AB Municipal Income Fund, Inc.

N-CSR 1 d285074dncsr.htm AB MUNICIPAL INCOME FUND, INC. AB Municipal Income Fund, Inc.

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: 811-04791

AB MUNICIPAL INCOME FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: May 31, 2022

Date of reporting period: May 31, 2022

ITEM 1.

REPORTS TO STOCKHOLDERS.

MAY^05.31.22

LOGO

ANNUAL REPORT

AB MUNICIPAL INCOME FUND

AB CALIFORNIA PORTFOLIO

AB HIGH INCOME MUNICIPAL PORTFOLIO

AB NATIONAL PORTFOLIO

AB NEW YORK PORTFOLIO

LOGO

As of January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, each Fund’s annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with a Fund, you can call the Fund at (800) 221 5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.



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 is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio (each a “Portfolio,” and collectively, the “Portfolios”). Please review the discussion of Portfolio performance, the market conditions during the reporting period and the Portfolios’ investment strategies.

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

⁺

Navigating markets with seasoned investment experience and sophisticated solutions

⁺

Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB’s range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 1

ANNUAL REPORT

July 8, 2022

This report provides management’s discussion of fund performance for the AB Municipal Income Fund: AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio for the annual reporting period ended May 31, 2022.

The investment objective of the California, National and New York Portfolios is to earn the highest level of current income, exempt from federal income tax—and in the case of the California and New York Portfolios, state taxation of the respective state—that is available without assuming what the Adviser considers to be undue risk to principal or income. The investment objective of the High Income Municipal Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available, consistent with what the Adviser considers to be an appropriate level of risk.

NAV RETURNS AS OF MAY 31, 2022 (unaudited)



	6 Months		12 Months

AB CALIFORNIA PORTFOLIO

Class A Shares		-7.09%		-6.57%

Class C Shares		-7.44%		-7.19%

Advisor Class Shares¹		-6.97%		-6.34%

Bloomberg Municipal Bond Index		-7.32%		-6.79%



	6 Months		12 Months

AB HIGH INCOME MUNICIPAL PORTFOLIO

Class A Shares		-9.78%		-7.68%

Class C Shares		-10.13%		-8.46%

Advisor Class Shares¹		-9.68%		-7.53%

Class Z Shares¹		-9.67%		-7.52%

Bloomberg Municipal Bond Index		-7.32%		-6.79%

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.



2 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

NAV RETURNS AS OF MAY 31, 2022 (unaudited)



	6 Months		12 Months

AB NATIONAL PORTFOLIO

Class A Shares		-7.31%		-6.45%

Class C Shares		-7.67%		-7.16%

Advisor Class Shares¹		-7.19%		-6.22%

Bloomberg Municipal Bond Index		-7.32%		-6.79%



	6 Months		12 Months

AB NEW YORK PORTFOLIO

Class A Shares		-7.30%		-6.29%

Class C Shares		-7.65%		-6.91%

Advisor Class Shares¹		-7.18%		-6.06%

Bloomberg Municipal Bond Index		-7.32%		-6.79%

Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

INVESTMENT RESULTS

The preceding tables show performance for each Portfolio compared to its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended May 31, 2022.

During both periods, all share classes except Class C of the California, National and New York Portfolios outperformed the benchmark, while all share classes of the High Income Municipal Portfolio underperformed, before sales charges.

California Portfolio: During both periods, security selection within the primary/secondary public education and miscellaneous revenue sectors contributed, relative to the benchmark, while selection in multi-family housing and prepay energy detracted. An overweight to municipal credit contributed for the 12-month period, but detracted for the six-month period.

High Income Municipal Portfolio: While the benchmark is fully invested in investment-grade securities, the Portfolio invests in below-investment-grade securities, which detracted over both periods. During both periods, security selection within the tobacco securitization sector contributed, while selection in multi-family housing and state general obligation (“GO”) detracted. For the 12-month period, an overweight to municipal credit contributed. Security selection in not-for-profit health care contributed. For the six-month period, an overweight to municipal credit detracted. Security selection in primary/secondary public education contributed.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 3

National Portfolio: During both periods, security selection in the special tax sector contributed, while selection in multi-family housing and senior living detracted. For the 12-month period, an overweight to municipal credit contributed. Security selection in toll roads/transit contributed. For the six-month period, an overweight to municipal credit detracted. Security selection in local GO contributed.

New York Portfolio: During both periods, security selection within the tobacco securitization and toll roads/transit sectors contributed, while selection in private higher education and industrial airlines detracted. An overweight to municipal credit contributed for the 12-month period, but detracted for the six-month period.

All Portfolios utilized derivatives in the form of inflation Consumer Price Index (“CPI”) swaps, interest rate swaps and credit default swaps for hedging purposes. The High Income Municipal Portfolio also utilized credit default swaps for investment purposes. During both periods, interest rate swaps detracted from absolute returns for all Portfolios. During both periods, credit default swaps had no material impact on the National, New York and High Income Municipal Portfolios and detracted for the California Portfolio. CPI swaps had no material impact on all Portfolios for the six-month period and added for the 12-month period. The High Income Municipal Portfolio used municipal market data rate locks for investment purposes, which had no material impact on returns for either period.

MARKET REVIEW AND INVESTMENT STRATEGY

Yields rose toward the end of both the six- and 12-month periods ended May 31, 2022. During the 12-month period, the yield on a 10-Year AAA municipal bond rose to 2.47% from 0.99% and the yield on the 10-Year US Treasury rose to 2.85% from 1.62%. While demand for income remained strong during the first half of the 12-month reporting period, demand weakened during the first quarter of 2022 and into the second quarter, as investors pulled approximately $59 billion from the municipal market as of May 31, 2022.

In addition to broader fixed-income market volatility, these municipal market outflows contributed to municipal underperformance versus US Treasuries, with 10-Year AAA Muni/Treasury after-tax spreads widening 75 basis points (“b.p.”) during the 12-month period and 60 b.p. during the six-month period. Credit spreads widened over the 12-month period and widened modestly more during the six-month period.

The Portfolios’ Senior Investment Management Team continues to focus on real after-tax return by investing in municipal bonds that generate income exempt from federal income taxes.

The Portfolios may purchase municipal securities that are insured under policies issued by certain insurance companies. In the past, insured



4 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline.



Portfolio	Insured Bonds¹		Pre-refunded/ ETM²/Insured Bonds¹

California		4.21%		0.53%

High Income Municipal		1.43%		0.00%

National		5.08%		0.09%

New York		0.83%		0.00%

1	Breakdowns expressed as a percentage of investments in municipal bonds.

2	Escrowed to maturity.

INVESTMENT POLICIES

Each of the California, National and New York Portfolios pursues its objective by investing principally in high-yielding, predominantly investment-grade municipal securities. The High Income Municipal Portfolio pursues its objective by investing principally in high-yielding municipal securities that may be noninvestment grade or investment grade.

Each Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax for certain taxpayers. Each of the Portfolios that invests in a named state pursues its objective by investing at least 80% of its net assets in municipal securities issued by the named state or municipal securities with interest that is otherwise exempt from the named state’s income tax. The National Portfolio may invest 25% or more of its net assets in a single state.

The California, National and New York Portfolios may also invest in forward commitments; tender option bonds (“TOBs”); zero-coupon municipal securities; and variable-, floating- and inverse-floating-rate municipal securities; and derivatives, such as options, futures contracts, forwards and swaps.

(continued on next page)



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 5

The High Income Municipal Portfolio may invest without limit in lower-rated securities (“junk bonds”), which may include securities having the lowest rating, and in unrated securities that, in the Adviser’s judgment, would be lower-rated securities if rated. The Portfolio may invest in fixed-income securities with any maturity or duration. The Portfolio will seek to increase income for shareholders by investing in longer-maturity bonds. Consistent with its objective of seeking a higher level of income, the Portfolio may experience greater volatility and a higher risk of loss of principal than other municipal funds. The Portfolio may also invest in forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; and certain types of mortgage-related securities. The Portfolio may invest in derivatives, such as options, futures contracts, forwards and swaps. The Portfolio may make short sales of securities or maintain a short position and may use other investment techniques. The Portfolio may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.



6 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolios.

A Word About Risk

Market Risk: The value of the Portfolios’ assets will fluctuate as the bond market fluctuates. The value of the Portfolios’ 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.

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. 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.

Below Investment-Grade Securities Risk (High Income Municipal Portfolio): Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

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, public health crises, uncertainties related to the tax status of municipal securities, or 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 may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions,



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 7

DISCLOSURES AND RISKS (continued)

terrorism public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires, flooding or earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Portfolios. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Portfolios. 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.

Congress has previously considered making changes to the municipal securities provisions of the Internal Revenue Code that could change the US federal income tax treatment of certain types of municipal securities.

The Portfolios invest from time to time in municipal securities of issuers in Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, including as a result of the COVID-19 pandemic. 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 experience continued volatility.

Tax Risk: There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal, and if applicable, state income taxes. From time to time, the US government and the US Congress consider changes in federal 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 (“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



8 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

DISCLOSURES AND RISKS (continued)

investors anticipate adverse effects on the Portfolios or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolios would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolios’ yield.

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. The Portfolios may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

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 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.

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.

Leverage Risk (High Income Municipal Portfolio): To the extent the Portfolio uses leveraging techniques, such as TOBs, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

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 Portfolios. 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. Derivatives, especially over-the-counter derivatives, are also



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 9

DISCLOSURES AND RISKS (continued)

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.

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.

These risks are fully discussed in the Portfolios’ prospectus. As with all investments, you may lose money by investing in the Portfolios.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolios will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.

All fees and expenses related to the operation of the Portfolios have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Portfolios’ quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to their different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.



10 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

HISTORICAL PERFORMANCE

AB CALIFORNIA PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2012 TO 5/31/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB California Portfolio Class A shares (from 5/31/2012 to 5/31/2022) as compared to the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 11

HISTORICAL PERFORMANCE (continued)

AB CALIFORNIA PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						2.56%		4.54%

1 Year		-6.57%		-9.39%

5 Years		1.64%		1.02%

10 Years		2.46%		2.15%

CLASS C SHARES						1.90%		3.37%

1 Year		-7.19%		-8.11%

5 Years		0.90%		0.90%

10 Years³		1.71%		1.71%

ADVISOR CLASS SHARES⁴						2.90%		5.15%

1 Year		-6.34%		-6.34%

5 Years		1.89%		1.89%

10 Years		2.73%		2.73%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.77%, 1.52% and 0.52% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2022, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.

This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.



12 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB CALIFORNIA PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-11.71%

5 Years		0.59%

10 Years		1.93%

CLASS C SHARES

1 Year		-10.54%

5 Years		0.46%

10 Years¹		1.49%

ADVISOR CLASS SHARES²

1 Year		-8.74%

5 Years		1.47%

10 Years		2.51%

1	Assumes conversion of Class C shares into Class A shares after eight years.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 13

HISTORICAL PERFORMANCE

AB HIGH INCOME MUNICIPAL PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2012 TO 5/31/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB High Income Municipal Portfolio Class A shares (from 5/31/2012 to 5/31/2022) as compared to the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



14 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						4.03%		6.20%

1 Year		-7.68%		-10.46%

5 Years		3.05%		2.42%

10 Years		4.11%		3.80%

CLASS C SHARES						3.43%		5.28%

1 Year		-8.46%		-9.36%

5 Years		2.28%		2.28%

10 Years³		3.34%		3.34%

ADVISOR CLASS SHARES⁴						4.42%		6.80%

1 Year		-7.53%		-7.53%

5 Years		3.31%		3.31%

10 Years		4.38%		4.38%

CLASS Z SHARES⁴						4.41%		6.78%

1 Year		-7.52%		-7.52%

Since Inception⁵		3.15%		3.15%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios inclusive of interest expense as 0.85%, 1.61%, 0.60% and 0.59% for Class A, Class C, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Portfolios.

