UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07618

AB MUNICIPAL INCOME FUND II

(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

ANNUAL REPORT

AB MUNICIPAL INCOME FUND II

+ AB ARIZONA PORTFOLIO

+ AB MASSACHUSETTS PORTFOLIO

+ AB MINNESOTA PORTFOLIO

+ AB NEW JERSEY PORTFOLIO

+ AB OHIO PORTFOLIO

+ AB PENNSYLVANIA PORTFOLIO

+ AB VIRGINIA PORTFOLIO

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 II: AB Arizona Portfolio, AB Massachusetts Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, AB Pennsylvania Portfolio and AB Virginia 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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    1

ANNUAL REPORT

July 8, 2022

This report provides management’s discussion of fund performance for the AB Municipal Income Fund II: AB Arizona Portfolio, AB Massachusetts Portfolio, AB Minnesota Portfolio, AB New Jersey Portfolio, AB Ohio Portfolio, AB Pennsylvania Portfolio and AB Virginia Portfolio for the annual reporting period ended May 31, 2022.

The investment objective of the Portfolios is to earn the highest level of current income, exempt from both federal income tax and state taxation of the respective state, that is available without assuming what the Adviser considers to be undue risk.

NAV RETURNS AS OF MAY 31, 2022 (unaudited)

	6 Months		12 Months
AB ARIZONA PORTFOLIO
Class A Shares		-6.58%		-5.63%
Class C Shares		-6.85%		-6.26%
Advisor Class Shares1		-6.46%		-5.39%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

	6 Months		12 Months
AB MASSACHUSETTS PORTFOLIO
Class A Shares		-7.49%		-6.63%
Class C Shares		-7.85%		-7.35%
Advisor Class Shares1		-7.38%		-6.39%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

	6 Months		12 Months
AB MINNESOTA PORTFOLIO
Class A Shares		-6.79%		-5.85%
Class C Shares		-7.22%		-6.56%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

1 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.

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NAV RETURNS AS OF MAY 31, 2022 (unaudited)

	6 Months		12 Months
AB NEW JERSEY PORTFOLIO
Class A Shares		-6.67%		-5.71%
Class C Shares		-6.92%		-6.33%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

	6 Months		12 Months
AB OHIO PORTFOLIO
Class A Shares		-7.00%		-6.04%
Class C Shares		-7.35%		-6.85%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

	6 Months		12 Months
AB PENNSYLVANIA PORTFOLIO
Class A Shares		-7.27%		-6.31%
Class C Shares		-7.62%		-7.11%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

	6 Months		12 Months
AB VIRGINIA PORTFOLIO
Class A Shares		-7.39%		-6.64%
Class C Shares		-7.76%		-7.37%
Advisor Class Shares1		-7.28%		-6.41%
Bloomberg Municipal Bond Index		-7.32%		-6.79%

1 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.

Except for Class C of the Massachusetts, Ohio, Pennsylvania and Virginia Portfolios, all share classes of the Portfolios outperformed the benchmark for the 12-month period; except for all share classes of the Massachusetts Portfolio, Class A and Class C of the Virginia Portfolio, and Class C of the Ohio and Pennsylvania Portfolios, all share classes of the Portfolios outperformed the benchmark for the six-month period, before sales charges.

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Arizona Portfolio: During both periods, security selection within the water and sewer, and local general obligation (“GO”) sectors contributed, relative to the benchmark, while selection in prepay energy and not-for-profit health care detracted. An overweight to municipal credit contributed for the 12-month period, but detracted for the six-month period.

Massachusetts Portfolio: During both periods, an overweight to municipal credit detracted. Security selection within the not-for-profit health-care and water and sewer sectors contributed, while selection in private higher education and local GO detracted.

Minnesota Portfolio: During both periods, security selection in the local GO and electric utility sectors contributed, while selection in public primary/secondary education and miscellaneous revenue detracted. An overweight to municipal credit detracted.

New Jersey Portfolio: During both periods, security selection within the tax-supported local lease sector contributed, while selection in water and sewer, and state GO detracted. For the 12-month period, an overweight to municipal credit contributed. Security selection in miscellaneous revenue contributed. For the six-month period, security selection in ports contributed. An overweight to municipal credit detracted.

Ohio Portfolio: During both periods, security selection in private higher education and public higher education detracted. For the 12-month period, an overweight to municipal credit contributed. Security selection within the not-for-profit health-care and multi-family housing sectors contributed. For the six-month period, an overweight to municipal credit detracted. Security selection in miscellaneous revenue and toll roads/transit contributed.

Pennsylvania Portfolio: During both periods, security selection in miscellaneous revenue contributed, while selection in primary/secondary public education and pre-refunded bonds detracted. For the 12-month period, an overweight to municipal credit contributed. Security selection within the not-for-profit health-care sector contributed. For the six-month period, an overweight to municipal credit detracted. Security selection in local GO contributed.

Virginia Portfolio: During both periods, security selection in the toll roads/transit and electric utility sectors contributed, while selection in senior living and tax-supported state lease detracted. An overweight to municipal credit detracted.

All Portfolios used derivatives in the form of interest rate swaps and Consumer Price Index (“CPI”) swaps for hedging purposes. The Arizona and Ohio Portfolios utilized credit default swaps for hedging purposes, which had no material impact on absolute returns for either period. CPI swaps

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had no material impact on returns for all Portfolios for the six-month period and added for the 12-month period. During both periods, interest rate swaps had no material impact on returns for the Massachusetts and Pennsylvania Portfolios, added for the Arizona, Minnesota and New Jersey Portfolios, and detracted for the Ohio and Virginia Portfolios.

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 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.

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Portfolio	Insured Bonds1		Pre-refunded/ ETM2/Insured Bonds1
Arizona		0.33%		0.00%
Massachusetts		5.86%		0.00%
Minnesota		0.58%		0.00%
New Jersey		18.78%		3.94%
Ohio		2.21%		0.00%
Pennsylvania		10.68%		4.02%
Virginia		2.56%		0.00%

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

2 Escrowed to maturity.

INVESTMENT POLICIES

Each of the Portfolios pursues its objective by investing principally in high-yielding, predominantly investment-grade municipal securities. Each of the Portfolios 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 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 Portfolios may also invest in forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; and derivatives, such as options, futures contracts, forwards and swaps.

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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.

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, 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

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DISCLOSURES AND RISKS (continued)

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 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

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DISCLOSURES AND RISKS (continued)

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.

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 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.

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DISCLOSURES AND RISKS (continued)

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 3.00% 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 different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

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HISTORICAL PERFORMANCE

AB ARIZONA PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB Arizona 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.

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HISTORICAL PERFORMANCE (continued)

AB ARIZONA 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						2.39%		4.00%
1 Year		-5.63%		-8.43%
5 Years		1.53%		0.90%
10 Years		2.33%		2.01%
CLASS C SHARES						1.76%		2.94%
1 Year		-6.26%		-7.18%
5 Years		0.79%		0.79%
10 Years3		1.59%		1.59%
ADVISOR CLASS SHARES4						2.72%		4.55%
1 Year		-5.39%		-5.39%
Since Inception5		-3.23%		-3.23%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.02%, 1.77% and 1.00% 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 expense ratios to 0.78%, 1.53% and 0.53% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before 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.

4 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.

5 Inception date: 3/25/2021.

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HISTORICAL PERFORMANCE (continued)

AB ARIZONA 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		-10.31%
5 Years		0.60%
10 Years		1.84%
CLASS C SHARES
1 Year		-9.26%
5 Years		0.45%
10 Years1		1.40%
ADVISOR CLASS SHARES2
1 Year		-7.41%
Since Inception3		-4.37%

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

2 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.

3 Inception date: 3/25/2021.

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HISTORICAL PERFORMANCE

AB MASSACHUSETTS PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB Massachusetts 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.

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HISTORICAL PERFORMANCE (continued)

AB MASSACHUSETTS 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						2.58%		4.18%
1 Year		-6.63%		-9.42%
5 Years		1.43%		0.81%
10 Years		2.04%		1.73%
CLASS C SHARES						1.93%		3.13%
1 Year		-7.35%		-8.26%
5 Years		0.67%		0.67%
10 Years3		1.30%		1.30%
ADVISOR CLASS SHARES4						2.92%		4.73%
1 Year		-6.39%		-6.39%
5 Years		1.70%		1.70%
Since Inception5		1.37%		1.37%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.90%, 1.65% and 0.65% 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 expense ratios to 0.77%, 1.52% and 0.52% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before 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.

4 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.

5 Inception date: 7/25/2016.

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HISTORICAL PERFORMANCE (continued)

AB MASSACHUSETTS 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		-11.59%
5 Years		0.45%
10 Years		1.54%
CLASS C SHARES
1 Year		-10.45%
5 Years		0.31%
10 Years1		1.12%
ADVISOR CLASS SHARES2
1 Year		-8.55%
5 Years		1.32%
Since Inception3		1.00%

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

2 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.

