Ab Corporate Shares N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21497

AB CORPORATE SHARES

(Exact name of registrant as specified in charter)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

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

Date of fiscal year end: April 30, 2025

Date of reporting period: October 31, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

AB Corporate Income Shares: ACISX

October 31, 2024 

SCAN ME

Please scan QR code for

Fund Information

AB Corporate Income Shares 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Corporate Income Shares (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/ACISX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Corporate Income Shares	$0	0.00%

Fund Performance

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

	AB Corporate Income Shares	Bloomberg U.S. Corporate Bond Index
10/14	$10,000	$10,000
04/15	$10,285	$10,235
04/16	$10,473	$10,544
04/17	$10,827	$10,861
04/18	$10,880	$10,933
04/19	$11,645	$11,643
04/20	$12,653	$12,794
04/21	$13,619	$13,365
04/22	$12,242	$11,971
04/23	$12,297	$12,052
04/24	$12,585	$12,172
10/24	$13,373	$12,887

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
AB Corporate Income Shares	6.26%	15.08%	1.19%	2.95%
Bloomberg U.S. Corporate Bond Index	5.87%	13.63%	0.54%	2.57%

The addition of the Bloomberg U.S. Corporate Bond Index broad-based benchmark provides a comparison of the Fund's performance against the broader market as regulatorily required.

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

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

AB Corporate Income Shares: ACISX

1

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$215,795,462
# of Portfolio Holdings	311
Portfolio Turnover Rate	62%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Security Type Breakdown

Value	Value
Corporates - Investment Grade	96.7%
Quasi-Sovereigns	1.0%
Governments - Sovereign Bonds	0.5%
Other assets less liabilities	1.8%

Availability of Additional Information 

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

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

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

Householding

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

AB Corporate Income Shares: ACISX

2

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

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

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

SCAN ME

Please scan QR code for

Fund Information

AB Corporate Income Shares: ACISX 

3

CIS-0154-1024

AB Impact Municipal Income Shares: ABIMX

October 31, 2024 

SCAN ME

Please scan QR code for

Fund Information

AB Impact Municipal Income Shares 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Impact Municipal Income Shares (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABIMX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Impact Municipal Income Shares	$0	0.00%

Fund Performance

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

	AB Impact Municipal Income Shares	Bloomberg Municipal Bond Index
09/17	$10,000	$10,000
04/18	$9,956	$9,866
04/19	$10,709	$10,473
04/20	$10,752	$10,700
04/21	$12,158	$11,528
04/22	$11,154	$10,619
04/23	$11,316	$10,925
04/24	$11,734	$11,152
10/24	$12,302	$11,427

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception 9/12/2017
AB Impact Municipal Income Shares	4.84%	16.24%	1.75%	2.95%
Bloomberg Municipal Bond Index	2.46%	9.70%	1.05%	1.89%

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

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

AB Impact Municipal Income Shares: ABIMX

1

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$585,360,577
# of Portfolio Holdings	251
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*} 

Value	Value
AAA	-%
AA	27.0%
A	26.3%
BBB	29.4%
BB	7.8%
NR	8.4%

Footnote

Description

Footnote*

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

Availability of Additional Information 

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

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

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

Householding

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

AB Impact Municipal Income Shares: ABIMX

2

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

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

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

SCAN ME

Please scan QR code for

Fund Information

AB Impact Municipal Income Shares: ABIMX 

3

IMISH-0154-1024

AB Municipal Income Shares: MISHX

October 31, 2024 

SCAN ME

Please scan QR code for

Fund Information

AB Municipal Income Shares 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Municipal Income Shares (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/MISHX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Municipal Income Shares	$0	0.00%

Fund Performance

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

	AB Municipal Income Shares	Bloomberg Municipal Bond Index
10/14	$10,000	$10,000
04/15	$10,295	$10,117
04/16	$11,153	$10,652
04/17	$11,288	$10,667
04/18	$11,802	$10,833
04/19	$12,690	$11,501
04/20	$12,153	$11,749
04/21	$14,786	$12,659
04/22	$13,673	$11,661
04/23	$13,935	$11,996
04/24	$14,326	$12,246
10/24	$15,154	$12,548

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
AB Municipal Income Shares	5.78%	17.27%	2.59%	4.24%
Bloomberg Municipal Bond Index	2.46%	9.70%	1.05%	2.30%

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

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

AB Municipal Income Shares: MISHX

1

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$13,865,709,106
# of Portfolio Holdings	2,087
Portfolio Turnover Rate	5%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Credit Rating Breakdown^{Footnote Reference*} 

Value	Value
AAA	2.1%
AA	17.3%
A	24.2%
BBB	21.0%
BB	8.4%
B	0.8%
CCC	0.1%
CC	-%
C	0.0%
A-1	0.0%
SP-1	1.5%
SP-2	0.2%
NR	24.6%

Footnote

Description

Footnote*

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

Availability of Additional Information 

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

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

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

Householding

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

AB Municipal Income Shares: MISHX

2

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

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

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

SCAN ME

Please scan QR code for

Fund Information

AB Municipal Income Shares: MISHX 

3

MIS-0154-1024

AB Taxable Multi-Sector Income Shares: CSHTX

October 31, 2024 

SCAN ME

Please scan QR code for

Fund Information

AB Taxable Multi-Sector Income Shares 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Taxable Multi-Sector Income Shares (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CSHTX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
AB Taxable Multi-Sector Income Shares	$0	0.00%

Fund Performance

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

	AB Taxable Multi-Sector Income Shares	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate ex Government Bond Index
10/14	$10,000	$10,000	$10,000
04/15	$10,074	$10,206	$10,208
04/16	$10,188	$10,483	$10,482
04/17	$10,352	$10,570	$10,662
04/18	$10,419	$10,536	$10,677
04/19	$10,836	$11,094	$11,281
04/20	$11,207	$12,297	$12,242
04/21	$11,534	$12,264	$12,521
04/22	$11,203	$11,220	$11,353
04/23	$11,451	$11,172	$11,343
04/24	$11,956	$11,008	$11,279
10/24	$12,429	$11,593	$11,928

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
AB Taxable Multi-Sector Income Shares	3.95%	7.23%	2.23%	2.20%
Bloomberg U.S. Aggregate Bond Index	5.31%	10.55%	-0.23%	1.49%
Bloomberg U.S. Aggregate ex Government Bond Index	5.75%	12.20%	0.02%	1.78%

The addition of the Bloomberg U.S. Aggregate Bond Index broad-based benchmark provides a comparison of the Fund's performance against the broader market as regulatorily required.

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

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

CSHTX

1

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$446,556,905
# of Portfolio Holdings	251
Portfolio Turnover Rate	28%
Total Advisory Fees Paid	$0

Graphical Representation of Holdings

Security Type Breakdown

Value	Value
Corporates - Investment Grade	63.2%
Local Governments - US Municipal Bonds	15.5%
Governments - Treasuries	8.3%
Asset-Backed Securities	4.1%
Collateralized Mortgage Obligations	3.8%
Agencies	2.2%
Commercial Mortgage-Backed Securities	0.3%
Corporates - Non-Investment Grade	0.1%
Short-Term Investments	2.0%
Other assets less liabilities	0.5%

Availability of Additional Information 

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

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

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

Householding

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

CSHTX

2

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

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

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

SCAN ME

Please scan QR code for

Fund Information

CSHTX 

3

TMSIS-0154-1024

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

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

OCT^10.31.24

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB CORPORATE INCOME SHARES

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

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 96.7%
Industrial – 59.4%
Basic – 2.4%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028	$	1,705	$	1,572,845
Ecolab, Inc. 2.70%, 11/01/2026		190		183,464
Glencore Funding LLC 5.70%, 05/08/2033(a)		590		604,036
6.50%, 10/06/2033(a)		750		805,778
Inversiones CMPC SA 3.85%, 01/13/2030(a)		210		194,250
6.125%, 02/26/2034(a)		207		210,933
Sherwin-Williams Co. (The) 3.45%, 06/01/2027		1,493		1,449,106
Suzano Austria GmbH 6.00%, 01/15/2029		253		256,083
				5,276,495
Capital Goods – 4.8%
Boeing Co. (The) 2.196%, 02/04/2026		1,477		1,422,676
3.25%, 02/01/2028		136		127,714
3.625%, 02/01/2031		1,169		1,055,327
5.15%, 05/01/2030		52		51,371
6.528%, 05/01/2034(a)		212		223,497
Caterpillar Financial Services Corp. 4.45%, 10/16/2026		1,096		1,097,041
5.00%, 05/14/2027		505		512,090
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/2035		443		417,359
General Electric Co. 5.875%, 01/14/2038		1,317		1,383,943
John Deere Capital Corp. 4.40%, 09/08/2031		658		642,340
Parker-Hannifin Corp. 3.25%, 06/14/2029		999		938,261
4.25%, 09/15/2027		1,408		1,395,919
Waste Management, Inc. 4.50%, 03/15/2028		1,084		1,082,157
				10,349,695
Communications - Media – 5.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.384%, 10/23/2035		765		764,801
6.484%, 10/23/2045		936		886,036

abfunds.com AB CORPORATE INCOME SHARES^| 1

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Discovery Communications LLC 5.30%, 05/15/2049	$	82	$	63,848
Fox Corp. 6.50%, 10/13/2033		610		649,534
Meta Platforms, Inc. 5.55%, 08/15/2064		764		773,428
5.75%, 05/15/2063		1,304		1,358,351
Paramount Global 4.20%, 05/19/2032		267		232,407
4.375%, 03/15/2043		1,601		1,150,431
5.90%, 10/15/2040		310		268,119
Thomson Reuters Corp. 5.85%, 04/15/2040		69		71,180
Time Warner Cable LLC 6.55%, 05/01/2037		360		345,701
6.75%, 06/15/2039		918		892,985
Warnermedia Holdings, Inc. 3.755%, 03/15/2027		1,394		1,342,157
4.279%, 03/15/2032		1,607		1,409,660
5.141%, 03/15/2052		757		570,097
				10,778,735
Communications - Telecommunications – 0.7%
AT&T, Inc. 6.55%, 01/15/2028		100		104,259
T-Mobile USA, Inc. 2.625%, 04/15/2026		1,465		1,420,361
				1,524,620
Consumer Cyclical - Automotive – 5.0%
Aptiv PLC/Aptiv Global Financing DAC 5.15%, 09/13/2034		774		733,295
Ford Motor Co. 3.25%, 02/12/2032		1,509		1,263,606
Ford Motor Credit Co., LLC 4.00%, 11/13/2030		626		565,960
6.05%, 03/05/2031		826		831,055
6.125%, 03/08/2034		238		235,601
General Motors Co. 5.15%, 04/01/2038		52		48,765
6.60%, 04/01/2036		522		553,383
General Motors Financial Co., Inc. 3.10%, 01/12/2032		566		486,471
3.60%, 06/21/2030		540		495,056
5.95%, 04/04/2034		1,114		1,134,587
Harley-Davidson Financial Services, Inc. 5.95%, 06/11/2029(a)		558		559,189

2 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Hyundai Capital America 5.30%, 03/19/2027(a)	$	385	$	389,008
5.65%, 06/26/2026(a)		1,125		1,137,499
5.68%, 06/26/2028(a)		566		577,297
Nissan Motor Acceptance Co., LLC 5.30%, 09/13/2027(a)		302		296,999
Toyota Motor Credit Corp. 4.55%, 08/09/2029		663		658,538
5.10%, 03/21/2031		772		782,808
				10,749,117
Consumer Cyclical - Entertainment – 0.3%
Mattel, Inc. 3.375%, 04/01/2026(a)		588		574,141
Consumer Cyclical - Other – 1.1%
DR Horton, Inc. 5.00%, 10/15/2034		462		450,885
Marriott International, Inc./MD Series GG 3.50%, 10/15/2032		1,629		1,448,751
Series R 3.125%, 06/15/2026		482		470,721
				2,370,357
Consumer Cyclical - Restaurants – 1.0%
McDonald’s Corp. 3.50%, 03/01/2027		1,435		1,401,722
6.30%, 10/15/2037		622		679,554
				2,081,276
Consumer Cyclical - Retailers – 1.4%
CK Hutchison International 23 Ltd. 4.875%, 04/21/2033(a)		1,396		1,375,967
Costco Wholesale Corp. 1.60%, 04/20/2030		586		501,452
Ross Stores, Inc. 4.70%, 04/15/2027		160		159,291
4.80%, 04/15/2030		115		112,866
5.45%, 04/15/2050		175		163,947
VF Corp. 2.80%, 04/23/2027		727		685,365
				2,998,888
Consumer Non-Cyclical – 14.4%
AbbVie, Inc. 2.95%, 11/21/2026		1,450		1,406,079
Altria Group, Inc. 2.45%, 02/04/2032		1,740		1,444,826
3.40%, 02/04/2041		462		344,185

abfunds.com AB CORPORATE INCOME SHARES^| 3

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Archer-Daniels-Midland Co. 2.50%, 08/11/2026	$	469	$	452,308
2.90%, 03/01/2032		1,473		1,293,839
3.25%, 03/27/2030		121		112,390
4.50%, 08/15/2033		476		461,154
Bunge Ltd. Finance Corp. 2.75%, 05/14/2031		1,637		1,434,781
Cargill, Inc. 3.625%, 04/22/2027(a)		560		547,238
4.375%, 04/22/2052(a)		350		300,797
5.125%, 10/11/2032(a)		166		168,736
Cencora, Inc. 3.45%, 12/15/2027		1,501		1,448,870
Cencosud SA 5.95%, 05/28/2031(a)		650		658,190
Coca-Cola Co. (The) 5.40%, 05/13/2064		748		754,268
CVS Health Corp. 2.875%, 06/01/2026		1,468		1,422,360
4.78%, 03/25/2038		1,557		1,386,882
5.125%, 07/20/2045		505		442,143
5.70%, 06/01/2034		133		133,616
Eli Lilly & Co. 3.375%, 03/15/2029		1,468		1,404,025
5.20%, 08/14/2064		421		410,707
General Mills, Inc. 4.70%, 01/30/2027		304		304,231
HCA, Inc. 5.25%, 06/15/2026		1,266		1,270,887
5.375%, 09/01/2026		1,418		1,425,203
Imperial Brands Finance PLC 5.875%, 07/01/2034(a)		873		880,333
Philip Morris International, Inc. 0.875%, 05/01/2026		767		725,743
5.25%, 02/13/2034		875		878,063
5.375%, 02/15/2033		960		972,874
6.375%, 05/16/2038		86		94,327
Pilgrim’s Pride Corp. 3.50%, 03/01/2032		1,351		1,182,963
6.25%, 07/01/2033		1,062		1,100,551
Procter & Gamble Co. (The) 4.15%, 10/24/2029		1,096		1,088,635
Roche Holdings, Inc. 4.203%, 09/09/2029(a)		835		820,863
4.909%, 03/08/2031(a)		774		782,065
Stryker Corp. 3.50%, 03/15/2026		692		681,440

