UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07618

AB MUNICIPAL INCOME FUND II, INC.

(Exact name of registrant as specified in charter)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

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

Date of fiscal year end: May 31, 2025

Date of reporting period: November 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

Advisor Class: AVAYX

November 30, 2024

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Fund Information

AB Virginia Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Virginia Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AVAYX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$28	0.55%

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

	Advisor Class	Bloomberg Municipal Bond Index
07/16	$10,000	$10,000
05/17	$10,014	$10,004
05/18	$10,150	$10,116
05/19	$10,645	$10,764
05/20	$10,882	$11,192
05/21	$11,673	$11,722
05/22	$10,924	$10,925
05/23	$10,911	$10,979
05/24	$11,199	$11,272
11/24	$11,710	$11,784

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	Since Inception 7/26/2016
Advisor Class	4.31%	6.01%	1.41%	1.91%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	1.98%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AVAYX-S for the most recent performance information.

Advisor Class: AVAYX

Key Fund Statistics

Net Assets	$197,178,139
# of Portfolio Holdings	121
Portfolio Turnover Rate	12%
Total Advisory Fees Paid	$341,898

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.9%
AA	33.7%
A	21.2%
BBB	19.6%
BB	2.5%
B	1.5%
Pre-refunded	8.8%
Not Rated	5.8%

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

Footnote

Description

Footnote^*

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

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AVAYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: AVAYX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AVAYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Advisor Class: AVAYX

MIFII-VA-ADV-0154-1124

Class A: AVAAX

November 30, 2024

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Fund Information

AB Virginia Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Virginia Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AVAAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$41	0.80%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,696	$10,000
05/15	$9,798	$10,071
05/16	$10,363	$10,662
05/17	$10,491	$10,818
05/18	$10,606	$10,938
05/19	$11,089	$11,639
05/20	$11,305	$12,102
05/21	$12,107	$12,675
05/22	$11,303	$11,814
05/23	$11,261	$11,872
05/24	$11,520	$12,189
11/24	$12,029	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.18%	5.64%	1.16%	2.18%
Class A (with sales charges)	1.04%	2.46%	0.54%	1.86%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AVAAX-S for the most recent performance information.

Class A: AVAAX

Key Fund Statistics

Net Assets	$197,178,139
# of Portfolio Holdings	121
Portfolio Turnover Rate	12%
Total Advisory Fees Paid	$341,898

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.9%
AA	33.7%
A	21.2%
BBB	19.6%
BB	2.5%
B	1.5%
Pre-refunded	8.8%
Not Rated	5.8%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AVAAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: AVAAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AVAAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class A: AVAAX

MIFII-VA-A-0154-1124

Class C: AVACX

November 30, 2024

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Fund Information

AB Virginia Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Virginia Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AVACX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$79	1.55%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,068	$10,071
05/16	$10,572	$10,662
05/17	$10,622	$10,818
05/18	$10,659	$10,938
05/19	$11,070	$11,639
05/20	$11,205	$12,102
05/21	$11,902	$12,675
05/22	$11,025	$11,814
05/23	$10,902	$11,872
05/24	$11,088	$12,189
11/24	$11,529	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	3.80%	4.97%	0.42%	1.43%
Class C (with sales charges)	2.80%	3.97%	0.42%	1.43%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AVACX-S for the most recent performance information.

Class C: AVACX

Key Fund Statistics

Net Assets	$197,178,139
# of Portfolio Holdings	121
Portfolio Turnover Rate	12%
Total Advisory Fees Paid	$341,898

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.9%
AA	33.7%
A	21.2%
BBB	19.6%
BB	2.5%
B	1.5%
Pre-refunded	8.8%
Not Rated	5.8%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AVACX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: AVACX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AVACX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class C: AVACX

MIFII-VA-C-0154-1124

Advisor Class: AAZYX

November 30, 2024

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Fund Information

AB Arizona Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Arizona Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AAZYX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$27	0.53%

Fund Performance

	Advisor Class	Bloomberg Municipal Bond Index
03/21	$10,000	$10,000
05/21	$10,166	$10,121
05/22	$9,617	$9,433
05/23	$9,536	$9,479
05/24	$9,839	$9,733
11/24	$10,345	$10,175

Average Annual Total Returns

AATR	6 Months	1 Year	Since Inception 3/24/2021
Advisor Class	4.87%	7.07%	0.93%
Bloomberg Municipal Bond Index	4.54%	4.93%	0.47%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AAZYX-S for the most recent performance information.

Advisor Class: AAZYX

Key Fund Statistics

Net Assets	$83,082,815
# of Portfolio Holdings	94
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$43,824

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.3%
AA	34.3%
A	14.6%
BBB	23.0%
BB	6.3%
B	0.3%
CC	1.4%
Pre-refunded	5.9%
Not Rated	7.9%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AAZYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: AAZYX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AAZYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Advisor Class: AAZYX

MIFII-AZ-ADV-0154-1124

Class A: AAZAX

November 30, 2024

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Fund Information

AB Arizona Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Arizona Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AAZAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$40	0.78%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,703	$10,000
05/15	$9,789	$10,071
05/16	$10,425	$10,662
05/17	$10,559	$10,818
05/18	$10,696	$10,938
05/19	$11,224	$11,639
05/20	$11,337	$12,102
05/21	$12,070	$12,675
05/22	$11,391	$11,814
05/23	$11,266	$11,872
05/24	$11,596	$12,189
11/24	$12,175	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.73%	6.91%	1.16%	2.30%
Class A (with sales charges)	1.63%	3.73%	0.54%	1.99%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AAZAX-S for the most recent performance information.

Class A: AAZAX

Key Fund Statistics

Net Assets	$83,082,815
# of Portfolio Holdings	94
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$43,824

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.3%
AA	34.3%
A	14.6%
BBB	23.0%
BB	6.3%
B	0.3%
CC	1.4%
Pre-refunded	5.9%
Not Rated	7.9%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AAZAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: AAZAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AAZAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class A: AAZAX

MIFII-AZ-A-0154-1124

Class C: AAZCX

November 30, 2024

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Fund Information

AB Arizona Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Arizona Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AAZCX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$78	1.53%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,043	$10,071
05/16	$10,626	$10,662
05/17	$10,673	$10,818
05/18	$10,731	$10,938
05/19	$11,185	$11,639
05/20	$11,207	$12,102
05/21	$11,843	$12,675
05/22	$11,102	$11,814
05/23	$10,898	$11,872
05/24	$11,130	$12,189
11/24	$11,646	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	4.45%	6.11%	0.42%	1.54%
Class C (with sales charges)	3.45%	5.11%	0.42%	1.54%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AAZCX-S for the most recent performance information.

Class C: AAZCX

Key Fund Statistics

Net Assets	$83,082,815
# of Portfolio Holdings	94
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$43,824

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.3%
AA	34.3%
A	14.6%
BBB	23.0%
BB	6.3%
B	0.3%
CC	1.4%
Pre-refunded	5.9%
Not Rated	7.9%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AAZCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: AAZCX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AAZCX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class C: AAZCX

MIFII-AZ-C-0154-1124

Advisor Class: AMAYX

November 30, 2024

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Fund Information

AB Massachusetts Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Massachusetts Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMAYX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$27	0.52%

Fund Performance

	Advisor Class	Bloomberg Municipal Bond Index
07/16	$10,000	$10,000
05/17	$9,952	$10,004
05/18	$10,052	$10,116
05/19	$10,529	$10,764
05/20	$10,770	$11,192
05/21	$11,569	$11,722
05/22	$10,830	$10,925
05/23	$10,787	$10,979
05/24	$11,065	$11,272
11/24	$11,536	$11,784

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	Since Inception 7/26/2016
Advisor Class	3.98%	5.36%	1.33%	1.73%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	1.98%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMAYX-S for the most recent performance information.

Advisor Class: AMAYX

Key Fund Statistics

Net Assets	$254,386,181
# of Portfolio Holdings	147
Portfolio Turnover Rate	5%
Total Advisory Fees Paid	$420,030

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	12.4%
AA	35.7%
A	20.7%
BBB	19.7%
BB	1.8%
A-1	1.5%
SP-1+	0.4%
SP-1	0.4%
Pre-refunded	5.0%
Not Rated	2.4%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AMAYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: AMAYX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AMAYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Advisor Class: AMAYX

MIFII-MA-ADV-0154-1124

Class A: AMAAX

November 30, 2024

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Fund Information

AB Massachusetts Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Massachusetts Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMAAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$39	0.77%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,703	$10,000
05/15	$9,817	$10,071
05/16	$10,345	$10,662
05/17	$10,426	$10,818
05/18	$10,503	$10,938
05/19	$10,976	$11,639
05/20	$11,187	$12,102
05/21	$11,987	$12,675
05/22	$11,192	$11,814
05/23	$11,120	$11,872
05/24	$11,391	$12,189
11/24	$11,858	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	3.84%	5.09%	1.09%	2.03%
Class A (with sales charges)	0.70%	1.92%	0.48%	1.72%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMAAX-S for the most recent performance information.

Class A: AMAAX

Key Fund Statistics

Net Assets	$254,386,181
# of Portfolio Holdings	147
Portfolio Turnover Rate	5%
Total Advisory Fees Paid	$420,030

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	12.4%
AA	35.7%
A	20.7%
BBB	19.7%
BB	1.8%
A-1	1.5%
SP-1+	0.4%
SP-1	0.4%
Pre-refunded	5.0%
Not Rated	2.4%

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

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AMAAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: AMAAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AMAAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class A: AMAAX

MIFII-MA-A-0154-1124

Class C: AMACX

November 30, 2024

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Fund Information

AB Massachusetts Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Massachusetts Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMACX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$78	1.52%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,081	$10,071
05/16	$10,546	$10,662
05/17	$10,548	$10,818
05/18	$10,548	$10,938
05/19	$10,948	$11,639
05/20	$11,069	$12,102
05/21	$11,773	$12,675
05/22	$10,908	$11,814
05/23	$10,757	$11,872
05/24	$10,944	$12,189
11/24	$11,343	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	3.46%	4.31%	0.34%	1.27%
Class C (with sales charges)	2.46%	3.31%	0.34%	1.27%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMACX-S for the most recent performance information.

Class C: AMACX

Key Fund Statistics

Net Assets	$254,386,181
# of Portfolio Holdings	147
Portfolio Turnover Rate	5%
Total Advisory Fees Paid	$420,030

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	12.4%
AA	35.7%
A	20.7%
BBB	19.7%
BB	1.8%
A-1	1.5%
SP-1+	0.4%
SP-1	0.4%
Pre-refunded	5.0%
Not Rated	2.4%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AMACX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: AMACX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AMACX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class C: AMACX

MIFII-MA-C-0154-1124

Class A: AMNAX

November 30, 2024

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Fund Information

AB Minnesota Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Minnesota Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMNAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$44	0.85%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,704	$10,000
05/15	$9,759	$10,071
05/16	$10,271	$10,662
05/17	$10,376	$10,818
05/18	$10,448	$10,938
05/19	$10,946	$11,639
05/20	$11,247	$12,102
05/21	$11,794	$12,675
05/22	$11,104	$11,814
05/23	$11,010	$11,872
05/24	$11,201	$12,189
11/24	$11,764	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.84%	6.03%	0.99%	1.94%
Class A (with sales charges)	1.69%	2.85%	0.38%	1.64%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMNAX-S for the most recent performance information.

Class A: AMNAX

Key Fund Statistics

Net Assets	$30,488,338
# of Portfolio Holdings	40
Portfolio Turnover Rate	15%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	7.0%
AA	30.1%
A	27.4%
BBB	26.2%
BB	1.6%
Pre-refunded	3.0%
Not Rated	4.7%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AMNAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: AMNAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AMNAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class A: AMNAX

MIFII-MN-A-0154-1124

Class C: AMNCX

November 30, 2024

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Fund Information

AB Minnesota Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Minnesota Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMNCX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$82	1.60%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,020	$10,071
05/16	$10,466	$10,662
05/17	$10,494	$10,818
05/18	$10,488	$10,938
05/19	$10,923	$11,639
05/20	$11,121	$12,102
05/21	$11,574	$12,675
05/22	$10,815	$11,814
05/23	$10,643	$11,872
05/24	$10,753	$12,189
11/24	$11,243	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	4.43%	5.23%	0.23%	1.18%
Class C (with sales charges)	3.43%	4.23%	0.23%	1.18%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMNCX-S for the most recent performance information.

Class C: AMNCX

Key Fund Statistics

Net Assets	$30,488,338
# of Portfolio Holdings	40
Portfolio Turnover Rate	15%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	7.0%
AA	30.1%
A	27.4%
BBB	26.2%
BB	1.6%
Pre-refunded	3.0%
Not Rated	4.7%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AMNCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: AMNCX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AMNCX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class C: AMNCX

MIFII-MN-C-0154-1124

Class A: ANJAX

November 30, 2024

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Fund Information

AB New Jersey Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB New Jersey Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ANJAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$42	0.82%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,702	$10,000
05/15	$9,764	$10,071
05/16	$10,376	$10,662
05/17	$10,565	$10,818
05/18	$10,739	$10,938
05/19	$11,302	$11,639
05/20	$11,390	$12,102
05/21	$12,385	$12,675
05/22	$11,678	$11,814
05/23	$11,742	$11,872
05/24	$12,039	$12,189
11/24	$12,629	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.61%	6.22%	1.73%	2.67%
Class A (with sales charges)	1.45%	3.01%	1.11%	2.36%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ANJAX-S for the most recent performance information.

Class A: ANJAX

Key Fund Statistics

Net Assets	$70,314,104
# of Portfolio Holdings	74
Portfolio Turnover Rate	14%
Total Advisory Fees Paid	$28,055

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AA	38.3%
A	34.0%
BBB	20.5%
BB	3.4%
Pre-refunded	1.5%
Not Rated	2.3%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ANJAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: ANJAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/ANJAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class A: ANJAX

MIFII-NJ-A-0154-1124

Class C: ANJCX

November 30, 2024

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Fund Information

AB New Jersey Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB New Jersey Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ANJCX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$80	1.57%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,017	$10,071
05/16	$10,565	$10,662
05/17	$10,687	$10,818
05/18	$10,782	$10,938
05/19	$11,269	$11,639
05/20	$11,265	$12,102
05/21	$12,144	$12,675
05/22	$11,376	$11,814
05/23	$11,340	$11,872
05/24	$11,559	$12,189
11/24	$12,071	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	4.21%	5.41%	0.96%	1.90%
Class C (with sales charges)	3.21%	4.41%	0.96%	1.90%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ANJCX-S for the most recent performance information.

Class C: ANJCX

Key Fund Statistics

Net Assets	$70,314,104
# of Portfolio Holdings	74
Portfolio Turnover Rate	14%
Total Advisory Fees Paid	$28,055

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AA	38.3%
A	34.0%
BBB	20.5%
BB	3.4%
Pre-refunded	1.5%
Not Rated	2.3%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ANJCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: ANJCX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/ANJCX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class C: ANJCX

MIFII-NJ-C-0154-1124

Class A: AOHAX

November 30, 2024

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Fund Information

AB Ohio Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Ohio Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AOHAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$41	0.80%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,698	$10,000
05/15	$9,796	$10,071
05/16	$10,412	$10,662
05/17	$10,547	$10,818
05/18	$10,608	$10,938
05/19	$11,093	$11,639
05/20	$11,281	$12,102
05/21	$12,116	$12,675
05/22	$11,385	$11,814
05/23	$11,290	$11,872
05/24	$11,647	$12,189
11/24	$12,184	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.35%	6.58%	1.41%	2.31%
Class A (with sales charges)	1.26%	3.41%	0.79%	2.00%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AOHAX-S for the most recent performance information.

Class A: AOHAX

Key Fund Statistics

Net Assets	$51,909,508
# of Portfolio Holdings	72
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	5.9%
AA	28.8%
A	34.4%
BBB	21.9%
BB	3.0%
A-1	0.5%
Not Rated	5.5%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AOHAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: AOHAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AOHAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class A: AOHAX

MIFII-OH-A-0154-1124

Class C: AOHCX

November 30, 2024

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Fund Information

AB Ohio Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Ohio Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AOHCX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$79	1.55%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,055	$10,071
05/16	$10,608	$10,662
05/17	$10,665	$10,818
05/18	$10,657	$10,938
05/19	$11,068	$11,639
05/20	$11,165	$12,102
05/21	$11,902	$12,675
05/22	$11,087	$11,814
05/23	$10,912	$11,872
05/24	$11,180	$12,189
11/24	$11,645	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	3.96%	5.79%	0.65%	1.53%
Class C (with sales charges)	2.96%	4.79%	0.65%	1.53%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AOHCX-S for the most recent performance information.

Class C: AOHCX

Key Fund Statistics

Net Assets	$51,909,508
# of Portfolio Holdings	72
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	5.9%
AA	28.8%
A	34.4%
BBB	21.9%
BB	3.0%
A-1	0.5%
Not Rated	5.5%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AOHCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: AOHCX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AOHCX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class C: AOHCX

MIFII-OH-C-0154-1124

Class A: APAAX

November 30, 2024

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Fund Information

AB Pennsylvania Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Pennsylvania Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/APAAX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$44	0.85%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,703	$10,000
05/15	$9,808	$10,071
05/16	$10,379	$10,662
05/17	$10,525	$10,818
05/18	$10,641	$10,938
05/19	$11,156	$11,639
05/20	$11,402	$12,102
05/21	$12,218	$12,675
05/22	$11,447	$11,814
05/23	$11,330	$11,872
05/24	$11,596	$12,189
11/24	$12,205	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.97%	6.96%	1.32%	2.32%
Class A (with sales charges)	1.87%	3.79%	0.70%	2.01%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/APAAX-S for the most recent performance information.

Class A: APAAX

Key Fund Statistics

Net Assets	$47,579,575
# of Portfolio Holdings	74
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AA	28.5%
A	35.9%
BBB	14.6%
BB	11.1%
B	0.8%
Pre-refunded	0.3%
Not Rated	8.8%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/APAAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: APAAX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/APAAX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

Class A: APAAX

MIFII-PA-A-0154-1124

Class C: APACX

November 30, 2024

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Fund Information

AB Pennsylvania Portfolio

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Pennsylvania Portfolio (the “Portfolio”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/APACX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$82	1.60%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,061	$10,071
05/16	$10,568	$10,662
05/17	$10,646	$10,818
05/18	$10,683	$10,938
05/19	$11,123	$11,639
05/20	$11,265	$12,102
05/21	$11,991	$12,675
05/22	$11,138	$11,814
05/23	$10,943	$11,872
05/24	$11,134	$12,189
11/24	$11,654	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	4.47%	6.16%	0.55%	1.54%
Class C (with sales charges)	3.47%	5.16%	0.55%	1.54%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/APACX-S for the most recent performance information.

Class C: APACX

Key Fund Statistics

Net Assets	$47,579,575
# of Portfolio Holdings	74
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AA	28.5%
A	35.9%
BBB	14.6%
BB	11.1%
B	0.8%
Pre-refunded	0.3%
Not Rated	8.8%

Footnote

Description

Footnote^*

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/APACX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: APACX

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/APACX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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Fund Information

Class C: APACX

MIFII-PA-C-0154-1124

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 1 of this Form N-CSR.

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

Not applicable to the registrant.

NOV^11.30.24

LOGO

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB MUNICIPAL INCOME FUND II

AB ARIZONA PORTFOLIO

AB MASSACHUSETTS PORTFOLIO

AB MINNESOTA PORTFOLIO

AB NEW JERSEY PORTFOLIO

AB OHIO PORTFOLIO

AB PENNSYLVANIA PORTFOLIO

AB VIRGINIA PORTFOLIO

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

AB ARIZONA PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.6%
Long-Term Municipal Bonds – 97.6%
Arizona – 85.2%
Arizona Game & Fish Department & Commission (Arizona Game & Fish Department & Commission State Lease) Series 2006 5.00%, 07/01/2026	$	435	$	435,556
Arizona Health Facilities Authority (Pre-refunded – US Treasuries) Series 2014-A 5.00%, 12/01/2034		3,000		3,000,000
Arizona Industrial Development Authority (AZIDA 2019-2) Series 2019-2, Class A 3.625%, 05/20/2033		979		943,562
Arizona Industrial Development Authority (Benjamin Franklin Charter School Obligated Group) Series 2023 5.50%, 07/01/2058^(a)		500		506,767
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2045		1,000		996,072
4.00%, 11/01/2050		2,000		1,946,432
Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) Series 2021 5.00%, 07/01/2051^(a)		250		235,278
Arizona Industrial Development Authority (KIPP Nashville Obligated Group) Series 2022-A 5.00%, 07/01/2057		1,500		1,521,294
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-B 4.00%, 07/01/2051		1,000		910,221
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050^(b)(c)(d)		300		9,000



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 1

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Arizona Industrial Development Authority (North Carolina Central University Project) BAM Series 2019 5.00%, 06/01/2058	$	2,300	$	2,389,945
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2020 5.00%, 02/01/2037		1,000		1,083,223
Series 2021 4.00%, 02/01/2038		1,500		1,526,700
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2050^(a)		600		516,521
Arizona Industrial Development Authority (Provident Group – EMU Properties LLC) Series 2018 5.00%, 05/01/2043^(b)(c)		1,000		550,000
5.00%, 05/01/2048^(b)(c)		1,100		605,000
Arizona Sports & Tourism Authority BAM Series 2022 5.00%, 07/01/2031		2,000		2,218,034
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		2,000		2,054,240
Series 2024 4.00%, 06/01/2049		2,000		2,022,044
City of Buckeye AZ Excise Tax Revenue Series 2015 5.00%, 07/01/2035		3,450		3,480,595
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.222%, 07/01/2030		2,000		1,777,921
City of Phoenix Civic Improvement Corp. (Phoenix Sky Harbor International Airport) Series 2017-A 5.00%, 07/01/2033		750		774,020
Series 2019 5.00%, 07/01/2049		2,500		2,609,484
Series 2019-B 4.00%, 07/01/2038		2,200		2,197,855
City of Tempe AZ (City of Tempe AZ COP) Series 2021 1.951%, 07/01/2031		1,250		1,075,505



2 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) Series 2022 4.00%, 07/15/2042	$	5,000	$	5,109,261
Glendale Industrial Development Authority (Beatitudes Campus Obligated Group (The)) Series 2017 5.00%, 11/15/2036		1,000		948,396
Glendale Industrial Development Authority (Royal Oaks Life Care Community) Series 2016 5.00%, 05/15/2039		1,000		1,004,364
Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) Series 2014 5.00%, 02/01/2029		250		246,130
Industrial Development Authority of the City of Phoenix Arizona (The) (Downtown Phoenix Student Housing LLC) Series 2018-A 5.00%, 07/01/2037		1,000		1,026,325
5.00%, 07/01/2042		1,250		1,274,626
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 7.00%, 11/15/2057^(a)		335		366,282
Industrial Development Authority of the County of Pima (The) (TMC HealthCare Obligated Group) Series 2021 5.00%, 04/01/2034		1,590		1,708,106
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2036^(a)		1,200		1,209,028
Series 2021 4.00%, 02/15/2051		580		489,203
4.00%, 02/15/2041		205		186,388
4.00%, 02/15/2046		345		302,960



