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 | $ | 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) | 430 | 434,997 | ||||||
|
| |||||||
Arizona – 4.4% | ||||||||
Arizona Industrial Development Authority | 5,840 | 5,043,825 | ||||||
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) | 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 | 1,400 | 1,432,045 | ||||||
Industrial Development Authority of the County of Pima (The) (TMC HealthCare Obligated Group) | 3,500 | 3,472,873 | ||||||
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) | 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 | 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.) | 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) | 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) | $ | 1,000 | $ | 989,273 | ||||
California Infrastructure & Economic Development Bank (California Academy of Sciences) | 8,000 | 7,908,313 | ||||||
California Infrastructure & Economic Development Bank (California Science Center Foundation) | 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.) | 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) | 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.) | 2,960 | 2,988,197 | ||||||
4.00%, 09/01/2051 | 2,745 | 2,765,783 | ||||||
California Municipal Finance Authority (Valley Health Team, Inc.) | 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) | 600 | 613,119 | ||||||
5.00%, 06/01/2054(a) | 250 | 251,688 | ||||||
California School Finance Authority (Downtown College Prep Obligated Group) | 250 | 250,155 | ||||||
California School Finance Authority (Ednovate Obligated Group) | 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) | $ | 3,750 | $ | 3,770,508 | ||||
California School Finance Authority (Girls Athletic Leadership Schools Los Angeles) | 955 | 803,126 | ||||||
4.00%, 06/01/2051(a) | 1,000 | 783,067 | ||||||
California School Finance Authority (Green DOT Public Schools Obligated Group) | 1,000 | 1,047,866 | ||||||
Coalinga-Huron Joint Unified School District | 500 | 539,673 | ||||||
|
| |||||||
59,278,421 | ||||||||
|
| |||||||
Colorado – 0.5% | ||||||||
Denver Health & Hospital Authority | 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 | 525 | 572,496 | ||||||
Series 2021-A | 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 | 1,000 | 1,119,409 | ||||||
5.00%, 07/15/2038 | 620 | 691,000 | ||||||
BAM Series 2019-A | 1,500 | 1,698,698 | ||||||
|
| |||||||
6,273,154 | ||||||||
|
| |||||||
District of Columbia – 3.8% | ||||||||
District of Columbia (Gallaudet University) | 1,715 | 1,840,618 | ||||||
5.00%, 04/01/2051 | 2,635 | 2,815,236 | ||||||
District of Columbia (KIPP DC Obligated Group) | 1,785 | 1,871,024 | ||||||
Series 2017-B | 625 | 661,402 | ||||||
District of Columbia (KIPP DC Public Charter Schools) | 2,275 | 2,221,304 |
3
Principal Amount (000) | U.S. $ Value | |||||||
District of Columbia (Plenary Infrastructure DC LLC State Lease) | $ | 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 | 820 | 894,379 | ||||||
|
| |||||||
20,739,986 | ||||||||
|
| |||||||
Florida – 0.9% | ||||||||
Florida Development Finance Corp. (United Cerebral Palsy of Central Florida, Inc.) | 825 | 805,914 | ||||||
5.00%, 06/01/2050 | 1,785 | 1,677,771 | ||||||
Pinellas County School Board (Pinellas County School Board COP) | 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) | 5,085 | 5,321,097 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund | 5,000 | 5,207,729 | ||||||
Series 2020-A | 6,010 | 6,567,069 | ||||||
5.00%, 12/01/2055 | 6,500 | 7,008,407 | ||||||
Series 2022-A | 4,190 | 4,130,282 | ||||||
Cook County Community College District No. 508 | 605 | 615,585 | ||||||
BAM Series 2017 | 620 | 657,905 | ||||||
Illinois Finance Authority (Lawndale Educational & Regional Network Charter School Obligated Group) | 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) | 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 | $ | 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 | 555 | 608,126 | ||||||
|
| |||||||
Louisiana – 0.5% | ||||||||
Tangipahoa Parish Hospital Service District No. 1 | 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) | 1,200 | 1,083,924 | ||||||
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) | 1,895 | 2,029,536 | ||||||
5.00%, 07/01/2034 | 1,840 | 1,958,296 | ||||||
Maryland Economic Development Corp. (Morgan State University) | 2,500 | 2,559,111 | ||||||
