Ab Municipal Income Fund Ii NPORT-P AB Virginia Portfolio (Feb 2024 report)

AB Municipal Income Fund II

AB Virginia Portfolio

Portfolio of Investments

February 29, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 97.6%
Long-Term Municipal Bonds – 94.8%
Virginia – 69.6%
Align Affordable Housing Bond Fund LP (Park Landing LP)  Series 2022-2 5.66%, 08/01/2052	$	1,000	$	968,307
Arlington County Industrial Development Authority (Virginia Hospital Center Arlington Health System/VA)  Series 2020 4.00%, 07/01/2045		4,000		3,876,750
Cherry Hill Community Development Authority (Potomac Shores Project)  Series 2015 5.40%, 03/01/2045(a)		585		588,101
Chesapeake Bay Bridge & Tunnel District  Series 2016 5.00%, 07/01/2046		4,000		4,032,907
City of Richmond VA Public Utility Revenue  Series 2016 5.00%, 01/15/2030		4,000		4,156,640
5.00%, 01/15/2034		5,000		5,195,800
County of Loudoun VA  Series 2016-A 4.00%, 12/01/2025		1,000		1,019,645
Culpeper County Economic Development Authority (County of Culpeper VA Lease)  Series 2014 4.00%, 06/01/2029		2,955		2,957,871
Dulles Town Center Community Development Authority  Series 2012 4.25%, 03/01/2026		655		641,767
Fairfax County Economic Development Authority  Series 2016 4.00%, 04/01/2035		415		424,405
Fairfax County Industrial Development Authority (Inova Health System Obligated Group)  Series 2014-A 5.00%, 05/15/2044		2,000		2,001,781
Series 2018-A 4.00%, 05/15/2048		1,500		1,459,148
Series 2022 4.00%, 05/15/2042		2,000		2,029,379
Fairfax County Water Authority  Series 2021 4.00%, 04/01/2040		2,570		2,645,400
4.00%, 04/01/2043		1,875		1,900,310
Greater Richmond Convention Center Authority  Series 2015 5.00%, 06/15/2030		3,000		3,069,397
5.00%, 06/15/2031		2,000		2,046,264
Halifax County Industrial Development Authority (Virginia Electric and Power Co.)  Series 2022 1.65%, 12/01/2041		3,000		2,979,071

1

	Principal Amount (000)		U.S. $ Value
Hampton Roads Sanitation District  Series 2017-A 5.00%, 10/01/2033	$	3,550	$	3,852,539
Hampton Roads Transportation Accountability Commission  Series 2018-A 5.00%, 07/01/2035		4,000		4,356,628
Hampton Roads Transportation Accountability Commission (Pre-refunded - US Govt Agencies)  Series 2021-A 5.00%, 07/01/2026		5,000		5,226,177
Henrico County Economic Development Authority (LifeSpire of Virginia Obligated Group)  Series 2017-C 5.00%, 12/01/2037		765		778,776
Henrico County Economic Development Authority (Westminster-Canterbury Corp. Obligated Group)  Series 2022 5.00%, 10/01/2047		1,000		1,031,627
James City County Economic Development Authority (Williamsburg Landing, Inc. Obligated Group)  Series 2021-A 4.00%, 12/01/2050		1,575		1,220,401
Series 2024-A 6.875%, 12/01/2058		500		543,894
Lexington Industrial Development Authority (Kendal at Lexington)  Series 2016 4.00%, 01/01/2031		1,500		1,491,962
Lynchburg Economic Development Authority (Centra Health Obligated Group)  Series 2017-A 5.00%, 01/01/2047		1,750		1,775,182
Norfolk Airport Authority/VA  Series 2019 5.00%, 07/01/2043		2,870		3,027,941
Richmond Redevelopment & Housing Authority (American Tobacco Holdings LLC)  Series 2017 5.55%, 01/01/2037(a)		960		919,988
Roanoke County Economic Development Authority (City of Roanoke VA Lease)  Series 2015 5.00%, 10/15/2035		1,750		1,794,295
Roanoke Economic Development Authority (Carilion Clinic Obligated Group)  Series 2020 4.00%, 07/01/2036		1,000		1,031,126
4.00%, 07/01/2038		1,550		1,573,807
Roanoke Economic Development Authority (Lynchburg College)  Series 2018-A 5.00%, 09/01/2033		1,125		1,168,944
5.00%, 09/01/2038		1,535		1,569,565
5.00%, 09/01/2043		1,000		1,008,951

