MUNICIPAL OBLIGATIONS – 95.5%

Long-Term Municipal Bonds – 95.5%

Alabama – 0.7%

County of Jefferson AL Sewer Revenue

(County of Jefferson AL Sewer Revenue)
Series 2024
5.50%, 10/01/2053

Arizona – 1.0%

Arizona Industrial Development Authority

(Equitable School Revolving Fund Obligated Group)
Series 2023
5.25%, 11/01/2053

Arizona Industrial Development Authority

(Pinecrest Academy of Nevada)
Series 2020-A
4.00%, 07/15/2040^(a)

Maricopa County Industrial Development Authority

(Valley Christian Schools)
Series 2023
6.375%, 07/01/2058^(a)

California – 7.8%

California Community Choice Financing Authority

(American General Life Insurance)
Series 2024C
5.00%, 08/01/2055

California Community Choice Financing Authority

(Athene Annuity & Life Co.)
Series 2024G
5.00%, 11/01/2055

California Community Choice Financing Authority

(Morgan Stanley)
Series 2026-A
5.00%, 04/01/2056

California Community Housing Agency

(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021
4.00%, 02/01/2056^(a)

California Infrastructure & Economic Development Bank

(Desertxpress Enterprises)
Series 2025
12.00%, 01/01/2065^(a)

City of Los Angeles CA Wastewater System Revenue

(City of Los Angeles CA Wastewater System Revenue)
Series 2025-A
5.00%, 06/01/2055

City of Los Angeles Department of Airports

(City of Los Angeles Dept. of Airports)
Series 2025
5.50%, 05/15/2055

Principal
Amount

(000)

CMFA Special Finance Agency VII

(CMFA Special Finance Agency VII The Breakwater Apartments)
Series 2021
3.00%, 08/01/2056^(a)

Golden State Tobacco Securitization Corp.

(Golden State Tobacco Securitization)
Series 2021-B
Zero Coupon, 06/01/2066

Series 2022
5.00%, 06/01/2051

Los Angeles Department of Water & Power

(Los Angeles Dept. of Water & Power Power System Revenue)
BAM Series 2025-A
5.00%, 07/01/2053

San Francisco Intl Airport

(San Francisco Intl Airport)
Series 2021-A
5.00%, 05/01/2035

University of California

(University of California)
Series 2025-C
5.25%, 05/15/2040

Colorado – 4.1%

City & County of Denver CO Airport System Revenue

(City & County of Denver CO Airport System Revenue)
Series 2022-A
5.00%, 11/15/2036

Colorado Educational & Cultural Facilities Authority

(Ascent Classical Academy Charter Schools)
Series 2024
5.80%, 04/01/2054^(a)

Town of Vail CO

(Town of Vail CO COP)
Series 2025
5.50%, 12/01/2064

Connecticut – 0.2%

Stamford Housing Authority

(TJH Senior Living Obligated Group)
Series 2025
6.50%, 10/01/2055

District of Columbia – 4.5%

District of Columbia

(District of Columbia Union Market TIF Area)
Series 2024-A
5.125%, 06/01/2034^(a)

Metropolitan Washington Airports Authority Aviation Revenue

(Metropolitan Washington Airports Authority Aviation Revenue)
Series 2025-A
5.50%, 10/01/2055

Principal
Amount

(000)

Washington Metropolitan Area Transit Authority

(Washington Metropolitan Area Transit Authority State Lease)
Series 2023
5.00%, 07/15/2048

Florida – 3.1%

Capital Projects Finance Authority/FL

(Navigator Academy of Leadership Obligated Group)
Series 2024
5.00%, 06/15/2034^(a)

City of Venice FL

(Southwest Florida Retirement Center Obligated Group)
Series 2024
5.625%, 01/01/2060^(a)

County of Miami-Dade FL Aviation Revenue

(County of Miami-Dade FL Aviation Revenue)
Series 2024-A
5.00%, 10/01/2035

Florida Development Finance Corp.

(Brightline Trains Florida)
AG Series 2024
5.25%, 07/01/2053

Florida Development Finance Corp.

(SFP - Tampa I LLC)
Series 2024
5.25%, 06/01/2059^(a)

Georgia – 2.4%

Fayette County Development Authority

(United States Soccer Federation)
Series 2024
5.25%, 10/01/2054

Municipal Electric Authority of Georgia

(Municipal Electric Authority of Georgia)
Series 2019
5.00%, 01/01/2063

Guam – 0.5%

Territory of Guam

(Territory of Guam Business Privilege Tax)
Series 2021-F
5.00%, 01/01/2030

Hawaii – 0.1%

City & County Honolulu HI Wastewater System Revenue

(City & County Honolulu HI Wastewater System Revenue)
Series 2020-A
2.624%, 07/01/2045

Principal
Amount

(000)

Illinois – 6.3%

Chicago Board of Education

(Chicago Board of Education)
Series 2023-A
5.00%, 12/01/2034

6.00%, 12/01/2049

Chicago O’Hare International Airport

(Chicago O’Hare Intl Airport)
Series 2025-E
5.50%, 01/01/2055

Chicago Transit Authority Sales Tax Receipts Fund

(Chicago Transit Authority Sales Tax Receipts Fund)
Series 2026-A
5.50%, 12/01/2056