3 Inception date: 7/25/2016.

16    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

HISTORICAL PERFORMANCE

AB MINNESOTA PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB Minnesota 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 II    ^|    17

HISTORICAL PERFORMANCE (continued)

AB MINNESOTA 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						2.22%		3.79%
1 Year		-5.85%		-8.71%
5 Years		1.37%		0.75%
10 Years		2.05%		1.74%
CLASS C SHARES						1.54%		2.63%
1 Year		-6.56%		-7.48%
5 Years		0.60%		0.60%
10 Years3		1.30%		1.30%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.22% and 1.97% for Class A and Class C shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 0.85% and 1.60% for Class A and Class C shares, respectively. These waivers/reimbursements may not be terminated before 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 II abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MINNESOTA 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		-10.62%
5 Years		0.46%
10 Years		1.55%
CLASS C SHARES
1 Year		-9.42%
5 Years		0.32%
10 Years1		1.11%

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

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    19

HISTORICAL PERFORMANCE

AB NEW JERSEY PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB New Jersey 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 II abfunds.com

HISTORICAL PERFORMANCE (continued)

AB NEW JERSEY 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						2.75%		4.74%
1 Year		-5.71%		-8.51%
5 Years		2.02%		1.41%
10 Years		2.39%		2.08%
CLASS C SHARES						2.10%		3.62%
1 Year		-6.33%		-7.24%
5 Years		1.26%		1.26%
10 Years3		1.63%		1.63%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.14% and 1.89% for Class A and Class C shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 0.82% and 1.57% for Class A and Class C shares, respectively. These waivers/reimbursements may not be terminated before 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 II    ^|    21

HISTORICAL PERFORMANCE (continued)

AB NEW JERSEY 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		-10.40%
5 Years		1.12%
10 Years		1.93%
CLASS C SHARES
1 Year		-9.26%
5 Years		0.97%
10 Years1		1.48%

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

22    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

HISTORICAL PERFORMANCE

AB OHIO PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB Ohio 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 II    ^|    23

HISTORICAL PERFORMANCE (continued)

AB OHIO 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						2.18%		3.52%
1 Year		-6.04%		-8.86%
5 Years		1.54%		0.93%
10 Years		2.00%		1.69%
CLASS C SHARES						1.50%		2.42%
1 Year		-6.85%		-7.77%
5 Years		0.78%		0.78%
10 Years3		1.25%		1.25%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.16% and 1.91% for Class A and Class C shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 0.80% and 1.55% for Class A and Class C shares, respectively. These waivers/reimbursements may not be terminated before 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.

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HISTORICAL PERFORMANCE (continued)

AB OHIO 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		-11.31%
5 Years		0.51%
10 Years		1.44%
CLASS C SHARES
1 Year		-10.16%
5 Years		0.36%
10 Years1		1.00%

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

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    25

HISTORICAL PERFORMANCE

AB PENNSYLVANIA PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB Pennsylvania 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.

26    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

HISTORICAL PERFORMANCE (continued)

AB PENNSYLVANIA 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						2.31%		3.67%
1 Year		-6.31%		-9.14%
5 Years		1.69%		1.07%
10 Years		2.29%		1.98%
CLASS C SHARES						1.67%		2.65%
1 Year		-7.11%		-8.02%
5 Years		0.91%		0.91%
10 Years3		1.54%		1.54%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.19% and 1.94% for Class A and Class C shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements reduced the Portfolio’s total annual operating expense ratios to 0.85% and 1.60% for Class A and Class C shares, respectively. These waivers/reimbursements may not be terminated before 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 II    ^|    27

HISTORICAL PERFORMANCE (continued)

AB PENNSYLVANIA 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		-11.21%
5 Years		0.75%
10 Years		1.79%
CLASS C SHARES
1 Year		-10.04%
5 Years		0.57%
10 Years1		1.35%

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

28    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

HISTORICAL PERFORMANCE

AB VIRGINIA PORTFOLIO

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

5/31/2012 TO 5/31/2022

This chart illustrates the total value of an assumed $10,000 investment in AB Virginia 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 II    ^|    29

HISTORICAL PERFORMANCE (continued)

AB VIRGINIA 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						2.43%		3.97%
1 Year		-6.64%		-9.45%
5 Years		1.50%		0.88%
10 Years		2.19%		1.88%
CLASS C SHARES						1.77%		2.89%
1 Year		-7.37%		-8.28%
5 Years		0.75%		0.75%
10 Years3		1.45%		1.45%
ADVISOR CLASS SHARES4						2.76%		4.51%
1 Year		-6.41%		-6.41%
5 Years		1.76%		1.76%
Since Inception5		1.52%		1.52%

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.89%, 1.64% and 0.64% 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 expense ratios to 0.80%, 1.55% and 0.55% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before 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.

4 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.

5 Inception date: 7/25/2016.

30    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

HISTORICAL PERFORMANCE (continued)

AB VIRGINIA 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		-11.62%
5 Years		0.51%
10 Years		1.69%
CLASS C SHARES
1 Year		-10.39%
5 Years		0.39%
10 Years1		1.26%
ADVISOR CLASS SHARES2
1 Year		-8.64%
5 Years		1.37%
Since Inception3		1.17%

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

2 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.

3 Inception date: 7/25/2016.

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    31

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.

32    ^|    AB MUNICIPAL INCOME  FUND II abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)

AB Arizona 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	$	934.20	$	3.76		0.78	%
Hypothetical**	$	1,000	$	1,021.04	$	3.93		0.78	%
Class C
Actual	$	1,000	$	931.50	$	7.37		1.53	%
Hypothetical**	$	1,000	$	1,017.30	$	7.70		1.53	%
Advisor Class
Actual	$	1,000	$	935.40	$	2.56		0.53	%
Hypothetical**	$	1,000	$	1,022.29	$	2.67		0.53	%

AB Massachusetts 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	$	925.10	$	3.70		0.77	%
Hypothetical**	$	1,000	$	1,021.09	$	3.88		0.77	%
Class C
Actual	$	1,000	$	921.50	$	7.28		1.52	%
Hypothetical**	$	1,000	$	1,017.35	$	7.64		1.52	%
Advisor Class
Actual	$	1,000	$	926.20	$	2.50		0.52	%
Hypothetical**	$	1,000	$	1,022.34	$	2.62		0.52	%

AB Minnesota Portfolio

	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	932.10	$	4.05		0.84	%	$	4.09		0.85	%
Hypothetical**	$	1,000	$	1,020.74	$	4.23		0.84	%	$	4.28		0.85	%
Class C
Actual	$	1,000	$	927.80	$	7.64		1.59	%	$	7.69		1.60	%
Hypothetical**	$	1,000	$	1,017.00	$	8.00		1.59	%	$	8.05		1.60	%

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    33

EXPENSE EXAMPLE (continued)

(unaudited)

AB New Jersey 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	$	933.30	$	3.95		0.82	%
Hypothetical**	$	1,000	$	1,020.84	$	4.13		0.82	%
Class C
Actual	$	1,000	$	930.80	$	7.56		1.57	%
Hypothetical**	$	1,000	$	1,017.10	$	7.90		1.57	%

AB Ohio 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	$	930.00	$	3.85		0.80	%
Hypothetical**	$	1,000	$	1,020.94	$	4.03		0.80	%
Class C
Actual	$	1,000	$	926.50	$	7.44		1.55	%
Hypothetical**	$	1,000	$	1,017.20	$	7.80		1.55	%

AB Pennsylvania 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	$	927.30	$	4.08		0.85	%
Hypothetical**	$	1,000	$	1,020.69	$	4.28		0.85	%
Class C
Actual	$	1,000	$	923.80	$	7.67		1.60	%
Hypothetical**	$	1,000	$	1,016.95	$	8.05		1.60	%

34    ^|    AB MUNICIPAL INCOME  FUND II abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)

AB Virginia 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	$	926.10	$	3.84		0.80	%
Hypothetical**	$	1,000	$	1,020.94	$	4.03		0.80	%
Class C
Actual	$	1,000	$	922.40	$	7.43		1.55	%
Hypothetical**	$	1,000	$	1,017.20	$	7.80		1.55	%
Advisor Class
Actual	$	1,000	$	927.20	$	2.64		0.55	%
Hypothetical**	$	1,000	$	1,022.19	$	2.77		0.55	%

* Expenses are equal to the classes’ annualized expense ratios, 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.

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    35

BOND RATING SUMMARY¹

May 31, 2022 (unaudited)

1 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.

36    ^|    AB MUNICIPAL INCOME  FUND II abfunds.com

BOND RATING SUMMARY¹ (continued)

May 31, 2022 (unaudited)

1 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.

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    37

BOND RATING SUMMARY¹ (continued)

May 31, 2022 (unaudited)

1 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.

38    ^|    AB MUNICIPAL INCOME  FUND II abfunds.com

BOND RATING SUMMARY¹ (continued)

May 31, 2022 (unaudited)

1 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.