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 3

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) Series 2021 4.00%, 07/01/2061^(a)	$	990	$	799,122
Maricopa County Industrial Development Authority (Banner Health Obligated Group) Series 2016-A 5.00%, 01/01/2035		2,000		2,068,981
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052^(a)		830		856,303
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047^(a)		500		452,758
Maricopa County Industrial Development Authority (GreatHearts Arizona Obligated Group) Series 2017-A 5.00%, 07/01/2037		750		768,278
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2024-D 5.00%, 12/01/2042		1,000		1,109,244
Maricopa County Industrial Development Authority (Legacy Traditional School Obligated Group) Series 2019 5.00%, 07/01/2049^(a)		500		504,419
Maricopa County Industrial Development Authority (Morrison Education Group Obligated Group) Series 2024-A 6.75%, 07/01/2063^(a)		250		263,656
Maricopa County Industrial Development Authority (Reid Traditional Schools Obligated Group) Series 2016 5.00%, 07/01/2036		750		757,648
5.00%, 07/01/2047		1,700		1,705,295
Maricopa County Industrial Development Authority (Valley Christian Schools) Series 2023 6.25%, 07/01/2053^(a)		250		256,647
McAllister Academic Village LLC (Arizona State University) Series 2016 5.00%, 07/01/2037		1,500		1,531,307



4 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Northern Arizona University BAM Series 2015 5.00%, 06/01/2034	$	1,000	$	1,007,224
Salt River Project Agricultural Improvement & Power District Series 2023-A 5.00%, 01/01/2050		1,500		1,636,573
Series 2024-A 5.00%, 01/01/2044		1,000		1,133,605
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		2,500		2,764,194
Tempe Industrial Development Authority (Friendship Village of Tempe) Series 2019 5.00%, 12/01/2054		815		817,355
Tempe Industrial Development Authority (Mirabella at ASU, Inc.) Series 2017-A 6.125%, 10/01/2047^(a)		400		264,850
University of Arizona (The) (Pre-refunded – US Treasuries) Series 2014 5.00%, 08/01/2033		1,765		1,769,325
Yuma Industrial Development Authority (Yuma Regional Medical Center Obligated Group) Series 2024 5.25%, 08/01/2054		1,000		1,093,911

				70,817,033

Alabama – 1.3%
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055^(e)		1,000		1,088,120


American Samoa – 0.3%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038^(a)		225		242,585



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 5

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Delaware – 0.6%
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2016 5.00%, 09/01/2036	$	520	$	530,060


Guam – 2.7%
Antonio B Won Pat International Airport Authority Series 2023 5.25%, 10/01/2031		150		161,340
Guam Department of Education (Guam Department of Education COP) Series 2020 5.00%, 02/01/2040		310		310,331
Guam Power Authority Series 2017-A 5.00%, 10/01/2040		705		723,561
Territory of Guam Series 2019 5.00%, 11/15/2031		65		66,506
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		1,000		977,248

				2,238,986

Illinois – 1.7%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031		335		344,257
Chicago O’Hare International Airport Series 2024-A 5.50%, 01/01/2059		1,000		1,092,543

				1,436,800

Indiana – 0.1%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039^(d)		135		63,476


Kentucky – 1.2%
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.25%, 06/01/2041		1,000		1,020,152



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PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Louisiana – 0.6%
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.25%, 11/15/2045	$	500	$	501,103


Michigan – 0.1%
City of Detroit MI Series 2018 5.00%, 04/01/2036		50		51,964


North Carolina – 0.9%
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.70%, 07/01/2037		300		260,683
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2035		500		500,261

				760,944

Puerto Rico – 2.6%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033		144		99,409
4.00%, 07/01/2046		103		98,234
Series 2022-C Zero Coupon, 11/01/2043		17		10,313
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(a)		250		265,029
5.00%, 07/01/2035^(a)		250		261,827
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		100		100,843
NATL Series 2007-V 5.25%, 07/01/2032		150		149,776
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		28		27,848
6.625%, 01/01/2028		214		212,219



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 7

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(f)(g)	$	50	$	48,284
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2046		200		241,180
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		130		109,262
Series 2019-A 4.329%, 07/01/2040		5		4,991
5.00%, 07/01/2058		480		481,916

				2,111,131

Tennessee – 0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		165		162,262


Washington – 0.1%
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2055^(a)		100		91,804


Total Municipal Obligations (cost $84,092,693)				81,116,420


ASSET-BACKED SECURITIES – 0.3%
Other ABS - Fixed Rate – 0.3%
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		107		103,658
5.25%, 07/01/2036		107		107,227


Total Asset-Backed Securities (cost $212,800)				210,885



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PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


	Shares		U.S. $ Value

PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(c)(f)(g) (cost $84,582)		4,712	$	13,712


	Principal Amount (000)
SHORT-TERM INVESTMENTS – 1.5%
U.S. Treasury Bills – 1.2%
U.S. Treasury Bill Zero Coupon, 01/30/2025 (cost $992,726)	$	1,000		992,699


	Shares
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(h)(i)(j) (cost $231,637)		231,637		231,637


Total Short-Term Investments (cost $1,224,363)				1,224,336


Total Investments – 99.4% (cost $85,614,438)				82,565,353
Other assets less liabilities – 0.6%				517,462


Net Assets – 100.0%			$	83,082,815

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


				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	1,410		10/15/2028	CPI^#	2.565%	Maturity	$	6,335		$	– 0	–	$	6,335
USD	1,270		10/15/2028	CPI^#	2.594%	Maturity		7,079			651			6,428
USD	1,834		10/15/2029	2.516%	CPI^#	Maturity		(6,416	)		– 0	–		(6,416	)
USD	1,833		10/15/2029	2.451%	CPI^#	Maturity		(951	)		– 0	–		(951	)
USD	1,833		10/15/2029	2.499%	CPI^#	Maturity		(4,978	)		– 0	–		(4,978	)
USD	1,490		10/15/2030	CPI^#	2.531%	Maturity		7,918			– 0	–		7,918
USD	1,330		10/15/2030	CPI^#	2.581%	Maturity		10,693			1,218			9,475

							$	19,680		$	1,869		$	17,811

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



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 9

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	5,700		01/15/2027	1 Day SOFR	2.445%	Annual	$	(317,778	)	$	– 0	–	$	(317,778	)
USD	2,300		07/31/2029	1 Day SOFR	3.975%	Annual		13,140			– 0	–		13,140
USD	734		10/15/2029	1 Day SOFR	3.814%	Annual		1,882			– 0	–		1,882
USD	733		10/15/2029	1 Day SOFR	3.740%	Annual		(642	)		– 0	–		(642	)
USD	733		10/15/2029	1 Day SOFR	3.761%	Annual		45			– 0	–		45
USD	650		11/01/2030	1 Day SOFR	3.641%	Annual		(3,211	)		– 0	–		(3,211	)
USD	2,300		07/31/2031	1 Day SOFR	3.972%	Annual		27,227			– 0	–		27,227
USD	2,200		07/31/2031	1 Day SOFR	4.059%	Annual		37,990			232			37,758
USD	1,200		07/31/2031	1 Day SOFR	4.087%	Annual		22,807			134			22,673
USD	1,400		08/15/2031	1 Day SOFR	3.450%	Annual		(23,787	)		– 0	–		(23,787	)
USD	700		09/15/2031	1 Day SOFR	3.768%	Annual		2,244			– 0	–		2,244
USD	800		12/03/2031	1 Day SOFR	3.732%	Annual		1,588			– 0	–		1,588
USD	1,500		08/15/2034	3.446%	1 Day SOFR	Annual		36,189			– 0	–		36,189
USD	1,300		08/15/2034	3.264%	1 Day SOFR	Annual		50,737			38			50,699
USD	1,200		08/15/2034	3.314%	1 Day SOFR	Annual		40,354			– 0	–		40,354
USD	800		08/15/2034	3.304%	1 Day SOFR	Annual		29,746			– 0	–		29,746

							$	(81,469	)	$	404		$	(81,873	)

INTEREST RATE SWAPS (see Note D)

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

1,675

10/09/2029

1.125%

SIFMA*

Quarterly

135,604

– 0

–

135,604

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

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2024, the aggregate market value of these securities amounted to $7,255,138 or 8.7% of net assets.

(b)	Defaulted.

(c)	Non-income producing security.

(d)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.09% of net assets as of November 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050		06/09/2022 - 06/10/2022	$	336,463	$	9,000		0.01	%



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PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039		03/29/2019	$	139,257	$	63,476		0.08	%

(e)	When-Issued or delayed delivery security.

(f)	Fair valued by the Adviser.

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

(h)	Affiliated investments.

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

(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, or call AB at (800) 227-4618.

As of November 30, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 7.2% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 11

PORTFOLIO OF INVESTMENTS

AB MASSACHUSETTS PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 95.2%
Long-Term Municipal Bonds – 93.8%
Massachusetts – 81.0%
Bristol-Plymouth Regional Vocational Technical School District/MA Series 2024 4.00%, 02/28/2025	$	1,000	$	1,002,320
City of Boston MA Series 2023 5.00%, 11/01/2041		1,000		1,151,572
City of Quincy MA Series 2022-A 5.00%, 06/01/2047		3,060		3,672,226
City of Worcester MA Series 2024 5.00%, 02/15/2025		7,730		7,761,540
AGM Series 2022 3.00%, 02/01/2046		2,600		2,178,608
Commonwealth of Massachusetts Series 2015-A 5.00%, 07/01/2035		10,000		10,104,458
Series 2018-A 5.00%, 01/01/2042		5,000		5,220,415
Series 2022-B 3.00%, 02/01/2045		4,965		4,241,512
Series 2022-C 5.00%, 10/01/2052		2,005		2,165,430
Series 2023 5.00%, 05/01/2053		2,000		2,171,662
Series 2023-B 5.00%, 05/01/2041		2,000		2,245,588
Series 2024-A 5.00%, 01/01/2040		1,000		1,140,444
Series 2024-B 5.00%, 05/01/2054		5,000		5,462,741
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		792		779,258
Commonwealth of Massachusetts Transportation Fund Revenue Series 2022 5.00%, 06/01/2050		2,000		2,136,606
Series 2022-B 5.00%, 06/01/2052		3,000		3,235,250



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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2023 5.00%, 06/01/2053	$	1,405	$	1,527,630
Series 2023-B 5.00%, 06/01/2051		3,000		3,272,657
Martha’s Vineyard Land Bank BAM Series 2014 5.00%, 05/01/2031		1,000		1,003,831
Massachusetts Bay Transportation Authority Assessment Revenue Series 2022-A 4.00%, 07/01/2040		1,000		1,031,957
Massachusetts Bay Transportation Authority Sales Tax Revenue Series 2017-A 5.00%, 07/01/2040		2,000		2,081,092
Series 2020 5.00%, 07/01/2050		3,000		3,125,122
Series 2023-A 5.25%, 07/01/2053		5,000		5,530,715
Massachusetts Clean Water Trust (The) (Massachusetts Clean Water State Revolving Fund) Series 2023-2 5.00%, 02/01/2040		600		680,916
5.00%, 02/01/2042		1,050		1,182,510
5.00%, 02/01/2044		1,500		1,678,579
Massachusetts Development Finance Agency Series 2021-G 5.00%, 07/01/2037		1,000		1,078,992
Massachusetts Development Finance Agency (Baystate Medical Obligated Group) Series 2014-N 5.00%, 07/01/2044		7,150		7,154,660
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) Series 2018-J 5.00%, 07/01/2053		5,000		5,119,575
Series 2023 5.00%, 07/01/2034		2,000		2,292,987
Massachusetts Development Finance Agency (Boston Medical Center Corp. Obligated Group) Series 2015-D 5.00%, 07/01/2044		3,755		3,757,051
Series 2023 4.375%, 07/01/2052		2,000		1,990,519
5.25%, 07/01/2048		2,000		2,154,577



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 13

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Massachusetts Development Finance Agency (Brandeis University) Series 2019-S 5.00%, 10/01/2035	$	1,795	$	1,943,468
5.00%, 10/01/2039		1,780		1,917,983
Massachusetts Development Finance Agency (CHF Merrimack, Inc.) Series 2024 5.00%, 07/01/2054^(a)		1,200		1,223,663
Massachusetts Development Finance Agency (Children’s Hospital Corp. Obligated Group (The)) Series 2024-T 5.25%, 03/01/2054		2,000		2,210,819
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.00%, 01/01/2034		700		715,056
5.00%, 01/01/2035		735		750,005
5.00%, 01/01/2036		1,000		1,019,146
5.25%, 01/01/2042		1,000		1,014,398
Massachusetts Development Finance Agency (Emmanuel College/MA) Series 2016-A 5.00%, 10/01/2031		2,000		2,031,932
5.00%, 10/01/2034		2,100		2,125,690
Massachusetts Development Finance Agency (Equitable School Revolving Fund LLC Obligated Group) Series 2021 4.00%, 11/01/2046		1,000		1,003,410
Massachusetts Development Finance Agency (Lesley University) Series 2016 5.00%, 07/01/2039		2,055		2,076,408
Massachusetts Development Finance Agency (Mass General Brigham, Inc.) Series 2015-O 4.00%, 07/01/2045		5,855		5,820,754
Massachusetts Development Finance Agency (MCPHS University) Series 2013-F 4.00%, 07/01/2032		1,000		1,000,147
Massachusetts Development Finance Agency (Merrimack College) Series 2017 5.00%, 07/01/2047		3,200		3,230,820



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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2022 5.00%, 07/01/2052	$	1,000	$	1,026,932
Massachusetts Development Finance Agency (NewBridge on the Charles, Inc.) Series 2017 5.00%, 10/01/2047^(a)		2,000		2,007,502
Massachusetts Development Finance Agency (Northeastern University) Series 2022 5.00%, 10/01/2041		1,500		1,671,874
5.00%, 10/01/2042		5,000		5,553,961
Massachusetts Development Finance Agency (Pre-refunded – US Treasuries) Series 2019-A 5.00%, 06/01/2039		1,400		1,539,038
Massachusetts Development Finance Agency (President & Fellows of Harvard College) Series 2016-A 5.00%, 07/15/2036		700		855,846
Massachusetts Development Finance Agency (Salem Community Corp. Obligated Group) Series 2022 5.125%, 01/01/2040		1,020		1,028,449
Massachusetts Development Finance Agency (Simmons University) Series 2018-L 5.00%, 10/01/2035		2,455		2,488,183
Series 2020-M 4.00%, 10/01/2050		1,000		804,775
Massachusetts Development Finance Agency (South Shore Hospital, Inc. Obligated Group) Series 2016-I 4.00%, 07/01/2036		2,000		1,930,451
5.00%, 07/01/2041		2,500		2,521,828
Massachusetts Development Finance Agency (Southcoast Health System Obligated Group) Series 2021-G 5.00%, 07/01/2050		3,550		3,714,716
Massachusetts Development Finance Agency (Springfield College) Series 2021 4.00%, 06/01/2056		3,000		2,490,706
Series 2021-B 4.00%, 06/01/2050		1,000		855,508



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 15

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Massachusetts Development Finance Agency (Suffolk University) Series 2017 5.00%, 07/01/2033	$	1,250	$	1,268,146
Series 2020-A 4.00%, 07/01/2045		1,400		1,192,273
Series 2021 4.00%, 07/01/2046		1,270		1,071,468
4.00%, 07/01/2051		1,000		809,653
Massachusetts Development Finance Agency (Trustees of Boston College) Series 2017-T 5.00%, 07/01/2037		1,000		1,046,685
Massachusetts Development Finance Agency (Trustees of The Deerfield Academy (The)) Series 2023 5.00%, 10/01/2032		1,300		1,514,577
5.00%, 10/01/2033		1,000		1,179,924
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2019-A 5.00%, 07/01/2038		1,000		1,018,729
Series 2024 8.50%, 10/01/2026		200		202,701
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2016 5.00%, 07/01/2036		1,500		1,526,418
Massachusetts Development Finance Agency (Woods Hole Oceanographic Institution State Lease) Series 2018 5.00%, 06/01/2048		3,000		3,112,863
Massachusetts Health & Educational Facilities Authority (Trustees of Boston College) Series 2008 5.50%, 06/01/2035		1,710		2,036,699
Massachusetts Port Authority Series 2011-B 6.202%, 07/01/2031		2,000		2,088,488
Series 2019-A 5.00%, 07/01/2032		4,685		4,994,253
5.00%, 07/01/2038		2,500		2,634,618



16 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2019-C 5.00%, 07/01/2049	$	1,000	$	1,033,594
Series 2021-E 5.00%, 07/01/2051		1,000		1,042,540
Massachusetts Port Authority (Bosfuel Corp.) Series 2019-A 5.00%, 07/01/2033		2,000		2,111,474
Massachusetts Port Authority (Pre-refunded – US Treasuries) Series 2015-B 5.00%, 07/01/2045		1,000		1,008,970
Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax) Series 2009 5.715%, 08/15/2039		4,000		4,204,151
Massachusetts School Building Authority (Pre-refunded – US Govt Agencies) Series 2015-B 5.00%, 01/15/2030		1,770		1,773,695
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		1,080,052
Massachusetts Water Resources Authority (Pre-refunded – US Treasuries) Series 2016-C 5.00%, 08/01/2033		5,500		5,691,983
Town of Hingham MA Series 2024 4.00%, 02/14/2025		1,000		1,001,778
Town of Weymouth MA Series 2021 2.00%, 09/15/2045		2,000		1,362,751
University of Massachusetts Building Authority (University of Massachusetts) Series 2017 5.00%, 11/01/2034		2,500		2,659,192
Series 2020 3.013%, 11/01/2043		2,000		1,547,707

				206,121,850



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 17

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Alabama – 1.8%
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052	$	1,200	$	1,206,508
Black Belt Energy Gas District (Pacific Mutual Holding Co.) Series 2024-C 5.00%, 05/01/2055		1,000		1,071,230
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		1,200		1,284,307
Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035		1,000		1,051,768

				4,613,813

American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038^(a)		395		425,871


Arizona – 0.3%
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		660		729,747


California – 0.7%
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-B 6.50%, 11/01/2039		1,300		1,689,327


Connecticut – 0.4%
State of Connecticut Series 2015-F 5.00%, 11/15/2032		1,000		1,017,722



18 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Florida – 0.0%
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2022 4.25%, 06/01/2056	$	100	$	86,970


Georgia – 0.5%
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2021-C 4.00%, 05/01/2052		1,200		1,216,848


Guam – 2.5%
Antonio B Won Pat International Airport Authority Series 2023 5.25%, 10/01/2036		100		107,851
5.375%, 10/01/2043		200		214,576
Series 2024-A 5.25%, 10/01/2043		615		657,815
Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) Series 2024-A 5.00%, 01/01/2046		1,125		1,203,080
Guam Power Authority Series 2017-A 5.00%, 10/01/2036		350		361,467
5.00%, 10/01/2040		1,420		1,457,386
Territory of Guam Series 2019 5.00%, 11/15/2031		170		173,940
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		2,255		2,203,694

				6,379,809

Illinois – 0.7%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031		650		667,962
Illinois Finance Authority (Pre-refunded – US Treasuries) Series 2015 5.00%, 05/15/2037		1,050		1,058,286

				1,726,248



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 19

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Indiana – 0.1%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039^(b)	$	250	$	117,548


Kentucky – 0.4%
Kentucky Public Energy Authority (Goldman Sachs Group, Inc. (The)) Series 2024-A 5.00%, 05/01/2055		1,000		1,062,180


Michigan – 0.0%
City of Detroit MI Series 2018 5.00%, 04/01/2036		90		93,536


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		1,202,379


North Carolina – 0.6%
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.70%, 07/01/2037		540		469,230
North Carolina Turnpike Authority Series 2017 5.00%, 01/01/2032		1,000		1,032,308

				1,501,538

Pennsylvania – 0.4%
City of Philadelphia PA Series 2017-A 5.00%, 08/01/2033		1,000		1,052,370


Puerto Rico – 1.9%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033		205		141,783
5.625%, 07/01/2029		120		129,462
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(a)		610		646,670
5.00%, 07/01/2035^(a)		500		523,653



20 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031	$	240	$	242,023
NATL Series 2007-V 5.25%, 07/01/2032		300		299,553
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		52		51,654
6.625%, 01/01/2028		397		393,632
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(c)(d)		92		89,558
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2045		600		723,502
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		238		200,033
Zero Coupon, 07/01/2046		1,000		336,948
Series 2019-A 4.329%, 07/01/2040		180		179,696
4.55%, 07/01/2040		22		22,069
5.00%, 07/01/2058		815		818,254

				4,798,490

Tennessee – 0.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		310		304,856


Texas – 1.3%
North Texas Tollway Authority (Pre-refunded – US Govt Agencies) Series 2015-A 5.00%, 01/01/2034		1,000		1,001,240



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 21

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054	$	1,200	$	1,298,530
Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) Series 2024 5.00%, 01/01/2055		1,000		1,085,489

				3,385,259

Wisconsin – 0.4%
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-B 5.00%, 12/01/2025		1,000		1,011,582


Total Long-Term Municipal Bonds (cost $241,101,117)				238,537,943


Short-Term Municipal Notes – 1.4%
Massachusetts – 1.4%
Massachusetts Development Finance Agency Series 2024 3.10%, 03/01/2048^(e)		2,700		2,700,000
Massachusetts Health & Educational Facilities Authority (Mass General Brigham, Inc.) Series 2011 2.80%, 07/01/2040^(e)		945		945,000


Total Short-Term Municipal Notes (cost $3,645,000)				3,645,000


Total Municipal Obligations (cost $244,746,117)				242,182,943


ASSET-BACKED SECURITIES – 0.2%
Other ABS - Fixed Rate – 0.2%
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		214		207,316
5.25%, 07/01/2036		189		189,710
5.25%, 07/01/2041		82		79,380


Total Asset-Backed Securities (cost $482,786)				476,406



22 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO


	Principal Amount (000)		U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Non-Agency Fixed Rate – 0.0%
Village of Bolingbrook IL Sales Tax Revenue Series 2005 6.25%, 01/01/2024^(f)(g) (cost $69,372)	$	69	$	69,372


	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(c)(d)(g) (cost $156,813)		8,741		25,436


	Principal Amount (000)
SHORT-TERM INVESTMENTS – 2.7%
U.S. Treasury Bills – 2.2%
U.S. Treasury Bill Zero Coupon, 01/30/2025 (cost $5,459,996)	$	5,500		5,459,843


	Shares
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(h)(i)(j) (cost $1,363,068)		1,363,068		1,363,068


Total Short-Term Investments (cost $6,823,064)				6,822,911


Total Investments – 98.1% (cost $252,278,152)				249,577,068
Other assets less liabilities – 1.9%				4,809,113


Net Assets – 100.0%			$	254,386,181



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 23

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

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


				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	1,390		01/15/2027	CPI^#	3.466%	Maturity	$	(60,288	)	$	(1,189	)	$	(59,099	)
USD	3,970		01/15/2028	0.735%	CPI^#	Maturity		911,967			– 0	–		911,967
USD	1,770		01/15/2028	1.230%	CPI^#	Maturity		340,036			– 0	–		340,036
USD	8,170		10/15/2028	CPI^#	2.565%	Maturity		36,707			– 0	–		36,707
USD	3,900		01/15/2029	CPI^#	3.390%	Maturity		(99,008	)		– 0	–		(99,008	)
USD	2,420		01/15/2029	CPI^#	3.735%	Maturity		11,638			– 0	–		11,638
USD	1,250		01/15/2029	CPI^#	3.331%	Maturity		(38,101	)		– 0	–		(38,101	)
USD	5,587		10/15/2029	2.516%	CPI^#	Maturity		(19,547	)		– 0	–		(19,547	)
USD	5,582		10/15/2029	2.451%	CPI^#	Maturity		(2,895	)		– 0	–		(2,895	)
USD	5,581		10/15/2029	2.499%	CPI^#	Maturity		(15,155	)		– 0	–		(15,155	)
USD	870		01/15/2030	1.572%	CPI^#	Maturity		154,780			– 0	–		154,780
USD	870		01/15/2030	1.587%	CPI^#	Maturity		153,538			– 0	–		153,538
USD	8,580		10/15/2030	CPI^#	2.531%	Maturity		45,593			– 0	–		45,593
USD	1,300		01/15/2031	2.782%	CPI^#	Maturity		88,004			– 0	–		88,004
USD	1,130		01/15/2031	2.680%	CPI^#	Maturity		88,215			– 0	–		88,215
USD	1,000		01/15/2031	2.989%	CPI^#	Maturity		46,412			– 0	–		46,412
USD	1,000		01/15/2032	CPI^#	3.064%	Maturity		(31,109	)		– 0	–		(31,109	)
USD	950		04/15/2032	CPI^#	2.909%	Maturity		(42,204	)		– 0	–		(42,204	)

							$	1,568,583		$	(1,189	)	$	1,569,772

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
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	5,100		07/31/2029		1 Day SOFR		4.109%	Annual	$	60,628		$	– 0	–	$	60,628
USD	1,502		10/15/2029		1 Day SOFR		3.814%	Annual		3,852			– 0	–		3,852
USD	1,499		10/15/2029		1 Day SOFR		3.740%	Annual		(1,301	)		– 0	–		(1,301	)
USD	1,499		10/15/2029		1 Day SOFR		3.761%	Annual		91			– 0	–		91
USD	5,600		07/31/2030		1 Day SOFR		4.615%	Annual		245,102			– 0	–		245,102
USD	9,700		11/01/2030		1 Day SOFR		4.492%	Annual		395,076			– 0	–		395,076
USD	4,300		11/01/2030		1 Day SOFR		4.518%	Annual		182,774			– 0	–		182,774
USD	6,900		07/31/2031		1 Day SOFR		4.059%	Annual		119,151			727			118,424
USD	2,700		07/31/2031		1 Day SOFR		3.972%	Annual		31,962			– 0	–		31,962
USD	4,110		09/15/2031		1 Day SOFR		3.527%	Annual		(49,645	)		(349	)		(49,296	)
USD	2,100		09/15/2031		1 Day SOFR		3.768%	Annual		6,731			– 0	–		6,731
USD	4,500		12/19/2033		3.571%		1 Day SOFR	Annual		115,933			– 0	–		115,933
USD	3,200		08/15/2034		3.304%		1 Day SOFR	Annual		118,984			– 0	–		118,984
USD	2,456		08/15/2034		3.844%		1 Day SOFR	Annual		(28,318	)		– 0	–		(28,318	)
USD	1,180		08/15/2034		3.183%		1 Day SOFR	Annual		53,340			– 0	–		53,340
USD	1,170		08/15/2034		3.450%		1 Day SOFR	Annual		29,174			– 0	–		29,174
USD	954		08/15/2034		3.856%		1 Day SOFR	Annual		(11,935	)		– 0	–		(11,935	)

									$	1,271,599		$	378		$	1,271,221



24 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

INTEREST RATE SWAPS (see Note D)

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

SIFMA

Quarterly

244,897

– 0

–

244,897

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

(a)

(b)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.05% of net assets as of November 30, 2024, 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 LLC) Series 2019 7.00%, 03/01/2039		03/29/2019	$	257,877	$	117,548		0.05	%

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

(d)	Fair valued by the Adviser.