4 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Sysco Corp. 3.30%, 07/15/2026	$	1,451	$	1,417,598
Tyson Foods, Inc. 4.00%, 03/01/2026		1,404		1,388,654
				31,041,824
Energy – 8.8%
ConocoPhillips Co. 5.05%, 09/15/2033		1,356		1,362,156
5.30%, 05/15/2053		1,182		1,136,564
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)		384		317,476
4.375%, 01/15/2028		677		656,717
5.75%, 01/15/2031(a)		1,261		1,261,441
Devon Energy Corp. 5.20%, 09/15/2034		754		724,994
5.60%, 07/15/2041		1,077		1,019,208
Diamondback Energy, Inc. 3.25%, 12/01/2026		1,463		1,420,310
5.90%, 04/18/2064		112		108,834
EQT Corp. 3.125%, 05/15/2026(a)		492		476,699
Hess Corp. 4.30%, 04/01/2027		1,414		1,398,870
Marathon Oil Corp. 5.70%, 04/01/2034		447		463,324
6.60%, 10/01/2037		1,211		1,331,870
Occidental Petroleum Corp. 5.375%, 01/01/2032		334		329,581
6.625%, 09/01/2030		823		864,800
ONEOK Partners LP 6.65%, 10/01/2036		645		697,497
ONEOK, Inc. 5.05%, 11/01/2034		701		679,451
Pioneer Natural Resources Co. 5.10%, 03/29/2026		1,411		1,421,794
Saudi Arabian Oil Co. 5.75%, 07/17/2054(a)		257		247,273
5.875%, 07/17/2064(a)		545		523,369
Suncor Energy, Inc. 6.85%, 06/01/2039		181		198,638
TotalEnergies Capital SA 5.425%, 09/10/2064		877		845,744
Var Energi ASA 8.00%, 11/15/2032(a)		1,300		1,473,732
				18,960,342

abfunds.com AB CORPORATE INCOME SHARES^| 5

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.3%
Hutchison Whampoa International 03/33 Ltd. 7.45%, 11/24/2033(a)	$	636	$	737,385
Services – 3.6%
Amazon.com, Inc. 3.25%, 05/12/2061		2,087		1,414,088
Booking Holdings, Inc. 3.55%, 03/15/2028		1,151		1,115,446
Mastercard, Inc. 2.95%, 11/21/2026		677		658,545
3.35%, 03/26/2030		1,532		1,439,176
4.10%, 01/15/2028		369		366,022
4.875%, 05/09/2034		88		87,964
Moody’s Corp. 5.00%, 08/05/2034		567		563,485
S&P Global, Inc. 2.45%, 03/01/2027		1,482		1,413,887
4.25%, 05/01/2029		793		778,996
4.75%, 08/01/2028		20		20,081
				7,857,690
Technology – 9.3%
Apple, Inc. 2.85%, 08/05/2061		1,172		739,239
4.10%, 08/08/2062		1,699		1,407,061
Applied Materials, Inc. 1.75%, 06/01/2030		529		453,337
3.30%, 04/01/2027		1,439		1,401,643
4.80%, 06/15/2029		467		470,876
Autodesk, Inc. 2.85%, 01/15/2030		1,536		1,397,775
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875%, 01/15/2027		654		643,301
Broadcom, Inc. 4.15%, 02/15/2028		194		190,467
CDW LLC/CDW Finance Corp. 2.67%, 12/01/2026		1,280		1,221,978
Hewlett Packard Enterprise Co. 4.40%, 09/25/2027		361		357,978
Intel Corp. 1.60%, 08/12/2028		998		878,839
Jabil, Inc. 3.00%, 01/15/2031		540		475,751
3.95%, 01/12/2028		584		565,902
Lam Research Corp. 1.90%, 06/15/2030		1,676		1,442,684

6 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Microsoft Corp. 2.675%, 06/01/2060	$	791	$	483,072
3.041%, 03/17/2062		2,022		1,351,303
NXP BV/NXP Funding LLC 5.55%, 12/01/2028		1,124		1,148,211
Oracle Corp. 3.85%, 07/15/2036		1,634		1,415,289
QUALCOMM, Inc. 1.30%, 05/20/2028		1,582		1,416,127
SK Hynix, Inc. 2.375%, 01/19/2031(a)		390		330,743
Tyco Electronics Group SA 4.625%, 02/01/2030		438		434,960
VMware LLC 1.40%, 08/15/2026		1,537		1,448,930
3.90%, 08/21/2027		436		425,981
				20,101,447
Transportation - Airlines – 0.7%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029(a)		278		269,746
5.308%, 10/20/2031(a)		359		346,887
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)		812		802,522
				1,419,155
Transportation - Services – 0.6%
ENA Master Trust 4.00%, 05/19/2048(a)		370		278,732
TTX Co. 5.50%, 09/25/2026(a)		1,105		1,118,293
				1,397,025
				128,218,192
Financial Institutions – 27.5%
Banking – 21.9%
AIB Group PLC 5.871%, 03/28/2035(a)		778		795,653
Ally Financial, Inc. 6.848%, 01/03/2030		256		266,079
6.992%, 06/13/2029		430		448,688
American Express Co. 5.645%, 04/23/2027		756		765,579
Banco Bilbao Vizcaya Argentaria SA 7.883%, 11/15/2034		200		223,836
Banco de Credito del Peru SA 3.125%, 07/01/2030(a)		274		266,931

abfunds.com AB CORPORATE INCOME SHARES^| 7

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Banco Santander SA 1.722%, 09/14/2027	$	600	$	564,630
6.921%, 08/08/2033		1,000		1,076,150
9.625%, 05/21/2033(b)		200		231,032
Bank of America Corp. 3.846%, 03/08/2037		1,605		1,439,460
5.518%, 10/25/2035		655		650,160
Series N 1.658%, 03/11/2027		1,368		1,309,805
Bank of Ireland Group PLC 5.601%, 03/20/2030(a)		332		337,910
Barclays PLC 5.088%, 06/20/2030		490		482,312
5.335%, 09/10/2035		653		640,064
5.674%, 03/12/2028		287		291,477
7.119%, 06/27/2034		1,275		1,381,016
BBVA Bancomer SA/Texas 5.875%, 09/13/2034(a)		330		310,613
BNP Paribas SA 4.625%, 02/25/2031(a)(b)		434		365,215
CaixaBank SA 6.037%, 06/15/2035(a)		894		916,913
6.84%, 09/13/2034(a)		390		421,929
Capital One Financial Corp. 5.463%, 07/26/2030		763		769,730
Citibank NA 4.838%, 08/06/2029		601		602,863
Citigroup, Inc. 3.52%, 10/27/2028		1,293		1,245,392
4.542%, 09/19/2030		776		760,185
Series VAR 3.07%, 02/24/2028		1,362		1,310,012
Series W 4.00%, 12/10/2025(b)		368		358,852
Series X 3.875%, 02/18/2026(b)		344		332,593
Credit Agricole SA 4.00%, 01/10/2033(a)		1,343		1,273,339
Danske Bank A/S 4.613%, 10/02/2030(a)		407		397,305
Deutsche Bank AG/New York NY 4.999%, 09/11/2030		178		175,264
7.079%, 02/10/2034		1,098		1,152,120
DNB Bank ASA 4.875%, 11/12/2024(a)(b)		331		330,805
Goldman Sachs Bank USA/New York NY 5.414%, 05/21/2027		767		774,202

8 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Goldman Sachs Group, Inc. (The) 1.542%, 09/10/2027	$	881	$	829,884
1.948%, 10/21/2027		340		321,484
HSBC Holdings PLC 5.733%, 05/17/2032		1,092		1,118,186
Intesa Sanpaolo SpA 6.625%, 06/20/2033(a)		368		390,680
7.20%, 11/28/2033(a)		422		466,234
7.778%, 06/20/2054(a)		935		1,030,725
JPMorgan Chase & Co. 1.04%, 02/04/2027		1,516		1,445,324
1.578%, 04/22/2027		1,511		1,441,902
2.956%, 05/13/2031		848		760,707
2.963%, 01/25/2033		808		705,853
4.505%, 10/22/2028		32		31,786
4.979%, 07/22/2028		329		330,579
5.04%, 01/23/2028		890		894,655
5.766%, 04/22/2035		410		426,761
KBC Group NV 4.932%, 10/16/2030(a)		797		788,950
Lloyds Banking Group PLC 7.50%, 09/27/2025(b)		287		288,449
M&T Bank Corp. 7.413%, 10/30/2029		833		896,591
Morgan Stanley 5.652%, 04/13/2028		1,077		1,098,206
Morgan Stanley Bank NA 4.447%, 10/15/2027		1,100		1,094,346
Series B 5.504%, 05/26/2028		1,094		1,112,762
Nationwide Building Society 2.972%, 02/16/2028(a)		404		385,767
NatWest Group PLC 8.125%, 11/10/2033(b)		256		273,692
Nordea Bank Abp 6.625%, 03/26/2026(a)(b)		335		336,775
Royal Bank of Canada Series G 4.522%, 10/18/2028		764		759,859
Santander Holdings USA, Inc. 5.353%, 09/06/2030		488		483,057
Societe Generale SA 5.519%, 01/19/2028(a)		884		887,023
7.367%, 01/10/2053(a)		1,103		1,123,913
Standard Chartered PLC 5.005%, 10/15/2030(a)		525		518,516

abfunds.com AB CORPORATE INCOME SHARES^| 9

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Sumitomo Mitsui Trust Bank Ltd. 4.45%, 09/10/2027(a)	$	233	$	231,229
Svenska Handelsbanken AB 4.375%, 03/01/2027(a)(b)		400		382,552
Synchrony Financial 5.935%, 08/02/2030		268		271,814
Toronto-Dominion Bank (The) 5.146%, 09/10/2034		381		374,439
Truist Financial Corp. 1.267%, 03/02/2027		1,331		1,269,042
UBS Group AG 1.364%, 01/30/2027(a)		528		504,515
9.25%, 11/13/2028(a)(b)		273		297,174
US Bank NA/Cincinnati OH 4.507%, 10/22/2027		441		439,474
Wells Fargo & Co. 5.707%, 04/22/2028		569		580,016
				47,261,035
Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(b)		595		570,891
Insurance – 2.7%
Allstate Corp. (The) Series B 8.318% (CME Term SOFR 3 Month + 3.20%), 08/15/2053(c)		712		712,306
Athene Global Funding 1.985%, 08/19/2028(a)		292		260,552
2.55%, 11/19/2030(a)		73		62,741
2.717%, 01/07/2029(a)		118		107,079
4.721%, 10/08/2029(a)		708		695,086
5.526%, 07/11/2031(a)		199		201,555
5.583%, 01/09/2029(a)		46		46,666
5.684%, 02/23/2026(a)		925		932,252
Cigna Group (The) 7.875%, 05/15/2027		53		56,499
Hartford Financial Services Group, Inc. (The) Series ICON 7.505% (CME Term SOFR 3 Month + 2.39%), 02/12/2047(a)(c)		535		494,779
MetLife, Inc. Series D 5.875%, 03/15/2028(b)		170		171,727
Principal Life Global Funding II 4.60%, 08/19/2027(a)		412		411,959

10 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Prudential Financial, Inc. 5.375%, 05/15/2045	$	260	$	258,601
6.50%, 03/15/2054		1,359		1,417,818
				5,829,620
REITs – 2.7%
American Tower Corp. 1.60%, 04/15/2026		567		541,406
2.75%, 01/15/2027		1,487		1,424,888
Essential Properties LP 2.95%, 07/15/2031		454		386,113
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		139		120,008
4.00%, 01/15/2030		435		405,142
5.375%, 04/15/2026		1,414		1,414,552
Host Hotels & Resorts LP 5.50%, 04/15/2035		659		646,156
Simon Property Group LP 4.75%, 09/26/2034		480		460,286
Trust Fibra Uno 7.375%, 02/13/2034(a)		358		354,384
				5,752,935
				59,414,481
Utility – 9.8%
Electric – 9.7%
AEP Texas, Inc. 5.25%, 05/15/2052		1,193		1,114,083
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		193		170,539
Alexander Funding Trust II 7.467%, 07/31/2028(a)		640		677,210
Alfa Desarrollo SpA 4.55%, 09/27/2051(a)		218		163,870
American Electric Power Co., Inc. 6.95%, 12/15/2054		270		282,023
Berkshire Hathaway Energy Co. 5.95%, 05/15/2037		1,245		1,313,550
6.125%, 04/01/2036		1,298		1,385,226
CenterPoint Energy Houston Electric LLC 5.05%, 03/01/2035		562		560,314
Commonwealth Edison Co. 5.65%, 06/01/2054		762		781,728
DTE Energy Co. 4.95%, 07/01/2027		655		658,589
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(a)		200		175,104
Enel Chile SA 4.875%, 06/12/2028		62		61,388

abfunds.com AB CORPORATE INCOME SHARES^| 11

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Engie Energia Chile SA 6.375%, 04/17/2034(a)	$	663	$	675,696
Entergy Louisiana LLC 5.70%, 03/15/2054		778		796,283
Entergy Texas, Inc. 5.55%, 09/15/2054		258		256,648
Fells Point Funding Trust 3.046%, 01/31/2027(a)		261		250,307
FirstEnergy Transmission LLC 2.866%, 09/15/2028(a)		1,520		1,411,214
Florida Power & Light Co. 4.40%, 05/15/2028		1,127		1,120,689
5.05%, 04/01/2028		1,364		1,382,687
NextEra Energy Capital Holdings, Inc. 6.70%, 09/01/2054		74		75,939
Niagara Energy SAC 5.746%, 10/03/2034(a)		333		326,340
Niagara Mohawk Power Corp. 2.759%, 01/10/2032(a)		556		473,061
4.278%, 12/15/2028(a)		361		349,979
5.29%, 01/17/2034(a)		1,392		1,382,075
Pacific Gas and Electric Co. 5.55%, 05/15/2029		182		185,343
PECO Energy Co. 5.25%, 09/15/2054		372		364,742
PPL Capital Funding, Inc. 5.25%, 09/01/2034		86		85,373
Public Service Electric and Gas Co. 5.30%, 08/01/2054		656		655,357
5.45%, 03/01/2054		483		489,004
Public Service Enterprise Group, Inc. 8.625%, 04/15/2031		248		288,771
Virginia Electric and Power Co. 5.55%, 08/15/2054		884		890,197
Vistra Operations Co. LLC 4.30%, 07/15/2029(a)		706		676,327
Vistra Operations Co., LLC 6.95%, 10/15/2033(a)		1,297		1,412,109
				20,891,765
Natural Gas – 0.1%
GNL Quintero SA 4.634%, 07/31/2029(a)		118		116,144
				21,007,909
Total Corporates - Investment Grade (cost $207,569,287)				208,640,582

12 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS – 1.0%
Quasi-Sovereign Bonds – 1.0%
Chile – 0.3%
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030(a)	$	350	$	324,898
4.70%, 05/07/2050(a)		295		247,357
				572,255
Mexico – 0.3%
Comision Federal de Electricidad 3.348%, 02/09/2031(a)		321		270,523
Petroleos Mexicanos 6.50%, 01/23/2029		135		126,710
6.75%, 09/21/2047		112		79,906
6.95%, 01/28/2060		169		120,412
7.69%, 01/23/2050		80		62,152
				659,703
Peru – 0.3%
Corp. Financiera de Desarrollo SA 2.40%, 09/28/2027(a)		250		230,000
5.95%, 04/30/2029(a)		432		436,968
				666,968
Qatar – 0.1%
QatarEnergy 3.125%, 07/12/2041(a)		277		209,828
Total Quasi-Sovereigns (cost $2,435,820)				2,108,754
GOVERNMENTS - SOVEREIGN BONDS – 0.5%
Colombia – 0.3%
Colombia Government International Bond 3.125%, 04/15/2031		562		447,352
5.20%, 05/15/2049		200		136,700
				584,052
Mexico – 0.1%
Mexico Government International Bond 4.60%, 01/23/2046		200		152,000
4.75%, 03/08/2044		120		95,280
				247,280
Qatar – 0.1%
Qatar Government International Bond 4.817%, 03/14/2049(a)		228		215,175

abfunds.com AB CORPORATE INCOME SHARES^| 13

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Uruguay – 0.0%
Uruguay Government International Bond 4.375%, 01/23/2031	$	54	$	53,037
Total Governments - Sovereign Bonds (cost $1,349,588)				1,099,544
EMERGING MARKETS - CORPORATE BONDS – 0.0%
Industrial – 0.0%
Energy – 0.0%
Ecopetrol SA 5.875%, 05/28/2045 (cost $22,025)		25		17,563
Total Investments – 98.2% (cost $211,376,720)				211,866,443
Other assets less liabilities – 1.8%				3,929,019
Net Assets – 100.0%			$	215,795,462

FUTURES (see Note C)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		5		December 2024	$	536,172	$	(163	)
U.S. T-Note 10 Yr (CBT) Futures		29		December 2024		3,203,594		(107,635	)
U.S. Ultra Bond (CBT) Futures		189		December 2024		23,743,125		(1,423,504	)
Sold Contracts
U.S. 10 Yr Ultra Futures		58		December 2024		6,597,500		244,917
U.S. T-Note 2 Yr (CBT) Futures		112		December 2024		23,065,875		210,730
							$	(1,075,655	)

(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 October 31, 2024, the aggregate market value of these securities amounted to $45,813,557 or 21.2% of net assets.