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    39

PORTFOLIO OF INVESTMENTS

AB ARIZONA PORTFOLIO

May 31, 2022

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 103.8%
Long-Term Municipal Bonds – 103.8%
Arizona – 87.5%
Arizona Department of Transportation State Highway Fund Revenue Series 2013-A 5.00%, 07/01/2037 (Pre-refunded/ETM)	$	3,000	$	3,009,350
Arizona Game & Fish Department & Commission (Arizona Game & Fish Department & Commission State Lease) Series 2006 5.00%, 07/01/2026		1,000		1,002,960
Arizona Health Facilities Authority (HonorHealth) Series 2014-A 5.00%, 12/01/2034		3,000		3,102,244
Arizona Industrial Development Authority Series 2019-2 3.625%, 05/20/2033		1,031		1,037,905
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2045-11/01/2050		3,000		2,900,817
Arizona Industrial Development Authority (Kipp New York, Inc. Jerome Facility) Series 2021-B 4.00%, 07/01/2051		1,000		884,711
Arizona Industrial Development Authority (North Carolina Central University Project) BAM Series 2019 5.00%, 06/01/2058		2,300		2,514,452
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2020 5.00%, 02/01/2037		1,500		1,633,425
Series 2021 4.00%, 02/01/2038		1,500		1,539,556
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2050(a)		600		518,596
Arizona Industrial Development Authority (Provident Group – EMU Properties LLC) Series 2018 5.00%, 05/01/2043-05/01/2048		2,100		1,817,329

40    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Arizona Sports & Tourism Authority BAM Series 2022 5.00%, 07/01/2031(b)	$	2,000	$	2,290,389
Arizona State University Series 2014 5.00%, 08/01/2033		2,050		2,146,773
City of Buckeye AZ (Town of Buckeye AZ Excise Tax) Series 2015 5.00%, 07/01/2035		3,450		3,695,085
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.222%, 07/01/2030		2,000		1,732,762
City of Glendale AZ Water & Sewer Revenue Series 2012 5.00%, 07/01/2028		2,000		2,006,217
City of Mesa AZ Excise Tax Revenue Series 2013 5.00%, 07/01/2032 (Pre-refunded/ETM)		3,000		3,009,201
City of Mesa AZ Utility System Revenue Series 2016 4.00%, 07/01/2032		1,000		1,049,442
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) Series 2021-A 5.00%, 07/01/2045		1,500		1,741,441
City of Phoenix Civic Improvement Corp. (Phoenix Sky Harbor International Airport) Series 2017-A 5.00%, 07/01/2033		750		808,316
Series 2019 5.00%, 07/01/2049		2,500		2,748,403
City of Tempe AZ (City of Tempe AZ COP) Series 2021 1.951%, 07/01/2031		1,250		1,046,525
City of Tempe AZ Excise Tax Revenue (City of Tempe AZ Excise Tax) Series 2016 5.00%, 07/01/2030		520		573,681
City of Tucson AZ Water System Revenue Series 2012 5.00%, 07/01/2028 (Pre-refunded/ETM)		500		501,575
County of Pinal AZ Series 2014 5.00%, 08/01/2032		2,840		2,983,243

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    41

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Gilbert Water Resource Municipal Property Corp. (Town of Gilbert AZ Waterworks & Sewer System Revenue) Series 2022 4.00%, 07/15/2042(b)	$	5,000	$	5,263,603
Glendale Industrial Development Authority (Beatitudes Campus Obligated Group (The)) Series 2017 5.00%, 11/15/2036		1,000		989,835
Glendale Industrial Development Authority (Royal Oaks Life Care Community) Series 2016 5.00%, 05/15/2039		1,000		1,014,283
Glendale Municipal Property Corp. (Glendale Municipal Property Corp. Excise Tax) Series 2012-C 5.00%, 07/01/2038		2,500		2,544,790
Industrial Development Authority of the City of Phoenix (The) (Downtown Phoenix Student Housing LLC) Series 2018-A 5.00%, 07/01/2037-07/01/2042		2,250		2,335,462
Industrial Development Authority of the City of Phoenix (The) (JMF-Higley 2012 LLC) Series 2012 5.00%, 12/01/2032		2,500		2,531,028
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2021 4.00%, 02/15/2041-02/15/2051		1,130		1,021,524
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) Series 2021 4.00%, 07/01/2061(a)		990		756,098
Maricopa County Industrial Development Authority (Banner Health Obligated Group) Series 2016-A 5.00%, 01/01/2033-01/01/2035		3,400		3,618,524
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052(a)		830		908,941

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PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047(a)	$	500	$	458,137
Maricopa County Industrial Development Authority (GreatHearts Arizona Obligated Group) Series 2017-A 5.00%, 07/01/2037		750		803,087
Maricopa County Industrial Development Authority (Reid Traditional Schools Obligated Group) Series 2016 5.00%, 07/01/2047		1,700		1,754,048
Maricopa County Industrial Development Authority (Reid Traditional Schools Painted Rock Academy) Series 2016 5.00%, 07/01/2036		750		781,971
Maricopa County Special Health Care District Series 2018-C 5.00%, 07/01/2034-07/01/2036		4,700		5,255,823
McAllister Academic Village LLC (Arizona State University) Series 2016 5.00%, 07/01/2037		2,500		2,703,354
Northern Arizona University BAM Series 2015 5.00%, 06/01/2034		1,000		1,063,698
Salt River Project Agricultural Improvement & Power District Series 2021-A 5.00%, 01/01/2029		2,750		3,200,089
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		2,500		2,821,384
5.25%, 12/01/2022-12/01/2023		1,165		1,199,253
Student & Academic Services LLC (Northern Arizona University) BAM Series 2014 5.00%, 06/01/2044		1,200		1,250,274
Tempe Industrial Development Authority (Friendship Village of Tempe) Series 2019 5.00%, 12/01/2054		815		766,499

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    43

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Tempe Industrial Development Authority (Mirabella at ASU, Inc.) Series 2017-A 6.125%, 10/01/2047(a)	$	400	$	398,175
University of Arizona (The) Series 2014 5.00%, 08/01/2033		3,765		3,942,731
Western Maricopa Education Center District No. 402 Series 2014-B 4.50%, 07/01/2033-07/01/2034		3,940		4,107,387
				97,784,396
American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038(a)		225		267,300
California – 0.4%
Golden State Tobacco Securitization Corp. Series 2018-A 5.00%, 06/01/2047 (Pre-refunded/ETM)		465		465,000
Delaware – 0.5%
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2016 5.00%, 09/01/2036		520		542,092
Florida – 1.0%
Halifax Hospital Medical Center Series 2015 5.00%, 06/01/2035 (Pre-refunded/ETM)		1,000		1,081,978
Georgia – 0.2%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2056		200		213,287
Guam – 2.2%
Antonio B Won Pat International Airport Authority Series 2021-A 3.839%, 10/01/2036		100		89,054

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PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Guam Department of Education (Guam Department of Education COP) Series 2020 5.00%, 02/01/2040	$	310	$	316,297
Guam Government Waterworks Authority Series 2016 5.00%, 01/01/2046		775		825,175
Guam Power Authority Series 2017-A 5.00%, 10/01/2036-10/01/2040		875		922,001
Series 2022-A 5.00%, 10/01/2044(b)		200		213,753
Territory of Guam Series 2019 5.00%, 11/15/2031		90		93,311
				2,459,591
Illinois – 2.4%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031		335		354,009
Cook County Forest Preserve District Series 2012-C 5.00%, 12/15/2032		2,360		2,366,733
				2,720,742
Indiana – 0.2%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(a)		145		120,999
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2020-A 3.00%, 11/01/2030		100		92,555
				213,554
Kentucky – 0.9%
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.25%, 06/01/2041		1,000		1,053,741

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    45

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Louisiana – 0.6%
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.25%, 11/15/2045	$	500	$	507,398
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 07/01/2040(a)		100		114,404
				621,802
Michigan – 0.1%
City of Detroit MI Series 2018 5.00%, 04/01/2036		50		52,826
New York – 1.9%
Metropolitan Transportation Authority Series 2020-E 5.00%, 11/15/2027		1,000		1,099,486
New York State Dormitory Authority (Trustees of Columbia University in the City of New York (The)) Series 2020-A 5.00%, 10/01/2050		755		971,716
				2,071,202
North Carolina – 0.7%
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.70%, 07/01/2037		300		300,671
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2035		500		504,891
				805,562
Ohio – 0.3%
Ohio Water Development Authority Water Pollution Control Loan Fund (Energy Harbor Nuclear Generation LLC) Series 2016-A 4.375%, 06/01/2033		320		320,000

