 2500 | 2500957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/15/2035 | 1000 | 1166677 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2017-B<br>5.00%, 11/15/2036 | 3000 | 3084823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2049 | 3000 | 3094411 |
|  Troy Capital Resource Corp.<br>(Rensselaer Polytechnic Institute)<br>Series 2020<br>5.00%, 09/01/2035 | 1250 | 1344825 |
|  Trust for Cultural Resources of The City of New York (The)<br>(Lincoln Center for the Performing Arts)<br>Series 2020<br>4.00%, 12/01/2033 | 1000 | 1034544 |
|  TSASC, Inc./NY<br>(TSASC, Inc./NY)<br>Series 2016<br>5.00%, 06/01/2045 | 3350 | 2975009 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 163 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 06/01/2041 | $10850 | $10876687 |
|  Ulster County Capital Resource Corp.<br>(Woodland Pond at New Paltz)<br>Series 2017<br>5.00%, 09/15/2037 | 1515 | 1515135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2042 | 135 | 131434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2047 | 235 | 218901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2053 | 505 | 458018 |
|  Westchester County Healthcare Corp./NY<br>(Westchester County Health Care Obligated Group)<br>Series 2010-B<br>6.00%, 11/01/2030 | 105 | 105023 |
|  Westchester County Local Development Corp.<br>(Kendal on Hudson Obligated Group)<br>Series 2022<br>4.25%, 01/01/2045 | 2925 | 2728105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2051 | 2505 | 2507005 |
|  Westchester Tobacco Asset Securitization Corp.<br>(Westchester Tobacco Asset Securitization)<br>Series 2016-B<br>5.00%, 06/01/2041 | 1830 | 1832799 |
|  |  | 479127865 |
|  **Alabama – 0.2%** |  |  |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | 1000 | 1044253 |
|  **Florida – 0.1%** |  |  |
|  Marshall Creek Community Development District<br>(Marshall Creek Community Development District 2002A)<br>Series 2017<br>5.00%, 05/01/2032 | 400 | 401232 |
|  Marshall Creek Community Development District<br>(Marshall Creek Community Development District)<br>Series 2016<br>6.32%, 05/01/2045 | 45 | 45070 |
|  |  | 446302 |
|  **Georgia – 0.0%** |  |  |
|  Municipal Electric Authority of Georgia<br>(PowerSouth Energy Cooperative)<br>Series 2019<br>5.00%, 01/01/2037 | 100 | 102987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 100 | 102532 |
|  |  | 205519 |

---

---

| | |
|:---|:---|
| 164 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Guam – 2.4%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority)<br>Series 2023<br>5.25%, 10/01/2031 | $175 | $189627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2036 | 585 | 636157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.25%, 10/01/2037 | 1000 | 1089362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2042 | 300 | 313991 |
|  Guam Government Waterworks Authority<br>(Guam Govt Waterworks Authority)<br>Series 2016<br>5.00%, 01/01/2046 | 4440 | 4443051 |
|  Guam Power Authority<br>(Guam Power Authority)<br>Series 2017-A<br>5.00%, 10/01/2036 | 1000 | 1023846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1500 | 1531871 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax)<br>Series 2021-F<br>4.00%, 01/01/2042 | 3760 | 3611829 |
|  |  | 12839734 |
|  **Illinois – 0.1%** |  |  |
|  Illinois Finance Authority<br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2036 | 115 | 115036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 100 | 100060 |
|  |  | 215096 |
|  **Indiana – 0.0%** |  |  |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029<sup>(b)(c)</sup> | 26 | 3 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039<sup>(b)(c)(d)</sup> | 745 | 37250 |
|  |  | 37253 |
|  **Maryland – 0.2%** |  |  |
|  City of Baltimore MD<br>(City of Baltimore MD Harbor Point Special Taxing District)<br>Series 2019<br>3.50%, 06/01/2039<sup>(a)</sup> | 650 | 591627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>3.70%, 06/01/2039<sup>(a)</sup> | 200 | 186081 |
|  |  | 777708 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 165 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Puerto Rico – 2.0%** |  |  |
|  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> | $1290 | $1343641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(a)</sup> | 1295 | 1340439 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AG Series 2007-V<br>5.25%, 07/01/2031 | 710 | 723693 |
|  NATL Series 2007-V<br>5.25%, 07/01/2034 | 1000 | 1011360 |
|  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 | 140 | 139252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 | 1068 | 1060060 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC)<br>Series 2024<br>6.75%, 01/01/2046 | 1400 | 1571144 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax Revenue)<br>Series 2019-A<br>4.329%, 07/01/2040 | 620 | 603641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 | 73 | 72700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/01/2053 | 3000 | 2849475 |
|  |  | 10715405 |
|  **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> | 1020 | 979655 |
|  **Texas – 0.3%** |  |  |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2055 | 100 | 83917 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Stayton at Museum Way)<br>Series 2024-A<br>5.75%, 12/01/2054 | 722 | 622157 |

---

---

| | |
|:---|:---|
| 166 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 | $| 1000 | $| 1102578 |
|  |  |  |  | 1808652 |
|  **Washington – 0.0%** |  |  |  |  |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group)<br>Series 2019-A<br>5.00%, 01/01/2044<sup>(a)</sup> |  | 100 |  | 96705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(a)</sup> |  | 105 |  | 97624 |
|  |  |  |  | 194329 |
|  **Wisconsin – 0.8%** |  |  |  |  |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041<sup>(d)</sup> |  | 1250 |  | 1167945 |
|  Wisconsin Public Finance Authority<br>(SR 400 Peach Partners LLC)<br>Series 2025<br>6.50%, 06/30/2060 |  | 2320 |  | 2563167 |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2026<sup>(a)</sup> |  | 390 |  | 393663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 225 |  | 232303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 100 |  | 104129 |
|  |  |  |  | 4461207 |
|  Total Long-Term Municipal Bonds <br>(cost $521,937,886) |  |  |  | 512852978 |
|  SHORT-TERM MUNICIPAL NOTES – 0.7% | SHORT-TERM MUNICIPAL NOTES – 0.7% | SHORT-TERM MUNICIPAL NOTES – 0.7% | SHORT-TERM MUNICIPAL NOTES – 0.7% | SHORT-TERM MUNICIPAL NOTES – 0.7% |
|  **New York – 0.7%** | **New York – 0.7%** | **New York – 0.7%** | **New York – 0.7%** | **New York – 0.7%** |
|  Nuveen New York AMT-Free Quality Municipal Income Fund<br>(Nuveen New York AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>3.24%, 05/01/2047<sup>(a)(i)</sup> |  | 2800 |  | 2800000 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY)<br>Series 2025<br>4.00%, 08/21/2026 |  | 1000 |  | 1010289 |
|  Total Short-Term Municipal Notes <br>(cost $3,810,600) |  |  |  | 3810289 |
|  Total Municipal Obligations <br>(cost $525,748,486) |  |  |  | 516663267 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 167 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  PREFERRED STOCKS – 0.0% |  |  |
|  Utility – 0.0% |  |  |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  AES Guayama Holdings<br>0.00%<sup>(c)(f)(g)</sup><br>(cost $421,410) | 23486 | $68344 |
|  SHORT-TERM INVESTMENTS – 1.8% |  |  |
|  **Investment Companies – 1.8%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.82%<sup>(j)(k)(l)</sup><br>(cost $9,586,880) | 9586880 | 9586880 |
|  Total Investments – 98.4%<br>(cost $535,756,776) |  | 526318491 |
|  Other assets less liabilities – 1.6% |  | 8453936 |
|  **Net Assets – 100.0%** |  | $**534772427** |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>November 30,**<br>**2025** | **Notional<br>Amount**<br>(000) | **Notional<br>Amount**<br>(000) | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY<br>Series 44,<br>5 Year Index,<br>12/20/2030\* | (5.00)% | Quarterly | 3.23% | USD | 7500 | $(630888) | $(535158) | $(95730) |

---

\* Termination date

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made**<br>**by the<br>Fund** | **Payments<br>received**<br>**by the<br>Fund** | **Payment**<br>**Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront**<br>**Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 14750 | 10/15/2029 | 2.569% | CPI# | Maturity | $(37608) | $– 0 | $(37608) |
| USD | 14250 | 10/15/2029 | 2.485% | CPI# | Maturity | 21809 | – 0 | 21809 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15799) |