(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)	Defaulted matured security.

(g)	Non-income producing security.

(h)	Affiliated investments.

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

(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, or call AB at (800) 227-4618.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CHF – Collegiate Housing Foundation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 25

PORTFOLIO OF INVESTMENTS

AB MINNESOTA PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.2%
Long-Term Municipal Bonds – 97.2%
Minnesota – 97.2%
Anoka-Hennepin Independent School District No. 11 (Anoka-Hennepin Independent School District No. 11 COP) Series 2014-A 5.00%, 02/01/2034	$	1,695	$	1,696,750
City of Apple Valley MN (PHS Apple Valley Senior Housing, Inc.) Series 2021 4.00%, 09/01/2051		270		234,558
City of Center City MN (Hazelden Betty Ford Foundation) Series 2014 5.00%, 11/01/2029		200		200,201
5.00%, 11/01/2044		500		500,195
Series 2019 4.00%, 11/01/2041		850		804,557
City of Fridley MN (Roers Fridley Apartments Owner II LLC) Series 2023-A 5.75%, 06/01/2041^(a)		200		203,711
City of Hermantown MN Series 2024-B 4.00%, 02/01/2041		1,035		1,057,573
City of Maple Grove MN (Maple Grove Hospital Corp.) Series 2017 5.00%, 05/01/2031		1,000		1,025,610
City of Minneapolis MN (Allina Health Obligated Group) Series 2023-A 5.00%, 11/15/2052		1,000		1,066,032
City of Minneapolis MN (Fairview Health Services Obligated Group) Series 2018-A 5.00%, 11/15/2036		1,000		1,039,707
City of Ramsey MN (Pact Charter School) Series 2022-A 5.00%, 06/01/2032		200		203,754
City of St. Cloud MN (CentraCare Health System Obligated Group) Series 2024 5.00%, 05/01/2054		1,000		1,074,600



26 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City of St. Paul MN Water Revenue Series 2023-A 4.00%, 12/01/2045	$	1,000	$	1,029,625
City of Wayzata MN (Wayzata Bay Senior Housing, Inc.) Series 2019 5.00%, 08/01/2049		395		398,146
City of Woodbury MN (Woodbury Leadership Academy) Series 2021 4.00%, 07/01/2056		215		161,475
Cloquet Independent School District No. 94 Series 2015-B 5.00%, 02/01/2031		1,200		1,203,702
Duluth Economic Development Authority (Benedictine Health System Obligated Group) Series 2021 4.00%, 07/01/2036		400		370,210
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Amherst H Wilder Foundation/MN) Series 2020 5.00%, 12/01/2036		1,575		1,664,569
Housing & Redevelopment Authority of The City of St. Paul Minnesota (HealthPartners Obligated Group) Series 2015-A 5.00%, 07/01/2032		1,000		1,006,803
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Hmong College Prep Academy) Series 2020 5.00%, 09/01/2040		110		111,964
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2041^(b)		100		81,132
4.00%, 06/01/2051^(b)		125		91,239
Hutchinson Utilities Commission Series 2012-A 5.00%, 12/01/2025		420		420,597
Minneapolis Special School District No. 1 Series 2016 5.00%, 02/01/2031		1,000		1,047,254



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 27

PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Minneapolis-St. Paul Metropolitan Airports Commission Series 2024 5.25%, 01/01/2049	$	1,415	$	1,530,070
Minnesota Higher Education Facilities Authority (College of St. Scholastica, Inc.) Series 2019 4.00%, 12/01/2040		1,000		909,034
Minnesota Higher Education Facilities Authority (Hamline University) Series 2017-B 5.00%, 10/01/2036		500		505,323
Minnesota Higher Education Facilities Authority (St. Catherine University) Series 2018-A 5.00%, 10/01/2045		1,100		1,103,810
Minnesota Higher Education Facilities Authority (St. Olaf College) Series 2021 3.00%, 10/01/2041		1,000		887,168
Minnesota Higher Education Facilities Authority (University of St. Thomas/Minneapolis) Series 2017-A 4.00%, 10/01/2034		800		809,888
Minnesota Housing Finance Agency (Minnesota Housing Finance Agency State Lease) Series 2019-A 4.00%, 08/01/2031		50		51,980
Minnesota Municipal Gas Agency (Royal Bank of Canada) Series 2022-A 4.00%, 12/01/2052		1,000		1,014,406
Minnesota Municipal Power Agency Series 2014 5.00%, 10/01/2032		750		752,441
New Prague Independent School District No. 721 (Pre-refunded – US Treasuries) Series 2015-A 4.00%, 02/01/2032		900		900,954
North St. Paul-Maplewood-Oakdale Independent School District No. 622 Series 2019-A 3.00%, 02/01/2038		1,000		953,406
3.00%, 02/01/2039		1,000		933,392



28 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Northern Municipal Power Agency Series 2017 5.00%, 01/01/2041	$	700	$	716,659
Southern Minnesota Municipal Power Agency Series 2017-A 5.00%, 01/01/2047		1,000		1,042,853
Western Minnesota Municipal Power Agency Series 2019-A 3.156%, 01/01/2039		1,000		841,196


Total Municipal Obligations (cost $30,361,040)				29,646,544


	Shares
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(c)(d)(e) (cost $139,908)		139,908		139,908


Total Investments – 97.7% (cost $30,500,948)				29,786,452
Other assets less liabilities – 2.3%				701,886


Net Assets – 100.0%			$	30,488,338

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


				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	570		01/15/2027	CPI^#	3.466%	Maturity	$	(24,723	)	$	(329	)	$	(24,394	)
USD	420		01/15/2027	CPI^#	3.323%	Maturity		(22,131	)		– 0	–		(22,131	)
USD	80		01/15/2027	CPI^#	3.320%	Maturity		(4,231	)		– 0	–		(4,231	)
USD	1,410		01/15/2028	1.230%	CPI^#	Maturity		270,876			– 0	–		270,876
USD	1,070		01/15/2028	0.735%	CPI^#	Maturity		245,795			– 0	–		245,795
USD	980		10/15/2028	CPI^#	2.565%	Maturity		4,403			– 0	–		4,403
USD	1,050		01/15/2029	CPI^#	3.390%	Maturity		(26,656	)		– 0	–		(26,656	)
USD	620		01/15/2029	CPI^#	3.735%	Maturity		2,982			– 0	–		2,982
USD	330		01/15/2029	CPI^#	3.331%	Maturity		(10,059	)		– 0	–		(10,059	)
USD	667		10/15/2029	2.499%	CPI^#	Maturity		(1,811	)		– 0	–		(1,811	)
USD	667		10/15/2029	2.516%	CPI^#	Maturity		(2,334	)		– 0	–		(2,334	)
USD	666		10/15/2029	2.451%	CPI^#	Maturity		(345	)		– 0	–		(345	)
USD	255		01/15/2030	1.572%	CPI^#	Maturity		45,367			– 0	–		45,367
USD	255		01/15/2030	1.587%	CPI^#	Maturity		45,002			– 0	–		45,002
USD	1,020		10/15/2030	CPI^#	2.531%	Maturity		5,420			– 0	–		5,420



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 29

PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO


				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	300		01/15/2031	2.680%	CPI^#	Maturity	$	23,420		$	– 0	–	$	23,420
USD	300		01/15/2031	2.782%	CPI^#	Maturity		20,309			– 0	–		20,309
USD	260		01/15/2032	CPI^#	3.064%	Maturity		(8,088	)		– 0	–		(8,088	)
USD	260		04/15/2032	CPI^#	2.909%	Maturity		(11,551	)		– 0	–		(11,551	)

							$	551,645		$	(329	)	$	551,974

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
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	167		10/15/2029	1 Day SOFR	3.761%	Annual	$	10		$	– 0	–	$	10
USD	167		10/15/2029	1 Day SOFR	3.814%	Annual		428			– 0	–		428
USD	166		10/15/2029	1 Day SOFR	3.740%	Annual		(144	)		– 0	–		(144	)
USD	800		04/30/2030	1 Day SOFR	3.369%	Annual		(22,578	)		– 0	–		(22,578	)
USD	710		04/30/2030	1 Day SOFR	3.075%	Annual		(31,442	)		– 0	–		(31,442	)
USD	200		01/08/2031	1 Day SOFR	3.580%	Annual		(4,194	)		– 0	–		(4,194	)
USD	740		04/30/2031	1 Day SOFR	4.285%	Annual		20,047			– 0	–		20,047
USD	500		09/15/2031	1 Day SOFR	3.689%	Annual		(893	)		(73	)		(820	)
USD	460		09/15/2031	1 Day SOFR	3.533%	Annual		(5,515	)		– 0	–		(5,515	)
USD	300		09/15/2031	1 Day SOFR	3.768%	Annual		962			– 0	–		962

							$	(43,319	)	$	(73	)	$	(43,246	)

INTEREST RATE SWAPS (see Note D)

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

835

10/09/2029

1.125%

SIFMA*

Quarterly

67,600

– 0

–

67,600

*	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. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2024, the market value of this security amounted to $203,711 or 0.7% of net assets.



30 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO

(b)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.57% of net assets as of November 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2041		07/14/2021	$	103,294	$	81,132		0.27	%
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2051		07/14/2021		127,531		91,239		0.30	%

(c)	Affiliated investments.

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

(e)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

COP – Certificate of Participation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 31

PORTFOLIO OF INVESTMENTS

AB NEW JERSEY PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 95.9%
Long-Term Municipal Bonds – 95.9%
New Jersey – 84.7%
Camden County Improvement Authority (The) (KIPP Cooper Norcross Obligated Group) Series 2022 6.00%, 06/15/2052	$	1,000	$	1,079,322
Essex County Improvement Authority (Friends of TEAM Academy Charter School Obligated Group) Series 2021 4.00%, 06/15/2051		500		475,039
Jersey City Board of Education AGM Series 2023 4.125%, 08/15/2042		1,000		1,034,909
Morris-Union Jointure Commission (Morris-Union Jointure Commission COP) AGM Series 2013 5.00%, 08/01/2026		2,320		2,323,639
New Jersey Economic Development Authority (Lutheran Social Ministries at Crane’s Mill, Inc.) Series 2018 5.00%, 01/01/2049		500		485,392
New Jersey Economic Development Authority (Middlesex Water Co.) Series 2019 4.00%, 08/01/2059		2,000		1,871,261
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2023 5.298%, 03/01/2032		1,050		1,087,282
NATL Series 1997-A 7.425%, 02/15/2029		1,000		1,064,228
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2023 3.75%, 11/01/2034		1,500		1,507,716
New Jersey Economic Development Authority (NJ Metromall Urban Renewal, Inc.) Series 2002 6.50%, 04/01/2028		608		612,712
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.) Series 2017 5.00%, 07/15/2032		1,000		1,031,400



32 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.00%, 01/01/2028	$	1,000	$	1,000,905
5.125%, 01/01/2034		500		500,508
5.50%, 01/01/2027		1,000		1,001,366
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2047		2,500		2,532,375
New Jersey Economic Development Authority (Seeing Eye, Inc. (The)) Series 2017 5.00%, 06/01/2032		1,765		1,840,882
New Jersey Economic Development Authority (State of New Jersey) Series 2024-S 5.25%, 06/15/2039		1,000		1,150,187
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		1,000		1,001,078
New Jersey Educational Facilities Authority (Kean University) AGM Series 2015-H 5.00%, 07/01/2034		2,500		2,525,437
New Jersey Educational Facilities Authority (Montclair State University, Inc.) AGM Series 2024 5.00%, 07/01/2041		1,000		1,138,627
New Jersey Educational Facilities Authority (Stevens Institute of Technology International, Inc.) Series 2017 5.00%, 07/01/2047		1,750		1,777,832
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.) Series 2016 4.00%, 07/01/2041		2,000		2,007,391
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2024 4.125%, 07/01/2054		2,000		2,001,236



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 33

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group) Series 2021 4.00%, 07/01/2051	$	1,000	$	1,000,259
Series 2024 5.25%, 07/01/2044		1,000		1,137,320
New Jersey Health Care Facilities Financing Authority (Valley Health System Obligated Group/NJ) Series 2019 4.00%, 07/01/2039		2,500		2,530,489
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2029		1,750		1,798,430
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2023-A 5.00%, 06/15/2039		1,000		1,118,208
AGM Series 2006-C Zero Coupon, 12/15/2033		1,000		736,023
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2009-A Zero Coupon, 12/15/2039		1,250		703,504
New Jersey Transportation Trust Fund Authority (State of New Jersey) Series 2024-A 5.00%, 06/15/2042		3,000		3,356,614
New Jersey Turnpike Authority Series 2024-A 4.00%, 01/01/2035		1,000		1,081,050
5.00%, 01/01/2034		1,000		1,166,156
Series 2024-C 5.00%, 01/01/2043		1,000		1,118,985
5.00%, 01/01/2044		1,000		1,115,602
New Jersey Turnpike Authority (Pre-refunded – US Treasuries) Series 2015-E 5.00%, 01/01/2034		1,000		1,001,405
Passaic County Improvement Authority (The) (Paterson Arts & Science Charter School) Series 2023 5.50%, 07/01/2058		1,000		1,048,424



34 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Rahway Valley Sewerage Authority (The) NATL Series 2005-A Zero Coupon, 09/01/2035	$	3,445	$	2,310,125
South Jersey Transportation Authority Series 2022 4.625%, 11/01/2047		1,000		1,023,373
BAM Series 2022 5.25%, 11/01/2052		1,000		1,091,283
Tobacco Settlement Financing Corp./NJ Series 2018-B 5.00%, 06/01/2046		2,330		2,340,922
Union County Utilities Authority (County of Union NJ Lease) Series 2011-A 5.25%, 12/01/2031		2,820		2,823,445

				59,552,341

Alabama – 1.5%
Black Belt Energy Gas District (Pacific Mutual Holding Co.) Series 2024-C 5.00%, 05/01/2055		1,000		1,071,230


American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038^(a)		145		156,333


Arizona – 0.2%
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052^(a)		100		103,169


California – 1.9%
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-B 6.50%, 11/01/2039		1,000		1,299,482


Florida – 0.1%
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 5.00%, 06/01/2055		100		99,627



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 35

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Guam – 2.6%
Guam Power Authority Series 2017-A 5.00%, 10/01/2040	$	655	$	672,245
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2046		720		723,722
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		440		429,989

				1,825,956

Illinois – 0.5%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031		305		313,428


Michigan – 0.1%
City of Detroit MI Series 2018 5.00%, 04/01/2036		50		51,964


Nevada – 0.1%
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058^(a)		500		75,842


North Dakota – 0.0%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031^{(b)(c)(d)(e)(f)}		110		– 0	–
7.00%, 12/15/2043^{(b)(c)(d)(e)(f)}		110		– 0	–

				– 0	–

Ohio – 0.2%
Buckeye Tobacco Settlement Financing Authority Series 2020-B 5.00%, 06/01/2055		165		151,071


Puerto Rico – 2.1%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033		100		69,162
4.00%, 07/01/2046		100		95,221



36 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(a)	$	250	$	265,029
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		155		156,307
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		24		24,255
6.625%, 01/01/2028		187		184,836
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(d)(e)		43		42,053
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2045		200		241,168
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		104		87,409
Series 2019-A 4.329%, 07/01/2040		10		9,983
5.00%, 07/01/2058		305		306,218

				1,481,641

Tennessee – 0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		145		142,594


Texas – 1.5%
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054		1,000		1,082,108


Total Municipal Obligations (cost $66,554,308)				67,406,786



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 37

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO


	Principal Amount (000)		U.S. $ Value

ASSET-BACKED SECURITIES – 0.2%
Other ABS - Fixed Rate – 0.2%
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2036	$	119	$	119,599
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Series 2018-A 6.25%, 04/01/2049^(b)(c)(f)		209		14,621


Total Asset-Backed Securities (cost $326,096)				134,220


	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(b)(d)(e) (cost $73,616)		4,104		11,943


SHORT-TERM INVESTMENTS – 2.0%
U.S. Treasury Bills – 1.4%
U.S. Treasury Bill Zero Coupon, 12/17/2024 (cost $998,102)		1,000		998,104


	Shares
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(g)(h)(i) (cost $450,707)		450,707		450,707


Total Short-Term Investments (cost $1,448,809)				1,448,811


Total Investments – 98.1% (cost $68,402,829)				69,001,760
Other assets less liabilities – 1.9%				1,312,344


Net Assets – 100.0%			$	70,314,104



38 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

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


				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	370		01/15/2026	CPI^#	3.766%	Maturity	$	(14,005	)	$	– 0	–	$	(14,005	)
USD	2,070		01/15/2028	1.230%	CPI^#	Maturity		397,669			– 0	–		397,669
USD	1,270		01/15/2028	0.735%	CPI^#	Maturity		291,737			– 0	–		291,737
USD	2,240		10/15/2028	CPI^#	2.565%	Maturity		10,064			– 0	–		10,064
USD	3,470		01/15/2029	CPI^#	3.406%	Maturity		(83,286	)		– 0	–		(83,286	)
USD	530		01/15/2029	CPI^#	3.735%	Maturity		2,549			– 0	–		2,549
USD	240		01/15/2029	CPI^#	3.408%	Maturity		(5,719	)		– 0	–		(5,719	)
USD	1,534		10/15/2029	2.516%	CPI^#	Maturity		(5,367	)		– 0	–		(5,367	)
USD	1,533		10/15/2029	2.451%	CPI^#	Maturity		(795	)		– 0	–		(795	)
USD	1,533		10/15/2029	2.499%	CPI^#	Maturity		(4,163	)		– 0	–		(4,163	)
USD	225		01/15/2030	1.572%	CPI^#	Maturity		40,029			– 0	–		40,029
USD	225		01/15/2030	1.587%	CPI^#	Maturity		39,708			– 0	–		39,708
USD	2,360		10/15/2030	CPI^#	2.531%	Maturity		12,541			– 0	–		12,541
USD	450		01/15/2031	2.782%	CPI^#	Maturity		30,463			– 0	–		30,463
USD	370		01/15/2031	2.680%	CPI^#	Maturity		28,885			– 0	–		28,885

							$	740,310		$	– 0	–	$	740,310

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
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	1,500		07/31/2029	1 Day SOFR	4.461%	Annual	$	42,037		$	– 0	–	$	42,037
USD	801		10/15/2029	1 Day SOFR	3.814%	Annual		2,054			– 0	–		2,054
USD	800		10/15/2029	1 Day SOFR	3.761%	Annual		49			– 0	–		49
USD	799		10/15/2029	1 Day SOFR	3.740%	Annual		(694	)		– 0	–		(694	)
USD	1,400		04/30/2030	1 Day SOFR	3.369%	Annual		(39,511	)		– 0	–		(39,511	)
USD	1,000		07/31/2031	1 Day SOFR	3.877%	Annual		5,973			– 0	–		5,973
USD	870		07/31/2031	1 Day SOFR	3.736%	Annual		(2,417	)		32			(2,449	)
USD	2,000		08/15/2031	1 Day SOFR	3.450%	Annual		(33,982	)		– 0	–		(33,982	)
USD	1,020		09/15/2031	1 Day SOFR	3.527%	Annual		(12,321	)		(87	)		(12,234	)
USD	600		09/15/2031	1 Day SOFR	3.768%	Annual		1,923			– 0	–		1,923
USD	900		08/15/2034	3.264%	1 Day SOFR	Annual		35,127			27			35,100
USD	840		08/15/2034	3.701%	1 Day SOFR	Annual		708			(14	)		722
USD	630		08/15/2034	3.420%	1 Day SOFR	Annual		17,060			– 0	–		17,060

							$	16,006		$	(42	)	$	16,048



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 39

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

INTEREST RATE SWAPS (see Note D)

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

1,235

10/09/2029

1.125

SIFMA

Quarterly

99,983

– 0

–

99,983

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

(a)

(b)	Non-income producing security.

(c)	Defaulted.

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

(e)	Fair valued by the Adviser.

(f)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of November 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031		05/21/2021	$	110,000	$	– 0	–		0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 7.00%, 12/15/2043		05/21/2021		110,000		– 0	–		0.00	%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Series 2018-A 6.25%, 04/01/2049		08/29/2018		207,453		14,621			0.02	%

(g)	Affiliated investments.