46    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Puerto Rico – 1.8%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024-07/01/2033	$	145	$	86,450
4.00%, 07/01/2033-07/01/2046		214		204,276
5.25%, 07/01/2023		63		64,067
5.375%, 07/01/2025		3		3,399
5.625%, 07/01/2027-07/01/2029		206		225,110
5.75%, 07/01/2031		3		3,458
Series 2022-C 0.00%, 11/01/2043		20		10,431
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		100		104,804
Puerto Rico Highway & Transportation Authority AGC Series 2007-N 5.25%, 07/01/2034-07/01/2036		260		275,612
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026		345		357,554
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		130		98,940
Series 2019-A 4.329%, 07/01/2040		105		104,869
5.00%, 07/01/2058		480		488,024
				2,026,994
Tennessee – 0.2%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(a)		165		165,482
Texas – 2.4%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		290		300,630
North Texas Tollway Authority (North Texas Tollway System) Series 2015-A 5.00%, 01/01/2034		1,000		1,052,116

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    47

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Series 2015-B 5.00%, 01/01/2034	$	1,300	$	1,371,070
				2,723,816
Washington – 0.3%
Kalispel Tribe of Indians Series 2018-B 5.25%, 01/01/2038(a)		225		244,995
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2055(a)		100		92,314
				337,309
Total Municipal Obligations (cost $118,275,236)				115,926,674
	Shares
SHORT-TERM INVESTMENTS – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.71%(c)(d)(e) (cost $383,928)		383,928		383,928
Total Investments – 104.1% (cost $118,659,164)				116,310,602
Other assets less liabilities – (4.1)%				(4,580,625	)
Net Assets – 100.0%			$	111,729,977

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PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA 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	740		01/15/2025	2.565%	CPI#	Maturity	$	77,681		$	– 0	–	$	77,681
USD	370		01/15/2025	2.585%	CPI#	Maturity		38,542			– 0	–		38,542
USD	370		01/15/2025	2.613%	CPI#	Maturity		38,132			– 0	–		38,132
USD	240		01/15/2025	4.028%	CPI#	Maturity		10,742			– 0	–		10,742
USD	1,150		01/15/2026	CPI#	3.720%	Maturity		(54,192	)		– 0	–		(54,192	)
USD	1,150		01/15/2027	CPI#	3.320%	Maturity		(69,621	)		– 0	–		(69,621	)
USD	1,150		01/15/2027	CPI#	3.466%	Maturity		(59,058	)		(1,449	)		(57,609	)
USD	900		01/15/2027	CPI#	3.323%	Maturity		(54,316	)		– 0	–		(54,316	)
USD	2,840		01/15/2028	1.230%	CPI#	Maturity		566,165			– 0	–		566,165
USD	2,140		01/15/2028	0.735%	CPI#	Maturity		505,069			– 0	–		505,069
USD	2,200		01/15/2029	CPI#	3.390%	Maturity		(87,080	)		– 0	–		(87,080	)
USD	1,330		01/15/2029	CPI#	3.735%	Maturity		(13,149	)		– 0	–		(13,149	)
USD	640		01/15/2029	CPI#	3.290%	Maturity		(30,759	)		– 0	–		(30,759	)
USD	510		01/15/2030	1.572%	CPI#	Maturity		98,914			– 0	–		98,914
USD	510		01/15/2030	1.587%	CPI#	Maturity		98,192			– 0	–		98,192
USD	650		01/15/2031	2.782%	CPI#	Maturity		57,849			– 0	–		57,849
USD	630		01/15/2031	2.680%	CPI#	Maturity		62,598			– 0	–		62,598
USD	540		01/15/2031	2.989%	CPI#	Maturity		36,575			– 0	–		36,575
USD	530		01/15/2032	CPI#	3.064%	Maturity		(30,152	)		– 0	–		(30,152	)
USD	490		04/15/2032	CPI#	2.909%	Maturity		(34,835	)		– 0	–		(34,835	)
							$	1,157,297		$	(1,449	)	$	1,158,746

# 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	11,400		01/15/2027	1 Day SOFR	2.445%	Annual	$	(39,411	)	$	– 0	–	$	(39,411	)
USD	3,200		01/15/2028	1.058%	3 Month LIBOR	Semi-Annual/ Quarterly		291,267			– 0	–		291,267
USD	2,400		01/15/2028	1.209%	3 Month LIBOR	Semi-Annual/ Quarterly		198,206			– 0	–		198,206
USD	1,100		01/15/2031	1.427%	3 Month LIBOR	Semi-Annual/ Quarterly		118,976			– 0	–		118,976
USD	3,500		04/15/2032	2.542%	1 Day SOFR	Annual		27,159			– 0	–		27,159
USD	1,000		04/15/2032	1.280%	1 Day SOFR	Annual		117,174			– 0	–		117,174
USD	1,800		02/15/2041	1 Day SOFR	1.770%	Annual		(241,871	)		– 0	–		(241,871	)
							$	471,500		$	– 0	–	$	471,500

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    49

PORTFOLIO OF INVESTMENTS (continued)

AB ARIZONA 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, N.A.

USD

1,675

10/09/2029

1.125%

SIFMA*

Quarterly

$

152,157

$

– 0

–

$

152,157

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At May 31, 2022, the aggregate market value of these securities amounted to $4,346,071 or 3.9% of net assets.

(b) When-Issued or delayed delivery security.

(c) Affiliated investments.

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

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

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 0.3% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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PORTFOLIO OF INVESTMENTS

AB MASSACHUSETTS PORTFOLIO

May 31, 2022

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 95.4%
Long-Term Municipal Bonds – 94.1%
Massachusetts – 79.7%
City of Quincy MA Series 2022-A 5.00%, 06/01/2047	$	3,060	$	3,794,632
City of Worcester MA AGM Series 2022 3.00%, 02/01/2046		2,600		2,244,352
Commonwealth of Massachusetts Series 2015-A 5.00%, 07/01/2035		10,000		10,698,833
Series 2018-A 5.00%, 01/01/2042		5,000		5,554,023
Series 2022-B 4.00%, 02/01/2040-02/01/2042		7,000		7,380,994
CIFGNA Series 2007-A 1.432% (LIBOR 3 Month + 0.57%), 05/01/2037(a)		3,000		2,840,711
Commonwealth of Massachusetts Transportation Fund Revenue Series 2019 5.00%, 06/01/2049		2,500		2,823,862
Marthas Vineyard Land Bank BAM Series 2014 5.00%, 05/01/2031		1,000		1,060,607
Massachusetts Bay Transportation Authority Assessment Revenue Series 2022-A 4.00%, 07/01/2039		2,000		2,135,437
Massachusetts Clean Water Trust (The) Series 2020 5.00%, 08/01/2031		2,680		3,169,731
Massachusetts Clean Water Trust (The) (Massachusetts Water Pollution Abatement Trust (The) SRF) Series 2021-2 5.00%, 02/01/2040		3,000		3,514,449
Massachusetts Development Finance Agency Series 2012-A 5.00%, 07/01/2027 (Pre-refunded/ETM)		1,720		1,725,361
5.00%, 07/01/2032 (Pre-refunded/ETM)		2,260		2,267,044
5.25%, 07/01/2042 (Pre-refunded/ETM)		1,330		1,334,411
Massachusetts Development Finance Agency (Atrius Health Obligated Group) Series 2019-A 5.00%, 06/01/2039		1,400		1,611,464

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    51

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Massachusetts Development Finance Agency (Baystate Medical Obligated Group) Series 2014-N 5.00%, 07/01/2044	$	7,000	$	7,161,093
Massachusetts Development Finance Agency (Beth Israel Lahey Health Obligated Group) Series 2018-J 5.00%, 07/01/2053		5,000		5,304,262
Series 2019 5.00%, 07/01/2026		1,000		1,088,581
Massachusetts Development Finance Agency (Boston Medical Center Corp. Obligated Group) Series 2015-D 5.00%, 07/01/2044		3,755		3,880,634
Massachusetts Development Finance Agency (Brandeis University) Series 2019-S 5.00%, 10/01/2035-10/01/2039		4,915		5,503,403
Massachusetts Development Finance Agency (Children’s Hospital Corp. Obligated Group (The)) Series 2014-P 5.00%, 10/01/2034 (Pre-refunded/ETM)		1,055		1,126,307
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.00%, 01/01/2034-01/01/2036		2,435		2,547,992
5.25%, 01/01/2042		1,000		1,049,313
Massachusetts Development Finance Agency (Emmanuel College/MA) Series 2016-A 5.00%, 10/01/2031-10/01/2034		4,100		4,314,972
Massachusetts Development Finance Agency (Equitable School Revolving Fund LLC Obligated Group) Series 2021 4.00%, 11/01/2051		1,000		987,379
Massachusetts Development Finance Agency (Franklin W Olin College of Engineering, Inc.) Series 2013-E 5.00%, 11/01/2038		5,000		5,141,999
Massachusetts Development Finance Agency (Lasell University) Series 2021 4.00%, 07/01/2030-07/01/2050		3,580		3,314,467

