UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04791

AB MUNICIPAL INCOME FUND, INC.

(Exact name of registrant as specified in charter)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

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

Date of fiscal year end: May 31, 2025

Date of reporting period: November 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

Advisor Class: ALCVX

November 30, 2024

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Fund Information

AB California Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$26	0.50%

Fund Performance

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

	Advisor Class	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,050	$10,071
05/16	$10,667	$10,662
05/17	$10,767	$10,818
05/18	$10,961	$10,938
05/19	$11,485	$11,639
05/20	$11,627	$12,102
05/21	$12,624	$12,675
05/22	$11,824	$11,814
05/23	$11,890	$11,872
05/24	$12,342	$12,189
11/24	$12,924	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Advisor Class	4.43%	6.69%	1.88%	2.60%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Advisor Class: ALCVX

Key Fund Statistics

Net Assets	$1,275,769,649
# of Portfolio Holdings	406
Portfolio Turnover Rate	17%
Total Advisory Fees Paid	$2,673,424

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	4.4%
AA	28.7%
A	25.6%
BBB	18.2%
BB	5.0%
B	0.5%
A-1+	3.0%
SP-1+	2.1%
Pre-refunded	1.3%
Not Rated	11.2%

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

Footnote

Description

Footnote^*

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

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: ALCVX

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

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

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

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Fund Information

Advisor Class: ALCVX

MI-CA-ADV-0154-1124

Class A: ALCAX

November 30, 2024

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Fund Information

AB California Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$38	0.75%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,703	$10,000
05/15	$9,738	$10,071
05/16	$10,310	$10,662
05/17	$10,381	$10,818
05/18	$10,542	$10,938
05/19	$11,021	$11,639
05/20	$11,127	$12,102
05/21	$12,051	$12,675
05/22	$11,259	$11,814
05/23	$11,293	$11,872
05/24	$11,696	$12,189
11/24	$12,229	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.30%	6.41%	1.63%	2.34%
Class A (with sales charges)	1.18%	3.22%	1.01%	2.03%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class A: ALCAX

Key Fund Statistics

Net Assets	$1,275,769,649
# of Portfolio Holdings	406
Portfolio Turnover Rate	17%
Total Advisory Fees Paid	$2,673,424

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	4.4%
AA	28.7%
A	25.6%
BBB	18.2%
BB	5.0%
B	0.5%
A-1+	3.0%
SP-1+	2.1%
Pre-refunded	1.3%
Not Rated	11.2%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: ALCAX

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

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

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

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Fund Information

Class A: ALCAX

MI-CA-A-0154-1124

Class C: ACACX

November 30, 2024

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Fund Information

AB California Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$77	1.50%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,009	$10,071
05/16	$10,518	$10,662
05/17	$10,502	$10,818
05/18	$10,584	$10,938
05/19	$11,000	$11,639
05/20	$11,015	$12,102
05/21	$11,831	$12,675
05/22	$10,980	$11,814
05/23	$10,921	$11,872
05/24	$11,232	$12,189
11/24	$11,704	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	4.00%	5.62%	0.87%	1.59%
Class C (with sales charges)	3.00%	4.62%	0.87%	1.59%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class C: ACACX

Key Fund Statistics

Net Assets	$1,275,769,649
# of Portfolio Holdings	406
Portfolio Turnover Rate	17%
Total Advisory Fees Paid	$2,673,424

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	4.4%
AA	28.7%
A	25.6%
BBB	18.2%
BB	5.0%
B	0.5%
A-1+	3.0%
SP-1+	2.1%
Pre-refunded	1.3%
Not Rated	11.2%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: ACACX

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

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

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

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Fund Information

Class C: ACACX

MI-CA-C-0154-1124

Advisor Class: ABTYX

November 30, 2024

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Fund Information

AB High Income Municipal Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$44	0.84%

Fund Performance

	Advisor Class	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,220	$10,071
05/16	$11,140	$10,662
05/17	$11,294	$10,818
05/18	$11,833	$10,938
05/19	$12,620	$11,639
05/20	$12,317	$12,102
05/21	$14,373	$12,675
05/22	$13,290	$11,814
05/23	$12,836	$11,872
05/24	$13,287	$12,189
11/24	$14,276	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Advisor Class	7.06%	11.18%	1.74%	3.62%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Advisor Class: ABTYX

Key Fund Statistics

Net Assets	$3,071,862,541
# of Portfolio Holdings	838
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$7,352,054

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	1.4%
AA	12.7%
A	15.0%
BBB	14.7%
BB	9.2%
B	1.4%
CCC	0.3%
Not Rated	45.3%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: ABTYX

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

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

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

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Fund Information

Advisor Class: ABTYX

MI-HI-ADV-0154-1124

Class A: ABTHX

November 30, 2024

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Fund Information

AB High Income Municipal Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$57	1.09%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,698	$10,000
05/15	$9,889	$10,071
05/16	$10,761	$10,662
05/17	$10,883	$10,818
05/18	$11,373	$10,938
05/19	$12,091	$11,639
05/20	$11,768	$12,102
05/21	$13,699	$12,675
05/22	$12,646	$11,814
05/23	$12,184	$11,872
05/24	$12,583	$12,189
11/24	$13,486	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	6.82%	10.90%	1.47%	3.35%
Class A (with sales charges)	3.64%	7.54%	0.84%	3.04%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class A: ABTHX

Key Fund Statistics

Net Assets	$3,071,862,541
# of Portfolio Holdings	838
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$7,352,054

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	1.4%
AA	12.7%
A	15.0%
BBB	14.7%
BB	9.2%
B	1.4%
CCC	0.3%
Not Rated	45.3%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: ABTHX

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

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

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

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Fund Information

Class A: ABTHX

MI-HI-A-0154-1124

Class C: ABTFX

November 30, 2024

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Fund Information

AB High Income Municipal Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$95	1.84%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,169	$10,071
05/16	$10,975	$10,662
05/17	$11,016	$10,818
05/18	$11,437	$10,938
05/19	$12,076	$11,639
05/20	$11,659	$12,102
05/21	$13,471	$12,675
05/22	$12,331	$11,814
05/23	$11,790	$11,872
05/24	$12,092	$12,189
11/24	$12,916	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	6.53%	10.07%	0.72%	2.59%
Class C (with sales charges)	5.53%	9.07%	0.72%	2.59%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class C: ABTFX

Key Fund Statistics

Net Assets	$3,071,862,541
# of Portfolio Holdings	838
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$7,352,054

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	1.4%
AA	12.7%
A	15.0%
BBB	14.7%
BB	9.2%
B	1.4%
CCC	0.3%
Not Rated	45.3%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: ABTFX

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

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

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Fund Information

Class C: ABTFX

MI-HI-C-0154-1124

Class Z: ABTZX

November 30, 2024

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Fund Information

AB High Income Municipal Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$44	0.84%

Fund Performance

	Class Z	Bloomberg Municipal Bond Index
09/18	$10,000	$10,000
05/19	$10,625	$10,647
05/20	$10,382	$11,071
05/21	$12,115	$11,595
05/22	$11,204	$10,807
05/23	$10,823	$10,860
05/24	$11,192	$11,151
11/24	$12,025	$11,657

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	Since Inception 9/28/2018
Class Z	7.06%	11.19%	1.73%	3.03%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.51%

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

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

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

Class Z: ABTZX

Key Fund Statistics

Net Assets	$3,071,862,541
# of Portfolio Holdings	838
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$7,352,054

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	1.4%
AA	12.7%
A	15.0%
BBB	14.7%
BB	9.2%
B	1.4%
CCC	0.3%
Not Rated	45.3%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class Z: ABTZX

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

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

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Fund Information

Class Z: ABTZX

MI-HI-Z-0154-1124

Advisor Class: ALTVX

November 30, 2024

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Fund Information

AB National Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$26	0.50%

Fund Performance

	Advisor Class	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,067	$10,071
05/16	$10,732	$10,662
05/17	$10,865	$10,818
05/18	$11,053	$10,938
05/19	$11,631	$11,639
05/20	$11,783	$12,102
05/21	$12,757	$12,675
05/22	$11,964	$11,814
05/23	$11,910	$11,872
05/24	$12,294	$12,189
11/24	$12,888	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Advisor Class	4.52%	6.56%	1.58%	2.57%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Advisor Class: ALTVX

