AB Impact Municipal Income Shares
Portfolio of Investments
July 31, 2023 (unaudited)
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
|
MUNICIPAL OBLIGATIONS – 94.7% | |
Long-Term Municipal Bonds – 94.7% | |
Alabama – 1.6% | |
Alabama Community College System ACCS | | | | | | | | |
Enhancements Fee Revenue
AGM Series 2021
4.00%, 09/01/2046 | | $ | 3,900 | | | $ | 3,789,992 | |
4.00%, 09/01/2051 | | | 5,500 | | | | 5,238,145 | |
| | | | | | | | |
| | | | | | | 9,028,137 | |
| | | | | | | | |
|
American Samoa – 0.1% | |
American Samoa Economic Development Authority (Territory of American Samoa)
Series 2018
6.00%, 09/01/2023(a) | | | 430 | | | | 429,845 | |
| | | | | | | | |
|
Arizona – 4.5% | |
Arizona Industrial Development Authority
Series 2021-A
4.00%, 07/01/2051 | | | 7,175 | | | | 6,004,847 | |
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) | | | | | | | | |
Series 2020
4.00%, 02/01/2050 | | | 4,500 | | | | 4,210,545 | |
5.00%, 02/01/2034 | | | 1,300 | | | | 1,455,190 | |
5.00%, 02/01/2035 | | | 1,100 | | | | 1,225,684 | |
Series 2021
4.00%, 02/01/2038 | | | 1,400 | | | | 1,394,626 | |
Industrial Development Authority of the County of Pima (The) (TMC HealthCare Obligated Group)
Series 2021
4.00%, 04/01/2046 | | | 3,500 | | | | 3,234,237 | |
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) | | | | | | | | |
Series 2020
5.00%, 07/01/2040(a) | | | 500 | | | | 482,276 | |
5.00%, 07/01/2050(a) | | | 1,175 | | | | 1,072,964 | |
5.00%, 07/01/2054(a) | | | 640 | | | | 576,912 | |
Series 2021
4.00%, 07/01/2051(a) | | | 1,625 | | | | 1,222,853 | |
4.00%, 07/01/2061(a) | | | 5,210 | | | | 3,759,494 | |
| | | | | | | | |
| | | | | | | 24,639,628 | |
| | | | | | | | |
|
California – 13.0% | |
California Educational Facilities Authority (Mount St.Mary’s University, Inc.)
Series 2018-A
5.00%, 10/01/2036 | | | 405 | | | | 431,252 | |
5.00%, 10/01/2046 | | | 2,750 | | | | 2,853,669 | |
California Health Facilities Financing Authority (Children’s Hospital Los Angeles)
Series 2017-A
5.00%, 08/15/2047 | | | 3,750 | | | | 3,760,160 | |
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 | | | $ | 1,013,893 | |
5.00%, 08/01/2055 | | | 1,200 | | | | 1,212,670 | |
California Health Facilities Financing Authority (State of California Personal Income Tax Revenue)
Series 2022
4.19%, 06/01/2037 | | | 3,390 | | | | 3,070,740 | |
California Infrastructure & Economic Development Bank (California Academy of Sciences)
Series 2021
4.33% (MUNIPSA + 0.35%),
08/01/2047(b) | | | 8,000 | | | | 7,915,754 | |
California Infrastructure & Economic Development Bank (California Science Center Foundation)
Series 2021
4.00%, 05/01/2046 | | | 5,000 | | | | 4,823,751 | |
4.00%, 05/01/2051 | | | 5,000 | | | | 4,738,592 | |
4.00%, 05/01/2055 | | | 5,000 | | | | 4,699,718 | |
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.)
Series 2021-A
5.00%, 12/01/2036(a) | | | 350 | | | | 356,780 | |
5.00%, 12/01/2046(a) | | | 3,725 | | | | 3,669,483 | |
5.00%, 12/01/2054(a) | | | 1,240 | | | | 1,185,100 | |
California Municipal Finance Authority (Healthright 360)
Series 2019-A
5.00%, 11/01/2039(a) | | | 1,775 | | | | 1,763,838 | |
5.00%, 11/01/2049(a) | | | 6,075 | | | | 5,657,634 | |
California Municipal Finance Authority (La Maestra Family Clinic, Inc.)
Series 2021
4.00%, 09/01/2046 | | | 2,960 | | | | 2,928,350 | |
4.00%, 09/01/2051 | | | 2,745 | | | | 2,671,134 | |
California Municipal Finance Authority (Valley Health Team, Inc.)