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Massachusetts Development Finance Agency (Lesley University) Series 2016 5.00%, 07/01/2039	$	2,055	$	2,162,566
Massachusetts Development Finance Agency (Mass General Brigham Inc.) Series 2015-O 4.00%, 07/01/2045		5,855		5,881,016
Massachusetts Development Finance Agency (MCPHS University) Series 2013-F 4.00%, 07/01/2032		1,000		1,013,827
Massachusetts Development Finance Agency (Merrimack College) Series 2021-B 4.00%, 07/01/2050		1,825		1,715,954
Massachusetts Development Finance Agency (NewBridge on the Charles, Inc.) Series 2017 5.00%, 10/01/2047(b)		2,000		2,111,317
Massachusetts Development Finance Agency (President & Fellows of Harvard College) Series 2016-A 5.00%, 07/15/2036-07/15/2040		6,100		7,418,485
Massachusetts Development Finance Agency (Salem Community Corp. Obligated Group) Series 2022 5.125%, 01/01/2040		1,020		1,031,892
Massachusetts Development Finance Agency (Simmons University) Series 2018-L 5.00%, 10/01/2034-10/01/2035		3,980		4,267,143
Series 2020-M 4.00%, 10/01/2050		2,500		2,365,444
Massachusetts Development Finance Agency (South Shore Hospital, Inc. Obligated Group) Series 2016-I 4.00%, 07/01/2036		2,000		2,011,928
5.00%, 07/01/2041		2,500		2,612,219
Massachusetts Development Finance Agency (Southcoast Health System Obligated Group) Series 2021-G 5.00%, 07/01/2050		1,500		1,600,120

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Massachusetts Development Finance Agency (Springfield College) Series 2021 4.00%, 06/01/2056	$	3,000	$	2,738,995
Series 2021-B 4.00%, 06/01/2050		1,000		936,465
Massachusetts Development Finance Agency (Suffolk University) Series 2017 5.00%, 07/01/2033		1,250		1,336,337
Series 2020-A 4.00%, 07/01/2045		1,400		1,347,853
Series 2021 4.00%, 07/01/2046-07/01/2051		2,270		2,155,216
Massachusetts Development Finance Agency (Trustees of Boston College) Series 2017-T 5.00%, 07/01/2037		1,000		1,098,131
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2016 5.00%, 07/01/2036		1,500		1,576,665
Massachusetts Development Finance Agency (Wellforce Obligated Group) AGM Series 2019-A 5.00%, 07/01/2038-07/01/2044		4,000		4,301,553
Massachusetts Development Finance Agency (Woods Hole Oceanographic Institution State Lease) Series 2018 5.00%, 06/01/2048		3,000		3,298,432
Massachusetts Port Authority Series 2019-A 5.00%, 07/01/2032		4,685		5,171,226
Series 2019-C 5.00%, 07/01/2049		1,000		1,078,473
Series 2021-E 5.00%, 07/01/2037-07/01/2051		3,250		3,613,489
Massachusetts School Building Authority Series 2013-A 5.00%, 05/15/2032 (Pre-refunded/ETM)		2,500		2,582,008
Series 2015-B 5.00%, 01/15/2030 (Pre-refunded/ETM)		3,770		4,056,786
Massachusetts Water Resources Authority Series 2016-C 5.00%, 08/01/2033 (Pre-refunded/ETM)		5,500		6,140,056

54    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Town of Weymouth MA Series 2021 2.00%, 09/15/2045	$	2,000	$	1,409,690
University of Massachusetts Building Authority Series 2014-1 5.00%, 11/01/2044 (Pre-refunded/ETM)		2,000		2,142,768
University of Massachusetts Building Authority (University of Massachusetts) Series 2017 5.00%, 11/01/2034		2,500		2,779,795
Series 2020 3.013%, 11/01/2043		2,000		1,584,784
				177,116,946
Alabama – 0.0%
Tuscaloosa County Industrial Development Authority (Hunt Refining Co.) Series 2019-A 5.25%, 05/01/2044(b)		100		101,267
American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038(b)		395		469,260
Arizona – 2.2%
Arizona Sports & Tourism Authority Series 2012-A 5.00%, 07/01/2029		4,065		4,077,635
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2037		660		744,846
				4,822,481
California – 0.4%
Golden State Tobacco Securitization Corp. Series 2018-A 5.00%, 06/01/2047 (Pre-refunded/ETM)		875		875,000

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Colorado – 0.5%
City & County of Denver CO (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032	$	1,000	$	1,003,799
Connecticut – 0.5%
State of Connecticut Series 2015-F 5.00%, 11/15/2032		1,000		1,074,865
Florida – 1.5%
County of Miami-Dade FL Aviation Revenue Series 2014 5.00%, 10/01/2027		3,000		3,135,354
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2022 4.25%, 06/01/2056		100		91,606
				3,226,960
Guam – 2.4%
Antonio B Won Pat International Airport Authority Series 2021-A 4.46%, 10/01/2043		535		470,360
Guam Government Waterworks Authority Series 2017 5.00%, 07/01/2040		1,525		1,646,753
Guam Power Authority Series 2017-A 5.00%, 10/01/2036-10/01/2040		1,770		1,865,103
Territory of Guam Series 2019 5.00%, 11/15/2031		230		238,461
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		1,255		1,139,035
				5,359,712
Illinois – 0.9%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031		650		686,884

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Illinois Finance Authority Series 2015 5.00%, 05/15/2037 (Pre-refunded/ETM)	$	1,050	$	1,133,554
Village of Bolingbrook IL (Village of Bolingbrook IL) Series 2005 6.25%, 01/01/2024		201		194,685
				2,015,123
Indiana – 0.1%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(b)		270		225,308
Michigan – 0.0%
City of Detroit MI Series 2018 5.00%, 04/01/2036		90		95,087
New Jersey – 0.6%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2029		1,170		1,262,663
North Carolina – 0.7%
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.70%, 07/01/2037		540		541,208
North Carolina Turnpike Authority Series 2017 5.00%, 01/01/2032		1,000		1,066,244
				1,607,452
Ohio – 0.3%
Ohio Water Development Authority Water Pollution Control Loan Fund (Energy Harbor Nuclear Generation LLC) Series 2016-A 4.375%, 06/01/2033		600		600,000
Pennsylvania – 1.0%
City of Philadelphia PA AGM Series 2017-A 5.00%, 08/01/2033		1,000		1,099,700

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 12/31/2034	$	1,140	$	1,187,555
				2,287,255
Puerto Rico – 1.8%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024-07/01/2033		405		305,138
4.00%, 07/01/2033		100		97,806
5.25%, 07/01/2023		115		116,504
5.375%, 07/01/2025		200		210,437
5.625%, 07/01/2027-07/01/2029		300		329,982
5.75%, 07/01/2031		100		113,049
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		240		251,530
Puerto Rico Highway & Transportation Authority AGC Series 2005-L 5.25%, 07/01/2041		100		105,895
AGC Series 2007-N 5.25%, 07/01/2034-07/01/2036		490		519,400
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026		640		663,288
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		238		181,137
Series 2019-A 4.329%, 07/01/2040		180		179,775
4.55%, 07/01/2040		22		22,230
5.00%, 07/01/2058		815		828,623
				3,924,794
Tennessee – 0.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(b)		310		310,907

58    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Texas – 0.7%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(b)	$	540	$	559,793
North Texas Tollway Authority (North Texas Tollway System) Series 2015-A 5.00%, 01/01/2034		1,000		1,052,116
				1,611,909
Wisconsin – 0.5%
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-B 5.00%, 12/01/2025		1,000		1,070,050
Total Long-Term Municipal Bonds (cost $216,037,798)				209,060,838
Short-Term Municipal Notes – 1.3%
Massachusetts – 1.3%
Massachusetts Health & Educational Facilities Authority (Mass General Brigham, Inc.) Series 2011 0.78%, 07/01/2040(c) (cost $2,975,000)		2,975		2,975,000
Total Municipal Obligations (cost $219,012,798)				212,035,838
	Shares
SHORT-TERM INVESTMENTS – 2.9%
Investment Companies – 2.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.71%(d)(e)(f) (cost $6,459,181)		6,459,181		6,459,181
Total Investments – 98.3% (cost $225,471,979)				218,495,019
Other assets less liabilities – 1.7%				3,667,168
Net Assets – 100.0%			$	222,162,187