Key Fund Statistics

Net Assets	$2,029,411,119
# of Portfolio Holdings	749
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$4,123,957

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	7.5%
AA	32.2%
A	27.4%
BBB	14.3%
BB	4.6%
B	0.5%
A-1+	1.1%
Pre-refunded	2.2%
Not Rated	10.2%

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

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: ALTVX

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

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

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Fund Information

Advisor Class: ALTVX

MI-NAT-ADV-0154-1124

Class A: ALTHX

November 30, 2024

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Fund Information

AB National Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$38	0.75%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,700	$10,000
05/15	$9,742	$10,071
05/16	$10,370	$10,662
05/17	$10,473	$10,818
05/18	$10,627	$10,938
05/19	$11,158	$11,639
05/20	$11,273	$12,102
05/21	$12,175	$12,675
05/22	$11,389	$11,814
05/23	$11,309	$11,872
05/24	$11,647	$12,189
11/24	$12,191	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.39%	6.29%	1.33%	2.31%
Class A (with sales charges)	1.21%	3.15%	0.72%	2.00%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class A: ALTHX

Key Fund Statistics

Net Assets	$2,029,411,119
# of Portfolio Holdings	749
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$4,123,957

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	7.5%
AA	32.2%
A	27.4%
BBB	14.3%
BB	4.6%
B	0.5%
A-1+	1.1%
Pre-refunded	2.2%
Not Rated	10.2%

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: ALTHX

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

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

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Fund Information

Class A: ALTHX

MI-NAT-A-0154-1124

Class C: ALNCX

November 30, 2024

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Fund Information

AB National Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$77	1.50%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,007	$10,071
05/16	$10,573	$10,662
05/17	$10,598	$10,818
05/18	$10,675	$10,938
05/19	$11,132	$11,639
05/20	$11,156	$12,102
05/21	$11,959	$12,675
05/22	$11,103	$11,814
05/23	$10,942	$11,872
05/24	$11,192	$12,189
11/24	$11,665	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	4.01%	5.62%	0.57%	1.55%
Class C (with sales charges)	3.01%	4.62%	0.57%	1.55%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class C: ALNCX

Key Fund Statistics

Net Assets	$2,029,411,119
# of Portfolio Holdings	749
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$4,123,957

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	7.5%
AA	32.2%
A	27.4%
BBB	14.3%
BB	4.6%
B	0.5%
A-1+	1.1%
Pre-refunded	2.2%
Not Rated	10.2%

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: ALNCX

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

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

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Fund Information

Class C: ALNCX

MI-NAT-C-0154-1124

Advisor Class: ALNVX

November 30, 2024

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Fund Information

AB New York Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$26	0.50%

Fund Performance

	Advisor Class	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,104	$10,071
05/16	$10,726	$10,662
05/17	$10,861	$10,818
05/18	$10,991	$10,938
05/19	$11,581	$11,639
05/20	$11,532	$12,102
05/21	$12,616	$12,675
05/22	$11,852	$11,814
05/23	$11,779	$11,872
05/24	$12,133	$12,189
11/24	$12,713	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Advisor Class	4.50%	6.86%	1.40%	2.43%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Advisor Class: ALNVX

Key Fund Statistics

Net Assets	$512,074,709
# of Portfolio Holdings	227
Portfolio Turnover Rate	16%
Total Advisory Fees Paid	$959,985

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.0%
AA	32.8%
A	17.4%
BBB	26.8%
BB	5.1%
B	1.8%
CCC	0.6%
A-1+	0.3%
A-1	0.4%
Pre-refunded	2.9%
Not Rated	5.9%

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Advisor Class: ALNVX

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

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

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Fund Information

Advisor Class: ALNVX

MI-NY-ADV-0154-1124

Class A: ALNYX

November 30, 2024

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Fund Information

AB New York Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$38	0.75%

Fund Performance

	Class A (with sales charges)	Bloomberg Municipal Bond Index
11/14	$9,699	$10,000
05/15	$9,787	$10,071
05/16	$10,374	$10,662
05/17	$10,478	$10,818
05/18	$10,578	$10,938
05/19	$11,120	$11,639
05/20	$11,043	$12,102
05/21	$12,052	$12,675
05/22	$11,293	$11,814
05/23	$11,196	$11,872
05/24	$11,506	$12,189
11/24	$12,037	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class A (without sales charges)	4.36%	6.70%	1.16%	2.18%
Class A (with sales charges)	1.27%	3.51%	0.56%	1.87%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class A: ALNYX

Key Fund Statistics

Net Assets	$512,074,709
# of Portfolio Holdings	227
Portfolio Turnover Rate	16%
Total Advisory Fees Paid	$959,985

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.0%
AA	32.8%
A	17.4%
BBB	26.8%
BB	5.1%
B	1.8%
CCC	0.6%
A-1+	0.3%
A-1	0.4%
Pre-refunded	2.9%
Not Rated	5.9%

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class A: ALNYX

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

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

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Fund Information

Class A: ALNYX

MI-NY-A-0154-1124

Class C: ANYCX

November 30, 2024

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Fund Information

AB New York Portfolio

Semi-Annual Shareholder Report

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

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$77	1.50%

Fund Performance

	Class C	Bloomberg Municipal Bond Index
11/14	$10,000	$10,000
05/15	$10,054	$10,071
05/16	$10,578	$10,662
05/17	$10,605	$10,818
05/18	$10,614	$10,938
05/19	$11,083	$11,639
05/20	$10,917	$12,102
05/21	$11,826	$12,675
05/22	$11,009	$11,814
05/23	$10,833	$11,872
05/24	$11,044	$12,189
11/24	$11,504	$12,743

Average Annual Total Returns

AATR	6 Months	1 Year	5 Years	10 Years
Class C (without sales charges)	3.97%	5.79%	0.39%	1.41%
Class C (with sales charges)	2.97%	4.79%	0.39%	1.41%
Bloomberg Municipal Bond Index	4.54%	4.93%	1.35%	2.45%

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

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

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

Class C: ANYCX

Key Fund Statistics

Net Assets	$512,074,709
# of Portfolio Holdings	227
Portfolio Turnover Rate	16%
Total Advisory Fees Paid	$959,985

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*}

Value	Value
AAA	6.0%
AA	32.8%
A	17.4%
BBB	26.8%
BB	5.1%
B	1.8%
CCC	0.6%
A-1+	0.3%
A-1	0.4%
Pre-refunded	2.9%
Not Rated	5.9%

Footnote

Description

Footnote^*

Availability of Additional Information

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

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

Class C: ANYCX

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

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

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

SCAN ME

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Fund Information

Class C: ANYCX

MI-NY-C-0154-1124

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

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

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

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

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

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

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

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

As of November 30, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.7% and 0.0%, respectively.

Net Asset Value Per Share—81,200,000,000 shares of capital stock authorized, $.001 par value (see Note E)

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

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

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

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor

inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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

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

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

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

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

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

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

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

Under the terms of the investment advisory agreement, the Portfolios pay the Adviser at the annual rates as follows:

The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit the total operating expenses (excluding interest expense, brokerage commissions and other transaction costs, taxes and extraordinary expenses) on an annual basis (the “Expense Caps”) as follows:

This contractual agreement extends through September 30, 2025, for all Portfolios and may be extended by the Adviser for additional one year terms.

For the six months ended November 30, 2024, such reimbursements amounted to $78,588, $9,807, $249,133 and $181,385 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.

Pursuant to the investment advisory agreement, each Portfolio may reimburse the Adviser for certain legal and accounting services provided to each Portfolio by the Adviser. For the six months ended November 30, 2024, the reimbursement for such services amounted to $42,859, $57,116, $51,793 and $54,488 for AB California, AB High Income Municipal, AB National and AB New York Portfolios, respectively.

The Portfolios compensate AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolios. ABIS may make payments to intermediaries that

provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to: AB California Portfolio, $34,703; AB High Income Municipal Portfolio, $117,119; AB National Portfolio, $96,292 and AB New York Portfolio, $26,207 for the six months ended November 30, 2024.

