0001410368-26-040393.txt : 20260424 0001410368-26-040393.hdr.sgml : 20260424 20260424165212 ACCESSION NUMBER: 0001410368-26-040393 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260228 FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 PERIOD START: 20260531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB MUNICIPAL INCOME FUND II CENTRAL INDEX KEY: 0000899774 ORGANIZATION NAME: EIN: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07618 FILM NUMBER: 26895230 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 66 HUDSON BOULEVARD EAST, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 66 HUDSON BOULEVARD EAST, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND II DATE OF NAME CHANGE: 20030319 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE MUNICIPAL INCOME FUND II DATE OF NAME CHANGE: 19930714 0000899774 S000010361 AB Virginia Portfolio C000028661 Class A AVAAX C000028663 Class C AVACX C000082961 Advisor Class AVAYX NPORT-P 1 primary_doc.xml NPORT-P false 0000899774 XXXXXXXX S000010361 C000028663 C000028661 C000082961 AB MUNICIPAL INCOME FUND II 811-07618 0000899774 549300NQ4217TS0L9K86 ALLIANCEBERNSTEIN LP 66 Hudson Boulevard East NEW YORK 10001 212-969-1000 AB Virginia Portfolio S000010361 E7BAUV216G1MOZRKT880 2026-05-31 2026-02-28 N 221294698.98 769340.10 220525358.88 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 547779.47000000 USD N Bloomberg Municipal Bond Unhedged LMBITR:IND Hampton Roads Transportation Accountability Commission N/A HAMPTON ROADS VA TRANSPRTN ACCOUNTABILITY COMMISSION 409328CQ2 1410000.00000000 PA USD 1502292.68000000 0.681233526896 Long DBT MUN US N 2 2059-07-01 Fixed 5.25000000 N N N N N N Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth 549300YJRISCG6HQ4512 PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC 74527EFQ6 110000.00000000 PA USD 118017.81000000 0.053516661575 Long DBT MUN US N 2 2034-07-01 Fixed 5.00000000 N N N N N N Fairfax County Economic Development Authority N/A FAIRFAX CNTY VA ECON DEV AUTH TRANSPRTN DIST IMPT REVENUE 30383BCR8 415000.00000000 PA USD 415637.98000000 0.188476274162 Long DBT MUN US N 2 2035-04-01 Fixed 4.00000000 N N N N N N Puerto Rico Electric Power Authority 5493003BRB67HF8ST418 PUERTO RICO ELEC PWR AUTH PWRREVENUE 74526QPP1 235000.00000000 PA USD 243179.13000000 0.110272637684 Long DBT MUN US N 2 2031-07-01 Fixed 5.25000000 N N N N N N Territory of Guam N/A GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE 40065NCR6 1370000.00000000 PA USD 1362341.70000000 0.617770993285 Long DBT MUN US N 2 2042-01-01 Fixed 4.00000000 N N N N N N Virginia Port Authority N/A VIRGINIA ST PORT AUTH PORT FAC REVENUE 928077JK3 2000000.00000000 PA USD 2015114.80000000 0.913779172714 Long DBT MUN US N 2 2035-07-01 Fixed 5.00000000 N N N N N N Southeast Energy Authority A Cooperative District 25490090A3RLJHITY273 SOUTHEAST ENERGY AUTHORITY A COOPERATIVE 84136HAH6 1000000.00000000 PA USD 1098218.40000000 0.498000958065 Long DBT MUN US N 2 2055-10-01 Floating 5.00000000 N N N N N N North Carolina Medical Care Commission 549300FH6KOXGCHQYG81 NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE 65820YLK0 560000.00000000 PA USD 542179.51000000 0.245858123870 Long DBT MUN US N 2 2037-07-01 Fixed 4.70000000 N N N N N N Southeast Energy Authority A Cooperative District 25490090A3RLJHITY273 SOUTHEAST ENERGY AUTHORITY A COOPERATIVE 84136HBC6 1000000.00000000 PA USD 1052329.30000000 0.477191968009 Long DBT MUN US N 2 2056-01-01 Floating 5.00000000 N N N N N N Virginia College Building Authority N/A VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 9277816D1 1615000.00000000 PA USD 1496519.08000000 0.678615415297 Long DBT MUN US N 2 2030-07-01 Fixed 5.00000000 N N N N N N Alliance Bernstein 5493006YWHO7MNK2U579 AB Fixed Income Shares, Inc. - Government Money Market Portfolio 018616748 2001028.89000000 NS USD 2001028.89000000 0.907391739509 Long STIV RF US N 1 N N N Public Finance Authority 5493004S6D3NA627K012 PUBLIC FIN AUTH WI TOLL REVENUE 74448UAA6 1000000.00000000 PA USD 1112639.00000000 0.504540160664 Long DBT MUN US N 2 2060-06-30 Fixed 6.50000000 N N N N N N US Bank Trust Co NA N/A US BANK TRUST CO NA VA 90355QAA2 370000.00000000 PA USD 334518.11000000 0.151691447958 Long DBT MUN US N 2 2052-08-01 Floating 5.90000000 N N N N N N LCH Ltd. 