NPORT-EX 2 NPORT_A_64W5_16369329_0123.htm HTML

AB Impact Municipal Income Shares

Portfolio of Investments

January 31, 2023 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

MUNICIPAL OBLIGATIONS – 94.9%

 

Long-Term Municipal Bonds – 94.9%

 

Alabama – 1.7%

 

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

    $        3,900        $         3,818,031  

4.00%, 09/01/2051

      5,500          5,283,294  
       

 

 

  
          9,101,325  
       

 

 

  

American Samoa – 0.1%

 

American Samoa Economic Development Authority

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

      430          431,038  
       

 

 

  

Arizona – 4.5%

 

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

      6,875          5,843,914  

Arizona Industrial Development Authority

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

      4,500          4,293,794  

5.00%, 02/01/2034

      1,300          1,498,015  

5.00%, 02/01/2035

      1,100          1,255,819  

Series 2021
4.00%, 02/01/2038

      1,400          1,417,291  

Industrial Development Authority of the County of Pima(The)

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

      3,500          3,308,290  

Maricopa County Industrial Development Authority

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

      500          486,380  

5.00%, 07/01/2050(a)

      1,175          1,101,728  

5.00%, 07/01/2054(a)

      640          587,019  

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

      365          303,582  

4.00%, 07/01/2051(a)

      1,080          828,067  

4.00%, 07/01/2061(a)

      4,210          3,068,657  
       

 

 

  
          23,992,556  
       

 

 

  

California – 12.7%

 

California Educational Facilities Authority

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

      405          440,869  

5.00%, 10/01/2046

      2,750          2,902,496  

California Health Facilities Financing Authority

(Children’s Hospital Los Angeles)
Series 2017-A
5.00%, 08/15/2047

      3,750          3,851,485  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

California Health Facilities Financing Authority

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

    $        1,000        $         1,045,229  

5.00%, 08/01/2055

      1,200          1,246,386  

California Health Facilities Financing Authority

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

      3,390          3,245,817  

California Infrastructure & Economic Development Bank

(California Academy of Sciences)
Series 2021
2.01% (MUNIPSA + 0.35%), 08/01/2047(b)

      8,000          7,895,611  

California Infrastructure & Economic Development Bank

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

      5,000          4,882,821  

4.00%, 05/01/2051

      5,000          4,819,323  

4.00%, 05/01/2055

      5,000          4,777,771  

California Municipal Finance Authority

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

      350          362,631  

5.00%, 12/01/2046(a)

      3,725          3,741,914  

5.00%, 12/01/2054(a)

      1,240          1,234,172  

California Municipal Finance Authority

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

      1,775          1,795,313  

5.00%, 11/01/2049(a)

      3,500          3,492,952  

California Municipal Finance Authority

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

      2,960          2,973,494  

4.00%, 09/01/2051

      2,745          2,736,132  

California Municipal Finance Authority

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

      1,200          1,239,502  

4.00%, 07/01/2046

      2,090          2,098,710  

4.00%, 07/01/2051

      1,945          1,939,811  

California School Finance Authority

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

      600          600,652  

5.00%, 06/01/2054(a)

      250          233,523  

California School Finance Authority

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

      500          461,589  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

California School Finance Authority

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

    $        1,085        $         1,031,131  

5.00%, 06/01/2056(a)

      1,000          929,665  

California School Finance Authority

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

      3,750          3,619,209  

California School Finance Authority

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

      955          777,428  

4.00%, 06/01/2051(a)

      1,000          739,914  

California School Finance Authority

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

      1,000          1,034,621  

Series 2022
5.375%, 08/01/2042(a)

      1,500          1,594,075  

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

      500          531,859  
       

 

 

  
          68,276,105  
       

 

 

  

Colorado – 0.5%

 

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

      1,020          934,466  

4.00%, 12/01/2039

      1,000          908,015  

4.00%, 12/01/2040

      750          676,148  
       

 

 

  
          2,518,629  
       

 

 

  

Connecticut – 1.1%

 

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

      525          559,430  

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

      1,000          1,098,079  

5.00%, 07/15/2038

      620          675,218  

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

      1,500          1,679,273  

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

      775          795,050  

4.00%, 08/01/2039

      1,000          1,012,302  

4.00%, 08/01/2040

      325          327,782  
       

 

 

  
          6,147,134  
       

 

 

  

District of Columbia – 4.7%

 

