NPORT-EX 2 NPORT_64W5_48979444_0722.htm HTML

AB Impact Municipal Income Shares

Portfolio of Investments

July 31, 2022 (unaudited)

 

     

Principal

Amount

(000)

        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 91.6%

        

Long-Term Municipal Bonds – 91.6%

        

Alabama – 1.8%

        

Alabama Community College System ACCS Enhancements Fee Revenue
AGM Series 2021
4.00%, 09/01/2046

    $ 3,900        $ 3,961,209  

4.00%, 09/01/2051

      5,500          5,585,244  
       

 

 

  
          9,546,453  
       

 

 

  

American Samoa – 0.1%

        

American Samoa Economic Development Authority

(Territory of American Samoa)
Series 2018
6.00%, 09/01/2023(a)

      430          434,997  
       

 

 

  

Arizona – 4.4%

        

Arizona Industrial Development Authority
Series 2021-A
4.00%, 07/01/2051

      5,840          5,043,825  

Arizona Industrial Development Authority

(Phoenix Children’s Hospital Obligated Group)
Series 2020
4.00%, 02/01/2050

      4,500          4,445,953  

5.00%, 02/01/2034

      1,300          1,464,786  

5.00%, 02/01/2035

      1,100          1,231,910  

Series 2021
4.00%, 02/01/2038

      1,400          1,432,045  

Industrial Development Authority of the County of Pima (The)

(TMC HealthCare Obligated Group)
Series 2021
4.00%, 04/01/2046

      3,500          3,472,873  

Maricopa County Industrial Development Authority

(Arizona Autism Charter Schools Obligated Group)
Series 2020
5.00%, 07/01/2040(a)

      500          505,511  

5.00%, 07/01/2050(a)

      1,175          1,169,691  

5.00%, 07/01/2054(a)

      640          625,009  

Series 2021
4.00%, 07/01/2041(a)

      365          319,048  

4.00%, 07/01/2051(a)

      1,080          880,286  

4.00%, 07/01/2061(a)

      4,210          3,283,647  
       

 

 

  
                23,874,584  
       

 

 

  

California – 11.0%

        

California Educational Facilities Authority

(Mount St.Mary’s University, Inc.)
Series 2018-A
5.00%, 10/01/2036

      405          447,245  

5.00%, 10/01/2046

      2,750          3,006,946  

California Health Facilities Financing Authority

(On Lok Senior Health Services Obligated Group)
Series 2020
5.00%, 08/01/2050

      1,000          1,069,067  

5.00%, 08/01/2055

      1,200          1,279,065  

 

1

     

Principal

Amount

(000)

        U.S. $ Value  

California Health Facilities Financing Authority

(State of California Personal Income Tax Revenue)
Series 2022
4.19%, 06/01/2037

    $ 1,000        $ 989,273  

California Infrastructure & Economic Development Bank

(California Academy of Sciences)
Series 2021
1.68% (MUNIPSA + 0.70%), 08/01/2047(b)

      8,000          7,908,313  

California Infrastructure & Economic Development Bank

(California Science Center Foundation)
Series 2021
4.00%, 05/01/2046

      5,000          5,042,750  

4.00%, 05/01/2051

      5,000          4,988,982  

4.00%, 05/01/2055

      5,000          4,980,844  

California Municipal Finance Authority

(Community Health Centers of The Central Coast, Inc.)
Series 2021-A
5.00%, 12/01/2036(a)

      350          372,725  

5.00%, 12/01/2046(a)

      1,250          1,302,565  

5.00%, 12/01/2054(a)

      1,240                  1,286,258  

California Municipal Finance Authority

(Healthright 360)
Series 2019-A
5.00%, 11/01/2039(a)

      1,775          1,815,354  

5.00%, 11/01/2049(a)

      3,500          3,540,239  

California Municipal Finance Authority

(La Maestra Family Clinic, Inc.)
Series 2021
4.00%, 09/01/2046

      2,960          2,988,197  

4.00%, 09/01/2051

      2,745          2,765,783  

California Municipal Finance Authority

(Valley Health Team, Inc.)
Series 2021
4.00%, 07/01/2037

      1,200          1,250,263  

4.00%, 07/01/2046

      2,090          2,110,292  

4.00%, 07/01/2051

      1,945          1,959,692  

California School Finance Authority

(Bright Star Schools Obligated Group)
Series 2017
5.00%, 06/01/2037(a)