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Treasury Bills 912797QD2 6500000.00000000 PA USD 6470593.22000000 2.934171948687 Long STIV UST US N 2 2026-04-16 None 0.00000000 N N N N N N Rockingham County Economic Development Authority N/A ROCKINGHAM CNTY VA ECON DEV AUTH RSDL CARE FACS REVENUE 773455AN0 1085000.00000000 PA USD 1104377.34000000 0.500793806938 Long DBT MUN US N 2 2032-12-01 Fixed 4.00000000 N N N N N N Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth 549300YJRISCG6HQ4512 PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC 74528KAB9 383587.00000000 PA USD 384225.06000000 0.174231690156 Long DBT MUN US N 2 2028-01-01 Fixed 6.62500000 N N N N N N Hampton Roads Sanitation District N/A HAMPTON ROADS VA SANTN DIST WSTWTR REVENUE 409327JG9 3550000.00000000 PA USD 3697481.56000000 1.676669557994 Long DBT MUN US N 2 2033-10-01 Fixed 5.00000000 N N N N N N New Hope Cultural Education Facilities Finance Corp N/A NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE 64542PGP4 100000.00000000 PA USD 101753.52000000 0.046141414536 Long DBT MUN US N 2 2045-07-01 Fixed 6.25000000 N N N N N N Puerto Rico Sales Tax Financing Corp Sales Tax Revenue N/A PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE 74529JQG3 1000000.00000000 PA USD 357891.20000000 0.162290269843 Long DBT MUN US N 2 2046-07-01 None 0.00000000 N N N N N N James City County Economic Development Authority N/A JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE 47029WEG8 500000.00000000 PA USD 542465.70000000 0.245987900328 Long DBT MUN US N 2 2058-12-01 Fixed 6.87500000 N N N N N N LCH Ltd. F226TOH6YD6XJB17KS62 Long: BS39GZ9 IRS USD R V 12MUSCPI IS39H01 CCPINFLATIONZERO / Short: BS39GZ9 IRS USD P F 2.54500 IS39GZ9 CCPINFLATIONZERO 000000000 2400000.00000000 OU Notional Amount USD -8788.30000000 -0.00398516526 N/A DIR US N 2 LCH Ltd. F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on U.S. CPI Urban Consumers NSA 2029-10-15 0.00000000 USD 0.00000000 USD 2400000.00000000 USD -8788.30000000 N N N Virginia College Building Authority N/A VIRGINIA CLG BLDG AUTH EDUCTNL FACS REVENUE 92778FLZ4 1000000.00000000 PA USD 1058615.20000000 0.480042388492 Long DBT MUN US N 2 2055-06-01 Fixed 6.00000000 N N N N N N Virginia Small Business Financing Authority N/A VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE 928104NC8 1500000.00000000 PA USD 1354403.85000000 0.614171475280 Long DBT MUN US N 2 2051-01-01 Fixed 4.00000000 N N N N N N Virginia Small Business Financing Authority N/A VIRGINIA SMALL BUSINESS FING AUTH PRIV ACTIVITY REVENUE SR 928097AD6 1000000.00000000 PA USD 983746.30000000 0.446092143323 Long DBT MUN US N 2 2056-12-31 Fixed 5.00000000 N N N N N N Bristol Industrial Development Board N/A BRISTOL TN INDL DEV BRD ST SALES TAX REVENUE 11023PAB0 295000.00000000 PA USD 291396.37000000 0.132137352130 Long DBT MUN US N 2 2035-12-01 Fixed 5.00000000 N N N N N N Virginia College Building Authority N/A VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY 92778VHK7 9140000.00000000 PA USD 9105436.18000000 4.128974656812 Long DBT MUN US N 2 2037-02-01 Fixed 3.00000000 N N N N N N Suffolk Economic Development Authority N/A SUFFOLK VA ECON DEV AUTH RETMNT FACS REVENUE 86482NAJ4 1000000.00000000 PA USD 1002706.20000000 0.454689748649 Long DBT MUN US N 2 2031-09-01 Fixed 5.00000000 N N N N N N Powhatan County Economic Development Authority N/A POWHATAN CNTY VA ECON DEV AUTH GRANT REVENUE 73937XAA0 1000000.00000000 PA USD 1007940.20000000 0.457063171836 Long DBT MUN US N 2 2060-09-01 Fixed 6.12500000 N N N N N N Puerto Rico Electric Power Authority 5493003BRB67HF8ST418 PUERTO RICO ELEC PWR AUTH PWRREVENUE 74526Q2Q4 300000.00000000 PA USD 307720.65000000 0.139539802389 Long DBT MUN US N 2 2032-07-01 Fixed 5.25000000 N N N N N N Henrico County Economic Development Authority N/A HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE 42605QHM8 1000000.00000000 PA USD 1011731.60000000 0.458782429893 Long DBT MUN US N 2 2047-10-01 Fixed 5.00000000 N N N N N N Southeast Energy Authority A Cooperative District 25490090A3RLJHITY273 SOUTHEAST ENERGY AUTHORITY A COOPERATIVE 84136HAU7 1000000.00000000 PA USD 1075510.20000000 0.487703638920 Long DBT MUN US N 2 2035-11-01 Fixed 5.00000000 N N N N N N City of Newport News VA N/A NEWPORT NEWS VA 652233PY7 4530000.00000000 PA USD 4584227.27000000 2.078775562720 Long DBT MUN US N 2 2026-08-01 Fixed 5.00000000 N N N N N N Washington Metropolitan Area Transit Authority Dedicated Revenue 549300ADKOK76HQMJS30 WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE 93878YDS5 3000000.00000000 PA USD 3123662.10000000 1.416463900507 Long DBT MUN US N 2 2048-07-15 Fixed 5.00000000 N N N N N N Virginia Public School Authority N/A VIRGINIA ST PUBLIC SCH AUTH SPL OBLIG HANOVER CNTY 92818QCK5 1450000.00000000 PA USD 1618032.38000000 0.733717150815 Long DBT MUN US N 2 2043-08-01 Fixed 5.00000000 N N N N N N Arlington County Industrial Development Authority N/A ARLINGTON CNTY VA INDL DEV AUTH HOSP FAC REVENUE 041438HD7 4000000.00000000 PA USD 3832929.60000000 1.738090176779 Long DBT MUN US N 2 2045-07-01 Fixed 4.00000000 N N N N N N Puerto Rico Commonwealth Aqueduct & Sewer Authority N/A PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE 745160SG7 455000.00000000 PA USD 485099.52000000 0.219974483870 Long DBT MUN US N 2 2030-07-01 Fixed 5.00000000 N N N N N N Virginia Resources Authority N/A VIRGINIA ST RESOURCES AUTH INFRASTRUCTURE