Series 2021
4.00%, 07/01/2037 | | | 1,200 | | | | 1,210,738 | |
4.00%, 07/01/2046 | | | 2,090 | | | | 2,069,093 | |
4.00%, 07/01/2051 | | | 1,945 | | | | 1,893,944 | |
California School Finance Authority (Bright Star Schools Obligated Group)
Series 2017
5.00%, 06/01/2037(a) | | | 600 | | | | 587,068 | |
5.00%, 06/01/2054(a) | | | 250 | | | | 222,801 | |
California School Finance Authority (Downtown College Prep Obligated Group)
Series 2016
5.00%, 06/01/2051(a) | | | 2,500 | | | | 2,282,984 | |
2
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
California School Finance Authority (Ednovate Obligated Group)
Series 2018
5.00%, 06/01/2048(a) | | $ | 1,085 | | | $ | 988,693 | |
5.00%, 06/01/2056(a) | | | 1,000 | | | | 888,428 | |
California School Finance Authority (Equitas Academy Obligated Group)
Series 2018-A
5.00%, 06/01/2048(a) | | | 3,750 | | | | 3,468,787 | |
California School Finance Authority (Girls Athletic Leadership Schools Los Angeles)
Series 2021
4.00%, 06/01/2041(a) | | | 955 | | | | 751,089 | |
4.00%, 06/01/2051(a) | | | 1,000 | | | | 708,938 | |
California School Finance Authority (Green DOT Public Schools Obligated Group)
| | | | | | | | |
Series 2018
5.00%, 08/01/2038(a) | | | 2,000 | | | | 2,032,209 | |
Series 2022
5.375%, 08/01/2042(a) | | | 1,500 | | | | 1,555,863 | |
Coalinga-Huron Joint Unified School District
BAM Series 2018-B
5.00%, 08/01/2048 | | | 500 | | | | 523,233 | |
| | | | | | | | |
| | | | | | | 71,936,386 | |
| | | | | | | | |
|
Colorado – 0.5% | |
Denver Health & Hospital Authority
Series 2019-A
4.00%, 12/01/2038 | | | 1,020 | | | | 939,905 | |
4.00%, 12/01/2039 | | | 1,000 | | | | 911,524 | |
4.00%, 12/01/2040 | | | 750 | | | | 677,098 | |
| | | | | | | | |
| | | | | | | 2,528,527 | |
| | | | | | | | |
|
Connecticut – 1.1% | |
City of Bridgeport CT | | | | | | | | |
Series 2017-A
5.00%, 11/01/2025 | | | 525 | | | | 545,876 | |
Series 2021-A
4.00%, 08/01/2037 | | | 775 | | | | 775,974 | |
4.00%, 08/01/2039 | | | 1,000 | | | | 978,382 | |
4.00%, 08/01/2040 | | | 325 | | | | 316,221 | |
BAM Series 2018-C
5.00%, 07/15/2036 | | | 1,000 | | | | 1,078,323 | |
5.00%, 07/15/2038 | | | 620 | | | | 660,340 | |
BAM Series 2019-A
5.00%, 02/01/2035 | | | 1,500 | | | | 1,643,969 | |
| | | | | | | | |
| | | | | | | 5,999,085 | |
| | | | | | | | |
|
District of Columbia – 4.5% | |
District of Columbia (Gallaudet University)
Series 2021
5.00%, 04/01/2046 | | | 1,715 | | | | 1,775,634 | |
5.00%, 04/01/2051 | | | 2,635 | | | | 2,710,513 | |
District of Columbia (KIPP DC Obligated Group)
| | | | | | | | |
Series 2017-A
5.00%, 07/01/2042 | | | 1,785 | | | | 1,797,629 | |
Series 2017-B
5.00%, 07/01/2037 | | | 625 | | | | 636,844 | |
5.00%, 07/01/2042 | | | 2,000 | | | | 2,014,150 | |
3
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
District of Columbia (KIPP DC Public Charter Schools)
Series 2019
4.00%, 07/01/2039 | | $ | 4,275 | | | $ | 3,894,394 | |
District of Columbia (Plenary Infrastructure DC LLC State Lease)
Series 2022
5.00%, 08/31/2027 | | | 620 | | | | 647,823 | |
5.50%, 02/28/2035 | | | 4,025 | | | | 4,568,498 | |
5.50%, 02/29/2036 | | | 1,625 | | | | 1,836,328 | |
5.50%, 08/31/2036 | | | 1,800 | | | | 2,025,714 | |
5.50%, 02/28/2037 | | | 1,850 | | | | 2,075,056 | |
District of Columbia Water & Sewer Authority
Series 2016-A
5.00%, 10/01/2035 | | | 820 | | | | 854,116 | |
| | | | | | | | |
| | | | | | | 24,836,699 | |
| | | | | | | | |
|
Florida – 1.3% | |
Florida Development Finance Corp. (United Cerebral Palsy of Central Florida, Inc.)