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

(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, or call AB at (800) 227-4618.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

BAM – Build American Mutual



40 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

CCRC – Congregate Care Retirement Center

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 41

PORTFOLIO OF INVESTMENTS

AB OHIO PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 95.9%
Long-Term Municipal Bonds – 95.4%
Ohio – 89.8%
Akron Bath Copley Joint Township Hospital District (Summa Health System Obligated Group) Series 2020 4.00%, 11/15/2035	$	1,000	$	984,583
American Municipal Power, Inc. (American Municipal Power AMP Fremont Energy Center Revenue) Series 2021 4.00%, 02/15/2037		1,000		1,019,245
American Municipal Power, Inc. (American Municipal Power Prairie State Energy Campus Revenue) Series 2019 4.00%, 02/15/2039		2,000		2,019,236
Buckeye Tobacco Settlement Financing Authority Series 2020-B 5.00%, 06/01/2055		500		457,790
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 4.00%, 12/01/2042		505		475,888
5.00%, 12/01/2037		1,700		1,756,186
City of Cleveland OH Series 2012 5.00%, 12/01/2028		25		25,034
City of Reynoldsburg OH Series 2024 4.00%, 12/01/2042		690		699,734
Cleveland Department of Public Utilities Division of Public Power AGM Series 2018 5.00%, 11/15/2035		1,100		1,162,151
Cleveland-Cuyahoga County Port Authority (Cleveland-Cuyahoga County Port Authority Flats East Bank TIF District) Series 2021 4.00%, 12/01/2055^(a)		470		399,685
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) Series 2017-A 5.00%, 08/01/2042		1,650		1,703,332
County of Cuyahoga Series 2024 4.00%, 12/01/2041		2,200		2,198,263



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PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO


	Principal Amount (000)		U.S. $ Value

County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2037	$	1,400	$	1,431,538
County of Darke OH (Wayne Hospital Co. Obligated Group) Series 2019-A 5.00%, 09/01/2049		190		190,078
County of Franklin OH (Agler Green LP) Series 2002-A 5.65%, 05/20/2032		615		616,037
5.80%, 05/20/2044		1,150		1,151,416
County of Franklin OH (First Community Village Obligated Group) Series 2019 5.00%, 07/01/2049		145		130,003
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2042		1,000		1,061,014
County of Hardin OH (Ohio Northern University) Series 2020 5.25%, 05/01/2040		500		483,716
County of Marion OH (United Church Homes, Inc. Obligated Group) Series 2019 5.00%, 12/01/2039		200		177,966
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.625%, 12/01/2042		220		245,947
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051^(a)		550		442,662
JobsOhio Beverage System Series 2023 4.433%, 01/01/2033		915		911,083
Lancaster Port Authority (Royal Bank of Canada) Series 2024-A 5.00%, 02/01/2055		1,000		1,072,084



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 43

PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Miami University/Oxford OH Series 2021-A 5.00%, 09/01/2028	$	800	$	863,248
Ohio Air Quality Development Authority (American Electric Power Co., Inc.) Series 2024 3.75%, 01/01/2029		1,000		994,735
Ohio Air Quality Development Authority (Duke Energy Corp.) Series 2022 4.25%, 11/01/2039		1,000		1,015,459
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) Series 2019 3.25%, 09/01/2029		640		628,001
Ohio Higher Educational Facility Commission Series 2016 4.375%, 05/01/2042		1,000		1,000,470
Series 2020 5.00%, 07/01/2035		990		1,074,172
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) Series 2022 5.25%, 01/01/2047		1,000		1,054,570
5.25%, 01/01/2052		1,000		1,047,457
Ohio Higher Educational Facility Commission (Case Western Reserve University) Series 2016 4.00%, 12/01/2033		2,000		2,024,839
Ohio Higher Educational Facility Commission (John Carroll University) Series 2022 4.00%, 10/01/2042		2,000		1,879,312
Ohio Higher Educational Facility Commission (Kenyon College) Series 2017 5.00%, 07/01/2042		1,045		1,077,939
Ohio Higher Educational Facility Commission (University of Dayton) Series 2022 5.00%, 02/01/2044		2,000		2,164,078
Ohio State University (The) Series 2023 5.25%, 12/01/2046		2,000		2,249,769
Ohio Turnpike & Infrastructure Commission Series 2022 5.00%, 02/15/2039		1,000		1,128,638



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PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2063	$	1,000	$	1,057,252
Port of Greater Cincinnati Development Authority (St. Xavier High School, Inc./OH) Series 2020 4.00%, 04/01/2040		415		407,888
State of Ohio Series 2021-A 4.00%, 06/15/2037		1,115		1,159,417
Toledo-Lucas County Port Authority (ParkUToledo, Inc.) Series 2021 4.00%, 01/01/2046		1,000		955,290
University of Akron (The) Series 2014-A 5.00%, 01/01/2032		2,080		2,081,448
University of Toledo Series 2023-B 4.099% (SOFR + 0.90%), 06/01/2036^(b)(c)		1,955		1,913,984

				46,592,637

American Samoa – 0.3%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038^(a)		140		150,942


Arizona – 0.2%
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052^(a)		100		103,169


California – 0.4%
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 07/01/2037^(a)		220		220,104
State of California Series 2004 5.25%, 04/01/2029		5		5,011

				225,115



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 45

PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Connecticut – 0.8%
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) Series 2018-K1 5.00%, 07/01/2037	$	415	$	423,905


Guam – 0.2%
Antonio B Won Pat International Airport Authority Series 2023 5.25%, 10/01/2031		100		107,560


Indiana – 0.1%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039^(b)		100		47,019


Kansas – 0.4%
Wyandotte County-Kansas City Unified Government (Wyandotte County-Kansas City Unified Government Sales Tax) Series 2018 4.50%, 06/01/2040		215		215,279


Michigan – 0.1%
City of Detroit MI Series 2018 5.00%, 04/01/2036		50		51,964


North Carolina – 0.7%
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2035		375		375,195


Puerto Rico – 1.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(a)		250		265,029
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		100		100,843



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PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027	$	21	$	20,662
6.625%, 01/01/2028		159		157,453
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(d)(e)		37		35,823
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2046		100		120,590
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		100		84,047
Series 2019-A 4.329%, 07/01/2040		5		4,992
5.00%, 07/01/2058		100		100,399

				889,838

Tennessee – 0.3%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		125		122,926


Texas – 0.4%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2018 5.00%, 07/15/2028		215		221,788


Total Long-Term Municipal Bonds (cost $50,168,139)				49,527,337


Short-Term Municipal Notes – 0.5%
Ohio – 0.5%
County of Montgomery OH Series 2019 3.15%, 11/15/2045^(f) (cost $255,000)		255		255,000


Total Municipal Obligations (cost $50,423,139)				49,782,337



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 47

PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO


	Principal Amount (000)		U.S. $ Value

ASSET-BACKED SECURITIES – 0.4%
Other ABS - Fixed Rate – 0.4%
County of Montgomery OH Series 2018-A 6.25%, 04/01/2049^(b)(g)(h)	$	362	$	25,305
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		99		95,685
5.25%, 07/01/2036		99		98,979


Total Asset-Backed Securities (cost $555,483)				219,969


	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(d)(e)(g) (cost $62,685)		3,496		10,173


	Principal Amount (000)
SHORT-TERM INVESTMENTS – 1.9%
U.S. Treasury Bills – 1.4%
U.S. Treasury Bill Zero Coupon, 01/30/2025 (cost $694,908)		700		694,889


	Shares
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(i)(j)^(k) (cost $251,423)		251,423		251,423


Total Short-Term Investments (cost $946,331)				946,312


Total Investments – 98.2% (cost $51,987,638)				50,958,791
Other assets less liabilities – 1.8%				950,717


Net Assets – 100.0%			$	51,909,508



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PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO

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


				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	1,410		10/15/2028	CPI^#	2.565%	Maturity	$	6,335		$	– 0	–	$	6,335
USD	967		10/15/2029	2.499%	CPI^#	Maturity		(2,626	)		– 0	–		(2,626	)
USD	967		10/15/2029	2.516%	CPI^#	Maturity		(3,383	)		– 0	–		(3,383	)
USD	966		10/15/2029	2.451%	CPI^#	Maturity		(501	)		– 0	–		(501	)
USD	1,490		10/15/2030	CPI^#	2.531%	Maturity		7,918			– 0	–		7,918

							$	7,743		$	– 0	–	$	7,743

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
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	670		01/15/2027		1 Day SOFR		4.217	%		Annual	$	(2,726	)	$	– 0	–	$	(2,726	)
USD	1,400		07/31/2029		1 Day SOFR		4.032	%		Annual		11,694			– 0	–		11,694
USD	805		07/31/2029		1 Day SOFR		3.988	%		Annual		5,080			– 0	–		5,080
USD	534		10/15/2029		1 Day SOFR		3.814	%		Annual		1,369			– 0	–		1,369
USD	533		10/15/2029		1 Day SOFR		3.740	%		Annual		(467	)		– 0	–		(467	)
USD	533		10/15/2029		1 Day SOFR		3.761	%		Annual		33			– 0	–		33
USD	900		07/31/2031		1 Day SOFR		4.059	%		Annual		15,542			95			15,447
USD	950		09/15/2031		1 Day SOFR		3.897	%		Annual		10,536			– 0	–		10,536
USD	700		12/03/2031		1 Day SOFR		3.732	%		Annual		1,389			– 0	–		1,389

											$	42,450		$	95		$	42,355

INTEREST RATE SWAPS (see Note D)

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

1,175

10/09/2029

1.125

SIFMA

Quarterly

95,125

– 0

–

95,125

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

(a)



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 49

PORTFOLIO OF INVESTMENTS (continued)

AB OHIO PORTFOLIO

(b)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 3.83% of net assets as of November 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:


144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
County of Montgomery OH Series 2018-A 6.25%, 04/01/2049		08/29/2018	$	359,053	$	25,305		0.05	%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039		03/29/2019		103,151		47,019		0.09	%
University of Toledo Series 2023-B 4.099%, 06/01/2036		06/30/2023		1,955,000		1,913,984		3.69	%

(c)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2024.

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

(e)	Fair valued by the Adviser.

(f)

(g)	Non-income producing security.

(h)	Defaulted.

(i)	Affiliated investments.

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

(k)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



50 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS

AB PENNSYLVANIA PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 99.9%
Long-Term Municipal Bonds – 99.9%
Pennsylvania – 89.4%
Allegheny County Hospital Development Authority (Allegheny Health Network Obligated Group) Series 2018-A 5.00%, 04/01/2036	$	1,600	$	1,658,843
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue) Series 2022 5.25%, 05/01/2042^(a)		480		484,498
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2024 5.00%, 06/30/2039		525		522,052
6.00%, 06/30/2044^(b)		262		188,913
8.00%, 06/30/2034		115		119,261
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 5.00%, 07/01/2027		420		433,358
Centre County Hospital Authority (Mount Nittany Medical Center Obligated Group) Series 2018-A 5.00%, 11/15/2042		1,000		1,034,399
Chambersburg Area Municipal Authority (Wilson College) Series 2018 5.75%, 10/01/2043		650		646,467
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 6.00%, 10/15/2052^(a)		200		211,131
Chester County Industrial Development Authority (Woodlands at Greystone Neighborhood Improvement District) Series 2018 5.00%, 03/01/2038^(a)		270		270,419
City of Erie Higher Education Building Authority (Gannon University) Series 2021 4.00%, 05/01/2036		300		291,798
4.00%, 05/01/2041		250		231,403



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 51

PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City of Philadelphia PA Water & Wastewater Revenue Series 2018-A 5.00%, 10/01/2048	$	1,000	$	1,042,643
Commonwealth Financing Authority (Commonwealth Financing Authority State Lease) Series 2018 5.00%, 06/01/2031		2,500		2,650,303
Commonwealth of Pennsylvania (Commonwealth of Pennsylvania COP) Series 2018-A 5.00%, 07/01/2034		450		476,561
5.00%, 07/01/2035		750		792,882
5.00%, 07/01/2036		1,000		1,055,509
Crawford County Hospital Authority (Meadville Medical Center Obligated Group) Series 2016-A 6.00%, 06/01/2046		635		642,587
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2032		1,625		1,630,332
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2033		660		676,993
Lancaster Municipal Authority (Garden Spot Village Obligated Group) Series 2024 5.00%, 05/01/2059		535		553,082
Lehigh County General Purpose Authority (Muhlenberg College) Series 2024 5.25%, 02/01/2054		1,000		1,052,794
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2037		1,100		1,124,031
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2022 5.00%, 05/01/2052		1,000		1,044,669



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PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.75%, 07/01/2035	$	765	$	617,831
Northeastern Pennsylvania Hospital and Education Authority (Wilkes University) Series 2016-B 5.25%, 03/01/2037		520		523,518
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 6.00%, 06/30/2061		1,000		1,106,285
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2042		1,000		1,013,013
Pennsylvania Economic Development Financing Authority (Reworld Holding Corp.) Series 2019 3.25%, 08/01/2039^(a)		270		227,102
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 3.56% (MUNIPSA + 0.70%), 11/15/2047^(c)		1,000		993,342
Pennsylvania Economic Development Financing Authority (Villanova University) Series 2024 5.00%, 08/01/2049		1,000		1,093,307
Pennsylvania State University (The) Series 2020-A 4.00%, 09/01/2050		500		494,954
Series 2020-D 2.79%, 09/01/2043		1,000		797,035
Pennsylvania Turnpike Commission Series 2021-C 4.00%, 12/01/2043		1,290		1,297,705
Series 2024 5.00%, 12/01/2038		1,000		1,148,295



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 53

PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Series 2018-B 5.00%, 12/01/2038	$	1,000	$	1,065,464
Pennsylvania Turnpike Commission Registration Fee Revenue Series 2023 4.03% (MUNIPSA + 0.85%), 07/15/2041^(c)		1,000		1,000,282
Philadelphia Authority for Industrial Development (Greater Philadelphia Health Action, Inc.) Series 2015-A 6.375%, 06/01/2040		400		401,084
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2030		185		189,904
Philadelphia Authority for Industrial Development (Philadelphia Electrical & Technology Charter High School) Series 2021 4.00%, 06/01/2056		500		416,558
Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) Series 2020 5.00%, 06/15/2040^(a)		1,000		1,013,382
Philadelphia Authority for Industrial Development (St Joseph’s University) Series 2022 5.50%, 11/01/2060		2,000		2,190,320
Philadelphia Authority for Industrial Development (Tacony Academy Charter School) Series 2023 5.50%, 06/15/2043^(a)		500		516,099
Philadelphia Energy Authority (The) (City of Philadelphia PA Lease) Series 2023 5.00%, 11/01/2040		1,200		1,336,784
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.006% (SOFR + 0.80%), 09/01/2040^(a)(c)		2,000		1,954,586
School District of Philadelphia (The) Series 2019-A 5.00%, 09/01/2044		750		793,058
Series 2023-A 5.25%, 09/01/2043		1,000		1,115,784



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PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Scranton School District/PA BAM Series 2017-E 5.00%, 12/01/2034	$	800	$	840,262
5.00%, 12/01/2035		500		524,378
State Public School Building Authority (Harrisburg School District) AGM Series 2016 5.00%, 12/01/2029		865		894,976
State Public School Building Authority (Pre-refunded – US Treasuries) AGM Series 2016 5.00%, 12/01/2029		135		140,799

				42,541,035

Alabama – 2.3%
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055^(d)		1,000		1,088,120


American Samoa – 0.3%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038^(a)		135		145,551


Arizona – 0.2%
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052^(a)		100		103,169


Guam – 2.2%
Antonio B Won Pat International Airport Authority Series 2023 5.25%, 10/01/2031		100		107,560
Guam Education Financing Foundation (Guam Education Financing Foundation COP) Series 2016-B 5.00%, 10/01/2026^(a)		170		169,444
Guam Power Authority Series 2017-A 5.00%, 10/01/2040		525		538,822
Territory of Guam Series 2019 5.00%, 11/15/2031		65		66,506



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 55

PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2046	$	150	$	150,776

				1,033,108

Illinois – 2.3%
Chicago O’Hare International Airport Series 2024-A 5.50%, 01/01/2059		1,000		1,092,543


Michigan – 0.1%
City of Detroit MI Series 2018 5.00%, 04/01/2036		35		36,375


New Jersey – 0.8%
Tobacco Settlement Financing Corp./NJ Series 2018-B 5.00%, 06/01/2046		370		371,734


New York – 0.4%
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.) Series 2016 5.50%, 09/01/2045^(a)		175		175,420


Puerto Rico – 1.7%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033		100		69,163
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		100		100,843
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		20		20,213
6.625%, 01/01/2028		156		154,030
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(e)(f)		36		35,044



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PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO


	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%, 01/01/2046	$	100	$	120,590
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		100		84,047
Series 2019-A 5.00%, 07/01/2058		250		250,998

				834,928

Tennessee – 0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		120		118,009


Total Municipal Obligations (cost $47,397,365)				47,539,992


PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(e)(f)(g) (cost $61,349)		3,420		9,952


	Shares

SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(h)(i)(j) (cost $227,491)		227,491		227,491


Total Investments – 100.4% (cost $47,686,205)				47,777,435
Other assets less liabilities – (0.4)%				(197,860	)


Net Assets – 100.0%			$	47,579,575



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 57

PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO

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


				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	1,560		10/15/2028		CPI^#		2.565%	Maturity	$	7,009		$	– 0	–	$	7,009
USD	1,067		10/15/2029		2.499%		CPI^#	Maturity		(2,897	)		– 0	–		(2,897	)
USD	1,067		10/15/2029		2.516%		CPI^#	Maturity		(3,733	)		– 0	–		(3,733	)
USD	1,066		10/15/2029		2.451%		CPI^#	Maturity		(553	)		– 0	–		(553	)
USD	1,640		10/15/2030		CPI^#		2.531%	Maturity		8,715			– 0	–		8,715

									$	8,541		$	– 0	–	$	8,541

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				Rate Type
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	2,500		01/15/2027	1 Day SOFR	3.892%	Annual	$	(33,763	)	$	– 0	–	$	(33,763	)
USD	2,300		04/20/2028	1 Day SOFR	3.394%	Annual		(57,839	)		– 0	–		(57,839	)
USD	900		07/31/2029	1 Day SOFR	4.461%	Annual		25,222			– 0	–		25,222
USD	434		10/15/2029	1 Day SOFR	3.814%	Annual		1,113			– 0	–		1,113
USD	433		10/15/2029	1 Day SOFR	3.740%	Annual		(376	)		– 0	–		(376	)
USD	433		10/15/2029	1 Day SOFR	3.761%	Annual		26			– 0	–		26
USD	850		04/30/2030	1 Day SOFR	3.075%	Annual		(37,642	)		– 0	–		(37,642	)
USD	800		11/01/2030	1 Day SOFR	4.190%	Annual		19,625			– 0	–		19,625
USD	3,000		07/31/2031	1 Day SOFR	4.059%	Annual		51,805			316			51,489
USD	800		07/31/2031	1 Day SOFR	3.616%	Annual		(8,127	)		– 0	–		(8,127	)
USD	400		09/15/2031	1 Day SOFR	3.768%	Annual		1,282			– 0	–		1,282
USD	400		12/03/2031	1 Day SOFR	3.732%	Annual		794			– 0	–		794
USD	500		06/15/2034	3.543%	1 Day SOFR	Annual		8,661			61			8,600
USD	700		08/15/2034	3.545%	1 Day SOFR	Annual		11,833			– 0	–		11,833
USD	530		08/15/2034	3.917%	1 Day SOFR	Annual		(9,353	)		– 0	–		(9,353	)
USD	500		08/15/2034	3.264%	1 Day SOFR	Annual		19,515			15			19,500
USD	500		08/15/2034	3.446%	1 Day SOFR	Annual		12,063			– 0	–		12,063
USD	300		08/15/2034	3.304%	1 Day SOFR	Annual		11,155			– 0	–		11,155

							$	15,994		$	392		$	15,602

INTEREST RATE SWAPS (see Note D)

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

1,140

10/09/2029

1.125

SIFMA

Quarterly

92,292

– 0 –

92,292

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



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PORTFOLIO OF INVESTMENTS (continued)

AB PENNSYLVANIA PORTFOLIO

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2024.

(c)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at November 30, 2024.

(d)	When-Issued or delayed delivery security.

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

(f)	Fair valued by the Adviser.

(g)	Non-income producing security.

(h)	Affiliated investments.

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

(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, or call AB at (800) 227-4618.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

COP – Certificate of Participation

MUNIPSA – SIFMA Municipal Swap Index

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 59

PORTFOLIO OF INVESTMENTS

AB VIRGINIA PORTFOLIO

November 30, 2024 (unaudited)


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 97.9%
Long-Term Municipal Bonds – 97.9%
Virginia – 68.0%
Arlington County Industrial Development Authority (Virginia Hospital Center Arlington Health System Obligated Group) Series 2020 4.00%, 07/01/2045	$	4,000	$	4,002,198
Cherry Hill Community Development Authority (Potomac Shores Project) Series 2015 5.40%, 03/01/2045^(a)		585		585,764
Chesapeake Bay Bridge & Tunnel District Series 2016 5.00%, 07/01/2046		4,000		4,041,861
Chesterfield County Economic Development Authority (County of Chesterfield VA) Series 2024 5.00%, 04/01/2048		7,000		7,714,168
City of Richmond VA Public Utility Revenue (Pre-refunded – US Govt Agencies) Series 2016 5.00%, 01/15/2034		5,000		5,117,867
County of Fairfax VA Series 2023-A 4.00%, 10/01/2041		4,445		4,588,753
Culpeper County Economic Development Authority (County of Culpeper VA Lease) Series 2014 4.00%, 06/01/2029		2,955		2,955,953
Dulles Town Center Community Development Authority Series 2012 4.25%, 03/01/2026		645		638,486
Fairfax County Economic Development Authority (Pre-refunded – US Treasuries) Series 2016 4.00%, 04/01/2035		415		421,466
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2018-A 4.00%, 05/15/2048		1,500		1,501,360



60 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2022 4.00%, 05/15/2042	$	2,000	$	2,021,660
Greater Richmond Convention Center Authority (Pre-refunded – US Treasuries) Series 2015 5.00%, 06/15/2030		3,000		3,030,880
5.00%, 06/15/2031		2,000		2,020,587
Hampton Roads Sanitation District Series 2017-A 5.00%, 10/01/2033		3,550		3,758,534
Hampton Roads Transportation Accountability Commission (Pre-refunded – US Govt Agencies) Series 2021-A 5.00%, 07/01/2026		2,000		2,061,236
Hampton Roads Transportation Accountability Commission (Pre-refunded – US Treasuries) Series 2018-A 5.00%, 07/01/2035		4,000		4,279,984
Henrico County Economic Development Authority (Westminster-Canterbury Corp. Obligated Group) Series 2022 5.00%, 10/01/2047		1,000		1,056,738
James City County Economic Development Authority (Williamsburg Landing, Inc. Obligated Group) Series 2021-A 4.00%, 12/01/2050		1,575		1,358,751
Series 2024-A 6.875%, 12/01/2058		500		556,342
Lexington Industrial Development Authority (Kendal at Lexington) Series 2016 4.00%, 01/01/2031		1,500		1,509,529
Lynchburg Economic Development Authority (Centra Health Obligated Group) Series 2017-A 5.00%, 01/01/2047		1,750		1,769,636
Norfolk Airport Authority/VA Series 2019 5.00%, 07/01/2043		2,870		3,020,796