REVENUE 92818MAT7 2000000.00000000 PA USD 2016439.20000000 0.914379738566 Long DBT MUN US N 2 2034-11-01 Fixed 4.00000000 N N N N N N LCH Ltd. F226TOH6YD6XJB17KS62 Long: BS31T56 IRS USD R V 12MUSCPI IS31T67 CCPINFLATIONZERO / Short: BS31T56 IRS USD P F 2.56880 IS31T56 CCPINFLATIONZERO 000000000 5500000.00000000 OU Notional Amount USD -26593.05000000 -0.01205895328 N/A DIR US N 2 LCH Ltd. F226TOH6YD6XJB17KS62 N/A N/A Y Inflation based on U.S. CPI Urban Consumers NSA 2029-10-15 0.00000000 USD 0.00000000 USD 5500000.00000000 USD -26593.05000000 N N N Antonio B Won Pat International Airport Authority N/A GUAM INTERNATIONAL ARPT AUTH 40064REL9 165000.00000000 PA USD 147079.85000000 0.066695209452 Long DBT MUN US N 2 2043-10-01 Fixed 4.46000000 N N N N N N Washington Metropolitan Area Transit Authority 549300ADKOK76HQMJS30 WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE 938782EV7 3950000.00000000 PA USD 4078311.80000000 1.849361824287 Long DBT MUN US N 2 2032-07-01 Fixed 5.00000000 N N N N N N Territory of Guam N/A GUAM GOVT HOTEL OCCUPANCY TAX REVENUE 40065KAU7 1500000.00000000 PA USD 1612592.70000000 0.731250459443 Long DBT MUN US N 2 2035-11-01 Fixed 5.00000000 N N N N N N County of Fairfax VA N/A FAIRFAX CNTY VA 30382AMZ2 4445000.00000000 PA USD 4598985.47000000 2.085467854289 Long DBT MUN US N 2 2041-10-01 Fixed 4.00000000 N N N N N N Roanoke Economic Development Authority 549300P5QQORJY0U4T83 ROANOKE VA ECON DEV AUTH HOSPREVENUE 770082BT1 1000000.00000000 PA USD 1036942.60000000 0.470214675203 Long DBT MUN US N 2 2036-07-01 Fixed 4.00000000 N N N N N N Hampton Roads Transportation Accountability Commission N/A HAMPTON ROADS VA TRANSPRTN ACCOUNTABILITY COMMISSION 409328BR1 3745000.00000000 PA USD 3463721.66000000 1.570668188725 Long DBT MUN US N 2 2052-07-01 Fixed 4.00000000 N N N N N N Virginia Commonwealth Transportation Board N/A VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE 927793K24 1555000.00000000 PA USD 1686011.39000000 0.764543088632 Long DBT MUN US N 2 2032-05-15 Fixed 5.00000000 N N N N N N Guam Power Authority 549300IPOV320QCKW060 GUAM PWR AUTH REVENUE 400653JH5 1630000.00000000 PA USD 1668170.85000000 0.756453071189 Long DBT MUN US N 2 2036-10-01 Fixed 5.00000000 N N N N N N Texas Municipal Gas Acquisition & Supply Corp IV 549300PTUE847QDBBW22 TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV 88256PAG5 1000000.00000000 PA USD 1075827.60000000 0.487847567945 Long DBT MUN US N 2 2054-01-01 Floating 5.50000000 N N N N N N Metropolitan Washington Airports Authority Dulles Toll Road Revenue N/A MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE 592643CX6 1500000.00000000 PA USD 1602132.00000000 0.726506923347 Long DBT MUN US N 2 2034-10-01 Fixed 5.00000000 N N N N N N County of Henrico VA Water & Sewer Revenue N/A HENRICO CNTY VA WTR & SWR REVENUE 426170NN2 2000000.00000000 PA USD 2009259.40000000 0.911123967875 Long DBT MUN US N 2 2028-05-01 Fixed 5.00000000 N N N N N N Salt Verde Financial Corp 549300VEWOZY6TQOIF03 SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE 79575EAS7 1000000.00000000 PA USD 1113767.90000000 0.505052074580 Long DBT MUN US N 2 2037-12-01 Fixed 5.00000000 N N N N N N Southeast Alabama Gas Supply District/The 549300BL04JIB2GJZ178 S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE 84131TBT8 1000000.00000000 PA USD 1092568.20000000 0.495438803749 Long DBT MUN US N 2 2049-06-01 Floating 5.00000000 N N N N N N Rockingham County Economic Development Authority N/A ROCKINGHAM CNTY VA ECON DEV AUTH FACS REVENUE 77345QAA2 1265000.00000000 PA USD 1008075.08000000 0.457124334870 Long DBT MUN US N 2 2046-11-01 Fixed 3.00000000 N N N N N N Metropolitan Washington Airports Authority Aviation Revenue 7HERAVJJLN8J1DZ6AZ19 MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE 592647KM2 5000000.00000000 PA USD 5150653.00000000 2.335628440266 Long DBT MUN US N 2 2046-10-01 Fixed 5.00000000 N N N N N N LCH Ltd. F226TOH6YD6XJB17KS62 Long: SS3ACO3 IRS USD R F 3.48600 IS3ACO3 CCPOIS / Short: SS3ACO3 IRS USD P V 00MSOFR IS3ACP4 CCPOIS 000000000 8600000.00000000 OU Notional Amount USD 73707.45000000 0.033423571046 N/A DIR US N 2 LCH Ltd. F226TOH6YD6XJB17KS62 N/A N/A Y 2033-01-03 0.00000000 USD 0.00000000 USD 8600000.00000000 USD 73707.45000000 N N N Metropolitan Washington Airports Authority Dulles Toll Road Revenue N/A MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE 592643BF6 5000000.00000000 PA USD 3251363.00000000 1.474371481136 Long DBT MUN US N 2 2037-10-01 None 0.00000000 N N N N N N Williamsburg Economic Development Authority N/A WILLIAMSBURG VA ECON DEV AUTH REVENUE 969672AA2 2000000.00000000 PA USD 2069470.80000000 0.938427585158 Long DBT MUN US N 2 2035-11-01 Fixed 4.95700000 N N N N N N 2026-03-27 AB MUNICIPAL INCOME FUND II Stephen Woetzel Stephen Woetzel Controller XXXX NPORT-EX 2 NPORT_64BV_29076997_0226.htm HTML