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

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

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	1,325		01/15/2025		2.565%		CPI#	Maturity	$	139,090		$	– 0	–	$	139,090
USD	663		01/15/2025		2.613%		CPI#	Maturity		68,327			– 0	–		68,327
USD	662		01/15/2025		2.585%		CPI#	Maturity		68,959			– 0	–		68,959
USD	510		01/15/2025		4.028%		CPI#	Maturity		22,828			– 0	–		22,828
USD	2,270		01/15/2026		CPI#		3.765%	Maturity		(101,585	)		– 0	–		(101,585	)
USD	2,060		01/15/2027		CPI#		3.466%	Maturity		(105,790	)		(2,595	)		(103,195	)
USD	2,050		01/15/2027		CPI#		3.320%	Maturity		(124,107	)		– 0	–		(124,107	)
USD	1,660		01/15/2027		CPI#		3.323%	Maturity		(100,184	)		– 0	–		(100,184	)
USD	5,260		01/15/2028		1.230%		CPI#	Maturity		1,048,601			– 0	–		1,048,601
USD	3,970		01/15/2028		0.735%		CPI#	Maturity		936,975			– 0	–		936,975
USD	3,900		01/15/2029		CPI#		3.390%	Maturity		(154,369	)		– 0	–		(154,369	)
USD	2,420		01/15/2029		CPI#		3.735%	Maturity		(23,926	)		– 0	–		(23,926	)
USD	1,250		01/15/2029		CPI#		3.331%	Maturity		(55,739	)		– 0	–		(55,739	)
USD	870		01/15/2030		1.572%		CPI#	Maturity		168,735			– 0	–		168,735
USD	870		01/15/2030		1.587%		CPI#	Maturity		167,504			– 0	–		167,504
USD	1,300		01/15/2031		2.782%		CPI#	Maturity		115,698			– 0	–		115,698
USD	1,130		01/15/2031		2.680%		CPI#	Maturity		112,280			– 0	–		112,280
USD	1,000		01/15/2031		2.989%		CPI#	Maturity		67,731			– 0	–		67,731
USD	1,000		01/15/2032		CPI#		3.064%	Maturity		(56,891	)		– 0	–		(56,891	)
USD	950		04/15/2032		CPI#		2.909%	Maturity		(67,537	)		– 0	–		(67,537	)
									$	2,126,600		$	(2,595	)	$	2,129,195

# 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

10,500

01/15/2027

1 Day SOFR

2.587%

Annual

$

34,618

$

– 0

–

$

34,618

USD

4,250

01/15/2028

1.092%

3 Month LIBOR

Semi-Annual/ Quarterly

378,886

– 0

–

378,886

USD

3,750

01/15/2028

1.117%

3 Month LIBOR

Semi-Annual/ Quarterly

329,074

– 0

–

329,074

USD

2,450

01/15/2028

1.208%

3 Month LIBOR

Semi-Annual/ Quarterly

202,472

– 0

–

202,472

USD

2,500

01/15/2031

1.270%

3 Month LIBOR

Semi-Annual/ Quarterly

302,247

– 0

–

302,247

USD

2,100

01/15/2031

1.427%

3 Month LIBOR

Semi-Annual/ Quarterly

227,136

– 0

–

227,136

60    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	2,000		01/15/2031	1.241%	3 Month LIBOR	Semi-Annual/ Quarterly	$	248,388		$	– 0	–	$	248,388
USD	4,800		04/15/2032	1 Day SOFR	1.756%	Annual		(360,218	)		– 0	–		(360,218	)
USD	2,750		04/15/2032	1.280%	1 Day SOFR	Annual		322,228			– 0	–		322,228
USD	1,350		04/15/2032	1.284%	1 Day SOFR	Annual		157,766			– 0	–		157,766
USD	4,150		04/01/2039	0.834%	3 Month LIBOR	Semi-Annual/ Quarterly		1,218,934			– 0	–		1,218,934
USD	3,000		04/01/2039	0.780%	3 Month LIBOR	Semi-Annual/ Quarterly		903,046			(108	)		903,154
USD	3,000		04/01/2039	0.930%	3 Month LIBOR	Semi-Annual/ Quarterly		841,879			– 0	–		841,879
USD	1,550		04/01/2039	1.442%	3 Month LIBOR	Semi-Annual/ Quarterly		326,739			– 0	–		326,739
USD	2,600		02/15/2041	1 Day SOFR	2.900%	Annual		76,200			– 0	–		76,200
USD	2,500		02/15/2041	1 Day SOFR	1.770%	Annual		(335,932	)		– 0	–		(335,932	)
USD	2,300		02/15/2041	1 Day SOFR	1.813%	Annual		(293,571	)		– 0	–		(293,571	)
USD	1,400		02/15/2041	1 Day SOFR	1.697%	Annual		(203,480	)		– 0	–		(203,480	)
USD	250		02/15/2041	1 Day SOFR	1.715%	Annual		(35,641	)		– 0	–		(35,641	)
							$	4,340,771		$	(108	)	$	4,340,879

INTEREST RATE SWAPS (see Note D)

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Citibank, NA

USD

3,025

10/09/2029

1.125

%

SIFMA

*

Quarterly

$

274,791

$

– 0

–

$

274,791

* 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 $3,777,852 or 1.7% of net assets.

(c) 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.

(d) Affiliated investments.

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PORTFOLIO OF INVESTMENTS (continued)

AB MASSACHUSETTS PORTFOLIO

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

(f) 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 5.9% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CIFGNA – CIFG Assurance North America, Inc.

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

SRF – State Revolving Fund

See notes to financial statements.

62    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS

AB MINNESOTA PORTFOLIO

May 31, 2022

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 94.9%
Long-Term Municipal Bonds – 94.9%
Minnesota – 94.9%
Anoka-Hennepin Independent School District No. 11 (Anoka-Hennepin Independent School District No. 11 COP) Series 2014-A 5.00%, 02/01/2034	$	1,695	$	1,771,558
City of Apple Valley MN (PHS Apple Valley Senior Housing, Inc.) Series 2021 4.00%, 09/01/2051		270		226,900
City of Center City MN (Hazelden Betty Ford Foundation)
Series 2014 5.00%, 11/01/2029-11/01/2044		800		821,981
Series 2019 4.00%, 11/01/2041		850		826,459
City of Duluth MN Series 2016-A 5.00%, 02/01/2034		1,000		1,098,819
City of Maple Grove MN (Maple Grove Hospital Corp.) Series 2017 5.00%, 05/01/2031		1,000		1,071,822
City of Minneapolis MN (Allina Health Obligated Group) Series 2021 4.00%, 11/15/2037		1,000		1,014,327
City of Minneapolis MN (Fairview Health Services Obligated Group)
Series 2015-A 5.00%, 11/15/2033		1,000		1,048,871
Series 2018-A 5.00%, 11/15/2036		2,000		2,150,695
City of Minneapolis MN (Hennepin Schools) Series 2021-A 4.00%, 07/01/2056		300		244,841
City of Minneapolis MN/St. Paul Housing & Redevelopment Authority (Allina Health Obligated Group)
Series 2017-A 5.00%, 11/15/2028		1,355		1,492,188

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PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
NATL Series 1998 1.215%, 08/01/2028(a)	$	275	$	275,000
City of Rochester MN (Mayo Clinic)
Series 2016-B 5.00%, 11/15/2036		60		74,010
Series 2018 4.00%, 11/15/2048		1,000		1,017,179
City of St. Paul MN (City of St. Paul MN Sales Tax) Series 2014-G 5.00%, 11/01/2030-11/01/2032		2,900		3,090,920
City of Wayzata MN (Wayzata Bay Senior Housing, Inc.) Series 2019 5.00%, 08/01/2049		395		398,814
City of Woodbury MN (Woodbury Leadership Academy) Series 2021 4.00%, 07/01/2056		215		175,765
Cloquet Independent School District No. 94 Series 2015-B 5.00%, 02/01/2031		2,200		2,364,207
County of Hennepin MN Series 2019-B 5.00%, 12/15/2035		1,575		1,799,766
Duluth Economic Development Authority (Benedictine Health System Obligated Group) Series 2021 4.00%, 07/01/2036		400		387,412
Duluth Economic Development Authority (Essentia Health Obligated Group)
Series 2018 4.25%, 02/15/2043		500		504,742
Series 2018-A 5.00%, 02/15/2048		1,000		1,054,877
Housing & Redevelopment Authority of The City of St. Paul Minnesota Series 2015-A 5.00%, 11/15/2040 (Pre-refunded/ETM)		600		653,800
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Amherst H Wilder Foundation/MN) Series 2020 5.00%, 12/01/2036		1,575		1,687,516

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PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Housing & Redevelopment Authority of The City of St. Paul Minnesota (HealthPartners Obligated Group) Series 2015-A 5.00%, 07/01/2032	$	1,000	$	1,045,159
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Hmong College Prep Academy) Series 2020 5.00%, 09/01/2040		110		112,453
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2041-06/01/2051(b)		225		180,254
Hutchinson Utilities Commission Series 2012-A 5.00%, 12/01/2025		420		427,396
Minneapolis Special School District No. 1 Series 2016 5.00%, 02/01/2031		3,000		3,341,234
Minnesota Higher Education Facilities Authority (College of St. Scholastica, Inc.) Series 2019 4.00%, 12/01/2040		750		758,702
Minnesota Higher Education Facilities Authority (Hamline University) Series 2017-B 5.00%, 10/01/2036		500		514,963
Minnesota Higher Education Facilities Authority (St. Catherine University) Series 2018-A 5.00%, 10/01/2045		1,100		1,179,047
Minnesota Higher Education Facilities Authority (St. Olaf College)
Series 2021 3.00%, 10/01/2041		1,000		897,343
Series 2015-8 5.00%, 12/01/2032		1,000		1,072,156
Minnesota Higher Education Facilities Authority (University of St. Thomas/Minneapolis) Series 2017-A 4.00%, 10/01/2034		800		811,168