5	Inception date: 9/28/2018.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 15

HISTORICAL PERFORMANCE (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-15.38%

5 Years		1.52%

10 Years		3.29%

CLASS C SHARES

1 Year		-14.21%

5 Years		1.38%

10 Years¹		2.84%

ADVISOR CLASS SHARES²

1 Year		-12.48%

5 Years		2.42%

10 Years		3.88%

CLASS Z SHARES²

1 Year		-12.47%

Since Inception³		1.87%

1	Assumes conversion of Class C shares into Class A shares after eight years.

3	Inception date: 9/28/2018.



16 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

HISTORICAL PERFORMANCE

AB NATIONAL PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2012 TO 5/31/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB National Portfolio Class A shares (from 5/31/2012 to 5/31/2022) as compared to the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 17

HISTORICAL PERFORMANCE (continued)

AB NATIONAL PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						2.62%		4.03%

1 Year		-6.45%		-9.24%

5 Years		1.69%		1.07%

10 Years		2.42%		2.11%

CLASS C SHARES						1.97%		3.03%

1 Year		-7.16%		-8.08%

5 Years		0.93%		0.93%

10 Years³		1.68%		1.68%

ADVISOR CLASS SHARES⁴						2.98%		4.58%

1 Year		-6.22%		-6.22%

5 Years		1.95%		1.95%

10 Years		2.69%		2.69%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.78%, 1.53% and 0.53% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2022, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.



18 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB NATIONAL PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-11.64%

5 Years		0.66%

10 Years		1.88%

CLASS C SHARES

1 Year		-10.52%

5 Years		0.53%

10 Years¹		1.44%

ADVISOR CLASS SHARES²

1 Year		-8.71%

5 Years		1.53%

10 Years		2.46%

1	Assumes conversion of Class C shares into Class A shares after eight years.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 19

HISTORICAL PERFORMANCE

AB NEW YORK PORTFOLIO

GROWTH OF A $10,000 INVESTMENT IN THE PORTFOLIO (unaudited)

5/31/2012 TO 5/31/2022

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB New York Portfolio Class A shares (from 5/31/2012 to 5/31/2022) as compared to the performance of the Portfolio’s benchmark. Class A at Offering reflects the deduction of the maximum 3% sales charge from the initial $10,000 investment in the Portfolio and assumes the reinvestment of dividends and capital gains distributions.



20 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB NEW YORK PORTFOLIO

AVERAGE ANNUAL RETURNS AS OF MAY 31, 2022 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields¹		Taxable Equivalent Yields²

CLASS A SHARES						2.76%		4.77%

1 Year		-6.29%		-9.11%

5 Years		1.51%		0.89%

10 Years		2.06%		1.75%

CLASS C SHARES						2.11%		3.64%

1 Year		-6.91%		-7.83%

5 Years		0.75%		0.75%

10 Years³		1.31%		1.31%

ADVISOR CLASS SHARES⁴						3.11%		5.37%

1 Year		-6.06%		-6.06%

5 Years		1.76%		1.76%

10 Years		2.32%		2.32%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.80%, 1.55% and 0.55% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expenses to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to September 30, 2022, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	SEC yields are calculated based on SEC guidelines for the 30-day period ended May 31, 2022.

2	Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3	Assumes conversion of Class C shares into Class A shares after eight years.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 21

HISTORICAL PERFORMANCE (continued)

AB NEW YORK PORTFOLIO

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

JUNE 30, 2022 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-11.79%

5 Years		0.42%

10 Years		1.50%

CLASS C SHARES

1 Year		-10.66%

5 Years		0.29%

10 Years¹		1.06%

ADVISOR CLASS SHARES²

1 Year		-8.85%

5 Years		1.29%

10 Years		2.08%

1	Assumes conversion of Class C shares into Class A shares after eight years.



22 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 23

EXPENSE EXAMPLE (continued)

(unaudited)

AB California Portfolio


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	929.10	$	3.61		0.75	%
Hypothetical**	$	1,000	$	1,021.19	$	3.78		0.75	%
Class C
Actual	$	1,000	$	925.60	$	7.20		1.50	%
Hypothetical**	$	1,000	$	1,017.45	$	7.54		1.50	%
Advisor Class
Actual	$	1,000	$	930.30	$	2.41		0.50	%
Hypothetical**	$	1,000	$	1,022.44	$	2.52		0.50	%

AB High Income Municipal Portfolio


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	902.20	$	4.13		0.87	%
Hypothetical**	$	1,000	$	1,020.59	$	4.38		0.87	%
Class C
Actual	$	1,000	$	898.70	$	7.67		1.62	%
Hypothetical**	$	1,000	$	1,016.85	$	8.15		1.62	%
Advisor Class
Actual	$	1,000	$	903.20	$	2.94		0.62	%
Hypothetical**	$	1,000	$	1,021.84	$	3.13		0.62	%
Class Z
Actual	$	1,000	$	903.30	$	2.89		0.61	%
Hypothetical**	$	1,000	$	1,021.89	$	3.07		0.61	%

AB National Portfolio


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	926.90	$	3.60		0.75	%
Hypothetical**	$	1,000	$	1,021.19	$	3.78		0.75	%
Class C
Actual	$	1,000	$	923.30	$	7.19		1.50	%
Hypothetical**	$	1,000	$	1,017.45	$	7.54		1.50	%
Advisor Class
Actual	$	1,000	$	928.10	$	2.40		0.50	%
Hypothetical**	$	1,000	$	1,022.44	$	2.52		0.50	%



24 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)

AB New York Portfolio


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	927.00	$	3.60		0.75	%
Hypothetical**	$	1,000	$	1,021.19	$	3.78		0.75	%
Class C
Actual	$	1,000	$	923.50	$	7.19		1.50	%
Hypothetical**	$	1,000	$	1,017.45	$	7.54		1.50	%
Advisor Class
Actual	$	1,000	$	928.20	$	2.40		0.50	%
Hypothetical**	$	1,000	$	1,022.44	$	2.52		0.50	%

*	Expenses are equal to the classes’ annualized expense ratios (interest expense incurred), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

**	Assumes 5% annual return before expenses.



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 25

BOND RATING SUMMARY¹

May 31, 2022 (unaudited)

LOGO

All data are as of May 31, 2022. The Portfolio’s quality rating breakdown is expressed as a percentage of the Portfolio’s total investments in municipal securities and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). 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 Portfolio 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 the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy 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.



26 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

BOND RATING SUMMARY¹ (continued)

May 31, 2022 (unaudited)

LOGO



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 27

PORTFOLIO OF INVESTMENTS

AB CALIFORNIA PORTFOLIO

May 31, 2022


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 95.3%
Long-Term Municipal Bonds – 89.2%
California – 84.4%
Alameda Corridor Transportation Authority Series 2016-B 5.00%, 10/01/2035-10/01/2037	$	18,255	$	19,269,824
Anaheim Housing & Public Improvements Authority (City of Anaheim CA Electric System Revenue) Series 2020 2.792%, 10/01/2032		5,000		4,440,442
Series 2020-A 5.00%, 10/01/2045		1,500		1,602,241
Series 2020-C 5.00%, 10/01/2045		1,000		1,068,161
Bay Area Toll Authority Series 2013-S 5.00%, 04/01/2031 (Pre-refunded/ETM)		8,500		8,737,493
5.00%, 04/01/2033 (Pre-refunded/ETM)		4,200		4,317,350
Series 2021 1.07% (MUNIPSA + 0.28%), 04/01/2056^(a)		2,500		2,478,717
1.09% (MUNIPSA + 0.30%), 04/01/2056^(a)		2,000		1,924,195
1.20% (MUNIPSA + 0.41%), 04/01/2056^(a)		10,000		9,599,088
California Community Choice Financing Authority Series 2021-B 4.00%, 02/01/2052		6,345		6,568,074
California Community College Financing Authority (NCCD-Orange Coast Properties LLC) Series 2018 5.25%, 05/01/2043-05/01/2048		5,350		5,426,675
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2043-02/01/2056^(b)		3,350		3,020,428
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(b)		2,000		1,870,081



28 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056^(b)	$	500	$	379,025
4.00%, 08/01/2046^(b)		4,000		3,298,196
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 3.00%, 02/01/2057^(b)		1,000		756,520
California County Tobacco Securitization Agency Series 2020-A 4.00%, 06/01/2040-06/01/2049		13,520		13,566,366
Series 2020-B 1.75%, 06/01/2030		110		110,000
California Educational Facilities Authority (Art Center College of Design) Series 2018-A 5.00%, 12/01/2037-12/01/2044		8,150		8,704,789
California Educational Facilities Authority (Chapman University) Series 2015 5.00%, 04/01/2035		4,415		4,715,678
California Educational Facilities Authority (Leland Stanford Junior University (The)) Series 2007-T 5.00%, 03/15/2039		16,535		20,576,794
Series 2021 5.00%, 04/01/2051		2,000		2,592,079
California Educational Facilities Authority (Loma Linda University) Series 2017-A 5.00%, 04/01/2047		4,000		4,311,507
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2031		2,000		2,169,143
California Enterprise Development Authority (Provident Group-SDSU Properties LLC) Series 2020-A 5.00%, 08/01/2050		1,030		1,061,959



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 29

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2042^(b)	$	1,000	$	907,468
California Enterprise Development Authority (Rocklin Academy (The)) Series 2021 4.00%, 06/01/2051-06/01/2061^(b)		1,465		1,231,551
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2035-08/15/2047		7,365		7,809,864
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 4.00%, 04/01/2037-04/01/2040		15,165		15,231,495
California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford Obligated Group) Series 2022-A 4.00%, 05/15/2046-05/15/2051		15,865		15,932,822
California Health Facilities Financing Authority (Providence St. Joseph Health Obligated Group) Series 2013-A 5.00%, 07/01/2033 (Pre-refunded/ETM)		5,000		5,178,843
California Housing Finance Agency Series 2019-2 4.00%, 03/20/2033		7,928		7,930,276
Series 2021-1, Class A 3.50%, 11/20/2035		7,226		6,925,333
Series 2021-2 0.823%, 03/25/2035		3,000		180,750
California Infrastructure & Economic Development Bank Series 2022 0.85%, 01/01/2050 (Pre-refunded/ETM)^(b)		7,500		7,434,386
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2021 1.14% (MUNIPSA + 0.35%), 08/01/2047^(a)		6,300		6,242,594



30 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Infrastructure & Economic Development Bank (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2016 5.00%, 01/01/2036^(b)	$	1,500	$	1,318,122
California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) Series 2021-A1 5.00%, 01/01/2056^(b)		1,250		1,202,773
California Municipal Finance Authority Series 2015-A 5.00%, 02/01/2046 (Pre-refunded/ETM)		1,380		1,487,473
California Municipal Finance Authority (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group) Series 2016-A 5.00%, 06/01/2036-06/01/2046		3,400		3,523,726
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2035-04/01/2041		5,960		6,218,992
California Municipal Finance Authority (Biola University, Inc.) Series 2017 5.00%, 10/01/2032-10/01/2039		7,510		8,101,592
California Municipal Finance Authority (California Institute of the Arts) Series 2021 4.00%, 10/01/2046-10/01/2051		2,165		2,185,043
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2041-05/15/2052		14,250		14,769,916
California Municipal Finance Authority (Congregational Homes, Inc. Obligated Group) Series 2022 4.00%, 11/15/2052		1,000		885,758
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2014 5.25%, 01/01/2045		1,295		1,081,565