(b) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2024.

Glossary:

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

14 ^| AB CORPORATE INCOME SHARES abfunds.com

STATEMENT OF ASSETS & LIABILITIES

October 31, 2024 (unaudited)

Assets
Investments in securities, at value (cost $211,376,720)	$	211,866,443
Cash		2,144,660
Cash collateral due from broker		1,015,401
Interest receivable		2,239,894
Receivable for investment securities sold		2,145,582
Receivable for shares of beneficial interest sold		140,258
Receivable for variation margin on futures		48,263
Total assets		219,600,501
Liabilities
Payable for investment securities purchased		2,760,281
Dividends payable		959,249
Payable for shares of beneficial interest redeemed		80,514
Foreign capital gains tax payable		4,995
Total liabilities		3,805,039
Net Assets	$	215,795,462
Composition of Net Assets
Shares of beneficial interest, at par	$	219
Additional paid-in capital		253,508,389
Accumulated loss		(37,713,146	)
Net Assets	$	215,795,462
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 21,859,392 common shares outstanding)	$	9.87

See notes to financial statements.

abfunds.com AB CORPORATE INCOME SHARES^| 15

STATEMENT OF OPERATIONS

Six Months Ended October 31, 2024 (unaudited)

Investment Income
Interest	$	5,827,003
Total investment income			$	5,827,003
Realized and Unrealized Gain on Investment Transactions
Net realized gain on:
Investment transactions				923,765
Futures				684,363
Swaps				13,253
Net change in unrealized appreciation (depreciation) of:
Investments				5,908,490
Futures				63,576
Swaps				(5,586	)
Net gain on investment transactions				7,587,861
Net Increase in Net Assets from Operations			$	13,414,864

See notes to financial statements.

16 ^| AB CORPORATE INCOME SHARES abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,827,003		$	11,116,964
Net realized gain (loss) on investment transactions		1,621,381			(12,312,370	)
Net change in unrealized appreciation of investments		5,966,480			6,120,000
Net increase in net assets from operations		13,414,864			4,924,594
Distribution to Shareholders		(5,842,402	)		(11,191,914	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		(7,353,810	)		38,607,981
Total increase		218,652			32,340,661
Net Assets
Beginning of period		215,576,810			183,236,149
End of period	$	215,795,462		$	215,576,810

See notes to financial statements.

abfunds.com AB CORPORATE INCOME SHARES^| 17

NOTES TO FINANCIAL STATEMENTS

October 31, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Corporate Shares (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end, diversified management investment company. The Trust, which is a Massachusetts Business Trust, operates as a “series” company currently offering four separate portfolios: AB Corporate Income Shares, AB Municipal Income Shares, AB Taxable Multi-Sector Income Shares and AB Impact Municipal Income Shares. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Corporate Income Shares (the “Fund”).

Shares of the Fund are offered exclusively to holders of accounts established under wrap-fee programs sponsored and maintained by certain registered investment advisers approved by AllianceBernstein L.P. (the “Adviser”). The Fund’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, the the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more

18 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

abfunds.com AB CORPORATE INCOME SHARES^| 19

NOTES TO FINANCIAL STATEMENTS (continued)

securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the 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 are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and

20 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2024:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

$

– 0

–

$

208,640,582

$

– 0

–

$

208,640,582

Quasi-Sovereigns

– 0

–

2,108,754

– 0

–

2,108,754

Governments – Sovereign Bonds

– 0

–

1,099,544

– 0

–

1,099,544

Emerging Markets – Corporate Bonds

– 0

–

17,563

– 0

–

17,563

Total Investments in Securities

– 0

–

211,866,443

– 0

–

211,866,443

Other Financial Instruments(a):

Assets:

Futures

455,647

– 0

–

– 0

–

455,647

(b)

Liabilities:

Futures

(1,531,302

)

– 0

–

– 0

–

(1,531,302

)(b)

Total

$

(1,075,655

)

$

211,866,443

$

– 0

–

$

210,790,788

(a) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

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

abfunds.com AB CORPORATE INCOME SHARES^| 21

NOTES TO FINANCIAL STATEMENTS (continued)

4. Investment Income and Investment Transactions

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

5. Dividends and Distributions

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

6. Cash and Short-Term Investments

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the Advisory Agreement, the Fund pays no advisory fee to the Adviser and the Adviser reimburses or pays for the Fund’s operating expenses. The Fund is an integral part of separately managed accounts in wrap-fee programs and other investment programs. Typically, participants in these programs pay a fee to their investment adviser for all costs and expenses of the separately managed account, including costs and expenses associated with the Fund, and a fee is paid by their investment adviser to the Adviser. In certain cases, participants may have a direct relationship with the Adviser without the involvement of a third party investment adviser, in which case the participant would pay a fee directly to the Adviser. The Adviser serves as investment manager and adviser of the Fund and continuously furnishes an investment program for the Fund and manages, supervises and conducts the affairs of the Fund, subject to the supervisions of the Fund’s Board. The Advisory Agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

22 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The Fund has entered into a distribution agreement with AllianceBernstein Investments, Inc., the Fund’s principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Fund’s shares, which are sold at their net asset value without any sales charge. The Fund does not pay a fee for this service. The Underwriter is a wholly owned subsidiary of the Adviser.

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Fund’s registrar, transfer agent and dividend-disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders. The Fund does not pay a fee for this service.

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended October 31, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	132,290,523		$	138,908,018
U.S. government securities		– 0	–		– 0	–

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

Gross unrealized appreciation	$	3,406,750
Gross unrealized depreciation		(3,992,682	)
Net unrealized depreciation	$	(585,932	)

1. Derivative Financial Instruments

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

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may

abfunds.com AB CORPORATE INCOME SHARES^| 23

NOTES TO FINANCIAL STATEMENTS (continued)

purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies.

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

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended October 31, 2024, the Fund held futures for hedging purposes.

• Swaps

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

24 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the

abfunds.com AB CORPORATE INCOME SHARES^| 25

NOTES TO FINANCIAL STATEMENTS (continued)

Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

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

26 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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

During the six months ended October 31, 2024, the Fund held credit default swaps for hedging purposes.

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

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

abfunds.com AB CORPORATE INCOME SHARES^| 27

NOTES TO FINANCIAL STATEMENTS (continued)

During the six months ended October 31, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	455,647	*	Payable for variation margin on futures	$	1,531,302	*
Total		$	455,647			$	1,531,302

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	684,363	$	63,576
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		13,253		(5,586	)
Total		$	697,616	$	57,990

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended October 31, 2024:

Futures:
Average notional amount of buy contracts	$	29,365,373
Average notional amount of sale contracts	$	29,351,960
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	9,800,000	(a)

(a) Positions were open for one month during the period.

28 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

	Shares						Amount
	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024			Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Shares sold		1,617,296			9,268,895		$	15,989,385		$	89,251,896
Shares redeemed		(2,366,502	)		(5,302,811	)		(23,343,195	)		(50,643,915	)
Net increase (decrease)		(749,206	)		3,966,084		$	(7,353,810	)	$	38,607,981

NOTE E

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

abfunds.com AB CORPORATE INCOME SHARES^| 29

NOTES TO FINANCIAL STATEMENTS (continued)

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

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

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

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

30 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended October 31, 2024.

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2025 will be determined at the end of the current fiscal year.

The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	11,191,914	$	6,423,355
Total distributions paid	$	11,191,914	$	6,423,355

As of April 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,109,917
Accumulated capital and other losses		(39,909,401	)(a)
Unrealized appreciation (depreciation)		(5,509,381	)(b)
Total accumulated earnings (deficit)	$	(44,308,865	)(c)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $39,909,401.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and dividends payable

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $12,164,577 and a net long-term capital loss carryforward of $27,744,824, which may be carried forward for an indefinite period.

abfunds.com AB CORPORATE INCOME SHARES^| 31

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Recent Accounting Pronouncements

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

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, ASU 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280 it, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-07 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-07.

NOTE I

Subsequent Events

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

32 ^| AB CORPORATE INCOME SHARES abfunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 9.54			$ 9.83			$ 10.22			$ 11.82			$ 11.56			$ 11.11
Income From Investment Operations
Net investment income(a)		.26			.51			.39			.33			.37			.44
Net realized and unrealized gain (loss) on investment transactions		.33			(.29	)		(.39	)		(1.47	)		.55			.51
Net increase (decrease) in net asset value from operations		.59			.22			– 0	–		(1.14	)		.92			.95
Less: Dividends and Distributions
Dividends from net investment income		(.26	)		(.51	)		(.39	)		(.34	)		(.38	)		(.45	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.12	)		(.28	)		(.05	)
Total dividends and distributions		(.26	)		(.51	)		(.39	)		(.46	)		(.66	)		(.50	)
Net asset value, end of period		$ 9.87			$ 9.54			$ 9.83			$ 10.22			$ 11.82			$ 11.56
Total Return
Total investment return based on net asset value(b)		6.26	%		2.35	%		.16	%		(10.08	)%		7.90	%		8.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$215,795			$215,577			$183,236			$222,550			$208,745			$114,455
Ratio to average net assets of:
Net investment income		5.28	%^		5.31	%		3.94	%		2.84	%		3.02	%		3.83	%
Portfolio turnover rate		62	%		140	%		85	%		49	%		43	%		87	%

(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

^ Annualized.

See notes to financial statements.

abfunds.com AB CORPORATE INCOME SHARES^| 33

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

The disinterested trustees (the “directors”) of AB Corporate Shares (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Corporate Income Shares (the “Fund”) at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

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

The directors noted that the Fund is designed as a vehicle for the wrap fee account market (where investors pay fees to a wrap fee sponsor which pays investment fees and expenses from such fee). The directors also noted that no advisory fee is payable by the Fund, that the Advisory Agreement does not include the reimbursement provision for certain administrative expenses included in the advisory agreements of most of the open-end AB Funds, and that the Adviser is responsible for payment of the Fund’s ordinary expenses. The directors noted that the Company acknowledges in the Advisory Agreement that the Adviser and its affiliates expect to receive compensation from third parties in connection with services provided under the Advisory Agreement. The directors further noted that the Adviser receives payments from the wrap fee program sponsors (the “Sponsors”) that use the Fund as an investment vehicle for their clients.

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

34 ^| AB CORPORATE INCOME SHARES abfunds.com

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

abfunds.com AB CORPORATE INCOME SHARES^| 35

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts (“SMAs”). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors’ request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees

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

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm’s length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser’s fee arrangements with the Sponsors vary, the directors acknowledged the Adviser’s view that a portion of such fees (less the expenses of the Fund

36 ^| AB CORPORATE INCOME SHARES abfunds.com

paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the “implied fee”) and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors recognized that such information was of limited utility in light of the Fund’s unusual fee arrangement. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors did not consider comparative expense information for the Fund because the Fund does not bear ordinary expenses.

Economies of Scale

The directors did not consider the extent to which fee levels in the Advisory Agreement for the Fund reflect economies of scale because the Advisory Agreement does not provide for any compensation to be paid to the

abfunds.com AB CORPORATE INCOME SHARES^| 37

Adviser by the Fund and the Fund’s expense ratio is zero. They did note, however, that the fee payable to the Adviser by the current Sponsors declines at a breakpoint based on either individual account sizes or on total assets managed by the Adviser for the Sponsor.

38 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES

abfunds.com AB CORPORATE INCOME SHARES^| 39

NOTES

40 ^| AB CORPORATE INCOME SHARES abfunds.com

AB CORPORATE INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

CIS-0152-1024    

OCT^10.31.24

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB IMPACT MUNICIPAL INCOME SHARES

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

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 98.1%
Long-Term Municipal Bonds – 98.1%
Alabama – 0.9%
Alabama Community College System ACCS Enhancements Fee Revenue AGM Series 2021 4.00%, 09/01/2051	$	5,500	$	5,194,712
Arizona – 4.1%
Arizona Industrial Development Authority Series 2021-A 4.00%, 07/01/2051		3,195		2,811,709
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-A 4.00%, 07/01/2061		3,980		3,398,077
Series 2021-B 4.00%, 07/01/2051		1,250		1,100,042
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2020 4.00%, 02/01/2050		4,500		4,245,768
Series 2021 4.00%, 02/01/2038		1,400		1,411,632
Industrial Development Authority of the County of Pima (The) (TMC HealthCare Obligated Group) Series 2021 4.00%, 04/01/2046		3,500		3,249,172
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) Series 2020 5.00%, 07/01/2040(a)		500		504,308
5.00%, 07/01/2050(a)		1,175		1,153,255
5.00%, 07/01/2054(a)		640		618,829
Series 2021 4.00%, 07/01/2051(a)		1,625		1,333,133
4.00%, 07/01/2061(a)		5,210		4,105,530
				23,931,455
California – 14.9%
California Educational Facilities Authority (Mount St Mary’s University/CA) Series 2018-A 5.00%, 10/01/2036		405		427,183
5.00%, 10/01/2046		2,750		2,852,353

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 1

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2047	$	3,750	$	3,797,031
California Health Facilities Financing Authority (On Lok Senior Health Services Obligated Group) Series 2020 5.00%, 08/01/2050		1,000		1,021,692
5.00%, 08/01/2055		1,200		1,219,765
California Health Facilities Financing Authority (State of California Personal Income Tax Revenue) Series 2022 4.19%, 06/01/2037		3,390		3,150,753
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2024 3.25%, 08/01/2029		5,000		5,015,701
California Infrastructure & Economic Development Bank (California Science Center Foundation) Series 2021 4.00%, 05/01/2046		5,000		4,943,864
4.00%, 05/01/2051		5,000		4,825,832
4.00%, 05/01/2055		5,000		4,767,764
California Infrastructure & Economic Development Bank (Roseville Sustainable Energy Partner LLC) Series 2024 5.00%, 07/01/2044		2,000		2,121,161
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.) Series 2021-A 5.00%, 12/01/2036(a)		710		733,371
5.00%, 12/01/2046(a)		7,985		8,037,071
5.00%, 12/01/2054(a)		1,990		1,972,953
California Municipal Finance Authority (Healthright 360) Series 2019-A 5.00%, 11/01/2039(a)		1,775		1,726,258
5.00%, 11/01/2049(a)		6,075		5,500,399
California Municipal Finance Authority (La Maestra Family Clinic, Inc.) Series 2021 4.00%, 09/01/2046		2,960		2,908,756
4.00%, 09/01/2051		2,745		2,649,611

2 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Municipal Finance Authority (Valley Health Team, Inc.) Series 2021 4.00%, 07/01/2037	$	1,200	$	1,222,106
4.00%, 07/01/2046		2,090		2,052,769
4.00%, 07/01/2051		1,945		1,893,238
California School Finance Authority (Bright Star Schools Obligated Group) Series 2017 5.00%, 06/01/2037(a)		600		602,248
5.00%, 06/01/2054(a)		250		239,208
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 4.75%, 06/01/2036(a)		1,365		1,169,361
5.00%, 06/01/2051(a)		2,500		1,857,172
California School Finance Authority (Ednovate Obligated Group) Series 2018 5.00%, 06/01/2037(a)		1,000		1,001,102
5.00%, 06/01/2048(a)		1,085		1,028,839
5.00%, 06/01/2056(a)		1,000		931,075
California School Finance Authority (Equitas Academy Obligated Group) Series 2018-A 5.00%, 06/01/2048(a)		3,750		3,623,866
California School Finance Authority (Girls Athletic Leadership Schools Los Angeles) Series 2021 4.00%, 06/01/2041(a)		955		804,100
4.00%, 06/01/2051(a)		1,000		768,659
California School Finance Authority (Green DOT Public Schools Obligated Group) Series 2018 5.00%, 08/01/2038(a)		3,000		3,067,449
Series 2022 5.375%, 08/01/2042(a)		1,500		1,585,853
City of Oakland CA Series 2023-A 5.50%, 07/15/2053		2,500		2,835,624
Series 2023-D 5.50%, 07/15/2053		2,500		2,835,624
Port of Los Angeles Series 2024-2 5.00%, 08/01/2037		2,000		2,186,976
				87,376,787