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 61

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Richmond Redevelopment & Housing Authority (American Tobacco Holdings LLC) Series 2017 5.55%, 01/01/2037^(a)	$	960	$	947,054
Roanoke Economic Development Authority (Carilion Clinic Obligated Group) Series 2020 4.00%, 07/01/2036		1,000		1,025,390
4.00%, 07/01/2038		1,550		1,577,223
Roanoke Economic Development Authority (Lynchburg College) Series 2018-A 5.00%, 09/01/2033		1,125		1,156,623
5.00%, 09/01/2038		1,535		1,562,393
5.00%, 09/01/2043		1,000		1,007,460
Rockingham County Economic Development Authority (Sentara Healthcare Obligated Group) Series 2021 3.00%, 11/01/2046		1,265		1,072,600
Rockingham County Economic Development Authority (Sunnyside Presbyterian Home Obligated Group) Series 2020 4.00%, 12/01/2032		1,085		1,092,883
5.00%, 12/01/2039		1,000		1,048,859
Southampton County Industrial Development Authority (PRTI-Virginia One LLC) Series 2023 4.875%, 11/01/2053		2,000		1,999,989
Suffolk Economic Development Authority (EveryAge Obligated Group) Series 2016 5.00%, 09/01/2031		1,000		1,004,091
Tobacco Settlement Financing Corp./VA Series 2007-B1 5.00%, 06/01/2047		2,000		1,906,334
University of Virginia Series 2020 2.256%, 09/01/2050		1,000		621,105
US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052		370		342,292



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PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) Series 2023 7.00%, 09/01/2059	$	500	$	570,298
Virginia College Building Authority (Marymount University) Series 2015 5.00%, 07/01/2045^(a)		1,000		817,348
Series 2015-A 5.00%, 07/01/2030^(a)		1,615		1,534,143
Virginia College Building Authority (Regent University) Series 2021 4.00%, 06/01/2036		3,125		3,065,867
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2019-B 3.00%, 02/01/2037		9,140		8,671,389
Virginia Commonwealth University Health System Authority (Virginia Commonwealth University Health System Authority Obligated Group) Series 2017-B 5.00%, 07/01/2046		2,000		2,047,089
Virginia Port Authority Series 2016-B 5.00%, 07/01/2035		2,000		2,029,804
5.00%, 07/01/2036		4,160		4,216,269
Virginia Public Building Authority (Virginia Public Building Authority State Lease) Series 2024-A 5.00%, 08/01/2044		2,000		2,243,843
Virginia Resources Authority Series 2011-B 5.00%, 11/01/2026		20		20,024
Series 2016-C 4.00%, 11/01/2034		2,000		2,020,579
Virginia Small Business Financing Authority Series 2024 4.00%, 11/01/2052		4,000		4,003,072



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 63

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 5.00%, 07/01/2035	$	4,580	$	4,881,101
Virginia Small Business Financing Authority (Bon Secours Mercy Health, Inc.) Series 2020 4.00%, 12/01/2049		3,500		3,436,701
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) Series 2022 4.00%, 01/01/2040		4,825		4,715,464
Virginia Small Business Financing Authority (Hampton University) Series 2014 5.25%, 10/01/2029		4,125		4,128,318
Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC) Series 2017 5.00%, 12/31/2052		3,350		3,380,479
Virginia Small Business Financing Authority (LifeSpire of Virginia Obligated Group) Series 2024-A 4.50%, 12/01/2044		2,000		2,003,814
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 4.00%, 01/01/2051		1,500		1,385,356
Virginia Small Business Financing Authority (Reworld Holding Corp.) Series 2018 5.00%, 01/01/2048^(a)		1,000		1,000,049
Winchester Economic Development Authority (Valley Health Obligated Group) Series 2015 5.00%, 01/01/2034		2,000		2,026,877
5.00%, 01/01/2035		1,500		1,518,987

				134,093,716

Alabama – 3.2%
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2024-B 5.00%, 10/01/2055		1,000		1,070,701



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PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052	$	1,000	$	1,005,423
Black Belt Energy Gas District (Pacific Mutual Holding Co.) Series 2024-C 5.00%, 05/01/2055		1,000		1,071,230
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		1,000		1,070,256
Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035		1,000		1,051,768
Southeast Energy Authority A Cooperative District (Pacific Mutual Holding Co.) Series 2024-C 5.00%, 11/01/2055		1,000		1,080,502

				6,349,880

American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038^(a)		420		452,825


Arizona – 0.5%
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052^(a)		200		206,338
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		705		779,503

				985,841

California – 1.2%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		1,000		1,005,288



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 65

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

M-S-R Energy Authority (Citigroup, Inc.) Series 2009-B 6.50%, 11/01/2039	$	1,000	$	1,299,483

				2,304,771

District of Columbia – 15.2%
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2038		2,330		2,416,775
Series 2020-A 4.00%, 10/01/2035		2,000		2,008,309
Series 2021-A 5.00%, 10/01/2046		5,000		5,245,518
Series 2024-A 5.00%, 10/01/2038		2,250		2,429,540
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series 2009 Zero Coupon, 10/01/2037		5,000		3,023,171
Series 2010-B 6.50%, 10/01/2044^(b)		4,300		4,733,973
Series 2019 5.00%, 10/01/2034		1,500		1,591,050
Washington Metropolitan Area Transit Authority Series 2017-A 5.00%, 07/01/2031		1,145		1,200,174
5.00%, 07/01/2032		3,950		4,135,674
Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) Series 2023 5.00%, 07/15/2048		3,000		3,249,221

				30,033,405

Georgia – 0.1%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2039		100		104,658


Guam – 3.5%
Antonio B Won Pat International Airport Authority Series 2024-A 5.25%, 10/01/2041		1,000		1,079,179



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PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Guam Department of Education (Guam Department of Education COP) Series 2020 5.00%, 02/01/2040	$	1,095	$	1,096,169
Guam Power Authority Series 2017-A 5.00%, 10/01/2036		1,630		1,683,405
Territory of Guam Series 2019 5.00%, 11/15/2031		170		173,940
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		1,370		1,338,830
Territory of Guam (Territory of Guam Hotel Occupancy Tax) Series 2021-A 5.00%, 11/01/2035		1,500		1,576,856

				6,948,379

Illinois – 1.1%
Metropolitan Pier & Exposition Authority Series 2015-B 5.00%, 12/15/2045		2,200		2,218,500


Michigan – 0.0%
City of Detroit MI Series 2018 5.00%, 04/01/2036		85		88,339


Nevada – 0.0%
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058^(a)		500		75,842


North Carolina – 0.3%
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.70%, 07/01/2037		560		486,609


Puerto Rico – 2.9%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033		369		255,025



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 67

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

4.00%, 07/01/2046	$	103	$	98,233
Series 2022-C Zero Coupon, 11/01/2043		17		10,313
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(a)		855		906,398
5.00%, 07/01/2035^(a)		250		261,827
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		235		236,981
NATL Series 2007-V 5.25%, 07/01/2032		300		299,553
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		50		49,857
6.625%, 01/01/2028		384		379,941
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(c)(d)		89		86,442
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (Hospital Auxilio Mutuo Obligated Group) Series 2021 4.00%, 07/01/2038		275		261,961
4.00%, 07/01/2040		295		278,846
5.00%, 07/01/2034		110		117,902
5.00%, 07/01/2035		115		122,710
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2045		500		602,919
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		223		187,425
Zero Coupon, 07/01/2046		1,000		336,948
Series 2019-A 4.329%, 07/01/2040		180		179,695



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PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.00%, 07/01/2058	$	955	$	958,813

				5,631,789

Tennessee – 0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(a)		295		290,105


Texas – 1.1%
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-B 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		1,082,108
Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) Series 2024 5.00%, 01/01/2055		1,000		1,085,489

				2,167,597

Washington – 0.4%
Pend Oreille County Public Utility District No. 1 Box Canyon Series 2018 5.00%, 01/01/2044		650		667,069
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2055^(a)		100		91,804

				758,873


Total Municipal Obligations (cost $194,998,277)				192,991,129


ASSET-BACKED SECURITIES – 0.3%
Other ABS - Fixed Rate – 0.3%
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		156		151,500



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 69

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

5.25%, 07/01/2036	$	185	$	185,585
5.25%, 07/01/2041		173		166,698


Total Asset-Backed Securities (cost $511,294)				503,783


	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(c)(d)(f) (cost $151,336)		8,437		24,552


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(g)(h)(i) (cost $463,712)		463,712		463,712


Total Investments – 98.4% (cost $196,124,619)				193,983,176
Other assets less liabilities – 1.6%				3,194,963


Net Assets – 100.0%			$	197,178,139

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


				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	6,460		10/15/2028	CPI^#	2.565%	Maturity	$	29,024		$	– 0	–	$	29,024
USD	4,420		10/15/2029	2.516%	CPI^#	Maturity		(15,464	)		– 0	–		(15,464	)
USD	4,415		10/15/2029	2.451%	CPI^#	Maturity		(2,290	)		– 0	–		(2,290	)
USD	4,415		10/15/2029	2.499%	CPI^#	Maturity		(11,989	)		– 0	–		(11,989	)
USD	6,790		10/15/2030	CPI^#	2.531%	Maturity		36,081			– 0	–		36,081

							$	35,362		$	– 0	–	$	35,362

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



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PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)


				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	4,200		07/31/2029	1 Day SOFR	4.461%	Annual	$	117,705		$	– 0	–	$	117,705
USD	2,200		10/15/2029	1 Day SOFR	3.785%	Annual		2,819			– 0	–		2,819
USD	734		10/15/2029	1 Day SOFR	3.814%	Annual		1,882			– 0	–		1,882
USD	733		10/15/2029	1 Day SOFR	3.740%	Annual		(636	)		– 0	–		(636	)
USD	733		10/15/2029	1 Day SOFR	3.761%	Annual		45			– 0	–		45
USD	4,400		04/30/2030	1 Day SOFR	3.075%	Annual		(194,854	)		– 0	–		(194,854	)
USD	500		07/31/2030	1 Day SOFR	3.806%	Annual		(47	)		– 0	–		(47	)
USD	2,300		11/01/2030	1 Day SOFR	4.105%	Annual		45,876			– 0	–		45,876
USD	4,700		07/31/2031	1 Day SOFR	4.059%	Annual		81,161			495			80,666
USD	3,000		08/15/2031	1 Day SOFR	3.524%	Annual		(37,512	)		– 0	–		(37,512	)
USD	3,480		09/15/2031	1 Day SOFR	3.415%	Annual		(70,776	)		(210	)		(70,566	)
USD	2,600		08/15/2034	3.194%	1 Day SOFR	Annual		115,368			– 0	–		115,368

							$	61,031		$	285		$	60,746

INTEREST RATE SWAPS (see Note D)

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%

SIFMA*

Quarterly

240,040

– 0

–

240,040

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

(a)

(b)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at November 30, 2024.

(c)	Fair valued by the Adviser.

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

(e)	Defaulted.

(f)	Non-income producing security.

(g)	Affiliated investments.

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

(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, or call AB at (800) 227-4618.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 71

PORTFOLIO OF INVESTMENTS (continued)

AB VIRGINIA PORTFOLIO

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.



72 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2024 (unaudited)


	AB Arizona			AB Massachusetts
Assets
Investments in securities, at value
Unaffiliated issuers (cost $85,382,801 and $250,915,084, respectively)	$	82,333,716		$	248,214,000
Affiliated issuers (cost $231,637 and $1,363,068, respectively)		231,637			1,363,068
Cash		56			52,434
Cash collateral due from broker		318,358			914,447
Interest receivable		1,322,935			3,932,301
Unrealized appreciation on interest rate swaps		135,604			244,897
Receivable for variation margin on centrally cleared swaps		27,320			81,859
Receivable due from Adviser		24,945			22,508
Receivable for shares of beneficial interest sold		6,244			50,388
Affiliated dividends receivable		334			7,451

Total assets		84,401,149			254,883,353

Liabilities
Payable for investment securities purchased		1,061,740			– 0	–
Payable for shares of beneficial interest redeemed		84,499			119,482
Advisory fee payable		31,630			96,043
Custody and accounting fees payable		47,404			56,053
Administrative fee payable		28,180			31,816
Distribution fee payable		14,924			18,878
Dividends payable		12,048			124,215
Transfer Agent fee payable		1,580			1,943
Trustees’ fees payable		752			830
Accrued expenses		35,577			47,912

Total liabilities		1,318,334			497,172

Net Assets	$	83,082,815		$	254,386,181

Composition of Net Assets
Shares of beneficial interest, at par	$	79,198		$	242,168
Additional paid-in capital		87,436,148			257,256,809
Accumulated loss		(4,432,531	)		(3,112,796	)

	$	83,082,815		$	254,386,181



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 73

STATEMENT OF ASSETS & LIABILITIES (continued)

Net Asset Value Per Share—unlimited shares authorized, $.01 par value


AB Arizona Portfolio	Net Assets		Shares Outstanding		Net Asset Value

Class A	$	66,149,803		6,305,974	$	10.49	*

Class C	$	1,086,711		103,726	$	10.48

Advisor Class	$	15,846,301		1,510,130	$	10.49


AB Massachusetts Portfolio

Class A	$	77,809,936		7,404,065	$	10.51	*

Class C	$	2,965,670		282,784	$	10.49

Advisor Class	$	173,610,575		16,529,989	$	10.50

*	The maximum offering price per share for Class A of AB Arizona Portfolio and AB Massachusetts Portfolio were $10.81 and $10.84, respectively, which reflects a sales charge of 3.00%.

See notes to financial statements.



74 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Minnesota			AB New Jersey
Assets
Investments in securities, at value
Unaffiliated issuers (cost $30,361,040 and $67,952,122, respectively)	$	29,646,544		$	68,551,053
Affiliated issuers (cost $139,908 and $450,707, respectively)		139,908			450,707
Cash collateral due from broker		144,108			249,048
Receivable for investment securities sold		– 0	–		80,000
Interest receivable		400,806			1,068,397
Affiliated dividends receivable		200			10,854
Receivable for shares of beneficial interest sold		180,860			20,438
Unrealized appreciation on interest rate swaps		67,600			99,983
Receivable due from Adviser		15,867			21,192
Receivable for variation margin on centrally cleared swaps		17,033			24,134

Total assets		30,612,926			70,575,806

Liabilities
Custody and accounting fees payable		47,398			48,815
Audit and tax fee payable		20,353			20,354
Payable for shares of beneficial interest redeemed		16,581			66,790
Advisory fee payable		11,584			26,639
Printing fee payable		8,479			8,316
Distribution fee payable		7,049			15,233
Transfer Agent fee payable		1,473			1,480
Trustees’ fees payable		712			709
Administrative fee payable		– 0	–		32,329
Dividends payable		4,301			32,792
Accrued expenses		6,658			8,245

Total liabilities		124,588			261,702

Net Assets	$	30,488,338		$	70,314,104

Composition of Net Assets
Shares of beneficial interest, at par	$	31,444		$	75,997
Additional paid-in capital		30,969,601			69,721,412
Distributable earnings (accumulated loss)		(512,707	)		516,695

	$	30,488,338		$	70,314,104



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 75

STATEMENT OF ASSETS & LIABILITIES (continued)

Net Asset Value Per Share—unlimited shares authorized, $.01 par value


AB Minnesota Portfolio	Net Assets		Shares Outstanding		Net Asset Value

Class A	$	29,582,031		3,051,019	$	9.70	*

Class C	$	906,307		93,377	$	9.71


AB New Jersey Portfolio

Class A	$	69,663,512		7,529,425	$	9.25	*

Class C	$	650,592		70,269	$	9.26

*	The maximum offering price per share for Class A of AB Minnesota Portfolio and AB New Jersey Portfolio were $10.00 and $9.54, respectively, which reflects a sales charge of 3.00%.

See notes to financial statements.



76 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Ohio			AB Pennsylvania
Assets
Investments in securities, at value
Unaffiliated issuers (cost $51,736,215 and $47,458,714, respectively)	$	50,707,368		$	47,549,944
Affiliated issuers (cost $251,423 and $227,491, respectively)		251,423			227,491
Cash		64,408			107
Cash collateral due from broker		175,247			223,494
Receivable for investment securities sold		20,000			– 0	–
Interest receivable		717,495			674,669
Affiliated dividends receivable		5,217			979
Receivable for shares of beneficial interest sold		4,984			3,267
Unrealized appreciation on interest rate swaps		95,125			92,292
Receivable due from Adviser		16,473			14,181
Receivable for variation margin on centrally cleared swaps		35,625			19,587

Total assets		52,093,365			48,806,011

Liabilities
Payable for investment securities purchased		– 0	–		1,061,740
Payable for shares of beneficial interest redeemed		46,212			38,323
Custody and accounting fees payable		40,027			45,809
Audit and tax fee payable		20,353			19,355
Advisory fee payable		19,429			18,052
Distribution fee payable		11,750			10,315
Transfer Agent fee payable		1,342			1,394
Trustees’ fees payable		604			728
Dividends payable		11,012			11,865
Payable for terminated centrally cleared interest rate swaps		16,477			– 0	–
Accrued expenses		16,651			18,855

Total liabilities		183,857			1,226,436

Net Assets	$	51,909,508		$	47,579,575

Composition of Net Assets
Shares of beneficial interest, at par	$	54,993		$	48,360
Additional paid-in capital		56,235,021			48,380,791
Accumulated loss		(4,380,506	)		(849,576	)

	$	51,909,508		$	47,579,575



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 77

STATEMENT OF ASSETS & LIABILITIES (continued)

Net Asset Value Per Share—unlimited shares authorized, $.01 par value


AB Ohio Portfolio	Net Assets		Shares Outstanding		Net Asset Value

Class A	$	50,402,095		5,339,475	$	9.44	*

Class C	$	1,507,413		159,809	$	9.43


AB Pennsylvania Portfolio

Class A	$	47,129,203		4,790,213	$	9.84	*

Class C	$	450,372		45,766	$	9.84

*	The maximum offering price per share for Class A of AB Ohio Portfolio and AB Pennsylvania Portfolio were $9.73 and $10.14, respectively, which reflects a sales charge of 3.00%.

See notes to financial statements.



78 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Virginia
Assets
Investments in securities, at value
Unaffiliated issuers (cost $195,660,907)	$	193,519,464
Affiliated issuers (cost $463,712)		463,712
Cash		103,841
Cash collateral due from broker		744,590
Interest receivable		2,786,368
Affiliated dividends receivable		3,395
Receivable for shares of beneficial interest sold		35,898
Unrealized appreciation on interest rate swaps		240,040
Receivable due from Adviser		17,407
Receivable for variation margin on centrally cleared swaps		74,421

Total assets		197,989,136

Liabilities
Payable for investment securities purchased		9,855
Payable for shares of beneficial interest redeemed		493,891
Advisory fee payable		75,234
Custody and accounting fees payable		62,101
Distribution fee payable		26,498
Transfer Agent fee payable		1,793
Trustees’ fees payable		678
Administrative fee payable		32,715
Dividends payable		63,827
Accrued expenses		44,405

Total liabilities		810,997

Net Assets	$	197,178,139

Composition of Net Assets
Shares of beneficial interest, at par	$	186,292
Additional paid-in capital		204,296,793
Accumulated loss		(7,304,946	)

	$	197,178,139

Net Asset Value Per Share—unlimited shares authorized, $.01 par value


AB Virginia Portfolio	Net Assets		Shares Outstanding		Net Asset Value

Class A	$	106,580,321		10,070,469	$	10.58	*

Class C	$	4,619,677		437,643	$	10.56

Advisor Class	$	85,978,141		8,121,081	$	10.59

*	The maximum offering price per share for Class A shares was $10.91 which reflects a sales charge of 3.00%.

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 79

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2024 (unaudited)


	AB Arizona			AB Massachusetts
Investment Income
Interest	$	1,589,295		$	4,528,866
Dividends – Affiliated issuers		33,582			81,815

Total income		1,622,877			4,610,681

Expenses
Advisory fee (see Note B)		187,929			556,085
Distribution fee – Class A		83,869			98,683
Distribution fee – Class C		6,388			16,049
Transfer agency – Class A		14,782			15,685
Transfer agency – Class C		296			688
Transfer agency – Advisor Class		3,337			32,772
Administrative		44,430			41,744
Custody and accounting		29,712			35,148
Audit and tax		23,853			24,851
Legal		18,816			19,532
Registration fees		11,124			12,886
Trustees’ fees		10,957			12,043
Printing		9,603			12,457
Miscellaneous		9,368			12,124

Total expenses		454,464			890,747
Less: expenses waived and reimbursed by the Adviser (see Note B)		(144,105	)		(136,055	)

Net expenses		310,359			754,692

Net investment income		1,312,518			3,855,989

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions		(2,915	)		(800,766	)
Swaps		(62,857	)		364,700
Net change in unrealized appreciation of:
Investments		2,211,475			5,642,072
Swaps		370,795			265,728

Net gain on investment transactions		2,516,498			5,471,734

Net Increase in Net Assets from Operations	$	3,829,016		$	9,327,723

See notes to financial statements.



80 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Minnesota			AB New Jersey
Investment Income
Interest	$	549,708		$	1,390,238
Dividends – Affiliated issuers		6,753			33,458

Total income		556,461			1,423,696

Expenses
Advisory fee (see Note B)		69,758			151,914
Distribution fee – Class A		37,345			83,509
Distribution fee – Class C		5,636			3,552
Transfer agency – Class A		13,953			16,531
Transfer agency – Class C		575			193
Administrative		42,494			42,558
Custody and accounting		27,316			26,462
Audit and tax		24,851			24,851
Legal		18,641			18,753
Trustees’ fees		10,607			10,842
Printing		9,196			9,658
Registration fees		3,796			5,055
Miscellaneous		7,760			8,259

Total expenses		271,928			402,137
Less: expenses waived and reimbursed by the Adviser (see Note B)		(136,139	)		(123,859	)

Net expenses		135,789			278,278

Net investment income		420,672			1,145,418

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions		(148,970	)		89,286
Swaps		4,399			123,216
Net change in unrealized appreciation of:
Investments		943,149			1,565,487
Swaps		224,793			67,614

Net gain on investment transactions		1,023,371			1,845,603

Net Increase in Net Assets from Operations	$	1,444,043		$	2,991,021

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 81

STATEMENT OF OPERATIONS (continued)


	AB Ohio			AB Pennsylvania
Investment Income
Interest	$	902,637		$	995,685
Dividends – Affiliated issuers		18,387			11,952

Total income		921,024			1,007,637

Expenses
Advisory fee (see Note B)		102,226			108,832
Distribution fee – Class A		54,878			59,847
Distribution fee – Class C		7,658			2,463
Transfer agency – Class A		16,009			17,188
Transfer agency – Class C		590			191
Administrative		43,188			43,493
Custody and accounting		27,551			25,927
Audit and tax		24,851			23,853
Legal		18,841			18,686
Trustees’ fees		10,585			10,725
Printing		9,638			9,904
Registration fees		4,852			5,548
Miscellaneous		8,031			7,990

Total expenses		328,898			334,647
Less: expenses waived and reimbursed by the Adviser (see Note B)		(142,070	)		(127,620	)

Net expenses		186,828			207,027

Net investment income		734,196			800,610

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions		(48,138	)		(114,388	)
Swaps		(11,058	)		(26,611	)
Net change in unrealized appreciation of:
Investments		1,155,207			1,427,677
Swaps		155,226			219,981

Net gain on investment transactions		1,251,237			1,506,659

Contributions from Affiliates (see Note B)		3,084			– 0	–

Net Increase in Net Assets from Operations	$	1,988,517		$	2,307,269

See notes to financial statements.