---

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

---

| | |
|:---|:---|
| 168 AB Municipal Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount**<br>(000) | **Notional<br>Amount**<br>(000) | Termination<br>Date | **Payments<br>made**<br> **by the**<br> **Fund** | **Payments<br>received**<br> **by the**<br> **Fund** | Payment<br>Frequency<br>Paid/<br>Received | Market<br>Value | **Upfront**<br>**Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  USD | 27500 | 01/15/2027 | 1 Day SOFR | 2.583% | Annual | $(688406) | $– 0 | $(688406) |
|  USD | 5200 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | (134625) | – 0 | (134625) |
|  USD | 2700 | 01/15/2029 | 1 Day SOFR | 3.315% | Annual | (18621) | – 0 | (18621) |
|  USD | 6900 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 244370 | – 0 | 244370 |
|  USD | 4900 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 171385 | – 0 | 171385 |
|  USD | 7800 | 12/03/2031 | 1 Day SOFR | 4.111% | Annual | 301865 | – 0 | 301865 |
|  USD | 4200 | 12/03/2031 | 1 Day SOFR | 3.898% | Annual | 103453 | (557) | 104010 |
|  USD | 5800 | 07/30/2032 | 1 Day SOFR | 3.701% | Annual | 90582 | – 0 | 90582 |
|  USD | 4900 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | 13990 | 537 | 13453 |
|  USD | 7900 | 02/15/2035 | 3.680% | 1 Day SOFR | Annual | (39621) | – 0 | (39621) |
|  USD | 6800 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | 14895 | – 0 | 14895 |
|  USD | 5800 | 09/25/2035 | 3.509% | 1 Day SOFR | Annual | 47765 | – 0 | 47765 |
|  |  |  |  |  |  | $107032 | $(20) | $107052 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount**<br>(000) | **Notional<br>Amount**<br>(000) |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency**<br>**Paid/**<br>**Received** |<br>**Market**<br>**Value** |<br>**Upfront<br>Premiums**<br>**Paid**<br>(Received) |<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) |
|  Citibank NA | USD | 9395 | 10/09/2029 | 1.125% | 1 Week SIFMA \* | Quarterly | $468677 | $– 0 | $468677 |

---

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2025, the aggregate market value of these securities amounted to $35,271,037 or 6.6% of net assets.

(b) Defaulted.

(c) Non-income producing security.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.40% of net assets as of November 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition**<br> **Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Build NYC Resource Corp.<br>(Metropolitan Lighthouse Charter School)<br>Series 2017<br>5.00%, 06/01/2052 | 06/20/2019 -<br> 09/21/2023 | $969550 | $886752 | 0.17% |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039 | 03/29/2019 -<br> 07/23/2019 | 768004 | 37250 | 0.01% |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041 | 08/03/2021 | 1250000 | 1167945 | 0.22% |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 169 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2025.

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

(g) Fair valued by the Adviser.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2025.

(i) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

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

(k) Affiliated investments.

(l) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

As of November 30, 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 4.7% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CDX-NAHY – North American High Yield Credit Default Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| 170 AB Municipal Income Fund | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**November 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **AB California** | **AB High Income<br>Municipal** |
| Assets |  |  |
|  Investments in securities, at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,258,623,279 and $3,354,731,190, respectively) | $1242480571 | $3087155850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $17,235,930 and $1,801,803, respectively) | 17235930 | 1801803 |
|  Cash | 2599405 | – 0 |
|  Cash collateral due from broker | 3949122 | 19354991 |
|  Interest receivable | 16667556 | 46374540 |
|  Unrealized appreciation on interest rate swaps | 629559 | 12214061 |
|  Receivable for capital stock sold | 407332 | 2605718 |
|  Receivable for investment securities sold | 105000 | 7932571 |
|  Affiliated dividends receivable | 35193 | 29313 |
|  Receivable for variation margin on centrally cleared swaps | 20210 | – 0 |
|  Receivable due from Adviser | 13544 | 1373 |
|  Total assets | 1284143422 | 3177470220 |
| Liabilities |  |  |
|  Due to custodian | – 0 | 68687 |
|  Payable for investment securities purchased | 9665500 | 5921981 |
|  Payable for capital stock redeemed | 1186126 | 3817281 |
|  Cash collateral due to broker | 800000 | 9964000 |
|  Dividends payable | 543242 | 1801578 |
|  Advisory fee payable | 435574 | 1054439 |
|  Distribution fee payable | 109439 | 113699 |
|  Administrative fee payable | 71104 | 83651 |
|  Transfer Agent fee payable | 7570 | 18192 |
|  Directors' fees payable | 6945 | 11273 |
|  Unrealized depreciation on interest rate swaps | – 0 | 94499 |
|  Payable for floating rate notes issued<sup>(a)</sup> | – 0 | 375335000 |
|  Payable for variation margin on centrally cleared swaps | – 0 | 645274 |
|  Accrued expenses and other liabilities | 60512 | 2154793 |
|  Total liabilities | 12886012 | 401084347 |
|  Net Assets | $**1271257410** | $**2776385873** |
| Composition of Net Assets |  |  |
|  Capital stock, at par | $120558 | $268835 |
|  Additional paid-in capital | 1302733442 | 3138323000 |
|  Accumulated loss | (31596590) | (362205962) |
|  | $**1271257410** | $**2776385873** |

---

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

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 171 |

---

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| **AB California Portfolio** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| Class A | $508597794 | 48233015 | $10.54 \* |
| Class C | $15900980 | 1508397 | $10.54 |
| Advisor Class | $746758636 | 70816879 | $10.54 |
| **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
| Class A | $466276796 | 45129161 | $10.33 \* |
| Class C | $33170898 | 3212427 | $10.33 |
| Advisor Class | $2077930679 | 201221496 | $10.33 |
| Class Z | $199007500 | 19271500 | $10.33 |

---

\* The maximum offering price per share for Class A of AB California Portfolio and AB High Income Municipal Portfolio were $10.87 and $10.65, respectively, which reflects a sales charge of 3.00%. 

See notes to financial statements.

---

| | |
|:---|:---|
| 172 AB Municipal Income Fund | **ABFunds.com** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **AB National** | **AB New York** |
| Assets |  |  |
|  Investments in securities, at value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,919,813,055 and $526,169,896, respectively) | $1889825262 | $516731611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $8,247,493 and $9,586,880, respectively) | 8247493 | 9586880 |
|  Cash | 1517201 | 192233 |
|  Cash collateral due from broker | 6446018 | 1838572 |
|  Receivable for investment securities sold | 1111653 | – 0 |
|  Interest receivable | 25669916 | 7145248 |
|  Affiliated dividends receivable | 43381 | 19496 |
|  Receivable for capital stock sold | 5917521 | 633478 |
|  Unrealized appreciation on interest rate swaps | 3836679 | 468677 |
|  Receivable due from Adviser | 31474 | 25715 |
|  Receivable for newly entered centrally cleared interest rate swaps | – 0 | 4594 |
|  Receivable for variation margin on centrally cleared swaps | – 0 | 13363 |
|  Total assets | 1942646598 | 536659867 |
| Liabilities |  |  |
|  Payable for investment securities purchased | 2094883 | – 0 |
|  Payable for capital stock redeemed | 1529291 | 587990 |
|  Unrealized depreciation on interest rate swaps | 14175 | – 0 |
|  Advisory fee payable | 663898 | 183339 |
|  Distribution fee payable | 84304 | 61069 |
|  Transfer Agent fee payable | 21656 | 6051 |
|  Directors' fees payable | 8834 | 5059 |
|  Administrative fee payable | 83006 | 68464 |
|  Dividends payable | 587342 | 109888 |
|  Cash collateral due to broker | 3410000 | 650000 |
|  Payable for terminated centrally cleared credit default swaps | 544906 | 148634 |
|  Payable for variation margin on centrally cleared swaps | 13440 | – 0 |
|  Accrued expenses | 82914 | 66946 |
|  Total liabilities | 9138649 | 1887440 |
|  Net Assets | $**1933507949** | $**534772427** |
| Composition of Net Assets |  |  |
|  Capital stock, at par | $199485 | $57542 |
|  Additional paid-in capital | 2034136068 | 576147237 |
|  Accumulated loss | (100827604) | (41432352) |
|  | $**1933507949** | $**534772427** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 173 |

---

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| **AB National Portfolio** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| Class A | $389023153 | 40138255 | $9.69 \* |
| Class C | $12023159 | 1241974 | $9.68 |
| Advisor Class | $1532461637 | 158105041 | $9.69 |
| **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
| Class A | $290247408 | 31234101 | $9.29 \* |
| Class C | $7005797 | 754192 | $9.29 |
| Advisor Class | $237519222 | 25554028 | $9.29 |

---

\* The maximum offering price per share for Class A of AB National Portfolio and AB New York Portfolio were $9.99 and $9.58, respectively, which reflects a sales charge of 3.00%. 

See notes to financial statements.