Series 2020
5.00%, 06/01/2040 | | | 825 | | | | 754,612 | |
5.00%, 06/01/2050 | | | 3,735 | | | | 3,195,277 | |
Miami-Dade County Housing Finance Authority (Wynwood Works LLC)
| | | | | | | | |
Series 2023-A
5.70%, 06/01/2052(a) | | | 2,000 | | | | 2,000,520 | |
Series 2023-B
5.78%, 06/01/2027(a) | | | 1,000 | | | | 1,000,260 | |
| | | | | | | | |
| | | | | | | 6,950,669 | |
| | | | | | | | |
|
Illinois – 6.6% | |
Chicago Transit Authority (Chicago Transit Authority Sales Tax)
Series 2017
5.00%, 12/01/2051 | | | 5,085 | | | | 5,189,014 | |
Chicago Transit Authority Sales Tax Receipts Fund
| | | | | | | | |
Series 2014
5.25%, 12/01/2049 | | | 5,000 | | | | 5,063,269 | |
Series 2020-A
5.00%, 12/01/2045 | | | 6,010 | | | | 6,246,719 | |
Series 2022-A
4.00%, 12/01/2049 | | | 4,190 | | | | 3,866,836 | |
Cook County Community College District No. 508 | | | | | | | | |
Series 2013
5.25%, 12/01/2043 | | | 605 | | | | 605,338 | |
BAM Series 2017
5.00%, 12/01/2047 | | | 620 | | | | 641,289 | |
Illinois Finance Authority (Lawndale Educational & Regional Network Charter School Obligated Group)
Series 2021
4.00%, 11/01/2041 | | | 1,475 | | | | 1,320,595 | |
4.00%, 11/01/2051 | | | 2,720 | | | | 2,259,743 | |
4.00%, 11/01/2056 | | | 3,850 | | | | 3,111,953 | |
4
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
Illinois Finance Authority (University of Illinois)
Series 2020
4.00%, 10/01/2040 | | $ | 615 | | | $ | 565,718 | |
4.00%, 10/01/2050 | | | 6,505 | | | | 5,688,847 | |
4.00%, 10/01/2055 | | | 2,000 | | | | 1,715,612 | |
| | | | | | | | |
| | | | | | | 36,274,933 | |
| | | | | | | | |
|
Indiana – 0.5% | |
Muncie Sanitary District
AGM Series 2021-A
5.00%, 01/01/2029 | | | 685 | | | | 744,211 | |
5.00%, 07/01/2029 | | | 600 | | | | 657,219 | |
5.00%, 01/01/2030 | | | 1,000 | | | | 1,101,728 | |
5.00%, 07/01/2030 | | | 420 | | | | 466,041 | |
| | | | | | | | |
| | | | | | | 2,969,199 | |
| | | | | | | | |
|
Kansas – 0.1% | |
Seward County Unified School District No. 480 Liberal
Series 2017-B
5.00%, 09/01/2028 (Pre-refunded/ETM) | | | 555 | | | | 575,639 | |
| | | | | | | | |
|
Louisiana – 0.5% | |
Tangipahoa Parish Hospital Service District No. 1
Series 2021
4.00%, 02/01/2041 | | | 1,500 | | | | 1,392,495 | |
4.00%, 02/01/2042 | | | 1,500 | | | | 1,369,423 | |
| | | | | | | | |
| | | | | | | 2,761,918 | |
| | | | | | | | |
|
Maryland – 3.2% | |
Maryland Economic Development Corp. (Bowie State University)
Series 2020
4.00%, 07/01/2050 | | | 1,200 | | | | 1,041,061 | |
Maryland Economic Development Corp. (Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg)
Series 2020
5.00%, 07/01/2050 | | | 2,500 | | | | 2,558,551 | |
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg)
Series 2022
5.00%, 07/01/2033 | | | 1,895 | | | | 2,080,547 | |
5.00%, 07/01/2034 | | | 1,840 | | | | 2,009,935 | |
Maryland Economic Development Corp. (Purple Line Transit Partners LLC)
Series 2022
5.25%, 06/30/2055 | | | 10,000 | | | | 10,227,774 | |
| | | | | | | | |
| | | | | | | 17,917,868 | |
| | | | | | | | |
|
Massachusetts – 3.7% | |
Massachusetts Development Finance Agency (Boston Medical Center Corp. Obligated Group)
| | | | | | | | |
Series 2015-D
5.00%, 07/01/2044 | | | 7,415 | | | | 7,480,646 | |
5
| | | | | | | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
Series 2016-E
5.00%, 07/01/2037 | | $ | 765 | | | $ | 781,160 | |
Series 2017-F
5.00%, 07/01/2030 | | | 1,475 | | | | 1,547,604 | |
Series 2023
5.25%, 07/01/2048 | | | 2,720 | | | | 2,873,194 | |
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) | | | | | | | | |
Series 2019-A
5.00%, 07/01/2036 | | | 1,765 | | | | 1,792,676 | |
5.00%, 07/01/2039 | | | 2,250 | | | | 2,240,982 | |
5.00%, 07/01/2044 | | | 1,645 | | | | 1,615,664 | |
AGM Series 2020-C
4.00%, 10/01/2045 | | | 1,090 | | | | 1,043,219 | |
Massachusetts Development Finance Agency (WGBH Educational Foundation)
Series 2017-A
4.00%, 01/01/2032 | | | 825 | | | | 856,878 | |
| | | | | | | | |
| | | | | | | 20,232,023 | |
| | | | | | | | |
|
Michigan – 10.1% | |
Center Line Public Schools
Series 2018
5.00%, 05/01/2038 | | | 895 | | | | 955,414 | |