      600          613,119  

5.00%, 06/01/2054(a)

      250          251,688  

California School Finance Authority

(Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2051(a)

      250          250,155  

California School Finance Authority

(Ednovate Obligated Group)
Series 2018
5.00%, 06/01/2048(a)

      1,085          1,102,600  

5.00%, 06/01/2056(a)

      1,000          1,012,766  

 

2

     

Principal

Amount

(000)

        U.S. $ Value  

California School Finance Authority

(Equitas Academy Obligated Group)
Series 2018-A
5.00%, 06/01/2048(a)

    $ 3,750        $ 3,770,508  

California School Finance Authority

(Girls Athletic Leadership Schools Los Angeles)
Series 2021
4.00%, 06/01/2041(a)

      955          803,126  

4.00%, 06/01/2051(a)

      1,000          783,067  

California School Finance Authority

(Green DOT Public Schools Obligated Group)
Series 2018
5.00%, 08/01/2038(a)

      1,000          1,047,866  

Coalinga-Huron Joint Unified School District
BAM Series 2018-B
5.00%, 08/01/2048

      500          539,673  
       

 

 

  
                59,278,421  
       

 

 

  

Colorado – 0.5%

        

Denver Health & Hospital Authority
Series 2019-A
4.00%, 12/01/2038

      1,020          995,806  

4.00%, 12/01/2039

      1,000          969,985  

4.00%, 12/01/2040

      750          722,437  
       

 

 

  
          2,688,228  
       

 

 

  

Connecticut – 1.2%

        

City of Bridgeport CT
Series 2017-A
5.00%, 11/01/2025

      525          572,496  

Series 2021-A
4.00%, 08/01/2037

      775          815,789  

4.00%, 08/01/2039

      1,000          1,038,920  

4.00%, 08/01/2040

      325          336,842  

BAM Series 2018-C
5.00%, 07/15/2036

      1,000          1,119,409  

5.00%, 07/15/2038

      620          691,000  

BAM Series 2019-A
5.00%, 02/01/2035

      1,500          1,698,698  
       

 

 

  
          6,273,154  
       

 

 

  

District of Columbia – 3.8%

        

District of Columbia

(Gallaudet University)
Series 2021
5.00%, 04/01/2046

      1,715          1,840,618  

5.00%, 04/01/2051

      2,635          2,815,236  

District of Columbia

(KIPP DC Obligated Group)
Series 2017-A
5.00%, 07/01/2042

      1,785          1,871,024  

Series 2017-B
5.00%, 07/01/2037

      625          661,402  

District of Columbia

(KIPP DC Public Charter Schools)
Series 2019
4.00%, 07/01/2039

      2,275          2,221,304  

 

3

     

Principal

Amount

(000)

        U.S. $ Value  

District of Columbia

(Plenary Infrastructure DC LLC State Lease)
Series 2022
5.50%, 02/28/2035

    $ 4,025        $ 4,526,845  

5.50%, 02/29/2036

      1,625          1,826,433  

5.50%, 08/31/2036

      1,800          2,023,826  

5.50%, 02/28/2037

      1,850          2,058,919  

District of Columbia Water & Sewer Authority
Series 2016-A
5.00%, 10/01/2035

      820          894,379  
       

 

 

  
                20,739,986  
       

 

 

  

Florida – 0.9%

        

Florida Development Finance Corp.

(United Cerebral Palsy of Central Florida, Inc.)
Series 2020
5.00%, 06/01/2040

      825          805,914  

5.00%, 06/01/2050

      1,785          1,677,771  

Pinellas County School Board

(Pinellas County School Board COP)
Series 2021-A
5.00%, 07/01/2027

      900          1,021,965  

5.00%, 07/01/2030

      1,000          1,177,614  
       

 

 

  
          4,683,264  
       

 

 

  

Illinois – 7.5%

        