---

| | |
|:---|:---|
| 174 AB Municipal Income Fund | **ABFunds.com** |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended November 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **AB California** | **AB High<br>Income Municipal** |
| Investment Income |  |  |
|  Interest | $25392815 | $78769361 |
|  Dividends—Affiliated issuers | 127639 | 423102 |
|  Total income | 25520454 | 79192463 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 2770010 | 6811801 |
|  Distribution fee—Class A | 621775 | 569411 |
|  Distribution fee—Class C | 84351 | 176693 |
|  Transfer agency—Class A | 52839 | 46472 |
|  Transfer agency—Class C | 1839 | 3762 |
|  Transfer agency—Advisor Class | 76066 | 210253 |
|  Transfer agency—Class Z | – 0 | 20053 |
|  Custody and accounting | 70611 | 118425 |
|  Administrative | 53907 | 57059 |
|  Legal | 29179 | 26648 |
|  Audit and tax | 27621 | 43338 |
|  Registration fees | 22983 | 54353 |
|  Printing | 22255 | 38175 |
|  Directors' fees | 14215 | 21742 |
|  Miscellaneous | 18567 | 33185 |
|  Total expenses before interest expense | 3866218 | 8231370 |
|  Interest expense | 34506 | 6269531 |
|  Total expenses | 3900724 | 14500901 |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (88417) | (20628) |
|  Net expenses | 3812307 | 14480273 |
|  Net investment income | 21708147 | 64712190 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (3000098) | (21534120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1103544 | 2098146 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 43981945 | 99509913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (2703272) | 8842782 |
|  Net gain on investment transactions | 39382119 | 88916721 |
|  **Net Increase in Net Assets from Operations** | $**61090266** | $**153628911** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 175 |

---

------

**STATEMENT OF OPERATIONS** (continued)

---

| | | |
|:---|:---|:---|
|  | **AB National** | **AB New York** |
| Investment Income |  |  |
|  Interest | $40837106 | $10467412 |
|  Dividends—Affiliated issuers | 167382 | 86029 |
|  Total income | 41004488 | 10553441 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 4222243 | 1157051 |
|  Distribution fee—Class A | 487843 | 356306 |
|  Distribution fee—Class C | 66156 | 38186 |
|  Transfer agency—Class A | 67683 | 41657 |
|  Transfer agency—Class C | 2569 | 1138 |
|  Transfer agency—Advisor Class | 255036 | 32313 |
|  Custody and accounting | 101983 | 49225 |
|  Audit and tax | 28346 | 28346 |
|  Legal | 28925 | 26052 |
|  Printing | 34246 | 19609 |
|  Directors' fees | 17485 | 10703 |
|  Registration fees | 51448 | 20258 |
|  Administrative | 62473 | 50438 |
|  Miscellaneous | 23911 | 11008 |
|  Total expenses before interest expense | 5450347 | 1842290 |
|  Interest expense | 27953 | 902 |
|  Total expenses | 5478300 | 1843192 |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (213430) | (166300) |
|  Net expenses | 5264870 | 1676892 |
|  Net investment income | 35739618 | 8876549 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (4585952) | (956601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 58544 | 696146 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 60919465 | 16210915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1196184 | (1375614) |
|  Net gain on investment transactions | 57588241 | 14574846 |
|  **Net Increase in Net Assets from Operations** | $**93327859** | $**23451395** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 176 AB Municipal Income Fund | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **AB California** | **AB California** |
|  | **Six Months Ended<br>November 30, 2025<br>(unaudited)** | **Year Ended<br>May 31, 2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $21708147 | $41150127 |
|  Net realized loss on investment transactions | (1896554) | (980705) |
|  Net change in unrealized appreciation (depreciation) of investments | 41278673 | (22415650) |
|  Net increase in net assets from operations | 61090266 | 17753772 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (8356446) | (15968115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (219791) | (489024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (12927170) | (24465021) |
| Capital Stock Transactions |  |  |
|  Net increase | 14798745 | 81527308 |
|  Total increase | 54385604 | 58358920 |
| Net Assets |  |  |
|  Beginning of period | 1216871806 | 1158512886 |
|  End of period | $**1271257410** | $**1216871806** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 177 |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **AB High Income Municipal** | **AB High Income Municipal** |
|  | **Six Months Ended<br>November 30, 2025<br>(unaudited)** | **Year Ended<br>May 31, 2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $64712190 | $134107192 |
|  Net realized loss on investment transactions | (19435974) | (47892890) |
|  Net change in unrealized appreciation (depreciation) of investments | 108352695 | 3864098 |
|  Net increase in net assets from operations | 153628911 | 90078400 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (9827010) | (21329163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (629436) | (1455912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (47129926) | (89487695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (4414256) | (12242188) |
| Capital Stock Transactions |  |  |
|  Net decrease | (55937809) | (15008513) |
|  Total increase (decrease) | 35690474 | (49445071) |
| Net Assets |  |  |
|  Beginning of period | 2740695399 | 2790140470 |
|  End of period | $**2776385873** | $**2740695399** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 178 AB Municipal Income Fund | **ABFunds.com** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **AB National** | **AB National** |
|  | **Six Months Ended<br>November 30, 2025<br>(unaudited)** | **Year Ended<br>May 31, 2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $35739618 | $70205844 |
|  Net realized loss on investment transactions | (4527408) | (14932453) |
|  Net change in unrealized appreciation (depreciation) of investments | 62115649 | (20376162) |
|  Net increase in net assets from operations | 93327859 | 34897229 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6935657) | (13365502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (185679) | (408616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (28002802) | (54075082) |
| Capital Stock Transactions |  |  |
|  Net increase | 23232870 | 36316201 |
|  Total increase | 81436591 | 3364230 |
| Net Assets |  |  |
|  Beginning of period | 1852071358 | 1848707128 |
|  End of period | $**1933507949** | $**1852071358** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 179 |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **AB New York** | **AB New York** |
|  | **Six Months Ended<br>November 30, 2025<br>(unaudited)** | **Year Ended<br>May 31, 2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $8876549 | $16783592 |
|  Net realized loss on investment transactions | (260455) | (6727655) |
|  Net change in unrealized appreciation (depreciation) of investments | 14835301 | (1239403) |
|  Net increase in net assets from operations | 23451395 | 8816534 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4736531) | (9266535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (98116) | (231656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3955453) | (6624911) |
| Capital Stock Transactions |  |  |
|  Net increase | 18387587 | 17701766 |
|  Total increase | 33048882 | 10395198 |
| Net Assets |  |  |
|  Beginning of period | 501723545 | 491328347 |
|  End of period | $**534772427** | $**501723545** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 180 AB Municipal Income Fund | **ABFunds.com** |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**November 30, 2025** (unaudited)

NOTE A

Significant Accounting Policies

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

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Fund's Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Portfolios' valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the

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|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 181 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios' portfolio investments, subject to the Board's oversight.

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

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|:---|:---|
| 182 AB Municipal Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolios. Unobservable inputs reflect the Portfolios' own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

• Level 3—significant unobservable inputs (including the Portfolios' own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed 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

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|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 183 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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

The following tables summarize the valuation of the Portfolios' investments by the above fair value hierarchy levels as of November 30, 2025:

#### AB California Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $1224749444 | $– 0 | $1224749444 |
|  Short-Term Municipal Notes | – 0 | 12617547 | – 0 | 12617547 |
|  Commercial Mortgage-Backed Securities | – 0 | 5029533 | – 0 | 5029533 |
|  Preferred Stocks | – 0 | – 0 | 84047 | 84047 |
|  Short-Term Investments | 17235930 | – 0 | – 0 | 17235930 |
|  Total Investments in Securities | 17235930 | 1242396524 | 84047 | 1259716501 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (1564601) | – 0 | (1564601)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 54331 | – 0 | 54331 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 2017873 | – 0 | 2017873 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 629559 | – 0 | 629559 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (93064) | – 0 | (93064)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (542164) | – 0 | (542164)<sup>(b)</sup> |
|  **Total** | $**17235930** | $**1242898458** | $**84047** | $**1260218435** |

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|:---|:---|
| 184 AB Municipal Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

#### AB High Income Municipal Portfolio

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $3054685170 | $3360382 | <sup>(c)</sup> | $3058045552 |
|  Short-Term Municipal Notes | – 0 | 185259 | – 0 |  | 185259 |
|  Corporates – Non-Investment Grade | – 0 | 6557359 | 11210509 |  | 17767868 |
|  Corporates – Investment Grade | – 0 | 6485913 | – 0 |  | 6485913 |
|  Commercial Mortgage-Backed Securities | – 0 | 4014410 | – 0 |  | 4014410 |
|  Preferred stocks | – 0 | – 0 | 656848 |  | 656848 |
|  Short-Term Investments | 1801803 | – 0 | – 0 |  | 1801803 |
|  Total Investments in Securities | 1801803 | 3071928111 | 15227739 | <sup>(c)</sup> | 3088957653 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 189777 | – 0 |  | 189777 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 7688445 | – 0 |  | 7688445 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 12214061 | – 0 |  | 12214061 |
|  **Liabilities:** |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (14437236) | – 0 |  | (14437236)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (321261) | – 0 |  | (321261)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (2740414) | – 0 |  | (2740414)<sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | (94499) | – 0 |  | (94499) |
|  **Total** | $**1801803** | $**3074426984** | $**15227739** | **<sup>(c)</sup>** | $**3091456526** |