82 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Virginia
Investment Income
Interest	$	3,646,482
Dividends – Affiliated issuers		64,275

Total income		3,710,757

Expenses
Advisory fee (see Note B)		445,729
Distribution fee – Class A		135,105
Distribution fee – Class C		25,226
Transfer agency – Class A		17,420
Transfer agency – Class C		865
Transfer agency – Advisor Class		13,693
Custody and accounting		34,997
Audit and tax		24,851
Legal		19,404
Printing		11,618
Trustees’ fees		11,576
Registration fees		11,282
Administrative		43,337
Miscellaneous		11,863

Total expenses		806,966
Less: expenses waived and reimbursed by the Adviser (see Note B)		(103,831	)

Net expenses		703,135

Net investment income		3,007,622

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions		(825,976	)
Swaps		(89,734	)
Net change in unrealized appreciation of:
Investments		5,419,880
Swaps		581,645

Net gain on investment transactions		5,085,815

Net Increase in Net Assets from Operations	$	8,093,437

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 83

STATEMENT OF CHANGES IN NET ASSETS


	AB Arizona
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,312,518		$	2,642,281
Net realized gain (loss) on investment transactions		(65,772	)		570,727
Net change in unrealized appreciation (depreciation) of investments		2,582,270			(681,496	)

Net increase in net assets from operations		3,829,016			2,531,512
Distributions to Shareholders
Class A		(958,299	)		(1,988,797	)
Class C		(13,364	)		(52,679	)
Advisor Class		(235,658	)		(399,473	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		45,597			(12,185,252	)

Total increase (decrease)		2,667,292			(12,094,689	)
Net Assets
Beginning of period		80,415,523			92,510,212

End of period	$	83,082,815		$	80,415,523

See notes to financial statements.



84 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Massachusetts
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,855,989		$	6,807,802
Net realized loss on investment transactions		(436,066	)		(2,214,538	)
Net change in unrealized appreciation of investments		5,907,800			3,137,153

Net increase in net assets from operations		9,327,723			7,730,417
Distributions to Shareholders
Class A		(1,150,926	)		(2,416,314	)
Class C		(34,771	)		(108,793	)
Advisor Class		(2,616,996	)		(4,308,545	)
Transactions in Shares of Beneficial Interest
Net increase		16,202,071			28,195,590

Total increase		21,727,101			29,092,355
Net Assets
Beginning of period		232,659,080			203,566,725

End of period	$	254,386,181		$	232,659,080

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 85

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Minnesota
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	420,672		$	875,670
Net realized loss on investment transactions		(144,571	)		(121,396	)
Net change in unrealized appreciation (depreciation) of investments		1,167,942			(165,379	)

Net increase in net assets from operations		1,444,043			588,895
Distributions to Shareholders
Class A		(376,319	)		(730,761	)
Class C		(9,838	)		(22,907	)
Transactions in Shares of Beneficial Interest
Net decrease		(1,181,190	)		(4,897,025	)

Total decrease		(123,304	)		(5,061,798	)
Net Assets
Beginning of period		30,611,642			35,673,440

End of period	$	30,488,338		$	30,611,642

See notes to financial statements.



86 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB New Jersey
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,145,418		$	2,122,994
Net realized gain (loss) on investment transactions		212,502			(355,346	)
Net change in unrealized appreciation (depreciation) of investments		1,633,101			(79,113	)

Net increase in net assets from operations		2,991,021			1,688,535
Distributions to Shareholders
Class A		(1,103,024	)		(2,023,212	)
Class C		(9,005	)		(32,493	)
Transactions in Shares of Beneficial Interest
Net increase		5,162,385			2,087,139

Total increase		7,041,377			1,719,969
Net Assets
Beginning of period		63,272,727			61,552,758

End of period	$	70,314,104		$	63,272,727

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 87

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Ohio
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	734,196		$	1,449,654
Net realized loss on investment transactions		(59,196	)		(768,636	)
Net change in unrealized appreciation of investments		1,310,433			903,580
Contributions from Affiliates (see Note B)		3,084			– 0	–

Net increase in net assets from operations		1,988,517			1,584,598
Distributions to Shareholders
Class A		(689,240	)		(1,351,186	)
Class C		(18,348	)		(33,003	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		6,868,057			(7,542,854	)

Total increase (decrease)		8,148,986			(7,342,445	)
Net Assets
Beginning of period		43,760,522			51,102,967

End of period	$	51,909,508		$	43,760,522

See notes to financial statements.



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STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Pennsylvania
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	800,610		$	1,615,903
Net realized gain (loss) on investment transactions		(140,999	)		245,970
Net change in unrealized appreciation (depreciation) of investments		1,647,658			(644,345	)

Net increase in net assets from operations		2,307,269			1,217,528
Distributions to Shareholders
Class A		(741,482	)		(1,499,825	)
Class C		(5,746	)		(16,598	)
Transactions in Shares of Beneficial Interest
Net decrease		(1,158,696	)		(3,633,524	)

Total increase (decrease)		401,345			(3,932,419	)
Net Assets
Beginning of period		47,178,230			51,110,649

End of period	$	47,579,575		$	47,178,230

See notes to financial statements.



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STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Virginia
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,007,622		$	5,705,771
Net realized loss on investment transactions		(915,710	)		(1,218,916	)
Net change in unrealized appreciation of investments		6,001,525			414,033

Net increase in net assets from operations		8,093,437			4,900,888
Distributions to Shareholders
Class A		(1,526,423	)		(2,864,329	)
Class C		(52,411	)		(113,702	)
Advisor Class		(1,307,084	)		(2,402,647	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		375,423			(15,794,931	)

Total increase (decrease)		5,582,942			(16,274,721	)
Net Assets
Beginning of period		191,595,197			207,869,918

End of period	$	197,178,139		$	191,595,197

See notes to financial statements.



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NOTES TO FINANCIAL STATEMENTS

November 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

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

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Trustees (the



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“Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolios’ valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios’ portfolio investments, subject to the Board’s oversight.

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



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NOTES TO FINANCIAL STATEMENTS (continued)

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

2. Fair Value Measurements

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

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized



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NOTES TO FINANCIAL STATEMENTS (continued)

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

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

The following tables summarize the valuation of the Portfolios’ investments by the above fair value hierarchy levels as of November 30, 2024:

AB Arizona Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

81,068,136

48,284

81,116,420

Asset-Backed Securities

– 0

–

210,885

– 0

–

210,885

Preferred Stocks

– 0

–

– 0

–

13,712

Short-Term Investments:

U.S. Treasury Bills

– 0

–

992,699

– 0

–

992,699

Investment Companies

231,637

– 0

–

– 0

–

231,637

Total Investments in Securities

231,637

82,271,720

61,996

82,565,353

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

32,025

– 0

–

32,025

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

263,949

– 0

–

263,949

^(b)

Interest Rate Swaps

– 0

–

135,604

– 0

–

135,604

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(12,345

)

– 0

–

(12,345

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(345,418

)

– 0

–

(345,418

)^(b)

Total

231,637

82,345,535

61,996

82,639,168



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AB Massachusetts Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

238,448,385

89,558

238,537,943

Short-Term Municipal Notes

– 0

–

3,645,000

– 0

–

3,645,000

Asset-Backed Securities

– 0

–

476,406

– 0

–

476,406

Collateralized Mortgage Obligations

– 0

–

69,372

– 0

–

69,372

Preferred Stocks

– 0

–

– 0

–

25,436

Short-Term Investments:

U.S. Treasury Bills

– 0

–

5,459,843

– 0

–

5,459,843

Investment Companies

1,363,068

– 0

–

– 0

–

1,363,068

Total Investments in Securities

1,363,068

248,099,006

114,994

249,577,068

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

1,876,890

– 0

–

1,876,890

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

1,362,798

– 0

–

1,362,798

^(b)

Interest Rate Swaps

– 0

–

244,897

– 0

–

244,897

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(308,307

)

– 0

–

(308,307

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(91,199

)

– 0

–

(91,199

)^(b)

Total

1,363,068

251,184,085

114,994

252,662,147

AB Minnesota Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

29,646,544

– 0

–

29,646,544

Short-Term Investments

139,908

– 0

–

– 0

–

139,908

Total Investments in Securities

139,908

29,646,544

– 0

–

29,786,452



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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

663,574

– 0

–

663,574

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

21,447

– 0

–

21,447

^(b)

Interest Rate Swaps

– 0

–

67,600

– 0

–

67,600

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(111,929

)

– 0

–

(111,929

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(64,766

)

– 0

–

(64,766

)^(b)

Total

139,908

30,222,470

– 0

–

30,362,378

AB New Jersey Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

67,364,733

42,053

^(c)

67,406,786

Asset-Backed Securities

– 0

–

134,220

– 0

–

134,220

Preferred Stocks

– 0

–

– 0

–

11,943

Short-Term Investments:

U.S. Treasury Bills

– 0

–

998,104

– 0

–

998,104

Investment Companies

450,707

– 0

–

– 0

–

450,707

Total Investments in Securities

450,707

68,497,057

53,996

^(c)

69,001,760

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

853,645

– 0

–

853,645

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

104,931

– 0

–

104,931

^(b)

Interest Rate Swaps

– 0

–

99,983

– 0

–

99,983

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(113,335

)

– 0

–

(113,335

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(88,925

)

– 0

–

(88,925

)^(b)

Total

450,707

69,353,356

53,996

^(c)

69,858,059



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AB Ohio Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

49,491,514

35,823

49,527,337

Short-Term Municipal Notes

– 0

–

255,000

– 0

–

255,000

Asset-Backed Securities

– 0

–

219,969

– 0

–

219,969

Preferred Stocks

– 0

–

– 0

–

10,173

Short Term Investments:

U.S. Treasury Bills

– 0

–

694,889

– 0

–

694,889

Investment Companies

251,423

– 0

–

– 0

–

251,423

Total Investments in Securities

251,423

50,661,372

45,996

50,958,791

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

14,253

– 0

–

14,253

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

45,643

– 0

–

45,643

^(b)

Interest Rate Swaps

– 0

–

95,125

– 0

–

95,125

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(6,510

)

– 0

–

(6,510

)^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(3,193

)

– 0

–

(3,193

)^(b)

Total

251,423

50,806,690

45,996

51,104,109

AB Pennsylvania Portfolio

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

– 0

–

47,504,948

35,044

47,539,992

Preferred Stocks

– 0

–

– 0

–

9,952

Short-Term Investments

227,491

– 0

–

– 0

–

227,491

Total Investments in Securities

227,491

47,504,948

44,996

47,777,435

Other Financial Instruments^(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

15,724

– 0

–

15,724

^(b)

Centrally Cleared Interest Rate Swaps

– 0

–

163,094

– 0

–

163,094

^(b)

Interest Rate Swaps

– 0

–

92,292

– 0

–

92,292



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NOTES TO FINANCIAL STATEMENTS (continued)


Investments in Securities:	Level 1			Level 2			Level 3			Total
Liabilities:
Centrally Cleared Inflation (CPI) Swaps	$	– 0	–	$	(7,183	)	$	– 0	–	$	(7,183	)^(b)
Centrally Cleared Interest Rate Swaps		– 0	–		(147,100	)		– 0	–		(147,100	)^(b)

Total	$	227,491		$	47,621,775		$	44,996		$	47,894,262


AB Virginia Portfolio
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	– 0	–	$	192,904,687		$	86,442	^(c)	$	192,991,129
Asset-Backed Securities		– 0	–		503,783			– 0	–		503,783
Preferred Stocks		– 0	–		– 0	–		24,552			24,552
Short-Term Investments		463,712			– 0	–		– 0	–		463,712

Total Investments in Securities		463,712			193,408,470			110,994	^(c)		193,983,176
Other Financial Instruments^(a):
Assets:
Centrally Cleared Inflation (CPI) Swaps		– 0	–		65,105			– 0	–		65,105	^(b)
Centrally Cleared Interest Rate Swaps		– 0	–		364,856			– 0	–		364,856	^(b)
Interest Rate Swaps		– 0	–		240,040			– 0	–		240,040
Liabilities:
Centrally Cleared Inflation (CPI) Swaps		– 0	–		(29,743	)		– 0	–		(29,743	)^(b)
Centrally Cleared Interest Rate Swaps		– 0	–		(303,825	)		– 0	–		(303,825	)^(b)

Total	$	463,712		$	193,744,903		$	110,994	^(c)	$	194,319,609

(a)

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

(b)

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

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



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3. Taxes

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

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

4. Investment Income and Investment Transactions

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

5. Class Allocations

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

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital



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NOTES TO FINANCIAL STATEMENTS (continued)

accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

7. Cash and Short-Term Investments

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, each Portfolio pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the next $2.5 billion and .35% in excess of $5 billion, of each Portfolio’s average daily net assets. Such fee is accrued daily and paid monthly.

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total portfolio operating expenses as a percentage of daily average net assets on an annual basis (the “Expense Caps”) as follows:


Portfolio	Class A			Class C			Advisor Class
AB Arizona		.78	%		1.53	%		.53	%
AB Massachusetts		.77	%		1.52	%		.52	%
AB Minnesota		.85	%		1.60	%		N/	A
AB New Jersey		.82	%		1.57	%		N/	A
AB Ohio		.80	%		1.55	%		N/	A
AB Pennsylvania		.85	%		1.60	%		N/	A
AB Virginia		.80	%		1.55	%		.55	%

The Expense Caps will extend through September 30, 2025 and then may be extended by the Adviser for additional one year terms. For the six months ended November 30, 2024, such reimbursements/waivers amounted to $142,869, $133,430, $93,442, $122,651, $98,232, $83,734 and $101,855 for AB Arizona Portfolio, AB Massachusetts Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, AB Pennsylvania Portfolio and AB Virginia Portfolio, respectively.

Pursuant to the investment advisory agreement, each Portfolio may reimburse the Adviser for certain legal and accounting services provided to each Portfolio by the Adviser. For the six months ended November 30, 2024, the reimbursement for such services amounted to $44,430, $41,744, $42,558 and $43,337 for AB Arizona Portfolio, AB Massachusetts Portfolio, AB New Jersey Portfolio and AB Virginia Portfolio, respectively.

For the six months ended November 30, 2024, the Adviser voluntarily agreed to waive such fees in the amount of $42,494, $43,188 and $43,493 for AB Minnesota Portfolio, AB Ohio Portfolio and AB Pennsylvania Portfolio, respectively.



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The Portfolios compensate AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolios. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. For the six months ended November 30, 2024, such compensation retained by ABIS amounted to: $9,011, $12,323, $8,998, $9,004, $9,019, $9,001 and $9,237 for AB Arizona Portfolio, AB Massachusetts Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, AB Pennsylvania Portfolio and AB Virginia Portfolio, respectively.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Portfolios’ shares. The Distributor has advised the Portfolios that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares for each Portfolio for the six months ended November 30, 2024, as follows:

Front-End Sales
Charges

Contingent Deferred Sales
Charges

Portfolio

Class A

Class C

AB Arizona

– 0

–

– 0

–

AB Massachusetts

– 0

–

– 0

–

AB Minnesota

– 0

–

– 0

–

AB New Jersey

– 0

–

– 0

–

AB Ohio

– 0

–

– 0

–

AB Pennsylvania

– 0

–

350

AB Virginia

507

– 0

–

– 0

–

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



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the Portfolios as an acquired fund fee and expense. For the six months ended November 30, 2024, such waiver amounted to:


Portfolio	Amount		Portfolio	Amount
Arizona	$	1,236	Ohio	$	650
Massachusetts		2,625	Pennsylvania		393
Minnesota		203	Virginia		1,976
New Jersey		1,208

A summary of the Portfolios’ transactions in the Government Money Market Portfolio for the six months ended November 30, 2024 is as follows:


Portfolio	Market Value 5/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/24 (000)		Dividend Income (000)
AB Arizona	$	1,539	$	11,291	$	12,598	$	232	$	34
AB Massachusetts		338		38,136		37,111		1,363		82
AB Minnesota		926		3,701		4,487		140		7
AB New Jersey		884		14,207		14,640		451		33
AB Ohio		0		13,718		13,467		251		18
AB Pennsylvania		611		4,355		4,739		227		12
AB Virginia		5,010		22,746		27,292		464		64

During the six months ended November 30, 2024, the Adviser reimbursed the Ohio Municipal Portfolio $3,084 for trading losses incurred due to a trade entry error.

NOTE C

Distribution Services Agreement

The Portfolios have adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Portfolios pay distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Portfolios’ average daily net assets attributable to Class A shares and 1% of the Portfolios’ average daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. There are no distribution and servicing fees on the Advisor Class shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios’ operations, the distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:


Portfolio	Class C
AB Arizona	$	2,300,604
AB Massachusetts		4,193,942
AB Minnesota		2,897,837



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Portfolio	Class C
AB New Jersey	$	3,853,906
AB Ohio		4,096,630
AB Pennsylvania		3,614,842
AB Virginia		3,568,189

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

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended November 30, 2024, were as follows:

Purchases

Sales

Portfolio

Investments

Government
Securities

Investments

Government
Securities

AB Arizona

6,250,630

– 0 –

7,146,182

– 0 –

AB Massachusetts

26,826,957

– 0 –

11,225,531

– 0 –

AB Minnesota

4,486,928

– 0 –

4,544,124

– 0 –

AB New Jersey

10,357,355

– 0 –

9,136,002

– 0 –

AB Ohio

10,243,440

– 0 –

4,158,347

– 0 –

AB Pennsylvania

4,065,606

– 0 –

4,329,426

– 0 –

AB Virginia

29,942,550

– 0 –

23,163,694

– 0 –

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


	Gross Unrealized					Net Unrealized Appreciation (Depreciation)
Portfolio	Appreciation		(Depreciation)			Net Unrealized Appreciation (Depreciation)
AB Arizona	$	1,365,364	$	(4,342,907	)	$	(2,977,543	)
AB Massachusetts		6,596,607		(6,211,801	)		384,806
AB Minnesota		861,462		(999,630	)		(138,168	)
AB New Jersey		2,590,000		(1,134,728	)		1,455,272
AB Ohio		659,918		(1,543,542	)		(883,624	)
AB Pennsylvania		1,106,421		(898,756	)		207,665
AB Virginia		3,235,772		(5,041,067	)		(1,805,295	)

1. Derivative Financial Instruments

Each Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure



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to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

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

•

Swaps

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

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



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

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

Interest Rate Swaps:

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

In addition, the Portfolios may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price



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of securities the Portfolios anticipate purchasing at a later date. Interest rate swaps involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended November 30, 2024, the Portfolios held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

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

During the six months ended November 30, 2024, the Portfolios held inflation (CPI) swaps for hedging purposes.

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

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



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pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended November 30, 2024, the Portfolios had entered into the following derivatives:

AB Arizona Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

293,701

Payable for variation margin on centrally cleared swaps

357,763

Interest rate contracts

Unrealized appreciation on interest rate swaps

135,604

Total

429,305

357,763

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(62,857	)	$	370,795

Total		$	(62,857	)	$	370,795



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AB Massachusetts Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

3,238,961

Payable for variation margin on centrally cleared swaps

397,968

Interest rate contracts

Unrealized appreciation on interest rate swaps

244,897

Total

3,483,858

397,968

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	364,700	$	265,728

Total		$	364,700	$	265,728

AB Minnesota Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

685,021

Payable for variation margin on centrally cleared swaps

176,293

Interest rate contracts

Unrealized appreciation on interest rate swaps

67,600

Total

752,621

176,293

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



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	4,399	$	224,793

Total		$	4,399	$	224,793

AB New Jersey Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

958,563

Payable for variation margin on centrally cleared swaps

202,205

Interest rate contracts

Unrealized appreciation on interest rate swaps

99,983

Total

1,058,546

202,205

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	123,216	$	67,614

Total		$	123,216	$	67,614



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AB Ohio Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair
Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

59,801

Payable for variation margin on centrally cleared swaps

9,703

Interest rate contracts

Unrealized appreciation on interest rate swaps

95,125

Total

154,926

9,703

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(11,058	)	$	155,226

Total		$	(11,058	)	$	155,226

AB Pennsylvania Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

178,426

Payable for variation margin on centrally cleared swaps

154,283

Interest rate contracts

Unrealized appreciation on interest rate swaps

92,292

Total

270,718

154,283

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



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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(26,611	)	$	219,981

Total		$	(26,611	)	$	219,981

AB Virginia Portfolio

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and
Liabilities
Location

Fair Value

Statement of
Assets and
Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on centrally cleared swaps

429,466

Payable for variation margin on centrally cleared swaps

333,358

Interest rate contracts

Unrealized appreciation on interest rate swaps

240,040

Total

669,506

333,358

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(89,734	)	$	581,645

Total		$	(89,734	)	$	581,645



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The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the six months ended November 30, 2024:


AB Arizona Portfolio
Interest Rate Swaps:
Average notional amount	$	1,675,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	18,821,429
Centrally Cleared Inflation Swaps:
Average notional amount	$	8,250,000	^(a)

(a)	Positions were open for two months during the period.


AB Massachusetts Portfolio
Interest Rate Swaps:
Average notional amount	$	3,025,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	46,901,429
Centrally Cleared Inflation Swaps:
Average notional amount	$	36,598,571


AB Minnesota Portfolio
Interest Rate Swaps:
Average notional amount	$	835,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	5,737,143
Centrally Cleared Inflation Swaps:
Average notional amount	$	8,351,429


AB New Jersey Portfolio
Interest Rate Swaps:
Average notional amount	$	1,235,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	9,398,571
Centrally Cleared Inflation Swaps:
Average notional amount	$	12,677,143


AB Ohio Portfolio
Interest Rate Swaps:
Average notional amount	$	1,175,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	6,602,857
Centrally Cleared Inflation Swaps:
Average notional amount	$	4,350,000	^(a)

(a)	Positions were open for two months during the period.


AB Pennsylvania Portfolio
Interest Rate Swaps:
Average notional amount	$	1,140,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	13,154,286
Centrally Cleared Inflation Swaps:
Average notional amount	$	4,800,000	^(a)

(a)	Positions were open for two months during the period.



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AB Virginia Portfolio
Interest Rate Swaps:
Average notional amount	$	2,965,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	27,345,714
Centrally Cleared Inflation Swaps:
Average notional amount	$	19,875,000	^(a)

(a)	Positions were open for two months during the period.

