0001410368-26-040406.txt : 20260424 0001410368-26-040406.hdr.sgml : 20260424 20260424165221 ACCESSION NUMBER: 0001410368-26-040406 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: 26895245 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 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MASSACHUSETTS ST DEV FIN AGY REVENUE 57584XJZ5 1500000.00000000 PA USD 1508262.90000000 0.576490686960 Long DBT MUN US N 2 2036-07-01 Fixed 5.00000000 N N N N N N Commonwealth of Massachusetts 5493001N1YCXNI1O7K10 MASSACHUSETTS ST 57582TGD8 2000000.00000000 PA USD 2181310.00000000 0.833743838937 Long DBT MUN US N 2 2046-12-01 Fixed 5.00000000 N N N N N N Massachusetts School Building Authority N/A MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE 576000KV4 4000000.00000000 PA USD 4248466.80000000 1.623855856999 Long DBT MUN US N 2 2039-08-15 Fixed 5.71500000 N N N N N N Black Belt Energy Gas District 549300I8V0Z68JQCB679 BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 09182TDU8 1000000.00000000 PA USD 1084126.80000000 0.414376700298 Long DBT MUN US N 2 2055-05-01 Floating 5.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57584YSJ9 1400000.00000000 PA USD 1521946.72000000 0.581720938789 Long DBT MUN US N 2 2039-06-01 Fixed 5.00000000 N N N N N N Massachusetts Health & Educational Facilities Authority 549300MV50RWQFTX5223 MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE 57586CT21 1710000.00000000 PA USD 2054407.68000000 0.785239028779 Long DBT MUN US N 2 2035-06-01 Fixed 5.50000000 N N N N N N Texas Municipal Gas Acquisition & Supply Corp V 254900XZ4J30QIJO9G03 TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE 88256RAK2 1000000.00000000 PA USD 1094260.70000000 0.418250095959 Long DBT MUN US N 2 2055-01-01 Floating 5.00000000 N N N N N N Territory of Guam N/A GUAM GOVT 40065BCQ4 150000.00000000 PA USD 159494.64000000 0.060962299463 Long DBT MUN US N 2 2031-11-15 Fixed 5.00000000 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 74528KAA1 52107.00000000 PA USD 52090.97000000 0.019910294869 Long DBT MUN US N 2 2027-01-01 Fixed 6.62500000 N N N N N N M-S-R Energy Authority 549300UEMSS1JTK5YB98 M-S-R CA ENERGY AUTH GAS REVENUE 55374SAF7 1300000.00000000 PA USD 1626788.93000000 0.621793897996 Long DBT MUN US N 2 2039-11-01 Fixed 6.50000000 N N N N N N Commonwealth of Massachusetts 5493001N1YCXNI1O7K10 MASSACHUSETTS ST 57582TCE0 5000000.00000000 PA USD 5246557.00000000 2.005347508783 Long DBT MUN US N 2 2054-12-01 Fixed 5.00000000 N N N N N N Commonwealth of Massachusetts Transportation Fund Revenue N/A MASSACHUSETTS ST TRANSPRTN FUND REVENUE 57604TKC9 2000000.00000000 PA USD 2075602.60000000 0.793340185408 Long DBT MUN US N 2 2050-06-01 Fixed 5.00000000 N N N N N N United States Treasury 254900HROIFWPRGM1V77 U.S. Treasury Bills 912797QD2 3000000.00000000 PA USD 2986427.64000000 1.141477206487 Long STIV UST US N 2 2026-04-16 None 0.00000000 N N N N N N Commonwealth of Massachusetts 5493001N1YCXNI1O7K10 MASSACHUSETTS ST SPL OBLG REVENUE 576004HG3 346168.32000000 PA USD 349123.84000000 0.133442679227 Long DBT MUN US N 2 2031-07-15 Fixed 4.11000000 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 397410.00000000 PA USD 398071.05000000 0.152151361061 Long DBT MUN US N 2 2028-01-01 Fixed 6.62500000 N N N N N N New Jersey Transportation Trust Fund Authority 549300YUVD5TEXR6L889 NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 6461362D2 1170000.00000000 PA USD 1178749.14000000 0.450543404251 Long DBT MUN US N 2 2029-06-15 Fixed 5.