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 31

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Municipal Finance Authority (Inland Regional Center) Series 2015 5.00%, 06/15/2032	$	5,000	$	5,376,454
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2036-12/31/2037		9,685		10,201,020
California Municipal Finance Authority (United Airlines, Inc.) Series 2019 4.00%, 07/15/2029		5,000		4,890,223
California Municipal Finance Authority (UTS Bioenergy LLC) Series 2011-A1 7.50%, 12/01/2032^(c)(d)(e)		2,745		54,900
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2019 5.00%, 07/01/2039-11/21/2045^(b)		17,740		18,715,061
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040^(b)		2,200		1,487,216
California Public Finance Authority (California University of Science & Medicine Obligated Group) Series 2019 6.25%, 07/01/2054^(b)		2,000		2,193,807
California Public Finance Authority (Enso Village) Series 2021 2.125%, 11/15/2027^(b)		2,500		2,376,139
California Public Finance Authority (Henry Mayo Newhall Hospital Obligated Group) Series 2017 5.00%, 10/15/2037-10/15/2047		3,665		3,802,427
California School Finance Authority (ACE Charter Schools Obligated Group) Series 2016 5.00%, 06/01/2042^(b)		2,750		2,773,764
California School Finance Authority (Alliance for College Ready Public Schools Obligated Group) Series 2015-A 5.00%, 07/01/2045^(b)		4,675		4,807,218



32 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2016 5.25%, 07/01/2052	$	2,500	$	2,603,031
California School Finance Authority (Bright Star Schools Obligated Group) Series 2017 5.00%, 06/01/2037-06/01/2047^(b)		2,765		2,824,023
California School Finance Authority (Classical Academy Obligated Group) Series 2020-A 5.00%, 10/01/2050^(b)		3,000		3,056,602
Series 2022 5.00%, 10/01/2061^(b)(f)		2,000		2,025,965
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 5.00%, 06/01/2046-06/01/2051^(b)		5,235		5,267,411
California School Finance Authority (Ednovate Obligated Group) Series 2018 5.00%, 06/01/2037^(b)		430		446,146
California School Finance Authority (Equitas Academy Obligated Group) Series 2018-A 5.00%, 06/01/2035^(b)		4,770		4,897,136
California School Finance Authority (Fenton Charter Public Schools) Series 2020-A 5.00%, 07/01/2058^(b)		625		633,078
California School Finance Authority (Green Dot Public Schools Obligated Group) Series 2015-A 5.00%, 08/01/2045^(b)		1,000		1,026,553
California School Finance Authority (Kipp SoCal Public Schools Obligated Group) Series 2017-A 5.00%, 07/01/2037-07/01/2047^(b)		3,420		3,571,799
California School Finance Authority (Kipp SoCal Public Schools) Series 2014-A 5.00%, 07/01/2034		600		615,685
California School Finance Authority (Rocketship Education Obligated Group) Series 2016-A 5.00%, 06/01/2036-06/01/2046^(b)		3,500		3,587,597



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 33

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017 5.125%, 06/01/2047^(b)	$	700	$	718,416
Series 2017-G 5.00%, 06/01/2037-06/01/2053^(b)		1,910		1,962,124
California School Finance Authority (Summit Public Schools Obligated Group) Series 2017 5.00%, 06/01/2047-06/01/2053^(b)		4,950		5,079,999
California School Finance Authority (View Park Elementary & Middle Schools) Series 2014 5.625%, 10/01/2034		575		597,509
5.875%, 10/01/2044		1,000		1,039,683
6.00%, 10/01/2049		715		744,048
California State University Series 2020-D 1.49%, 11/01/2028		1,500		1,297,783
Series 2021-B 2.144%, 11/01/2033		6,000		4,827,826
California Statewide Communities Development Authority AGM Series 2014 5.00%, 11/15/2034 (Pre-refunded/ETM)		2,500		2,685,171
5.00%, 11/15/2044 (Pre-refunded/ETM)		2,000		2,148,137
California Statewide Communities Development Authority (American Baptist Homes of the West Obligated Group) Series 2015 5.00%, 10/01/2026-10/01/2045		5,645		5,962,385
California Statewide Communities Development Authority (California Baptist University) Series 2017-A 5.00%, 11/01/2032-11/01/2041^(b)		3,010		3,198,118
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2034-05/15/2036		3,910		4,150,993
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2035		1,000		1,120,217



34 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2019 5.00%, 06/01/2051^(b)	$	2,150	$	2,215,217
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2036^(b)		5,000		5,103,698
Series 2018-A 5.50%, 12/01/2058^(b)		1,700		1,757,195
California Statewide Communities Development Authority (Moldaw Residences) Series 2014-A 5.25%, 11/01/2044^(b)		1,800		1,753,647
5.375%, 11/01/2049^(b)		2,500		2,455,891
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.25%, 07/01/2039-07/01/2052^(b)		6,535		6,102,844
Capistrano Unified School District School Facilities Improvement District No. 1 AGM Series 2001-B Zero Coupon, 08/01/2025		6,300		5,572,001
City of Atwater CA Wastewater Revenue AGM Series 2017-A 5.00%, 05/01/2040-05/01/2043		2,000		2,173,750
City of Encinitas CA Series 2012 5.00%, 09/01/2026 (Pre-refunded/ETM)		965		974,021
5.00%, 09/01/2027 (Pre-refunded/ETM)		955		963,928
5.00%, 09/01/2029 (Pre-refunded/ETM)		770		777,198
City of Fairfield CA (City of Fairfield CA COP) XLCA Series 2007 Zero Coupon, 04/01/2035		3,700		2,377,126
City of Irvine CA (City of Irvine CA Assessment Dist No. 13-1) Series 2013 5.00%, 09/02/2027-09/02/2029		1,760		1,821,541



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 35

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City of Irvine CA (Irvine Community Facilities District No. 2013-3) Series 2018 5.00%, 09/01/2043-09/01/2048	$	6,650	$	7,072,456
City of Long Beach CA Marina System Revenue Series 2015 5.00%, 05/15/2032-05/15/2045		5,600		5,790,591
City of Los Angeles CA Wastewater System Revenue Series 2013-B 5.00%, 06/01/2031		5,000		5,162,073
City of Los Angeles Department of Airports Series 2019 4.00%, 05/15/2044		4,045		4,070,810
Series 2022 5.00%, 05/15/2045		1,500		1,665,745
City of Palo Alto CA (City of Palo Alto CA University Avenue AD) Series 2012 5.00%, 09/02/2025-09/02/2030		3,290		3,318,606
City of Redding CA Electric System Revenue NATL Series 1992 11.316%, 07/01/2022 (Pre-refunded/ETM)^(g)		100		101,001
City of Riverside CA Sewer Revenue Series 2015-A 5.00%, 08/01/2033		10,090		10,890,771
City of Roseville CA (Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2033-09/01/2034		2,320		2,480,722
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2036		640		676,170
City of San Francisco CA Public Utilities Commission Water Revenue Series 2020-E 2.825%, 11/01/2041		4,900		3,967,514



36 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC) Series 2017-A 5.00%, 03/01/2033-03/01/2037	$	8,400	$	8,941,374
City of Upland CA (San Antonio Regional Hospital) Series 2017 5.00%, 01/01/2032-01/01/2047		3,750		3,966,809
CMFA Special Finance Agency Series 2022-A 4.00%, 08/01/2058^(b)		2,000		1,735,744
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056^(b)		2,000		1,416,960
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056^(b)		3,000		2,803,854
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056^(b)		4,000		3,032,202
4.00%, 08/01/2047^(b)		1,830		1,505,791
Coast Community College District Series 2019-F 3.00%, 08/01/2036-08/01/2038		3,965		3,778,705
County of Sacramento CA (North Vineyard District 2005-2) Series 2016 5.00%, 09/01/2040-09/01/2045		2,240		2,348,386
County of Sacramento CA Airport System Revenue Series 2016-B 5.00%, 07/01/2036		1,755		1,875,593
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057^(b)		4,000		3,112,868
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 4.00%, 05/01/2057^(b)		1,000		770,790



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 37

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(b)	$	3,000	$	2,417,388
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056^(b)		5,000		4,390,773
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent) Series 2022 4.30%, 07/01/2059^(b)		1,000		910,530
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A2 3.125%, 08/01/2056^(b)		1,000		754,256
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 4.00%, 07/01/2058^(b)		1,000		754,437
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 4.00%, 09/01/2056^(b)		2,500		2,234,562
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 3.00%, 12/01/2056^(b)		1,000		757,061
4.00%, 12/01/2056^(b)		1,000		781,991
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 4.00%, 05/01/2057^(b)		2,000		1,544,121
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Towne at Glendale Apartments) Series 2022 Zero Coupon, 09/01/2062^(b)		1,645		958,788



38 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A2 4.00%, 07/01/2056^(b)	$	2,400	$	2,072,167
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048^(b)		3,000		2,245,923
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056^(b)		1,500		1,136,682
Fremont Community Facilities District No. 1 Series 2015 5.00%, 09/01/2040		4,000		4,158,684
Garden Grove Unified School District Series 2013-C 5.00%, 08/01/2032 (Pre-refunded/ETM)		2,535		2,634,751
Golden State Tobacco Securitization Corp. Series 2018-A 5.00%, 06/01/2047 (Pre-refunded/ETM)		9,940		9,940,000
Series 2021 3.115%, 06/01/2038		5,000		4,207,971
1.85%, 06/01/2031		1,205		1,195,031
3.85%, 06/01/2050		5,000		4,585,626
Hastings Campus Housing Finance Authority Series 2020-A 5.00%, 07/01/2045		5,000		5,285,564
Irvine Unified School District Series 2017-B 5.00%, 09/01/2047		1,000		1,050,996
Lake Elsinore Public Financing Authority Series 2015 5.00%, 09/01/2031-09/01/2035		4,525		4,736,680
Long Beach Bond Finance Authority (Aquarium of the Pacific) Series 2012 5.00%, 11/01/2028-11/01/2029		6,580		6,601,270
Los Angeles Community College District/CA Series 2019-K 4.00%, 08/01/2038		2,500		2,583,926



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 39

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Los Angeles County Public Works Financing Authority (County of Los Angeles CA Lease) Series 2022-G 5.00%, 12/01/2035^(f)	$	5,500	$	6,487,868
Los Angeles Unified School District/CA Series 2020-R 4.00%, 07/01/2036-07/01/2044		24,500		25,621,997
Los Angeles Unified School District/CA (Los Angeles Unified School District/CA COP) Series 2012-B 5.00%, 10/01/2028-10/01/2029		9,220		9,304,598
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-A 6.50%, 11/01/2039		830		1,061,908
Series 2009-B 6.50%, 11/01/2039		10,000		12,794,067
Menifee Union School District Series 2018 5.00%, 09/01/2043-09/01/2048		2,215		2,352,475
Metropolitan Water District of Southern California Series 2021-D 0.93% (MUNIPSA + 0.14%), 07/01/2037^(a)		2,100		2,094,592
Oakland Unified School District/Alameda County Series 2015-A 5.00%, 08/01/2031 (Pre-refunded/ETM)		1,640		1,791,125
5.00%, 08/01/2032 (Pre-refunded/ETM)		1,500		1,638,224
5.00%, 08/01/2033 (Pre-refunded/ETM)		2,200		2,402,728
Orange County Transportation Authority (91 Express Lanes Toll Road) Series 2013 5.00%, 08/15/2029		2,360		2,451,517
Orange County Water District Series 2019-C 4.00%, 08/15/2034		1,250		1,339,973
Oxnard Financing Authority AGM Series 2014 5.00%, 06/01/2031		5,250		5,532,773
Palomar Health Series 2016-A 5.00%, 08/01/2031		1,285		1,400,611