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

The Portfolios may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the six months ended November 30, 2024, such waivers amounted to:

In connection with the Portfolios’ investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Portfolios in an amount equal to

the Portfolios’ pro rata share of the effective advisory fees of AB mutual funds, as paid by the Portfolios as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until September 30, 2025. For the six months ended November 30, 2024, there were no such waivers and/or reimbursements for AB High Income Municipal Portfolio.

A summary of the Portfolios’ transactions in AB mutual funds for the six months ended November 31, 2024 is as follows:

During the year ended May 31, 2024, the Adviser reimbursed AB National Portfolio $1,750 for trading losses incurred due to a trade entry error.

The Portfolios have adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Portfolios pay distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Portfolios’ average daily net assets attributable to Class A shares and 1% of the Portfolios’ average

daily net assets attributable to Class C shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. There are no distribution and servicing fees on the Advisor Class and Class Z shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Portfolios’ operations, the distributor has incurred expenses in excess of the distribution costs reimbursed by each Portfolio as follows:

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

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

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

Each Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

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

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

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

component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

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

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

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

In addition, the Portfolios may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolios anticipate purchasing at a later date. Interest rate swaps involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolios receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended November 30, 2024, the AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio held interest rate swaps for hedging purposes.

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

During the six months ended November 30, 2024, the AB California Portfolio, AB High Income Municipal Portfolio, AB National Portfolio and AB New York Portfolio held inflation (CPI) swaps for hedging purposes.

Each Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined

under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended November 30, 2024, the AB High Income Municipal Portfolio held credit default swaps for hedging and non-hedging purposes, AB National Portfolio and AB New York Portfolio held credit default swaps for hedging purposes.

The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its

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

The Portfolios’ ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolios decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolios’ OTC counterparty has the right to terminate such transaction and require the Portfolios to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolios as of November 30, 2024. Exchange-traded

derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

The Fund has authorized 81.2 billion shares of capital stock. The allocation is as follow:

Market Risk—The value of a Portfolios’ assets will fluctuate as the market or markets in which the Portfolio invests fluctuate. The value of a 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 and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

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

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Portfolios invest more of their assets in a particular state’s municipal securities, the Portfolios 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 or earthquakes. The Portfolios’ investment in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a

significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Portfolios invest from time to time in the municipal securities of Puerto Rico and other U.S. 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 U.S. issuers of municipal securities. Puerto Rico continues to face a challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular U.S. federal, and if applicable, state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in U.S. federal income tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolios by increasing taxes on that income. In such event, the Portfolios’ 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 longer maturities or durations.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full

maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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.

Financing and Related Transactions; Leverage and Other Risks—The Portfolios may utilize financial leverage, including tender option bond transactions, to seek to enhance the yield and net asset value. These objectives may not be achieved in all interest rate environments. Leverage creates certain risks for shareholders, including the likelihood of greater volatility of the net asset value. If income from the securities purchased from the funds made available by leverage is not sufficient to cover the cost of leverage, the Portfolios’ return will be less than if leverage had not been used. As a result, the amounts available for distribution as dividends and other distributions will be reduced. During periods of rising short-term interest rates, the interest paid on the floaters in tender option bond transactions would increase, which may adversely affect the Portfolios’ income and distribution to shareholders. A decline in distributions would adversely affect the Portfolios’ yield. If rising short-term rates coincide with a period of rising long-term rates, the value of the long-term municipal bonds purchased with the proceeds of leverage would decline, adversely affecting the net asset value.

In a tender option bond transaction, the Portfolios may transfer a highly rated fixed-rate municipal security to a broker, which, in turn, deposits the bond into a special purpose vehicle (typically, a trust) usually sponsored by the broker. The Portfolios receive cash and a residual interest security (sometimes referred to as an “inverse floater”) issued by the trust in return. The trust simultaneously issues securities, which pay an interest rate that is reset each week based on an index of high-grade short-term seven-day demand notes. These securities, sometimes referred to as “floaters”, are bought by third parties, including tax-exempt money market funds, and can be tendered by these holders to a liquidity provider at par, unless certain events occur. The Portfolios continue to earn all the interest from the transferred bond less the amount of interest paid on the floaters and the expenses of the trust, which include payments to the trustee and the liquidity provider and organizational costs. The Portfolios also use the cash received from the transaction for investment purposes or to retire other forms of leverage. Under certain circumstances, the trust may be terminated and collapsed, either by the Portfolios or upon the occurrence of certain events, such as a downgrade in the credit quality of the underlying

bond, or in the event holders of the floaters tender their securities to the liquidity provider. See Note I to the Financial Statements “Floating Rate Notes Issued in Connection with Securities Held” for more information about tender option bond transactions.

The Portfolios may also purchase inverse floaters from a tender option bond trust in a secondary market transaction without first owning the underlying bond. The income received from an inverse floater varies inversely with the short-term interest rate paid on the floaters issued by the trust. The prices of inverse floaters are subject to greater volatility than the prices of fixed-income securities that are not inverse floaters. Investments in inverse floaters may amplify the risks of leverage. If short-term interest rates rise, the interest payable on the floaters would increase and income from the inverse floaters decrease.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Portfolios to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios.

Indemnification Risk—In the ordinary course of business, the Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.

Management Risk—The Portfolios are subject to management risk because they are an actively-managed investment fund. 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.

A number of open-end mutual funds managed by the Adviser, including the Portfolios, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolios did not utilize the Facility during the six months ended November 30, 2024.

The tax character of distributions to be paid for the year ending May 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the tax years ended November 30, 2023 and November 30, 2022 were as follows:

As of November 30, 2023, the Portfolios’ most recent tax year end, the components of accumulated earnings (deficit) on a tax basis were as follows:

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

As of November 30, 2023, the Portfolios’ most recent tax year end, the Portfolios had net capital loss carryforwards as follows:

During the current fiscal year, permanent differences primarily due to contributions from the Adviser resulted in a net decrease in accumulated loss and a net decrease in additional paid-capital. These reclassifications had no effect on net assets.

Each Portfolio may engage in tender option bond transactions in which the Portfolio may transfer a fixed rate bond (“Fixed Rate Bond”) into a Special Purpose Vehicle (the “SPV”, which is generally organized as a trust). The Portfolio buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation (“Inverse Floater”). The SPV also issues floating rate notes (“Floating Rate Notes”) which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Portfolio gives the Portfolio the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Portfolio, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its statement of assets and liabilities. Interest expense related to the Portfolios’ liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Portfolios’ expense ratio. At November 30, 2024, the amount of Floating Rate Notes outstanding was $250,560,000 and the related interest rate ranged from 3.20 to 3.60% for AB High Income Municipal Portfolio. At November 30, 2024, AB California Portfolio, AB National Portfolio and AB New York Portfolio did not have any Floating Rate Notes outstanding. For the six months ended November 30, 2024,

the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were as follows:

Each Portfolio may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Portfolios’ financial statements as a secured borrowing. For the six months ended November 30, 2024, AB California Portfolio engaged in such transactions.

The final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) were issued on December 10, 2013. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs, such as the Fund’s TOB transactions (as such programs were then previously or are presently structured), and (ii) continuing certain relationships with or certain services for residual interest bond programs.

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, ASU 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280 it, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is

effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-07 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-07.

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolios’ financial statements through this date.

Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Fund

The disinterested directors (the “directors”) of AB Municipal Income Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a “Fund” and collectively, the “Funds”) at a meeting held in-person on July 30-31, 2024 (the “Meeting”):

Prior to approval of the continuance of the Advisory Agreement in respect of each Fund, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of each Fund. The directors also discussed the proposed continuances in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Funds and the money market fund advised by the Adviser in which the Funds invest a portion of their assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee in respect of each Fund. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage each Fund and the overall arrangements between each Fund and the Adviser,

as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for each Fund. The directors noted that the Adviser from time to time reviews each Fund’s investment strategies and from time to time proposes changes intended to improve a Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of each Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that each Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to such Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid in respect of a Fund, result in a higher rate of total compensation from such Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of each Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Funds under the Advisory Agreement.

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationships with the Funds, including those relating to its subsidiaries that provide transfer agency and distribution services to the Funds. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because

comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationships with the Funds before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with each Fund was not unreasonable.

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds and the money market fund advised by the Adviser in which the Funds invest, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Funds’ principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds’ shares; and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Funds.