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57584YNY1 1795000.00000000 PA USD 1914234.85000000 0.731661942808 Long DBT MUN US N 2 2035-10-01 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 0.038892395115 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 0.136793753758 Long DBT MUN US N 2 2046-07-01 None 0.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57584YJW0 3000000.00000000 PA USD 3020805.90000000 1.154617320670 Long DBT MUN US N 2 2053-07-01 Fixed 5.00000000 N N N N N N Commonwealth of Massachusetts Transportation Fund Revenue N/A MASSACHUSETTS ST TRANSPRTN FUND REVENUE 57604TKD7 3000000.00000000 PA USD 3115159.20000000 1.190681191719 Long DBT MUN US N 2 2052-06-01 Fixed 5.00000000 N N N N N N Massachusetts Port Authority 254900JRR8IDSSKWCL90 MASSACHUSETTS ST PORT AUTH 575896TL9 2500000.00000000 PA USD 2630395.00000000 1.005393834540 Long DBT MUN US N 2 2038-07-01 Fixed 5.00000000 N N N N N N Commonwealth of Massachusetts Transportation Fund Revenue N/A MASSACHUSETTS ST TRANSPRTN FUND REVENUE 57604TKK1 3000000.00000000 PA USD 3138277.50000000 1.199517505765 Long DBT MUN US N 2 2051-06-01 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 560000.00000000 PA USD 553159.21000000 0.211429408607 Long DBT MUN US N 2 2035-12-01 Fixed 5.00000000 N N N N N N Main Street Natural Gas Inc 549300NY5M0QVZ6X4U26 MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE 56035DCZ3 1200000.00000000 PA USD 1235539.08000000 0.472249747040 Long DBT MUN US N 2 2052-05-01 Floating 4.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57584XHU8 1000000.00000000 PA USD 1008892.30000000 0.385620447931 Long DBT MUN US N 2 2031-07-01 Fixed 5.00000000 N N N N N N Town of Weymouth MA N/A WEYMOUTH MASS 962201GP8 2000000.00000000 PA USD 1365260.40000000 0.521832039941 Long DBT MUN US N 2 2045-09-15 Fixed 2.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57585BEW4 1000000.00000000 PA USD 1042258.30000000 0.398373654458 Long DBT MUN US N 2 2045-07-01 Fixed 5.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57583UTY4 1750000.00000000 PA USD 1660960.88000000 0.634855156037 Long DBT MUN US N 2 2043-07-01 Fixed 4.00000000 N N N N N N Massachusetts Port Authority 254900JRR8IDSSKWCL90 MASSACHUSETTS ST PORT AUTH 575896TE5 4685000.00000000 PA USD 5020833.45000000 1.919071088139 Long DBT MUN US N 2 2032-07-01 Fixed 5.00000000 N N N N N N University of Massachusetts Building Authority 6ILE2573NPR1XO2TR556 UNIV OF MASSACHUSETTS MA BLDG AUTH REVENUE 914437VJ4 2000000.00000000 PA USD 1591168.60000000 0.608179037808 Long DBT MUN US N 2 2043-11-01 Fixed 3.01300000 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 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AB Municipal Income Fund II