Chicago Transit Authority

(Chicago Transit Authority Sales Tax)
Series 2017
5.00%, 12/01/2051

      5,085          5,321,097  

Chicago Transit Authority Sales Tax Receipts Fund
Series 2014
5.25%, 12/01/2049

      5,000          5,207,729  

Series 2020-A
5.00%, 12/01/2045

      6,010          6,567,069  

5.00%, 12/01/2055

      6,500          7,008,407  

Series 2022-A
4.00%, 12/01/2049

      4,190          4,130,282  

Cook County Community College District No. 508
Series 2013
5.25%, 12/01/2043

      605          615,585  

BAM Series 2017
5.00%, 12/01/2047

      620          657,905  

Illinois Finance Authority

(Lawndale Educational & Regional Network Charter School Obligated Group)
Series 2021
4.00%, 11/01/2041

      750          713,701  

4.00%, 11/01/2051

      1,000          906,230  

4.00%, 11/01/2056

      1,500          1,327,108  

Illinois Finance Authority

(University of Illinois)
Series 2020
4.00%, 10/01/2040

      1,865          1,819,880  

4.00%, 10/01/2050

      5,000          4,714,860  

4.00%, 10/01/2055

      2,000          1,807,618  
       

 

 

  
          40,797,471  
       

 

 

  

 

4

     

Principal

Amount

(000)

        U.S. $ Value  

Indiana – 0.6%

        

Muncie Sanitary District
AGM Series 2021-A
5.00%, 01/01/2029

    $ 685        $ 787,255  

5.00%, 07/01/2029

      600          694,126  

5.00%, 01/01/2030

      1,000          1,163,255  

5.00%, 07/01/2030

      420          491,313  
       

 

 

  
          3,135,949  
       

 

 

  

Kansas – 0.1%

        

Seward County Unified School District No. 480 Liberal
Series 2017-B
5.00%, 09/01/2028 (Pre-refunded/ETM)

      555          608,126  
       

 

 

  

Louisiana – 0.5%

        

Tangipahoa Parish Hospital Service District No. 1
Series 2021
4.00%, 02/01/2041

      1,500          1,462,782  

4.00%, 02/01/2042

      1,500          1,460,256  
       

 

 

  
                  2,923,038  
       

 

 

  

Maryland – 3.4%

        

Maryland Economic Development Corp.

(Bowie State University)
Series 2020
4.00%, 07/01/2050

      1,200          1,083,924  

Maryland Economic Development Corp.

(Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg)
Series 2022
5.00%, 07/01/2033

      1,895          2,029,536  

5.00%, 07/01/2034

      1,840          1,958,296  

Maryland Economic Development Corp.

(Morgan State University)
Series 2020
5.00%, 07/01/2050

      2,500          2,559,111  

Maryland Economic Development Corp.

(Purple Line Transit Partners LLC)
Series 2022
5.25%, 06/30/2055

      10,000          10,870,699  
       

 

 

  
          18,501,566  
       

 

 

  

Massachusetts – 3.4%

        

Massachusetts Development Finance Agency

(Boston Medical Center Corp. Obligated Group)
Series 2015-D
5.00%, 07/01/2044

      7,415          7,708,144  

Series 2016-E
5.00%, 07/01/2037

      765          812,393  

Series 2017-F
5.00%, 07/01/2030

      1,475          1,614,390  

 

5

     

Principal

Amount

(000)

        U.S. $ Value  

Massachusetts Development Finance Agency

(Wellforce Obligated Group)
AGM Series 2019-A
5.00%, 07/01/2036

    $ 1,765        $ 1,930,056  

5.00%, 07/01/2039

      2,250          2,444,207  

5.00%, 07/01/2044

      1,645          1,751,698  

AGM Series 2020-C
4.00%, 10/01/2045

      1,090          1,086,375  

Massachusetts Development Finance Agency

(WGBH Educational Foundation)
Series 2017-A
4.00%, 01/01/2032

      825          875,493  
       

 

 

  
                18,222,756  
       

 

 

  

Michigan – 9.4%

        