40 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Palomar Health (Palomar Health Obligated Group) Series 2016 5.00%, 11/01/2036	$	5,000	$	5,273,457
Series 2017 5.00%, 11/01/2042		1,000		1,056,759
Poway Unified School District Series 2012 5.00%, 09/01/2026 (Pre-refunded/ETM)		970		978,946
Poway Unified School District Public Financing Authority Series 2015-A 5.00%, 09/01/2033-09/01/2034		2,495		2,610,392
Redding Joint Powers Financing Authority Series 2015-A 5.00%, 06/01/2030		1,350		1,468,542
Regents of the University of California Medical Center Pooled Revenue Series 2022-P 5.00%, 05/15/2040		10,000		11,615,792
Rialto Redevelopment Agency Series 2018 5.00%, 09/01/2032-09/01/2037		3,235		3,634,926
Riverside County Transportation Commission Series 2013-A 5.25%, 06/01/2032 (Pre-refunded/ETM)		9,165		9,492,980
Series 2021 4.00%, 06/01/2046		5,000		4,976,482
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 0.90% (LIBOR 3 Month + 0.55%), 06/01/2034^(a)		1,450		1,351,744
0.92% (LIBOR 3 Month + 0.57%), 06/01/2039^(a)		5,375		4,837,466
San Diego County Regional Airport Authority Series 2019-A 4.00%, 07/01/2037-07/01/2038		4,500		4,677,464
Series 2020 5.00%, 07/01/2035-07/01/2040		2,155		2,345,861
Series 2021-A 4.00%, 07/01/2056		4,750		4,834,414
Series 2021-B 4.00%, 07/01/2046		2,500		2,491,974



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 41

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

San Diego Unified School District/CA Series 2013-C 5.00%, 07/01/2032 (Pre-refunded/ETM)	$	3,180	$	3,297,231
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay South Public Imp) Series 2013-A 5.00%, 08/01/2029		1,310		1,314,374
San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco – Mission Bay South) Series 2016-B 5.00%, 08/01/2033-08/01/2035		2,000		2,188,185
Series 2016-C 5.00%, 08/01/2032-08/01/2035		2,000		2,189,507
San Francisco Intl Airport (San Francisco Intl Airport) Series 2017-A 5.00%, 05/01/2042		2,000		2,127,004
Series 2022-A 4.00%, 05/01/2052		10,000		9,884,772
Series 2022-C 3.283%, 05/01/2036		3,000		2,605,755
San Joaquin Hills Transportation Corridor Agency Series 1993 Zero Coupon, 01/01/2023 (Pre-refunded/ETM)		25,000		24,792,635
Sierra Joint Community College District School Facilities District No. 2 NATL Series 2007-B Zero Coupon, 06/01/2032		5,485		3,997,809
Southern California Public Power Authority (Los Angeles Department of Water & Power PWR) Series 2014-A 5.00%, 07/01/2033-07/01/2034		8,200		8,672,705
State of California Series 2004 5.30%, 04/01/2029		5		5,014
Series 2013 5.00%, 02/01/2031		5,000		5,106,318
Series 2014 5.00%, 12/01/2030		2,000		2,095,549



42 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2019 5.00%, 04/01/2029	$	10,000	$	11,648,017
Stockton Redevelopment Agency Successor Agency AGM Series 2016-A 5.00%, 09/01/2033-09/01/2034		3,800		4,166,603
Successor Agency to the Redev of San Francisco – Mission Bay North Series 2016-A 5.00%, 08/01/2032-08/01/2036		3,500		3,827,976
Tejon Ranch Public Facilities Finance Authority (Tejon Ranch Public Facilities Finance Authority CFD No. 1) Series 2012 5.25%, 09/01/2026-09/01/2028		2,375		2,389,137
5.50%, 09/01/2030-09/01/2033		2,135		2,145,835
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		10,000		1,850,357
0.45%, 06/01/2030		100		100,000
4.00%, 06/01/2022		1,250		1,250,000
5.00%, 06/01/2023		1,160		1,187,477
Tobacco Securitization Authority of Southern California Series 2019 5.00%, 06/01/2037-06/01/2048		14,825		15,393,786
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev) Series 2020 5.00%, 10/01/2040-10/01/2049		5,200		5,730,909
Upland Unified School District Series 2011-C Zero Coupon, 08/01/2035		1,020		659,146
Walnut Energy Center Authority Series 2014 5.00%, 01/01/2031-01/01/2032		7,700		8,148,583
Washington Township Health Care District Series 2017-B 5.00%, 07/01/2032-07/01/2033		3,500		3,733,067

				822,013,007



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 43

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Alabama – 0.0%
Tuscaloosa County Industrial Development Authority (Hunt Refining Co.) Series 2019-A 5.25%, 05/01/2044^(b)	$	440	$	445,574


American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		430		470,246
Series 2018 7.125%, 09/01/2038^(b)		1,385		1,645,381

				2,115,627

Georgia – 0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2037-01/01/2059		1,390		1,485,618


Guam – 1.7%
Antonio B Won Pat International Airport Authority Series 2021-A 3.839%, 10/01/2036		700		623,377
Guam Government Waterworks Authority Series 2016 5.00%, 01/01/2046		1,335		1,421,431
Guam Power Authority Series 2017-A 5.00%, 10/01/2036-10/01/2040		5,240		5,534,251
Series 2022-A 5.00%, 10/01/2044^(f)		3,700		3,954,431
Territory of Guam Series 2019 5.00%, 11/15/2031		290		300,669
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029-12/01/2032		4,675		5,052,231

				16,886,390

Illinois – 0.2%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031		2,000		2,113,488



44 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Louisiana – 0.0%
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 07/01/2040-10/01/2040^(b)	$	335	$	383,252


Michigan – 0.0%
City of Detroit MI Series 2018 5.00%, 04/01/2036		305		322,239


New York – 0.1%
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036		535		514,438


Ohio – 0.2%
Ohio Water Development Authority Water Pollution Control Loan Fund (Energy Harbor Nuclear Generation LLC) Series 2016-A 4.375%, 06/01/2033		1,700		1,700,000


Puerto Rico – 1.6%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024-07/01/2033		1,923		1,362,000
4.00%, 07/01/2033-07/01/2046		447		435,894
5.25%, 07/01/2023		566		573,253
5.375%, 07/01/2025		521		548,000
5.625%, 07/01/2027-07/01/2029		1,516		1,663,720
5.75%, 07/01/2031		145		164,200
Series 2022-C 0.00%, 11/01/2043		68		34,943
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		1,000		1,048,041
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041		725		767,737
AGC Series 2007-C 5.50%, 07/01/2031		140		150,038
AGC Series 2007-N 5.25%, 07/01/2034-07/01/2036		2,090		2,215,531



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 45

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	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	$	2,110	$	2,186,778
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		847		644,635
Series 2019-A 4.329%, 07/01/2040		1,065		1,063,668
4.55%, 07/01/2040		90		90,941
5.00%, 07/01/2058		2,650		2,694,296

				15,643,675

Tennessee – 0.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(b)		1,010		1,012,954


Texas – 0.2%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031^(b)		1,805		1,871,160


Washington – 0.1%
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2044-01/01/2055^(b)		640		596,417


Wisconsin – 0.2%
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 5.00%, 11/01/2054		115		112,823
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041^(b)		2,000		1,921,877

				2,034,700

Total Long-Term Municipal Bonds (cost $908,964,803)				869,138,539



46 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Short-Term Municipal Notes – 6.1%
California – 6.1%
Abag Finance Authority for Nonprofit Corps. (Sharp Healthcare Obligated Group) Series 2009-D 0.70%, 08/01/2035^(h)	$	1,800	$	1,800,000
Antelope Valley-East Kern Water Agency Series 2008-A 0.73%, 06/01/2037^(h)		1,125		1,125,000
California Statewide Communities Development Authority (Scripps Health Obligated Group) Series 2012-A 0.70%, 08/01/2035^(h)		11,410		11,410,000
California Statewide Communities Development Authority (Western University of Health Sciences) Series 2019 0.73%, 06/01/2039^(h)		5,470		5,470,000
Calleguas-Las Virgenes Public Financing Authority Series 2008-A 0.77%, 07/01/2037^(h)		2,355		2,355,000
County of Los Angeles CA Series 2021 4.00%, 06/30/2022		19,610		19,657,176
County of San Bernardino CA (WLP Green Valley Apartments LLC) Series 1999 0.75%, 05/15/2029^(h)		1,000		1,000,000
County of San Bernardino CA (WLP Mountain View Apartments LLC) Series 2004-A 0.75%, 02/15/2027^(h)		3,545		3,545,000
County of San Bernardino CA (WLP Parkview Place Apartments LLC) Series 2004-A 0.75%, 02/15/2027^(h)		2,150		2,150,000
San Francisco City & County Redevelopment Agency Successor Agency (Mercy Terrace LLC) Series 2005-A 0.75%, 06/15/2035^(h)		1,150		1,150,000
State of California Series 2018-C 0.65%, 05/01/2033^(h)		6,600		6,600,000



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 47

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Western Municipal Water District Facilities Authority Series 2017-A 0.68%, 10/01/2042^(h)	$	3,525	$	3,525,000


Total Short-Term Municipal Notes (cost $59,801,525)				59,787,176


Total Municipal Obligations (cost $968,766,328)				928,925,715


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%
Agency CMBS – 1.2%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		6,448		6,583,515
Series 2021-3, Class A 3.25%, 08/20/2036		1,985		1,850,941
Series 2021-3, Class X 0.764%, 08/20/2036⁽ⁱ⁾		2,630		170,928
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038		3,691		3,086,468


Total Commercial Mortgage-Backed Securities (cost $13,827,286)				11,691,852


	Shares
SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.71%^(j)(k)(l) (cost $12,518,065)		12,518,065		12,518,065


Total Investments – 97.8% (cost $995,111,679)				953,135,632
Other assets less liabilities – 2.2%				21,263,769


Net Assets – 100.0%			$	974,399,401



48 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA 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	6,350		01/15/2025	2.565%	CPI^#	Maturity	$	666,583		$	– 0	–	$	666,583
USD	3,340		01/15/2025	4.028%	CPI^#	Maturity		149,499			– 0	–		149,499
USD	3,175		01/15/2025	2.585%	CPI^#	Maturity		330,732			– 0	–		330,732
USD	3,175		01/15/2025	2.613%	CPI^#	Maturity		327,209			– 0	–		327,209
USD	37,160		01/15/2027	CPI^#	3.336%	Maturity		(2,212,370	)		– 0	–		(2,212,370	)
USD	10,000		01/15/2027	CPI^#	3.466%	Maturity		(513,546	)		(12,595	)		(500,951	)
USD	20,520		01/15/2028	1.230%	CPI^#	Maturity		4,090,740			– 0	–		4,090,740
USD	16,260		01/15/2028	0.735%	CPI^#	Maturity		3,837,583			– 0	–		3,837,583
USD	16,830		01/15/2029	CPI^#	3.735%	Maturity		(166,390	)		– 0	–		(166,390	)
USD	3,150		01/15/2029	CPI^#	3.408%	Maturity		(119,856	)		– 0	–		(119,856	)
USD	6,300		01/15/2030	1.572%	CPI^#	Maturity		1,221,875			– 0	–		1,221,875
USD	6,300		01/15/2030	1.587%	CPI^#	Maturity		1,212,956			– 0	–		1,212,956
USD	655		01/15/2030	1.714%	CPI^#	Maturity		118,209			– 0	–		118,209
USD	655		01/15/2030	1.731%	CPI^#	Maturity		117,145			– 0	–		117,145
USD	6,200		01/15/2031	2.782%	CPI^#	Maturity		551,791			– 0	–		551,791
USD	5,700		01/15/2031	2.680%	CPI^#	Maturity		566,366			– 0	–		566,366
USD	5,120		01/15/2032	CPI^#	3.064%	Maturity		(291,281	)		– 0	–		(291,281	)
USD	5,250		04/15/2032	CPI^#	2.909%	Maturity		(373,230	)		– 0	–		(373,230	)
USD	1,120		04/15/2032	CPI^#	2.748%	Maturity		(99,815	)		– 0	–		(99,815	)