AB Massachusetts Portfolio

Portfolio of Investments

February 28, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 97.5%

           

Long-Term Municipal Bonds – 96.5%

           

Massachusetts – 83.1%

           

City of Quincy MA

(City of Quincy MA)
Series 2022-A
5.00%, 06/01/2047

    $            3,060        $    3,502,746  

Series 2025
5.00%, 07/24/2026

         7,255          7,329,478  

City of Worcester MA

(City of Worcester MA)
AG Series 2022
3.00%, 02/01/2046

         2,600          2,075,932  

Commonwealth of Massachusetts

(Commonwealth of Massachusetts)
Series 2018-A
5.00%, 01/01/2042

         5,000          5,173,718  

Series 2021-B
2.00%, 04/01/2050

         1,000          607,528  

Series 2022-B
3.00%, 02/01/2045

         2,965          2,453,086  

4.11%, 07/15/2031

         346          349,124  

Series 2022-C
5.00%, 10/01/2052

         2,005          2,085,703  

Series 2022-D
5.00%, 11/01/2028

         2,000          2,155,022  

Series 2024
5.00%, 12/01/2054

         5,000          5,246,557  

Series 2024-E
5.00%, 08/01/2054

         1,670          1,749,788  

Series 2025-A
5.00%, 04/01/2045

         1,500          1,646,878  

Series 2025-G
5.00%, 12/01/2046

         2,000          2,181,310  

5.00%, 12/01/2055

         1,500          1,577,954  

Commonwealth of Massachusetts Transportation Fund Revenue

(Commonwealth of Massachusetts Transportation Fund Revenue)
Series 2022
5.00%, 06/01/2050

         2,000          2,075,603  

Series 2022-B
5.00%, 06/01/2052

         3,000          3,115,159  

Series 2023
5.00%, 06/01/2053

         1,405          1,466,129  

Series 2023-B
5.00%, 06/01/2051

         3,000          3,138,277  

Marthas Vineyard Land Bank

(Marthas Vineyard Land Bank)
BAM Series 2014
5.00%, 05/01/2031

         1,000          1,010,066  

Massachusetts Bay Transportation Authority Sales Tax Revenue

(Massachusetts Bay Transportation Authority Sales Tax Revenue)
Series 2017-A
5.00%, 07/01/2040

         2,000          2,056,413  

Series 2020
5.00%, 07/01/2050

         3,000          3,053,340  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Series 2023-A
5.25%, 07/01/2048

    $            1,000        $    1,075,448  

5.25%, 07/01/2053

         4,000          4,251,004  

Series 2025-B
5.00%, 07/01/2045

         500          551,282  

5.25%, 07/01/2055

         3,500          3,758,543  

Massachusetts Clean Water Trust (The)

(Massachusetts Clean Water State Revolving Fund)
Series 2023-2
5.00%, 02/01/2040

         600          677,350  

5.00%, 02/01/2042

         1,050          1,166,153  

5.00%, 02/01/2044

         1,500          1,635,872  

Massachusetts Development Finance Agency

(Baystate Medical Obligated Group)
Series 2014-N
5.00%, 07/01/2044

         7,150          7,154,975  

Massachusetts Development Finance Agency

(Beth Israel Lahey Health Obligated Group)
Series 2018-J
5.00%, 07/01/2053

         3,000          3,020,806  

Series 2023
5.00%, 07/01/2034

         2,000          2,315,681  

AG Series 2025
5.00%, 07/01/2030

         1,000          1,111,270  

Massachusetts Development Finance Agency

(Boston Medical Center Obligated Group)
Series 2015-D
5.00%, 07/01/2044

         3,755          3,756,942  

Series 2023
4.375%, 07/01/2052

         2,000          1,814,539  

5.25%, 07/01/2052

         2,000          1,993,426  

Massachusetts Development Finance Agency

(Brandeis University)
Series 2019-S
5.00%, 10/01/2035

         1,795          1,914,235  

5.00%, 10/01/2039

         1,780          1,880,075  

Massachusetts Development Finance Agency

(Care Communities Obligated Group)
Series 2025
6.375%, 07/15/2045(a)

         600          616,491  

Massachusetts Development Finance Agency

(CHF Merrimack, Inc.)
Series 2024
5.00%, 07/01/2054(a)