District of Columbia

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

      1,715          1,820,060  

5.00%, 04/01/2051

      2,635          2,780,521  

District of Columbia

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

      1,785          1,814,117  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

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

    $ 625        $ 643,626  

5.00%, 07/01/2042

             2,000                  2,032,624  

District of Columbia

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

      4,275          3,973,101  

District of Columbia

(Plenary Infrastructure DC LLC State Lease)
Series 2022
5.00%, 08/31/2027

      620          661,260  

5.50%, 02/28/2035

      4,025          4,518,680  

5.50%, 02/29/2036

      1,625          1,799,349  

5.50%, 08/31/2036

      1,800          1,989,894  

5.50%, 02/28/2037

      1,850          2,019,345  

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

      820          877,588  
       

 

 

  
          24,930,165  
       

 

 

  

Florida – 1.2%

 

Florida Development Finance Corp.

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

      825          776,589  

5.00%, 06/01/2050

      3,735          3,313,520  

Pinellas County School Board

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

      900          1,005,051  

5.00%, 07/01/2030

      1,000          1,173,286  
       

 

 

  
          6,268,446  
       

 

 

  

Illinois – 6.6%

 

Chicago Transit Authority

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

      5,085          5,226,667  

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

      5,000          5,093,641  

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

      6,010          6,336,848  

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

      4,190          3,918,000  

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

      605          607,280  

BAM Series 2017
5.00%, 12/01/2047

      620          651,237  

Illinois Finance Authority

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

      750          698,527  

4.00%, 11/01/2051

      2,000          1,753,686  

4.00%, 11/01/2056

      2,250          1,920,781  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Illinois Finance Authority

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

    $        1,865        $ 1,758,899  

4.00%, 10/01/2050

      6,505          5,555,466  

4.00%, 10/01/2055

      2,000          1,676,791  
       

 

 

  
                35,197,823  
       

 

 

  

Indiana – 0.6%

 

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

      685          769,812  

5.00%, 07/01/2029

      600          679,706  

5.00%, 01/01/2030

      1,000          1,139,563  

5.00%, 07/01/2030

      420          482,336  
       

 

 

  
          3,071,417  
       

 

 

  

Kansas – 0.1%

 

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

      555          592,992  
       

 

 

  

Louisiana – 0.5%

 

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

      1,500          1,431,782  

4.00%, 02/01/2042

      1,500          1,429,951  
       

 

 

  
          2,861,733  
       

 

 

  

Maryland – 3.4%

 

Maryland Economic Development Corp.

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

      1,200          1,071,251  

Maryland Economic Development Corp.

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

      1,895          2,124,478  

5.00%, 07/01/2034

      1,840          2,039,435  

Maryland Economic Development Corp.

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

      2,500          2,577,963  

Maryland Economic Development Corp.

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

      10,000          10,246,264  
       

 

 

  
          18,059,391  
       

 

 

  

Massachusetts – 3.3%

 

Massachusetts Development Finance Agency

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

      7,415          7,530,790  

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

      765          782,062  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

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

    $        1,475        $         1,565,880  

Massachusetts Development Finance Agency

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

      1,765          1,810,229  

5.00%, 07/01/2039

      2,250          2,277,671  

5.00%, 07/01/2044

      1,645          1,642,730  

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

      1,090          1,061,585  

Massachusetts Development Finance Agency

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

      825          876,616  
       

 

 

  
          17,547,563  
       

 

 

  

Michigan – 10.2%

 