2

	Principal Amount (000)			U.S. $ Value
Rockingham County Economic Development Authority (Sentara Healthcare Obligated Group)  Series 2021 3.00%, 11/01/2046		$	1,265	$	1,004,321
Rockingham County Economic Development Authority (Sunnyside Presbyterian Home Obligated Group)  Series 2020 4.00%, 12/01/2032			1,085		1,079,406
5.00%, 12/01/2039			1,000		1,018,902
Southampton County Industrial Development Authority (PRTI-Virginia One LLC)  Series 2023 4.875%, 11/01/2053			2,000		2,001,095
Suffolk Economic Development Authority (EveryAge Obligated Group)  Series 2016 5.00%, 09/01/2031			1,000		984,066
Tobacco Settlement Financing Corp./VA  Series 2007-B1 5.00%, 06/01/2047			2,400		2,270,514
University of Virginia  Series 2020 2.256%, 09/01/2050			1,000		609,393
US Bank Trust Co. NA (Park Landing LP)  Series 2022-B 5.90%, 08/01/2052			185		171,354
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group)  Series 2023 7.00%, 09/01/2059			500		546,130
Virginia College Building Authority (Marymount University)  Series 2015 5.00%, 07/01/2045(a)			1,000		934,017
Series 2015-A 5.00%, 07/01/2030(a)			1,615		1,620,842
Virginia College Building Authority (Regent University)  Series 2021 4.00%, 06/01/2036			3,125		3,103,953
Virginia College Building Authority (Virginia College Building Authority State Lease)  Series 2019-B 3.00%, 02/01/2037			9,140		8,626,381
Virginia Commonwealth University Health System Authority (Virginia Commonwealth University Health System Authority Obligated Group)  Series 2017-B 5.00%, 07/01/2046			2,000		2,056,566
Virginia Port Authority  Series 2016-B 5.00%, 07/01/2035			2,000		2,052,067
5.00%, 07/01/2036			4,160		4,257,069

3

	Principal Amount (000)		U.S. $ Value
Virginia Resources Authority  Series 2011-B 5.00%, 11/01/2026	$	20	$	20,024
Series 2016-C 4.00%, 11/01/2034		2,000		2,048,646
Virginia Small Business Financing Authority (95 Express Lanes LLC)  Series 2022 5.00%, 07/01/2035		4,580		4,990,845
Virginia Small Business Financing Authority (Bon Secours Mercy Health, Inc.)  Series 2020 4.00%, 12/01/2049		3,500		3,326,961
Virginia Small Business Financing Authority (Covanta Holding Corp.)  Series 2018 5.00%, 01/01/2048(a)		1,000		931,086
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC)  Series 2022 4.00%, 01/01/2039		5,000		4,861,829
Virginia Small Business Financing Authority (Hampton University)  Series 2014 5.25%, 10/01/2029		4,125		4,158,737
Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC)  Series 2017 5.00%, 12/31/2052		3,350		3,371,145
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group)  Series 2020 4.00%, 01/01/2051		1,500		1,313,905
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC)  Series 2023 5.00%, 11/01/2052		4,000		4,003,934
Winchester Economic Development Authority (Valley Health Obligated Group)  Series 2015 5.00%, 01/01/2034		2,000		2,055,744
5.00%, 01/01/2035		1,500		1,542,272
				139,325,950
American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa)  Series 2018 7.125%, 09/01/2038(a)		420		459,542
Arizona – 0.5%
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.)  Series 2018-A 6.00%, 07/01/2052(a)		200		203,554