         2,200          2,160,222  

Massachusetts Development Finance Agency

(Children’s Hospital Obligated Group)
Series 2024-T
5.25%, 03/01/2054

         2,000          2,122,107  

Massachusetts Development Finance Agency

(Emerson College)
Series 2016-A
5.00%, 01/01/2047

         1,000          992,154  

5.25%, 01/01/2042

         1,000          1,005,454  

Series 2025
5.25%, 01/01/2038

         1,210          1,340,171  

5.25%, 01/01/2041

         1,230          1,319,829  

5.25%, 01/01/2043

         1,000          1,050,024  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Massachusetts Development Finance Agency

(Emmanuel College/MA)
Series 2016-A
5.00%, 10/01/2031

    $            2,000        $    2,011,220  

5.00%, 10/01/2034

         2,100          2,108,237  

Massachusetts Development Finance Agency

(Equitable School Revolving Fund Obligated Group)
Series 2021
4.00%, 11/01/2046

         1,000          938,690  

Massachusetts Development Finance Agency

(GingerCare Living Obligated Group)
Series 2024-A
5.875%, 12/01/2060(a)

         1,000          937,046  

Massachusetts Development Finance Agency

(Lesley University)
Series 2016
5.00%, 07/01/2039

         2,055          2,058,526  

Massachusetts Development Finance Agency

(Mass General Brigham)
Series 2015-O
4.00%, 07/01/2045

         5,855          5,607,897  

Series 2016
5.00%, 07/01/2031

         1,000          1,008,892  

Massachusetts Development Finance Agency

(Massachusetts Institute of Technology)
Series 2020
5.00%, 07/01/2050

         2,050          2,325,444  

Massachusetts Development Finance Agency

(MCPHS University)
Series 2013-F
4.00%, 07/01/2032

         1,000          1,000,551  

Massachusetts Development Finance Agency

(Merrimack College)
Series 2017
5.00%, 07/01/2047

         3,200          3,149,946  

Series 2022
5.00%, 07/01/2052

         1,000          970,912  

Massachusetts Development Finance Agency

(NewBridge on the Charles)
Series 2017
5.00%, 10/01/2047(a)

         2,000          2,002,889  

Massachusetts Development Finance Agency

(Northeastern University)
Series 2022
5.00%, 10/01/2041

         1,500          1,666,397  

5.00%, 10/01/2042

         3,000          3,300,277  

Massachusetts Development Finance Agency

(Prerefunded - US Treasuries)
Series 2019-A
5.00%, 06/01/2039

         1,400          1,521,947  

Massachusetts Development Finance Agency

(President & Fellows of Harvard College)
Series 2016-A
5.00%, 07/15/2036

         700          855,837  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Massachusetts Development Finance Agency