City of Detroit MI | | | | | | | | |
Series 2018
5.00%, 04/01/2026 | | | 585 | | | | 597,200 | |
5.00%, 04/01/2027 | | | 500 | | | | 514,934 | |
5.00%, 04/01/2032 | | | 770 | | | | 792,474 | |
5.00%, 04/01/2033 | | | 180 | | | | 185,170 | |
5.00%, 04/01/2034 | | | 1,255 | | | | 1,289,375 | |
5.00%, 04/01/2035 | | | 1,500 | | | | 1,536,325 | |
5.00%, 04/01/2036 | | | 1,200 | | | | 1,222,253 | |
5.00%, 04/01/2037 | | | 1,100 | | | | 1,114,176 | |
Series 2021-A
4.00%, 04/01/2040 | | | 1,050 | | | | 957,570 | |
5.00%, 04/01/2033 | | | 1,125 | | | | 1,183,981 | |
5.00%, 04/01/2036 | | | 1,200 | | | | 1,252,475 | |
5.00%, 04/01/2039 | | | 1,175 | | | | 1,202,212 | |
5.00%, 04/01/2050 | | | 3,650 | | | | 3,647,526 | |
Series 2023-A
5.25%, 05/01/2028 | | | 300 | | | | 314,695 | |
5.25%, 05/01/2030 | | | 700 | | | | 749,434 | |
5.25%, 05/01/2031 | | | 600 | | | | 645,715 | |
5.25%, 05/01/2032 | | | 600 | | | | 649,212 | |
5.25%, 05/01/2033 | | | 800 | | | | 871,055 | |
6.00%, 05/01/2039 | | | 2,500 | | | | 2,827,540 | |
Detroit City School District
Series 2020-A
5.00%, 05/01/2036 | | | 1,145 | | | | 1,253,523 | |
5.00%, 05/01/2037 | | | 1,150 | | | | 1,244,289 | |
5.00%, 05/01/2039 | | | 1,645 | | | | 1,758,744 | |
5.00%, 05/01/2040 | | | 1,000 | | | | 1,065,614 | |
Downriver Utility Wastewater Authority AGM
Series 2018
5.00%, 04/01/2043 | | | 1,515 | | | | 1,579,935 | |
Ferris State University
Series 2019-A
5.00%, 10/01/2024 | | | 2,000 | | | | 2,036,584 | |
5.00%, 10/01/2025 | | | 2,000 | | | | 2,062,551 | |
5.00%, 10/01/2026 | | | 2,185 | | | | 2,294,532 | |
6
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Flint Hospital Building Authority (Hurley Medical Center)
Series 2020
4.00%, 07/01/2041 | | $ | 3,500 | | | $ | 2,947,509 | |
5.00%, 07/01/2031 | | | 2,405 | | | | 2,509,006 | |
Flint Public Library
AGM Series 2020
3.00%, 05/01/2029 | | | 1,085 | | | | 1,056,821 | |
3.00%, 05/01/2030 | | | 1,175 | | | | 1,144,595 | |
Grand Rapids Public Schools
| | | | | | | | |
AGM Series 2017
5.00%, 05/01/2027 | | | 200 | | | | 212,964 | |
AGM Series 2019
5.00%, 11/01/2040 | | | 1,800 | | | | 1,911,989 | |
Great Lakes Water Authority Water Supply System Revenue | | | | | | | | |
Series 2016-B
5.00%, 07/01/2046 | | | 1,225 | | | | 1,253,273 | |
Series 2016-C
5.00%, 07/01/2026 | | | 695 | | | | 734,056 | |
Series 2020-B
5.00%, 07/01/2045 | | | 1,350 | | | | 1,423,122 | |
5.00%, 07/01/2049 | | | 1,300 | | | | 1,358,872 | |
Series 2022-A
5.00%, 07/01/2037 | | | 1,000 | | | | 1,114,747 | |
5.00%, 07/01/2038 | | | 1,215 | | | | 1,328,635 | |
5.25%, 07/01/2039 | | | 1,925 | | | | 2,125,659 | |
5.25%, 07/01/2040 | | | 735 | | | | 808,259 | |
| | | | | | | | |
| | | | | | | 55,734,015 | |
| | | | | | | | |
Minnesota – 0.5% | |
City of Minneapolis MN (Hennepin Schools)
Series 2021-A
4.00%, 07/01/2056 | | | 3,000 | | | | 2,110,004 | |
Housing & Redevelopment Authority of The City of St.Paul Minnesota (Metro Deaf School)
Series 2018-A
5.00%, 06/15/2048(a) | | | 1,000 | | | | 903,793 | |
| | | | | | | | |
| | | | | | | 3,013,797 | |
| | | | | | | | |
Missouri – 0.0% | |
St. Louis Community College District
Series 2017
4.00%, 04/01/2035 | | | 200 | | | | 204,682 | |
| | | | | | | | |
New Jersey – 4.9% | |
Essex County Improvement Authority (North Star Academy Charter School of Newark, Inc.)
Series 2020
4.00%, 07/15/2040(a) | | | 1,600 | | | | 1,458,854 | |
4.00%, 07/15/2050(a) | | | 3,260 | | | | 2,748,617 | |
7
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
New Jersey Economic Development Authority (Foundation Academy Charter School A NJ Nonprofit Corp.)
Series 2018-A
5.00%, 07/01/2050 | | $ | 1,000 | | | $ | 963,559 | |
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)
Series 2023
5.185%, 03/01/2030 | | | 1,500 | | | | 1,486,031 | |
5.198%, 03/01/2031 | | | 1,500 | | | | 1,480,496 | |
New Jersey Economic Development Authority (New Jersey Transit Corp. State Lease)
Series 2020
4.00%, 11/01/2044 | | | 5,500 | | | | 5,346,257 | |
5.00%, 11/01/2044 | | | 6,925 | | | | 7,268,974 | |
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.)