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|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 185 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

#### AB National Portfolio

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $1856820668 | $736278 | <sup>(c)</sup> | $1857556946 |
|  Short-Term Municipal Notes | – 0 | 19400000 | – 0 |  | 19400000 |
|  Commercial Mortgage-Backed Securities | – 0 | 12076281 | – 0 |  | 12076281 |
|  Corporates – Non-Investment Grade | – 0 | – 0 | 635000 |  | 635000 |
|  Preferred Stocks | – 0 | – 0 | 157035 |  | 157035 |
|  Short-Term Investments | 8247493 | – 0 | – 0 |  | 8247493 |
|  Total Investments in Securities | 8247493 | 1888296949 | 1528313 | <sup>(c)</sup> | 1898072755 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 86471 | – 0 |  | 86471 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 2831733 | – 0 |  | 2831733 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 3836679 | – 0 |  | 3836679 |
|  **Liabilities:** |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (3465677) | – 0 |  | (3465677)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (147882) | – 0 |  | (147882)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (953851) | – 0 |  | (953851)<sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | (14175) | – 0 |  | (14175) |
|  **Total** | $**8247493** | $**1890470247** | $**1528313** | **<sup>(c)</sup>** | $**1900246053** |

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#### AB New York Portfolio

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $512749400 | $103578 | $512852978 |
|  Short-Term Municipal Notes | – 0 | 3810289 | – 0 | 3810289 |
|  Preferred Stocks | – 0 | – 0 | 68344 | 68344 |
|  Short-Term Investments | 9586880 | – 0 | – 0 | 9586880 |
|  Total Investments in Securities | 9586880 | 516559689 | 171922 | 526318491 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 21809 | – 0 | 21809 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 988305 | – 0 | 988305 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 468677 | – 0 | 468677 |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (630888) | – 0 | (630888)<sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (37608) | – 0 | (37608)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (881273) | – 0 | (881273)<sup>(b)</sup> |
|  **Total** | $**9586880** | $**516488711** | $**171922** | $**526247513** |

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|:---|:---|
| 186 AB Municipal Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund holds liabilities for floating rate note obligations which are not reflected in the table above. The fair value of the Fund's liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2.

(a) Other financial instruments include 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.

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

(c) The Portfolio held securities with zero market value at period end.

3. Taxes

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

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios' tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolios' financial statements.

4. Investment Income and Investment Transactions

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

5. Class Allocations

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

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|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 187 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

6. Dividends and Distributions

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

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

8. Segment Information

The Portfolios represent a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolios' President is the CODM. The CODM monitors the operating results of the Portfolios as a whole and the pre-determined Portfolios' long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Portfolios' comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

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

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

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Such fees are accrued daily and paid monthly.

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total operating expenses (excluding interest expense,

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|:---|:---|
| 188 AB Municipal Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

brokerage commissions and other transaction costs, taxes and extraordinary expenses) on an annual basis (the "Expense Caps") as follows:

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

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This contractual agreement extends through September 30, 2026, for all Portfolios and may be extended by the Adviser for additional one year terms.

For the six months ended November 30, 2025, such reimbursements amounted to $82,304, $-0-, $204,966 and $162,187 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.

Pursuant to the investment advisory agreement, each Portfolio may reimburse the Adviser for certain legal and accounting services provided to each Portfolio by the Adviser. For the six months ended November 30, 2025, the reimbursement for such services amounted to $53,907, $57,059, $62,473 and $50,438 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.

The Portfolios compensate AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolios. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to: AB California Portfolio, $32,346; AB High Income Municipal Portfolio, $88,610; AB National Portfolio, $82,734 and AB New York Portfolio, $23,591 for the six months ended November 30, 2025.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Portfolios' shares. The Distributor has advised the Portfolios that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares for each Portfolio for the six months ended November 30, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Front-End Sales<br>Charges** | **Contingent Deferred Sales<br> Charges** | **Contingent Deferred Sales<br> Charges** |
| <br>**Portfolio** | **Class A** | **Class A** | **Class C** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 |
|  AB High Income Municipal | – 0 | 16034 | 3393 |
|  AB National | 135 | 941 | 239 |
|  AB New York | – 0 | – 0 | 625 |

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|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 189 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The Portfolios may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolio's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the six months ended November 30, 2025, such waivers amounted to:

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|:---|:---|
| **Portfolio** | **Amount** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6113 |
|  AB High Income Municipal | 20628 |
|  AB National | 8464 |
|  AB New York | 4113 |

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In connection with the Portfolios' investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Portfolios in an amount equal to the Portfolios' pro rata share of the effective advisory fees of AB mutual funds, as paid by the Portfolios as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until September 30, 2026. For the six months ended November 30, 2025, there were no such waivers and/or reimbursements for AB High Income Municipal Portfolio.

A summary of the Portfolios' transactions in AB mutual funds for the six months ended November 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value**<br> **5/31/25**<br> (000) | **Purchases**<br> **at Cost**<br> (000) | **Sales**<br> **Proceeds**<br> (000) | **Market Value**<br> **11/30/25**<br> (000) | **Dividend**<br> **Income**<br> (000) |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
|  AB High Income Municipal | 57952 | 276739 | 332889 | 1802 | 423 |
|  AB National | 6741 | 194920 | 193414 | 8247 | 167 |
|  AB New York | 4007 | 76641 | 71061 | 9587 | 86 |

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NOTE C

Distribution Services Agreement

The Portfolios have adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Portfolios pay distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Portfolios' average daily net assets attributable to

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|:---|:---|
| 190 AB Municipal Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Class A shares and 1% of the Portfolios' average daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. There are no distribution and servicing fees on the Advisor Class and Class Z shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios' operations, the distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:

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| | |
|:---|:---|
| **Portfolio** | **Class C** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677273 |
|  AB High Income Municipal | 4183841 |
|  AB National | 7184121 |
|  AB New York | 4607530 |

---

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

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
| **Portfolio** | **Investments** | **Government<br>Securities** | **Investments** | **Government<br>Securities** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165292812 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146819341 | $– 0 |
|  AB High Income Municipal | 400037909 | – 0 | 357707785 | – 0 |
|  AB National | 226926188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033216 | 211697994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 |
|  AB New York | 47839152 | – 0 | 33095984 | – 0 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized<br>Depreciation** |
| **Portfolio** | **Appreciation** | **(Depreciation)** | **Net Unrealized<br>Depreciation** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22594555 | $(36854697) | $(14260142) |
|  AB High Income Municipal | 81240720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333900136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252659416) |
|  AB National | 39120051 | (63954289) | (24834238) |
|  AB New York | 6813865 | (15787950) | (8974085) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 191 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

1. Derivative Financial Instruments

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

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

**•** **Swaps** 

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

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

---

| | |
|:---|:---|
| 192 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

At the time the Portfolios enter into a centrally cleared swap, each Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolios agree to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

In addition, the Portfolios may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolios anticipate purchasing at a later date. Interest rate swaps involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 193 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended November 30, 2025, the AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio held interest rate swaps for hedging purposes.

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

During the six months ended November 30, 2025, the AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio held inflation (CPI) swaps for hedging purposes.

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

---

| | |
|:---|:---|
| 194 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended November 30, 2025, the AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio held credit default swaps for hedging purposes.