(PRG Medford Properties)
Series 2025
5.25%, 06/01/2055

    $            3,250        $    3,401,821  

5.50%, 06/01/2050

         4,000          4,318,442  

Massachusetts Development Finance Agency

(Salem Community Obligated Group)
Series 2022
5.125%, 01/01/2040

         1,020          1,041,852  

Massachusetts Development Finance Agency

(Simmons University)
Series 2020-M
4.00%, 10/01/2050

         1,000          689,611  

Massachusetts Development Finance Agency

(South Shore Hospital Obligated Group)
Series 2016-I
4.00%, 07/01/2036

         2,080          2,069,882  

5.00%, 07/01/2041

         2,500          2,502,547  

Massachusetts Development Finance Agency

(Southcoast Health System Obligated Group)
Series 2013
4.00%, 07/01/2043

         1,750          1,660,961  

Series 2021-G
4.00%, 07/01/2046

         1,750          1,527,127  

5.00%, 07/01/2037

         1,000          1,081,034  

5.00%, 07/01/2050

         3,550          3,558,043  

Massachusetts Development Finance Agency

(Springfield College)
Series 2021
4.00%, 06/01/2056

         3,000          2,267,177  

Series 2021-B
4.00%, 06/01/2050

         1,000          789,318  

Massachusetts Development Finance Agency

(Suffolk University)
Series 2021
4.00%, 07/01/2051

         1,000          838,830  

Series 2025
5.25%, 07/01/2055

         3,000          2,985,330  

Massachusetts Development Finance Agency

(Trustees of Boston College)
Series 2017-T
5.00%, 07/01/2037

         1,000          1,027,771  

Series 2021-V
5.00%, 07/01/2055

         1,000          1,096,077  

Massachusetts Development Finance Agency

(Tufts Medicine Obligated Group)
Series 2019-A
5.00%, 07/01/2038

         1,000          1,014,893  

Series 2026
5.25%, 10/01/2036

         1,250          1,416,727  

7.375%, 10/01/2035

         1,000          1,030,840  

Massachusetts Development Finance Agency

(UMass Memorial Health Care Obligated Group)
Series 2016
5.00%, 07/01/2036

         1,500          1,508,263  

Series 2025
4.50%, 07/01/2054

         3,500          3,323,481  

5.00%, 07/01/2045

         1,000          1,042,258  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Massachusetts Development Finance Agency

(Woods Hole Oceanographic Institution State Lease)
Series 2018
5.00%, 06/01/2048

    $            3,000        $    3,053,237  

Massachusetts Health & Educational Facilities Authority

(Trustees of Boston College)
Series 2008
5.50%, 06/01/2035

         1,710          2,054,408  

Massachusetts Port Authority

(Bosfuel Corp.)
Series 2019-A
5.00%, 07/01/2033

         2,000          2,136,257  

Massachusetts Port Authority

(Massachusetts Port Authority)
Series 2011-B
6.202%, 07/01/2031

         1,765          1,877,857  

Series 2019-A
5.00%, 07/01/2032

         4,685          5,020,833  

5.00%, 07/01/2036

         4,000          4,237,714  

5.00%, 07/01/2038

         2,500          2,630,395  

Series 2019-C
5.00%, 07/01/2049

         1,000          1,011,486  

Series 2021-E
5.00%, 07/01/2051

         5,000          5,066,577  

Massachusetts School Building Authority

(Massachusetts School Building Authority Sales Tax)
Series 2009
5.715%, 08/15/2039

         4,000          4,248,467  

Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue

(Massachusetts Transportation Trust Fund Metropolitan Highway System Rev State Lease)
Series 2019-C
5.00%, 01/01/2034

         1,000          1,077,956  

Massachusetts Water Resources Authority

(Prerefunded - US Treasuries)
Series 2016-C
5.00%, 08/01/2033

         5,500          5,567,858  

Town of Weymouth MA

(Town of Weymouth MA)
Series 2021
2.00%, 09/15/2045

         2,000          1,365,260  

University of Massachusetts Building Authority

(University of Massachusetts)
Series 2017
5.00%, 11/01/2034

         2,500          2,600,748  

Series 2020
3.013%, 11/01/2043

         2,000          1,591,169  
          

 

 

  
             217,931,079  
          

 

 

  

Alabama – 3.0%

           

Black Belt Energy Gas District

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

         1,000          1,103,131  

Black Belt Energy Gas District

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

         1,200          1,232,325  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

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

         1,200          1,311,082  

Southeast Alabama Gas Supply District (The)

(Pacific Life Insurance)
Series 2024-A
5.00%, 08/01/2054

         1,000          1,084,881  

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  
          

 

 

  
             7,943,385  
          

 

 

  

American Samoa – 0.7%

           

American Samoa Economic Development Authority

(American Samoa Economic Development Authority)
Series 2025-A
5.00%, 09/01/2035(a)

         1,200          1,298,432  

American Samoa Economic Development Authority

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

         395          422,500  
          

 

 

  
             1,720,932  
          

 

 

  

Arizona – 0.4%

           

Salt Verde Financial Corp.