AB Municipal Income Fund II

AB Virginia Portfolio

Portfolio of Investments

February 28, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 95.0%

           

Long-Term Municipal Bonds – 90.2%

           

Virginia – 57.5%

           

Arlington County Industrial Development Authority

(Virginia Hospital Center Arlington Health System Obligated Group)
Series 2020
4.00%, 07/01/2045

    $              4,000        $    3,832,930  

Cherry Hill Community Development Authority

(Potomac Shores Project)
Series 2015
5.40%, 03/01/2045(a)

         585          585,504  

Chesterfield County Economic Development Authority

(County of Chesterfield VA)
Series 2024
5.00%, 04/01/2048

         7,000          7,411,485  

County of Fairfax VA

(County of Fairfax VA)
Series 2023-A
4.00%, 10/01/2041

         4,445          4,598,985  

County of Henrico VA Water & Sewer Revenue

(Prerefunded - US Treasuries)
Series 2016
5.00%, 05/01/2028

         2,000          2,009,259  

Fairfax County Economic Development Authority

(Prerefunded - US Treasuries)
Series 2016
4.00%, 04/01/2035

         415          415,638  

Fairfax County Industrial Development Authority

(Inova Health System Obligated Group)
Series 2018-A
4.00%, 05/15/2048

         1,500          1,426,198  

Series 2022
4.00%, 05/15/2042

         2,000          2,002,915  

Series 2024
5.00%, 05/15/2051

         2,030          2,136,057  

Hampton Roads Sanitation District

(Hampton Roads Sanitation District)
Series 2017-A
5.00%, 10/01/2033

         3,550          3,697,482  

Hampton Roads Transportation Accountability Commission

(Hampton Roads Transportation Fund)
Series 2022-A
4.00%, 07/01/2052

         3,745          3,463,722  

4.00%, 07/01/2057

         4,750          4,296,952  

Series 2024-A
5.25%, 07/01/2059

         1,410          1,502,293  

Hampton Roads Transportation Accountability Commission

(Prerefunded - US Govt Agencies)
Series 2021-A
5.00%, 07/01/2026

         1,590          1,604,933  

Hampton Roads Transportation Accountability Commission

(Prerefunded - US Treasuries)
Series 2018-A
5.00%, 07/01/2035

         4,000          4,206,695  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Henrico County Economic Development Authority