Series 2017
5.00%, 07/15/2047 | | | 1,175 | | | | 1,178,535 | |
New Jersey Economic Development Authority (Seeing Eye, Inc. (The))
Series 2015
5.00%, 03/01/2025 | | | 3,205 | | | | 3,282,875 | |
New Jersey Economic Development Authority (State of New Jersey Division of Property Management & Construction Lease)
Series 2018-C
5.00%, 06/15/2027 | | | 645 | | | | 684,864 | |
5.00%, 06/15/2042 | | | 1,000 | | | | 1,031,219 | |
| | | | | | | | |
| | | | | | | 26,930,281 | |
| | | | | | | | |
New York – 12.3% | |
Buffalo Sewer Authority
Series 2021
1.75%, 06/15/2049(c) | | | 2,000 | | | | 1,332,764 | |
Build NYC Resource Corp. (Academic Leadership Charter School)
Series 2021
4.00%, 06/15/2031 | | | 200 | | | | 195,230 | |
4.00%, 06/15/2036 | | | 385 | | | | 360,166 | |
Build NYC Resource Corp. (Children’s Aid Society (The))
Series 2019
4.00%, 07/01/2044 | | | 1,890 | | | | 1,815,371 | |
4.00%, 07/01/2049
| | | 600 | | | | 565,277 | |
Build NYC Resource Corp. (Classical Charter School, Inc.)
Series 2023
4.75%, 06/15/2058 | | | 760 | | | | 709,741 | |
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group)
Series 2022
5.75%, 06/01/2062(a) | | | 4,500 | | | | 4,522,278 | |
8
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Build NYC Resource Corp. (Global Community Charter School)
Series 2022
4.00%, 06/15/2032 | | $ | 500 | | | $ | 476,576 | |
5.00%, 06/15/2042 | | | 850 | | | | 819,764 | |
5.00%, 06/15/2052 | | | 1,520 | | | | 1,404,384 | |
5.00%, 06/15/2057 | | | 1,300 | | | | 1,185,739 | |
Build NYC Resource Corp. (Inwood Academy for Leadership Charter School)
Series 2018-A
5.50%, 05/01/2048(a) | | | 500 | | | | 490,674 | |
Build NYC Resource Corp. (KIPP NYC Public Charter Schools)
Series 2023
5.25%, 07/01/2062 | | | 2,000 | | | | 2,015,423 | |
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) | | | | | | | | |
Series 2017
5.00%, 06/01/2052(a) | | | 2,260 | | | | 2,028,381 | |
Series 2017-A
5.00%, 06/01/2047(a) | | | 725 | | | | 660,995 | |
Metropolitan Transportation Authority | | | | | | | | |
Series 2014-D
5.00%, 11/15/2039 | | | 4,000 | | | | 4,018,735 | |
Series 2017-C
5.00%, 11/15/2026 | | | 5,710 | | | | 5,958,010 | |
5.00%, 11/15/2029 | | | 1,165 | | | | 1,240,707 | |
5.00%, 11/15/2033 | | | 1,000 | | | | 1,063,618 | |
Series 2018-B
5.00%, 11/15/2026 | | | 2,160 | | | | 2,253,818 | |
Series 2020-C
4.75%, 11/15/2045 | | | 12,085 | | | | 12,301,673 | |
Series 2020-E
4.00%, 11/15/2045 | | | 4,250 | | | | 4,019,436 | |
5.00%, 11/15/2030 | | | 5,000 | | | | 5,484,135 | |
5.00%, 11/15/2032 | | | 4,500 | | | | 4,955,296 | |
Series 2021-D
3.881% (SOFR + 0.33%), 11/01/2035(b) | | | 1,795 | | | | 1,790,333 | |
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School)
Series 2020
5.00%, 06/01/2040(a) | | | 1,265 | | | | 1,273,316 | |
New York State Dormitory Authority (Montefiore Obligated Group) | | | | | | | | |
Series 2018
5.00%, 08/01/2032 | | | 375 | | | | 378,846 | |
5.00%, 08/01/2034 | | | 750 | | | | 755,999 | |
Series 2020
4.00%, 09/01/2045 | | | 500 | | | | 432,866 | |
AGM Series 2020
3.00%, 09/01/2050 | | | 2,000 | | | | 1,485,746 | |
New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding Co. LLC)
Series 2023
6.971%, 06/30/2051 | | | 2,000 | | | | 1,968,003 | |
| | | | | | | | |
| | | | | | | 67,963,300 | |
| | | | | | | | |
9
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
North Carolina – 1.5% | |
North Carolina Central University
Series 2019
4.00%, 04/01/2049 | | $ | 2,270 | | | $ | 2,070,874 | |
5.00%, 04/01/2044 | | | 2,500 | | | | 2,579,416 | |
University of North Carolina at Greensboro
Series 2014
5.00%, 04/01/2039 | | | 3,440 | | | | 3,472,125 | |
| | | | | | | | |
| | | | | | | 8,122,415 | |
| | | | | | | | |
|
Ohio – 2.6% | |
American Municipal Power, Inc. (American Municipal Power Solar Electricity Prepayment Revenue)
Series 2019
5.00%, 02/15/2044 | | | 2,150 | | | | 2,237,395 | |
Cleveland-Cuyahoga County Port Authority (Cleveland Museum of Natural History (The))
Series 2021
4.00%, 07/01/2051 | | | 1,100 | | | | 971,946 | |
County of Cuyahoga OH (MetroHealth System (The))
Series 2017
5.00%, 02/15/2042 | | | 4,365 | | | | 4,373,445 | |
5.25%, 02/15/2047 | | | 1,500 | | | | 1,509,350 | |
County of Darke OH (Wayne Hospital Co. Obligated Group)
Series 2019-A
5.00%, 09/01/2049 | | | 2,690 | | | | 2,464,104 | |
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group)
Series 2022
5.25%, 01/01/2041 | | | 2,000 | | | | 2,093,749 | |
5.25%, 01/01/2052 | | | 1,000 | | | | 1,021,954 | |
| | | | | | | | |
| | | | | | | 14,671,943 | |
| | | | | | | | |
|
Oklahoma – 1.8% | |
Oklahoma Development Finance Authority (OU Medicine Obligated Group) | | | | | | | | |