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

The Portfolios' ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolios decline below specific levels ("net asset contingent features"). If these levels are triggered, the Portfolios' OTC counterparty has the right to terminate such transaction and require the Portfolios to pay or receive a settlement amount in

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 195 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended November 30, 2025, the Portfolios had entered into the following derivatives:

#### AB California Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $182204 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $2070439 \* | Payable for variation margin on centrally cleared swaps | 635228 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 629559 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699998 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817432 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $2191539 | $(3028590) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (1087995) | 325318 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2703272) |

---

---

| | |
|:---|:---|
| 196 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

#### AB High Income Municipal Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $2021362 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $7879399<br> \*  | Payable for variation margin on centrally cleared swaps | 3061675<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 12214061 | Unrealized depreciation on interest rate swaps | 94499 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20093460 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177536 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $8027999 | $8178470 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (5929853) | 664312 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842782 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 197 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

#### AB National Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $485213 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $2918376 \* | Payable for variation margin on centrally cleared swaps | 1102112 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 3836679 | Unrealized depreciation on interest rate swaps | 14175 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755055 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601500 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $1498926 | $1019896 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1440382) | 176288 |
|  Total |  | $58544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196184 |

---

---

| | |
|:---|:---|
| 198 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

#### AB New York Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts |  |  | Payable for variation margin on centrally cleared swaps | $95730 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $1010134 \* | Payable for variation margin on centrally cleared swaps | 918881 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 468677 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478811 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014611 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $902459 | $(1392635) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206313) | 17021 |
|  Total |  | $696146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375614) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 199 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following tables represent the average monthly volume of the Portfolios' derivative transactions during the six months ended November 30, 2025:

#### AB California Portfolio

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $12620000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $150490000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216857143 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $18600000 |

---

#### AB High Income Municipal Portfolio

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $216204286 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $519813571 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764285714 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $124487143 |

---

#### AB National Portfolio

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $69533571 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $188360000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339071429 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $29885714 |

---

#### AB New York Portfolio

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $9395000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107025714 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $29000000 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $4414286 |

---

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

---

| | |
|:---|:---|
| 200 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios' derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolios as of November 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

#### AB California Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Citibank NA | $629559 | $– 0 – $| (629559) | $– 0 – $| – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(629559) | $&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;– 0 – $| &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;0 |

---

#### AB High Income Municipal Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $2835750 | $(94499) | $(2741251) | $– 0 | $– 0 |
|  Citibank NA | 1072046 | – 0 | (1072046) | – 0 | – 0 |
|  JPMorgan Chase Bank NA | 2184095 | – 0 | (320000) | (1854974) | 9121 |
|  Morgan Stanley Capital Services LLC | 6107924 | – 0 | (5770000) | – 0 | 337924 |
|  Royal Bank of Canada | 14246 | – 0 | – 0 | – 0 | 14246 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12214061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9903297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1854974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361291 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $94499 | $(94499) | $– 0 | $– 0 | $– 0 |
|  Total | $94499 | $(94499) | $– 0 | $– 0 | $– 0 |

---

#### AB National Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $628138 | $(14175) | $(560000) | $– 0 | $53963 |
|  Citibank NA | 1102725 | – 0 | (1102725) | – 0 | – 0 |
|  JPMorgan Chase Bank NA | 576699 | – 0 | – 0 | (576699) | – 0 |
|  Morgan Stanley Capital Services LLC | 1526980 | – 0 | (1526980) | – 0 | – 0 |
|  Royal Bank of Canada | 2137 | – 0 | – 0 | – 0 | 2137 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3189705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56100 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 201 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $14175 | $(14175) | $– 0 – $| – 0 – $| – 0 |
|  Total | $14175 | $(14175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

#### AB New York Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Citibank NA | $468677 | $– 0 – $| (468677) | $– 0 – $| – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468677) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

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

---

NOTE E

Capital Stock

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

---

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

---

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Class A** |  |  |  |  |
|  Shares sold | 3454092 | 10888945 | $35830258 | $114684869 |
|  Shares issued in reinvestment of dividends | 486368 | 913780 | 5041933 | 9591258 |
|  Shares converted from Class C | 163767 | 240247 | 1686793 | 2528023 |
|  Shares redeemed | (4511982) | (9921880) | (46569269) | (104319088) |
|  **Net increase (decrease)** | **(407755)** | **2121092** | $**(4010285)** | $**22485062** |

---

---

| | |
|:---|:---|
| 202 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Class C** |  |  |  |  |
|  Shares sold | 142459 | 408264 | $1477857 | $4312428 |
|  Shares issued in reinvestment of dividends | 15633 | 34615 | 161826 | 363433 |
|  Shares converted to Class A | (163837) | (240368) | (1686793) | (2528023) |
|  Shares redeemed | (273224) | (418523) | (2826479) | (4393965) |
|  **Net decrease** | **(278969)** | **(216012)** | $**(2873589)** | $**(2246127)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 12494047 | 29149221 | $129123379 | $306037035 |
|  Shares issued in reinvestment of dividends | 642652 | 1180318 | 6664112 | 12388949 |
|  Shares redeemed | (11089201) | (24681250) | (114104872) | (257137611) |
|  **Net increase** | **2047498** | **5648289** | $**21682619** | $**61288373** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Class A** |  |  |  |  |
|  Shares sold | 5223264 | 8722538 | $53079881 | $90525432 |
|  Shares issued in reinvestment of dividends | 473793 | 1047342 | 4787460 | 10872890 |
|  Shares converted from Class C | 261918 | 752953 | 2649238 | 7845701 |
|  Shares redeemed | (7186629) | (19599116) | (72397399) | (203304540) |
|  **Net decrease** | **(1227654)** | **(9076283)** | $**(11880820)** | $**(94060517)** |
| **Class C** |  |  |  |  |
|  Shares sold | 175889 | 732785 | $1785188 | $7617860 |
|  Shares issued in reinvestment of dividends | 40721 | 92816 | 410894 | 962855 |
|  Shares converted to Class A | (262044) | (753390) | (2649238) | (7845701) |
|  Shares redeemed | (595354) | (990879) | (5969437) | (10305934) |
|  **Net decrease** | **(640788)** | **(918668)** | $**(6422593)** | $**(9570920)** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 203 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 32749125 | 71751220 | $329562659 | $743688447 |
|  Shares issued in reinvestment of dividends | 2417461 | 4538757 | 24412123 | &nbsp;&nbsp;&nbsp;&nbsp;47073346 |
|  Shares redeemed | (38210177) | (60633856) | (385677306) | (625880688) |
|  **Net increase (decrease)** | **(3043591)** | **15656121** | $**(31702524)** | $**164881105** |
| **Class Z** |  |  |  |  |
|  Shares sold | 3634214 | 12052715 | $36567415 | $124674921 |
|  Shares issued in reinvestment of dividends | 270612 | 812463 | 2733125 | 8449734 |
|  Shares redeemed | (4537053) | (20565944) | (45232412) | (209382836) |
|  **Net decrease** | **(632227)** | **(7700766)** | $**(5931872)** | $**(76258181)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Class A** |  |  |  |  |
|  Shares sold | 3347519 | 7423010 | $31663847 | $71732777 |
|  Shares issued in reinvestment of dividends | 450384 | 815370 | 4291801 | 7873534 |
|  Shares converted from Class C | 106658 | 251881 | 1016606 | &nbsp;&nbsp;&nbsp;&nbsp;2441337 |
|  Shares redeemed | (4683609) | (10178371) | (44552254) | (98395530) |
|  **Net decrease** | **(779048)** | **(1688110)** | $**(7580000)** | $**(16347882)** |
| **Class C** |  |  |  |  |
|  Shares sold | 71360 | 234234 | $678796 | $2261919 |
|  Shares issued in reinvestment of dividends | 14762 | 32788 | 140461 | 316436 |
|  Shares converted to Class A | (106770) | (252203) | (1016606) | (2441337) |
|  Shares redeemed | (186165) | (431815) | (1782939) | (4150178) |
|  **Net decrease** | **(206813)** | **(416996)** | $**(1980288)** | $**(4013160)** |

---

---

| | |
|:---|:---|
| 204 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 27294843 | 54308741 | $259571731 | $524349996 |
|  Shares issued in reinvestment of dividends | 1995738 | 3910792 | 19024340 | 37776253 |
|  Shares redeemed | (25948131) | (52723192) | (245802913) | (505449006) |
|  **Net increase** | **3342450** | **5496341** | $**32793158** | $**56677243** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | Shares | Shares | Amount | Amount |
|  | Six Months<br>Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 | Six Months Ended<br>November 30, 2025<br>(unaudited) | Year Ended<br>May 31, 2025 |
| **Class A** |  |  |  |  |
|  Shares sold | 1869357 | 3473814 | $17166377 | $&nbsp;&nbsp;&nbsp;&nbsp;32009743 |
|  Shares issued in reinvestment of dividends | 304593 | 566091 | 2782377 | 5252331 |
|  Shares converted from Class C | 152240 | 185518 | 1383539 | 1726136 |
|  Shares redeemed | (2476845) | (6204145) | (22609876) | (57395269) |
|  **Net decrease** | **(150655)** | **(1978722)** | $**(1277583)** | $**(18407059)** |
| **Class C** |  |  |  |  |
|  Shares sold | 50069 | 114641 | $460358 | $1064943 |
|  Shares issued in reinvestment of dividends | 7095 | 17260 | 64721 | 160083 |
|  Shares converted to Class A | (152268) | (185570) | (1383539) | (1726136) |
|  Shares redeemed | (99979) | (228519) | (914042) | (2127177) |
|  **Net decrease** | **(195083)** | **(282188)** | $**(1772502)** | $**(2628287)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 5594867 | 10182454 | $50914878 | $94291784 |
|  Shares issued in reinvestment of dividends | 213671 | 360805 | 1952154 | 3346313 |
|  Shares redeemed | (3469780) | (6391837) | (31429360) | (58900985) |
|  **Net increase** | **2338758** | **4151422** | $**21437672** | $**38737112** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 205 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE F

Risks Involved in Investing in the Portfolios

**Market Risk**—The value of a Portfolio's assets will fluctuate as the market or markets in which the Portfolio invests fluctuate. The value of a Portfolio's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

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

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

**Municipal Market Risk**—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios' investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Portfolios invest more of their assets in a particular state's municipal securities, the Portfolios may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Portfolios' investment in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

---

| | |
|:---|:---|
| 206 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

The Portfolios invest from time to time in the municipal securities of Puerto Rico and other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Each Portfolio may invest in Guam municipal bonds and, therefore, may be impacted by political, economic, or regulatory developments that affect issuers in Guam and their ability to pay principal and interest on their obligations.