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

    $              2,000        $    2,101,704  

Henrico County Economic Development Authority

(Westminster-Canterbury Obligated Group)
Series 2022
5.00%, 10/01/2047

         1,000          1,011,732  

James City County Economic Development Authority

(Williamsburg Landing Obligated Group)
Series 2021-A
4.00%, 12/01/2050

         1,575          1,258,341  

Series 2024-A
6.875%, 12/01/2058

         500          542,466  

Lexington Industrial Development Authority

(Kendal at Lexington)
Series 2016
4.00%, 01/01/2031

         1,500          1,507,420  

Lynchburg Economic Development Authority

(Centra Health Obligated Group)
Series 2017-A
5.00%, 01/01/2047

         1,750          1,754,541  

Norfolk Airport Authority/VA

(Norfolk Airport Authority/VA)
Series 2019
5.00%, 07/01/2043

         2,870          2,964,594  

Powhatan County Economic Development Authority

(Powhatan County Economic Development Authority)
Series 2025
6.125%, 09/01/2060(a)

         1,000          1,007,940  

Richmond Redevelopment & Housing Authority

(American Tobacco Holdings)
Series 2017
5.55%, 01/01/2037(a)

         940          940,905  

Roanoke Economic Development Authority

(Carilion Clinic Obligated Group)
Series 2020
4.00%, 07/01/2036

         1,000          1,036,943  

4.00%, 07/01/2038

         1,550          1,589,053  

Roanoke Economic Development Authority

(Lynchburg College)
Series 2018-A
5.00%, 09/01/2033

         1,125          1,155,411  

5.00%, 09/01/2038

         1,535          1,558,054  

Rockingham County Economic Development Authority

(Sentara Healthcare Obligated Group)
Series 2021
3.00%, 11/01/2046

         1,265          1,008,075  

Rockingham County Economic Development Authority

(Sunnyside Presbyterian Home Obligated Group)
Series 2020
4.00%, 12/01/2032

         1,085          1,104,377  

5.00%, 12/01/2039

         1,000          1,043,940  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Suffolk Economic Development Authority

(EveryAge Obligated Group)
Series 2016
5.00%, 09/01/2031

    $              1,000        $    1,002,706  

Tobacco Settlement Financing Corp./VA

(Tobacco Settlement Financing Corp./VA)
Series 2007-B1
5.00%, 06/01/2047

         2,000          1,695,740  

University of Virginia

(University of Virginia)
Series 2020
2.256%, 09/01/2050

         1,000          606,205  

US Bank Trust Co. NA

(Park Landing LP)
Series 2022-B
5.90%, 08/01/2052

         370          334,518  

Virginia Beach Development Authority

(Westminster-Canterbury on Chesapeake Bay Obligated Group)
Series 2023
7.00%, 09/01/2059

         500          548,563  

Virginia College Building Authority

(Commonwealth of Virginia State Lease)
Series 2019-B
3.00%, 02/01/2037

         9,140          9,105,436  

Virginia College Building Authority

(Marymount University)
Series 2015
5.00%, 07/01/2045(a)

         1,000          760,230  

Series 2015-A
5.00%, 07/01/2030(a)

         1,615          1,496,519  

Virginia College Building Authority

(Regent University Obligated Group)
Series 2021
4.00%, 06/01/2036

         3,125          3,148,682  

Series 2025
6.00%, 06/01/2055

         1,000          1,058,615  

Virginia Commonwealth Transportation Board

(Commonwealth of Virginia State Lease)
Series 2019
5.00%, 05/15/2032

         1,555          1,686,011  

Virginia Commonwealth University Health System Authority

(Virginia Commonwealth University Health System Authority Obligated Group)
Series 2017-B
5.00%, 07/01/2046

         2,000          2,020,945  

Virginia Port Authority

(Prerefunded - US Treasuries)
Series 2016-B
5.00%, 07/01/2035

         2,000          2,015,115  

5.00%, 07/01/2036

         4,160          4,191,439  

Virginia Public Building Authority

(Commonwealth of Virginia State Lease)
Series 2024-A
5.00%, 08/01/2044

         2,000          2,189,696  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Virginia Public Building Authority