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

      895          976,436  

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

      585          608,737  

5.00%, 04/01/2027

      500          525,586  

5.00%, 04/01/2032

      770          808,774  

5.00%, 04/01/2033

      180          188,265  

5.00%, 04/01/2034

      1,255          1,308,372  

5.00%, 04/01/2035

      1,000          1,035,850  

5.00%, 04/01/2036

      700          718,245  

5.00%, 04/01/2037

      1,100          1,122,300  

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

      1,050          939,590  

5.00%, 04/01/2033

      1,125          1,194,133  

5.00%, 04/01/2036

      1,200          1,238,187  

5.00%, 04/01/2039

      1,175          1,193,169  

5.00%, 04/01/2050

      3,650          3,571,113  

Detroit City School District
AGM Series 2005-A
5.25%, 05/01/2030

      4,260          5,072,243  

Series 2020-A
5.00%, 05/01/2036

      1,145          1,273,719  

5.00%, 05/01/2037

      1,150          1,269,667  

5.00%, 05/01/2039

      1,645          1,804,067  

5.00%, 05/01/2040

      1,000          1,094,105  

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

      1,515          1,615,278  

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

      2,000          2,080,456  

5.00%, 10/01/2025

      2,000          2,135,839  

5.00%, 10/01/2026

      2,185          2,387,036  

Flint Hospital Building Authority

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

      3,500          3,063,258  

5.00%, 07/01/2031

      2,405          2,663,052  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

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

    $        1,085        $         1,124,446  

3.00%, 05/01/2030

      1,175          1,210,780  

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

      200          222,226  

AGM Series 2019
5.00%, 11/01/2040

      1,800          1,964,289  

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

      1,225          1,274,065  

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

      695          754,952  

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

      1,350          1,462,047  

5.00%, 07/01/2049

      1,300          1,383,231  

Series 2022-A
5.00%, 07/01/2037

      1,000          1,132,292  

5.00%, 07/01/2038

      1,215          1,368,746  

5.25%, 07/01/2039

      1,925          2,190,137  

5.25%, 07/01/2040

      735          831,911  
       

 

 

  
          54,806,599  
       

 

 

  

Minnesota – 0.6%

 

City of Minneapolis MN

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

      3,000          2,206,652  

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

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

      1,000          942,399  
       

 

 

  
          3,149,051  
       

 

 

  

Missouri – 0.0%

 

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

      200          208,017  
       

 

 

  

New Jersey – 5.1%

 

Essex County Improvement Authority

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

      1,600          1,500,856  

4.00%, 07/15/2050(a)

      3,260          2,833,805  

New Jersey Economic Development Authority
Series 2023
5.185%, 03/01/2030

      1,500          1,518,580  

5.198%, 03/01/2031

      1,500          1,514,645  

New Jersey Economic Development Authority

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

      1,000          1,003,492  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

New Jersey Economic Development Authority

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

    $        5,500        $         5,336,048  
       

 

 

  

5.00%, 11/01/2044

      6,925          7,263,623  
       

 

 

  

New Jersey Economic Development Authority

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

      1,170          1,187,872  

New Jersey Economic Development Authority

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

      3,205          3,362,667  

New Jersey Economic Development Authority

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

      645          708,250  

5.00%, 06/15/2042

      1,000          1,038,235  
       

 

 

  
          27,268,073  
       

 

 

  

New York – 14.6%

 

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

      2,000          1,465,623  

Build NYC Resource Corp.

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

      200          201,127  

4.00%, 06/15/2036

      385          370,028  

Build NYC Resource Corp.

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

      550          539,460  

4.00%, 07/01/2049

      600          579,273  

Build NYC Resource Corp.

(East Harlem Scholars Academy Charter School Obligated Group)
Series 2022
5.75%, 06/01/2062(a)

      4,500          4,604,857  

Build NYC Resource Corp.

(Global Community Charter School)
Series 2022
4.00%, 06/15/2032

      500          482,521  

5.00%, 06/15/2042

      850          839,566  

5.00%, 06/15/2052

      1,520          1,465,526  

5.00%, 06/15/2057

      1,300          1,230,675  

Build NYC Resource Corp.

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

      500          503,801  

Build NYC Resource Corp.

(Kipp NYC Public Charter Schools)
Series 2023
5.25%, 07/01/2062

      2,000          2,073,680  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Build NYC Resource Corp.

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

    $        2,260        $         2,121,189  

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

      725          688,753  

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

      2,025          2,199,955  

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

      4,000          4,024,072  

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

      5,710          6,079,916  

5.00%, 11/15/2029

      1,165          1,236,749  

5.00%, 11/15/2033

      1,000          1,055,687  

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

      2,160          2,299,933  

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

      12,085          12,052,476  

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

      4,250          3,874,307  

5.00%, 11/15/2030

      5,000          5,442,582  

5.00%, 11/15/2032

      4,500          4,923,721  

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

      7,500          6,958,588  

Series 2021-D
3.211% (SOFR + 0.33%), 11/01/2035(b)

      1,795          1,790,633  

Monroe County Industrial Development Corp./NY

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

      6,945          6,460,492  

Monroe County Industrial Development Corp./NY

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

      1,265          1,291,789  

New York State Dormitory Authority

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

      375          392,103  

5.00%, 08/01/2034

      750          772,048  

Series 2020
4.00%, 09/01/2045

      500          442,149  
       

 

 

  
          78,463,279  
       

 

 

  

North Carolina – 0.9%

 

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

      2,270          2,186,628  

5.00%, 04/01/2044

      2,500          2,625,454  
       

 

 

  
          4,812,082  
       

 

 

  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

Ohio – 2.4%

 