Series 2018-B
5.00%, 08/15/2033 | | | 2,000 | | | | 1,961,844 | |
5.50%, 08/15/2057 | | | 3,365 | | | | 3,308,768 | |
Series 2022-A
5.50%, 08/15/2041 | | | 5,000 | | | | 4,805,378 | |
| | | | | | | | |
| | | | | | | 10,075,990 | |
| | | | | | | | |
|
Oregon – 0.2% | |
Tri-County Metropolitan Transportation District of Oregon
Series 2018-A
5.00%, 10/01/2029 | | | 250 | | | | 271,296 | |
Tri-County Metropolitan Transportation District of Oregon (Tri-County Metropolitan Transportation District of Oregon Fed Hwy Grant)
Series 2017-A
5.00%, 10/01/2026 | | | 865 | | | | 914,496 | |
| | | | | | | | |
| | | | | | | 1,185,792 | |
| | | | | | | | |
10
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
Pennsylvania – 9.0% | |
Capital Region Water Water Revenue | | | | | | | | |
Series 2018
5.00%, 07/15/2025 | | $ | 1,000 | | | $ | 1,032,691 | |
5.00%, 07/15/2026 | | | 510 | | | | 536,913 | |
City of Philadelphia PA Water & Wastewater Revenue | | | | | | | | |
Series 2018-A
5.00%, 10/01/2048 | | | 3,050 | | | | 3,182,516 | |
Series 2019-B
5.00%, 11/01/2049 | | | 3,095 | | | | 3,240,548 | |
Series 2020-A
5.00%, 11/01/2045 | | | 5,000 | | | | 5,301,241 | |
Delaware County Authority (Elwyn Obligated Group)
Series 2017
5.00%, 06/01/2037 | | | 2,585 | | | | 2,410,911 | |
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) | | | | | | | | |
Series 2017 5.00%, 07/01/2032 | | | 885 | | | | 911,710 | |
5.00%, 07/01/2034 | | | 230 | | | | 236,367 | |
AGM Series 2022
4.00%, 07/01/2040 | | | 4,475 | | | | 4,219,903 | |
Philadelphia Authority for Industrial Development (City of Philadelphia PA) | | | | | | | | |
Series 2018
5.00%, 05/01/2036 | | | 1,620 | | | | 1,727,945 | |
5.00%, 05/01/2037 | | | 1,390 | | | | 1,472,367 | |
5.00%, 05/01/2038 | | | 1,000 | | | | 1,054,052 | |
AGM Series 2017
5.00%, 12/01/2035 | | | 200 | | | | 215,978 | |
Philadelphia Authority for Industrial Development (Russell Byers Charter School)
Series 2020
5.00%, 05/01/2040 | | | 2,100 | | | | 2,073,078 | |
Philadelphia Energy Authority (The) (City of Philadelphia PA Lease) | | | | | | | | |
Series 2023
5.00%, 11/01/2036(d) | | | 1,500 | | | | 1,694,656 | |
5.00%, 11/01/2039(d) | | | 1,850 | | | | 2,037,447 | |
5.00%, 11/01/2040(d) | | | 700 | | | | 766,711 | |
5.00%, 11/01/2041(d) | | | 1,265 | | | | 1,380,202 | |
5.00%, 11/01/2042(d) | | | 1,050 | | | | 1,141,271 | |
5.00%, 11/01/2043(d) | | | 750 | | | | 813,643 | |
Pittsburgh Water & Sewer Authority | | | | | | | | |
AGM Series 2019-A
5.00%, 09/01/2044 | | | 2,000 | | | | 2,135,888 | |
AGM Series 2020-B
4.00%, 09/01/2045 | | | 2,250 | | | | 2,260,371 | |
4.00%, 09/01/2050 | | | 2,500 | | | | 2,489,047 | |
AGM Series 2023-A
4.25%, 09/01/2053 | | | 2,500 | | | | 2,491,330 | |
School District of the City of Erie (The) | | | | | | | | |
AGM Series 2019-A
5.00%, 04/01/2031 | | | 405 | | | | 443,747 | |
AGM Series 2019-C
5.00%, 04/01/2028 | | | 1,850 | | | | 1,993,986 | |
5.00%, 04/01/2029 | | | 1,000 | | | | 1,093,033 | |
11
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
| | |
Wilkes-Barre Area School District/PA
BAM Series 2019
5.00%, 04/15/2059 | | $ | 1,620 | | | $ | 1,665,125 | |
| | | | | | | | |
| | | | | | | 50,022,677 | |
| | | | | | | | |
|
Rhode Island – 2.8% | |
Providence Public Building Authority (City of Providence RI Lease) | | | | | | | | |
AGM Series 2020-A
5.00%, 09/15/2030 | | | 2,890 | | | | 3,142,492 | |
5.00%, 09/15/2031 | | | 5,110 | | | | 5,557,492 | |
Rhode Island Health and Educational Building Corp. (City of Providence RI) | | | | | | | | |
BAM Series 2021-D
4.00%, 05/15/2038 | | | 2,930 | | | | 2,972,263 | |
4.00%, 05/15/2040 | | | 1,375 | | | | 1,380,594 | |
4.00%, 05/15/2041 | | | 2,485 | | | | 2,490,167 | |
| | | | | | | | |
| | | | | | | 15,543,008 | |
| | | | | | | | |
|
Texas – 0.6% | |
Brownsville Independent School District
Series 2017
5.00%, 08/15/2023 | | | 750 | | | | 750,447 | |
City of Mission TX | | | | | | | | |
BAM Series 2021
5.00%, 02/15/2028 | | | 1,000 | | | | 1,074,086 | |
5.00%, 02/15/2029 | | | 1,000 | | | | 1,087,583 | |
El Paso County Hospital District
Series 2017
5.00%, 08/15/2037 | | | 370 | | | | 377,239 | |
| | | | | | | | |
| | | | | | | 3,289,355 | |
| | | | | | | | |
|
Utah – 0.7% | |
Ogden City School District Municipal Building Authority (Ogden City School District)
Series 2018
5.00%, 01/15/2038 | | | 3,490 | | | | 3,669,468 | |
| | | | | | | | |
|
Washington – 0.7% | |
Pend Oreille County Public Utility District No. 1 Box Canyon
Series 2018
5.00%, 01/01/2044 | | | 3,600 | | | | 3,656,818 | |
| | | | | | | | |
|
West Virginia – 1.3% | |
Morgantown Utility Board, Inc.