							$	9,414,200		$	(12,595	)	$	9,426,795

#	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	40,000		01/15/2027	1 Day SOFR	2.719%	Annual	$	336,080		$	– 0	–	$	336,080
USD	20,000		01/15/2028	1.092%	3 Month LIBOR	Semi-Annual/ Quarterly		1,782,993			– 0	–		1,782,993
USD	17,500		01/15/2028	1.208%	3 Month LIBOR	Semi-Annual/ Quarterly		1,446,229			– 0	–		1,446,229
USD	17,000		04/15/2032	1.280%	1 Day SOFR	Annual		1,991,953			– 0	–		1,991,953
USD	15,000		04/15/2032	2.891%	1 Day SOFR	Annual		(354,083	)		– 0	–		(354,083	)
USD	13,900		04/15/2032	1.284%	1 Day SOFR	Annual		1,624,408			– 0	–		1,624,408
USD	9,000		04/15/2032	1.729%	1 Day SOFR	Annual		697,314			– 0	–		697,314
USD	8,000		04/15/2032	1.618%	1 Day SOFR	Annual		698,073			– 0	–		698,073
USD	13,000		02/15/2041	1 Day SOFR	2.654%	Annual		(80,640	)		– 0	–		(80,640	)
USD	5,370		04/15/2044	0.962%	3 Month LIBOR	Semi-Annual/ Quarterly		1,773,313			– 0	–		1,773,313

							$	9,915,640		$	– 0	–	$	9,915,640



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 49

PORTFOLIO OF INVESTMENTS (continued)

AB CALIFORNIA 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

12,620

10/09/2029

1.125

SIFMA

Quarterly

1,146,402

– 0 –

1,146,402

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

(a)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2022.

(b)

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 May 31, 2022, the aggregate market value of these securities amounted to $154,668,717 or 15.9% of net assets.

(c)	Non-income producing security.

(d)	Defaulted.

(e)	Restricted and illiquid security.


Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
California Municipal Finance Authority (UTS Bioenergy LLC) Series 2011-A1
7.50%, 12/01/2032		12/22/2011	$	2,745,000	$	54,900		0.01	%

(f)	When-Issued or delayed delivery security.

(g)	Inverse floater security.

(h)

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.

(i)	IO – Interest Only.

(j)	Affiliated investments.

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

(l)	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 May 31, 2022, 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 4.2% and 0.5%, respectively.

Glossary:

AD – Assessment District

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CFD – Community Facilities District

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

XLCA – XL Capital Assurance Inc.

See notes to financial statements.



50 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS

AB HIGH INCOME MUNICIPAL PORTFOLIO

May 31, 2022


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 110.8%
Long-Term Municipal Bonds – 110.7%
Alabama – 0.9%
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052	$	3,000	$	3,102,739
County of Jefferson AL Sewer Revenue Series 2013-D 6.00%, 10/01/2042		18,565		20,313,052
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2016-A 5.00%, 09/01/2046		1,000		1,132,285
Tuscaloosa County Industrial Development Authority (Hunt Refining Co.) Series 2019-A 5.25%, 05/01/2044^(a)		6,450		6,531,708

				31,079,784

American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		7,095		7,759,054


Arizona – 2.1%
Arizona Industrial Development Authority Series 2019-2 3.625%, 05/20/2033		10,845		10,912,416
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2021 4.00%, 11/01/2051^(a)		10,000		9,182,802
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050^(a)		9,030		10,298,377
Series 2021-A 5.50%, 07/01/2031^(a)		280		286,213
6.00%, 07/01/2051^(a)		3,000		3,096,639
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2050^(a)		1,000		864,327



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 51

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Glendale Industrial Development Authority (Beatitudes Campus Obligated Group (The)) Series 2017 5.00%, 11/15/2040	$	2,865	$	2,777,633
Industrial Development Authority of the City of Phoenix (The) (GreatHearts Arizona Obligated Group) Series 2014 5.00%, 07/01/2044		10,690		10,852,570
Industrial Development Authority of the County of Pima (The) (Edkey, Inc. Obligated Group) Series 2020 5.00%, 07/01/2040-07/01/2055^(a)		6,000		5,889,686
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018 6.00%, 07/01/2038^(a)		2,000		2,223,055
Series 2018-A 6.00%, 07/01/2052^(a)		5,170		5,661,714
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047^(a)		5,000		4,581,372
Maricopa County Industrial Development Authority (Reid Traditional Schools Obligated Group) Series 2016 5.00%, 07/01/2047		1,375		1,418,715
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		5,000		5,642,768
Tempe Industrial Development Authority (Mirabella at ASU, Inc.) Series 2017-A 6.125%, 10/01/2047^(a)		1,225		1,219,409

				74,907,696

California – 10.0%
Alameda Corridor Transportation Authority Series 2016-B 5.00%, 10/01/2035		5,000		5,280,763



52 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

ARC70 II TRUST Series 2021 4.00%, 12/01/2059	$	3,000	$	2,720,407
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2043-02/01/2056^(a)		10,555		9,614,233
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056^(a)		13,500		12,623,045
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056^(a)		11,070		8,391,618
4.00%, 08/01/2046^(a)		3,335		2,749,871
California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) Series 2022 Zero Coupon, 08/01/2065^(a)(b)		32,000		2,249,664
5.50%, 02/01/2040^(a)(b)		2,000		1,929,834
Series 2022-A 4.50%, 08/01/2052^(a)(b)		6,000		5,696,111
California County Tobacco Securitization Agency Series 2020-B Zero Coupon, 06/01/2055		22,000		3,962,814
California Educational Facilities Authority (Leland Stanford Junior University (The)) Series 2007-T 5.00%, 03/15/2039		1,925		2,395,544
Series 2010 5.25%, 04/01/2040^(c)		12,655		16,277,937
Series 2014-U 5.00%, 05/01/2045		5,505		7,027,234
Series 2019-V 5.00%, 05/01/2049		10,300		13,301,919
Series 2021 5.00%, 04/01/2051		12,330		15,980,166



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 53

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford Obligated Group) Series 2022-A 4.00%, 05/15/2051	$	10,000	$	10,004,840
California Housing Finance Agency Series 2019-2 4.00%, 03/20/2033		5,374		5,375,072
Series 2021-1, Class A 3.50%, 11/20/2035		4,272		4,093,956
Series 2021-2 0.823%, 03/25/2035		16,000		964,000
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2035		2,000		2,094,385
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2012-A 6.625%, 01/01/2032^(a)		965		965,175
6.875%, 01/01/2042^(a)		3,415		3,414,785
Series 2014 5.00%, 01/01/2035		1,050		930,065
5.25%, 01/01/2045		2,025		1,691,250
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 5.00%, 12/31/2043-12/31/2047		5,000		5,207,853
California Municipal Finance Authority (Partnerships to Uplift Communities Lakeview Terrace and Los Angeles Project) Series 2012-A 5.30%, 08/01/2047		1,675		1,675,131
California Municipal Finance Authority (UTS Bioenergy LLC) Series 2011-A1 7.50%, 12/01/2032^(d)(e)(f)		3,795		75,900
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 11/21/2045^(a)		8,595		8,626,376
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040^(a)		515		348,144



54 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

California Public Finance Authority (Enso Village) Series 2021 5.00%, 11/15/2036-11/15/2056^(a)	$	4,000	$	4,004,952
California School Finance Authority (ACE Charter Schools Obligated Group) Series 2016 5.00%, 06/01/2052^(a)		1,895		1,897,715
California School Finance Authority (Alliance for College Ready Public Schools Obligated Group) Series 2016-A 5.00%, 07/01/2046-07/01/2051^(a)		5,250		5,391,062
California School Finance Authority (Bright Star Schools Obligated Group) Series 2017 5.00%, 06/01/2054^(a)		1,165		1,179,887
California School Finance Authority (Kipp SoCal Public Schools) Series 2014-A 5.125%, 07/01/2044		2,850		2,920,460
California School Finance Authority (Partnerships to Uplift Communities Valley Project) Series 2014-A 6.40%, 08/01/2034^(a)		1,000		1,037,050
6.75%, 08/01/2044^(a)		6,180		6,427,217
California Statewide Communities Development Authority (Amino Inglewood CA High School) Series 2011-A 7.25%, 08/01/2041		2,000		2,006,103
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041-12/01/2046^(a)		10,185		10,329,421
Series 2018 5.25%, 12/01/2048^(a)		6,080		6,222,460
CMFA Special Finance Agency Series 2022-A 4.00%, 08/01/2058^(a)		10,000		8,678,719
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056^(a)		2,800		1,983,743



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 55

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056^(a)	$	4,000	$	3,738,472
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056^(a)		6,000		4,548,302
4.00%, 08/01/2047^(a)		3,000		2,468,509
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057^(a)		1,500		1,167,325
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.25%, 05/01/2057^(a)		7,500		5,727,197
4.00%, 05/01/2057^(a)		10,000		7,707,896
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2056^(a)		10,000		9,344,784
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056^(a)		7,500		6,586,160
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent) Series 2022 4.30%, 07/01/2059^(a)		10,000		9,105,297
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A2 3.125%, 08/01/2056^(a)		3,105		2,341,965



56 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.25%, 07/01/2056^(a)	$	5,800	$	4,401,967
4.00%, 07/01/2058^(a)		7,360		5,552,658
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) Series 2021 3.25%, 12/01/2058^(a)		5,500		4,099,164
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 3.00%, 12/01/2056^(a)		2,000		1,514,122
4.00%, 12/01/2056^(a)		9,600		7,507,110
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 4.00%, 05/01/2057^(a)		1,000		772,060
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A 3.10%, 07/01/2045^(a)		5,000		4,051,045
Series 2021-A2 4.00%, 07/01/2056^(a)		10,000		8,634,031
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056^(a)		2,000		1,515,576
Golden State Tobacco Securitization Corp. Series 2021-B Zero Coupon, 06/01/2066		24,775		3,264,431
Hastings Campus Housing Finance Authority Series 2020-A 5.00%, 07/01/2061		16,525		17,238,211
Los Angeles Unified School District/CA Series 2020-C 4.00%, 07/01/2040^(c)		10,005		10,439,815
San Diego Unified School District/CA Series 2010-C Zero Coupon, 07/01/2046		10,950		4,100,553



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 57

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

San Joaquin Hills Transportation Corridor Agency Series 2014-B 5.25%, 01/15/2044	$	4,000	$	4,155,597
Series 2021-A 4.00%, 01/15/2044		5,518		5,536,652
Southern California Logistics Airport Authority XLCA INS Series 2006 5.00%, 12/01/2036		3,600		3,702,975
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		3,250		601,366
Tobacco Securitization Authority of Southern California Series 2019 Zero Coupon, 06/01/2054		6,520		1,189,273
5.00%, 06/01/2039		680		738,248
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.) Series 2006 Zero Coupon, 06/01/2046		5,465		1,057,199

				350,554,841

Colorado – 2.1%
Aurora Highlands Community Authority Board Series 2021-A 5.75%, 12/01/2051		10,000		9,329,444
Broadway Station Metropolitan District No. 3 Series 2019 5.00%, 12/01/2039-12/01/2049		2,500		2,514,796
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2037^(a)		5,730		5,786,635
Central Platte Valley Metropolitan District Series 2014 5.00%, 12/01/2043		1,250		1,257,382
Clear Creek Station Metropolitan District No. 2 Series 2017-A 5.00%, 12/01/2047		1,000		999,058