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 3

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Colorado – 0.5%
Denver Health & Hospital Authority Series 2019-A 4.00%, 12/01/2038	$	1,020	$	965,312
4.00%, 12/01/2039		1,000		943,853
4.00%, 12/01/2040		750		703,988
				2,613,153
Connecticut – 0.9%
City of Bridgeport CT Series 2021-A 4.00%, 08/01/2037		775		781,900
4.00%, 08/01/2039		1,000		1,002,598
4.00%, 08/01/2040		325		324,210
BAM Series 2018-C 5.00%, 07/15/2036		1,000		1,050,192
5.00%, 07/15/2038		620		648,605
BAM Series 2019-A 5.00%, 02/01/2035		1,500		1,591,373
				5,398,878
District of Columbia – 4.7%
District of Columbia (Gallaudet University) Series 2021 5.00%, 04/01/2046		1,715		1,791,143
5.00%, 04/01/2051		2,635		2,727,446
District of Columbia (KIPP DC Obligated Group) Series 2017-A 5.00%, 07/01/2042		1,785		1,812,476
Series 2017-B 5.00%, 07/01/2037		2,425		2,483,921
5.00%, 07/01/2042		2,000		2,030,785
District of Columbia (KIPP DC Public Charter Schools) Series 2019 4.00%, 07/01/2039		4,275		4,097,187
District of Columbia (Plenary Infrastructure DC LLC State Lease) Series 2022 5.00%, 08/31/2027		620		644,068
5.50%, 02/28/2035		4,025		4,537,210
5.50%, 02/29/2036		1,625		1,839,954
5.50%, 08/31/2036		1,800		2,040,388
5.50%, 02/28/2037		3,100		3,523,388
				27,527,966

4 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida – 1.2%
Florida Development Finance Corp. (United Cerebral Palsy of Central Florida, Inc.) Series 2020 5.00%, 06/01/2040	$	825	$	791,311
5.00%, 06/01/2050		3,735		3,408,430
Miami-Dade County Housing Finance Authority (Wynwood Works LLC) Series 2023-A 5.70%, 06/01/2052(a)		2,000		2,026,056
Series 2023-B 5.78%, 06/01/2027(a)		1,000		1,006,399
				7,232,196
Illinois – 8.0%
Chicago Housing Authority Series 2018-A 5.00%, 01/01/2035		3,545		3,678,207
Chicago Transit Authority (Chicago Transit Authority Sales Tax) Series 2017 5.00%, 12/01/2051		5,085		5,146,184
Chicago Transit Authority Sales Tax Receipts Fund Series 2014 5.25%, 12/01/2049		5,000		5,012,129
Series 2020-A 5.00%, 12/01/2045		7,315		7,569,095
Series 2022-A 4.00%, 12/01/2049		4,190		3,929,608
5.00%, 12/01/2057		3,770		3,896,477
Cook County Community College District No. 508 BAM Series 2017 5.00%, 12/01/2047		620		630,048
Illinois Finance Authority (Lawndale Educational & Regional Network Charter School Obligated Group) Series 2021 4.00%, 11/01/2041		2,600		2,369,703
4.00%, 11/01/2051		3,680		3,151,542
4.00%, 11/01/2056		3,850		3,229,126
Illinois Finance Authority (University of Illinois) Series 2020 4.00%, 10/01/2040		615		574,885
4.00%, 10/01/2050		6,505		5,842,630

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 5

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 10/01/2055	$	2,000	$	1,753,592
				46,783,226
Indiana – 0.5%
Muncie Sanitary District AGM Series 2021-A 5.00%, 01/01/2029		685		729,465
5.00%, 07/01/2029		600		642,967
5.00%, 01/01/2030		1,000		1,075,998
5.00%, 07/01/2030		420		453,640
				2,902,070
Louisiana – 0.5%
Tangipahoa Parish Hospital Service District No. 1 Series 2021 4.00%, 02/01/2041		1,500		1,379,839
4.00%, 02/01/2042		1,500		1,365,894
				2,745,733
Maryland – 4.1%
Maryland Economic Development Corp. Series 2020 5.00%, 07/01/2056		1,225		1,241,253
Maryland Economic Development Corp. (Bowie State University) Series 2020 4.00%, 07/01/2050		1,200		1,034,378
Maryland Economic Development Corp. (Maryland Econ Dev Corp.-Morgan View & Thurgood Marshall Student Hsg) Series 2020 5.00%, 07/01/2050		2,500		2,549,755
Series 2022 5.00%, 07/01/2033		1,895		2,040,674
5.00%, 07/01/2034		1,840		1,970,633
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) Series 2022 6.00%, 07/01/2058		1,250		1,375,538
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.25%, 06/30/2052		8,000		8,320,762
5.25%, 06/30/2055		5,000		5,198,084
				23,731,077

6 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Massachusetts – 4.6%
Massachusetts Bay Transportation Authority Sales Tax Revenue Series 2024-B 5.25%, 07/01/2054	$	2,000	$	2,195,116
Massachusetts Development Finance Agency Series 2023 4.375%, 07/01/2052		5,500		5,292,021
Massachusetts Development Finance Agency (Boston Medical Center Corp. Obligated Group) Series 2015-D 5.00%, 07/01/2044		8,265		8,277,825
Series 2016-E 5.00%, 07/01/2037		765		774,652
Series 2017-F 5.00%, 07/01/2030		1,475		1,535,325
Series 2023 5.25%, 07/01/2048		2,720		2,916,463
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2019-A 5.00%, 07/01/2036		1,765		1,790,810
5.00%, 07/01/2039		2,250		2,269,232
AGM Series 2020-C 4.00%, 10/01/2045		1,090		1,041,230
Massachusetts Development Finance Agency (WGBH Educational Foundation) Series 2017-A 4.00%, 01/01/2032		825		836,733
				26,929,407
Michigan – 8.4%
Center Line Public Schools Series 2018 5.00%, 05/01/2038		895		937,248
City of Detroit MI Series 2018 5.00%, 04/01/2027		500		519,384
5.00%, 04/01/2032		770		800,534
5.00%, 04/01/2034		1,255		1,300,521
5.00%, 04/01/2035		1,500		1,551,843
5.00%, 04/01/2036		1,200		1,239,571
5.00%, 04/01/2037		1,100		1,134,698
Series 2021-A 4.00%, 04/01/2042		1,050		980,797
5.00%, 04/01/2050		3,650		3,749,291

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 7

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-A 5.25%, 05/01/2028	$	300	$	319,166
5.25%, 05/01/2030		700		764,975
5.25%, 05/01/2031		600		660,431
5.25%, 05/01/2032		600		665,599
5.25%, 05/01/2033		800		893,769
6.00%, 05/01/2039		2,500		2,857,859
Detroit City School District Series 2020-A 5.00%, 05/01/2036		1,145		1,224,491
5.00%, 05/01/2037		1,150		1,223,631
5.00%, 05/01/2039		1,645		1,735,504
5.00%, 05/01/2040		1,000		1,050,481
Downriver Utility Wastewater Authority AGM Series 2018 5.00%, 04/01/2043		1,515		1,563,564
Ferris State University Series 2019-A 5.00%, 10/01/2025		2,000		2,031,231
5.00%, 10/01/2026		2,185		2,256,386
Flint Hospital Building Authority Series 2013 4.75%, 07/01/2028		110		109,141
Series 2013-A 5.25%, 07/01/2039		1,250		1,247,475
Flint Hospital Building Authority (Hurley Medical Center) Series 2020 4.00%, 07/01/2035		1,000		937,007
4.00%, 07/01/2038		1,575		1,450,012
4.00%, 07/01/2041		3,500		3,109,318
5.00%, 07/01/2031		2,405		2,470,294
Flint Public Library AGM Series 2020 3.00%, 05/01/2029		1,085		1,056,057
3.00%, 05/01/2030		1,175		1,138,228
Great Lakes Water Authority Water Supply System Revenue Series 2016-B 5.00%, 07/01/2046		1,225		1,242,194
Series 2020-B 5.00%, 07/01/2045		1,350		1,424,579
5.00%, 07/01/2049		1,300		1,356,993
Series 2022-A 5.00%, 07/01/2038		1,215		1,342,715
5.25%, 07/01/2039		1,925		2,150,152
5.25%, 07/01/2040		735		818,593
				49,313,732

8 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Minnesota – 0.6%
City of Minneapolis MN Series 2021-A 4.00%, 07/01/2051	$	3,585	$	2,599,208
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Metro Deaf School) Series 2018-A 5.00%, 06/15/2048(a)		1,000		970,272
				3,569,480
Missouri – 0.0%
St. Louis Community College District Series 2017 4.00%, 04/01/2035		200		201,143
New Jersey – 4.7%
Essex County Improvement Authority (North Star Academy Charter School of Newark, Inc.) Series 2020 4.00%, 07/15/2040(a)		3,200		3,037,120
4.00%, 07/15/2050(a)		3,260		2,906,055
New Jersey Economic Development Authority (Foundation Academy Charter School A NJ Nonprofit Corp.) Series 2018-A 5.00%, 07/01/2050		1,000		1,002,418
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2023
5.185%, 03/01/2030		1,500		1,533,653
5.198%, 03/01/2031		1,500		1,534,200
New Jersey Economic Development Authority (New Jersey Transit Corp. State Lease) Series 2020 5.00%, 11/01/2044		10,925		11,343,354
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.) Series 2017 5.00%, 07/15/2047		1,175		1,186,205
New Jersey Economic Development Authority (Seeing Eye, Inc. (The)) Series 2015 5.00%, 03/01/2025		3,205		3,219,751

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 9

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (State of New Jersey Division of Property Management & Construction Lease) Series 2018-C 5.00%, 06/15/2027	$	645	$	675,121
5.00%, 06/15/2042		1,000		1,025,038
				27,462,915
New York – 17.0%
Buffalo Sewer Authority Series 2021 1.75%, 06/15/2049(b)		2,380		1,720,772
Build NYC Resource Corp. Series 2017 5.00%, 06/01/2037(a)		500		505,258
Build NYC Resource Corp. (Academic Leadership Charter School) Series 2021 4.00%, 06/15/2031		200		198,979
4.00%, 06/15/2036		990		967,952
Build NYC Resource Corp. (Children’s Aid Society (The)) Series 2019 4.00%, 07/01/2044		1,890		1,814,739
4.00%, 07/01/2049		600		564,430
Build NYC Resource Corp. (Classical Charter School, Inc.) Series 2023 4.75%, 06/15/2058		760		735,483
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.75%, 06/01/2052(a)		2,250		2,364,694
5.75%, 06/01/2062(a)		7,000		7,342,906
Build NYC Resource Corp. (Global Community Charter School) Series 2022 4.00%, 06/15/2032		900		904,505
5.00%, 06/15/2042		2,800		2,865,718
5.00%, 06/15/2052		1,520		1,530,448
5.00%, 06/15/2057		1,300		1,304,831
Build NYC Resource Corp. (Inwood Academy for Leadership Charter School) Series 2018-A 5.50%, 05/01/2048(a)		500		507,456

10 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.25%, 07/01/2057	$	1,625	$	1,678,961
5.25%, 07/01/2062		2,000		2,059,930
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) Series 2017 5.00%, 06/01/2052(a)		3,260		3,221,225
Series 2017-A 5.00%, 06/01/2047(a)		1,725		1,726,486
Metropolitan Transportation Authority Series 2014-D 5.00%, 11/15/2039		4,000		4,002,194
Series 2020-A 4.00%, 11/15/2043		1,480		1,430,255
Series 2020-C 4.75%, 11/15/2045		6,015		6,180,978
5.25%, 11/15/2055		17,020		17,818,427
Series 2020-D 4.00%, 11/15/2050		5,000		4,731,970
Series 2020-E 4.00%, 11/15/2045		3,000		2,881,678
5.00%, 11/15/2032		3,250		3,535,263
Series 2021-A 4.00%, 11/15/2041		7,500		7,422,393
Series 2024-B 5.00%, 11/15/2043		2,000		2,151,873
BAM Series 2024-A 4.00%, 11/15/2048		4,500		4,298,172
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) Series 2020 5.00%, 06/01/2040(a)		1,895		1,933,282
New York City Health and Hospitals Corp. (New York City Health and Hospital Corp. Lease) Series 2021-A 4.00%, 02/15/2045		1,110		1,081,594
New York Power Authority (New York Power Authority SFP Transmission Project) AGM Series 2023 5.00%, 11/15/2053		4,000		4,293,480

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 11

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York State Dormitory Authority (Montefiore Obligated Group) Series 2018 5.00%, 08/01/2032	$	375	$	388,513
5.00%, 08/01/2034		750		774,167
AGM Series 2020 3.00%, 09/01/2050		2,000		1,511,103
New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding Co., LLC) Series 2023 6.971%, 06/30/2051		2,000		2,026,397
Onondaga Civic Development Corp. (Crouse Health Hospital Inc Obligated Group) Series 2024 5.125%, 08/01/2044		1,250		1,263,038
				99,739,550
North Carolina – 0.8%
North Carolina Central University Series 2019 4.00%, 04/01/2049		2,270		2,076,998
5.00%, 04/01/2044		2,500		2,551,709
				4,628,707
Ohio – 3.2%
American Municipal Power, Inc. (American Municipal Power Solar Electricity Prepayment Revenue) Series 2019 5.00%, 02/15/2044		2,150		2,224,715
Cleveland-Cuyahoga County Port Authority (Cleveland Museum of Natural History (The)) Series 2021 4.00%, 07/01/2051		1,370		1,238,730
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042		7,865		7,956,672
5.25%, 02/15/2047		1,500		1,523,656
County of Darke OH (Wayne Hospital Co. Obligated Group) Series 2019-A 5.00%, 09/01/2049		2,690		2,616,915

12 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) Series 2022 5.25%, 01/01/2041	$	2,000	$	2,116,163
5.25%, 01/01/2052		1,000		1,034,683
				18,711,534
Oklahoma – 1.8%
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2033		2,100		2,157,448
5.50%, 08/15/2057		3,365		3,432,312
Series 2022-A 5.50%, 08/15/2041		5,000		5,146,668
				10,736,428
Pennsylvania – 8.6%
City of Philadelphia PA Water & Wastewater Revenue Series 2018-A 5.00%, 10/01/2048		3,050		3,157,896
Series 2019-B 5.00%, 11/01/2049		3,095		3,214,958
Series 2022-C 5.50%, 06/01/2047		5,780		6,364,053
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2037		2,585		2,542,046
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2032		885		905,066
5.00%, 07/01/2034		2,130		2,169,814
AGM Series 2022 4.00%, 07/01/2040		4,475		4,400,311
Philadelphia Authority for Industrial Development (City of Philadelphia PA) Series 2018 5.00%, 05/01/2036		1,620		1,697,247
5.00%, 05/01/2037		1,390		1,453,707
5.00%, 05/01/2038		1,000		1,045,126
AGM Series 2017 5.00%, 12/01/2035		200		208,368

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 13

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Philadelphia Authority for Industrial Development (Russell Byers Charter School) Series 2020 5.00%, 05/01/2040	$	2,100	$	2,101,292
Philadelphia Energy Authority (The) (City of Philadelphia PA Lease) Series 2023 5.00%, 11/01/2036		1,500		1,669,032
5.00%, 11/01/2039		1,850		2,033,678
5.00%, 11/01/2040		700		766,323
5.00%, 11/01/2041		1,265		1,377,530
5.00%, 11/01/2042		1,050		1,139,656
5.00%, 11/01/2043		750		810,318
Pittsburgh Water & Sewer Authority AGM Series 2019-A 5.00%, 09/01/2044		2,000		2,099,260
AGM Series 2020-B 4.00%, 09/01/2045		2,250		2,198,624
4.00%, 09/01/2050		2,500		2,395,029
AGM Series 2023-A 4.25%, 09/01/2053		2,500		2,457,440
School District of the City of Erie (The) AGM Series 2019-A 5.00%, 04/01/2031		930		992,882
AGM Series 2019-C 5.00%, 04/01/2028		1,850		1,959,974
5.00%, 04/01/2029		1,000		1,074,553
				50,234,183
Rhode Island – 1.2%
Rhode Island Health and Educational Building Corp. (City of Providence RI)
BAM Series 2021-D 4.00%, 05/15/2038		2,930		2,966,489
4.00%, 05/15/2040		1,375		1,380,646
4.00%, 05/15/2041		2,485		2,488,824
				6,835,959
Texas – 1.4%
City of Mission TX BAM Series 2021 5.00%, 02/15/2028		1,000		1,055,252
5.00%, 02/15/2029		1,000		1,065,693
El Paso County Hospital District Series 2024 4.125%, 02/15/2049(c)		1,000		958,989