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for each Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of each Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the investment performance for each of AB California Portfolio, AB National Portfolio and AB New York Portfolio was acceptable. The directors discussed with the Adviser the reasons for AB High Income Municipal Portfolio’s underperformance in the periods reviewed and determined to continue to monitor the Fund’s performance closely.

The directors considered the advisory fee rate payable by each Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as such Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared each

Fund’s contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median in the case of AB California Portfolio and AB National Portfolio. The directors noted that in the case of AB High Income Municipal Portfolio and AB New York Portfolio, it was lower than the median. The directors also noted the Adviser’s total rate of compensation for each Fund, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of any of the Funds. In the case of each of AB California Portfolio, AB National Portfolio and AB New York Portfolio, the directors compared each Fund’s advisory fee rate with that for another fund advised by the Adviser utilizing similar investment strategies.

In connection with their review of each Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of each Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of each Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in each Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Funds by others. The directors noted that the expense ratio was below the medians for AB High Income Municipal Portfolio and equal to the medians for AB New York Portfolio. They also noted that the expense ratio for AB California Portfolio and AB National Portfolio was above the medians and discussed the Adviser’s explanations of the reasons for this. Based on their review, the directors concluded that the expense ratio for each Fund was acceptable.

The directors noted that the advisory fee schedule for each Fund contains breakpoints that reduce the fee rates on assets above specified levels, and that the net assets of AB High Income Municipal Portfolio were higher than the first breakpoint level. Accordingly, the Fund’s current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in

advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that in the case of AB High Income Municipal Portfolio, the Fund’s breakpoint arrangements were acceptable and provide a means for sharing any economies of scale, and, in the case of the other Funds, such Funds’ shareholders would benefit from a sharing of economies of scale in the event a Fund’s net assets exceed a breakpoint in the future.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

At a Special Meeting held on July 18, 2024, shareholders of the AB California Portfolio (the “Fund”), a series of AB Municipal Income Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

At a Special Meeting held on July 18, 2024, shareholders of the AB High Income Municipal Portfolio (the “Fund”), a series of AB Municipal Income Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

At a Special Meeting held on July 18, 2024, shareholders of the AB National Portfolio (the “Fund”), a series of AB Municipal Income Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

At a Special Meeting held on July 18, 2024, shareholders of the AB New York Portfolio (the “Fund”), a series of AB Municipal Income Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Directors effective December 31, 2024, and Mr. Erzan will resign as a Director effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



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


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 98.7%
Long-Term Municipal Bonds – 98.3%
California – 94.4%
Alameda Corridor Transportation Authority Series 2022-A 5.30%, 10/01/2047^(a)	$	17,955	$	10,615,247
AGM Series 2024 Zero Coupon, 10/01/2053		2,000		509,378
Bakersfield City School District BAM Series 2012-C 5.90%, 05/01/2047^(a)		6,380		5,066,297
Bay Area Toll Authority Series 2021 3.16% (MUNIPSA + 0.30%), 04/01/2056^(b)		2,000		1,978,830
3.59% (MUNIPSA + 0.41%), 04/01/2056^(b)		14,800		14,604,300
Burbank-Glendale-Pasadena Airport Authority Brick Campaign Series 2024-B 5.25%, 07/01/2044		3,000		3,298,066
5.25%, 07/01/2049		9,000		9,764,798
5.25%, 07/01/2054		7,350		7,917,320
AGM Series 2024-B 4.50%, 07/01/2054		2,000		2,021,691
California Community Choice Financing Authority (American General Life Insurance Co.) Series 2024 5.00%, 08/01/2055		8,600		9,316,082
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		5,000		5,347,549
California Community Choice Financing Authority (Apollo Global Management, Inc.) Series 2024 5.00%, 01/01/2055		12,000		13,010,704
5.00%, 11/01/2055		10,000		10,809,994
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		10,375		11,168,069


	Principal Amount (000)		U.S. $ Value

California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056^(c)	$	1,000	$	746,374
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 3.00%, 02/01/2057^(c)		2,000		1,443,327
California County Tobacco Securitization Agency (Los Angeles County Securitization Corp.) Series 2020-A 4.00%, 06/01/2040		1,365		1,368,181
4.00%, 06/01/2049		12,155		11,523,416
California Earthquake Authority Series 2022-A 5.603%, 07/01/2027		2,170		2,182,815
California Educational Facilities Authority (Art Center College of Design) Series 2018-A 5.00%, 12/01/2037		1,265		1,309,955
5.00%, 12/01/2044		6,885		7,032,623
California Educational Facilities Authority (Chapman University) Series 2015 5.00%, 04/01/2035		4,415		4,436,932
California Educational Facilities Authority (Loma Linda University) Series 2017-A 5.00%, 04/01/2047		4,000		4,074,528
California Educational Facilities Authority (St Mary’s College of California) Series 2023 5.25%, 10/01/2044		2,100		2,240,556
California Educational Facilities Authority (University of Redlands) Series 2022-A 5.00%, 10/01/2044		2,500		2,598,468
California Educational Facilities Authority (University of the Pacific) Series 2015 5.00%, 11/01/2031		2,000		2,030,172
Series 2023 4.25%, 11/01/2048		3,230		3,269,451


	Principal Amount (000)		U.S. $ Value

California Enterprise Development Authority Series 2024-A 5.00%, 06/01/2064^(c)(d)	$	5,000	$	5,043,348
California Enterprise Development Authority (Heights Christian Schools) Series 2023 6.25%, 06/01/2053^(c)		1,920		1,949,008
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2042^(c)		1,000		884,172
California Enterprise Development Authority (Rocklin Academy (The)) Series 2021 4.00%, 06/01/2051^(c)		1,875		1,687,688
4.00%, 06/01/2061^(c)		840		728,619
California Health Facilities Financing Authority Series 2024 5.00%, 12/01/2036		4,250		4,690,602
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2035		1,365		1,406,792
5.00%, 08/15/2036		3,000		3,088,039
5.00%, 08/15/2042		2,000		2,043,357
California Health Facilities Financing Authority (CommonSpirit Health) Series 2020-A 4.00%, 04/01/2037		5,165		5,261,150
California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford Obligated Group) Series 2022-A 4.00%, 05/15/2046		5,000		5,066,030
California Health Facilities Financing Authority (Stanford Health Care Obligated Group) Series 2023-A 5.00%, 08/15/2033		10,000		11,796,284
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		7,206		7,284,687
Series 2021-1, Class A 3.50%, 11/20/2035		6,939		6,792,881
Series 2021-2, Class A 3.75%, 03/25/2035		6,224		6,212,414


	Principal Amount (000)		U.S. $ Value

Series 2021-2, Class X 0.82%, 03/25/2035^(e)	$	2,873	$	125,306
Series 2021-3, Class A 3.25%, 08/20/2036		1,906		1,803,286
Series 2021-3, Class X 0.79%, 08/20/2036^(e)		2,525		122,033
Series 2023-1, Class A 4.375%, 09/20/2036		1,977		2,064,633
California Infrastructure & Economic Development Bank Series 2024 5.00%, 11/01/2049		3,250		3,546,573
5.00%, 11/01/2054		4,500		4,873,987
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2024 3.25%, 08/01/2029		4,750		4,781,397
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2024 8.00%, 01/01/2050^(c)		3,000		3,091,397
California Infrastructure & Economic Development Bank (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2016 5.00%, 01/01/2036^(c)		1,500		1,309,755
California Infrastructure & Economic Development Bank (Museum Associates) Series 2021 3.88% (MUNIPSA + 0.70%), 12/01/2050^(b)		4,600		4,580,708
California Infrastructure & Economic Development Bank (Roseville Sustainable Energy Partner LLC) Series 2024 5.25%, 07/01/2049		10,000		10,829,795
California Municipal Finance Authority Series 2024 5.00%, 04/01/2039		655		721,368
5.00%, 04/01/2040		535		586,661
5.00%, 04/01/2049		1,300		1,381,433
5.00%, 04/01/2054		1,170		1,235,260