Series 2018-B
5.00%, 12/01/2043 | | | 2,555 | | | | 2,679,513 | |
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) | | | | | | | | |
Series 2016-A
4.00%, 06/01/2031 | | | 2,800 | | | | 2,816,202 | |
Series 2017-A
5.00%, 06/01/2047 | | | 1,775 | | | | 1,818,058 | |
| | | | | | | | |
| | | | | | | 7,313,773 | |
| | | | | | | | |
12
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
Wisconsin – 4.5% | |
City of Milwaukee WI Sewerage System Revenue | | | | | | | | |
Series 2021-S
5.00%, 06/01/2030 | | $ | 1,000 | | | $ | 1,118,693 | |
5.00%, 06/01/2031 | | | 1,000 | | | | 1,134,810 | |
Milwaukee Redevelopment Authority (Milwaukee Public Schools Lease)
Series 2017
5.00%, 11/15/2025 | | | 200 | | | | 208,207 | |
Wisconsin Health & Educational Facilities Authority (Hmong American Peace Academy Ltd.)
Series 2020
5.00%, 03/15/2050 | | | 3,520 | | | | 3,456,685 | |
Wisconsin Public Finance Authority
Series 2023
8.125%, 07/01/2058(a) | | | 1,000 | | | | 1,001,773 | |
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group)
Series 2016
5.125%, 06/01/2048(a) | | | 4,430 | | | | 3,891,049 | |
Wisconsin Public Finance Authority (NC A&T Real Estate Foundation LLC)
Series 2019
5.00%, 06/01/2044 | | | 6,315 | | | | 6,131,572 | |
Wisconsin Public Finance Authority (Scotland Health Care System Obligated Group)
Series 2021-A
4.00%, 10/01/2047 | | | 8,255 | | | | 7,760,932 | |
| | | | | | | | |
| | | | | | | 24,703,721 | |
| | | | | | | | |
| |
Total Municipal Obligations
(cost $562,828,834) | | | | 523,181,591 | |
| | | | | | | | |
|
CORPORATES - INVESTMENT GRADE – 2.1% | |
Industrial – 1.1% | |
Consumer Cyclical - Other – 0.5% | |
Conservation Fund A Nonprofit Corp. (The)
Series 2019
3.474%, 12/15/2029 | | | 3,267 | | | | 2,742,059 | |
| | | | | | | | |
|
Other Industrial – 0.5% | |
Howard University | | | | | | | | |
Series 2020
1.991%, 10/01/2025 | | | 1,000 | | | | 914,850 | |
2.291%, 10/01/2026 | | | 1,000 | | | | 898,520 | |
2.516%, 10/01/2025 | | | 1,000 | | | | 927,920 | |
| | | | | | | | |
| | | | | | | 2,741,290 | |
| | | | | | | | |
|
Services – 0.1% | |
Bush Foundation
2.754%, 10/01/2050 | | | 1,000 | | | | 638,950 | |
| | | | | | | | |
| | | | | | | 6,122,299 | |
| | | | | | | | |
13
| | | | | | | | |
| | | Principal
Amount
(000) | | | U.S. $ Value | |
|
Financial Institutions – 1.0% | |
Finance – 1.0% | |
BlueHub Loan Fund, Inc.