14 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.25%, 02/15/2054(c)	$	600	$	576,519
5.00%, 08/15/2042		3,400		3,649,524
5.00%, 08/15/2043		1,000		1,068,983
				8,374,960
Washington – 0.6%
Pend Oreille County Public Utility District No. 1 Box Canyon Series 2018 5.00%, 01/01/2044		3,600		3,673,811
West Virginia – 0.8%
Morgantown Utility Board, Inc. Series 2018-B 5.00%, 12/01/2043		2,555		2,640,825
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2017-A 5.00%, 06/01/2047		1,775		1,794,498
				4,435,323
Wisconsin – 4.1%
Wisconsin Health & Educational Facilities Authority (Hmong American Peace Academy Ltd.) Series 2020 5.00%, 03/15/2050		3,520		3,524,015
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) Series 2016 5.125%, 06/01/2048(a)		4,430		4,367,202
Wisconsin Public Finance Authority (Crossroads Health Project) Series 2023 8.125%, 07/01/2058(a)		1,000		1,039,291
Wisconsin Public Finance Authority (NC A&T Real Estate Foundation LLC) Series 2019 5.00%, 06/01/2034		1,000		1,028,658
5.00%, 06/01/2044		6,315		6,354,301
Wisconsin Public Finance Authority (Scotland Health Care System Obligated Group) Series 2021-A 4.00%, 10/01/2047		8,255		7,405,816
				23,719,283
Total Municipal Obligations (cost $593,455,305)				574,003,668

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.72%(d)(e)(f) (cost $3,759,404)		3,759,404	$	3,759,404
Total Investments – 98.7% (cost $597,214,709)				577,763,072
Other assets less liabilities – 1.3%				7,597,505
Net Assets – 100.0%			$	585,360,577

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note C)

				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	29,852		10/15/2029	2.516%	CPI#	Maturity	$	(22,997	)	$	– 0	–	$	(22,997	)
USD	29,824		10/15/2029	2.451%	CPI#	Maturity		65,404			– 0	–		65,404
USD	29,824		10/15/2029	2.499%	CPI#	Maturity		250			– 0	–		250
							$	42,657		$	– 0	–	$	42,657

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

				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	15,600		07/31/2029	1 Day SOFR	3.986%	Annual	$	79,995		$	– 0	–	$	79,995
USD	12,400		07/31/2029	1 Day SOFR	4.461%	Annual		332,839			– 0	–		332,839
USD	11,000		07/31/2029	1 Day SOFR	3.975%	Annual		50,876			– 0	–		50,876
USD	10,000		07/31/2029	1 Day SOFR	3.938%	Annual		29,337			– 0	–		29,337
USD	12,180		10/15/2029	1 Day SOFR	3.814%	Annual		14,580			– 0	–		14,580
USD	12,160		10/15/2029	1 Day SOFR	3.740%	Annual		(26,821	)		– 0	–		(26,821	)
USD	12,160		10/15/2029	1 Day SOFR	3.761%	Annual		(15,848	)		– 0	–		(15,848	)

16 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				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	24,100		07/31/2030	1 Day SOFR	4.016%	Annual	$	215,065		$	– 0	–	$	215,065
USD	28,600		11/01/2030	1 Day SOFR	4.518%	Annual		905,546			– 0	–		905,546
USD	16,000		07/31/2031	1 Day SOFR	4.181%	Annual		340,757			– 0	–		340,757
USD	15,400		09/15/2031	1 Day SOFR	3.533%	Annual		(237,077	)		– 0	–		(237,077	)
USD	4,900		09/15/2031	1 Day SOFR	3.768%	Annual		– 0	–		– 0	–		– 0	–
USD	4,500		09/15/2031	1 Day SOFR	3.411%	Annual		(107,952	)		– 0	–		(107,952	)
USD	3,800		09/15/2031	1 Day SOFR	3.517%	Annual		(66,028	)		– 0	–		(66,028	)
USD	33,400		12/19/2033	3.571%	1 Day SOFR	Annual		1,038,465			– 0	–		1,038,465
USD	19,200		06/15/2034	3.543%	1 Day SOFR	Annual		439,762			2,370			437,392
USD	13,410		08/15/2034	3.314%	1 Day SOFR	Annual		525,530			– 0	–		525,530
USD	10,500		08/15/2034	3.304%	1 Day SOFR	Annual		448,882			– 0	–		448,882
							$	3,967,908		$	2,370		$	3,965,538

(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 October 31, 2024, the aggregate market value of these securities amounted to $75,317,741 or 12.9% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at October 31, 2024.

(c) When-Issued or delayed delivery security.

(d) Affiliated investments.

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

(f) 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.

As of October 31, 2024, 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 9.3% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

DOT – Department of Transportation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 17

STATEMENT OF ASSETS & LIABILITIES

October 31, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $593,455,305)	$	574,003,668
Affiliated issuers (cost $3,759,404)		3,759,404
Cash collateral due from broker		2,375,219
Interest receivable		9,031,924
Receivable due from Adviser		149,132
Receivable for shares of beneficial interest sold		40,144
Affiliated dividends receivable		10,931
Total assets		589,370,422
Liabilities
Due to custodian		479,655
Dividends payable		1,878,513
Payable for investment securities purchased		1,549,712
Payable for variation margin on centrally cleared swaps		89,739
Payable for shares of beneficial interest redeemed		12,226
Total liabilities		4,009,845
Net Assets	$	585,360,577
Composition of Net Assets
Shares of beneficial interest, at par	$	596
Additional paid-in capital		614,950,505
Accumulated loss		(29,590,524	)
Net Assets	$	585,360,577
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 59,610,129 common shares outstanding)	$	9.82

See notes to financial statements.

18 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended October 31, 2024 (unaudited)

Investment Income
Interest	$	11,001,878
Dividends—Affiliated issuers		91,097
Other income(a)		3,324
Total investment income			$	11,096,299
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions				(4,136,623	)
Swaps				(474,381	)
Net change in unrealized appreciation of:
Investments				16,758,823
Swaps				4,132,639
Net gain on investment transactions				16,280,458
Net Increase in Net Assets from Operations			$	27,376,757

(a) Other income includes a reimbursement for investment in affiliated issuer (see Note B).

See notes to financial statements.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 19

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	11,096,299		$	20,719,875
Net realized loss on investment transactions		(4,611,004	)		(5,978,197	)
Net change in unrealized appreciation of investments		20,891,462			5,763,930
Net increase in net assets from operations		27,376,757			20,505,608
Distribution to Shareholders		(10,732,235	)		(20,167,561	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		(2,688,060	)		29,036,450
Total increase		13,956,462			29,374,497
Net Assets
Beginning of period		571,404,115			542,029,618
End of period	$	585,360,577		$	571,404,115

See notes to financial statements.

20 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS

October 31, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Corporate Shares (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end, diversified management investment company. The Trust, which is a Massachusetts Business Trust, operates as a “series” company currently offering four separate portfolios: AB Corporate Income Shares, AB Municipal Income Shares, AB Taxable Multi-Sector Income Shares and AB Impact Municipal Income Shares. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Impact Municipal Income Shares (the “Fund”).

Shares of the Fund are offered exclusively to holders of accounts established under wrap fee programs sponsored and maintained by certain registered investment advisers approved by AllianceBernstein L.P. (the “Adviser”). The Fund’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, the the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 21

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

22 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the 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 are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available,

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 23

NOTES TO FINANCIAL STATEMENTS (continued)

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of October 31, 2024:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

$

– 0

–

$

574,003,668

$

– 0

–

$

574,003,668

Short-Term Investments

3,759,404

– 0

–

– 0

–

3,759,404

Total Investments in Securities

3,759,404

574,003,668

– 0

–

577,763,072

Other Financial Instruments(a):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

65,654

– 0

–

65,654

(b)

Centrally Cleared Interest Rate Swaps

– 0

–

4,421,634

– 0

–

4,421,634

(b)

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(22,997

)

– 0

–

(22,997

)(b)

Centrally Cleared Interest Rate Swaps

– 0

–

(453,726

)

– 0

–

(453,726

)(b)

Total

$

3,759,404

$

578,014,233

$

– 0

–

$

581,773,637

(a) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

24 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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

4. Investment Income and Investment Transactions

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

5. Dividends and Distributions

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

6. Cash and Short-Term Investments

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the advisory agreement, the Fund pays no advisory fee to the Adviser and the Adviser reimburses or pays for the Fund’s operating expenses. The Fund is an integral part of separately managed accounts in wrap-fee programs and other investment programs. Typically, participants in these programs pay a fee to their investment adviser for all costs and expenses of the separately managed account, including costs and expenses associated with the Fund, and a fee is paid by their investment adviser to the Adviser. In certain cases, participants may have a direct relationship with the Adviser without the involvement of a third party investment adviser, in which case the participant would pay a fee directly

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 25

NOTES TO FINANCIAL STATEMENTS (continued)

to the Adviser. The Adviser serves as investment manager and adviser of the Fund and continuously furnishes an investment program for the Fund and manages, supervises and conducts the affairs of the Fund, subject to the supervisions of the Fund’s Board. The advisory agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

The Fund has entered into a distribution agreement with AllianceBernstein Investments, Inc., the Fund’s principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Fund’s shares, which are sold at their net asset value without any sales charge. The Fund does not pay a fee for this service. The Underwriter is a wholly owned subsidiary of the Adviser.

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Fund’s registrar, transfer agent and dividend-disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders. The Fund does not pay a fee for this service.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to reimburse the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended October 31, 2024, such reimbursement amounted to $3,324.

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

Fund	Market Value 4/30/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 10/31/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,016	$	59,143	$	57,400	$	3,759	$	91

26 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended October 31, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	64,072,682	$	59,318,621
U.S. government securities		4,523,630		5,530,270

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

Gross unrealized appreciation	$	10,295,333
Gross unrealized depreciation		(25,738,775	)
Net unrealized depreciation	$	(15,443,442	)

1. Derivative Financial Instruments

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

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Swaps

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

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 27

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

28 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

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

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

During the six months ended October 31, 2024, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

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

During the six months ended October 31, 2024, the Fund held inflation (CPI) swaps for hedging purposes.

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

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 29

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

During the six months ended October 31, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on centrally cleared swaps	$	4,484,918	*	Payable for variation margin on centrally cleared swaps	$	476,723	*
Total		$	4,484,918			$	476,723

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(474,381	)	$	4,132,639
Total		$	(474,381)		$	4,132,639

30 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended October 31, 2024:

Centrally Cleared Interest Rate Swaps:
Average notional amount	$	186,774,286
Centrally Cleared Inflation Swaps:
Average notional amount	$	89,500,000	(a)

(a) Positions were open for one month during the period.

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

	Shares						Amount
	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024			Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Shares sold		3,980,739			9,731,162		$	39,044,488		$	92,033,389
Shares redeemed		(4,250,078	)		(6,642,394	)		(41,732,548	)		(62,996,939	)
Net increase (decrease)		(269,339	)		3,088,768		$	(2,688,060	)	$	29,036,450

NOTE E

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities selected based on ESG factors may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Fund’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 31

NOTES TO FINANCIAL STATEMENTS (continued)

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

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

Tax Risk—There is no guarantee that all of the Fund’s income will remain exempt from U.S. federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in U.S. federal income tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value, or NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt

32 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield. The U.S. federal income tax treatment of payments in respect of certain derivative contracts is unclear.

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

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 33

NOTES TO FINANCIAL STATEMENTS (continued)

use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when particular investments, such as lower-rated securities, are or become difficult to purchase or sell, possibly preventing the Fund from selling such investments at an advantageous price. The Fund is subject to illiquid investments risk because the market for municipal securities is generally smaller than many other markets. Derivatives and securities involving substantial market and credit risk tend to involve greater illiquid investments risk than most other types of investments.

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

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

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain

34 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the Adviser. The Fund did not utilize the Facility during the six months ended October 31, 2024.

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	1,357,374	$	1,651,825
Total taxable distributions paid		1,357,374		1,651,825
Tax-exempt income		18,810,187		16,451,270
Total distributions paid	$	20,167,561	$	18,103,095

As of April 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed tax-exempt income	$	1,708,828
Accumulated capital and other losses	$	(10,276,152	)(a)
Unrealized appreciation (depreciation)		(35,954,581	)(b)
Total accumulated earnings (deficit)	$	(44,521,905	)(c)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $10,276,152.

(b) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of swaps.

(c) The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $8,124,654 and a net long-term capital loss carryforward of $2,151,498, which may be carried forward for an indefinite period.

NOTE H

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 35

NOTES TO FINANCIAL STATEMENTS (continued)

LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, ASU 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280 it, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-07 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-07.

NOTE I

Subsequent Events

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

36 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 9.54			$ 9.54			$ 9.76			$ 10.91			$ 9.91			$ 10.19
Income From Investment Operations
Net investment income(a)		.19			.35			.31			.28			.31			.33
Net realized and unrealized gain (loss) on investment transactions		.27			(.01	)		(.20	)		(1.16	)		1.00			(.27	)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	(b)		– 0	–
Net increase (decrease) in net asset value from operations		.46			.34			.11			(.88	)		1.31			.06
Less: Dividends
Dividends from net investment income		(.18	)		(.34	)		(.33	)		(.27	)		(.31	)		(.34	)
Net asset value, end of period		$ 9.82			$ 9.54			$ 9.54			$ 9.76			$ 10.91			$ 9.91
Total Return
Total investment return based on net asset value(c)		4.84	%		3.70	%		1.20	%		(8.23	)%		13.32	%		.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$585,361			$571,404			$542,030			$516,931			$458,181			$245,297
Ratio to average net assets of:
Net investment income		3.76	%^		3.73	%		3.32	%		2.59	%		2.88	%		3.18	%
Portfolio turnover rate		11	%		15	%		8	%		13	%		14	%		2	%

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

^ Annualized.

See notes to financial statements.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 37

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

The disinterested trustees (the “directors”) of AB Corporate Shares (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Impact Municipal Income Shares (the “Fund”) at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

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

The directors noted that the Fund is designed as a vehicle for the wrap fee account market (where investors pay fees to a wrap fee sponsor which pays investment fees and expenses from such fee). The directors also noted that no advisory fee is payable by the Fund, that the Advisory Agreement does not include the reimbursement provision for certain administrative expenses included in the advisory agreements of most of the open-end AB Funds, and that the Adviser is responsible for payment of the Fund’s ordinary expenses. The directors noted that the Company acknowledges in the Advisory Agreement that the Adviser and its affiliates expect to receive compensation from third parties in connection with services provided under the Advisory Agreement. The directors further noted that the Adviser receives payments from the wrap fee program sponsors (the “Sponsors”) that use the Fund as an investment vehicle for their clients.

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

38 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 39

distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts (“SMAs”). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors’ request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees

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

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an

40 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

arm’s length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser’s fee arrangements with the Sponsors vary, the directors acknowledged the Adviser’s view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the “implied fee”) and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

The directors did not consider comparative expense information for the Fund because the Fund does not bear ordinary expenses.