	Principal Amount (000)		U.S. $ Value

AGM Series 2018 3.25%, 12/31/2032	$	1,000	$	951,590
California Municipal Finance Authority (American Heritage/Escondido/Heritage K-8 Charter School Obligated Group) Series 2016-A 5.00%, 06/01/2036		1,900		1,928,193
5.00%, 06/01/2046		1,000		1,006,834
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2035		3,160		3,146,881
5.00%, 04/01/2041		3,000		2,896,838
California Municipal Finance Authority (Biola University, Inc.) Series 2017 5.00%, 10/01/2032		565		585,486
5.00%, 10/01/2033		625		647,249
5.00%, 10/01/2034		570		589,641
5.00%, 10/01/2035		600		619,985
5.00%, 10/01/2036		1,150		1,186,490
5.00%, 10/01/2037		2,000		2,059,977
California Municipal Finance Authority (California Institute of the Arts) Series 2021 4.00%, 10/01/2046		1,340		1,262,939
4.00%, 10/01/2051		1,200		1,098,651
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2041		3,470		3,642,601
5.00%, 05/15/2042		2,705		2,833,047
5.00%, 05/15/2049		4,500		4,658,323
5.00%, 05/15/2052		1,575		1,626,639
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.) Series 2021-A 5.00%, 12/01/2054^(c)		1,000		1,007,581
California Municipal Finance Authority (Congregational Homes, Inc. Obligated Group) Series 2022 4.00%, 11/15/2042		560		517,679
4.00%, 11/15/2052		3,605		3,068,119
4.00%, 11/15/2056		1,685		1,404,876


	Principal Amount (000)		U.S. $ Value

California Public Finance Authority (Henry Mayo Newhall Hospital Obligated Group) Series 2017 5.00%, 10/15/2037	$	1,000	$	1,018,569
California School Finance Authority Series 2017 5.00%, 06/01/2047^(c)		700		700,155
5.00%, 06/01/2053^(c)		1,775		1,743,141
Series 2024 5.00%, 06/01/2054^(c)		2,350		2,333,142
5.125%, 06/01/2059^(c)		1,500		1,502,587
5.125%, 06/01/2064^(c)		2,350		2,341,301
California School Finance Authority (ACE Charter Schools Obligated Group) Series 2016 5.00%, 06/01/2042^(c)		2,750		2,743,308
California School Finance Authority (Alliance for College Ready Public Schools Obligated Group) Series 2015-A 5.00%, 07/01/2045^(c)		4,675		4,694,258
Series 2016 5.25%, 07/01/2052^(c)		2,500		2,530,677
California School Finance Authority (Aspire Public Schools Obligated Group) Series 2020-A 5.00%, 08/01/2059^(c)		2,000		2,025,426
California School Finance Authority (Bright Star Schools Obligated Group) Series 2017 5.00%, 06/01/2037^(c)		1,200		1,208,858
5.00%, 06/01/2047^(c)		1,565		1,550,312
California School Finance Authority (Classical Academy Obligated Group) Series 2020-A 5.00%, 10/01/2050^(c)		3,000		3,039,429
Series 2021 4.00%, 10/01/2046^(c)		1,250		1,146,867
Series 2022 5.00%, 10/01/2061^(c)		2,000		2,039,198
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 5.00%, 06/01/2046⁽ⁱ⁾		2,325		1,837,999
5.00%, 06/01/2051⁽ⁱ⁾		2,910		2,201,460


	Principal Amount (000)		U.S. $ Value

California School Finance Authority (Ednovate Obligated Group) Series 2018 5.00%, 06/01/2037^(c)	$	430	$	432,068
California School Finance Authority (Equitas Academy Obligated Group) Series 2018-A 5.00%, 06/01/2035^(c)		4,770		4,801,804
California School Finance Authority (Fenton Charter Public Schools) Series 2020-A 5.00%, 07/01/2058^(c)		625		626,466
California School Finance Authority (Green DOT Public Schools Obligated Group) Series 2015-A 5.00%, 08/01/2045^(c)		1,000		1,003,708
Series 2022 5.00%, 08/01/2032^(c)		710		745,809
5.75%, 08/01/2052^(c)		1,650		1,798,518
California School Finance Authority (Hawking STEAM Charter Schools, Inc.) Series 2022 5.00%, 07/01/2042^(c)		1,860		1,909,574
5.25%, 07/01/2052^(c)		2,755		2,824,621
5.375%, 07/01/2056^(c)		1,990		2,047,141
5.50%, 07/01/2062^(c)		1,775		1,830,593
California School Finance Authority (KIPP SoCal Public Schools Obligated Group) Series 2017-A 5.00%, 07/01/2037^(c)		935		962,412
Series 2019-A 5.00%, 07/01/2049^(c)		2,000		2,061,612
Series 2020-A 4.00%, 07/01/2055^(c)		835		779,526
California School Finance Authority (KIPP SoCal Public Schools) Series 2014-A 5.00%, 07/01/2034^(c)		1,200		1,200,440
California School Finance Authority (Lighthouse Community Public Schools Obligated Group) Series 2022 6.50%, 06/01/2062^(c)		2,300		2,438,612


	Principal Amount (000)		U.S. $ Value

California School Finance Authority (Partnerships to Uplift Communities Series 2023 Obligated Group) Series 2023 5.50%, 08/01/2043^(c)	$	550	$	587,801
5.50%, 08/01/2047^(c)		525		556,091
California School Finance Authority (Pre-refunded – US Treasuries) Series 2017 5.00%, 06/01/2047^(c)		800		836,325
5.00%, 06/01/2053^(c)		2,025		2,116,949
California School Finance Authority (Rocketship Education Obligated Group) Series 2016-A 5.00%, 06/01/2036^(c)		1,000		1,002,655
5.00%, 06/01/2046^(c)		2,500		2,496,598
Series 2017 5.125%, 06/01/2047^(c)		700		700,942
Series 2017-G 5.00%, 06/01/2037^(c)		360		363,479
5.00%, 06/01/2053^(c)		2,075		2,046,943
California School Finance Authority (View Park Elementary & Middle Schools) Series 2014 5.625%, 10/01/2034		575		575,198
6.00%, 10/01/2049		715		715,239
California State Public Works Board (State of California Department of General Services Lease) Series 2024 5.00%, 04/01/2044		1,500		1,695,265
5.00%, 04/01/2049		1,500		1,670,695
5.05%, 04/01/2032		2,000		2,049,867
5.06%, 04/01/2033		1,000		1,023,926
California State University Series 2017-B 3.899%, 11/01/2047		4,900		4,257,911
Series 2020-D 1.49%, 11/01/2028		1,500		1,348,755
Series 2021-B 2.144%, 11/01/2033		6,000		4,936,179
Series 2024-A 5.50%, 11/01/2045		2,000		2,380,319


	Principal Amount (000)		U.S. $ Value

California Statewide Communities Development Authority (California Baptist University) Series 2017-A 5.00%, 11/01/2032^(c)	$	1,635	$	1,677,168
California Statewide Communities Development Authority (CHF-Irvine LLC) Series 2017-A 5.00%, 05/15/2034		1,000		1,037,985
5.00%, 05/15/2035		1,410		1,461,253
5.00%, 05/15/2036		1,500		1,550,934
California Statewide Communities Development Authority (Emanate Health Obligated Group) Series 2020-A 5.00%, 04/01/2035		1,000		1,084,781
California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) AGM Series 2022-A 5.375%, 08/15/2057		2,000		2,173,404
California Statewide Communities Development Authority (John Muir Health Obligated Group) Series 2024-A 5.25%, 12/01/2054		18,310		20,417,970
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2016 5.00%, 06/01/2036^(c)		1,000		1,010,852
Series 2019 5.00%, 06/01/2051^(c)		3,165		3,174,973
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2036^(c)		5,000		5,085,909
5.25%, 12/01/2056^(c)		1,700		1,717,410
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.25%, 07/01/2039^(c)		2,295		2,360,567