58 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Colorado Educational & Cultural Facilities Authority (Aspen View Academy, Inc.) Series 2021 4.00%, 05/01/2051-05/01/2061	$	1,600	$	1,374,933
Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) Series 2021 4.00%, 10/01/2061		1,500		1,259,361
Colorado Educational & Cultural Facilities Authority (STEM School Academy) Series 2014 5.00%, 11/01/2044		890		900,911
5.125%, 11/01/2049		765		774,774
Colorado Health Facilities Authority (Aberdeen Ridge, Inc. Obligated Group) Series 2021-A 5.00%, 05/15/2044		2,000		1,861,333
Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) Series 2021 4.00%, 01/01/2042		1,750		1,525,089
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2038		735		734,719
5.00%, 08/01/2039-08/01/2044^(c)		9,595		10,020,251
Colorado Health Facilities Authority (Frasier Meadows Manor, Inc. Obligated Group) Series 2023-2 4.00%, 05/15/2041^(b)		1,175		1,041,808
Colorado Health Facilities Authority (Sunny Vista Living Center) Series 2015-A 6.125%, 12/01/2045^(a)		1,750		1,474,214
Copper Ridge Metropolitan District Series 2019 5.00%, 12/01/2039		1,405		1,351,765
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041^(a)		10,000		8,172,104
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		10,000		8,876,527



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 59

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Longs Peak Metropolitan District Series 2021 5.25%, 12/01/2051^(a)	$	2,000	$	1,734,398
Plaza Metropolitan District No. 1 Series 2013 5.00%, 12/01/2040^(a)		1,000		1,001,021
Pueblo Urban Renewal Authority Series 2021 4.75%, 12/01/2045^(a)		3,810		3,628,400
Riverwalk Metropolitan District No. 2 Series 2022-A 5.00%, 12/01/2042-12/01/2052		4,000		3,711,995
STC Metropolitan District No. 2 Series 2019-A 5.00%, 12/01/2038		1,060		1,072,701
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2017-A 5.00%, 12/01/2047		2,000		2,009,772
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050		221		205,777
AGM Series 2020 5.00%, 12/01/2027-12/01/2050		670		759,257

				73,378,425

Connecticut – 0.7%
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group) Series 2020-A 4.00%, 07/01/2036-07/01/2038		2,350		2,392,249
Connecticut State Health & Educational Facilities Authority (McLean Affiliates Obligated Group) Series 2020-B 2.75%, 01/01/2026^(a)		650		635,430
State of Connecticut Series 2013-E 5.00%, 08/15/2031^(c)		7,850		8,114,803
State of Connecticut Special Tax Revenue Series 2017 S-3 4.00%, 05/01/2039^(c)		9,015		9,237,329
Series 2020 4.00%, 05/01/2036^(c)		3,500		3,615,817

				23,995,628



60 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Delaware – 0.1%
Delaware River & Bay Authority Series 2022 5.00%, 01/01/2033-01/01/2037^(b)	$	2,650	$	3,046,487


District of Columbia – 1.0%
District of Columbia (Friendship Public Charter School, Inc.) Series 2016-A 5.00%, 06/01/2041-06/01/2046		3,705		3,810,519
District of Columbia (KIPP DC Obligated Group) Series 2017-A 5.00%, 07/01/2042-07/01/2048		6,800		7,120,952
District of Columbia Tobacco Settlement Financing Corp. Series 2006 Zero Coupon, 06/15/2055		163,875		13,206,274
Metropolitan Washington Airports Authority Aviation Revenue Series 2021-A 4.00%, 10/01/2051		9,180		9,173,522

				33,311,267

Florida – 7.2%
Alachua County Health Facilities Authority (Oak Hammock at the University of Florida Obligated Group) Series 2022 4.00%, 10/01/2040-10/01/2046^(b)		4,150		3,778,629
Alachua County Health Facilities Authority (Oak Hammock at the University of Florida, Inc.) Series 2012-A 8.00%, 10/01/2042-10/01/2046		4,065		4,232,338
Alachua County Health Facilities Authority (Shands Teaching Hospital & Clinics Obligated Group) Series 2014-A 5.00%, 12/01/2044		4,000		4,125,171
Align Affordable Housing Bond Fund LP (SHI – Lake Worth LLC) Series 2021 3.25%, 12/01/2051^(a)		15,000		11,200,051
Bexley Community Development District Series 2016 4.875%, 05/01/2047		2,055		2,057,452



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 61

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Brevard County Health Facilities Authority (Health First, Inc. Obligated Group) Series 2023 5.00%, 04/01/2027-04/01/2038^(b)	$	14,250	$	15,384,359
Cape Coral Health Facilities Authority (Gulf Care, Inc. Obligated Group) Series 2015 6.00%, 07/01/2050^(a)		1,550		1,552,060
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2028-10/01/2032		2,300		2,441,161
Capital Trust Agency, Inc. (Aviva Senior Life) Series 2017 5.00%, 07/01/2046^(a)		1,500		1,331,043
Capital Trust Agency, Inc. (Educational Growth Fund LLC) Series 2021 5.00%, 07/01/2056^(a)		3,000		3,023,843
Capital Trust Agency, Inc. (Team Success A School of Excellence, Inc.) Series 2020 5.00%, 06/01/2045-06/01/2055^(a)		2,000		1,866,578
City of Jacksonville FL (Genesis Health, Inc. Obligated Group) Series 2020 5.00%, 11/01/2050		12,190		13,012,294
City of Lakeland FL (Florida Southern College) Series 2012-A 5.00%, 09/01/2037-09/01/2042		1,500		1,506,530
City of Tallahassee FL (Tallahassee Memorial HealthCare, Inc.) Series 2015-A 5.00%, 12/01/2044		6,830		7,062,666
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2039-09/01/2053		4,250		1,569,381
County of Broward FL Airport System Revenue 5.00%, 10/01/2030-10/01/2039^(c)		9,680		10,630,037
Series 2019-A 5.00%, 10/01/2031^(c)		1,500		1,659,029
5.00%, 10/01/2036		3,000		3,291,674



62 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

County of Lake FL (Waterman Communities, Inc.) Series 2020 5.50%, 08/15/2040	$	3,000	$	2,972,510
County of Miami-Dade Seaport Department Series 2021-B 4.00%, 10/01/2046-10/01/2050		10,000		10,005,883
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2035-10/01/2039		1,595		838,493
County of Palm Beach FL (Provident Group-PBAU Properties LLC) Series 2019 5.00%, 04/01/2039-04/01/2051^(a)		2,470		2,416,177
Florida Atlantic University Finance Corp. Series 2019-A 5.00%, 07/01/2031-07/01/2036^(c)		11,700		13,193,455
Florida Development Finance Corp. (Brightline Trains Florida LLC) Series 2020 7.375%, 01/01/2049^(a)		5,000		5,049,938
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding Inc.) Series 2021 3.00%, 07/01/2031^(a)		675		609,591
4.00%, 07/01/2051^(a)		1,950		1,687,514
Florida Development Finance Corp. (Mater Academy, Inc.) Series 2020-A 5.00%, 06/15/2035-06/15/2055		4,435		4,569,535
Florida Higher Educational Facilities Financial Authority (Ringling College of Art and Design, Inc.) Series 2019 5.00%, 03/01/2044-03/01/2049		4,170		4,395,864
Greater Orlando Aviation Authority 5.00%, 10/01/2034-10/01/2044^(c)		13,000		14,177,028
Series 2019-A 5.00%, 10/01/2032^(c)		10,000		11,119,475
Hillsborough County Aviation Authority 5.00%, 10/01/2048^(c)		10,000		10,912,429
Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) Series 2022 5.25%, 10/01/2057		3,000		2,961,761



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 63

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.) Series 2014 5.00%, 11/15/2039-11/15/2044	$	14,850	$	15,209,847
North Broward Hospital District Series 2017-B 5.00%, 01/01/2037-01/01/2048		25,135		25,886,683
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2042^(b)		5,000		4,596,203
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2021 4.00%, 10/01/2041-10/01/2051		2,815		2,694,844
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 2.625%, 06/01/2025		1,180		1,146,280
Series 2022 4.25%, 06/01/2056		2,100		1,923,721
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033^(a)		2,000		2,142,344
Sarasota County Health Facilities Authority (Village On the Isle) Series 2017-A 5.00%, 01/01/2047-01/01/2052		6,950		6,960,313
Tampa Florida Hospitals 4.00%, 07/01/2045^(c)		15,415		15,311,661
Village Community Development District No. 13 Series 2020 3.50%, 05/01/2051^(a)		1,985		1,643,248
Series 2021 1.80%, 05/01/2026		400		368,815

				252,517,908



64 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Georgia – 0.7%
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System Obligated Group) Series 2017 5.00%, 08/01/2047	$	2,650	$	2,744,342
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052^(a)		10,000		10,001,279
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2038-01/01/2059		9,945		10,625,396

				23,371,017

Guam – 0.5%
Guam Government Waterworks Authority Series 2020-A 5.00%, 01/01/2050		2,790		3,059,359
Guam Power Authority Series 2022-A 5.00%, 10/01/2042-10/01/2043^(b)		7,500		8,026,555
Territory of Guam Series 2019 5.00%, 11/15/2031		890		922,742
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2036		5,000		4,713,161

				16,721,817

Idaho – 0.1%
Idaho Housing & Finance Association (Battelle Energy Alliance LLC) Series 2010-A 7.00%, 02/01/2036		4,000		4,008,984


Illinois – 11.3%
Chicago Board of Education Series 2015-C 5.25%, 12/01/2035-12/01/2039		15,500		15,905,978
Series 2016-A 7.00%, 12/01/2044		3,095		3,395,223
Series 2017-A 7.00%, 12/01/2046^(a)		4,975		5,629,011



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 65

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-B 6.75%, 12/01/2030^(a)	$	11,365	$	12,948,002
7.00%, 12/01/2042^(a)		2,400		2,730,581
Series 2017-C 5.00%, 12/01/2034		5,055		5,282,803
Series 2017-G 5.00%, 12/01/2044		8,150		8,427,517
Series 2018-A 5.00%, 12/01/2028-12/01/2033		11,150		11,808,009
Series 2018-C 5.00%, 12/01/2026		4,900		5,179,585
Series 2019-B 5.00%, 12/01/2030-12/01/2033		1,775		1,888,393
Series 2022-B 4.00%, 12/01/2041		5,000		4,824,806
Chicago O’Hare International Airport Series 2017-D 5.25%, 01/01/2036		5,000		5,437,503
Series 2018-A 5.00%, 01/01/2053^(c)		10,000		10,445,662
Series 2018-B 5.00%, 01/01/2053^(c)		10,000		10,682,514
Chicago Transit Authority (Chicago Transit Authority Sales Tax) Series 2020-A 4.00%, 12/01/2050-12/01/2055^(c)		14,760		14,754,263
City of Chicago IL Series 2014-A 5.00%, 01/01/2023 (Pre-refunded/ETM)		695		709,123
5.00%, 01/01/2036		1,080		1,095,726
Series 2015-2 5.00%, 01/01/2025		400		415,837
Series 2015-A 5.50%, 01/01/2033		1,000		1,042,460
Series 2016-C 5.00%, 01/01/2038		590		610,578
City of Chicago IL (Goldblatts Supportive Living Project) Series 2013 6.375%, 12/01/2052		7,950		5,322,588
Illinois Finance Authority 4.00%, 08/15/2036-08/15/2041^(c)		16,250		16,651,700
Illinois Finance Authority (Acero Charter Schools, Inc. Obligated Group) Series 2021 4.00%, 10/01/2042^(a)		1,000		904,510