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolios as of November 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

AB Arizona Portfolio

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Citibank, NA

135,604

– 0

–

– 0

–

– 0

–

135,604

Total

135,604

– 0

–

– 0

–

– 0

–

135,604

^{^}

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

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


AB Massachusetts Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA	$	244,897	$	– 0	–	$	– 0	–	$	(244,897	)	$	– 0	–

Total	$	244,897	$	– 0	–	$	– 0	–	$	(244,897	)	$	0	^{^}

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

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



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AB Minnesota Portfolio

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Citibank, NA

67,600

– 0

–

– 0

–

– 0

–

67,600

Total

67,600

– 0

–

– 0

–

– 0

–

67,600

^{^}

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

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

AB New Jersey Portfolio

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Citibank, NA

99,983

– 0

–

– 0

–

– 0

–

99,983

Total

99,983

– 0

–

– 0

–

– 0

–

99,983

^{^}

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

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

AB Ohio Portfolio

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Citibank, NA

95,125

– 0

–

– 0

–

– 0

–

95,125

Total

95,125

– 0

–

– 0

–

– 0

–

95,125

^{^}

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

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

AB Pennsylvania Portfolio

Counterparty

Derivative
Assets
Subject
to a MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Citibank, NA

92,292

– 0

–

– 0

–

– 0

–

92,292

Total

92,292

– 0

–

– 0

–

– 0

–

92,292

^{^}

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

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



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AB Virginia Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA	$	240,040	$	– 0	–	$	– 0	–	$	(240,040	)	$	– 0	–

Total	$	240,040	$	– 0	–	$	– 0	–	$	(240,040	)	$	0	^{^}

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

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

NOTE E

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each Portfolio were as follows:



	AB Arizona Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		118,244			242,360		$	1,236,321		$	2,472,366

Shares issued in reinvestment of dividends		51,794			107,932			540,243			1,090,301

Shares converted from Class C		36,983			89,232			381,779			902,885

Shares redeemed		(325,706	)		(1,778,232	)		(3,391,624	)		(17,974,343	)

Net decrease		(118,685	)		(1,338,708	)	$	(1,233,281	)	$	(13,508,791	)


Class C
Shares sold		1,211			6,886		$	12,556		$	68,907

Shares issued in reinvestment of dividends		832			3,755			8,664			37,855

Shares converted to Class A		(37,038	)		(89,382	)		(381,779	)		(902,885	)

Shares redeemed		(30,531	)		(101,168	)		(314,391	)		(1,023,687	)

Net decrease		(65,526	)		(179,909	)	$	(674,950	)	$	(1,819,810	)


Advisor Class
Shares sold		227,293			858,573		$	2,370,365		$	8,720,167

Shares issued in reinvestment of dividends		13,606			23,618			141,972			238,659

Shares redeemed		(53,438	)		(579,373	)		(558,509	)		(5,815,477	)

Net increase		187,461			302,818		$	1,953,828		$	3,143,349



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	AB Massachusetts Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		307,228			733,471		$	3,209,821		$	7,521,158

Shares issued in reinvestment of dividends		71,518			155,754			748,911			1,598,848

Shares converted from Class C		65,161			133,271			679,224			1,373,564

Shares redeemed		(610,423	)		(1,796,712	)		(6,381,073	)		(18,385,205	)

Net decrease		(166,516	)		(774,216	)	$	(1,743,117	)	$	(7,891,635	)


Class C
Shares sold		6,462			16,438		$	67,200		$	165,386

Shares issued in reinvestment of dividends		3,045			9,561			31,812			97,879

Shares converted to Class A		(65,295	)		(133,533	)		(679,224	)		(1,373,564	)

Shares redeemed		(18,928	)		(132,763	)		(196,300	)		(1,368,285	)

Net decrease		(74,716	)		(240,297	)	$	(776,512	)	$	(2,478,584	)


Advisor Class
Shares sold		2,438,107			8,420,487		$	25,472,916		$	84,501,292

Shares issued in reinvestment of dividends		171,027			270,173			1,790,270			2,780,151

Shares redeemed		(817,685	)		(4,777,045	)		(8,541,486	)		(48,715,634	)

Net increase		1,791,449			3,913,615		$	18,721,700		$	38,565,809



	AB Minnesota Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		26,560			142,555		$	257,059		$	1,340,657

Shares issued in reinvestment of dividends		26,934			53,815			259,394			503,557

Shares converted from Class C		10,958			19,675			105,481			182,803

Shares redeemed		(150,423	)		(670,994	)		(1,444,682	)		(6,283,754	)

Net decrease		(85,971	)		(454,949	)	$	(822,748	)	$	(4,256,737	)



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	AB Minnesota Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class C
Shares sold		2,636			5,612		$	25,396		$	52,610

Shares issued in reinvestment of dividends		915			2,231			8,821			20,873

Shares converted to Class A		(10,944	)		(19,653	)		(105,481	)		(182,803	)

Shares redeemed		(29,762	)		(56,389	)		(287,178	)		(530,968	)

Net decrease		(37,155	)		(68,199	)	$	(358,442	)	$	(640,288	)



	AB New Jersey Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		816,752			1,391,585		$	7,500,073		$	12,564,181

Shares issued in reinvestment of dividends		71,172			130,741			654,697			1,174,259

Shares converted from Class C		17,442			49,850			160,838			446,523

Shares redeemed		(330,902	)		(1,257,806	)		(3,047,345	)		(11,292,815	)

Net increase		574,464			314,370		$	5,268,263		$	2,892,148


Class C
Shares sold		13,035			9,036		$	120,896		$	82,324

Shares issued in reinvestment of dividends		444			2,604			4,083			23,321

Shares converted to Class A		(17,425	)		(49,807	)		(160,838	)		(446,523	)

Shares redeemed		(7,595	)		(51,517	)		(70,019	)		(464,131	)

Net decrease		(11,541	)		(89,684	)	$	(105,878	)	$	(805,009	)



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	AB Ohio Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		1,178,651			198,926		$	11,018,226		$	1,830,573

Shares issued in reinvestment of dividends		45,129			89,309			423,909			815,353

Shares converted from Class C		12,304			17,470			114,410			158,025

Shares redeemed		(496,429	)		(1,124,582	)		(4,656,512	)		(10,303,476	)

Net increase (decrease)		739,655			(818,877	)	$	6,900,033		$	(7,499,525	)


Class C
Shares sold		7,000			11,022		$	65,259		$	100,712

Shares issued in reinvestment of dividends		1,842			3,466			17,279			31,617

Shares converted to Class A		(12,310	)		(17,487	)		(114,410	)		(158,025	)

Shares redeemed		(11	)		(1,957	)		(104	)		(17,633	)

Net decrease		(3,479	)		(4,956	)	$	(31,976	)	$	(43,329	)



	AB Pennsylvania Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		187,019			432,436		$	1,824,960		$	4,128,716

Shares issued in reinvestment of dividends		48,048			102,104			469,346			970,438

Shares converted from Class C		3,873			23,498			37,506			223,895

Shares redeemed		(346,318	)		(893,086	)		(3,392,698	)		(8,467,958	)

Net decrease		(107,378	)		(335,048	)	$	(1,060,886	)	$	(3,144,909	)


Class C
Shares sold		414			3,749		$	4,000		$	36,000

Shares issued in reinvestment of dividends		288			983			2,816			9,342

Shares converted to Class A		(3,873	)		(23,497	)		(37,506	)		(223,895	)

Shares redeemed		(6,882	)		(32,942	)		(67,120	)		(310,062	)

Net decrease		(10,053	)		(51,707	)	$	(97,810	)	$	(488,615	)



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	AB Virginia Portfolio
	Shares						Amount
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024			Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31, 2024

Class A
Shares sold		416,021			419,411		$	4,387,080		$	4,304,367

Shares issued in reinvestment of dividends		92,694			175,135			976,054			1,801,969

Shares converted from Class C		33,038			115,113			348,783			1,185,772

Shares redeemed		(742,261	)		(1,649,606	)		(7,806,028	)		(16,929,656	)

Net decrease		(200,508	)		(939,947	)	$	(2,094,111	)	$	(9,637,548	)


Class C
Shares sold		28,288			56,502		$	294,441		$	587,233

Shares issued in reinvestment of dividends		3,907			8,679			41,022			89,001

Shares converted to Class A		(33,127	)		(115,405	)		(348,783	)		(1,185,772	)

Shares redeemed		(51,228	)		(156,851	)		(535,834	)		(1,624,520	)

Net decrease		(52,160	)		(207,075	)	$	(549,154	)	$	(2,134,058	)


Advisor Class
Shares sold		861,773			3,400,459		$	9,087,328		$	34,715,054

Shares issued in reinvestment of dividends		76,087			142,762			801,321			1,469,715

Shares redeemed		(653,258	)		(3,967,787	)		(6,869,961	)		(40,208,094	)

Net increase (decrease)		284,602			(424,566	)	$	3,018,688		$	(4,023,325	)

NOTE F

Risks Involved in Investing in the Portfolios

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

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with

longer maturities or durations.



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Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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

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

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

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



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

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Portfolios to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios.



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Indemnification Risk—In the ordinary course of business, the Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolios are subject to management risk because they are actively-managed investment funds. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the six months ended November 30, 2024.



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NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending May 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the tax years ended November 30, 2023 and November 30, 2022 were as follows:


AB Arizona Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	170,580	$	78,300

Total taxable distributions		170,580		78,300
Tax exempt distributions		2,401,928		2,821,654

Total distributions paid	$	2,572,508	$	2,899,954


AB Massachusetts Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	790,969	$	278,803

Total taxable distributions		790,969		278,803
Tax exempt distributions		5,480,325		5,069,730

Total distributions paid	$	6,271,294	$	5,348,533


AB Minnesota Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	66,886	$	82,286

Total taxable distributions		66,886		82,286
Tax exempt distributions		796,513		1,023,480

Total distributions paid	$	863,399	$	1,105,766


AB New Jersey Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	130,145	$	108,341

Total taxable distributions		130,145		108,341
Tax exempt distributions		1,859,279		1,816,637

Total distributions paid	$	1,989,424	$	1,924,978



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AB Ohio Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	84,616	$	30,295

Total taxable distributions		84,616		30,295
Tax exempt distributions		1,397,092		1,614,922

Total distributions paid	$	1,481,708	$	1,645,217


AB Pennsylvania Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	99,980	$	51,765

Total taxable distributions		99,980		51,765
Tax exempt distributions		1,446,609		1,530,796

Total distributions paid	$	1,546,589	$	1,582,561


AB Virginia Portfolio	December 1, 2022 to November 30, 2023		December 1, 2021 to November 30, 2022
Distributions paid from:
Ordinary income	$	390,452	$	224,071

Total taxable distributions		390,452		224,071
Tax exempt distributions		5,086,938		5,072,334

Total distributions paid	$	5,477,390	$	5,296,405

As of November 30, 2023, the Portfolios’ most recent tax year end, the components of accumulated earnings (deficit) on a tax basis were as follows:


Portfolio	Undistributed Ordinary Income^(a)			Accumulated Capital and Other Losses^(b)			Unrealized Appreciation (Depreciation)^(c)			Total Accumulated Earnings (Deficit)^(d)
AB Arizona	$	– 0	–	$	(1,144,913	)	$	(6,389,374	)	$	(7,534,287	)
AB Massachusetts		31,949			(2,495,601	)		(5,470,978	)		(7,934,630	)
AB Minnesota		– 0	–		(301,426	)		(1,277,214	)		(1,578,640	)
AB New Jersey		– 0	–		(1,124,410	)		(112,374	)		(1,236,784	)
AB Ohio		1,867			(2,985,443	)		(3,019,516	)		(6,003,092	)
AB Pennsylvania		1,066			(1,050,216	)		(1,538,903	)		(2,588,053	)
AB Virginia		– 0	–		(5,712,937	)		(7,035,853	)		(12,748,790	)

^(a)	These amounts represent 100% tax exempt income.



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^(b)

At November 30, 2022, AB Arizona Portfolio, AB Massachusetts Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, AB Pennsylvania Portfolio, and AB Virginia Portfolio had capital loss carryforwards for federal income tax purposes. During the fiscal year, AB Arizona Portfolio, AB Massachusetts Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, AB Pennsylvania Portfolio, and AB Virginia Portfolio had net capital loss carryforwards of $1,144,913, $2,495,601, $301,426, $1,124,410, $2,985,443, $1,050,216, and $5,712,937, respectively.

^(c)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, debt restructuring, and the tax treatment of swaps.

^(d)	The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

As of November 30, 2023, the Portfolios’ most recent tax year end, the Portfolios’ had net capital loss carryforwards as follows:


Portfolio	Short-Term Amount		Long-Term Amount
AB Arizona	$	1,144,913	$	– 0	–
AB Massachusetts		2,495,601		– 0	–
AB Minnesota		301,426		– 0	–
AB New Jersey		1,124,410		– 0	–
AB Ohio		2,985,443		– 0	–
AB Pennsylvania		1,050,216		– 0	–
AB Virginia		5,712,937		– 0	–

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, ASU 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280 it, (ii) requires a public entity to disclose the



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NOTES TO FINANCIAL STATEMENTS (continued)

title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-07 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-07.

NOTE J

Subsequent Events

At a meeting of the Board held on November 5-7, 2024, the Board approved, and determined to recommend to shareholders of each of AB Arizona Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, and AB Pennsylvania Portfolio (each, a “Portfolio” and together, the “Portfolios”) for their approval, the proposed liquidation and termination of the respective Portfolio (each, a “Liquidation”). Shareholders of each Portfolio will be asked to consider and approve the respective Liquidation at a Special Meeting of Shareholders of the Portfolios to be held on or about January 13, 2025. In connection with the anticipated Liquidations, each Portfolio has suspended most sales of its shares and exchanges into the Portfolio. In limited circumstances, such as sales made through retail omnibus platforms, each Portfolio will continue to offer its shares, although without an initial sales charge. In addition, each Portfolio will waive contingent deferred sales charges upon redemption of the Portfolio’s shares.

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no other material events that would require disclosure in the Portfolios’ financial statements through this date.



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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Arizona Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.16			$ 10.13			$ 10.54			$ 11.43			$ 11.01			$ 11.22

Income From Investment Operations

Net investment income^(a)(b)		.16			.31			.29			.26			.28			.30

Net realized and unrealized gain (loss) on investment transactions		.32			.01	^(e)		(.41	)		(.89	)		.43			(.21	)

Net increase (decrease) in net asset value from operations		.48			.32			(.12	)		(.63	)		.71			.09

Less: Dividends

Dividends from net investment income		(.15	)		(.29	)		(.29	)		(.26	)		(.29	)		(.30	)

Net asset value, end of period		$ 10.49			$ 10.16			$ 10.13			$ 10.54			$ 11.43			$ 11.01


Total Return

Total investment return based on net asset value^(c)		4.73	%		3.18	%		(1.09	)%		(5.63	)%		6.47	%		.77	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$66,150			$65,260			$78,643			$98,963			$109,779			$105,315

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.78	%^{^}		.78	%		.79	%		.78	%		.78	%		.78	%

Expenses, before waivers/reimbursements^(d)		1.12	%^{^}		1.08	%		1.08	%		.99	%		1.02	%		1.00	%

Net investment income^(b)		3.11	%^{^}		3.07	%		2.83	%		2.34	%		2.47	%		2.69	%

Portfolio turnover rate		8	%		5	%		16	%		7	%		6	%		13	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Arizona Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.14			$ 10.12			$ 10.53			$ 11.41			$ 10.99			$ 11.20

Income From Investment Operations

Net investment income^(a)(b)		.12			.23			.21			.18			.20			.22

Net realized and unrealized gain (loss) on investment transactions		.33			.00	^(e)(f)		(.40	)		(.89	)		.42			(.22	)

Net increase (decrease) in net asset value from operations		.45			.23			(.19	)		(.71	)		.62			– 0	–

Less: Dividends

Dividends from net investment income		(.11	)		(.21	)		(.22	)		(.17	)		(.20	)		(.21	)

Net asset value, end of period		$ 10.48			$ 10.14			$ 10.12			$ 10.53			$ 11.41			$ 10.99


Total Return

Total investment return based on net asset value^(c)		4.45	%		2.31	%		(1.83	)%		(6.26	)%		5.68	%		.02	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,087			$1,717			$3,532			$4,585			$5,901			$8,935

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.53	%^{^}		1.53	%		1.54	%		1.53	%		1.53	%		1.53	%

Expenses, before waivers/reimbursements^(d)		1.87	%^{^}		1.84	%		1.83	%		1.74	%		1.77	%		1.75	%

Net investment income^(b)		2.35	%^{^}		2.30	%		2.09	%		1.59	%		1.73	%		1.95	%

Portfolio turnover rate		8	%		5	%		16	%		7	%		6	%		13	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Arizona Portfolio
	Advisor Class
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,									March 25, 2021^(g) to May 31, 2021
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			March 25, 2021^(g) to May 31, 2021


Net asset value, beginning of period		$ 10.16			$ 10.13			$ 10.54			$ 11.43			$ 11.30

Income From Investment Operations

Net investment income^(a)(b)		.18			.34			.32			.29			.06

Net realized and unrealized gain (loss) on investment transactions		.31			.01	^(e)		(.41	)		(.89	)		.13

Net increase (decrease) in net asset value from operations		.49			.35			(.09	)		(.60	)		.19


Dividends from net investment income		(.16	)		(.32	)		(.32	)		(.29	)		(.06	)

Net asset value, end of period		$ 10.49			$ 10.16			$ 10.13			$ 10.54			$ 11.43


Total Return

Total investment return based on net asset value^(c)		4.87	%		3.45	%		(.84	)%		(5.39	)%		1.66	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$15,846			$13,439			$10,335			$8,182			$3,859

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.53	%^{^}		.53	%		.54	%		.53	%		.53	%^{^}

Expenses, before waivers/reimbursements^(d)		.87	%^{^}		.83	%		.83	%		.74	%		1.00	%^{^}

Net investment income^(b)		3.36	%^{^}		3.33	%		3.09	%		2.60	%		2.70	%^{^}

Portfolio turnover rate		8	%		5	%		16	%		7	%		6	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Massachusetts Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.27			$ 10.30			$ 10.66			$ 11.66			$ 11.15			$ 11.28

Income From Investment Operations

Net investment income^(a)(b)		.16			.30			.27			.24			.27			.31

Net realized and unrealized gain (loss) on investment transactions		.23			(.03	)^(e)		(.34	)		(1.00	)		.52			(.12	)

Net increase (decrease) in net asset value from operations		.39			.27			(.07	)		(.76	)		.79			.19

Less: Dividends

Dividends from net investment income		(.15	)		(.30	)		(.29	)		(.24	)		(.28	)		(.32	)

Net asset value, end of period		$ 10.51			$ 10.27			$ 10.30			$ 10.66			$ 11.66			$ 11.15


Total Return

Total investment return based on net asset value^(c)		3.84	%		2.69	%		(.64	)%		(6.63	)%		7.15	%		1.67	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$77,809			$77,741			$85,971			$104,117			$121,419			$114,592

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.77	%^{^}		.77	%		.77	%		.77	%		.77	%		.77	%

Expenses, before waivers/reimbursements^(d)		.88	%^{^}		.89	%		.90	%		.87	%		.90	%		.90	%

Net investment income^(b)		2.96	%^{^}		2.94	%		2.65	%		2.08	%		2.36	%		2.76	%

Portfolio turnover rate		5	%		15	%		14	%		11	%		4	%		13	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Massachusetts Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.25			$ 10.28			$ 10.64			$ 11.64			$ 11.13			$ 11.26

Income From Investment Operations

Net investment income^(a)(b)		.12			.22			.20			.15			.19			.23

Net realized and unrealized gain (loss) on investment transactions		.23			(.02	)^(e)		(.35	)		(1.00	)		.51			(.13	)

Net increase (decrease) in net asset value from operations		.35			.20			(.15	)		(.85	)		.70			.10

Less: Dividends

Dividends from net investment income		(.11	)		(.23	)		(.21	)		(.15	)		(.19	)		(.23	)

Net asset value, end of period		$ 10.49			$ 10.25			$ 10.28			$ 10.64			$ 11.64			$ 11.13


Total Return

Total investment return based on net asset value^(c)		3.46	%		1.92	%		(1.39	)%		(7.35	)%		6.36	%		.91	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$2,966			$3,664			$6,146			$8,904			$16,789			$22,940

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.52	%^{^}		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%

Expenses, before waivers/reimbursements^(d)		1.63	%^{^}		1.64	%		1.65	%		1.62	%		1.65	%		1.65	%

Net investment income^(b)		2.21	%^{^}		2.19	%		1.90	%		1.32	%		1.62	%		2.02	%

Portfolio turnover rate		5	%		15	%		14	%		11	%		4	%		13	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Massachusetts Portfolio
	Advisor Class
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.26			$ 10.30			$ 10.66			$ 11.66			$ 11.15			$ 11.27

Income From Investment Operations

Net investment income^(a)(b)		.17			.33			.30			.27			.30			.34

Net realized and unrealized gain (loss) on investment transactions		.24			(.04	)^(e)		(.35	)		(1.00	)		.52			(.11	)

Net increase (decrease) in net asset value from operations		.41			.29			(.05	)		(.73	)		.82			.23

Less: Dividends

Dividends from net investment income		(.17	)		(.33	)		(.31	)		(.27	)		(.31	)		(.35	)

Net asset value, end of period		$ 10.50			$ 10.26			$ 10.30			$ 10.66			$ 11.66			$ 11.15


Total Return

Total investment return based on net asset value^(c)		3.98	%		2.85	%		(.39	)%		(6.39	)%		7.42	%		2.01	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$173,611			$151,254			$111,450			$109,141			$78,396			$61,825

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.52	%^{^}		.52	%		.52	%		.52	%		.52	%		.52	%

Expenses, before waivers/reimbursements^(d)		.63	%^{^}		.64	%		.65	%		.62	%		.65	%		.65	%

Net investment income^(b)		3.22	%^{^}		3.19	%		2.91	%		2.34	%		2.61	%		3.00	%

Portfolio turnover rate		5	%		15	%		14	%		11	%		4	%		13	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Minnesota Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.37			$ 9.41			$ 9.74			$ 10.56			$ 10.32			$ 10.33

Income From Investment Operations

Net investment income^(a)(b)		.13			.25			.23			.21			.22			.25

Net realized and unrealized gain (loss) on investment transactions		.32			(.07	)		(.31	)		(.82	)		.28			.01	^(e)

Net increase (decrease) in net asset value from operations		.45			.18			(.08	)		(.61	)		.50			.26

Less: Dividends

Dividends from net investment income		(.12	)		(.22	)		(.25	)		(.21	)		(.26	)		(.27	)

Net asset value, end of period		$ 9.70			$ 9.37			$ 9.41			$ 9.74			$ 10.56			$ 10.32


Total Return

Total investment return based on net asset value^(c)		4.84	%		1.92	%		(.84	)%		(5.85	)%		4.87	%		2.51	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$29,582			$29,388			$33,801			$47,331			$54,933			$49,723

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.85	%^{^}		.85	%		.85	%		.85	%		.85	%		.85	%

Expenses, before waivers/reimbursements^(d)		1.73	%^{^}		1.57	%		1.52	%		1.10	%		1.22	%		1.26	%

Net investment income^(b)		2.74	%^{^}		2.69	%		2.45	%		2.01	%		2.07	%		2.44	%

Portfolio turnover rate		15	%		4	%		17	%		9	%		5	%		10	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Minnesota Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.38			$ 9.42			$ 9.75			$ 10.57			$ 10.33			$ 10.35

Income From Investment Operations

Net investment income^(a)(b)		.10			.18			.16			.13			.14			.18

Net realized and unrealized gain (loss) on investment transactions		.31			(.07	)		(.32	)		(.82	)		.28			(.01	)

Net increase (decrease) in net asset value from operations		.41			.11			(.16	)		(.69	)		.42			.17

Less: Dividends

Dividends from net investment income		(.08	)		(.15	)		(.17	)		(.13	)		(.18	)		(.19	)

Net asset value, end of period		$ 9.71			$ 9.38			$ 9.42			$ 9.75			$ 10.57			$ 10.33


Total Return

Total investment return based on net asset value^(c)		4.43	%		1.15	%		(1.59	)%		(6.56	)%		4.08	%		1.64	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$906			$1,224			$1,872			$3,018			$4,420			$4,922

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.60	%^{^}		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%

Expenses, before waivers/reimbursements^(d)		2.48	%^{^}		2.33	%		2.27	%		1.86	%		1.97	%		2.02	%

Net investment income^(b)		1.98	%^{^}		1.94	%		1.70	%		1.25	%		1.31	%		1.69	%

Portfolio turnover rate		15	%		4	%		17	%		9	%		5	%		10	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB New Jersey Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 8.99			$ 9.04			$ 9.29			$ 10.13			$ 9.59			$ 9.84

Income From Investment Operations

Net investment income^(a)(b)		.16			.31			.28			.27			.28			.30

Net realized and unrealized gain (loss) on investment transactions		.25			(.06	)		(.23	)		(.84	)		.55			(.25	)

Net increase (decrease) in net asset value from operations		.41			.25			.05			(.57	)		.83			.05

Less: Dividends

Dividends from net investment income		(.15	)		(.30	)		(.30	)		(.27	)		(.29	)		(.30	)

Net asset value, end of period		$ 9.25			$ 8.99			$ 9.04			$ 9.29			$ 10.13			$ 9.59


Total Return

Total investment return based on net asset value^(c)		4.61	%		2.81	%		.55	%		(5.71	)%		8.74	%		.50	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$69,663			$62,537			$60,002			$62,000			$70,145			$66,446

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.82	%^{^}		.82	%		.82	%		.82	%		.82	%		.84	%

Expenses, before waivers/reimbursements^(d)		1.18	%^{^}		1.21	%		1.27	%		1.15	%		1.14	%		1.12	%

Net investment income^(b)		3.40	%^{^}		3.43	%		3.14	%		2.70	%		2.78	%		3.09	%

Portfolio turnover rate		14	%		14	%		26	%		21	%		22	%		10	%

See footnote summary on page 144-145.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB New Jersey Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.00			$ 9.04			$ 9.30			$ 10.13			$ 9.60			$ 9.85

Income From Investment Operations

Net investment income^(a)(b)		.12			.24			.21			.19			.20			.23

Net realized and unrealized gain (loss) on investment transactions		.26			(.05	)		(.24	)		(.82	)		.54			(.25	)

Net increase (decrease) in net asset value from operations		.38			.19			(.03	)		(.63	)		.74			(.02	)

Less: Dividends

Dividends from net investment income		(.12	)		(.23	)		(.23	)		(.20	)		(.21	)		(.23	)

Net asset value, end of period		$ 9.26			$ 9.00			$ 9.04			$ 9.30			$ 10.13			$ 9.60


Total Return

Total investment return based on net asset value^(c)		4.21	%		2.14	%		(.31	)%		(6.33	)%		7.81	%		(.25	)%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$651			$736			$1,551			$2,357			$5,269			$7,891

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.57	%^{^}		1.57	%		1.57	%		1.57	%		1.57	%		1.59	%

Expenses, before waivers/reimbursements^(d)		1.93	%^{^}		1.95	%		2.02	%		1.89	%		1.89	%		1.87	%

Net investment income^(b)		2.63	%^{^}		2.67	%		2.37	%		1.92	%		2.05	%		2.34	%

Portfolio turnover rate		14	%		14	%		26	%		21	%		22	%		10	%

See footnote summary on page 144-145.