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) | 10,000 | 10,870,699 | ||||||
|
| |||||||
18,501,566 | ||||||||
|
| |||||||
Massachusetts – 3.4% | ||||||||
Massachusetts Development Finance Agency (Boston Medical Center Corp. Obligated Group) | 7,415 | 7,708,144 | ||||||
Series 2016-E | 765 | 812,393 | ||||||
Series 2017-F | 1,475 | 1,614,390 |
5
Principal Amount (000) | U.S. $ Value | |||||||
Massachusetts Development Finance Agency (Wellforce Obligated Group) | $ | 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 | 1,090 | 1,086,375 | ||||||
Massachusetts Development Finance Agency (WGBH Educational Foundation) | 825 | 875,493 | ||||||
|
| |||||||
18,222,756 | ||||||||
|
| |||||||
Michigan – 9.4% | ||||||||
Center Line Public Schools | 895 | 989,218 | ||||||
City of Detroit MI | 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 | 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 | 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 | 4,260 | 5,118,029 | ||||||
Downriver Utility Wastewater Authority | 1,515 | 1,681,011 | ||||||
Ferris State University | 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) | 3,500 | 3,267,639 | ||||||
5.00%, 07/01/2031 | 2,405 | 2,675,013 | ||||||
Flint Public Library | 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 | $ | 200 | $ | 226,886 | ||||
AGM Series 2019 | 1,800 | 2,014,693 | ||||||
Great Lakes Water Authority Water Supply System Revenue | 1,225 | 1,311,023 | ||||||
Series 2016-C | 695 | 772,445 | ||||||
Series 2020-B | 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) | 3,000 | 2,396,814 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Metro Deaf School) | 1,000 | 1,007,110 | ||||||
|
| |||||||
3,403,924 | ||||||||
|
| |||||||
Missouri – 0.0% | ||||||||
St. Louis Community College District | 200 | 210,930 | ||||||
|
| |||||||
New Jersey – 4.6% | ||||||||
Essex County Improvement Authority (North Star Academy Charter School of Newark, Inc.) | 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.) | 1,000 | 1,018,794 | ||||||
New Jersey Economic Development Authority (New Jersey Transit Corp.) | 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.) | 1,170 | 1,200,188 | ||||||
New Jersey Economic Development Authority (Seeing Eye, Inc. (The)) | 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) | $ | 645 | $ | 714,462 | ||||
5.00%, 06/15/2042 | 1,000 | 1,061,395 | ||||||
|
| |||||||
24,676,886 | ||||||||
|
| |||||||
New York – 14.0% | ||||||||
Buffalo Sewer Authority | 2,000 | 1,521,152 | ||||||
Build NYC Resource Corp. (Academic Leadership Charter School) | 200 | 200,324 | ||||||
4.00%, 06/15/2036 | 385 | 371,649 | ||||||
Build NYC Resource Corp. (Children’s Aid Society (The)) | 550 | 552,904 | ||||||
4.00%, 07/01/2049 | 600 | 601,384 | ||||||
Build NYC Resource Corp. (Inwood Academy for Leadership Charter School) | 500 | 521,180 | ||||||
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) | 2,260 | 2,256,363 | ||||||
Series 2017-A | 725 | 726,183 | ||||||
City of Buffalo NY | 2,025 | 2,236,409 | ||||||
Metropolitan Transportation Authority | 4,000 | 4,110,531 | ||||||
Series 2017-C | 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 | 2,160 | 2,351,495 | ||||||
Series 2020-C | 16,035 | 16,605,498 | ||||||
Series 2020-E | 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 | 7,500 | 7,335,129 | ||||||
Series 2021-D | 1,900 | 1,854,954 |
8
Principal Amount (000) | U.S. $ Value | |||||||
Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) | $ | 6,945 | $ | 6,365,903 | ||||
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) | 1,265 | 1,304,817 | ||||||
New York City Health and Hospitals Corp. (New York City Health & Hospital Corp. Lease) | 1,500 | 1,765,290 | ||||||
New York State Dormitory Authority (Montefiore Obligated Group) | 375 | 391,745 | ||||||
5.00%, 08/01/2034 | 750 | 778,279 | ||||||
Series 2020 | 500 | 455,478 | ||||||
|
| |||||||
75,527,566 | ||||||||
|
| |||||||
North Carolina – 0.9% | ||||||||
North Carolina Central University | 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. | 2,150 | 2,350,259 | ||||||
Cleveland-Cuyahoga County Port Authority (Cleveland Museum of Natural History (The)) | 1,100 | 1,100,373 | ||||||
County of Cuyahoga OH (MetroHealth System (The)) | 4,365 | 4,502,265 | ||||||
5.25%, 02/15/2047 | 1,500 | 1,562,914 | ||||||