Center Line Public Schools
Series 2018
5.00%, 05/01/2038

      895          989,218  

City of Detroit MI
Series 2018
5.00%, 04/01/2026

      585          628,480  

5.00%, 04/01/2027

      500          543,165  

5.00%, 04/01/2032

      770          823,935  

5.00%, 04/01/2033

      180          191,468  

5.00%, 04/01/2034

      1,255          1,327,625  

5.00%, 04/01/2035

      1,000          1,055,618  

5.00%, 04/01/2036

      700          737,724  

5.00%, 04/01/2037

      1,100          1,156,398  

Series 2021-A
4.00%, 04/01/2040

      1,050          1,006,069  

5.00%, 04/01/2033

      1,125          1,224,646  

5.00%, 04/01/2036

      1,200          1,281,781  

5.00%, 04/01/2039

      1,175          1,239,466  

5.00%, 04/01/2050

      3,650          3,773,434  

Detroit City School District
Series 2020-A
5.00%, 05/01/2036

      1,145          1,305,518  

5.00%, 05/01/2037

      1,150          1,307,131  

5.00%, 05/01/2039

      1,645          1,860,406  

5.00%, 05/01/2040

      1,000          1,128,360  

AGM Series 2005-A
5.25%, 05/01/2030

      4,260          5,118,029  

Downriver Utility Wastewater Authority
AGM Series 2018
5.00%, 04/01/2043

      1,515          1,681,011  

Ferris State University
Series 2019-A
5.00%, 10/01/2024

      2,000          2,129,755  

5.00%, 10/01/2025

      2,000          2,179,994  

5.00%, 10/01/2026

      2,185          2,430,119  

Flint Hospital Building Authority

(Hurley Medical Center)
Series 2020
4.00%, 07/01/2041

      3,500          3,267,639  

5.00%, 07/01/2031

      2,405          2,675,013  

Flint Public Library
AGM Series 2020
3.00%, 05/01/2029

      1,085          1,128,101  

3.00%, 05/01/2030

      1,175          1,208,862  

 

6

     

Principal

Amount

(000)

        U.S. $ Value  

Grand Rapids Public Schools
AGM Series 2017
5.00%, 05/01/2027

    $ 200        $ 226,886  

AGM Series 2019
5.00%, 11/01/2040

      1,800          2,014,693  

Great Lakes Water Authority Water Supply System Revenue
Series 2016-B
5.00%, 07/01/2046

      1,225          1,311,023  

Series 2016-C
5.00%, 07/01/2026

      695          772,445  

Series 2020-B
5.00%, 07/01/2045

      1,350          1,497,557  

5.00%, 07/01/2049

      1,300          1,439,516  
       

 

 

  
                50,661,085  
       

 

 

  

Minnesota – 0.6%

        

City of Minneapolis MN

(Hennepin Schools)
Series 2021-A
4.00%, 07/01/2056

      3,000          2,396,814  

Housing & Redevelopment Authority of The City of St. Paul Minnesota

(Metro Deaf School)
Series 2018-A
5.00%, 06/15/2048(a)

      1,000          1,007,110  
       

 

 

  
          3,403,924  
       

 

 

  

Missouri – 0.0%

        

St. Louis Community College District
Series 2017
4.00%, 04/01/2035

      200          210,930  
       

 

 

  

New Jersey – 4.6%

        

Essex County Improvement Authority

(North Star Academy Charter School of Newark, Inc.)
Series 2020
4.00%, 07/15/2040(a)

      1,600          1,515,154  

4.00%, 07/15/2050(a)

      3,260          2,919,517  

New Jersey Economic Development Authority

(Foundation Academy Charter School A NJ Nonprofit Corp.)
Series 2018-A
5.00%, 07/01/2050

      1,000          1,018,794  

New Jersey Economic Development Authority

(New Jersey Transit Corp.)
Series 2020
4.00%, 11/01/2044

      5,500          5,433,275  

5.00%, 11/01/2044

      6,925          7,391,471  

New Jersey Economic Development Authority

(North Star Academy Charter School of Newark, Inc.)
Series 2017
5.00%, 07/15/2047

      1,170          1,200,188  

New Jersey Economic Development Authority

(Seeing Eye, Inc. (The))
Series 2015
5.00%, 03/01/2025

      3,205          3,422,630  

 

7

     

Principal

Amount

(000)

        U.S. $ Value  

New Jersey Economic Development Authority

(State of New Jersey Division of Property Management & Construction Lease)
Series 2018-C
5.00%, 06/15/2027

    $ 645        $ 714,462  

5.00%, 06/15/2042

      1,000          1,061,395  
       

 

 

  
                24,676,886  
       

 

 

  

New York – 14.0%

        

Buffalo Sewer Authority
BAM Series 2021
1.75%, 06/15/2049

      2,000          1,521,152  

Build NYC Resource Corp.