(Virginia Public Building Authority State Lease)
Series 2025
5.00%, 08/01/2040

    $              2,000        $    2,295,090  

Virginia Public School Authority

(County of Hanover VA)
Series 2025
5.00%, 08/01/2043

         1,450          1,618,032  

Virginia Resources Authority

(Virginia Resources Authority)
Series 2011-B
5.00%, 11/01/2026

         20          20,033  

Series 2016-C
4.00%, 11/01/2034

         2,000          2,016,439  

Virginia Small Business Financing Authority

(95 Express Lanes LLC)
Series 2022
5.00%, 07/01/2035

         4,580          4,962,630  

Virginia Small Business Financing Authority

(Bon Secours Mercy Health)
Series 2020
4.00%, 12/01/2049

         3,500          3,081,498  

Virginia Small Business Financing Authority

(Elizabeth River Crossings OpCo)
Series 2022
4.00%, 01/01/2040

         4,825          4,810,110  

Virginia Small Business Financing Authority

(I-66 Express Mobility Partners)
Series 2017
5.00%, 12/31/2052

         3,350          3,323,526  

5.00%, 12/31/2056

         1,000          983,746  

Virginia Small Business Financing Authority

(LifeSpire of Virginia Obligated Group)
Series 2024
4.50%, 12/01/2044

         2,000          2,011,204  

Virginia Small Business Financing Authority

(National Senior Communities Obligated Group)
Series 2020
3.375%, 01/01/2051

         1,000          811,588  

4.00%, 01/01/2051

         1,500          1,354,404  

Virginia Small Business Financing Authority

(Reworld Holding Corp.)
Series 2018
5.00%, 01/01/2048(a)

         1,000          982,101  

Williamsburg Economic Development Authority

(Colonial Williamsburg Foundation/The)
Series 2025
4.957%, 11/01/2035

         2,000          2,069,471  
          

 

 

  
             126,976,836  
          

 

 

  

Alabama – 3.9%

           

Black Belt Energy Gas District

(BP PLC)
Series 2024-D
5.00%, 03/01/2055

         1,000          1,103,132  

Black Belt Energy Gas District

(Goldman Sachs Group)
Series 2024-B
5.00%, 10/01/2055

         1,000          1,091,006  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Black Belt Energy Gas District

(Nomura Holdings, Inc.)
Series 2022-A
4.00%, 12/01/2052

    $              1,000        $    1,026,937  

Black Belt Energy Gas District

(Pacific Life Insurance)
Series 2024-C
5.00%, 05/01/2055

         1,000          1,084,127  

Southeast Alabama Gas Supply District (The)

(Morgan Stanley)
Series 2024
5.00%, 06/01/2049

         1,000          1,092,568  

Southeast Energy Authority A Cooperative District

(Athene Annuity & Life Co.)
Series 2025-A
5.00%, 01/01/2056

         1,000          1,052,329  

Southeast Energy Authority A Cooperative District

(Deutsche Bank AG)
Series 2024-A
5.00%, 11/01/2035

         1,000          1,075,510  

Southeast Energy Authority A Cooperative District

(Pacific Life Insurance)
Series 2024-C
5.00%, 10/01/2055

         1,000          1,098,219  
          

 

 

  
             8,623,828  
          

 

 

  

American Samoa – 0.2%

           

American Samoa Economic Development Authority

(Territory of American Samoa)
Series 2018
7.125%, 09/01/2038(a)

         420          449,241  
          

 

 

  

Arizona – 0.5%

           

Salt Verde Financial Corp.

(Citigroup, Inc.)
Series 2007
5.00%, 12/01/2037

         1,000          1,113,768  
          

 

 

  

California – 1.0%

           

Align Affordable Housing Bond Fund LP

(Park Landing LP)
Series 2022-2
5.66%, 08/01/2052

         1,000          936,025  

M-S-R Energy Authority

(Citigroup, Inc.)
Series 2009-B
6.50%, 11/01/2039

         1,000          1,251,376  
          

 

 

  
             2,187,401  
          

 

 

  

District of Columbia – 18.4%

           

Metropolitan Washington Airports Authority Aviation Revenue

(Metropolitan Washington Airports Authority Aviation Revenue)
Series 2018-A
5.00%, 10/01/2038

         2,330          2,423,959  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Series 2020-A
4.00%, 10/01/2036

    $              2,000        $    2,042,972  

Series 2021-A
5.00%, 10/01/2046

         5,000          5,150,653  

Series 2024-A
5.00%, 10/01/2033

         1,500          1,729,707  

5.00%, 10/01/2038

         2,250          2,495,948  

5.50%, 10/01/2054

         1,390          1,467,680  

Series 2025-A
5.00%, 10/01/2036

         2,000          2,316,828  

5.00%, 10/01/2050

         1,000          1,033,129  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue

(Metropolitan Washington Airports Authority Dulles Toll Road Revenue)
Series 2009
Zero Coupon, 10/01/2037

         5,000          3,251,363  

Series 2010-B
6.50%, 10/01/2044(b)

         4,300          4,590,098  

Series 2019
5.00%, 10/01/2034

         1,500          1,602,132  

Washington Metropolitan Area Transit Authority

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

         3,000          3,123,662  

Series 2024
5.25%, 07/15/2059

         4,000          4,199,493  

Washington Metropolitan Area Transit Authority

(Washington Metropolitan Area Transit Authority)
Series 2017-A
5.00%, 07/01/2031

         1,145          1,183,808  

5.00%, 07/01/2032

         3,950          4,078,312  
          

 

 

  
             40,689,744  
          

 

 

  

Guam – 3.7%

           