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PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Minnesota Housing Finance Agency (Minnesota Housing Finance Agency State Lease) Series 2019-A 4.00%, 08/01/2031	$	50	$	54,003
Minnesota Municipal Power Agency Series 2014 5.00%, 10/01/2032		750		801,047
New Prague Independent School District No. 721 Series 2015-A 4.00%, 02/01/2032		1,000		1,039,519
North St. Paul-Maplewood-Oakdale Independent School District No. 622 Series 2019-A 3.00%, 02/01/2038		1,000		964,278
Northern Municipal Power Agency Series 2017 5.00%, 01/01/2033-01/01/2041		1,150		1,256,750
Southern Minnesota Municipal Power Agency Series 2017-A 5.00%, 01/01/2047		2,000		2,209,041
State of Minnesota Series 2019-A 5.00%, 08/01/2037		1,000		1,153,949
Series 2021-A 4.00%, 09/01/2039		1,000		1,069,500
University of Minnesota Series 2014-B 4.00%, 01/01/2032		2,000		2,037,613
Western Minnesota Municipal Power Agency Series 2014-A 5.00%, 01/01/2040 (Pre-refunded/ETM)		1,500		1,575,633
Total Municipal Obligations (cost $48,510,235)				47,753,677

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PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 3.7%
Investment Companies – 3.7%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.71%(c)(d)(e) (cost $1,881,060)		1,881,060	$	1,881,060
Total Investments – 98.6% (cost $50,391,295)				49,634,737
Other assets less liabilities – 1.4%				713,954
Net Assets – 100.0%			$	50,348,691

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	365		01/15/2025	2.565%	CPI#	Maturity	$	38,315		$	– 0	–	$	38,315
USD	183		01/15/2025	2.585%	CPI#	Maturity		19,063			– 0	–		19,063
USD	182		01/15/2025	2.613%	CPI#	Maturity		18,757			– 0	–		18,757
USD	120		01/15/2025	4.028%	CPI#	Maturity		5,371			– 0	–		5,371
USD	680		01/15/2026	CPI#	3.765%	Maturity		(30,431	)		– 0	–		(30,431	)
USD	570		01/15/2027	CPI#	3.466%	Maturity		(29,272	)		(717	)		(28,555	)
USD	500		01/15/2027	CPI#	3.320%	Maturity		(30,270	)		– 0	–		(30,270	)
USD	420		01/15/2027	CPI#	3.323%	Maturity		(25,348	)		– 0	–		(25,348	)
USD	1,410		01/15/2028	1.230%	CPI#	Maturity		281,089			– 0	–		281,089
USD	1,070		01/15/2028	0.735%	CPI#	Maturity		252,535			– 0	–		252,535
USD	1,050		01/15/2029	CPI#	3.390%	Maturity		(41,561	)		– 0	–		(41,561	)
USD	620		01/15/2029	CPI#	3.735%	Maturity		(6,130	)		– 0	–		(6,130	)
USD	330		01/15/2029	CPI#	3.331%	Maturity		(14,715	)		– 0	–		(14,715	)
USD	255		01/15/2030	1.572%	CPI#	Maturity		49,457			– 0	–		49,457
USD	255		01/15/2030	1.587%	CPI#	Maturity		49,096			– 0	–		49,096
USD	300		01/15/2031	2.680%	CPI#	Maturity		29,809			– 0	–		29,809
USD	300		01/15/2031	2.782%	CPI#	Maturity		26,700			– 0	–		26,700
USD	250		01/15/2031	2.989%	CPI#	Maturity		16,933			– 0	–		16,933
USD	260		01/15/2032	CPI#	3.064%	Maturity		(14,792	)		– 0	–		(14,792	)
USD	260		04/15/2032	CPI#	2.909%	Maturity		(18,484	)		– 0	–		(18,484	)
							$	576,122		$	(717	)	$	576,839

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

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PORTFOLIO OF INVESTMENTS (continued)

AB MINNESOTA PORTFOLIO

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	6,600		01/15/2027	1 Day SOFR	2.467%	Annual	$	(11,980	)	$	– 0	–	$	(11,980	)
USD	1,500		01/15/2028	1.092%	3 Month LIBOR	Semi-Annual/ Quarterly		133,724			– 0	–		133,724
USD	4,070		01/15/2030	1.023%	3 Month LIBOR	Semi-Annual/ Quarterly		510,227			– 0	–		510,227
USD	1,400		01/15/2031	1.427%	3 Month LIBOR	Semi-Annual/ Quarterly		151,424			– 0	–		151,424
USD	650		01/15/2031	1.270%	3 Month LIBOR	Semi-Annual/ Quarterly		78,584			– 0	–		78,584
USD	500		01/15/2031	1.241%	3 Month LIBOR	Semi-Annual/ Quarterly		62,097			– 0	–		62,097
USD	800		04/15/2032	1 Day SOFR	1.756%	Annual		(60,036	)		– 0	–		(60,036	)
USD	990		11/12/2039	3 Month LIBOR	3.320%	Semi-Annual/ Quarterly		44,275			– 0	–		44,275
USD	700		02/15/2041	1 Day SOFR	1.770%	Annual		(94,061	)		– 0	–		(94,061	)
USD	600		02/15/2041	1 Day SOFR	1.657%	Annual		(90,813	)		– 0	–		(90,813	)
USD	470		02/15/2041	1 Day SOFR	1.715%	Annual		(67,004	)		– 0	–		(67,004	)
							$	656,437		$	– 0	–	$	656,437

INTEREST RATE SWAPS (see Note D)

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Citibank, NA

USD

835

10/09/2029

1.125

%

SIFMA

*

Quarterly

$

75,851

$

– 0

–

$

75,851

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

(a) An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of May 31, 2022 and the aggregate market value of this security amounted to $275,000 or 0.55% of net assets.

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AB MINNESOTA PORTFOLIO

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At May 31, 2022, the market value of this security amounted to $180,254 or 0.4% of net assets.

(c) Affiliated investments.

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

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

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 0.6% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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PORTFOLIO OF INVESTMENTS

AB NEW JERSEY PORTFOLIO

May 31, 2022

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 98.4%
Long-Term Municipal Bonds – 98.4%
New Jersey – 83.3%
City of Jersey City NJ Series 2017-A 5.00%, 11/01/2031-11/01/2037	$	1,500	$	1,672,041
Hudson County Improvement Authority (County of Hudson NJ) Series 2016 5.00%, 05/01/2036		1,400		1,514,096
Morris-Union Jointure Commission (Morris-Union Jointure Commission COP) AGM Series 2013 5.00%, 08/01/2026		2,320		2,391,787
New Jersey Economic Development Authority (Bancroft Neurohealth Obligated Group) Series 2016-A 5.00%, 06/01/2041		1,000		1,019,570
New Jersey Economic Development Authority (NJ Metromall Urban Renewal, Inc.) Series 2002 6.50%, 04/01/2028		961		985,798
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.) Series 2017 5.00%, 07/15/2032		1,000		1,047,594
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.00%, 01/01/2028		1,000		1,026,663
5.50%, 01/01/2027		1,000		1,036,532
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2047		2,000		2,094,072
New Jersey Economic Development Authority (Seeing Eye, Inc. (The)) Series 2017 5.00%, 06/01/2032		1,765		1,901,958
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		1,165		1,172,598

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

	Principal Amount (000)		U.S. $ Value
New Jersey Educational Facilities Authority (Kean University) AGM Series 2015-H 5.00%, 07/01/2034	$	2,500	$	2,676,238
New Jersey Educational Facilities Authority (Ramapo College of New Jersey) AGM Series 2022-A 4.00%, 07/01/2052		1,000		1,014,351
New Jersey Educational Facilities Authority (Stevens Institute of Technology) Series 2017 5.00%, 07/01/2047		1,750		1,828,522
New Jersey Health Care Facilities Financing Authority 4.00%, 07/01/2041		3,000		3,019,759
Series 2013 5.25%, 07/01/2031 (Pre-refunded/ETM)		320		331,633
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.) Series 2008-A 5.125%, 07/01/2022		45		45,143
New Jersey Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group) Series 2017-A 5.00%, 07/01/2035		1,950		2,092,236
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2017-A 5.00%, 07/01/2035		1,835		1,960,021
New Jersey Health Care Facilities Financing Authority (Valley Health System Obligated Group/NJ) Series 2019 4.00%, 07/01/2039		2,500		2,527,906
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2028-06/15/2029		2,750		2,972,865