(Academic Leadership Charter School)
Series 2021
4.00%, 06/15/2031

      200          200,324  

4.00%, 06/15/2036

      385          371,649  

Build NYC Resource Corp.

(Children’s Aid Society (The))
Series 2019
4.00%, 07/01/2044

      550          552,904  

4.00%, 07/01/2049

      600          601,384  

Build NYC Resource Corp.

(Inwood Academy for Leadership Charter School)
Series 2018-A
5.50%, 05/01/2048(a)

      500          521,180  

Build NYC Resource Corp.

(Metropolitan Lighthouse Charter School)
Series 2017
5.00%, 06/01/2052(a)

      2,260          2,256,363  

Series 2017-A
5.00%, 06/01/2047(a)

      725          726,183  

City of Buffalo NY
Series 2021-B
5.00%, 04/01/2026

      2,025          2,236,409  

Metropolitan Transportation Authority
Series 2014-D
5.00%, 11/15/2039

      4,000          4,110,531  

Series 2017-C
5.00%, 11/15/2026

      5,710          6,215,724  

5.00%, 11/15/2029

      1,165          1,273,454  

5.00%, 11/15/2033

      1,000          1,075,383  

Series 2018-B
5.00%, 11/15/2026

      2,160          2,351,495  

Series 2020-C
4.75%, 11/15/2045

      16,035          16,605,498  

Series 2020-E
4.00%, 11/15/2045

      4,250          4,118,138  

5.00%, 11/15/2030

      5,000          5,601,129  

5.00%, 11/15/2032

      4,500          4,937,071  

Series 2021-A
4.00%, 11/15/2042

      7,500          7,335,129  

Series 2021-D
1.858% (SOFR + 0.33%), 11/01/2035(b)

      1,900          1,854,954  

 

8

     

Principal

Amount

(000)

        U.S. $ Value  

Monroe County Industrial Development Corp./NY

(Rochester Regional Health Obligated Group)
Series 2020
4.00%, 12/01/2046

    $ 6,945        $ 6,365,903  

Monroe County Industrial Development Corp./NY

(True North Rochester Prep Charter School)
Series 2020
5.00%, 06/01/2040(a)

      1,265          1,304,817  

New York City Health and Hospitals Corp.

(New York City Health & Hospital Corp. Lease)
Series 2021-A
5.00%, 02/15/2030

      1,500          1,765,290  

New York State Dormitory Authority

(Montefiore Obligated Group)
Series 2018
5.00%, 08/01/2032

      375          391,745  

5.00%, 08/01/2034

      750          778,279  

Series 2020
4.00%, 09/01/2045

      500          455,478  
       

 

 

  
                75,527,566  
       

 

 

  

North Carolina – 0.9%

        

North Carolina Central University
Series 2019
4.00%, 04/01/2049

      2,270          2,149,000  

5.00%, 04/01/2044

      2,500          2,654,076  
       

 

 

  
          4,803,076  
       

 

 

  

Ohio – 2.5%

        

American Municipal Power, Inc.
Series 2019
5.00%, 02/15/2044

      2,150          2,350,259  

Cleveland-Cuyahoga County Port Authority

(Cleveland Museum of Natural History (The))
Series 2021
4.00%, 07/01/2051

      1,100          1,100,373  

County of Cuyahoga OH

(MetroHealth System (The))
Series 2017
5.00%, 02/15/2042

      4,365          4,502,265  

5.25%, 02/15/2047

      1,500          1,562,914  

County of Darke OH

(Wayne Hospital Co. Obligated Group)
Series 2019-A
5.00%, 09/01/2049

      690          668,190  

Ohio Higher Educational Facility Commission

(Ashtabula County Medical Center Obligated Group)
Series 2022
5.25%, 01/01/2041

      2,000          2,166,010  

5.25%, 01/01/2052

      1,000          1,066,641  
       

 

 

  
          13,416,652  
       

 

 

  

Oklahoma – 1.0%

        

Oklahoma Development Finance Authority

(OU Medicine Obligated Group)
Series 2018-B
5.00%, 08/15/2033

      2,000          2,000,261  

5.50%, 08/15/2057

      3,365          3,220,112  
       

 

 

  
          5,220,373  
       

 

 

  

 

9

     

Principal

Amount

(000)

        U.S. $ Value  

Oregon – 0.2%

        

Tri-County Metropolitan Transportation District of Oregon
Series 2017-A
5.00%, 10/01/2026