Economies of Scale

The directors did not consider the extent to which fee levels in the Advisory Agreement for the Fund reflect economies of scale because the Advisory Agreement does not provide for any compensation to be paid to the Adviser by the Fund and the Fund’s expense ratio is zero. They did note, however, that the fee payable to the Adviser by the current Sponsors declines at a breakpoint based on either individual account sizes or on total assets managed by the Adviser for the Sponsor.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 41

NOTES

42 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 43

NOTES

44 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

AB IMPACT MUNICIPAL INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

IMISH-0152-1024    

OCT^10.31.24

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB MUNICIPAL INCOME SHARES

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

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 103.6%
Long-Term Municipal Bonds – 103.5%
Alabama – 4.4%
Black Belt Energy Gas District Series 2024-B 5.00%, 10/01/2055	$	40,965	$	43,497,850
Black Belt Energy Gas District (Apollo Global Management, Inc.) Series 2024-A 5.25%, 05/01/2055		8,000		8,666,788
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2022-F 5.50%, 11/01/2053		15,500		16,470,773
Series 2023-A 5.25%, 01/01/2054(a)(b)		46,865		50,442,866
Series 2023-C 5.50%, 10/01/2054		16,055		17,650,894
Series 2023-D 5.079% (SOFR + 1.85%), 06/01/2049(c)		20,500		21,074,843
Black Belt Energy Gas District (Morgan Stanley) 5.728% (SOFR + 2.15%), 02/01/2053(a)(b)(c)		10,000		10,393,849
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052		17,325		17,267,661
Black Belt Energy Gas District (Pacific Mutual Holding Co.) Series 2024-C 5.00%, 05/01/2055		31,900		34,053,142
Black Belt Energy Gas District (Royal Bank of Canada) Series 2023-B 5.25%, 12/01/2053(a)(b)		22,380		24,180,424
County of Jefferson AL Sewer Revenue Series 2024 5.25%, 10/01/2041		2,250		2,450,491
5.25%, 10/01/2044		2,665		2,879,978
5.50%, 10/01/2053		9,610		10,402,947
Energy Southeast A Cooperative District (Morgan Stanley) Series 2023-A 5.279% (SOFR + 2.05%), 11/01/2053(c)		16,000		16,209,954
5.50%, 11/01/2053(b)		17,645		19,291,407

abfunds.com AB MUNICIPAL INCOME SHARES ^| 1

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-B 5.429% (SOFR + 2.20%), 04/01/2054(c)	$	10,000	$	10,225,350
Series 2024-B 5.25%, 07/01/2054		41,865		45,055,565
Homewood Educational Building Authority (CHF – Horizons II LLC) Series 2024 5.00%, 10/01/2056		1,200		1,201,956
5.50%, 10/01/2049		4,500		4,758,012
5.50%, 10/01/2054		1,400		1,470,505
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2016 5.00%, 02/01/2036		5,000		5,059,562
5.00%, 02/01/2041		5,000		5,047,064
Series 2021 4.00%, 02/01/2041		3,370		3,163,648
4.00%, 02/01/2046		9,640		8,638,907
Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/2039(a)(b)		5,000		5,188,799
5.00%, 02/01/2046(a)(b)		23,280		23,827,120
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2016-A 5.00%, 09/01/2031		2,235		2,386,508
Mobile County Industrial Development Authority (ArcelorMittal SA) Series 2024 5.00%, 06/01/2054		28,330		28,921,902
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		38,405		41,072,753
Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding Co.) Series 2024-A 5.00%, 08/01/2054		35,220		37,702,390
Southeast Energy Authority A Cooperative District Series 2024-C 5.00%, 11/01/2055		10,000		10,750,145

2 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Southeast Energy Authority A Cooperative District (Goldman Sachs Group, Inc. (The)) Series 2022-B 5.00%, 05/01/2053	$	4,085	$	4,261,729
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		15,000		15,005,061
Series 2022-A 5.50%, 01/01/2053		7,620		8,210,211
5.998% (SOFR + 2.42%), 01/01/2053(a)(b)(c)		10,000		10,521,817
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		28,425		30,160,594
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054		10,000		10,583,095
				608,146,560
Alaska – 0.1%
Municipality of Anchorage AK Solid Waste Services Revenue Series 2022-A 5.25%, 11/01/2062		3,000		3,167,706
State of Alaska International Airports System Series 2016-B 5.00%, 10/01/2033		6,500		6,575,403
5.00%, 10/01/2034		2,500		2,527,741
				12,270,850
American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		3,235		3,292,570
Series 2018 7.125%, 09/01/2038(a)		8,315		8,915,042
				12,207,612

abfunds.com AB MUNICIPAL INCOME SHARES ^| 3

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Arizona – 2.8%
Arizona Industrial Development Authority Series 2024 5.00%, 11/01/2054	$	8,205	$	8,642,364
Arizona Industrial Development Authority (AZIDA 2019-2) Series 2019-2, Class A 3.625%, 05/20/2033		14,330		13,606,409
Arizona Industrial Development Authority (Benjamin Franklin Charter School Obligated Group) Series 2023 4.43%, 07/01/2033(a)		520		523,248
5.25%, 07/01/2053(a)		1,000		1,002,567
5.50%, 07/01/2058(a)		1,000		1,009,156
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2021 4.00%, 11/01/2051(a)		11,325		9,989,818
Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) Series 2021 5.00%, 07/01/2051(a)		10,000		9,225,382
Arizona Industrial Development Authority (KIPP Nashville Obligated Group) Series 2022-A 5.00%, 07/01/2047		750		758,493
5.00%, 07/01/2057		1,500		1,505,952
5.00%, 07/01/2062		1,460		1,462,217
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-B 4.00%, 07/01/2051		1,000		880,034
4.00%, 07/01/2061		4,600		3,927,426
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.75%, 07/01/2030(d)(e)(f)		1,500		60,000
7.75%, 07/01/2050(d)(e)(f)		33,950		1,358,000
Series 2021-A 6.00%, 07/01/2051(d)(e)(f)		1,425		57,000
Arizona Industrial Development Authority (North Carolina Central University Project) BAM Series 2019 5.00%, 06/01/2049		785		797,041

4 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2018 5.75%, 07/15/2048(a)	$	1,000	$	1,012,683
Series 2020-A 4.00%, 07/15/2030(a)		1,395		1,385,580
4.00%, 07/15/2040(a)		4,180		3,800,820
4.00%, 07/15/2050(a)		1,000		841,461
Arizona Industrial Development Authority (Provident Group – EMU Properties LLC) Series 2018 5.00%, 05/01/2051(d)(f)		1,100		605,000
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		3,900		3,993,337
5.00%, 09/01/2052		1,500		1,536,063
Series 2023 4.10%, 12/01/2037		6,000		6,025,611
Series 2024 4.00%, 06/01/2049		40,000		40,008,900
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.442%, 07/01/2032		5,000		4,275,952
2.542%, 07/01/2033		5,000		4,211,062
2.642%, 07/01/2034		6,795		5,640,567
2.742%, 07/01/2035		10,000		8,197,757
2.842%, 07/01/2036		13,000		10,538,417
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) Series 2014-B 5.00%, 07/01/2026		11,000		11,016,808
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.321%, 07/01/2034		10,500		8,388,187
2.421%, 07/01/2035		10,325		8,118,113
Glendale Industrial Development Authority (Beatitudes Campus Obligated Group (The)) Series 2017 5.00%, 11/15/2036		1,000		937,784
Glendale Industrial Development Authority (Royal Oaks Life Care Community) Series 2016 5.00%, 05/15/2039		2,700		2,703,937

abfunds.com AB MUNICIPAL INCOME SHARES ^| 5

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) Series 2014 5.00%, 02/01/2029	$	18,125	$	17,764,137
Industrial Development Authority of the City of Phoenix Arizona (The) (BASIS Schools, Inc. Obligated Group) Series 2015 5.00%, 07/01/2035(a)		2,000		2,008,446
Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) Series 2014 5.00%, 07/01/2044		3,875		3,874,943
Industrial Development Authority of the County of Pima (The) (Edkey, Inc. Obligated Group) Series 2020 5.00%, 07/01/2049(a)		6,890		6,487,769
5.00%, 07/01/2055(a)		3,700		3,436,513
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 5.625%, 11/15/2030(a)		9,500		9,646,392
6.875%, 11/15/2052(a)		6,500		7,058,194
7.00%, 11/15/2057(a)		2,915		3,173,088
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2046(a)		3,500		3,477,047
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) Series 2021 4.00%, 07/01/2061(a)		2,875		2,265,528
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052(a)		20,370		20,933,292

6 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047(a)	$	24,115	$	21,391,647
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2024-D 5.00%, 12/01/2039		2,725		3,016,233
5.00%, 12/01/2040		5,750		6,322,411
5.00%, 12/01/2041		1,525		1,668,844
Maricopa County Industrial Development Authority (Legacy Traditional School Obligated Group) Series 2019 5.00%, 07/01/2049(a)		2,000		1,994,919
5.00%, 07/01/2054(a)		2,300		2,262,261
Maricopa County Industrial Development Authority (Morrison Education Group Obligated Group) Series 2024-A 6.50%, 07/01/2054(a)		8,500		8,833,765
6.625%, 07/01/2059(a)		5,000		5,216,467
6.75%, 07/01/2063(a)		5,880		6,158,166
Maricopa County Industrial Development Authority (Valley Christian Schools) Series 2023 6.25%, 07/01/2053(a)		1,650		1,688,042
6.375%, 07/01/2058(a)		3,670		3,765,834
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2032		10,945		11,765,431
5.00%, 12/01/2037		2,915		3,159,859
5.25%, 12/01/2027		16,425		17,244,954
Sierra Vista Industrial Development Authority Series 2024 5.00%, 06/15/2044(a)		1,300		1,307,512
5.00%, 06/15/2054(a)		2,500		2,476,958
5.00%, 06/15/2064(a)		2,500		2,430,166
Sierra Vista Industrial Development Authority (American Leadership Academy, Inc.) Series 2023 5.75%, 06/15/2058(a)		10,000		10,382,845

abfunds.com AB MUNICIPAL INCOME SHARES ^| 7

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tempe Industrial Development Authority (Friendship Village of Tempe) Series 2019 5.00%, 12/01/2054	$	1,185	$	1,147,523
Tempe Industrial Development Authority (Mirabella at ASU, Inc.) Series 2017-A 6.125%, 10/01/2047(a)		1,065		667,011
Yuma Industrial Development Authority Series 2024 4.00%, 08/01/2054		2,500		2,403,061
5.25%, 08/01/2054		10,235		10,995,681
				384,468,085
Arkansas – 0.5%
Arkansas Development Finance Authority (Baptist Memorial Health Care Obligated Group) Series 2020 5.00%, 09/01/2044		21,000		21,479,818
Arkansas Development Finance Authority (Hybar LLC) Series 2023 6.875%, 07/01/2048(a)		7,185		7,912,736
Series 2024 7.375%, 07/01/2048(a)		34,700		38,663,309
Arkansas Development Finance Authority (United States Steel Corp.) Series 2022 5.45%, 09/01/2052		5,000		5,184,299
				73,240,162
California – 13.0%
Alameda Corridor Transportation Authority Series 2022-A 5.35%, 10/01/2048(g)		17,000		9,776,595
5.38%, 10/01/2049(g)		10,435		5,985,722
5.40%, 10/01/2050(g)		7,345		4,192,724
AGM Series 2024 Zero Coupon, 10/01/2049		7,250		2,221,480
Zero Coupon, 10/01/2053		15,000		3,657,186
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		17,900		17,867,510
Align Affordable Housing Bond Fund LP (SHI – Lake Worth LLC) Series 2021 3.25%, 12/01/2051(a)		26,000		23,432,508

8 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
ARC70 II TRUST  Series 2021 4.00%, 12/01/2059	$	7,860	$	6,888,357
Series 2023 4.84%, 04/01/2065(e)(h)		60,680		56,877,064
California Community Choice Financing Authority Series 2024 5.00%, 02/01/2055(i)		36,510		39,247,845
5.00%, 08/01/2055		26,635		28,539,352
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		61,410		65,639,902
California Community Choice Financing Authority (Apollo Global Management, Inc.) Series 2024 5.00%, 01/01/2055		14,745		15,835,123
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		115,505		124,013,491
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052		1,000		1,015,286
Series 2023 5.25%, 11/01/2054		3,800		4,102,721
California Community Choice Financing Authority (Morgan Stanley) Series 2023 4.679% (SOFR + 1.63%), 07/01/2053(a)(b)(c)		16,800		16,789,883
4.899% (SOFR + 1.67%), 02/01/2054(c)		10,000		10,092,419
5.00%, 02/01/2054		48,650		52,182,987
Series 2024 5.00%, 05/01/2054		27,820		30,013,315
California Community College Financing Authority (NCCD-Orange Coast Properties LLC) Series 2018 5.25%, 05/01/2043		4,485		4,637,518

abfunds.com AB MUNICIPAL INCOME SHARES ^| 9

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 05/01/2048	$	6,750	$	6,955,764
5.25%, 05/01/2053		6,300		6,471,872
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2056(a)		23,800		20,957,618
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056(a)		39,200		33,356,248
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056(a)		17,000		12,519,274
4.00%, 08/01/2046(a)		7,585		6,501,012
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 3.00%, 02/01/2057(a)		19,715		14,013,310
California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) Series 2022 Zero Coupon, 08/01/2065(a)		121,230		4,978,455
5.50%, 02/01/2040(a)		4,875		4,409,846
Series 2022-A 4.50%, 08/01/2052(a)		21,280		17,323,927
California Educational Facilities Authority (Chapman University) Series 2015 5.00%, 04/01/2033		4,005		4,028,285
5.00%, 04/01/2034		4,205		4,228,479
California Educational Facilities Authority (Loma Linda University) Series 2017-A 5.00%, 04/01/2031		1,000		1,036,656
5.00%, 04/01/2042		1,000		1,018,371
California Enterprise Development Authority (Heights Christian Schools) Series 2023 6.25%, 06/01/2053(a)		2,000		2,021,843

10 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2042(a)	$	5,000	$	4,339,846
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2037		1,700		1,743,908
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		14,120		14,237,393
Series 2021-1, Class A 3.50%, 11/20/2035		8,996		8,625,204
Series 2021-2, Class A 3.75%, 03/25/2035		42,617		41,942,591
Series 2021-2, Class X 0.82%, 03/25/2035(j)		22,053		969,692
Series 2021-3, Class A 3.25%, 08/20/2036		6,823		6,334,866
Series 2021-3, Class X 0.77%, 08/20/2036(j)		19,850		964,972
Series 2023-1, Class A 4.375%, 09/20/2036		21,275		21,884,994
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2024 8.00%, 01/01/2050(a)		12,400		12,778,186
California Infrastructure & Economic Development Bank (Equitable School Revolving Fund LLC Obligated Group) Series 2020-B 4.00%, 11/01/2045		850		826,741
4.00%, 11/01/2050		860		815,315
California Infrastructure & Economic Development Bank (Roseville Sustainable Energy Partner LLC) Series 2024 5.25%, 07/01/2054		8,000		8,457,750
California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) Series 2021 Zero Coupon, 01/01/2061(a)		2,960		231,804
Series 2021-A1 5.00%, 01/01/2056(a)		3,000		2,995,086

abfunds.com AB MUNICIPAL INCOME SHARES ^| 11

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2041	$	4,900	$	4,684,995
California Municipal Finance Authority (BOLD Program) Series 2023-B 5.75%, 09/01/2053		2,850		3,084,024
California Municipal Finance Authority (California Baptist University) Series 2016-A 5.00%, 11/01/2046(a)		2,000		2,005,079
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2039		2,030		2,124,693
5.00%, 05/15/2040		1,000		1,043,605
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.) Series 2021-A 5.00%, 12/01/2046(a)		1,490		1,499,716
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2012-A 6.625%, 01/01/2032(a)		760		756,924
Series 2014 5.00%, 01/01/2035		1,085		950,555
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 4.00%, 12/31/2047		7,040		6,467,115
5.00%, 12/31/2043		37,050		37,432,197
California Municipal Finance Authority (Samuel Merritt University) Series 2022 5.25%, 06/01/2053		5,000		5,380,423
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 11/21/2045(a)		9,725		9,725,321
Series 2023 5.00%, 07/01/2027(a)		2,000		2,081,521
5.00%, 07/01/2028(a)		2,350		2,478,799
5.00%, 07/01/2029(a)		2,300		2,454,825