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

**Interest Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolios performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 207 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

---

| | |
|:---|:---|
| 208 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

in the credit quality of the underlying bond, or in the event holders of the floaters tender their securities to the liquidity provider. See Note I to the Financial Statements "Floating Rate Notes Issued in Connection with Securities Held" for more information about tender option bond transactions.

The Portfolios may also purchase inverse floaters from a tender option bond trust in a secondary market transaction without first owning the underlying bond. The income received from an inverse floater varies inversely with the short-term interest rate paid on the floaters issued by the trust. The prices of inverse floaters are subject to greater volatility than the prices of fixed-income securities that are not inverse floaters. Investments in inverse floaters may amplify the risks of leverage. If short-term interest rates rise, the interest payable on the floaters would increase and income from the inverse floaters decrease.

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

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

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

**Management Risk**—The Portfolios are subject to management risk because they are an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 209 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the participating funds and is included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the six months ended November 30, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending May 31, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the tax years ended November 30, 2024 and November 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
| **AB California Portfolio** | **December 1,<br>2023 to<br>November 30,<br>2024** | **December 1,<br>2022 to<br>November 30,<br>2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1843094 | $3019787 |
|  Total taxable distributions | 1843094 | 3019787 |
|  Tax exempt distributions | 35943578 | 29604578 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37786672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32624365 |

---

---

| | | |
|:---|:---|:---|
| **AB High Income**<br> **Municipal Portfolio** | **December 1,<br>2023 to<br>November 30,<br>2024** | **December 1,<br>2022 to<br>November 30,<br>2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6064093 | $10219989 |
|  Total taxable distributions | 6064093 | 10219989 |
|  Tax exempt distributions | 113655933 | 112450430 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119720026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122670419 |

---

---

| | |
|:---|:---|
| 210 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **AB National Portfolio** | **December 1,<br>2023 to<br>November 30,<br>2024** | **December 1,<br>2022 to<br>November 30,<br>2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2565293 | $4166192 |
|  Total taxable distributions | 2565293 | 4166192 |
|  Tax exempt distributions | 61741849 | 49857652 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64307142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54023844 |

---

---

| | | |
|:---|:---|:---|
| **AB New York Portfolio** | **December 1,<br>2023 to<br>November 30,<br>2024** | **December 1,<br>2022 to<br>November 30,<br>2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $649136 | $1340951 |
|  Total taxable distributions | 649136 | 1340951 |
|  Tax exempt distributions | 14409963 | 13914418 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15059099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15255369 |

---

As of November 30, 2024, the Portfolios' most recent tax year end, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed**<br> **Tax-Exempt**<br> **Income** | **Accumulated**<br> **Capital and<br>Other Losses<sup>(a)</sup>** | **Unrealized**<br> **Appreciation**<br> (Depreciation)<sup>(b)</sup> | **Total**<br> **Accumulated**<br> **Earnings**<br> (Deficit)<sup>(c)</sup> |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13285403) | $(2916152) | $(15906048) |
|  AB High Income Municipal | 810569 | (59068298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221143308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279401037) |
|  AB National | 751893 | (62748379) | (12660466) | (74656952) |
|  AB New York | 92023 | (29621389) | (5125654) | (34655020) |

---

(a) At November 30, 2024, AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio, and AB New York Portfolio had capital loss carryforwards for federal income tax purposes. As of November 30, 2024, AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio, and AB New York Portfolio had net capital loss carryforwards of $13,285,403, $59,068,298, $62,748,379, and $29,621,389, respectively.

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

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

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 211 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of November 30, 2024, the Portfolios' most recent tax year end, the Portfolios had net capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Short-Term<br>Amount** | **Long-Term<br>Amount** |
|  AB California | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13285403 | $– 0 |
|  AB High Income Municipal | 59068298 | – 0 |
|  AB National | 55894904 | 6853475 |
|  AB New York | 25433418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187971 |

---

During the current fiscal year, permanent differences were due to contributions from the Adviser, and resulted in a net decrease in accumulated net realized loss, and a net decrease in additional paid-in capital. This reclassification had no effect on net assets.

NOTE I

Floating Rate Notes Issued in Connection with Securities Held

Each Portfolio may engage in tender option bond transactions in which the Portfolio may transfer a fixed rate bond ("Fixed Rate Bond") into a Special Purpose Vehicle (the "SPV", which is generally organized as a trust). The Portfolio buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation ("Inverse Floater"). The SPV also issues floating rate notes ("Floating Rate Notes") which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Portfolio gives the Portfolio the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Portfolio, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its statement of assets and liabilities. Interest expense related to the Portfolios' liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Portfolios' expense ratio. At November 30, 2025, the amount of Floating Rate Notes outstanding was $375,335,000 and the related interest rate ranged from 2.55% to 3.20% for AB High Income Municipal Portfolio. At November 30, 2025, AB California Portfolio, AB National Portfolio and AB New York Portfolio did not have any Floating Rate Notes outstanding. For the six months ended November 30, 2025, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Average**<br> **Amount**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Interest Rate** |
|  AB High Income Municipal | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361894044 | 3.38% |

---

---

| | |
|:---|:---|
| 212 AB Municipal Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Each Portfolio may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Portfolios' financial statements as a secured borrowing. For the six months ended November 30, 2025, AB California Portfolio engaged in such transactions.