    $ 865        $ 966,061  

Series 2018-A
5.00%, 10/01/2029

      250          283,436  
       

 

 

  
                  1,249,497  
       

 

 

  

Pennsylvania – 7.9%

        

Capital Region Water Water Revenue
Series 2018
5.00%, 07/15/2025

      1,000          1,086,695  

5.00%, 07/15/2026

      510          567,325  

City of Philadelphia PA Water & Wastewater Revenue
Series 2018-A
5.00%, 10/01/2048

      3,050          3,353,673  

Series 2019-B
5.00%, 11/01/2049

      3,095          3,429,638  

Series 2020-A
5.00%, 11/01/2045

      5,000          5,573,969  

Delaware County Authority

(Elwyn Obligated Group)
Series 2017
5.00%, 06/01/2037

      825          824,943  

Hospitals & Higher Education Facilities Authority of Philadelphia (The)

(Temple University Health System Obligated Group)
Series 2017
5.00%, 07/01/2032

      885          949,142  

5.00%, 07/01/2034

      230          244,634  

AGM Series 2022
4.00%, 07/01/2040

      4,475          4,503,602  

Philadelphia Authority for Industrial Development

(City of Philadelphia PA)
Series 2018
5.00%, 05/01/2036

      1,620          1,811,478  

5.00%, 05/01/2037

      1,390          1,551,323  

5.00%, 05/01/2038

      1,000          1,115,336  

AGM Series 2017
5.00%, 12/01/2035

      200          222,150  

Philadelphia Authority for Industrial Development

(Russell Byers Charter School)
Series 2020
5.00%, 05/01/2040

      1,050          1,080,225  

Pittsburgh Water & Sewer Authority
AGM Series 2019-A
5.00%, 09/01/2044

      2,000          2,253,609  

AGM Series 2020-B
4.00%, 09/01/2045

      2,250          2,288,671  

4.00%, 09/01/2050

      2,500          2,527,312  

 

10

     

Principal

Amount

(000)

        U.S. $ Value  

School District of the City of Erie (The)
AGM Series 2019-A
5.00%, 04/01/2031

    $ 405        $ 469,439  

AGM Series 2019-C
5.00%, 04/01/2028

      1,850          2,108,436  

5.00%, 04/01/2029

      1,000          1,155,128  

Southeastern Pennsylvania Transportation Authority
Series 2020
5.00%, 06/01/2029

      3,120          3,580,259  

Wilkes-Barre Area School District/PA
BAM Series 2019
5.00%, 04/15/2059

      1,620          1,790,666  
       

 

 

  
                42,487,653  
       

 

 

  

Rhode Island – 3.0%

        

Providence Public Building Authority

(City of Providence RI Lease)
AGM Series 2020-A
5.00%, 09/15/2030

      2,890          3,375,241  

5.00%, 09/15/2031

      5,110          5,900,152  

Rhode Island Health and Educational Building Corp.

(City of Providence RI)
BAM Series 2021-D
4.00%, 05/15/2038

      2,930          3,039,770  

4.00%, 05/15/2040

      1,375          1,417,601  

4.00%, 05/15/2041

      2,485          2,554,901  
       

 

 

  
          16,287,665  
       

 

 

  

Texas – 0.9%

        

City of Mission TX
BAM Series 2021
5.00%, 02/15/2028

      1,000          1,137,819  

5.00%, 02/15/2029

      1,000          1,151,817  

Dallas Area Rapid Transit

(Dallas Area Rapid Transit Sales Tax)
Series 2021-B
5.00%, 12/01/2047

      2,000          2,235,936  

El Paso County Hospital District
Series 2017
5.00%, 08/15/2037

      370          400,228  
       

 

 

  
          4,925,800  
       

 

 

  

Utah – 0.7%

        

Ogden City School District Municipal Building Authority

(Ogden City School District)
Series 2018
5.00%, 01/15/2038

      3,490          3,856,800  
       

 

 

  

Washington – 0.7%

        

Pend Oreille County Public Utility District No. 1 Box Canyon
Series 2018
5.00%, 01/01/2044

      3,600          3,740,068  
       

 

 

  

 

11

     

Principal

Amount

(000)

        U.S. $ Value  

West Virginia – 1.4%

        