City of Chicago IL

(City of Chicago IL)
Series 2019-A
5.50%, 01/01/2049

Metropolitan Pier & Exposition Authority

(Metropolitan Pier & Exposition Authority)
Series 2017
0.00%, 12/15/2042^(b)

Series 2020
5.00%, 06/15/2050

State of Illinois

(State of Illinois)
Series 2023-B
5.50%, 05/01/2047

Indiana – 2.2%

City of Valparaiso IN

(Pratt Paper IN LLC)
Series 2024
4.875%, 01/01/2044^(a)

Indiana Finance Authority

(Parkview Health System Obligated Group)
Series 2024-A
5.00%, 11/01/2054

Indiana Finance Authority

(University of Evansville)
Series 2022
5.25%, 09/01/2057

Indianapolis Local Public Improvement Bond Bank

(Pan Am Plaza Hotel)
Series 2023
6.00%, 03/01/2053

Series 2023-F
7.75%, 03/01/2067

BAM Series 2023
5.25%, 03/01/2067

Principal
Amount

(000)

Kentucky – 1.6%

Kentucky Public Energy Authority

(BP PLC)
Series 2024-B
5.00%, 01/01/2055

Maine – 0.4%

Finance Authority of Maine

(Casella Waste Systems)
Series 2024
4.625%, 12/01/2047^(a)

Maryland – 3.6%

Maryland Economic Development Corp.

(Purple Line Transit Partners)
Series 2022
5.25%, 06/30/2047

Maryland Economic Development Corp.

(State of Maryland)
Series 2025
5.00%, 06/01/2048

Maryland Stadium Authority

(Baltimore City Public School Construction Financing Fund)
Series 2020
5.00%, 05/01/2050

Massachusetts – 6.6%

Commonwealth of Massachusetts

(Commonwealth of Massachusetts)
Series 2021-B
2.00%, 04/01/2050

Massachusetts Bay Transportation Authority Sales Tax Revenue

(Massachusetts Bay Transportation Authority Sales Tax Revenue)
Series 2023-A
5.25%, 07/01/2048

Series 2025-B
5.25%, 07/01/2055

Massachusetts Port Authority

(Massachusetts Port Authority)
Series 2019-A
5.00%, 07/01/2035

Massachusetts School Building Authority

(Massachusetts School Building Authority Sales Tax)
Series 2025
5.25%, 02/15/2050

New Hampshire – 0.5%

New Hampshire Business Finance Authority

(NFA 2025-1)
Series 2025
5.75%, 04/28/2042

New Hampshire Business Finance Authority

(Novant Health Obligated Group)
Series 2025
5.50%, 06/01/2055

Principal
Amount

(000)

New Jersey – 1.8%

New Jersey Transportation Trust Fund Authority

(State of New Jersey Lease)
Series 2023-B
5.25%, 06/15/2050

New York – 12.4%

Metropolitan Transportation Authority

(Metropolitan Transportation Authority)
Series 2017
Zero Coupon, 11/15/2033

Series 2024-A
5.25%, 11/15/2049

Metropolitan Transportation Authority Dedicated Tax Fund

(Metropolitan Transportation Authority Dedicated Tax Fund)
Series 2024
5.00%, 11/15/2052

New York City Transitional Finance Authority Future Tax Secured Revenue

(New York City Transitional Finance Authority Future Tax Secured Revenue)
Series 2025
5.00%, 05/01/2050

New York Liberty Development Corp.

(7 World Trade Center II)
Series 2022
3.00%, 09/15/2043

New York State Dormitory Authority

(State of New York Pers Income Tax)
Series 2025-C
5.00%, 03/15/2055

New York State Thruway Authority

(State of New York Pers Income Tax)
Series 2022-A
5.00%, 03/15/2026

Onondaga Civic Development Corp.

(Syracuse University)
Series 2025
5.50%, 12/01/2056

Suffolk Regional Off-Track Betting Corp.

(Suffolk Regional Off-Track Betting)
Series 2024
6.00%, 12/01/2053

Triborough Bridge & Tunnel Authority Sales Tax Revenue

(Triborough Bridge & Tunnel Authority Sales Tax Revenue)
Series 2024-A
5.25%, 05/15/2064

North Carolina – 1.5%

Nash Health Care Systems

(Nash Health Care Systems)
Series 2025
5.75%, 02/01/2050

North Carolina Turnpike Authority

(North Carolina Turnpike Authority)
AG Series 2024
Zero Coupon, 01/01/2052

Ohio – 2.2%

Buckeye Tobacco Settlement Financing Authority

(Buckeye Tobacco Settlement Financing Authority)
Series 2020-B
5.00%, 06/01/2055

State of Ohio

(University Hospitals Health System Obligated Group)
Series 2016
4.00%, 01/15/2046