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

    $        2,150        $         2,278,417  

Cleveland-Cuyahoga County Port Authority

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

             1,100                  1,026,778  

County of Cuyahoga OH

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

      4,365          4,418,284  

5.25%, 02/15/2047

      1,500          1,514,833  

County of Darke OH

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

      690          655,621  

Ohio Higher Educational Facility Commission

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

      2,000          2,148,959  

5.25%, 01/01/2052

      1,000          1,058,209  
       

 

 

  
          13,101,101  
       

 

 

  

Oklahoma – 1.9%

 

Oklahoma Development Finance Authority

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

      2,000          1,990,651  

5.50%, 08/15/2057

      3,365          3,225,009  

Series 2022-A
5.50%, 08/15/2041

      5,000          4,961,161  
       

 

 

  
          10,176,821  
       

 

 

  

Oregon – 0.2%

 

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

      865          945,938  

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

      250          279,414  
       

 

 

  
          1,225,352  
       

 

 

  

Pennsylvania – 7.0%

 

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

      1,000          1,060,100  

5.00%, 07/15/2026

      510          553,608  

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

      3,050          3,235,109  

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

      3,095          3,307,728  

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

      5,000          5,438,025  

Delaware County Authority

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

      825          768,133  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

Hospitals & Higher Education Facilities Authority of Philadelphia (The)

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

    $ 885        $ 933,922  

5.00%, 07/01/2034

      230          240,816  

AGM Series 2022
4.00%, 07/01/2040

             4,475                  4,399,410  

Philadelphia Authority for Industrial Development

(City of Philadelphia PA)
AGM Series 2017
5.00%, 12/01/2035

      200          219,835  

Series 2018
5.00%, 05/01/2036

      1,620          1,760,896  

5.00%, 05/01/2037

      1,390          1,502,306  

5.00%, 05/01/2038

      1,000          1,077,427  

Philadelphia Authority for Industrial Development

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

      1,050          1,056,029  

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

      2,000          2,161,455  

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

      2,250          2,252,855  

4.00%, 09/01/2050

      2,500          2,454,690  

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

      405          460,820  

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

      1,850          2,069,490  

5.00%, 04/01/2029

      1,000          1,139,328  

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

      1,620          1,693,687  
       

 

 

  
          37,785,669  
       

 

 

  

Rhode Island – 3.0%

 

Providence Public Building Authority

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

      2,890          3,280,587  

5.00%, 09/15/2031

      5,110          5,798,864  

Rhode Island Health and Educational Building Corp.

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

      2,930          3,028,527  

4.00%, 05/15/2040

      1,375          1,405,352  

4.00%, 05/15/2041

      2,485          2,527,609  
       

 

 

  
          16,040,939  
       

 

 

  

Texas – 0.6%

 

Brownsville Independent School District
Series 2017
5.00%, 08/15/2023

      750          760,590  

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

      1,000          1,119,974  

5.00%, 02/15/2029

      1,000          1,139,826  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

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

    $ 370        $ 382,608  
       

 

 

  
                  3,402,998  
       

 

 

  

Utah – 0.7%

 

Ogden City School District Municipal Building Authority

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

             3,490          3,741,456  
       

 

 

  

Washington – 0.7%

 

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

      3,600          3,715,211  
       

 

 

  

West Virginia – 1.4%

 

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

      2,555          2,782,096  

West Virginia Hospital Finance Authority

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

      2,800          2,856,705  

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

      1,775          1,811,844  
       

 

 

  
          7,450,645  
       

 

 

  

Wisconsin – 4.6%

 

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

      1,000          1,151,221  

5.00%, 06/01/2031

      1,000          1,169,618  

Milwaukee Redevelopment Authority

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

      200          214,274  

Wisconsin Health & Educational Facilities Authority

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

      3,520          3,564,353  

Wisconsin Public Finance Authority

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

      4,430          4,124,005  

Wisconsin Public Finance Authority

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

      6,315          6,176,800  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Wisconsin Public Finance Authority

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

    $        8,255        $ 8,094,681  
       

 

 

  
          24,494,952  
       

 

 

  

Total Municipal Obligations
(cost $546,569,204)

 

            508,838,562  
       

 

 

  

CORPORATES - INVESTMENT GRADE – 2.2%

 

Industrial – 1.2%

 

Consumer Cyclical - Other – 0.6%

 

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

      3,267          2,892,340  
       

 

 

  

Other Industrial – 0.5%

        

Howard University
Series 2020
1.991%, 10/01/2025

      1,000          904,470  

2.291%, 10/01/2026

      1,000          893,260  

2.516%, 10/01/2025

      1,000          923,620  
       

 

 

  
          2,721,350  
       

 