County of Darke OH (Wayne Hospital Co. Obligated Group) | 690 | 668,190 | ||||||
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) | 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) | 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 | $ | 865 | $ | 966,061 | ||||
Series 2018-A | 250 | 283,436 | ||||||
|
| |||||||
1,249,497 | ||||||||
|
| |||||||
Pennsylvania – 7.9% | ||||||||
Capital Region Water Water Revenue | 1,000 | 1,086,695 | ||||||
5.00%, 07/15/2026 | 510 | 567,325 | ||||||
City of Philadelphia PA Water & Wastewater Revenue | 3,050 | 3,353,673 | ||||||
Series 2019-B | 3,095 | 3,429,638 | ||||||
Series 2020-A | 5,000 | 5,573,969 | ||||||
Delaware County Authority (Elwyn Obligated Group) | 825 | 824,943 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) | 885 | 949,142 | ||||||
5.00%, 07/01/2034 | 230 | 244,634 | ||||||
AGM Series 2022 | 4,475 | 4,503,602 | ||||||
Philadelphia Authority for Industrial Development (City of Philadelphia PA) | 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 | 200 | 222,150 | ||||||
Philadelphia Authority for Industrial Development (Russell Byers Charter School) | 1,050 | 1,080,225 | ||||||
Pittsburgh Water & Sewer Authority | 2,000 | 2,253,609 | ||||||
AGM Series 2020-B | 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) | $ | 405 | $ | 469,439 | ||||
AGM Series 2019-C | 1,850 | 2,108,436 | ||||||
5.00%, 04/01/2029 | 1,000 | 1,155,128 | ||||||
Southeastern Pennsylvania Transportation Authority | 3,120 | 3,580,259 | ||||||
Wilkes-Barre Area School District/PA | 1,620 | 1,790,666 | ||||||
|
| |||||||
42,487,653 | ||||||||
|
| |||||||
Rhode Island – 3.0% | ||||||||
Providence Public Building Authority (City of Providence RI Lease) | 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) | 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 | 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) | 2,000 | 2,235,936 | ||||||
El Paso County Hospital District | 370 | 400,228 | ||||||
|
| |||||||
4,925,800 | ||||||||
|
| |||||||
Utah – 0.7% | ||||||||
Ogden City School District Municipal Building Authority (Ogden City School District) | 3,490 | 3,856,800 | ||||||
|
| |||||||
Washington – 0.7% | ||||||||
Pend Oreille County Public Utility District No. 1 Box Canyon | 3,600 | 3,740,068 | ||||||
|
|
11
Principal Amount (000) | U.S. $ Value | |||||||
West Virginia – 1.4% | ||||||||
Morgantown Utility Board, Inc. | $ | 2,555 | $ | 2,819,455 | ||||
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) | 2,800 | 2,873,466 | ||||||
Series 2017-A | 1,775 | 1,852,662 | ||||||
|
| |||||||
7,545,583 | ||||||||
|
| |||||||
Wisconsin – 4.6% | ||||||||
City of Milwaukee WI Sewerage System Revenue | 1,000 | 1,166,414 | ||||||
5.00%, 06/01/2031 | 1,000 | 1,176,611 | ||||||
Milwaukee Redevelopment Authority (Milwaukee Public Schools Lease) | 200 | 219,623 | ||||||
Wisconsin Health & Educational Facilities Authority (Hmong American Peace Academy Ltd.) | 3,520 | 3,597,423 | ||||||
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) | 4,430 | 4,477,989 | ||||||
Wisconsin Public Finance Authority (NC A&T Real Estate Foundation LLC) | 6,315 | 6,468,327 | ||||||
Wisconsin Public Finance Authority (Scotland Health Care System Obligated Group) | 8,255 | 7,871,471 | ||||||
|
| |||||||
24,977,858 | ||||||||
|
| |||||||
Total Municipal Obligations | 494,699,409 | |||||||
|
| |||||||
CORPORATES - INVESTMENT GRADE – 2.4% | ||||||||
Industrial – 1.3% | ||||||||
Consumer Cyclical - Other – 0.6% | ||||||||
Conservation Fund A Nonprofit Corp. (The) | 3,267 | 3,058,370 | ||||||
|
| |||||||
Consumer Non-Cyclical – 0.1% | ||||||||
YMCA of Greater New York | 500 | 499,996 | ||||||
|
| |||||||
Other Industrial – 0.5% | ||||||||
Howard University | 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 | $ | 1,000 | $ | 753,200 | ||||
|
| |||||||
7,142,446 | ||||||||
|
| |||||||
Financial Institutions – 1.1% | ||||||||
Finance – 1.1% | ||||||||
BlueHub Loan Fund, Inc. | 1,000 | 927,417 | ||||||
Low Income Investment Fund | 5,000 | 4,959,592 | ||||||
|
| |||||||
5,887,009 | ||||||||
|
| |||||||
Total Corporates - Investment Grade | 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) | 25,525,201 | 25,525,201 | ||||||
|
| |||||||
Total Investments – 98.8% |
| 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 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 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