4

	Principal Amount (000)		U.S. $ Value
Salt Verde Financial Corp. (Citigroup, Inc.)  Series 2007 5.00%, 12/01/2037	$	705	$	773,315
				976,869
District of Columbia – 15.1%
Metropolitan Washington Airports Authority Aviation Revenue  Series 2018-A 5.00%, 10/01/2038		2,330		2,442,519
Series 2020-A 4.00%, 10/01/2035		2,000		2,046,238
Series 2021-A 5.00%, 10/01/2036		2,250		2,470,827
5.00%, 10/01/2046		5,000		5,280,400
Metropolitan Washington Airports Authority Dulles Toll Road Revenue  Series 2010-B 6.50%, 10/01/2044		4,300		4,766,666
Series 2019 5.00%, 10/01/2034		1,500		1,618,842
AGM Series 2022 4.00%, 10/01/2052		3,000		2,869,452
Washington Metropolitan Area Transit Authority  Series 2017-A 5.00%, 07/01/2031		1,145		1,219,646
5.00%, 07/01/2032		3,950		4,196,428
Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease)  Series 2023 5.00%, 07/15/2048		3,000		3,282,615
				30,193,633
Georgia – 0.1%
Municipal Electric Authority of Georgia  Series 2019 5.00%, 01/01/2039		100		104,121
5.00%, 01/01/2056		155		157,003
				261,124
Guam – 3.4%
Antonio B Won Pat International Airport Authority  Series 2021-A 4.46%, 10/01/2043		1,015		813,051
Guam Department of Education (Guam Department of Education COP)  Series 2020 5.00%, 02/01/2040		1,095		1,101,134
Guam Power Authority  Series 2017-A 5.00%, 10/01/2036		1,630		1,692,407
Territory of Guam  Series 2019 5.00%, 11/15/2031		190		196,807

5

	Principal Amount (000)		U.S. $ Value
Territory of Guam (Territory of Guam Business Privilege Tax)  Series 2021-F 4.00%, 01/01/2042	$	1,370	$	1,315,573
Territory of Guam (Territory of Guam Hotel Occupancy Tax)  Series 2021-A 5.00%, 11/01/2035		1,500		1,603,204
				6,722,176
Illinois – 1.1%
Metropolitan Pier & Exposition Authority  Series 2015-B 5.00%, 12/15/2045		2,200		2,223,894
Michigan – 0.0%
City of Detroit MI  Series 2018 5.00%, 04/01/2036		85		87,750
Nevada – 0.0%
City of Reno NV (County of Washoe NV Sales Tax Revenue)  Series 2018-C
Zero Coupon, 07/01/2058(a)		500		66,200
New York – 0.9%
Metropolitan Transportation Authority  Series 2020-E 5.00%, 11/15/2027		1,750		1,876,393
North Carolina – 0.2%
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.)  Series 2015 4.70%, 07/01/2037		560		472,332
Puerto Rico – 2.9%
Commonwealth of Puerto Rico  Series 2021-A Zero Coupon, 07/01/2024		43		42,686
Zero Coupon, 07/01/2033		369		237,154
4.00%, 07/01/2046		103		92,844
5.625%, 07/01/2027		303		320,023
Series 2022-C 0.00%, 11/01/2043		18		10,468
Puerto Rico Commonwealth Aqueduct & Sewer Authority  Series 2020-A 5.00%, 07/01/2030(a)		855		887,306
5.00%, 07/01/2035(a)		250		258,049
Puerto Rico Electric Power Authority AGM  Series 2007-V 5.25%, 07/01/2031		235		234,982
NATL Series 2007-V 5.25%, 07/01/2032		300		296,714