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

	Principal Amount (000)		U.S. $ Value
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2015-A 5.25%, 06/15/2041	$	1,250	$	1,305,774
Series 2018-A 5.00%, 12/15/2035		1,750		1,895,243
Series 2020-A 4.00%, 06/15/2045		1,415		1,405,545
Series 2022-A 5.00%, 06/15/2032		1,000		1,128,035
New Jersey Turnpike Authority Series 2019-A 5.00%, 01/01/2048		680		749,306
Series 2020-D 5.00%, 01/01/2028		1,350		1,483,423
North Hudson Sewerage Authority/NJ NATL Series 2001-A Zero Coupon, 08/01/2024 (Pre-refunded/ETM)		2,625		2,494,175
Rahway Valley Sewerage Authority (The) NATL Series 2005-A Zero Coupon, 09/01/2035		3,445		2,168,256
Tobacco Settlement Financing Corp./NJ Series 2018-B 5.00%, 06/01/2046		2,675		2,750,278
Union County Improvement Authority (Township of Union NJ/Union County Lease) NATL Series 2003-A 5.25%, 08/15/2023		835		837,355
Union County Utilities Authority (County of Union NJ Lease) Series 2011-A 5.25%, 12/01/2031		3,050		3,056,597
				53,605,370
Alabama – 0.1%
Tuscaloosa County Industrial Development Authority (Hunt Refining Co.) Series 2019-A 4.50%, 05/01/2032(a)		85		86,611

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

	Principal Amount (000)		U.S. $ Value
American Samoa – 0.3%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038(a)	$	145	$	172,260
Arizona – 0.2%
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052(a)		100		109,511
Delaware – 3.4%
Delaware River & Bay Authority Series 2021 4.00%, 01/01/2046		1,000		1,017,459
Series 2022 5.00%, 01/01/2032(b)		1,000		1,162,537
				2,179,996
Florida – 0.1%
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 5.00%, 06/01/2055		100		101,866
Guam – 3.3%
Antonio B Won Pat International Airport Authority Series 2021-A 3.839%, 10/01/2036		100		89,054
Guam Power Authority Series 2017-A 5.00%, 10/01/2036-10/01/2040		805		848,214
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2046		720		763,941
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		440		399,343
				2,100,552

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Illinois – 0.5%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2031	$	305	$	322,307
Louisiana – 0.2%
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 10/01/2040(a)		100		114,404
Michigan – 0.1%
City of Detroit MI Series 2018 5.00%, 04/01/2036		50		52,826
Nevada – 0.1%
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058(a)		500		58,798
New York – 1.8%
Port Authority of New York & New Jersey Series 2014 5.00%, 09/01/2031		1,100		1,150,200
North Dakota – 0.2%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031(a)		110		68,072
7.00%, 12/15/2043(a)		110		66,250
				134,322
Ohio – 0.9%
Buckeye Tobacco Settlement Financing Authority Series 2020-B 5.00%, 06/01/2055		335		340,071
Ohio Water Development Authority Water Pollution Control Loan Fund (Energy Harbor Nuclear Generation LLC) Series 2016-A 4.375%, 06/01/2033		280		280,000
				620,071

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Puerto Rico – 2.3%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033	$	100	$	59,192
4.00%, 07/01/2033-07/01/2046		200		190,943
5.25%, 07/01/2023		35		35,458
5.625%, 07/01/2029		100		110,456
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		155		162,446
Puerto Rico Highway & Transportation Authority AGC Series 2007-N 5.25%, 07/01/2036		145		153,813
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) Series 2000 6.625%, 06/01/2026		300		310,916
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		104		79,152
Series 2019-A 4.329%, 07/01/2040		70		69,913
5.00%, 07/01/2058		305		310,098
				1,482,387
Tennessee – 0.4%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(a)		145		145,424
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049(a)(c)(d)		260		117,000
				262,424
Texas – 0.4%
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		245		253,980

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PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

	Principal Amount (000)		U.S. $ Value
Washington – 0.5%
Kalispel Tribe of Indians Series 2018-B 5.25%, 01/01/2038(a)	$	210	$	228,662
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities District Hotel Occupancy Tax) Series 2021 4.00%, 07/01/2031		100		95,532
				324,194
Wisconsin – 0.3%
UMA Education, Inc. Series 2019 5.00%, 10/01/2034(a)		200		210,898
Total Municipal Obligations (cost $63,542,445)				63,342,977
	Shares
SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 2.0%
AB Fixed Income Shares, Inc. — Government Money Market Portfolio —Class AB, 0.71%(e)(f)(g) (cost $1,284,373)		1,284,373	$	1,284,373
Total Investments – 100.4% (cost $64,826,818)				64,627,350
Other assets less liabilities – (0.4)%				(270,226	)
Net Assets – 100.0%			$	64,357,124

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	465		01/15/2025	2.565%	CPI#	Maturity	$	48,813		$	– 0	–	$	48,813
USD	233		01/15/2025	2.585%	CPI#	Maturity		24,271			– 0	–		24,271
USD	232		01/15/2025	2.613%	CPI#	Maturity		23,909			– 0	–		23,909
USD	870		01/15/2026	CPI#	3.611%	Maturity		(45,981	)		– 0	–		(45,981	)
USD	800		01/15/2026	CPI#	3.766%	Maturity		(35,759	)		– 0	–		(35,759	)
USD	2,070		01/15/2028	1.230%	CPI#	Maturity		412,662			– 0	–		412,662

76    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
USD	1,640		01/15/2028	0.735%	CPI#	Maturity	$	387,063		$	– 0	–	$	387,063
USD	3,470		01/15/2029	CPI#	3.406%	Maturity		(132,623	)		– 0	–		(132,623	)
USD	530		01/15/2029	CPI#	3.735%	Maturity		(5,240	)		– 0	–		(5,240	)
USD	240		01/15/2029	CPI#	3.408%	Maturity		(9,132	)		– 0	–		(9,132	)
USD	225		01/15/2030	1.572%	CPI#	Maturity		43,638			– 0	–		43,638
USD	225		01/15/2030	1.587%	CPI#	Maturity		43,320			– 0	–		43,320
USD	450		01/15/2031	2.782%	CPI#	Maturity		40,049			– 0	–		40,049
USD	370		01/15/2031	2.680%	CPI#	Maturity		36,764			– 0	–		36,764
							$	831,754		$	– 0	–	$	831,754

# 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	3,430		08/09/2022	3 Month LIBOR	1.486%	Quarterly/ Semi-Annual	$	13,150		$	– 0	–	$	13,150
USD	8,300		01/15/2027	1 Day SOFR	2.482%	Annual		(8,942	)		– 0	–		(8,942	)
USD	1,150		01/15/2028	1.173%	3 Month LIBOR	Semi-Annual/ Quarterly		96,903			– 0	–		96,903
USD	3,000		01/15/2029	1.370%	3 Month LIBOR	Semi-Annual/ Quarterly		260,693			– 0	–		260,693
USD	1,650		01/15/2031	1.456%	3 Month LIBOR	Semi-Annual/ Quarterly		176,167			33,643			142,524
USD	1,350		01/15/2031	1.270%	3 Month LIBOR	Semi-Annual/ Quarterly		163,213			– 0	–		163,213
USD	1,000		01/15/2031	1.240%	3 Month LIBOR	Semi-Annual/ Quarterly		124,275			– 0	–		124,275
USD	2,450		04/15/2032	1.284%	1 Day SOFR	Annual		286,317			– 0	–		286,317
USD	900		02/15/2036	1 Day SOFR	2.286%	Annual		(40,634	)		– 0	–		(40,634	)
USD	700		02/15/2041	1 Day SOFR	1.770%	Annual		(94,061	)		– 0	–		(94,061	)
USD	600		02/15/2041	1 Day SOFR	1.657%	Annual		(90,812	)		– 0	–		(90,812	)
USD	490		02/15/2041	1 Day SOFR	1.715%	Annual		(69,856	)		– 0	–		(69,856	)
							$	816,413		$	33,643		$	782,770

abfunds.com AB MUNICIPAL INCOME FUND II    ^|    77

PORTFOLIO OF INVESTMENTS (continued)

AB NEW JERSEY PORTFOLIO

INTEREST RATE SWAPS (see Note D)

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Citibank, NA

USD

1,235

10/09/2029

1.125

%

SIFMA

*

Quarterly

$

112,188

$

– 0

–

$

112,188

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At May 31, 2022, the aggregate market value of these securities amounted to $1,631,870 or 2.5% of net assets.

(b) When-Issued or delayed delivery security.

(c) Defaulted.

(d) Non-income producing security.

(e) Affiliated investments.

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

(g) 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 18.8% and 3.9%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CCRC – Congregate Care Retirement Center

COP – Certificate of Participation

CPI – Consumer Price Index

LIBOR – London Interbank Offered Rate

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

78    ^|    AB MUNICIPAL INCOME FUND II abfunds.com

PORTFOLIO OF INVESTMENTS

AB OHIO PORTFOLIO

May 31, 2022

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 98.6%
Long-Term Municipal Bonds – 98.6%
Ohio – 86.4%
Akron Bath Copley Joint Township Hospital District (Summa Health System Obligated Group) Series 2020 4.00%, 11/15/2035	$	1,000	$	1,011,491
American Municipal Power, Inc. Series 2016-A 5.00%, 02/15/2034		2,000		2,150,677
Series 2019 4.00%, 02/15/2039