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

         1,000          1,113,768  
          

 

 

  

California – 0.6%

           

M-S-R Energy Authority

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

         1,300          1,626,789  
          

 

 

  

Florida – 0.0%

           

Palm Beach County Health Facilities Authority

(Federation CCRC Operations Obligated Group)
Series 2022
4.25%, 06/01/2056

         100          82,766  
          

 

 

  

Georgia – 0.5%

           

Main Street Natural Gas, Inc.

(Citigroup, Inc.)
Series 2021-C
4.00%, 05/01/2052

         1,200          1,235,539  
          

 

 

  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

Guam – 2.5%

           

Antonio B Won Pat International Airport Authority

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

    $              210        $      187,192  

Series 2023
5.25%, 10/01/2036

         100          111,119  

5.375%, 10/01/2043

         200          212,545  

Series 2024-A
5.25%, 10/01/2043

         615          652,336  

Guam Government Waterworks Authority

(Guam Waterworks Authority Water And Wastewater System)
Series 2024-A
5.00%, 01/01/2046

         1,125          1,164,345  

Guam Power Authority

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

         350          358,196  

5.00%, 10/01/2040

         1,420          1,444,208  

Territory of Guam

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

         2,255          2,242,395  

Territory of Guam

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

         150          159,495  
          

 

 

  
             6,531,831  
          

 

 

  

Indiana – 0.0%

           

Indiana Finance Authority

(Brightmark Plastics Renewal Indiana)
Series 2019
7.00%, 03/01/2039(b) (c) (d)

         250          12,500  
          

 

 

  

Kentucky – 0.8%

           

Kentucky Public Energy Authority

(BP PLC)
Series 2025-C
5.00%, 05/01/2036

         1,000          1,099,158  

Kentucky Public Energy Authority

(Goldman Sachs Group)
Series 2024-A
5.00%, 05/01/2055

         1,000          1,071,484  
          

 

 

  
             2,170,642  
          

 

 

  

New Jersey – 0.5%

           

New Jersey Transportation Trust Fund Authority

(New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2029

         1,170          1,178,749  
          

 

 

  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

North Carolina – 0.6%

           

North Carolina Medical Care Commission

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

    $              540        $      522,816  

North Carolina Turnpike Authority

(North Carolina Turnpike Authority)
Series 2017
5.00%, 01/01/2032

         1,000          1,019,252  
          

 

 

  
             1,542,068  
          

 

 

  

Puerto Rico – 2.1%

           

Commonwealth of Puerto Rico

(Commonwealth of Puerto Rico)
Series 2021-A
5.625%, 07/01/2029

         120          128,178  

Puerto Rico Commonwealth Aqueduct & Sewer Authority

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

         610          650,353  

5.00%, 07/01/2035(a)

         500          522,292  

Puerto Rico Electric Power Authority

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

         240          248,353  

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

         52          52,091  

6.625%, 01/01/2028

         397          398,071  

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

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

         1,600          1,832,918  

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

         165          165,287  

4.55%, 07/01/2040

         22          22,140  

5.00%, 07/01/2058

         815          798,242  
          

 

 

  
             5,483,537  
          

 

 

  

Tennessee – 0.2%

           

Bristol Industrial Development Board

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

         560          553,159  
          

 

 

  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Texas – 1.0%

           

New Hope Cultural Education Facilities Finance Corp.