Antonio B Won Pat International Airport Authority

(Antonio B Won Pat Intl Airport Authority)
Series 2021-A
4.46%, 10/01/2043

         165          147,080  

Series 2024-A
5.25%, 10/01/2041

         1,000          1,079,545  

Guam Department of Education

(Guam Dept. of Education COP)
Series 2020
5.00%, 02/01/2040

         1,000          1,021,871  

Guam Government Waterworks Authority

(Guam Waterworks Authority Water And Wastewater System)
Series 2025-A
5.25%, 07/01/2050

         1,000          1,038,065  

Guam Power Authority

(Guam Power Authority)
Series 2017-A
5.00%, 10/01/2036

         1,630          1,668,171  

Territory of Guam

(Territory of Guam)
Series 2019
5.00%, 11/15/2031

         150          159,494  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

Territory of Guam

(Territory of Guam Business Privilege Tax)
Series 2021-F
4.00%, 01/01/2042

    $              1,370        $    1,362,342  

Territory of Guam

(Territory of Guam Hotel Occupancy Tax)
Series 2021-A
5.00%, 11/01/2035

         1,500          1,612,593  
          

 

 

  
             8,089,161  
          

 

 

  

Illinois – 1.0%

           

Metropolitan Pier & Exposition Authority

(Metropolitan Pier & Exposition Authority)
Series 2015-B
5.00%, 12/15/2045

         2,200          2,200,370  
          

 

 

  

Nevada – 0.1%

           

City of Reno NV

(County of Washoe NV Sales Tax Revenue)
Series 2018-C
Zero Coupon, 07/01/2058(a)

         500          79,364  
          

 

 

  

North Carolina – 0.3%

           

North Carolina Medical Care Commission

(Aldersgate United Methodist Retirement Community)
Series 2015
4.70%, 07/01/2037

         560          542,179  
          

 

 

  

Puerto Rico – 2.0%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority

(Puerto Rico Commonwealth Aqueduct & Sewer Authority)
Series 2020-A
5.00%, 07/01/2030(a)

         455          485,099  

5.00%, 07/01/2035(a)

         250          261,146  

Puerto Rico Electric Power Authority

(Puerto Rico Electric Power Authority)
AG Series 2007-V
5.25%, 07/01/2031

         235          243,179  

NATL Series 2007-V
5.25%, 07/01/2032

         300          307,721  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(AES Puerto Rico LP)
Series 2023-A
6.625%, 01/01/2027

         50          50,279  

6.625%, 01/01/2028

         384          384,225  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(Hospital Auxilio Mutuo Obligated Group)
Series 2021
4.00%, 07/01/2038

         275          269,684  

4.00%, 07/01/2040

         295          280,937  

5.00%, 07/01/2034

         110          118,018  

5.00%, 07/01/2035

         115          122,809  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth

(San Juan Cruise Port LLC)
Series 2024
6.75%, 01/01/2045

    $                400        $      458,229  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue

(Puerto Rico Sales Tax Financing Sales Tax Revenue)
Series 2018-A
Zero Coupon, 07/01/2046

         1,000          357,891  

Series 2019-A
4.329%, 07/01/2040

         160          160,278  

5.00%, 07/01/2058

         955          935,363  
          

 

 

  
             4,434,858  
          

 

 

  

Tennessee – 0.1%

           

Bristol Industrial Development Board

(Bristol Industrial Development Board Sales Tax)
Series 2016-A
5.00%, 12/01/2035(a)

         295          291,396  
          

 

 

  

Texas – 1.0%

           

New Hope Cultural Education Facilities Finance Corp.

(SLF CHP LLC)
Series 2025
6.25%, 07/01/2045(a)

         100          101,753  

Tarrant County Cultural Education Facilities Finance Corp.

(Tarrant County Cultural Education Facilities Finance)
5.00%, 11/15/2036(c) (d) (e) (f)

         941          0  

Texas Municipal Gas Acquisition & Supply Corp. IV

(BP PLC)
Series 2023-A
5.50%, 01/01/2054

         1,000          1,075,828  

Texas Municipal Gas Acquisition & Supply Corp. V

(Bank of America Corp.)
Series 2024
5.00%, 01/01/2055

         1,000          1,094,261  
          

 

 

  
             2,271,842  
          

 

 

  

Wisconsin – 0.5%

           

Wisconsin Public Finance Authority

(SR 400 Peach Partners LLC)
Series 2025
6.50%, 06/30/2060

         1,000          1,112,639  
          

 

 

  

Total Long-Term Municipal Bonds
(cost $199,534,966)

              199,062,627  
          

 

 

  

Short-Term Municipal Notes – 4.8%

           

Virginia – 4.8%

           

City of Newport News VA

(City of Newport News VA)
Series 2026-A
5.00%, 08/01/2026

         4,530          4,584,227  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

County of Fairfax VA

(County of Fairfax VA)
Series 2026-A
4.00%, 10/01/2026

    $          5,000        $    5,055,478  

Hampton Roads Sanitation District

(Hampton Roads Sanitation District)
Series 2025-A
5.00%, 07/15/2026

         1,000          1,010,520  
          

 

 

  

Total Short-Term Municipal Notes
(cost $10,639,206)

 

        10,650,225  
          

 

 

  

Total Municipal Obligations
(cost $210,174,172)

 

        209,712,852  
          

 