136 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Ohio Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.19			$ 9.15			$ 9.50			$ 10.34			$ 9.88			$ 10.01

Income From Investment Operations

Net investment income^(a)(b)		.15			.28			.26			.23			.26			.28

Net realized and unrealized gain (loss) on investment transactions		.25			.03			(.34	)		(.84	)		.46			(.13	)

Contributions from Affiliates		.00	^(g)		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.40			.31			(.08	)		(.61	)		.72			.15

Less: Dividends

Dividends from net investment income		(.15	)		(.27	)		(.27	)		(.23	)		(.26	)		(.28	)

Net asset value, end of period		$ 9.44			$ 9.19			$ 9.15			$ 9.50			$ 10.34			$ 9.88


Total Return

Total investment return based on net asset value^(c)		4.35	%		3.42	%		(.84	)%		(6.04	)%		7.40	%		1.45	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$50,403			$42,262			$49,565			$71,345			$69,533			$66,573

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.80	%^{^}		.81	%		.81	%		.80	%		.80	%		.81	%

Expenses, before waivers/reimbursements^(d)		1.42	%^{^}		1.35	%		1.31	%		1.15	%		1.16	%		1.13	%

Net investment income^(b)		3.26	%^{^}		3.07	%		2.83	%		2.32	%		2.52	%		2.78	%

Portfolio turnover rate		9	%		16	%		12	%		15	%		17	%		19	%

See footnote summary on page 144-145.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 137

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Ohio Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.18			$ 9.14			$ 9.49			$ 10.34			$ 9.88			$ 10.01

Income From Investment Operations

Net investment income^(a)(b)		.12			.21			.19			.16			.18			.20

Net realized and unrealized gain (loss) on investment transactions		.24			.03			(.34	)		(.86	)		.47			(.13	)

Contributions from Affiliates		.00	^(f)		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.36			.24			(.15	)		(.70	)		.65			.07

Less: Dividends

Dividends from net investment income		(.11	)		(.20	)		(.20	)		(.15	)		(.19	)		(.20	)

Net asset value, end of period		$ 9.43			$ 9.18			$ 9.14			$ 9.49			$ 10.34			$ 9.88


Total Return

Total investment return based on net asset value^(c)		3.96	%		2.65	%		(1.58	)%		(6.85	)%		6.60	%		.70	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,507			$1,499			$1,538			$1,870			$3,986			$5,728

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.55	%^{^}		1.56	%		1.56	%		1.55	%		1.55	%		1.56	%

Expenses, before waivers/reimbursements^(d)		2.18	%^{^}		2.11	%		2.07	%		1.90	%		1.91	%		1.88	%

Net investment income^(b)		2.51	%^{^}		2.32	%		2.10	%		1.55	%		1.78	%		2.03	%

Portfolio turnover rate		9	%		16	%		12	%		15	%		17	%		19	%

See footnote summary on page 144-145.



138 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Pennsylvania Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.52			$ 9.57			$ 9.96			$ 10.90			$ 10.45			$ 10.55

Income From Investment Operations

Net investment income^(a)(b)		.16			.31			.28			.26			.28			.31

Net realized and unrealized gain (loss) on investment transactions		.31			(.06	)		(.38	)		(.93	)		.46			(.11	)

Net increase (decrease) in net asset value from operations		.47			.25			(.10	)		(.67	)		.74			.20

Less: Dividends

Dividends from net investment income		(.15	)		(.30	)		(.29	)		(.27	)		(.29	)		(.30	)

Net asset value, end of period		$ 9.84			$ 9.52			$ 9.57			$ 9.96			$ 10.90			$ 10.45


Total Return

Total investment return based on net asset value^(c)		4.97	%		2.61	%		(1.01	)%		(6.31	)%		7.15	%		1.95	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$47,130			$46,646			$50,082			$57,968			$64,592			$66,575

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.85	%^{^}		.85	%		.85	%		.85	%		.85	%		.85	%

Expenses, before waivers/reimbursements^(d)		1.38	%^{^}		1.36	%		1.35	%		1.18	%		1.19	%		1.14	%

Net investment income^(b)		3.32	%^{^}		3.30	%		2.88	%		2.46	%		2.64	%		2.91	%

Portfolio turnover rate		9	%		19	%		15	%		13	%		12	%		11	%

See footnote summary on page 144-145.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 139

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Pennsylvania Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 9.53			$ 9.57			$ 9.96			$ 10.91			$ 10.45			$ 10.56

Income From Investment Operations

Net investment income^(a)(b)		.13			.24			.21			.18			.20			.23

Net realized and unrealized gain (loss) on investment transactions		.29			(.06	)		(.39	)		(.95	)		.47			(.12	)

Net increase (decrease) in net asset value from operations		.42			.18			(.18	)		(.77	)		.67			.11

Less: Dividends

Dividends from net investment income		(.11	)		(.22	)		(.21	)		(.18	)		(.21	)		(.22	)

Net asset value, end of period		$ 9.84			$ 9.53			$ 9.57			$ 9.96			$ 10.91			$ 10.45


Total Return

Total investment return based on net asset value^(c)		4.47	%		1.95	%		(1.76	)%		(7.11	)%		6.45	%		1.09	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$450			$532			$1,029			$1,056			$3,136			$4,181

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.60	%^{^}		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%

Expenses, before waivers/reimbursements^(d)		2.13	%^{^}		2.11	%		2.10	%		1.93	%		1.94	%		1.89	%

Net investment income^(b)		2.56	%^{^}		2.52	%		2.13	%		1.70	%		1.89	%		2.16	%

Portfolio turnover rate		9	%		19	%		15	%		13	%		12	%		11	%

See footnote summary on page 144-145.



140 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Virginia Portfolio
	Class A
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.30			$ 10.31			$ 10.62			$ 11.61			$ 11.09			$ 11.19

Income From Investment Operations

Net investment income^(a)(b)		.16			.28			.26			.23			.26			.29

Net realized and unrealized gain (loss) on investment transactions		.27			(.02	)		(.30	)		(.99	)		.52			(.10	)

Net increase (decrease) in net asset value from operations		.43			.26			(.04	)		(.76	)		.78			.19

Less: Dividends

Dividends from net investment income		(.15	)		(.27	)		(.27	)		(.23	)		(.26	)		(.29	)

Net asset value, end of period		$ 10.58			$ 10.30			$ 10.31			$ 10.62			$ 11.61			$ 11.09


Total Return

Total investment return based on net asset value^(c)		4.18	%		2.53	%		(.37	)%		(6.64	)%		7.10	%		1.71	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$106,580			$105,807			$115,542			$133,626			$147,660			$133,346

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.80	%^{^}		.80	%		.80	%		.80	%		.80	%		.80	%

Expenses, before waivers/reimbursements^(d)		.90	%^{^}		.89	%		.91	%		.86	%		.89	%		.90	%

Net investment income^(b)		2.95	%^{^}		2.76	%		2.49	%		2.04	%		2.27	%		2.62	%

Portfolio turnover rate		12	%		15	%		13	%		13	%		9	%		16	%

See footnote summary on page 144-145.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 141

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Virginia Portfolio
	Class C
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.27			$ 10.28			$ 10.59			$ 11.58			$ 11.07			$ 11.16

Income From Investment Operations

Net investment income^(a)(b)		.12			.21			.18			.15			.17			.21

Net realized and unrealized gain (loss) on investment transactions		.28			(.03	)		(.30	)		(1.00	)		.51			(.09	)

Net increase (decrease) in net asset value from operations		.40			.18			(.12	)		(.85	)		.68			.12

Less: Dividends

Dividends from net investment income		(.11	)		(.19	)		(.19	)		(.14	)		(.17	)		(.21	)

Net asset value, end of period		$ 10.56			$ 10.27			$ 10.28			$ 10.59			$ 11.58			$ 11.07


Total Return

Total investment return based on net asset value^(c)		3.80	%		1.87	%		(1.11	)%		(7.37	)%		6.22	%		1.04	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,620			$5,033			$7,163			$8,452			$13,118			$20,540

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		1.55	%^{^}		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%

Expenses, before waivers/reimbursements^(d)		1.66	%^{^}		1.64	%		1.67	%		1.61	%		1.64	%		1.65	%

Net investment income^(b)		2.20	%^{^}		2.01	%		1.74	%		1.29	%		1.53	%		1.89	%

Portfolio turnover rate		12	%		15	%		13	%		13	%		9	%		16	%

See footnote summary on page 144-145.



142 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	AB Virginia Portfolio
	Advisor Class
	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020


Net asset value, beginning of period		$ 10.31			$ 10.31			$ 10.62			$ 11.61			$ 11.10			$ 11.20

Income From Investment Operations

Net investment income^(a)(b)		.17			.31			.28			.26			.29			.32

Net realized and unrealized gain (loss) on investment transactions		.27			(.01	)		(.30	)		(.99	)		.51			(.10	)

Net increase (decrease) in net asset value from operations		.44			.30			(.02	)		(.73	)		.80			.22

Less: Dividends

Dividends from net investment income		(.16	)		(.30	)		(.29	)		(.26	)		(.29	)		(.32	)

Net asset value, end of period		$ 10.59			$ 10.31			$ 10.31			$ 10.62			$ 11.61			$ 11.10


Total Return

Total investment return based on net asset value^(c)		4.31	%		2.89	%		(.12	)%		(6.41	)%		7.27	%		1.96	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$85,978			$80,755			$85,165			$90,811			$75,692			$56,772

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)		.55	%^{^}		.55	%		.55	%		.55	%		.55	%		.55	%

Expenses, before waivers/reimbursements^(d)		.65	%^{^}		.64	%		.66	%		.61	%		.64	%		.65	%

Net investment income^(b)		3.20	%^{^}		3.01	%		2.73	%		2.30	%		2.51	%		2.87	%

Portfolio turnover rate^.		12	%		15	%		13	%		13	%		9	%		16	%

See footnote summary on page 144-145.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 143

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(d)	The expense ratios presented below exclude interest/bank overdraft expense:


	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020

AB Arizona Portfolio
Class A
Net of waivers/reimbursements		.78	%^{^}		.78	%		.78	%		.78	%		.78	%		.78	%
Before waivers/reimbursements		1.12	%^{^}		1.08	%		1.07	%		.99	%		1.02	%		1.00	%
Class C
Net of waivers/reimbursements		1.53	%^{^}		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Before waivers/reimbursements		1.87	%^{^}		1.83	%		1.82	%		1.74	%		1.77	%		1.75	%
Advisor Class
Net of waivers/reimbursements		.53	%^{^}		.53	%		.53	%		.53	%		.53	%^{^}		N/A
Before waivers/reimbursements		.87	%^{^}		.83	%		.82	%		.74	%		1.00	%^{^}		N/A

AB Massachusetts Portfolio
Class A
Net of waivers/reimbursements		.77	%^{^}		.77	%		.77	%		.77	%		.77	%		.77	%
Before waivers/reimbursements		.88	%^{^}		.89	%		.90	%		.87	%		.90	%		.90	%
Class C
Net of waivers/reimbursements		1.52	%^{^}		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%
Before waivers/reimbursements		1.63	%^{^}		1.64	%		1.65	%		1.62	%		1.65	%		1.65	%
Advisor Class
Net of waivers/reimbursements		.52	%^{^}		.52	%		.52	%		.52	%		.52	%		.52	%
Before waivers/reimbursements		.63	%^{^}		.64	%		.65	%		.62	%		.65	%		.65	%

AB Minnesota Portfolio
Class A
Net of waivers/reimbursements		.85	%^{^}		.85	%		.85	%		.85	%		.85	%		.85	%
Before waivers/reimbursements		1.73	%^{^}		1.57	%		1.52	%		1.10	%		1.22	%		1.26	%
Class C
Net of waivers/reimbursements		1.60	%^{^}		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Before waivers/reimbursements		2.48	%^{^}		2.33	%		2.27	%		1.86	%		1.97	%		2.02	%

AB New Jersey Portfolio
Class A
Net of waivers/reimbursements		.82	%^{^}		.82	%		.82	%		.82	%		.82	%		.82	%
Before waivers/reimbursements		1.18	%^{^}		1.21	%		1.27	%		1.15	%		1.14	%		1.10	%
Class C
Net of waivers/reimbursements		1.57	%^{^}		1.57	%		1.57	%		1.57	%		1.57	%		1.57	%
Before waivers/reimbursements		1.93	%^{^}		1.94	%		2.02	%		1.89	%		1.89	%		1.85	%



144 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Six Months Ended November 30, 2024 (unaudited)			Year Ended May 31,
	Six Months Ended November 30, 2024 (unaudited)			2024			2023			2022			2021			2020

AB Ohio Portfolio
Class A
Net of waivers/reimbursements		.80	%^{^}		.80	%		.80	%		.80	%		.80	%		.80	%
Before waivers/reimbursements		1.42	%^{^}		1.35	%		1.30	%		1.15	%		1.16	%		1.12	%
Class C
Net of waivers/reimbursements		1.55	%^{^}		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Before waivers/reimbursements		2.18	%^{^}		2.10	%		2.06	%		1.90	%		1.91	%		1.87	%

AB Pennsylvania Portfolio
Class A
Net of waivers/reimbursements		.85	%^{^}		.85	%		.85	%		.85	%		.85	%		.85	%
Before waivers/reimbursements		1.38	%^{^}		1.35	%		1.35	%		1.18	%		1.19	%		1.14	%
Class C
Net of waivers/reimbursements		1.60	%^{^}		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Before waivers/reimbursements		2.13	%^{^}		2.10	%		2.10	%		1.93	%		1.94	%		1.89	%

AB Virginia Portfolio
Class A
Net of waivers/reimbursements		.80	%^{^}		.80	%		.80	%		.80	%		.80	%		.80	%
Before waivers/reimbursements		.90	%^{^}		.89	%		.91	%		.86	%		.89	%		.90	%
Class C
Net of waivers/reimbursements		1.55	%^{^}		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Before waivers/reimbursements		1.66	%^{^}		1.64	%		1.66	%		1.61	%		1.64	%		1.65	%
Advisor Class
Net of waivers/reimbursements		.55	%^{^}		.55	%		.55	%		.55	%		.55	%		.55	%
Before waivers/reimbursements		.65	%^{^}		.64	%		.66	%		.61	%		.64	%		.65	%

(e)	Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(f)	Amount is less than $.005.

(g)	Commencement of distribution.

^	Annualized.

See notes to financial statements.



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 145

Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund

The disinterested trustees (the “directors”) of AB Municipal Income Fund II (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a “Fund” and collectively, the “Funds”) at a meeting held in-person on July 30-31, 2024 (the “Meeting”):

•

AB Arizona Portfolio

•

AB Massachusetts Portfolio

•

AB Minnesota Portfolio

•

AB New Jersey Portfolio

•

AB Ohio Portfolio

•

AB Pennsylvania Portfolio

•

AB Virginia Portfolio

Prior to approval of the continuance of the Advisory Agreement in respect of each Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of each Fund. The directors also discussed the proposed continuances in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the money market fund advised by the Adviser in which the Funds invest a portion of their assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee in respect of each Fund. The directors did not identify any



146 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Fund and the overall arrangements between each Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Fund’s investment strategies and from time to time proposes changes intended to improve a Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of each Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that each Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to such Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid in respect of a Fund, result in a higher rate of total compensation from such Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of each Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationships with the Funds, including



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 147

those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationships with the Funds before taxes and distribution expenses. The directors noted that AB Minnesota Portfolio was not profitable to the Adviser in the periods reviewed and that AB Arizona Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio and AB Pennsylvania Portfolio were not profitable to the Adviser in 2023. The directors concluded that the Adviser’s level of profitability from its relationship with each of AB Arizona Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio and AB Pennsylvania Portfolio in 2022 and with AB Massachusetts Portfolio and AB Virginia Portfolio in the periods reviewed was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which the Funds invest, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds’ principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds’ shares; and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower, and that a Fund’s unprofitability to the Adviser would be exacerbated, without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for each Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares (in the case of AB Arizona Portfolio, AB Massachusetts Portfolio and AB Virginia Portfolio) and the Class A Shares (in the case of each other Fund) against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares (in the case of AB Arizona Portfolio, AB Massachusetts Portfolio and AB Virginia Portfolio) and the Class A Shares (in the case of each other Fund) against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods, as applicable, ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period



148 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

from inception, as applicable. Based on their review, and after discussing with the Adviser the reasons for AB Minnesota Portfolio’s and AB Pennsylvania Portfolio’s underperformance in the most recent period, the directors concluded that each Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median in the case of AB Minnesota Portfolio, equal to the median in the case of each of AB Massachusetts Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio and AB Pennsylvania Portfolio, and above the median in the case of AB Arizona Portfolio and AB Virginia Portfolio.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of any of the Funds.

In connection with their review of each Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares (in the case of AB Arizona Portfolio, AB Massachusetts Portfolio and AB Virginia Portfolio) and the Class A shares (in the case of AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio and AB Pennsylvania Portfolio) in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Funds by others. The directors noted that the expense ratio for each of AB Arizona Portfolio and Massachusetts Portfolio was below the medians, and for AB New Jersey Portfolio was equal to the medians. They also noted that the expense ratio for AB Virginia Portfolio was equal to the median of a peer group and lower than the median of a peer universe. The directors further noted that the expense ratio for each of AB Minnesota Portfolio, AB Ohio Portfolio and AB Pennsylvania Portfolio



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 149

was above the medians and discussed the Adviser’s explanations of the reasons for this. Based on their review, the directors concluded that each Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Funds contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Funds’ shareholders would benefit from a sharing of economies of scale in the event a Fund’s net assets exceed a breakpoint in the future.



150 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

NOTES



abfunds.com		AB MUNICIPAL INCOME FUND II ^\| 151

NOTES



152 ^\| AB MUNICIPAL INCOME FUND II		abfunds.com

LOGO

AB MUNICIPAL INCOME FUND II

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

MIFII-0152-1124 LOGO

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

AMIF II - AZ

At a Special Meeting held on July 18, 2024, shareholders of AB Arizona Portfolio (the “Trust”), a series of AB Municipal Income Fund II, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Trust elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

AMIF II - MA

At a Special Meeting held on July 18, 2024, shareholders of AB Massachusetts Portfolio (the “Trust”), a series of AB Municipal Income Fund II, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Trust elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

AMIF II - NJ

At a Special Meeting held on July 18, 2024, shareholders of AB New Jersey Portfolio (the “Trust”), a series of AB Municipal Income Fund II, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Trust elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

AMIF II - NJ

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

AMIF II - OH

At a Special Meeting held on July 18, 2024, shareholders of AB Ohio Portfolio (the “Trust”), a series of AB Municipal Income Fund II, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Trust elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

AMIF II - PA

At a Special Meeting held on July 18, 2024, shareholders of AB Pennsylvania Portfolio (the “Trust”), a series of AB Municipal Income Fund II, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Trust elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

AMIF II - VA

At a Special Meeting held on July 18, 2024, shareholders of AB Virginia Portfolio (the “Trust”), a series of AB Municipal Income Fund II, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Trust elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:

Voted For

Withheld
Authority

Abstained

Broker
Non-Votes

Jorge A. Bermudez

50,387,062.387

689,167.210

N/A

Alexander Chaloff

50,410,428.042

665,801.555

N/A

R. Jay Gerken

50,336,703.024

739,526.573

N/A

Jeffrey R. Holland

50,413,392.679

662,836.918

N/A

Jeanette W. Loeb

49,959,452.387

1,116,777.210

N/A

Carol C. McMullen

50,385,056.387

691,173.210

N/A

Garry L. Moody

50,141,706.024

934,523.573

N/A

Emilie D. Wrapp

50,455,867.679

620,361.918

N/A

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant

ITEM 19. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

19(b)(1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(b)(2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Municipal Income Fund II, Inc.


By:		/s/ Onur Erzan
		Onur Erzan
		President

Date: January 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Onur Erzan
		Onur Erzan
		President

Date: January 24, 2025


By:		/s/ Stephen M. Woetzel
		Stephen M. Woetzel
		Treasurer and Chief Financial Officer

Date: January 24, 2025

Ab Municipal Income Fund Ii N-CSRSCertified semi-annual shareholder report (management investment company)

Advisor Class: AVAYX

Please scan QR code for

Fund Information

AB Virginia Portfolio

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Fund Performance

Average Annual Total Returns

Key Fund Statistics

Graphical Representation of Holdings

Credit Rating BreakdownFootnote Reference*

Availability of Additional Information

Householding

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Class A: AVAAX

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Fund Information

AB Virginia Portfolio

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Fund Performance

Average Annual Total Returns

Key Fund Statistics

Graphical Representation of Holdings

Credit Rating BreakdownFootnote Reference*

Availability of Additional Information

Householding

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Class C: AVACX

Please scan QR code for

Fund Information

AB Virginia Portfolio

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Fund Performance

Average Annual Total Returns

Key Fund Statistics

Graphical Representation of Holdings

Credit Rating BreakdownFootnote Reference*

Availability of Additional Information

Householding

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Advisor Class: AAZYX

Please scan QR code for

Fund Information

AB Arizona Portfolio

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Fund Performance

Average Annual Total Returns

Key Fund Statistics

Graphical Representation of Holdings

Credit Rating BreakdownFootnote Reference*

Availability of Additional Information

Householding

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Class A: AAZAX

Please scan QR code for

Fund Information

AB Arizona Portfolio

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Fund Performance

Average Annual Total Returns

Key Fund Statistics

Graphical Representation of Holdings

Credit Rating BreakdownFootnote Reference*

Availability of Additional Information

Householding

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

Class C: AAZCX

Please scan QR code for

Fund Information

AB Arizona Portfolio

Semi-Annual Shareholder Report

What were the Fund costs for the last six months?

Fund Performance

Average Annual Total Returns

Key Fund Statistics

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}

Credit Rating Breakdown^{Footnote Reference*}