Morgantown Utility Board, Inc.
BAM Series 2018-B
5.00%, 12/01/2043

    $ 2,555        $ 2,819,455  

West Virginia Hospital Finance Authority

(West Virginia United Health System Obligated Group)
Series 2016-A
4.00%, 06/01/2031

      2,800          2,873,466  

Series 2017-A
5.00%, 06/01/2047

      1,775          1,852,662  
       

 

 

  
                  7,545,583  
       

 

 

  

Wisconsin – 4.6%

        

City of Milwaukee WI Sewerage System Revenue
Series 2021-S
5.00%, 06/01/2030

      1,000          1,166,414  

5.00%, 06/01/2031

      1,000          1,176,611  

Milwaukee Redevelopment Authority

(Milwaukee Public Schools Lease)
Series 2017
5.00%, 11/15/2025

      200          219,623  

Wisconsin Health & Educational Facilities Authority

(Hmong American Peace Academy Ltd.)
Series 2020
5.00%, 03/15/2050

      3,520          3,597,423  

Wisconsin Public Finance Authority

(Bancroft Neurohealth Obligated Group)
Series 2016
5.125%, 06/01/2048(a)

      4,430          4,477,989  

Wisconsin Public Finance Authority

(NC A&T Real Estate Foundation LLC)
Series 2019
5.00%, 06/01/2044

      6,315          6,468,327  

Wisconsin Public Finance Authority

(Scotland Health Care System Obligated Group)
Series 2021-A
4.00%, 10/01/2047

      8,255          7,871,471  
       

 

 

  
          24,977,858  
       

 

 

  

Total Municipal Obligations
(cost $525,434,408)

           494,699,409  
       

 

 

  

CORPORATES - INVESTMENT GRADE – 2.4%

        

Industrial – 1.3%

        

Consumer Cyclical - Other – 0.6%

        

Conservation Fund A Nonprofit Corp. (The)
Series 2019
3.474%, 12/15/2029

      3,267          3,058,370  
       

 

 

  

Consumer Non-Cyclical – 0.1%

        

YMCA of Greater New York
Series 2018
3.985%, 08/01/2022

      500          499,996  
       

 

 

  

Other Industrial – 0.5%

        

Howard University
Series 2020
2.516%, 10/01/2025

      1,000          955,470  

1.991%, 10/01/2025

      1,000          934,490  

2.291%, 10/01/2026

      1,000          940,920  
       

 

 

  
          2,830,880  
       

 

 

  

 

12

     

Principal

Amount

(000)

        U.S. $ Value  

Services – 0.1%

        

Bush Foundation
2.754%, 10/01/2050

    $ 1,000        $ 753,200  
       

 

 

  
          7,142,446  
       

 

 

  

Financial Institutions – 1.1%

        

Finance – 1.1%

        

BlueHub Loan Fund, Inc.
Series 2020
3.099%, 01/01/2030

      1,000          927,417  

Low Income Investment Fund
Series 2019
3.711%, 07/01/2029

      5,000          4,959,592  
       

 

 

  
          5,887,009  
       

 

 

  

Total Corporates - Investment Grade
(cost $13,767,000)

           13,029,455  
       

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 4.8%

        

Investment Companies – 4.8%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.72%(c) (d) (e)
(cost $25,525,201)

      25,525,201          25,525,201  
       

 

 

  

Total Investments – 98.8%
(cost $564,726,609)(f)

 

            533,254,065  

Other assets less liabilities – 1.2%

           6,731,949  
       

 

 

  

Net Assets – 100.0%

 

      $ 539,986,014  
       

 

 

  

CENTRALLY CLEARED INFLATION (CPI) SWAPS

 

              Rate Type                                  

Notional

Amount

(000)

      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		     

Payment
Frequency

Paid/

Received

      Market
Value		        Upfront
Premiums
Paid/
(Received)		        Unrealized
Appreciation/
(Depreciation)		  
USD      3,750      01/15/2025      4.028%      CPI#      Maturity      $ 144,348        $ —        $ 144,348  
USD      2,800      01/15/2027      CPI#      3.466%      Maturity        (133,029 )         (6,813 )         (126,216 ) 
USD      19,100      01/15/2029      CPI#      3.735%      Maturity        (120,072 )         —          (120,072 ) 
USD      17,000      01/15/2030      2.650%      CPI#      Maturity        1,664,867          —          1,664,867  
USD      7,500      01/15/2031      2.782%      CPI#      Maturity        630,416          —          630,416  
USD      4,400      01/15/2031      2.989%      CPI#      Maturity        274,180          —          274,180  
USD      5,570      01/15/2032      CPI#      3.064%      Maturity        (280,183 )         —          (280,183 ) 
USD      5,180      04/15/2032      CPI#      2.971%      Maturity        (297,631 )         —          (297,631 ) 
                         