Oklahoma – 0.2%

Tulsa Municipal Airport Trust Trustees/OK

(American Airlines, Inc.)
Series 2025
6.25%, 12/01/2040

Oregon – 0.9%

Port of Portland OR Airport Revenue

(Port of Portland OR Airport Revenue)
Series 2022-2
4.00%, 07/01/2047

Pennsylvania – 2.8%

Pennsylvania Higher Educational Facilities Authority

(University of Pennsylvania Health System Obligated Group)
Series 2025
5.00%, 08/15/2055

Pennsylvania State University (The)

(Pennsylvania State University)
Series 2023
5.25%, 09/01/2053

Philadelphia Authority for Industrial Development

(Children’s Hospital of Philadelphia Obligated Group)
Series 2024
5.50%, 07/01/2053

Puerto Rico – 0.1%

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue

(Puerto Rico Sales Tax Financing Sales Tax Revenue)
Series 2018-A
Zero Coupon, 07/01/2051

South Carolina – 1.1%

South Carolina Jobs-Economic Development Authority

(Novant Health Obligated Group)
Series 2024
5.50%, 11/01/2054

Tennessee – 1.8%

Bristol Industrial Development Board

(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.125%, 12/01/2042^(a)

Series 2016-B
Zero Coupon, 12/01/2031^(a)

Metropolitan Nashville Airport Authority (The)

(Metropolitan Nashville Airport Authority/The)
Series 2026-B
5.00%, 07/01/2040

Shelby County Health & Educational Facilities Board

(Madrone Memphis Student Housing I)
Series 2024
5.25%, 06/01/2056^(a)

Texas – 9.2%

City of Houston TX Airport System Revenue

(United Airlines, Inc.)
Series 2024-B
5.50%, 07/15/2038

Dallas Fort Worth International Airport

(Dallas Fort Worth Intl Airport)
Series 2025-A
5.50%, 11/01/2050

Dallas Metrocare Services

(State of Texas)
Series 2025
5.25%, 11/01/2065

Hidalgo County Regional Mobility Authority

(Hidalgo County Regional Mobility Authority)
Series 2022-B
Zero Coupon, 12/01/2046

Port of Beaumont Navigation District

(Jefferson 2020 Bond Lessee & Borrower Obligated Group)
Series 2024
5.25%, 01/01/2054^(a)

Texas Transportation Finance Corp.

(Texas Transportation Finance)
Series 2025
5.25%, 10/01/2055

Texas Water Development Board

(State Water Implementation Revenue Fund for Texas)
Series 2023-A
5.00%, 10/15/2058

Utah – 0.2%

Utah Infrastructure Agency

(Utah Infrastructure Agency)
Series 2024
5.50%, 10/15/2044

Virginia – 2.8%

Fairfax County Industrial Development Authority

(Inova Health System Obligated Group)
Series 2022
4.00%, 05/15/2042

Henrico County Economic Development Authority

(Bon Secours Mercy Health)
Series 2025
5.00%, 11/01/2048

James City County Economic Development Authority

(Williamsburg Landing Obligated Group)
Series 2024-A
6.875%, 12/01/2058

Virginia College Building Authority

(Regent University Obligated Group)
Series 2025
6.00%, 06/01/2055

Washington – 8.7%

City of Tacoma WA Electric System Revenue

(City of Tacoma WA Electric System Revenue)
Series 2025-A
5.25%, 01/01/2050

King County Public Hospital District No. 2

(King County Public Hospital District No. 2)
Series 2024
5.25%, 12/01/2045

Vancouver Housing Authority

(Vancouver Housing Authority)
Series 2025
4.25%, 02/01/2038

Washington Health Care Facilities Authority

(CommonSpirit Health Obligated Group)
Series 2025
5.50%, 09/01/2055

Wisconsin – 4.2%

Wisconsin Health & Educational Facilities Authority

(Forensic Science & Protective Medicine Collaboration)
Series 2024
5.00%, 08/01/2027^(a)

Wisconsin Public Finance Authority

(Inperium Obligated Group)
Series 2024
5.75%, 12/01/2054^(a)

Wisconsin Public Finance Authority

(Puerto Rico Tollroads LLC)
Series 2024
5.50%, 07/01/2044

Wisconsin Public Finance Authority

(SR 400 Peach Partners LLC)
Series 2025
5.75%, 12/31/2065

Total Municipal Obligations
(cost $46,664,934)

SHORT-TERM INVESTMENTS – 3.0%

Investment Companies – 3.0%

AB Fixed Income Shares, Inc. – Government

Money Market Portfolio – Class AB, 3.53%^{(c) (d) (e)}
(cost $1,485,114)

Total Investments – 98.5%
(cost $48,150,048)^(f)

Other assets less liabilities – 1.5%

Net Assets – 100.0%

Notional
Amount
(000)

Upfront
Premiums
Paid

(Received)

CDX-NAHY Series 45, 5 Year Index, 12/20/2030*

Termination date

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

Notional
Amount
(000)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the aggregate market value of these securities amounted to $2,093,667 or 4.2% of net assets.

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026.

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

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.

Affiliated investments.

As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $956,296 and gross unrealized depreciation of investments was $(180,645), resulting in net unrealized appreciation of $775,651.

Level 1 - quoted prices in active markets for identical investments

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

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments in Securities:

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.