 

  

Services – 0.1%

        

Bush Foundation
2.754%, 10/01/2050

      1,000          691,340  
       

 

 

  
          6,305,030  
       

 

 

  

Financial Institutions – 1.0%

        

Finance – 1.0%

        

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

      1,000          895,712  

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

      5,000          4,608,740  
       

 

 

  
          5,504,452  
       

 

 

  

Total Corporates - Investment Grade
(cost $13,267,000)

           11,809,482  
       

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 1.6%

        

Investment Companies – 1.6%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%(c) (d) (e)
(cost $8,532,006)

      8,532,006          8,532,006  
       

 

 

  

Total Investments – 98.7%
(cost $568,368,210)(f)

           529,180,050  

Other assets less liabilities – 1.3%

           7,110,000  
       

 

 

  

Net Assets – 100.0%

         $ 536,290,050  
       

 

 

  

 

13

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      $ 90,589        $ —        $ 90,589  
USD      2,800      01/15/2027      CPI#      3.466%      Maturity        (70,956 )         (6,043 )         (64,913 ) 
USD      19,100      01/15/2029      CPI#      3.735%      Maturity        309,032          —          309,032  
USD      17,000      01/15/2030      2.650%      CPI#      Maturity        1,205,658          —          1,205,658  
USD      7,500      01/15/2031      2.782%      CPI#      Maturity        421,796          —          421,796  
USD      4,400      01/15/2031      2.989%      CPI#      Maturity        156,636          —          156,636  
USD      5,570      01/15/2032      CPI#      3.064%      Maturity        (125,489 )         —          (125,489 ) 
USD      5,180      04/15/2032      CPI#      2.971%      Maturity        (151,548 )         —          (151,548 ) 
                         

 

 

       

 

 

       

 

 

  
                          $     1,835,718        $     (6,043 )       $     1,841,761  
                         

 

 

       

 

 

       

 

 

  

 

#

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

CENTRALLY CLEARED INTEREST RATE SWAPS

 

              Rate Type                                  

Notional
Amount
(000)

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

Payment
Frequency

Paid/
Received

      Market
Value		        Upfront
Premiums
Paid
(Received)		        Unrealized
Appreciation
(Depreciation)		  
USD        34,000      04/15/2032      3.069%      1 Day SOFR      Annual      $ 518,083        $ —        $ 518,083  
USD        29,000      04/15/2032      3.283%      1 Day SOFR      Annual        (88,469 )         —          (88,469 ) 
USD        9,100      04/15/2032      3.283%      1 Day SOFR      Annual        (20,071 )         —          (20,071 ) 
USD        6,000      04/15/2032      3.065%      1 Day SOFR      Annual        76,050          —          76,050  
                           

 

 

       

 

 

       

 

 

  
     $     485,593        $             —        $     485,593  
                           

 

 

       

 

 

       

 

 

  

 

(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 January 31, 2023, the aggregate market value of these securities amounted to $47,066,714 or 8.8% of net assets.

(b)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2023.

(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 January 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,498,046 and gross unrealized depreciation of investments was $(41,358,852), resulting in net unrealized depreciation of $(36,860,806).

As of January 31, 2023, 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 12.6% and 0.0%, respectively.

 

14

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
MUNIPSA – SIFMA Municipal Swap Index
SOFR – Secured Overnight Financing Rate

 

15

AB Impact Municipal Income Shares    

January 31, 2023 (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.

 

16

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2023:

 

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:

 

Long-Term Municipal Bonds    $ —      $ 508,838,562     $                 —      $ 508,838,562  
Corporates – Investment Grade      —        11,809,482       —        11,809,482  
Short-Term Investments      8,532,006        —       —        8,532,006  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      8,532,006        520,648,044       —        529,180,050  
Other Financial Instruments(a)           
Assets:

 

Centrally Cleared Inflation (CPI) Swaps      —        2,183,711       —        2,183,711  
Centrally Cleared Interest Rate Swaps      —        594,133       —        594,133  
Liabilities:

 

Centrally Cleared Inflation (CPI) Swaps      —        (347,993 )      —        (347,993 ) 
Centrally Cleared Interest Rate Swaps      —        (108,540 )      —        (108,540 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     8,532,006      $     522,969,355     $ —      $     531,501,361  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(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, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended January 31, 2023 is as follows:

 

Fund   

Market Value

04/30/2022

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

01/31/2023

(000)

     

Dividend

Income

(000)

  
Government Money Market Portfolio    $     20,057      $     102,892      $     114,417      $     8,532      $     225  

 

17