 

 

       

 

 

       

 

 

  
                          $     1,882,896        $     (6,813 )       $     1,889,709  
                         

 

 

       

 

 

       

 

 

  

 

#

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

 

13

CENTRALLY CLEARED INTEREST RATE SWAPS

 

              Rate Type                                  

Notional

Amount

(000)

      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		     

Payment
Frequency

Paid/

Received

      Market
Value		        Upfront
Premiums
Paid/
(Received)		        Unrealized
Appreciation/
(Depreciation)		  
USD        16,500      05/15/2026      0.903%      3 Month LIBOR      Semi-Annual/

Quarterly

      $ 1,144,530        $ —        $ 1,144,530  
USD        33,000      01/15/2027      1 Day SOFR      2.458%      Annual        146,888          —          146,888  
USD        17,500      01/15/2027      1 Day SOFR      2.467%      Annual        85,043          —          85,043  
USD        24,000      01/15/2028      1.087%      3 Month LIBOR      Semi-Annual/

Quarterly

        1,988,659          —          1,988,659  
USD        20,000      01/15/2028      1.027%      3 Month LIBOR      Semi-Annual/

Quarterly

        1,719,255          —          1,719,255  
USD        14,000      01/15/2028      1.061%      3 Month LIBOR      Semi-Annual/

Quarterly

        1,178,302          —          1,178,302  
USD        6,000      04/15/2032      3.065%      1 Day SOFR      Annual        (343,966 )         —          (343,966 ) 
USD        6,200      02/15/2041      1.630%      3 Month LIBOR      Semi-Annual/

Quarterly

        1,086,813          —          1,086,813  
USD        5,000      02/15/2041      1.760%      3 Month LIBOR      Semi-Annual/

Quarterly

        778,111          —          778,111  
                           

 

 

       

 

 

       

 

 

  
                            $     7,783,635        $             —        $     7,783,635  
                           

 

 

       

 

 

       

 

 

  

 

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2022, the aggregate market value of these securities amounted to $39,898,538 or 7.4% of net assets.

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2022.

(c)

Affiliated investments.

(d)

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

(e)

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

(f)

As of July 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,440,613 and gross unrealized depreciation of investments was $(35,239,813), resulting in net unrealized depreciation of $(21,799,200).

As of July 31, 2022, the Fund’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 15.4% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

COP – Certificate of Participation

CPI – Consumer Price Index

DOT – Department of Transportation

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

SOFR – Secured Overnight Financing Rate

 

14

AB Impact Municipal Income Shares

July 31, 2022 (unaudited)

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

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

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

  •  

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

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

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.

 

15

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2022:

 

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:

 

Long-Term Municipal Bonds    $ —      $     494,699,409     $                 —      $     494,699,409  
Corporates – Investment Grade      —        13,029,455       —        13,029,455  
Short-Term Investments      25,525,201        —       —        25,525,201  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities          25,525,201        507,728,864       —        533,254,065  
Other Financial Instruments(a)

 

Assets:

 

Centrally Cleared Inflation (CPI) Swaps      —        2,713,811       —        2,713,811  
Centrally Cleared Interest Rate Swaps      —        8,127,601       —        8,127,601  
Liabilities:

 

Centrally Cleared Inflation (CPI) Swaps      —        (830,915 )      —        (830,915 ) 
Centrally Cleared Interest Rate Swaps      —        (343,966 )      —        (343,966 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     25,525,201      $     517,395,395     $                 —      $     542,920,596  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a) 

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

A summary of the Fund’s transactions in AB mutual funds for the three months ended July 31, 2022 is as follows:

 

Fund   

Market Value

04/30/2022

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

07/31/2022

(000)

     

Dividend

Income

(000)

  
Government Money Market Portfolio    $     20,057      $     32,953      $     27,485      $     25,525      $     51  

 

16