 

  
     Shares           

PREFERRED STOCKS – 0.0%

           

Utility – 0.0%

           

Electric – 0.0%

           

AES Guayama Holdings
0.00%(c) (d) (e)
(cost $151,336)

         8,437          24,552  
          

 

 

  
     Principal
Amount
(000)		           

SHORT-TERM INVESTMENTS – 3.9%

           

U.S. Treasury Bills – 3.0%

           

U.S. Treasury Bill
Zero Coupon, 04/16/2026
(cost $6,471,059)

    $          6,500          6,470,593  
          

 

 

  
     Shares           

Investment Companies – 0.9%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(g) (h) (i)
(cost $2,001,029)

         2,001,029          2,001,029  
          

 

 

  

Total Short-Term Investments
(cost $8,472,088)

              8,471,622  
          

 

 

  

Total Investments – 98.9%
(cost $218,797,596)(j)

              218,209,026  

Other assets less liabilities – 1.1%

              2,508,994  
          

 

 

  

Net Assets – 100.0%

            $ 220,718,020  
          

 

 

  

 

 

9

CENTRALLY CLEARED INFLATION (CPI) SWAPS

 

                   Rate Type                                  
Notional
Amount
(000)		      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		      Payment
Frequency
Paid/
Received		      Market
Value		        Upfront
Premiums
Paid
(Received)		        Unrealized
Appreciation
(Depreciation)		  
USD      5,500      10/15/2029      2.569%      CPI#      Maturity      $ (26,593 )       $ —        $ (26,593 ) 
USD      5,250      10/15/2029      2.485%      CPI#      Maturity        (3,721 )         —          (3,721 ) 
USD      2,400      10/15/2029      2.545%      CPI#      Maturity        (8,788 )         —          (8,788 ) 
                         

 

 

       

 

 

       

 

 

  
                          $  (39,102 )      $    —        $  (39,102 ) 
                         

 

 

       

 

 

       

 

 

  

 

#

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

CENTRALLY CLEARED INTEREST RATE SWAPS

 

                   Rate Type                                  
Notional
Amount
(000)		      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		      Payment
Frequency
Paid/
Received		      Market
Value		        Upfront
Premiums
Paid
(Received)		        Unrealized
Appreciation
(Depreciation)		  
USD      4,400      04/30/2030      1 Day SOFR      3.075%      Annual      $ (59,093 )       $ —        $ (59,093 ) 
USD      8,600      01/03/2033      1 Day SOFR      3.486%      Annual        73,708          —          73,708  
USD      1,800      01/03/2033      1 Day SOFR      3.586%      Annual        26,388          —          26,388  
                         

 

 

       

 

 

       

 

 

  
                          $   41,003        $    —        $   41,003  
                         

 

 

       

 

 

       

 

 

  

INTEREST RATE SWAPS

 

                        Rate Type                         
Swap Counterparty    Notional
Amount
(000)		      Termination
Date		    Payments
made
by the
Fund		   Payments
received
by the
Fund		   Payment
Frequency
Paid/
Received		    Market
Value		      Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Citibank NA      USD        2,965      10/09/2029    1.125%   1 Week SIFMA*   Quarterly    $  120,566      $  —      $  120,566  

 

*

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 February 28, 2026, the aggregate market value of these securities amounted to $7,441,198 or 3.4% of net assets.

(b)

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

(c)

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

(d)

Non-income producing security.

(e)

Fair valued by the Adviser.

(f)

Defaulted.

(g)

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

(h)

Affiliated investments.

(i)

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.

(j)

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 $3,948,742 and gross unrealized depreciation of investments was $(4,414,845), resulting in net unrealized depreciation of $(466,103).

As of February 28, 2026, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 0.3% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

 

10

AB Municipal Income Fund II

AB Virginia Portfolio

February 28, 2026 (unaudited)

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

 

  •  

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

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

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

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

 

11

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 28, 2026:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Long-Term Municipal Bonds    $ —      $ 199,062,627      $ 0 (a)     $ 199,062,627  
Short-Term Municipal Notes      —        10,650,225        —        10,650,225  
Preferred Stocks      —        —        24,552        24,552  
Short-Term Investments:            

U.S. Treasury Bills

      —        6,470,593        —        6,470,593  

Investment Companies

      2,001,029        —        —        2,001,029  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      2,001,029        216,183,445        24,552 (a)       218,209,026  
Other Financial Instruments(b):            
Assets:            
Centrally Cleared Interest Rate Swaps      —        100,096        —        100,096  
Interest Rate Swaps      —        120,566        —        120,566  
Liabilities:            
Centrally Cleared Inflation (CPI) Swaps      —        (39,102 )       —        (39,102 ) 
Centrally Cleared Interest Rate Swaps      —        (59,093 )       —        (59,093 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $  2,001,029      $  216,305,912      $  24,552 (a)     $  218,331,493  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

The Fund held securities with zero market value at period end.

(b) 

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 28, 2026 is as follows:

 

Fund    Market Value
05/31/2025
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
02/28/2026
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  538      $  53,731      $  52,268      $  2,001      $  176  

 

12