66 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Illinois Finance Authority (Bradley University) Series 2021-A 4.00%, 08/01/2043-08/01/2046	$	3,190	$	2,981,963
Illinois Finance Authority (CHF-Chicago LLC) Series 2017-A 5.00%, 02/15/2047-02/15/2050		2,790		2,810,020
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 4.00%, 09/01/2035-09/01/2041		2,155		2,066,587
5.00%, 09/01/2036-09/01/2040		1,540		1,621,130
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2020 4.00%, 05/15/2050		1,000		978,331
Illinois Finance Authority (Park Place of Elmhurst Obligated Group) Series 2021 5.125%, 05/15/2060		11,613		9,538,647
Illinois Finance Authority (Rosalind Franklin University of Medicine & Science) Series 2017-C 5.00%, 08/01/2049		1,075		1,115,591
Illinois Finance Authority (Silver Cross Hospital Obligated Group) Series 2015-C 5.00%, 08/15/2044		4,500		4,678,097
Illinois State Toll Highway Authority Series 2021-A 4.00%, 01/01/2042-01/01/2046^(c)		16,985		17,308,311
Metropolitan Pier & Exposition Authority Series 2012 Zero Coupon, 12/15/2041-12/15/2051		49,175		17,057,088
Series 2012-B 4.25%, 06/15/2042		1,000		1,000,996
Series 2017-A 5.00%, 06/15/2057		12,475		13,215,884
Series 2017-B Zero Coupon, 12/15/2054		8,000		1,772,060
Series 2022 4.00%, 12/15/2047-06/15/2052		12,560		11,850,056



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 67

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

State of Illinois Series 2010 7.35%, 07/01/2035	$	7,500	$	8,313,701
Series 2014 5.00%, 05/01/2029-05/01/2036		30,065		30,689,174
Series 2016 5.00%, 02/01/2025-11/01/2032		42,755		45,670,420
Series 2017-D 5.00%, 11/01/2024-11/01/2028		22,035		23,857,326
Series 2018-A 5.00%, 10/01/2028-05/01/2030		10,520		11,423,652
Series 2018-B 5.00%, 10/01/2024		5,000		5,271,840
Series 2019-B 4.00%, 11/01/2033		1,500		1,472,203
5.00%, 11/01/2030		5,565		6,042,459
Series 2020-B 5.00%, 10/01/2028-10/01/2031		4,085		4,452,116
Village of Antioch IL Special Service Areas No. 1 & 2 Series 2016-A 4.50%, 03/01/2033		8,436		8,060,104
Series 2016-B 7.00%, 03/01/2033		3,782		3,648,929
Village of Pingree Grove IL Special Service Area No. 7 Series 2015 4.50%, 03/01/2025		1,467		1,479,774
5.00%, 03/01/2036		8,950		8,962,956
Series 2015-B 6.00%, 03/01/2036		2,594		2,638,943

				396,070,730

Indiana – 1.4%
City of Valparaiso IN (Green Oaks of Valparaiso LLC) Series 2021 5.375%, 12/01/2041^(a)		3,350		2,708,677
Indiana Finance Authority (Baptist Healthcare System Obligated Group) Series 2017 5.00%, 08/15/2051		3,715		3,895,934
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039^(a)		18,845		15,725,695



68 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2038-04/01/2040	$	4,260	$	4,137,191
Indiana Finance Authority (Greencroft Goshen Obligated Group) Series 2023-2 4.00%, 11/15/2026-11/15/2030^(b)		3,000		2,891,612
Indiana Finance Authority (Marquette Manor) Series 2015-A 5.00%, 03/01/2039		2,675		2,735,386
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2020 3.00%, 11/01/2030		6,375		5,900,362
Series 2020-A 3.00%, 11/01/2030		2,690		2,489,721
Series 2021-B 2.50%, 11/01/2030		4,025		3,583,068
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2057		5,000		4,954,527

				49,022,173

Iowa – 0.9%
Iowa Finance Authority (Iowa Fertilizer Co. LLC) Series 2022 5.00%, 12/01/2050		10,000		10,699,795
Iowa Finance Authority (Wesley Retirement Services, Inc. Obligated Group) Series 2021 4.00%, 12/01/2031-12/01/2051		12,150		10,958,866
Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.50%, 11/01/2051		5,000		5,019,778
Xenia Rural Water District Series 2016 5.00%, 12/01/2041		4,000		4,256,026

				30,934,465



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 69

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Kansas – 0.4%
City of Lawrence KS (Lawrence Memorial Hospital/KS) Series 2018 5.00%, 07/01/2043	$	7,500	$	7,979,702
Overland Park Development Corp. (City of Overland Park KS) Series 2019 5.00%, 03/01/2037-03/01/2049		6,560		6,591,353

				14,571,055

Kentucky – 1.8%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 4.00%, 02/01/2038		745		745,804
City of Henderson KY (Pratt Paper LLC) Series 2022 4.70%, 01/01/2052^(a)		7,000		7,026,556
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2046		1,430		1,503,979
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2044-08/01/2049^(c)		14,640		15,270,790
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group) Series 2012 5.375%, 11/15/2042		7,765		7,345,813
5.50%, 11/15/2045		2,350		2,225,636
Series 2016-A 5.00%, 05/15/2046-05/15/2051		8,000		7,374,775
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2037		4,045		4,290,905
5.25%, 06/01/2041		3,650		3,846,155



70 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Kentucky Economic Development Finance Authority (Rosedale Green) Series 2015 5.75%, 11/15/2050	$	2,650	$	2,556,525
Kentucky Public Energy Authority (Morgan Stanley) Series 2022-A 4.00%, 08/01/2052^(c)		10,000		10,261,306
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2020-A 5.00%, 10/01/2038		370		401,041

				62,849,285

Louisiana – 0.9%
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.25%, 11/15/2045		7,625		7,737,823
Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) Series 2017 5.00%, 10/01/2041		5,000		5,298,887
Louisiana Public Facilities Authority Series 2016 5.00%, 05/15/2047 (Pre-refunded/ETM)		25		27,524
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2013-B 10.50%, 07/01/2039^(e)(f)		7,250		73
Series 2014-A 8.375%, 07/01/2039^(e)(f)		17,000		170
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Lease) Series 2016-A 5.00%, 07/01/2051^(c)		10,000		10,457,032
New Orleans Aviation Board Series 2017-B 5.00%, 01/01/2048		2,350		2,465,872
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 07/01/2040-10/01/2040^(a)		1,760		2,013,504



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 71

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

St Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2037	$	4,600	$	4,689,864

				32,690,749

Maine – 0.8%
Finance Authority of Maine (Casella Waste Systems, Inc.) Series 2017 5.25%, 01/01/2025^(a)		7,270		7,483,273
Maine Health & Higher Educational Facilities Authority 4.00%, 07/01/2037-07/01/2040^(c)		6,190		6,301,461
Maine Health & Higher Educational Facilities Authority (MaineHealth Obligated Group) Series 2020-A 4.00%, 07/01/2045^(c)		6,295		6,336,036
Maine Health & Higher Educational Facilities Authority (Stephens Memorial Hospital Association) Series 2015 5.00%, 07/01/2039^(c)		8,100		8,593,145

				28,713,915

Maryland – 2.5%
City of Westminster MD (Lutheran Village at Miller’s Grant, Inc. (The)) Series 2014-A 6.00%, 07/01/2034		1,500		1,555,618
6.125%, 07/01/2039		750		777,385
6.25%, 07/01/2044		2,000		2,072,708
County of Frederick MD (Mount St. Mary’s University, Inc.) Series 2017-A 5.00%, 09/01/2037-09/01/2045^(a)		2,885		2,942,709
Maryland Economic Development Corp. Series 2020 3.25%, 09/01/2030		500		462,204
4.00%, 09/01/2050		1,500		1,288,441
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.25%, 06/30/2055		7,525		7,899,061



72 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) Series 2021 5.00%, 01/01/2025-01/01/2036	$	4,065	$	4,432,275
Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) Series 2015 5.00%, 07/01/2040-07/01/2045		5,275		5,445,453
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050^(c)		45,000		52,262,487
State of Maryland Department of Transportation Series 2022-2 5.00%, 12/01/2024-12/01/2028^(b)		7,250		7,922,259

				87,060,600

Massachusetts – 2.4%
Commonwealth of Massachusetts Series 2022-B 4.00%, 02/01/2044		10,000		10,417,471
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.00%, 01/01/2047		16,595		17,153,465
Massachusetts Development Finance Agency (Emmanuel College/MA) Series 2016-A 5.00%, 10/01/2034-10/01/2043		5,500		5,764,203
Massachusetts Development Finance Agency (Lawrence General Hospital Obligated Group) Series 2017 5.00%, 07/01/2034-07/01/2047		4,400		4,065,532
Massachusetts Development Finance Agency (Merrimack College) Series 2014 5.125%, 07/01/2044		1,000		1,025,691



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 73

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Massachusetts Development Finance Agency (NewBridge on the Charles, Inc.) Series 2017 5.00%, 10/01/2037^(a)	$	1,000	$	1,056,530
Massachusetts Development Finance Agency (President & Fellows of Harvard College) Series 2016-A 5.00%, 07/15/2040		8,075		9,823,415
Massachusetts Development Finance Agency (Springfield College) Series 2021 5.00%, 06/01/2025-06/01/2030		2,085		2,232,579
Series 2021-B 4.00%, 06/01/2041		1,355		1,318,465
Massachusetts Development Finance Agency (Wellforce Obligated Group) AGM Series 2019-A 5.00%, 07/01/2036-07/01/2044		10,430		11,227,810
Massachusetts Port Authority Series 2019-A 5.00%, 07/01/2036-07/01/2038^(c)		16,600		18,187,115

				82,272,276

Michigan – 1.1%
City of Detroit MI Series 2014-B 4.00%, 04/01/2044		7,000		5,602,941
Series 2018 5.00%, 04/01/2037		1,700		1,794,070
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate) Series 2017-A 5.00%, 11/01/2047-11/01/2052		2,245		2,269,676
Michigan Finance Authority Series 2016 5.00%, 12/01/2045 (Pre-refunded/ETM)		45		49,856
Michigan Finance Authority (Great Lakes Water Authority Sewage Disposal System Revenue) Series 2014 5.00%, 07/01/2044		5		5,015
Series 2014-C6 5.00%, 07/01/2033		2,750		2,863,619



74 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) Series 2014-D4 5.00%, 07/01/2029-07/01/2030	$	2,400	$	2,511,044
Michigan Finance Authority (Lawrence Technological University Obligated Group) Series 2022 4.00%, 02/01/2027-02/01/2042		1,215		1,187,611
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-B Zero Coupon, 06/01/2065		30,750		3,724,929
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2039-07/01/2044		14,780		15,091,962
Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp./MI) Series 2008-C Zero Coupon, 06/01/2058		105,700		5,093,620

				40,194,343

Minnesota – 0.5%
City of Apple Valley MN (PHS Apple Valley Senior Housing, Inc.) Series 2021 4.00%, 09/01/2051-09/01/2061		1,100		900,331
City of Minneapolis MN (Fairview Health Services Obligated Group) Series 2018-A 5.00%, 11/15/2049^(c)		10,250		10,852,630
Duluth Economic Development Authority (Benedictine Health System Obligated Group) Series 2021 4.00%, 07/01/2036-07/01/2041		1,830		1,751,836
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2041-06/01/2056^(a)		3,000		2,360,548