6

	Principal Amount (000)		U.S. $ Value
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP)  Series 2000 6.625%, 06/01/2026(b) (c)	$	555	$	388,500
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (Hospital Auxilio Mutuo Obligated Group)  Series 2021 4.00%, 07/01/2038		275		260,651
4.00%, 07/01/2040		295		275,503
5.00%, 07/01/2034		110		119,483
5.00%, 07/01/2035		115		124,510
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC)  Series 2024 6.75%, 01/01/2045		500		595,246
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue  Series 2018-A Zero Coupon, 07/01/2029		223		183,364
Zero Coupon, 07/01/2046		1,000		324,316
Series 2019-A 4.329%, 07/01/2040		180		178,727
5.00%, 07/01/2058		955		959,773
				5,790,299
Tennessee – 0.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax)  Series 2016-A 5.00%, 12/01/2035(a)		295		272,944
Texas – 0.3%
Mission Economic Development Corp. (Natgasoline LLC)  Series 2018 4.625%, 10/01/2031(a)		520		518,176
Tarrant County Cultural Education Facilities Finance Corp.  Series 2015-B 5.00%, 11/15/2036(b) (c) (d) (e) (f)		941		0
				518,176
Washington – 0.4%
Pend Oreille County Public Utility District No. 1 Box Canyon  Series 2018 5.00%, 01/01/2044		650		663,168
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group)  Series 2019-A
5.00%, 01/01/2055(a)		100		65,911
				729,079

7

	Principal Amount (000)			U.S. $ Value
Total Long-Term Municipal Bonds (cost $195,400,915)				$	189,976,361
Short-Term Municipal Notes – 2.8%
Virginia – 2.8%
Loudoun County Economic Development Authority (Jack Kent Cooke Foundation)  Series 2012 3.35%, 06/01/2034(g)	$		2,650		2,650,000
Roanoke Economic Development Authority (Carilion Clinic Obligated Group)  Series 2020 3.30%, 07/01/2052(g)			1,650		1,650,000
Virginia Small Business Financing Authority (Carilion Clinic Obligated Group)  Series 2019 3.30%, 07/01/2042(g)			1,310		1,310,000
Total Short-Term Municipal Notes (cost $5,610,000)					5,610,000
Total Municipal Obligations (cost $201,010,915)					195,586,361
ASSET-BACKED SECURITIES – 0.3%
Other ABS - Fixed Rate – 0.3%
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034			156		152,245
5.25%, 07/01/2036			185		185,568
5.25%, 07/01/2041			173		168,466
Total Asset-Backed Securities (cost $511,203)					506,279
		Shares
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(h) (i) (j) (cost $863,088)			863,088		863,088
Total Investments – 98.3% (cost $202,385,206)(k)					196,955,728
Other assets less liabilities – 1.7%					3,360,855
Net Assets – 100.0%				$	200,316,583