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

NOTE K

Subsequent Events

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 213 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.21 | $10.38 | $10.31 | $10.60 | $11.57 | $10.96 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .18 | .34 | .32 | .30 | .24 | .29 |
|  Net realized and unrealized gain (loss) on investment transactions | .32 | (.18) | .07 | (.27) | (.99) | .61 |
|  Net increase (decrease) in net asset value from operations | .50 | .16 | .39 | .03 | (.75) | .90 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.17 | (.33) | (.32) | (.32) | (.22) | (.29) |
|  Net asset value, end of period | **$10.54** | **$10.21** | **$10.38** | **$10.31** | **$10.60** | **$11.57** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.98 | 1.55% | 3.82% | .31% | (6.57)% | 8.30% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $508597 | $496560 | $482717 | $459793 | $481440 | $547704 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .75 | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .77 | .77% | .77% | .78% | .76% | .77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.39 | 3.21% | 3.14% | 2.94% | 2.09% | 2.54% |
|  Portfolio turnover rate | 12 | 35% | 23% | 30% | 17% | 23% |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| 214 AB Municipal Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.21 | $10.37 | $10.30 | $10.60 | $11.56 | $10.96 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .26 | .25 | .23 | .15 | .20 |
|  Net realized and unrealized gain (loss) on investment transactions | .32 | (.16) | .06 | (.29) | (.97) | .61 |
|  Net increase (decrease) in net asset value from operations | .46 | .10 | .31 | (.06) | (.82) | .81 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.13 | (.26) | (.24) | (.24) | (.14) | (.21) |
|  Net asset value, end of period | **$10.54** | **$10.21** | **$10.37** | **$10.30** | **$10.60** | **$11.56** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.59 | .89% | 3.05% | (.54)% | (7.19)% | 7.40% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $15901 | $18242 | $20782 | $26359 | $28401 | $41511 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.51 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.52 | 1.52% | 1.52% | 1.54% | 1.51% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.64 | 2.46% | 2.38% | 2.19% | 1.33% | 1.80% |
|  Portfolio turnover rate | 12 | 35% | 23% | 30% | 17% | 23% |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 215 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.21 | $10.38 | $10.31 | $10.60 | $11.57 | $10.96 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .19 | .36 | .35 | .33 | .26 | .32 |
|  Net realized and unrealized gain (loss) on investment transactions | .33 | (.17) | .07 | (.28) | (.98) | .61 |
|  Net increase (decrease) in net asset value from operations | .52 | .19 | .42 | .05 | (.72) | .93 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.19 | (.36) | (.35) | (.34) | (.25) | (.32) |
|  Net asset value, end of period | **$10.54** | **$10.21** | **$10.38** | **$10.31** | **$10.60** | **$11.57** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.11 | 1.81% | 4.09% | .56% | (6.34)% | 8.57% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $746759 | $702070 | $655014 | $507720 | $464558 | $451056 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .50 | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .52 | .52% | .52% | .53% | .51% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.64 | 3.46% | 3.39% | 3.19% | 2.34% | 2.78% |
|  Portfolio turnover rate | 12 | 35% | 23% | 30% | 17% | 23% |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| 216 AB Municipal Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.99 | $10.10 | $10.14 | $10.96 | $12.25 | $10.90 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .23 | .45 | .41 | .40 | .37 | .39 |
|  Net realized and unrealized gain (loss) on investment transactions | .33 | (.14 | (.05 | (.81) | (1.29) | 1.36 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 <sup>(e)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .56 | .31 | .36 | (.41) | (.92) | 1.75 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.22 | (.42 | (.40 | (.41) | (.37) | (.40 |
|  Net asset value, end of period | **$10.33** | **$9.99** | **$10.10** | **$10.14** | **$10.96** | **$12.25** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.66 | 3.01 | 3.62 | (3.66)% | (7.68)% | 16.40 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $466277 | $463256 | $559773 | $619769 | $769846 | $899274 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.25 | 1.12 | 1.20 | 1.15% | .85% | .85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.25 | 1.12 | 1.21 | 1.16% | .85% | .85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.51 | 4.38 | 4.08 | 3.87% | 3.06% | 3.27 |
|  Portfolio turnover rate | 12 | 24 | 23 | 26% | 16% | 16 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 217 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.99 | $10.09 | $10.13 | $10.95 | $12.25 | $10.89 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .19 | .38 | .33 | .32 | .28 | .30 |
|  Net realized and unrealized gain (loss) on investment transactions | .33 | (.14 | (.05 | (.80) | (1.30) | 1.38 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 <sup>(e)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .52 | .24 | .28 | (.48) | (1.02) | 1.68 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.18 | (.34 | (.32 | (.34) | (.28) | (.32 |
|  Net asset value, end of period | **$10.33** | **$9.99** | **$10.09** | **$10.13** | **$10.95** | **$12.25** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.27 | 2.34 | 2.84 | (4.38)% | (8.46)% | 15.53 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $33171 | $38483 | $48159 | $72948 | $113046 | $177019 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 2.00 | 1.87 | 1.95 | 1.90% | 1.60% | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 2.00 | 1.87 | 1.96 | 1.90% | 1.60% | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.76 | 3.62 | 3.32 | 3.12% | 2.30% | 2.54 |
|  Portfolio turnover rate | 12 | 24 | 23 | 26% | 16% | 16 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| 218 AB Municipal Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.99 | $10.09 | $10.13 | $10.95 | $12.25 | $10.89 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .24 | .48 | .43 | .42 | .40 | .42 |
|  Net realized and unrealized gain (loss) on investment transactions | .33 | (.13 | (.05 | (.80) | (1.30) | 1.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 <sup>(e)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .57 | .35 | .38 | (.38) | (.90) | 1.79 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.23 | (.45 | (.42 | (.44) | (.40) | (.43 |
|  Net asset value, end of period | **$10.33** | **$9.99** | **$10.09** | **$10.13** | **$10.95** | **$12.25** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.79 | 3.37 | 3.88 | (3.42)% | (7.53)% | 16.70 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $2077930 | $2040161 | $1903555 | $2269449 | $2609004 | $2618340 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.00 | .87 | .95 | .90% | .60% | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.00 | .87 | .96 | .90% | .60% | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.76 | 4.64 | 4.33 | 4.12% | 3.32% | 3.52 |
|  Portfolio turnover rate | 12 | 24 | 23 | 26% | 16% | 16 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 219 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.99 | $10.09 | $10.14 | $10.96 | $12.26 | $10.90 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .24 | .48 | .44 | .42 | .40 | .42 |
|  Net realized and unrealized gain (loss) on investment transactions | .33 | (.13 | (.07 | (.80) | (1.30) | 1.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 <sup>(e)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .57 | .35 | .37 | (.38) | (.90) | 1.79 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.23 | (.45 | (.42 | (.44) | (.40) | (.43 |
|  Net asset value, end of period | **$10.33** | **$9.99** | **$10.09** | **$10.14** | **$10.96** | **$12.26** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.79 | 3.37 | 3.78 | (3.41)% | (7.52)% | 16.69 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $199008 | $198795 | $278653 | $50391 | $1231 | $1845 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.00 | .87 | .95 | .90% | .59% | .59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.00 | .87 | .95 | .91% | .59% | .59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.76 | 4.59 | 4.38 | 4.20% | 3.32% | 3.55 |
|  Portfolio turnover rate | 12 | 24 | 23 | 26% | 16% | 16 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| 220 AB Municipal Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.39 | $9.54 | $9.53 | $9.88 | $10.77 | $10.20 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .33 | .32 | .27 | .22 | .23 |
|  Net realized and unrealized gain (loss) on investment transactions | .30 | (.16 | (.01) | (.34) | (.91 | .58 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(e)</sup> | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .47 | .17 | .31 | (.07) | (.69 | .81 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.17 | (.32 | (.30) | (.28) | (.20 | (.24 |
|  Net asset value, end of period | **$9.69** | **$9.39** | **$9.54** | **$9.53** | **$9.88** | **$10.77** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.05 | 1.73 | 3.27% | (.70)% | (6.45) | 8.00 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $389023 | $384409 | $406540 | $423812 | $508814 | $590789 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .75 | .75 | .75% | .75% | .75 | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .78 | .78 | .78% | .80% | .77 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.62 | 3.42 | 3.32% | 2.85% | 2.05 | 2.21 |
|  Portfolio turnover rate | 12 | 33 | 30% | 32% | 12 | 24 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 221 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.38 | $9.53 | $9.52 | $9.87 | $10.76 | $10.19 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .26 | .24 | .20 | .14 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | .29 | (.16 | 0 | (.34 | (.90 | .57 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .43 | .10 | .24 | (.14 | (.76 | .73 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.13 | (.25 | (.23) | (.21 | (.13 | (.16 |
|  Net asset value, end of period | **$9.68** | **$9.38** | **$9.53** | **$9.52** | **$9.87** | **$10.76** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.66 | .97 | 2.50% | (1.44) | (7.16) | 7.20 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $12023 | $13595 | $17782 | $24613 | $32583 | $52879 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.50 | 1.50 | 1.50% | 1.50 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.53 | 1.53 | 1.54% | 1.55 | 1.52 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.87 | 2.67 | 2.56% | 2.10 | 1.30 | 1.48 |
|  Portfolio turnover rate | 12 | 33 | 30% | 32 | 12 | 24 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| 222 AB Municipal Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.40 | $9.54 | $9.53 | $9.88 | $10.77 | $10.20 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .18 | .35 | .34 | .30 | .24 | .26 |
|  Net realized and unrealized gain (loss) on investment transactions | .29 | (.15 | (.01) | (.35 | (.90 | .58 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .47 | .20 | .33 | (.05 | (.66 | .84 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.18 | (.34 | (.32) | (.30 | (.23 | (.27 |
|  Net asset value, end of period | **$9.69** | **$9.40** | **$9.54** | **$9.53** | **$9.88** | **$10.77** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 5.06 | 2.09 | 3.53% | (.45 | (6.22) | 8.27 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $1532462 | $1454067 | $1424385 | $1232211 | $1270573 | $1209849 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .50 | .50 | .50% | .50 | .50 | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .52 | .53 | .53% | .55 | .52 | .53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.87 | 3.67 | 3.58% | 3.10 | 2.31 | 2.45 |
|  Portfolio turnover rate | 12 | 33 | 30% | 32 | 12 | 24 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 223 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.03 | $9.16 | $9.15 | $9.49 | $10.34 | $9.70 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .15 | .30 | .28 | .25 | .22 | .23 |
|  Net realized and unrealized gain (loss) on investment transactions | .26 | (.14 | (.01 | (.34) | (.86) | .65 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | .41 | .16 | .27 | (.09) | (.64) | .88 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.15 | (.29 | (.26 | (.25) | (.21) | (.24 |
|  Net asset value, end of period | **$9.29** | **$9.03** | **$9.16** | **$9.15** | **$9.49** | **$10.34** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.60 | 1.70 | 3.02 | (.86)% | (6.29)% | 9.13 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $290247 | $283443 | $305467 | $341690 | $380361 | $421752 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .75 | .76 | .75 | .76% | .75% | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .81 | .83 | .82 | .83% | .79% | .80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.36 | 3.24 | 3.03 | 2.73% | 2.17% | 2.31 |
|  Portfolio turnover rate | 7 | 33 | 35 | 14% | 16% | 22 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| 224 AB Municipal Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.03 | $9.15 | $9.15 | $9.49 | $10.33 | $9.69 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .12 | .23 | .21 | .18 | .14 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | .26 | (.13 | (.02 | (.33) | (.85) | .64 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | .38 | .10 | .19 | (.15) | (.71) | .80 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.12 | (.22 | (.19 | (.19) | (.13) | (.16 |
|  Net asset value, end of period | **$9.29** | **$9.03** | **$9.15** | **$9.15** | **$9.49** | **$10.33** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.21 | 1.05 | 2.13 | (1.60)% | (6.91)% | 8.33 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $7006 | $8570 | $11270 | $18205 | $24089 | $39563 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | 1.50 | 1.51 | 1.50 | 1.51% | 1.50% | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | 1.56 | 1.58 | 1.57 | 1.58% | 1.54% | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.60 | 2.48 | 2.26 | 1.98% | 1.41% | 1.56 |
|  Portfolio turnover rate | 7 | 33 | 35 | 14% | 16% | 22 |