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

    $              100        $      101,753  

Texas Municipal Gas Acquisition & Supply Corp. IV

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

         1,200          1,290,993  

Texas Municipal Gas Acquisition & Supply Corp. V

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

         1,000          1,094,261  
          

 

 

  
             2,487,007  
          

 

 

  

Wisconsin – 0.5%

           

Wisconsin Public Finance Authority

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

         1,100          1,223,903  
          

 

 

  

Total Long-Term Municipal Bonds
(cost $254,857,984)

              252,837,654  
          

 

 

  

Short-Term Municipal Notes – 1.0%

           

Massachusetts – 1.0%

           

City of Quincy MA

(City of Quincy MA)
Series 2025
5.00%, 09/29/2026

         2,000          2,030,217  

Massachusetts Health & Educational Facilities Authority

(Mass General Brigham)
Series 2011
1.25%, 07/01/2040(e)

         615          615,000  
          

 

 

  

Total Short-Term Municipal Notes
(cost $2,642,353)

              2,645,217  
          

 

 

  

Total Municipal Obligations
(cost $257,500,337)

              255,482,871  
          

 

 

  
     Shares           

PREFERRED STOCKS – 0.0%

           

Industrials – 0.0%

           

AES Guayama Holdings
0.00% (c) (f) (g)
(cost $156,813)

         8,741          25,436  
          

 

 

  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

SHORT-TERM INVESTMENTS – 1.4%

           

U.S. Treasury Bills – 1.1%

           

U.S. Treasury Bill
Zero Coupon, 04/16/2026
(cost $2,986,642)

    $            3,000        $ 2,986,428  
          

 

 

  
     Shares           

Investment Companies – 0.3%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(h) (i) (j)
(cost $736,042)

         736,042          736,042  
          

 

 

  

Total Short-Term Investments
(cost $3,722,684)

              3,722,470  
          

 

 

  

Total Investments – 98.9%
(cost $261,379,834)(k)

              259,230,777  

Other assets less liabilities – 1.1%

              2,922,064  
          

 

 

  

Net Assets – 100.0%

            $  262,152,841  
          

 

 

  

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      7,250      10/15/2029      2.569%      CPI#      Maturity      $ (35,054 )       $ —        $ (35,054 ) 
USD      7,000      10/15/2029      2.485%      CPI#      Maturity        (4,961 )         —          (4,961 ) 
                         

 

 

       

 

 

       

 

 

  
                          $  (40,015 )       $    —        $  (40,015 ) 
                         

 

 

       

 

 

       

 

 

  

 

#

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

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        3,025      10/09/2029    1.125%   1 Week SIFMA*   Quarterly    $  123,006      $  —      $  123,006  

 

*

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 $9,265,137 or 3.5% of net assets.

(b)

Defaulted.

(c)

Non-income producing security.

 

10

(d)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities    Acquisition
Date		    Cost      Market
Value		      Percentage
of
Net Assets

Indiana Finance Authority
(Brightmark Plastics Renewal Indiana)
Series 2019
7.00%, 03/01/2039

    03/29/2019    $  257,806      $  12,500      0.00%

 

(e)

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.

(f)

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

(g)

Fair valued by the Adviser.

(h)

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

(i)

Affiliated investments.

(j)

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.

(k)

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 $3,751,121 and gross unrealized depreciation of investments was $(5,817,187), resulting in net unrealized depreciation of $(2,066,066).

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 1.9% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CHF – Collegiate Housing Foundation

NATL – National Interstate Corporation

 

11

AB Municipal Income Fund II

AB Massachusetts 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.

 

12

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    $ —      $ 252,837,654     $ —      $ 252,837,654  
Short-Term Municipal Notes      —        2,645,217       —        2,645,217  
Preferred Stocks      —        —       25,436        25,436  
Short-Term Investments:           

U.S. Treasury Bills

      —        2,986,428       —        2,986,428  

Investment Companies

      736,042        —       —        736,042  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      736,042        258,469,299       25,436        259,230,777  
Other Financial Instruments(a):           
Assets:           
Interest Rate Swaps      —        123,006       —        123,006  
Liabilities:           
Centrally Cleared Inflation (CPI) Swaps      —        (40,015 )      —        (40,015 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $  736,042      $  258,552,290     $  25,436      $  259,313,768  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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.

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    $  887      $  72,617      $  72,768      $  736      $  174  

 

13