12 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 07/01/2030(a)	$	2,600	$	2,792,537
5.00%, 07/01/2031(a)		3,000		3,244,083
5.00%, 07/01/2032(a)		5,470		5,950,305
5.00%, 07/01/2033(a)		5,865		6,419,082
5.00%, 07/01/2034(a)		3,000		3,271,859
5.00%, 07/01/2036(a)		2,650		2,865,746
5.00%, 07/01/2037(a)		2,250		2,428,103
5.00%, 07/01/2038(a)		3,500		3,766,448
5.00%, 11/21/2045(a)		1,100		1,151,232
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040(d)(e)(f)(k)		785		79
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 11/21/2045(a)		4,890		5,000,597
California Public Finance Authority (Enso Village) Series 2021 2.375%, 11/15/2028(a)		1,360		1,334,251
California Public Finance Authority (Kendal at Ventura) Series 2023 10.00%, 05/15/2028(a)		800		945,513
California School Finance Authority (Aspire Public Schools Obligated Group) Series 2020-A 5.00%, 08/01/2059(a)		3,120		3,135,900
California School Finance Authority (Classical Academy Obligated Group) Series 2021 4.00%, 10/01/2046(a)		2,800		2,456,761
Series 2022 5.00%, 10/01/2042(a)		1,000		1,019,524
5.00%, 10/01/2052(a)		1,000		1,001,887
5.00%, 10/01/2061(a)		1,500		1,498,043
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 5.00%, 06/01/2046(a)		3,630		2,817,516

abfunds.com AB MUNICIPAL INCOME SHARES ^| 13

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California School Finance Authority (Equitas Academy Obligated Group) Series 2018-A 5.00%, 06/01/2056(a)	$	8,850	$	8,379,884
California School Finance Authority (Hawking STEAM Charter Schools, Inc.) Series 2022 5.25%, 07/01/2052(a)		2,250		2,294,555
5.50%, 07/01/2062(a)		2,775		2,846,994
California School Finance Authority (KIPP SoCal Public Schools Obligated Group) Series 2019-A 5.00%, 07/01/2039(a)		2,325		2,404,235
5.00%, 07/01/2049(a)		700		709,905
California School Finance Authority (KIPP SoCal Public Schools) Series 2014-A 5.00%, 07/01/2034(a)		1,075		1,075,704
California School Finance Authority (Lighthouse Community Public Schools Obligated Group) Series 2022 6.375%, 06/01/2052(a)		1,225		1,291,633
California School Finance Authority (Rocketship Education Obligated Group) Series 2017-G 5.00%, 06/01/2047(a)		2,330		2,274,442
California State University 2.719%, 11/01/2052(a)(b)		5,000		3,430,783
2.975%, 11/01/2051(a)(b)		5,000		3,525,256
Series 2021-B 2.374%, 11/01/2035(a)(b)		10,000		7,881,193
California Statewide Communities Development Authority (California Baptist University) Series 2017-A 5.00%, 11/01/2041(a)		2,875		2,901,582
California Statewide Communities Development Authority (CHF-Irvine LLC) BAM Series 2021 3.00%, 05/15/2051		13,000		9,993,119
California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) AGM Series 2022-A 5.25%, 08/15/2052		3,000		3,202,338

14 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.375%, 08/15/2057	$	3,720	$	3,991,960
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2016 5.00%, 06/01/2036(a)		5,250		5,318,083
5.00%, 06/01/2046(a)		7,000		7,019,756
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041(a)		15,285		15,434,633
5.25%, 12/01/2056(a)		14,795		14,945,619
Series 2018 5.25%, 12/01/2038(a)		3,000		3,121,779
5.25%, 12/01/2048(a)		6,440		6,588,097
Series 2018-A 5.00%, 12/01/2033(a)		1,350		1,400,279
5.50%, 12/01/2058(a)		19,145		19,731,316
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.25%, 07/01/2049(a)		1,125		1,137,896
5.25%, 07/01/2052(a)		1,500		1,514,061
City of Los Angeles CA Series 2024 5.00%, 06/26/2025		62,000		62,770,319
City of Los Angeles Department of Airports Series 2019 5.00%, 05/15/2044		15,415		15,861,916
Series 2020-C 5.00%, 05/15/2036(a)(b)		10,000		10,545,958
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.50%, 09/01/2046		850		863,634
City of Vernon CA Electric System Revenue Series 2022-2 5.00%, 08/01/2039		425		457,484
5.00%, 08/01/2040		375		402,169
5.00%, 08/01/2041		420		448,614
CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) Series 2022-A 4.00%, 08/01/2058(a)		15,100		12,040,939

abfunds.com AB MUNICIPAL INCOME SHARES ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056(a)	$	18,760	$	13,250,831
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056(a)		12,525		11,134,704
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056(a)		8,415		5,930,364
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056(a)		15,450		10,932,738
4.00%, 08/01/2047(a)		3,540		3,087,371
County of Los Angeles CA Series 2024 5.00%, 06/30/2025		4,605		4,662,593
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.25%, 05/01/2057(a)		23,500		16,365,999
4.00%, 05/01/2057(a)		15,550		11,135,868
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057(a)		13,940		10,179,684
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2056(a)		13,215		11,606,150
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056(a)		15,200		12,365,148

16 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A2 3.125%, 08/01/2056(a)	$	10,025	$	7,611,157
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.25%, 07/01/2056(a)		22,165		15,556,769
4.00%, 07/01/2058(a)		6,000		4,224,149
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046(a)		2,500		1,902,199
4.00%, 09/01/2056(a)		24,830		19,229,909
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) Series 2021 3.25%, 12/01/2058(a)		12,700		8,993,615
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 3.00%, 12/01/2056(a)		22,570		15,686,333
4.00%, 12/01/2056(a)		3,400		2,555,332
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority The Crescent) Series 2022 4.30%, 07/01/2059(a)		11,500		9,936,838
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 4.00%, 05/01/2057(a)		5,400		3,915,269
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A2 4.00%, 07/01/2056(a)		27,100		22,129,611

abfunds.com AB MUNICIPAL INCOME SHARES ^| 17

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 3.25%, 10/01/2058(a)	$	8,930	$	6,296,658
4.00%, 10/01/2048(a)		2,000		1,494,558
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056(a)		15,405		10,935,165
Golden State Tobacco Securitization Corp. 3.293%, 06/01/2042(a)(b)		6,850		5,354,982
Series 2021 3.85%, 06/01/2050		16,310		14,983,606
Series 2021-A 4.214%, 06/01/2050		2,900		2,161,754
Series 2021-B Zero Coupon, 06/01/2066		225,990		24,453,994
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 2.746%, 06/01/2034(a)(b)		14,780		12,622,361
3.115%, 06/01/2038(a)(b)		29,325		24,167,222
Hastings Campus Housing Finance Authority Series 2020-A 5.00%, 07/01/2061(a)		14,340		12,994,967
Los Angeles Unified School District/CA Series 2024-A 5.00%, 07/01/2031		17,500		20,120,550
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-A 6.50%, 11/01/2039		3,390		4,317,723
Series 2009-B 6.50%, 11/01/2039		3,865		4,922,713
Series 2009-C 7.00%, 11/01/2034		5,000		6,219,231
Milpitas Unified School District/CA Series 2014-B 4.00%, 08/01/2037		8,195		8,164,115
Northern California Energy Authority (Pacific Mutual Holding Co.) Series 2024 5.00%, 12/01/2054		14,855		15,751,743

18 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No. 2003-1) Series 2022 5.75%, 09/01/2052	$	1,600	$	1,648,212
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.106% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(c)		33,680		30,536,181
San Diego County Regional Airport Authority Series 2023 5.00%, 07/01/2048		7,270		7,615,446
5.25%, 07/01/2058		3,275		3,456,164
San Francisco City & County Airport Comm 3.053%, 05/01/2034(a)(b)		3,500		3,008,226
3.183%, 05/01/2035(a)(b)		5,500		4,693,732
3.333%, 05/01/2037(a)(b)		2,250		1,880,451
San Francisco Intl Airport Series 2018 5.00%, 05/01/2043		11,000		11,248,323
Series 2019-A 5.00%, 05/01/2044(a)(b)		14,000		14,403,001
Series 2019-E 5.00%, 05/01/2050		7,000		7,175,844
Series 2020-E 5.00%, 05/01/2037		8,525		8,947,467
5.00%, 05/01/2038		11,000		11,547,276
Series 2023-E 5.50%, 05/01/2040		10,000		11,165,144
5.75%, 05/01/2048		10,000		11,071,598
Series 2024 5.25%, 05/01/2041		10,000		10,996,107
5.25%, 05/01/2042		10,000		10,909,301
5.25%, 05/01/2043		7,100		7,685,782
San Joaquin Hills Transportation Corridor Agency Series 2014-B 5.25%, 01/15/2044		1,000		1,002,161
Series 2021-A 4.00%, 01/15/2044		1,429		1,438,199
San Jose Evergreen Community College District Series 2012 5.833% (CME Term SOFR 3 Month + 1.00%), 07/01/2043(c)		3,970		3,929,572

abfunds.com AB MUNICIPAL INCOME SHARES ^| 19

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Southern California Logistics Airport Authority AGC Series 2006 5.00%, 12/01/2036	$	100	$	100,996
5.00%, 12/01/2043		1,585		1,600,782
Southern California Public Power Authority (American International Group, Inc.) Series 2024-A 5.00%, 04/01/2055		40,490		43,035,606
State of California Series 2023 6.00%, 03/01/2033		10,000		10,878,995
Series 2024 4.00%, 08/01/2049		11,300		11,334,550
4.00%, 08/01/2054		3,600		3,586,629
5.00%, 09/01/2025		8,800		8,946,413
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		19,650		3,195,552
Tobacco Securitization Authority of Southern California Series 2019 Zero Coupon, 06/01/2054		10,480		2,083,132
5.00%, 06/01/2039		1,555		1,646,696
				1,807,175,200
Colorado – 2.9%
Aurora Highlands Community Authority Board Series 2021-A 5.75%, 12/01/2051		15,000		14,190,320
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2037(a)		5,000		4,933,592
Series 2022 6.50%, 12/01/2053		4,350		4,474,662
City & County of Denver CO Airport System Revenue Series 2022-A 5.00%, 11/15/2033		9,000		9,700,167
5.50%, 11/15/2053		10,475		11,289,392
City & County of Denver CO Airport System Revenue (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		645		645,101

20 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools, Inc.) Series 2024 5.75%, 04/01/2059(a)	$	2,250	$	2,320,424
5.80%, 04/01/2054(a)		3,725		3,866,926
Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation Obligated Group) Series 2022 5.00%, 09/01/2052		850		852,662
5.00%, 09/01/2057		2,100		2,104,237
5.00%, 09/01/2062		2,000		1,993,946
Colorado Educational & Cultural Facilities Authority (STEAD School (The)) Series 2023-A 7.00%, 07/01/2034(a)		18,215		18,720,913
Series 2023-B 8.125%, 07/01/2028(a)		465		466,694
Colorado Educational & Cultural Facilities Authority (Vega Collegiate Academy) Series 2021 5.00%, 02/01/2051(a)		3,500		3,309,153
5.00%, 02/01/2061(a)		2,870		2,649,563
Colorado Health Facilities Authority 5.00%, 11/01/2040(a)(b)		4,650		5,042,521
5.00%, 11/01/2041(a)(b)		5,075		5,484,236
5.00%, 11/01/2042(a)(b)		3,800		4,086,082
5.25%, 11/01/2052(a)(b)		10,000		10,696,789
Colorado Health Facilities Authority (Aberdeen Ridge, Inc. Obligated Group) Series 2021-A 5.00%, 05/15/2049		1,300		884,718
5.00%, 05/15/2058		3,000		1,927,286
Series 2021-B 2.125%, 05/15/2028		1,500		1,444,751
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2038		6,600		6,480,866
5.00%, 08/01/2039		1,000		1,043,452
5.00%, 08/01/2044		93,310		96,014,245
Series 2022 5.50%, 11/01/2047		2,500		2,748,663

abfunds.com AB MUNICIPAL INCOME SHARES ^| 21

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Colorado Health Facilities Authority (Frasier Meadows Manor, Inc. Obligated Group) Series 2023-2 4.00%, 05/15/2048	$	2,100	$	1,824,685
Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) Series 2024-A 5.00%, 05/15/2054		10,000		10,523,582
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2044		7,050		7,347,200
Series 2019-B 3.696%, 11/01/2039		1,525		1,295,754
Colorado State Education Loan Program Series 2024-A 5.00%, 06/30/2025		60,000		60,700,236
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041(d)(e)(f)		19,590		14,692,500
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		13,433		12,039,215
Longs Peak Metropolitan District Series 2021 5.25%, 12/01/2051(a)		5,000		4,954,222
Meridian Ranch Metropolitan District 2018 Subdistrict Series 2022 6.25%, 12/01/2037		1,435		1,453,680
6.50%, 12/01/2042		1,105		1,122,362
6.75%, 12/01/2052		1,925		1,952,388
Platte River Metropolitan District Series 2023-A 6.50%, 08/01/2053(a)		3,355		3,466,921
Plaza Metropolitan District No. 1 Series 2013 5.00%, 12/01/2040(a)		1,500		1,490,443
Public Authority for Colorado Energy (Bank of America Corp.) Series 2008 6.50%, 11/15/2038		16,535		19,896,752
Pueblo Urban Renewal Authority Series 2021 4.75%, 12/01/2045(e)		8,010		5,463,283

22 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Regional Transportation District (Denver Transit Partners LLC) Series 2020 5.00%, 01/15/2032	$	2,300	$	2,470,759
Riverwalk Metropolitan District No. 2 Series 2022-A 5.00%, 12/01/2042		4,000		3,675,868
5.00%, 12/01/2052		1,500		1,326,652
Sagebrush Farm Metropolitan District No. 1 Series 2022-A 6.75%, 12/01/2052		3,500		3,681,525
Spring Hill Metropolitan District No. 3 Series 2022-A 6.75%, 12/01/2052(a)		667		683,550
St. Vrain Lakes Metropolitan District No. 4 Series 2024-A 6.75%, 09/20/2054(a)(g)		1,500		1,076,650
STC Metropolitan District No. 2 Series 2019-A 5.00%, 12/01/2038		940		920,525
5.00%, 12/01/2049		1,000		946,772
Sterling Ranch Community Authority Board (Sterling Ranch Colorado Metropolitan District No. 2) Series 2020-A 4.25%, 12/01/2050		2,250		2,040,214
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 6.50%, 12/01/2042		2,215		2,354,965
6.75%, 12/01/2053		11,000		11,676,311
Series 2023 8.375%, 12/15/2054		2,500		2,533,952
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050		646		530,857
AGM Series 2020 5.00%, 12/01/2033		370		396,701
5.00%, 12/01/2050		435		449,531
Verve Metropolitan District No. 1 Series 2023 6.50%, 12/01/2043		3,365		3,294,032
6.75%, 12/01/2052		4,000		3,919,869
				407,573,317

abfunds.com AB MUNICIPAL INCOME SHARES ^| 23

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Connecticut – 0.6%
City of New Haven CT AGM Series 2019-A 5.00%, 08/01/2039	$	1,650	$	1,725,185
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group) Series 2020-A 4.00%, 07/01/2036		1,000		1,012,998
Connecticut State Health & Educational Facilities Authority (Quinnipiac University) Series 2015-L 5.00%, 07/01/2045		5,750		5,777,792
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, Inc.) Series 2017-I1 5.00%, 07/01/2035		1,000		1,029,349
5.00%, 07/01/2037		1,095		1,123,722
Connecticut State Health & Educational Facilities Authority (Seabury Retirement Community) Series 2016-A 5.00%, 09/01/2046(a)		1,000		979,245
5.00%, 09/01/2053(a)		1,475		1,401,736
Connecticut State Health & Educational Facilities Authority (University of Hartford (The)) Series 2019 4.00%, 07/01/2044		10,710		8,534,679
4.00%, 07/01/2049		3,325		2,575,469
5.00%, 07/01/2033		470		468,982
5.00%, 07/01/2034		295		292,751
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) Series 2018 5.00%, 07/01/2034		1,000		1,012,765
Series 2018-K1 5.00%, 07/01/2028		765		787,867
5.00%, 07/01/2035		1,055		1,066,248
5.00%, 07/01/2036		2,205		2,224,222
5.00%, 07/01/2037		1,085		1,093,196
5.00%, 07/01/2038		1,980		1,988,557
State of Connecticut Series 2016-E 5.00%, 10/15/2034		4,595		4,709,414