---

See footnote summary on pages 226-228.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 225 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months<br>Ended<br>November 30,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.03 | $9.16 | $9.15 | $9.49 | $10.34 | $9.70 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .33 | .30 | .27 | .25 | .26 |
|  Net realized and unrealized gain (loss) on investment transactions | .26 | (.15 | 0 | (.33) | (.87) | .64 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(e)</sup> | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | .42 | .18 | .30 | (.06) | (.62) | .90 |
|  Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends | Less: Dividends |
|  Dividends from net investment income | (.16 | (.31 | (.29 | (.28) | (.23) | (.26 |
|  Net asset value, end of period | **$9.29** | **$9.03** | **$9.16** | **$9.15** | **$9.49** | **$10.34** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.73 | 1.96 | 3.28 | (.61)% | (6.06)% | 9.40 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $237519 | $209711 | $174591 | $178093 | $192990 | $187212 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(d)</sup> | .50 | .51 | .50 | .51% | .50% | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(d)</sup> | .56 | .58 | .57 | .58% | .54% | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 3.60 | 3.51 | 3.28 | 2.98% | 2.42% | 2.55 |
|  Portfolio turnover rate | 7 | 33 | 35 | 14% | 16% | 22 |

---

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

(b) Based on average shares outstanding.

(c) Amount is less than $.005.

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

---

| | |
|:---|:---|
| 226 AB Municipal Income Fund | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** | | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** | **AB California Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
|  Before waivers/reimbursements | .76 | %<sup>^</sup> | .77% | .77% | .78% | .76% | .77% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Before waivers/reimbursements | 1.51 | %<sup>^</sup> | 1.52% | 1.52% | 1.54% | 1.51% | 1.52% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
|  Before waivers/reimbursements | .51 | %<sup>^</sup> | .52% | .52% | .53% | .51% | .52% |
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** |  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** |  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** | **AB High Income Municipal Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Net of waivers/reimbursements | .79 | %<sup>^</sup> | .79% | .80% | .80% | .78% | .79% |
|  Before waivers/reimbursements | .79 | %<sup>^</sup> | .79% | .81% | .81% | .78% | .80% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Net of waivers/reimbursements | 1.54 | %<sup>^</sup> | 1.54% | 1.55% | 1.55% | 1.53% | 1.55% |
|  Before waivers/reimbursements | 1.55 | %<sup>^</sup> | 1.54% | 1.56% | 1.56% | 1.53% | 1.55% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Net of waivers/reimbursements | .54 | %<sup>^</sup> | .54% | .55% | .55% | .53% | .55% |
|  Before waivers/reimbursements | .54 | %<sup>^</sup> | .54% | .56% | .56% | .53% | .55% |
|  **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  Net of waivers/reimbursements | .54 | %<sup>^</sup> | .54% | .55% | .55% | .52% | .53% |
|  Before waivers/reimbursements | .54 | %<sup>^</sup> | .54% | .55% | .56% | .53% | .54% |
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** |  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** |  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** | **AB National Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
|  Before waivers/reimbursements | .77 | %<sup>^</sup> | .77% | .78% | .80% | .77% | .78% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Before waivers/reimbursements | 1.53 | %<sup>^</sup> | 1.53% | 1.54% | 1.55% | 1.52% | 1.53% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
|  Before waivers/reimbursements | .52 | %<sup>^</sup> | .52% | .53% | .55% | .52% | .53% |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 227 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** | | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months Ended<br>November 30,**<br>**2025**<br>**(unaudited)** | | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** | **AB New York Portfolio** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
|  Before waivers/reimbursements | .81 | %<sup>^</sup> | .82% | .82% | .82% | .79% | .80% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Before waivers/reimbursements | 1.56 | %<sup>^</sup> | 1.57% | 1.57% | 1.57% | 1.54% | 1.55% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
|  Before waivers/reimbursements | .56 | %<sup>^</sup> | .57% | .57% | .57% | .54% | .55% |

---

† During the year ended May 31, 2025, the Adviser reimbursed the Fund for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Net Investment**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
|  Class A | $.00 <sup>(c)</sup> | .01% | .01% |
|  Class C | $.00 <sup>(c)</sup> | .01% | .01% |
|  Advisor Class | $.00 <sup>(c)</sup> | .01% | .01% |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 228 AB Municipal Income Fund | **ABFunds.com** |

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#### Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund
The disinterested directors (the "directors") of AB Municipal Income Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a "Fund" and collectively, the "Funds") at a meeting held in-person on August 5-6, 2025 (the "Meeting"):

• AB California Portfolio

• AB National Portfolio

• AB High Income Municipal Portfolio

• AB New York Portfolio

Prior to approval of the continuance of the Advisory Agreement in respect of each Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of each Fund. The directors also discussed the proposed continuances in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the money market fund advised by the Adviser in which the Funds invest a portion of their assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee in respect of each Fund. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Fund and the overall arrangements between each Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 229 |

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relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Fund's investment strategies and from time to time proposes changes intended to improve a Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of each Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that each Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to such Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid in respect of a Fund, result in a higher rate of total compensation from such Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of each Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationships with the Funds, including those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationships with the Funds before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with each Fund was not unreasonable.

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| | |
|:---|:---|
| 230 AB Municipal Income Fund | **ABFunds.com** |

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------

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which the Funds invest, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds' principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds' shares; and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

#### Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for each Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Advisor Class shares of each Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors discussed with the Adviser the reasons for each of AB California Portfolio's, AB National Portfolio's and AB New York Portfolio's underperformance in certain of the more recent periods reviewed. Based on their review, the directors concluded that the investment performance for each Fund was acceptable.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each Fund's contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median for AB California Portfolio and AB National Portfolio. The directors noted that for AB High Income Municipal Portfolio it was equal to the median and for AB New York Portfolio it was lower than the median. The directors also noted the Adviser's total rate of compensation for each Fund, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of any of the Funds.

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Fund 231 |

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In connection with their review of each Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of each Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Funds by others. The directors noted that the expense ratio was below the medians for AB High Income Municipal Portfolio and AB New York Portfolio. They also noted that the expense ratio for AB California Portfolio and AB National Portfolio was above the medians and discussed the Adviser's explanations of the reasons for this. Based on their review, the directors concluded that the expense ratio for each Fund was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for each Fund contains breakpoints that reduce the fee rates on assets above specified levels, and that the net assets of AB High Income Municipal Portfolio were higher than the first breakpoint level. Accordingly, the Fund's current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of AB High Income Municipal Portfolio, the Fund's breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and, in the case of the other Funds, such Funds' shareholders would benefit from a sharing of economies of scale in the event a Fund's net assets exceed a breakpoint in the future.

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| | |
|:---|:---|
| 232 AB Municipal Income Fund | **ABFunds.com** |

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![LOGO](g40758g28a43.jpg)

AB MUNICIPAL INCOME FUND

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

MI-0152-1125 ![LOGO](g40758g22c48.jpg)

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no disagreements with accountants during the reporting period.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
There were no shareholder meetings during the reporting period.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

------

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.

#### ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

#### ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant.

------

#### ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d40758dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d40758dex99cert.htm#a) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes —Oxley Act of 2002](d40758dex99906cert.htm) |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant): AB Municipal Income Fund, Inc. | (Registrant): AB Municipal Income Fund, Inc. |
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | January 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | January 26, 2026 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | January 26, 2026 |

---

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Municipal Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Municipal Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 26, 2026

---

| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AB Municipal Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Municipal Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 26, 2026

---

| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Municipal Income Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 26, 2026

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.