	Principal Amount (000)		U.S. $ Value

5.25%, 07/01/2049^(c)	$	2,675	$	2,717,478
5.25%, 07/01/2052^(c)		1,565		1,586,460
California Statewide Communities Development Authority (Southern California Edison Co.) Series 2023 4.50%, 11/01/2033		9,000		9,605,189
Capistrano Unified School District School Facilities Improvement District No. 1 AGM Series 2001-B Zero Coupon, 08/01/2025		1,500		1,468,640
Cerritos Community College District (Pre-refunded – US Treasuries) Series 2014-A 4.00%, 08/01/2030		2,230		2,234,642
City of Atwater CA Wastewater Revenue AGM Series 2017-A 5.00%, 05/01/2040		1,000		1,038,649
5.00%, 05/01/2043		1,000		1,034,965
City of Fairfield CA (City of Fairfield CA COP) AGC Series 2007 Zero Coupon, 04/01/2035		3,700		2,582,062
City of Fremont CA Community Facilities District No. 1 Series 2015 5.00%, 09/01/2040		4,000		4,027,285
City of Irvine CA (City of Irvine CA Community Facilities District No. 2013-3 Improvement Area No. 8) Series 2018 5.00%, 09/01/2043		2,400		2,485,053
5.00%, 09/01/2048		4,250		4,375,850
City of Long Beach CA Marina System Revenue Series 2015 5.00%, 05/15/2032		1,100		1,106,655
5.00%, 05/15/2040		2,250		2,258,962
5.00%, 05/15/2045		2,250		2,256,887
City of Los Angeles CA Series 2024 5.00%, 06/26/2025		15,000		15,186,444


	Principal Amount (000)		U.S. $ Value

City of Los Angeles CA Wastewater System Revenue Series 2013-B 5.00%, 06/01/2031	$	5,000	$	5,004,812
City of Los Angeles Department of Airports Series 2022 3.25%, 05/15/2049		2,000		1,629,724
5.00%, 05/15/2045		1,500		1,592,771
City of Palo Alto CA (City of Palo Alto CA University Avenue AD) Series 2012 5.00%, 09/02/2025		1,685		1,693,502
5.00%, 09/02/2028		530		532,889
5.00%, 09/02/2030		745		748,882
City of Riverside CA Sewer Revenue Series 2015-A 5.00%, 08/01/2033		10,090		10,222,074
City of Roseville CA (City of Roseville CA Fiddyment Ranch Community Facilities District No. 1) Series 2017 5.00%, 09/01/2033		1,315		1,360,427
5.00%, 09/01/2034		1,000		1,034,258
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.00%, 09/01/2036		640		651,683
City of San Francisco CA Public Utilities Commission Water Revenue Series 2020 2.825%, 11/01/2041		4,810		3,815,181
City of San Jose CA Airport Revenue (Norman Y Mineta San Jose International Airport SJC) Series 2017-A 5.00%, 03/01/2033		1,100		1,131,093
5.00%, 03/01/2034		2,000		2,054,978
5.00%, 03/01/2035		3,500		3,592,693
5.00%, 03/01/2037		1,800		1,843,711
City of Upland CA (San Antonio Regional Hospital) Series 2017 5.00%, 01/01/2032		1,000		1,046,735
5.00%, 01/01/2047		3,895		3,985,475


	Principal Amount (000)		U.S. $ Value

CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) Series 2022-A 4.00%, 08/01/2058^(c)	$	2,000	$	1,614,126
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056^(c)		2,000		1,431,618
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056^(c)		3,000		2,699,868
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056^(c)		1,000		714,125
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056^(c)		4,000		2,868,238
Coast Community College District Series 2019-F 3.00%, 08/01/2036		850		831,099
3.00%, 08/01/2037		940		904,147
3.00%, 08/01/2038		2,175		2,061,999
Coast Community College District (Pre-refunded – US Treasuries) Series 2015 Zero Coupon, 08/01/2036		8,690		5,255,529
Compton Community Redevelopment Agency Successor Agency AGM Series 2022-A 5.25%, 08/01/2032		3,500		3,963,120
Contra Costa Community College District Series 2014-A 4.00%, 08/01/2029		2,100		2,100,875
County of Los Angeles CA Series 2024 5.00%, 06/30/2025		35,000		35,452,217


	Principal Amount (000)		U.S. $ Value

County of Los Angeles CA Community Facilities District No. 2021-01 (County of Los Angeles CA Community Facilities District No. 2021-01 Area No. 1) Series 2022 5.00%, 09/01/2047	$	2,750	$	2,898,931
5.00%, 09/01/2052		2,500		2,624,485
County of Riverside CA Series 2024-A 3.00%, 10/17/2025		2,500		2,500,437
County of Sacramento CA (North Vineyard District 2005-2) Series 2016 5.00%, 09/01/2040		990		1,005,727
5.00%, 09/01/2045		1,250		1,265,733
County of Sacramento CA Airport System Revenue Series 2016-B 5.00%, 07/01/2036		1,755		1,808,330
County of Santa Cruz CA Series 2024 5.00%, 07/01/2025		5,500		5,574,338
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 4.00%, 05/01/2057^(c)		1,000		724,242
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057^(c)		5,000		3,738,228
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046^(c)		3,000		2,425,366
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056^(c)		5,000		4,110,559


	Principal Amount (000)		U.S. $ Value

Foothill-De Anza Community College District AMBAC Series 2007-A Zero Coupon, 08/01/2034	$	1,995	$	1,470,651
Foothill-Eastern Transportation Corridor Agency Series 2021-C 4.00%, 01/15/2043		1,500		1,509,654
Fremont Union High School District Series 2024 5.00%, 08/01/2029		1,000		1,115,952
5.00%, 08/01/2032		1,000		1,176,125
5.00%, 08/01/2034		1,850		2,230,670
5.00%, 08/01/2035		1,170		1,402,932
Golden State Tobacco Securitization Corp. Series 2021 3.85%, 06/01/2050		5,730		5,316,568
Series 2021-B Zero Coupon, 06/01/2066		37,370		4,178,624
Series 2022 5.00%, 06/01/2051		10,000		10,542,171
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 2.746%, 06/01/2034		3,175		2,734,191
3.115%, 06/01/2038		5,000		4,175,569
3.293%, 06/01/2042		2,000		1,590,031
Irvine Facilities Financing Authority (City of Irvine CA Community Facilities District No. 2013-3) BAM Series 2023 Zero Coupon, 09/01/2049		1,300		414,320
Zero Coupon, 09/01/2050		1,250		378,128
Irvine Unified School District Series 2017-B 5.00%, 09/01/2047		995		1,018,145
Lake Elsinore Public Financing Authority Series 2015 5.00%, 09/01/2031		2,690		2,714,339
5.00%, 09/01/2035		1,835		1,849,250
Long Beach Bond Finance Authority (Bank of America Corp.) Series 2007-A 5.00%, 11/15/2035		3,630		4,031,850
5.50%, 11/15/2037		5,300		6,214,783


	Principal Amount (000)		U.S. $ Value

Los Angeles Department of Water & Power (Los Angeles Department of Water & Power Power System Revenue) Series 2023-D 5.00%, 07/01/2041	$	12,610	$	14,447,518
Los Angeles Department of Water & Power Water System Revenue Series 2021-C 5.00%, 07/01/2041		1,250		1,375,114
Series 2022-C 5.00%, 07/01/2042		8,750		9,847,310
Los Angeles Unified School District/CA Series 2024-A 5.00%, 07/01/2032		27,000		31,736,740
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-A 6.50%, 11/01/2039		2,000		2,598,965
Series 2009-C 7.00%, 11/01/2034		10,000		12,648,815
Menifee Union School District Series 2018 5.00%, 09/01/2043		1,000		1,034,382
5.00%, 09/01/2048		1,215		1,251,829
Northern California Energy Authority (Pacific Mutual Holding Co.) Series 2024 5.00%, 12/01/2054		10,000		10,710,401
Oakland Unified School District/Alameda County (Pre-refunded – US Treasuries) Series 2015-A 5.00%, 08/01/2031		1,640		1,664,213
5.00%, 08/01/2032		1,500		1,522,146
5.00%, 08/01/2033		2,200		2,232,481
Orange County Water District Series 2019-C 4.00%, 08/15/2034		1,250		1,315,434
Oxnard Financing Authority (City of Oxnard CA Wastewater Revenue) AGM Series 2014 5.00%, 06/01/2031		5,250		5,255,707
Palomar Health (Palomar Health Obligated Group) Series 2016-A 5.00%, 08/01/2031		1,285		1,301,131