Series 2020
3.099%, 01/01/2030 | | $ | 1,000 | | | $ | 844,597 | |
Low Income Investment Fund
Series 2019
3.711%, 07/01/2029 | | | 5,000 | | | | 4,506,407 | |
| | | | | | | | |
| | | | | | | 5,351,004 | |
| | | | | | | | |
| |
Total Corporates - Investment Grade
(cost $13,267,000) | | | | 11,473,303 | |
| | | | | | | | |
| | |
| | | Shares | | | | |
|
SHORT-TERM INVESTMENTS – 2.3% | |
Investment Companies – 2.3% | |
AB Fixed Income Shares, Inc. - Government
Money Market Portfolio - Class AB, 5.19%(e) (f) (g)
(cost $13,020,888) | | | 13,020,888 | | | | 13,020,888 | |
| | | | | | | | |
| |
Total Investments – 99.1%
(cost $589,116,722)(h) | | | | 547,675,782 | |
Other assets less liabilities – 0.9% | | | | 5,027,759 | |
| | | | | | | | |
| |
Net Assets – 100.0% | | | $ | 552,703,541 | |
| | | | | | | | |
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 | | $ | 118,020 | | | $ | — | | | $ | 118,020 | |
| USD | | | 2,800 | | | 01/15/2027 | | CPI# | | 3.466% | | Maturity | | | (101,500 | ) | | | (5,286 | ) | | | (96,214 | ) |
| USD | | | 19,100 | | | 01/15/2029 | | CPI# | | 3.735% | | Maturity | | | 14,670 | | | | — | | | | 14,670 | |
| USD | | | 17,000 | | | 01/15/2030 | | 2.650% | | CPI# | | Maturity | | | 1,471,681 | | | | — | | | | 1,471,681 | |
| USD | | | 7,500 | | | 01/15/2031 | | 2.782% | | CPI# | | Maturity | | | 547,529 | | | | — | | | | 547,529 | |
| USD | | | 4,400 | | | 01/15/2031 | | 2.989% | | CPI# | | Maturity | | | 232,343 | | | | — | | | | 232,343 | |
| USD | | | 5,570 | | | 01/15/2032 | | CPI# | | 3.064% | | Maturity | | | (226,686 | ) | | | — | | | | (226,686 | ) |
| USD | | | 5,180 | | | 04/15/2032 | | CPI# | | 2.971% | | Maturity | | | (244,519 | ) | | | — | | | | (244,519 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,811,538 | | | $ | (5,286 | ) | | $ | 1,816,824 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| # | 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 | | | 36,860 | | | 04/30/2030 | | | 1 Day SOFR | | | | 3.500% | | | | Annual | | | $ | (785,297 | ) | | $ | — | | | $ | (785,297 | ) |
| USD | | | 17,100 | | | 04/30/2030 | | | 1 Day SOFR | | | | 3.369% | | | | Annual | | | | (516,966 | ) | | | — | | | | (516,966 | ) |
| USD | | | 34,000 | | | 04/15/2032 | | | 3.069% | | | | 1 Day SOFR | | | | Annual | | | | 1,869,044 | | | | — | | | | 1,869,044 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 566,781 | | | $ | — | | | $ | 566,781 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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, 2023, the aggregate market value of these securities amounted to $55,644,549 or 10.1% of net assets. |
14
| (b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2023. |
| (c) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2023. |
| (d) | When-Issued or delayed delivery security. |
| (e) | Affiliated investments. |
| (f) | The rate shown represents the 7-day yield as of period end. |
| (g) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
| (h) | As of July 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,231,485 and gross unrealized depreciation of investments was $(44,288,820), resulting in net unrealized depreciation of $(39,057,335). |
As of July 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 11.8% and 0.0%, respectively.
Glossary:
AGM – Assured Guaranty Municipal
BAM – Build American Mutual
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
July 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. In addition, non-agency rated investments are 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 July 31, 2023:
| | | | | | | | | | | | | | | | |
Investments in Securities: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets: | |
| Long-Term Municipal Bonds | | $ | — | | | $ | 523,181,591 | | | $ | — | | | $ | 523,181,591 | |
| Corporates – Investment Grade | | | — | | | | 11,473,303 | | | | — | | | | 11,473,303 | |
| Short-Term Investments | | | 13,020,888 | | | | — | | | | — | | | | 13,020,888 | |
| | | | | | | | | | | | | | | | |
| Total Investments in Securities | | | 13,020,888 | | | | 534,654,894 | | | | — | | | | 547,675,782 | |
| Other Financial Instruments(a): | | | | | | | | | | | | | | | | |
| Assets: | |
| Centrally Cleared Inflation (CPI) Swaps | | | — | | | | 2,384,243 | | | | — | | | | 2,384,243 | |
| Centrally Cleared Interest Rate Swaps | | | — | | | | 1,869,044 | | | | — | | | | 1,869,044 | |
| Liabilities: | |
| Centrally Cleared Inflation (CPI) Swaps | | | — | | | | (572,705 | ) | | | — | | | | (572,705 | ) |
| Centrally Cleared Interest Rate Swaps | | | — | | | | (1,302,263 | ) | | | — | | | | (1,302,263 | ) |
| | | | | | | | | | | | | | | | |
| Total | | $ | 13,020,888 | | | $ | 537,033,213 | | | $ | — | | | $ | 550,054,101 | |
| | | | | | | | | | | | | | | | |
| (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 three months ended July 31, 2023 is as follows:
| | | | | | | | | | | | | | | | | | | | |
| Fund | | Market Value 04/30/2023 (000) | | | Purchases at Cost (000) | | | Sales Proceeds (000) | | | Market Value 07/31/2023 (000) | | | Dividend Income (000) | |
| Government Money Market Portfolio | | $ | 17,239 | | | $ | 26,058 | | | $ | 30,276 | | | $ | 13,021 | | | $ | 187 | |
17