8

CENTRALLY CLEARED INFLATION (CPI) SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market   Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	1,450	01/15/2025	2.565%	CPI#	Maturity	$	142,691		$	—		$	142,691
USD	725	01/15/2025	2.585%	CPI#	Maturity		70,747			—			70,747
USD	725	01/15/2025	2.613%	CPI#	Maturity		69,923			—			69,923
USD	470	01/15/2025	4.028%	CPI#	Maturity		17,267			—			17,267
USD	1,700	01/15/2026	CPI#	3.720%	Maturity		(60,259	)		—			(60,259	)
USD	2,260	01/15/2027	CPI#	3.466%	Maturity		(82,503	)		(1,770	)		(80,733	)
USD	2,250	01/15/2027	CPI#	3.320%	Maturity		(102,756	)		—			(102,756	)
USD	1,770	01/15/2027	CPI#	3.323%	Maturity		(80,502	)		—			(80,502	)
USD	5,020	01/15/2028	1.230%	CPI#	Maturity		907,672			—			907,672
USD	3,740	01/15/2028	0.735%	CPI#	Maturity		811,647			—			811,647
USD	4,250	01/15/2029	CPI#	3.390%	Maturity		(95,355	)		—			(95,355	)
USD	2,650	01/15/2029	CPI#	3.735%	Maturity		17,538			—			17,538
USD	1,550	01/15/2029	CPI#	3.290%	Maturity		(47,635	)		—			(47,635	)
USD	1,375	01/15/2030	1.572%	CPI#	Maturity		234,563			—			234,563
USD	1,375	01/15/2030	1.587%	CPI#	Maturity		232,676			—			232,676
USD	1,350	01/15/2031	2.782%	CPI#	Maturity		89,584			—			89,584
USD	1,230	01/15/2031	2.680%	CPI#	Maturity		93,870			—			93,870
USD	1,080	01/15/2031	2.989%	CPI#	Maturity		49,595			—			49,595
USD	1,050	01/15/2032	CPI#	3.064%	Maturity		(33,953	)		—			(33,953	)
USD	1,060	04/15/2032	CPI#	2.909%	Maturity		(48,042	)		—			(48,042	)
						$	2,186,768		$	(1,770	)	$	2,188,538

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

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market   Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	4,600	07/31/2029	1 Day SOFR	3.975%	Annual	$	—		$	—	$	—
USD	3,700	07/31/2029	1 Day SOFR	3.986%	Annual		(659	)		—		(659	)
USD	4,400	04/30/2030	1 Day SOFR	3.075%	Annual		(285,330	)		—		(285,330	)
USD	6,400	07/31/2030	1 Day SOFR	4.016%	Annual		(18,580	)		—		(18,580	)
USD	3,300	07/31/2030	1 Day SOFR	3.806%	Annual		(54,476	)		—		(54,476	)
USD	3,300	07/31/2030	1 Day SOFR	4.504%	Annual		93,510			—		93,510
USD	2,300	11/01/2030	1 Day SOFR	4.105%	Annual		14,964			—		14,964
						$	(250,571	)	$	—	$	(250,571	)

INTEREST RATE SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Citibank, NA

USD

2,965

10/09/2029

1.125

%

SIFMA

*

Quarterly

$

292,187

$

—

$

292,187

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

9

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 29, 2024, the aggregate market value of these securities amounted to $7,725,716 or 3.9% of net assets.

(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) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-B 5,00%, 11/15/2036	05/22/2015	$	950,418	$	0	0.00%

(g) 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.

(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.

(k) As of February 29, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,650,526 and gross unrealized depreciation of investments was $(8,851,620), resulting in net unrealized depreciation of $(3,201,094).

As of February 29, 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 1.7% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

COP – Certificate of Participation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

10

AB Municipal Income Fund II

AB Virginia Portfolio 

February 29, 2024 (unaudited)

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

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

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

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

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

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

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of February 29, 2024:

11

Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	—	$	189,976,361		$	0	(a)	$	189,976,361
Short-Term Municipal Notes		—		5,610,000			—			5,610,000
Asset-Backed Securities		—		506,279			—			506,279
Short-Term Investments		863,088		—			—			863,088
Total Investments in Securities		863,088		196,092,640			0	(a)		196,955,728
Other Financial Instruments(b):
Assets:
Centrally Cleared Inflation (CPI) Swaps		—		2,737,773			—			2,737,773
Centrally Cleared Interest Rate Swaps		—		108,474			—			108,474
Interest Rate Swaps		—		292,187			—			292,187
Liabilities:
Centrally Cleared Inflation (CPI) Swaps		—		(551,005	)		—			(551,005	)
Centrally Cleared Interest Rate Swaps		—		(359,045	)		—			(359,045	)
Total	$	863,088	$	198,321,024		$	0	(a)	$	199,184,112

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

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

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended February 29, 2024 is as follows:

Fund	Market Value 05/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/29/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,178	$	31,574	$	35,889	$	863	$	143

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