	Principal Amount (000)		U.S. $ Value

Port of Los Angeles Series 2024-2 5.00%, 08/01/2036	$	1,000	$	1,111,376
Series 2024-A 5.00%, 08/01/2027		1,000		1,045,239
5.00%, 08/01/2031		1,000		1,096,493
5.00%, 08/01/2032		2,000		2,210,419
5.00%, 08/01/2034		2,060		2,305,450
Poway Unified School District Public Financing Authority Series 2015-A 5.00%, 09/01/2033		1,500		1,515,546
5.00%, 09/01/2034		995		1,005,232
Redding Joint Powers Financing Authority Series 2015-A 5.00%, 06/01/2030		1,350		1,375,493
Rialto Redevelopment Agency Series 2018 5.00%, 09/01/2032		500		534,979
5.00%, 09/01/2033		500		533,417
5.00%, 09/01/2037		2,235		2,363,498
River Islands Public Financing Authority (River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1) Series 2022 5.00%, 09/01/2052		5,200		5,310,699
Riverside County Transportation Commission Series 2021 4.00%, 06/01/2040		3,330		3,394,064
4.00%, 06/01/2041		1,765		1,788,713
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.086% (CME Term SOFR 3 Month + 0.55%), 06/01/2034^(b)		1,410		1,349,509
4.106% (CME Term SOFR 3 Month + 0.57%), 06/01/2039^(b)		5,375		4,910,294
San Diego County Regional Airport Authority Series 2020 5.00%, 07/01/2035		650		691,383
5.00%, 07/01/2036		500		530,543
5.00%, 07/01/2037		250		264,599
5.00%, 07/01/2038		250		263,932
5.00%, 07/01/2039		255		268,275
5.00%, 07/01/2040		250		262,197


	Principal Amount (000)		U.S. $ Value

Series 2021-A 4.00%, 07/01/2056	$	4,000	$	3,999,921
Series 2021-B 4.00%, 07/01/2041		3,010		3,008,036
Series 2023 5.00%, 07/01/2043		1,185		1,285,505
5.00%, 07/01/2053		11,000		11,613,397
San Diego Unified School District/CA Series 2023 4.00%, 07/01/2053		2,000		2,017,471
5.00%, 07/01/2048		10,000		11,128,840
Series 2024-A 5.00%, 06/30/2025		5,000		5,065,138
Series 2025-S 5.00%, 07/01/2034^(d)		1,000		1,189,363
Series 2025-Z
5.00%, 07/01/2030^(d)		1,000		1,119,571
5.00%, 07/01/2034^(d)		2,000		2,360,762
San Francisco City & County Public Utilities Commission Wastewater Revenue Series 2024 4.655%, 10/01/2027		2,000		2,015,884
San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco – Mission Bay South) Series 2016-B 5.00%, 08/01/2033		1,000		1,033,395
5.00%, 08/01/2035		1,000		1,030,806
Series 2016-C 5.00%, 08/01/2032		1,000		1,034,711
5.00%, 08/01/2035		1,000		1,030,806
San Francisco Intl Airport Series 2017-A 5.00%, 05/01/2042		2,000		2,037,325
Series 2019-E 5.00%, 05/01/2050		2,000		2,063,556
Series 2022-C 3.283%, 05/01/2036		3,000		2,577,398
Series 2023-E 5.50%, 05/01/2041		5,350		6,030,255
Series 2024 5.00%, 05/01/2037		5,265		5,796,856
5.25%, 05/01/2042		10,185		11,278,336
5.25%, 05/01/2044		5,050		5,552,851
5.25%, 05/01/2049		7,500		8,152,601


	Principal Amount (000)		U.S. $ Value

Santa Barbara Secondary High School District Series 2011-A Zero Coupon, 08/01/2036	$	15,395	$	9,823,571
Santa Clara Valley Water District Safe Clean Water Revenue (Santa Clara Valley Water District Safe Clean Water Revenue Lease) Series 2022-A 5.00%, 08/01/2049		1,210		1,333,114
Sierra Joint Community College District School Facilities District No. 2 NATL Series 2007-B Zero Coupon, 06/01/2032		5,485		4,353,635
Southern California Public Power Authority (American International Group, Inc.) Series 2024-A 5.00%, 04/01/2055		3,600		3,858,123
Southern California Public Power Authority (Goldman Sachs Group, Inc. (The)) Series 2007-A 5.00%, 11/01/2033		5,000		5,410,859
State of California Series 2004 5.30%, 04/01/2029		5		5,012
Series 2009 7.55%, 04/01/2039		1,000		1,224,964
Series 2017 5.00%, 08/01/2026		3,000		3,113,490
Series 2018 4.60%, 04/01/2038		2,000		1,941,808
Series 2022 5.00%, 09/01/2042		7,000		7,853,826
Series 2023 5.25%, 10/01/2050		5,000		5,633,633
5.25%, 09/01/2053		20,000		22,553,968
6.00%, 03/01/2033		4,000		4,379,665
Series 2024 4.00%, 08/01/2049		4,480		4,575,174
5.00%, 09/01/2025		1,000		1,016,729
5.00%, 08/01/2044		10,050		11,451,317
5.15%, 09/01/2034		2,000		2,067,135
Stockton Redevelopment Agency Successor Agency AGM Series 2016-A 5.00%, 09/01/2033		2,800		2,898,095
5.00%, 09/01/2034		1,000		1,033,245


	Principal Amount (000)		U.S. $ Value

Successor Agency to the Redev of San Francisco – Mission Bay North Series 2016-A 5.00%, 08/01/2032	$	1,025	$	1,060,578
5.00%, 08/01/2034		1,105		1,140,929
5.00%, 08/01/2035		595		613,329
5.00%, 08/01/2036		775		793,894
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		10,000		1,667,671
Tobacco Securitization Authority of Southern California Series 2019 5.00%, 06/01/2037		1,000		1,068,987
5.00%, 06/01/2048		8,970		9,218,777
Transbay Joint Powers Authority (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Rev) Series 2020 5.00%, 10/01/2040		1,000		1,032,027
5.00%, 10/01/2045		2,000		2,057,777
5.00%, 10/01/2049		2,200		2,249,478
University of California Series 2015-I 4.00%, 05/15/2033		5,000		5,015,404
Series 2023-B 4.693%, 05/15/2033		5,600		5,648,792
5.00%, 05/15/2035		5,000		5,872,346
5.00%, 05/15/2036		5,000		5,859,666
Upland Unified School District Series 2011-C Zero Coupon, 08/01/2035		1,020		714,915
Washington Township Health Care District Series 2017-B 5.00%, 07/01/2032		2,000		2,047,941
5.00%, 07/01/2033		1,500		1,534,550
Series 2023-B 5.25%, 08/01/2048		1,750		1,955,276
AGM Series 2023-B 4.25%, 08/01/2045		1,225		1,265,991

Advisor Class: ALCVX

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	Principal Amount (000)		U.S. $ Value

Yucaipa Valley Water District Financing Authority (Yucaipa Valley Water District Water & Sewer Revenue) Series 2024-A 5.00%, 06/01/2026	$	10,000	$	10,268,016

				1,204,365,853

American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		430		437,707
Series 2018 7.125%, 09/01/2038^(c)		1,385		1,493,245

				1,930,952

Georgia – 0.0%
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2037		100		103,879
5.00%, 01/01/2039		100		104,658

				208,537

Guam – 1.6%
Antonio B Won Pat International Airport Authority Series 2023 5.375%, 10/01/2040		250		270,996
5.375%, 10/01/2043		1,050		1,126,524
Series 2024-A 5.25%, 10/01/2035		535		580,784
5.25%, 10/01/2036		200		217,147
5.25%, 10/01/2038		1,050		1,138,740
5.25%, 10/01/2039		1,055		1,143,339
Guam Power Authority Series 2017-A 5.00%, 10/01/2036		2,940		3,036,326
5.00%, 10/01/2037		1,300		1,340,678
Series 2022-A 5.00%, 10/01/2044		3,700		3,920,553
Territory of Guam Series 2019 5.00%, 11/15/2031		215		219,982


	Principal Amount (000)		U.S. $ Value

Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029	$	3,805	$	3,907,900
5.00%, 12/01/2030		415		425,908
5.00%, 12/01/2032		455		466,044
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 4.00%, 01/01/2042		3,000		2,931,744