				15,865,345



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 75

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Mississippi – 0.4%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2041^(a)	$	1,000	$	998,459
5.00%, 10/01/2031^(a)		2,850		3,188,678
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) Series 2016-A 5.00%, 09/01/2036-09/01/2046		8,685		9,110,179
Mississippi Hospital Equipment & Facilities Authority (Forrest General Hospital, Inc.) Series 2019 4.00%, 01/01/2037		465		476,059
5.00%, 01/01/2035		750		818,413

				14,591,788

Missouri – 0.8%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) Series 2017-A 5.00%, 03/01/2036		1,900		2,012,114
I-470 Western Gateway Transportation Development District (I-470 Western Gateway Transportation Development District Sales Tax) Series 2019-A 5.25%, 12/01/2048^(a)		5,000		5,122,518
Kansas City Industrial Development Authority Series 2019 5.00%, 07/01/2040^(a)		1,910		1,697,929
Series 2021 2.00%, 11/15/2046		1,165		56,157
Kansas City Industrial Development Authority (Kansas City United Methodist Retirement Home Obligated Group) Series 2021-A 10.00%, 11/15/2037		804		724,639
Series 2021-C 7.50%, 11/15/2046		643		543,276
Kansas City Industrial Development Authority (Kingswood Senior Living Community) Series 2021 5.00%, 11/15/2046		2,610		2,147,278



76 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2016-A 5.00%, 08/15/2036-08/15/2051	$	10,000	$	9,899,585
Series 2021-A 5.00%, 08/15/2056		5,000		4,840,529

				27,044,025

Nebraska – 1.0%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2012 5.25%, 09/01/2037		1,500		1,512,866
Series 2017-A 5.00%, 09/01/2032-09/01/2042^(c)		24,945		28,098,117
Douglas County Hospital Authority No. 2 (Madonna Rehabilitation Hospital Obligated Group) Series 2014 5.00%, 05/15/2044		4,015		4,101,972

				33,712,955

Nevada – 0.2%
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058^(a)		11,500		1,352,349
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028^(a)		2,550		2,337,327
Las Vegas Redevelopment Agency Series 2016 5.00%, 06/15/2045		3,000		3,144,386
State of Nevada Department of Business & Industry (Fulcrum Sierra Biofuels LLC) Series 2018 6.95%, 02/15/2038^(a)		1,635		1,565,631

				8,399,693

New Hampshire – 0.8%
New Hampshire Business Finance Authority Series 2020-1 4.125%, 01/20/2034		12,419		13,064,411



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 77

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2020-A 3.625%, 07/01/2043^(a)	$	1,240	$	1,089,831
Series 2020-B 3.75%, 07/01/2045^(a)		2,475		2,182,322
New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Obligated Group) Series 2020-A 5.00%, 08/01/2059		8,920		10,412,341

				26,748,905

New Jersey – 6.3%
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2014 5.00%, 06/15/2040		2,845		2,918,975
Series 2015-W 5.25%, 06/15/2040		4,725		4,938,637
Series 2017-D 5.00%, 06/15/2042		5,000		5,293,799
Series 2018-A 5.00%, 06/15/2047		5,000		5,267,502
Series 2019 5.25%, 04/01/2028		2,720		3,008,269
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.125%, 01/01/2034		9,780		9,992,761
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2037-10/01/2047		10,750		11,279,257
New Jersey Economic Development Authority (UMM Energy Partners LLC) Series 2012-A 5.125%, 06/15/2043		7,515		7,523,979
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		4,140		4,167,002



78 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2014-B 5.625%, 11/15/2030	$	4,525	$	4,604,801
New Jersey Educational Facilities Authority (Stevens Institute of Technology) Series 2020-A 4.00%, 07/01/2050		1,195		1,119,922
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2028-06/15/2029		22,140		23,962,471
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2013-A 5.00%, 06/15/2036		5,000		5,079,165
Series 2015-A 5.00%, 06/15/2045		1,000		1,031,896
Series 2018-A 5.00%, 12/15/2033-12/15/2035		21,245		23,041,752
Series 2019 5.00%, 06/15/2038-06/15/2046		5,095		5,477,854
Series 2019-B 4.00%, 06/15/2036-06/15/2037		2,985		3,013,199
Series 2020-A 4.00%, 06/15/2045		1,000		993,318
Series 2022-A 4.00%, 06/15/2041		5,000		5,015,275
5.00%, 06/15/2035		13,625		15,272,030
South Jersey Transportation Authority Series 2014-A 5.00%, 11/01/2039		7,765		7,967,236
State of New Jersey Series 2020 4.00%, 06/01/2032		6,000		6,456,488
Tobacco Settlement Financing Corp./NJ Series 2018-B 5.00%, 06/01/2046		60,055		61,745,026

				219,170,614

New Mexico – 0.4%
New Mexico Hospital Equipment Loan Council (Gerald Champion Regional Medical Center) Series 2012 5.50%, 07/01/2042		8,155		8,176,075



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 79

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) Series 2019 5.00%, 07/01/2039-07/01/2049	$	4,380	$	4,255,687

				12,431,762

New York – 8.9%
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.) Series 2016 5.50%, 09/01/2045^(a)		9,620		10,033,849
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2056^(a)		2,050		2,065,773
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2039		7,050		7,182,799
5.50%, 11/01/2044		2,875		2,950,533
City of New York NY Series 2020-A 5.00%, 08/01/2030-08/01/2031^(c)		21,500		25,202,489
Jefferson County Industrial Development Agency (ReEnergy Black River LLC) Series 2015 12.00%, 07/01/2034^(f)		5,000		4,998,619
Metropolitan Transportation Authority Series 2013-A 5.00%, 11/15/2023		2,130		2,186,831
Series 2015-A 5.00%, 11/15/2045		4,830		4,946,936
Series 2015-F 5.00%, 11/15/2024		1,575		1,665,183
Series 2016-A 4.00%, 11/15/2025		1,415		1,472,392
5.00%, 11/15/2032		1,295		1,368,128
Series 2016-B 5.00%, 11/15/2025-11/15/2037		13,900		14,584,053
Series 2016-D 5.00%, 11/15/2027		4,630		5,036,264
Series 2017-B 5.00%, 11/15/2023		1,095		1,139,227



80 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Series 2017-C 5.00%, 11/15/2028	$	1,650	$	1,800,767
Series 2018-B 5.00%, 11/15/2025-11/15/2026		3,530		3,817,448
Series 2019-A 5.00%, 11/15/2048		2,000		2,104,460
Series 2020-C 4.75%, 11/15/2045		2,000		2,053,964
Series 2020-D 4.00%, 11/15/2048		10,000		9,673,277
5.00%, 11/15/2043		4,000		4,295,445
Series 2020-E 4.00%, 11/15/2026-11/15/2045		4,000		4,061,956
5.00%, 11/15/2027		1,750		1,924,101
Series 2021-A 4.00%, 11/15/2047		5,000		4,848,906
Monroe County Industrial Development Corp./NY (St Ann’s of Greater Rochester Obligated Group) Series 2019 5.00%, 01/01/2050		3,150		2,853,201
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) Series 2021 5.00%, 01/01/2058		7,315		5,307,259
9.00%, 01/01/2041^(a)		3,660		3,274,811
New York City Housing Development Corp. Series 2020 2.55%, 08/01/2040		1,355		1,121,516
New York City NY Transitional 5.00%, 02/01/2032^(c)		8,640		8,794,823
New York Counties Tobacco Trust V Series 2005 Zero Coupon, 06/01/2050		51,990		7,516,433
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2029-01/01/2033		7,500		7,811,450
Series 2020 4.375%, 10/01/2045		21,325		20,494,172
5.00%, 10/01/2035-10/01/2040		5,015		5,219,031



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 81

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2038-12/01/2040	$	4,000	$	4,306,448
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2041		17,110		17,727,775
5.25%, 01/01/2050		8,000		8,335,335
Oneida County Local Development Corp. (Hamilton College) Series 2021 5.00%, 07/01/2051		12,105		14,590,378
Orange County Funding Corp. (The Hamlet at Wallkill) Series 2013 6.50%, 01/01/2046		5,865		5,220,305
Triborough Bridge & Tunnel Authority 5.25%, 05/15/2057^(c)		10,000		11,599,623
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2022-C 5.25%, 05/15/2052^(c)		5,000		5,822,830
Series 2021-B 4.00%, 05/15/2056^(c)		12,000		12,256,644
Series 2022 5.00%, 05/15/2031^(b)		10,000		11,684,842
5.00%, 05/15/2052^(c)		13,000		15,599,843
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) Series 2017 5.00%, 09/15/2037		4,270		3,640,073
5.25%, 09/15/2042-09/15/2053		11,510		9,252,358
Westchester County Local Development Corp. (Purchase Senior Learning Community Obligated Group) Series 2021 2.875%, 07/01/2026^(a)		7,650		7,335,807
Western Regional Off-Track Betting Corp. Series 2021 4.125%, 12/01/2041^(a)		1,650		1,384,202

				310,562,559



82 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

North Carolina – 0.3%
Fayetteville State University Series 2023 5.00%, 04/01/2033-04/01/2043^(a)(b)	$	5,430	$	5,880,966
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2035		1,625		1,640,896
University of North Carolina at Chapel Hill (University of North Carolina Hospitals at Chapel Hill) Series 2019 5.00%, 02/01/2049		3,000		3,595,312

				11,117,174

North Dakota – 0.3%
City of Grand Forks ND (Altru Health System Obligated Group) Series 2021 4.00%, 12/01/2037		2,600		2,602,480
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031^(a)		1,550		959,199
7.00%, 12/15/2043^(a)		1,610		969,662
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2043		5,000		5,234,136

				9,765,477

Ohio – 5.5%
Buckeye Tobacco Settlement Financing Authority Series 2020-B Zero Coupon, 06/01/2057		36,605		5,387,747
5.00%, 06/01/2055		102,025		103,569,240
City of Middleburg Heights OH (Southwest General Health Center Obligated Group) Series 2020 4.00%, 08/01/2047		3,000		2,955,744
Series 2021 4.00%, 08/01/2041		7,000		6,943,021
5.00%, 08/01/2030-08/01/2034		4,410		4,948,904



abfunds.com		AB MUNICIPAL INCOME FUND ^\| 83

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042-02/15/2052	$	25,160	$	26,774,060
5.25%, 02/15/2047		7,575		8,139,993
County of Franklin OH (First Community Village Obligated Group) Series 2019 5.00%, 07/01/2049		2,900		2,617,768
County of Marion OH (United Church Homes, Inc. Obligated Group) Series 2019 5.00%, 12/01/2039		565		570,273
5.125%, 12/01/2049		690		690,645
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049^(a)(d)(e)		5,215		2,346,750
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051^(a)		3,700		2,820,472
Ohio Air Quality Development Authority (Energy Harbor Nuclear Generation LLC) Series 2009-A 4.375%, 06/01/2033		2,730		2,730,000
Ohio Air Quality Development Authority (Pratt Paper OH, Inc.) Series 2017 4.25%, 01/15/2038^(a)		1,540		1,531,243
Ohio Turnpike & Infrastructure Commission Series 2022 5.00%, 02/15/2039^(b)		10,500		12,032,379
Ohio Water Development Authority Water Pollution Control Loan Fund (Energy Harbor Nuclear Generation LLC) Series 2016-A 4.375%, 06/01/2033		1,610		1,610,000
Port of Greater Cincinnati Development Authority Series 2021 4.375%, 06/15/2056		1,000		938,569
Toledo-Lucas County Port Authority (ParkUToledo Inc) Series 2021 4.00%, 01/01/2057		7,065		6,278,675

				192,885,483



84 ^\| AB MUNICIPAL INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB HIGH INCOME MUNICIPAL PORTFOLIO


	Principal Amount (000)		U.S. $ Value

Oklahoma – 1.0%
Comanche County Memorial Hospital Series 2015 5.00%, 07/01/2022	$	500	$