				20,726,665

Indiana – 0.0%
City of Fort Wayne IN 10.75%, 12/01/2029^(g)(h)		47		5


Michigan – 0.0%
City of Detroit MI Series 2018 5.00%, 04/01/2036		305		316,982


Other – 0.4%
Federal Home Loan Mortgage Corp. Series 2021-ML10, Class AUS 2.032%, 01/25/2038		3,574		2,846,167
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2022-ML13, Class ACA 2.875%, 07/25/2036		1,900		1,726,054
Series 2022-ML13, Class XCA 0.96%, 07/25/2036^(e)		5,319		282,948

				4,855,169

Puerto Rico – 1.4%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033		1,238		855,889
4.00%, 07/01/2046		11		10,093
Series 2022-C Zero Coupon, 11/01/2043		56		34,547
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030^(c)		2,490		2,639,685
5.00%, 07/01/2035^(c)		1,945		2,037,012
Series 2021-C 3.75%, 07/01/2027^(c)		1,000		938,999


	Principal Amount (000)		U.S. $ Value

Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031	$	1,000	$	1,008,430
NATL Series 2007-V 5.25%, 07/01/2032		1,000		998,509
5.25%, 07/01/2034		1,000		998,110
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		172		170,682
6.625%, 01/01/2028		1,313		1,300,698
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025^(j)(k)		305		295,930
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2045		1,700		2,049,924
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2029		847		711,881
Series 2019-A 4.329%, 07/01/2040		1,065		1,063,198
4.55%, 07/01/2040		90		90,281
5.00%, 07/01/2058		2,900		2,911,578

				18,115,446

Tennessee – 0.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035^(c)		1,010		993,241


Washington – 0.1%
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2019-A 5.00%, 01/01/2044^(c)		130		125,439


	Principal Amount (000)		U.S. $ Value

5.00%, 01/01/2049^(c)	$	100	$	93,822
5.00%, 01/01/2055^(c)		410		376,396

				595,657

Wisconsin – 0.1%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041⁽ⁱ⁾		2,000		1,848,430


Total Long-Term Municipal Bonds (cost $1,263,190,681)				1,253,956,937


SHORT-TERM MUNICIPAL NOTES – 0.4%
California – 0.4%
Nuveen California AMT-Free Quality Municipal Income Fund Series 2017 3.31%, 10/01/2047^(c)(l) (cost $5,000,000)		5,000		5,000,000


Total Municipal Obligations (cost $1,268,190,681)				1,258,956,937


ASSET-BACKED SECURITIES – 0.2%
Other ABS - Fixed Rate – 0.2%
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		838		813,318
5.25%, 07/01/2036		879		882,561
5.25%, 07/01/2041		596		575,503


Total Asset-Backed Securities (cost $2,303,141)				2,271,382


	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%^(h)(j)(k) (cost $518,457)		28,882		84,047


	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.54%^(m)(n)(o) (cost $6,939,442)		6,939,442	$	6,939,442


Total Investments – 99.4% (cost $1,277,951,721)				1,268,251,808
Other assets less liabilities – 0.6%				7,517,841


Net Assets – 100.0%			$	1,275,769,649


				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	1,790		01/15/2027	CPI#	3.466%	Maturity	$	(77,637	)	$	(2,071	)	$	(75,566	)
USD	7,450		01/15/2028	0.735%	CPI#	Maturity		1,711,374			– 0	–		1,711,374
USD	41,210		10/15/2028	CPI#	2.565%	Maturity		185,151			– 0	–		185,151
USD	16,830		01/15/2029	CPI#	3.735%	Maturity		80,936			– 0	–		80,936
USD	3,150		01/15/2029	CPI#	3.408%	Maturity		(75,060	)		– 0	–		(75,060	)
USD	28,184		10/15/2029	2.516%	CPI#	Maturity		(98,605	)		– 0	–		(98,605	)
USD	28,158		10/15/2029	2.451%	CPI#	Maturity		(14,604	)		– 0	–		(14,604	)
USD	28,158		10/15/2029	2.499%	CPI#	Maturity		(76,463	)		– 0	–		(76,463	)
USD	6,300		01/15/2030	1.572%	CPI#	Maturity		1,120,823			– 0	–		1,120,823
USD	6,300		01/15/2030	1.587%	CPI#	Maturity		1,111,824			– 0	–		1,111,824
USD	655		01/15/2030	1.714%	CPI#	Maturity		107,622			– 0	–		107,622
USD	655		01/15/2030	1.731%	CPI#	Maturity		106,549			– 0	–		106,549
USD	43,290		10/15/2030	CPI#	2.531%	Maturity		230,035			– 0	–		230,035
USD	6,200		01/15/2031	2.782%	CPI#	Maturity		419,710			– 0	–		419,710
USD	5,700		01/15/2031	2.680%	CPI#	Maturity		444,980			– 0	–		444,980
USD	5,120		01/15/2032	CPI#	3.064%	Maturity		(159,278	)		– 0	–		(159,278	)
USD	5,250		04/15/2032	CPI#	2.909%	Maturity		(233,233	)		– 0	–		(233,233	)
USD	1,120		04/15/2032	CPI#	2.748%	Maturity		(69,750	)		– 0	–		(69,750	)

							$	4,714,374		$	(2,071	)	$	4,716,445


Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
California Municipal Finance Authority (UTS Bioenergy LLC) Series 2011-A1 7.50%, 12/01/2032		12/22/2011	$	2,745,000	$	54,900		0.00	%


144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040	04/16/2019	$	2,141,414	$	220		0.00	%
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 5.00%, 06/01/2046	04/22/2016		2,334,968		1,837,999		0.14	%
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 5.00%, 06/01/2051	04/22/2016 - 10/25/2017		2,920,724		2,201,460		0.17	%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041	08/03/2021		2,000,000		1,848,430		0.14	%


	Principal Amount (000)		U.S. $ Value

MUNICIPAL OBLIGATIONS – 105.3%
Long-Term Municipal Bonds – 105.3%
Alabama – 5.0%
Black Belt Energy Gas District (BP PLC) Series 2024-D 5.00%, 03/01/2055^(a)	$	10,000	$	10,881,197
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2023-C 5.50%, 10/01/2054^(b)		10,000		11,009,030
Series 2023-D 5.428% (SOFR + 1.85%), 06/01/2049^(b)(c)		10,000		10,282,849
Black Belt Energy Gas District (Morgan Stanley) 5.728% (SOFR + 2.15%), 02/01/2053^(b)(c)		10,000		10,407,624
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052		10,000		10,054,228
Black Belt Energy Gas District (Pacific Mutual Holding Co.) Series 2024-C 5.00%, 05/01/2055^(b)		10,000		10,712,300
Black Belt Energy Gas District (Royal Bank of Canada) Series 2023-B 5.25%, 12/01/2053^(b)		10,000		10,886,476
County of Jefferson AL Sewer Revenue Series 2024 5.50%, 10/01/2053		10,000		11,029,285
Energy Southeast A Cooperative District (Morgan Stanley) Series 2024-B 5.25%, 07/01/2054^(b)		10,000		10,897,330
Homewood Educational Building Authority (CHF – Horizons II LLC) Series 2024 5.50%, 10/01/2054		1,300		1,386,138
Mobile County Industrial Development Authority (ArcelorMittal SA) Series 2024 5.00%, 06/01/2054		7,000		7,124,745


	Principal Amount (000)		U.S. $ Value

Southeast Energy Authority A Cooperative District (Deutsche Bank AG) Series 2024-A 5.00%, 11/01/2035	$	7,500	$	7,888,262
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2022-A 5.998% (SOFR + 2.42%), 01/01/2053^(b)(c)		10,000		10,536,911
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054^(b)		10,000		10,684,295
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054^(b)		20,000		21,283,390

				155,064,060

American Samoa – 0.2%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		7,095		7,222,167


Arizona – 2.9%
Arizona Industrial Development Authority (AZIDA 2019-2) Series 2019-2, Class A 3.625%, 05/20/2033		10,291		9,920,507
Arizona Industrial Development Authority (BASIS Schools, Inc. Obligated Group) Series 2017-D 5.00%, 07/01/2051^(d)		1,885		1,888,970
Arizona Industrial Development Authority (Benjamin Franklin Charter School Obligated Group) Series 2023 5.00%, 07/01/2043^(d)		1,000		1,007,088