24 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2016-F 5.00%, 10/15/2031	$	10,205	$	10,537,922
Series 2017-A 5.00%, 04/15/2032		6,700		6,960,658
5.00%, 04/15/2033		10,985		11,381,275
5.00%, 04/15/2034		4,855		5,023,695
Series 2019-B 5.00%, 02/15/2025		11,830		11,882,962
Town of Hamden CT (Whitney Center, Inc. Obligated Group) Series 2022-A 7.00%, 01/01/2053		3,900		4,240,810
				87,831,499
Delaware – 0.0%
Delaware River & Bay Authority Series 2021 4.00%, 01/01/2042		550		552,993
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2020 5.00%, 09/01/2050		1,125		1,142,875
				1,695,868
District of Columbia – 0.5%
District of Columbia (District of Columbia International School Obligated Group) Series 2019 5.00%, 07/01/2039		1,000		1,029,379
5.00%, 07/01/2049		2,075		2,095,695
5.00%, 07/01/2054		3,565		3,587,222
District of Columbia (District of Columbia Union Market TIF Area) Series 2024 6.25%, 06/01/2041(a)(g)		1,500		891,039
6.60%, 06/01/2049(a)(g)		2,400		1,395,762
Series 2024-A 5.125%, 06/01/2034(a)		6,580		6,563,208
District of Columbia (KIPP DC Obligated Group) Series 2017-A 5.00%, 07/01/2042		3,230		3,279,718
5.00%, 07/01/2048		5,350		5,396,214
Series 2017-B 5.00%, 07/01/2037		1,465		1,500,595
5.00%, 07/01/2042		2,000		2,030,785

abfunds.com AB MUNICIPAL INCOME SHARES ^| 25

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
District of Columbia (Rocketship DC Obligated Group) Series 2019 5.00%, 06/01/2056(a)	$	3,255	$	3,125,175
Series 2021 5.00%, 06/01/2041(a)		1,190		1,198,656
5.00%, 06/01/2051(a)		4,345		4,226,482
Series 2024 5.625%, 06/01/2044		1,000		1,042,044
5.75%, 06/01/2054		1,000		1,032,530
6.00%, 06/01/2058		1,000		1,046,333
District of Columbia Tobacco Settlement Financing Corp. Series 2006 Zero Coupon, 06/15/2055		182,000		18,435,303
Metropolitan Washington Airports Authority Aviation Revenue Series 2020-A 5.00%, 10/01/2025		5,000		5,062,231
Series 2021-A 5.00%, 10/01/2046		7,400		7,655,500
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series 2009 Zero Coupon, 10/01/2037		10,000		5,867,333
				76,461,204
Florida – 5.7%
Bexley Community Development District Series 2016 4.875%, 05/01/2047		985		951,778
Cape Coral Health Facilities Authority (Gulf Care, Inc. Obligated Group) Series 2015 5.875%, 07/01/2040(a)		1,400		1,041,859
6.00%, 07/01/2045(a)		1,215		901,799
6.00%, 07/01/2050(a)		2,895		2,139,157
Capital Projects Finance Authority/FL Series 2024 5.00%, 06/15/2054(a)		1,200		1,179,893
5.00%, 06/15/2064(a)		1,890		1,823,940
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2026		2,000		2,039,062
5.00%, 10/01/2029		1,650		1,724,053
5.00%, 10/01/2032		1,000		1,037,669
5.00%, 10/01/2033		1,050		1,084,878

26 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Capital Projects Finance Authority/FL (IDEA Lakeland) Series 2023 7.00%, 06/15/2030(a)	$	12,790	$	13,325,833
Capital Trust Agency, Inc. (Aviva Senior Life) Series 2017 5.00%, 07/01/2046(a)		1,300		995,570
Capital Trust Agency, Inc. (Educational Growth Fund LLC) Series 2021 Zero Coupon, 07/01/2061(a)		83,000		5,801,028
3.375%, 07/01/2031(a)		1,210		1,170,010
5.00%, 07/01/2056(a)		45,885		44,596,035
Capital Trust Agency, Inc. (Southeastern University Obligated Group) Series 2023 6.00%, 05/01/2043(a)		2,000		2,027,061
6.25%, 05/01/2048(a)		2,500		2,540,280
6.375%, 05/01/2053(a)		4,500		4,576,607
Capital Trust Agency, Inc. (Team Success A School of Excellence, Inc.) Series 2020 5.00%, 06/01/2045(a)		1,615		1,527,574
5.00%, 06/01/2055(a)		3,250		2,979,232
Series 2022 5.50%, 06/01/2057(a)		3,000		2,959,554
Capital Trust Authority Series 2024 5.00%, 06/01/2064(a)		4,250		4,192,073
Capital Trust Authority (IDEA Florida, Inc.) Series 2023-A 6.25%, 06/15/2053(a)		6,250		6,525,719
6.375%, 06/15/2058(a)		4,000		4,190,589
City of Jacksonville FL (Genesis Health, Inc. Obligated Group) Series 2020 4.00%, 11/01/2039		1,650		1,577,870
4.00%, 11/01/2040		2,175		2,076,316
4.00%, 11/01/2045		2,500		2,290,058
5.00%, 11/01/2050		8,625		8,793,395
City of Lakeland FL (Pre-refunded – US Treasuries) Series 2015 5.00%, 11/15/2040		5,610		5,613,055

abfunds.com AB MUNICIPAL INCOME SHARES ^| 27

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Palmetto FL (Renaissance Arts and Education, Inc.) Series 2022 5.25%, 06/01/2052	$	2,955	$	3,006,270
5.375%, 06/01/2057		1,000		1,021,566
5.625%, 06/01/2062		7,965		8,229,002
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2037		8,405		8,675,233
5.00%, 08/15/2047		6,125		6,245,041
City of Tallahassee FL (Tallahassee Memorial HealthCare, Inc.) Series 2016 5.00%, 12/01/2055		3,535		3,477,077
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2036		700		425,433
Zero Coupon, 09/01/2037		700		405,637
Zero Coupon, 09/01/2040		980		486,406
Zero Coupon, 09/01/2041		1,000		469,979
Zero Coupon, 09/01/2045		1,850		699,110
Zero Coupon, 09/01/2049		1,350		410,812
Collier County Industrial Development Authority (NCH Healthcare System, Inc. Obligated Group) Series 2024 5.00%, 10/01/2054		6,500		6,974,902
County of Lake FL (Waterman Communities, Inc.) Series 2020 5.75%, 08/15/2050		5,000		5,029,053
5.75%, 08/15/2055		3,905		3,912,414
County of Lee FL Airport Revenue Series 2024 5.25%, 10/01/2042		5,500		5,989,657
5.25%, 10/01/2044		4,550		4,918,818
County of Miami-Dade FL Aviation Revenue Series 2015-A 5.00%, 10/01/2031		1,100		1,110,172
County of Miami-Dade Seaport Department Series 2023-A 5.25%, 10/01/2052		7,900		8,326,187

28 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2035	$	1,000	$	628,947
Zero Coupon, 10/01/2036		860		509,096
Zero Coupon, 10/01/2037		1,390		781,105
Zero Coupon, 10/01/2038		1,185		628,458
Zero Coupon, 10/01/2039		1,610		805,307
County of Palm Beach FL (Provident Group – LU Properties II LLC) Series 2024 8.50%, 06/01/2033		650		653,756
County of Palm Beach FL (Provident Group – LU Properties LLC) Series 2024 6.00%, 06/01/2044		4,000		4,037,461
6.125%, 06/01/2054		5,000		5,026,654
6.25%, 06/01/2059		4,000		4,042,509
County of Palm Beach FL (Provident Group-PBAU Properties LLC) Series 2019 5.00%, 04/01/2039(a)		1,435		1,410,357
5.00%, 04/01/2051(a)		11,645		11,024,290
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(a)(b)		52,000		56,468,828
Florida Development Finance Corp. Series 2024 4.375%, 10/01/2054(a)		18,800		18,797,932
Florida Development Finance Corp. (Assistance Unlimited, Inc.) Series 2022 5.00%, 08/15/2032(a)		460		459,882
5.25%, 08/15/2037(a)		700		695,293
5.625%, 08/15/2042(a)		1,520		1,515,592
5.875%, 08/15/2052(a)		5,000		4,975,737
6.00%, 08/15/2057(a)		1,000		1,002,356
Florida Development Finance Corp. (Brightline Trains Florida LLC) AGM Series 2024 5.00%, 07/01/2044		10,000		10,375,781
5.25%, 07/01/2053		12,900		13,426,907
Florida Development Finance Corp. (Cornerstone Charter Academy, Inc. Obligated Group) Series 2022 5.00%, 10/01/2032(a)		925		952,444

abfunds.com AB MUNICIPAL INCOME SHARES ^| 29

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 10/01/2042(a)	$	4,815	$	4,831,398
5.125%, 10/01/2052(a)		4,120		4,068,587
5.25%, 10/01/2056(a)		4,825		4,817,349
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) Series 2021 4.00%, 07/01/2051(a)		1,000		860,125
Florida Development Finance Corp. (Mater Academy, Inc.) Series 2020-A 5.00%, 06/15/2040		3,150		3,178,617
5.00%, 06/15/2050		13,310		13,317,862
Series 2022-A 4.00%, 06/15/2042		1,000		906,305
5.00%, 06/15/2047		2,470		2,475,960
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) Series 2020 5.25%, 06/01/2050(a)		5,000		4,890,298
5.25%, 06/01/2055(a)		5,500		5,290,215
Series 2021 4.00%, 06/01/2041(a)		830		715,280
Florida Development Finance Corp. (Parrish Charter Academy) Series 2023 6.25%, 04/23/2058(a)		7,635		7,665,366
Florida Development Finance Corp. (Renaissance Charter School, Inc. Series 2020A/B Obligated Group) Series 2021 5.375%, 06/15/2040		1,000		1,004,621
Florida Development Finance Corp. (Renaissance Charter School, Inc.) Series 2023 6.75%, 06/15/2053(a)		5,750		6,317,390
Florida Development Finance Corp. (River City Education Obligated Group) Series 2021 4.00%, 07/01/2035		925		898,463
Series 2022 5.00%, 07/01/2042		2,225		2,278,754
5.00%, 07/01/2051		1,045		1,052,064
5.00%, 02/01/2057		1,725		1,728,417
5.00%, 07/01/2057		740		741,466

30 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida Development Finance Corp. (Seaside School Consortium, Inc.) Series 2022 6.00%, 06/15/2057	$	7,000	$	7,380,850
Florida Development Finance Corp. (SFP – Tampa I LLC) Series 2024 5.00%, 06/01/2044(a)		3,275		3,329,745
5.25%, 06/01/2054(a)		5,550		5,650,147
5.25%, 06/01/2059(a)		7,900		8,012,518
6.50%, 06/01/2059(a)		3,800		3,864,722
Florida Development Finance Corp. (United Cerebral Palsy of Central Florida, Inc.) Series 2020 5.00%, 06/01/2050		1,950		1,779,501
Florida Higher Educational Facilities Financial Authority (Florida Institute of Technology, Inc.) Series 2019 4.00%, 10/01/2037		1,000		928,911
5.00%, 10/01/2031		1,235		1,279,803
Florida Higher Educational Facilities Financial Authority (Ringling College of Art and Design, Inc.) Series 2017 5.00%, 03/01/2032		265		270,568
5.00%, 03/01/2034		2,395		2,433,989
5.00%, 03/01/2042		2,785		2,802,398
5.00%, 03/01/2047		1,950		1,953,342
Series 2019 5.00%, 03/01/2044		1,065		1,070,879
5.00%, 03/01/2049		10,425		10,433,299
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		2,700		2,551,323
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2031(a)(b)		4,350		4,491,596
5.00%, 10/01/2032(a)(b)		1,500		1,546,951
5.00%, 10/01/2034(a)(b)		2,150		2,210,734
5.00%, 10/01/2035(a)(b)		3,500		3,589,041
5.00%, 10/01/2036(a)(b)		4,000		4,096,574

abfunds.com AB MUNICIPAL INCOME SHARES ^| 31

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2019-A 5.00%, 10/01/2034	$	2,000	$	2,091,706
5.00%, 10/01/2036		5,000		5,206,995
5.00%, 10/01/2044		13,000		13,323,814
5.00%, 10/01/2049		4,500		4,585,726
5.00%, 10/01/2054		4,000		4,060,370
Halifax Hospital Medical Center Series 2024 4.25%, 06/01/2054		2,250		2,160,413
Hillsborough County Aviation Authority Series 2024 5.25%, 10/01/2042		4,500		4,927,460
5.25%, 10/01/2044		11,475		12,472,968
5.50%, 10/01/2054		27,170		29,659,152
Hillsborough County Industrial Development Authority Series 2024 5.50%, 11/15/2054		13,500		15,098,798
Hillsborough County Industrial Development Authority (BayCare Obligated Group) Series 2024-C 4.125%, 11/15/2051		14,000		13,486,536
Jacksonville Transportation Authority Series 2025 5.00%, 08/01/2026(i)		1,785		1,823,306
5.00%, 08/01/2028(i)		2,750		2,903,645
5.00%, 08/01/2029(i)		1,000		1,070,225
5.00%, 08/01/2034(i)		1,190		1,319,501
5.00%, 08/01/2036(i)		1,500		1,667,162
Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Series 2019 Assessment) Series 2018 5.30%, 05/01/2039		1,000		1,028,831
5.45%, 05/01/2048		1,525		1,557,953
Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Series 2023 Assessment) Series 2023 6.125%, 05/01/2043		2,220		2,358,295
6.30%, 05/01/2054		4,160		4,385,783
Lee County Industrial Development Authority/FL Series 2024-C 5.00%, 11/15/2054		5,000		5,151,555

32 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) Series 2022 5.25%, 10/01/2052	$	1,350	$	1,251,543
5.25%, 10/01/2057		3,650		3,341,954
Lee County Industrial Development Authority/FL (Shell Point Obligated Group) Series 2024 5.25%, 11/15/2044		2,525		2,713,283
5.25%, 11/15/2054		1,000		1,052,160
Marshall Creek Community Development District (Marshall Creek Community Development District 2015A) Series 2015-A 5.00%, 05/01/2032		1,130		1,133,581
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida Obligated Group) Series 2014 5.00%, 11/15/2039		2,000		2,000,537
Miami-Dade County Educational Facilities Authority Series 2024-A 5.25%, 04/01/2048(i)		10,000		10,897,185
Miami-Dade County Expressway Authority Series 2014-A 5.00%, 07/01/2034		4,000		4,002,994
Miami-Dade County Housing Finance Authority (Wynwood Works LLC) Series 2023-A 5.70%, 06/01/2052(a)		6,875		6,964,568
Series 2023-B 5.78%, 06/01/2027(a)		3,640		3,663,293
Miami-Dade County Industrial Development Authority (AcadeMir Charter School Middle & Preparatory Academy Obligated Group) Series 2022 5.00%, 07/01/2037(a)		525		535,270
5.25%, 07/01/2042(a)		770		784,525
5.25%, 07/01/2052(a)		2,435		2,443,963
5.50%, 07/01/2061(a)		4,375		4,431,943

abfunds.com AB MUNICIPAL INCOME SHARES ^| 33

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Mid-Bay Bridge Authority Series 2015-A 5.00%, 10/01/2028	$	1,600	$	1,619,513
5.00%, 10/01/2040		2,000		2,010,151
Series 2015-C 5.00%, 10/01/2035		1,750		1,763,598
5.00%, 10/01/2040		1,000		1,005,522
Middleton Community Development District A (Middleton Community Development District A Series 2022 Phase I Special Assmnt) Series 2022 6.20%, 05/01/2053		3,470		3,681,207
North Broward Hospital District Series 2017-B 5.00%, 01/01/2037		4,070		4,191,932
5.00%, 01/01/2042		10,510		10,739,024
5.00%, 01/01/2048		10,000		10,146,594
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2042		6,020		5,669,150
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2021 4.00%, 10/01/2041		1,030		931,230
4.00%, 10/01/2051		4,330		3,641,089
Series 2024 5.00%, 10/01/2043		2,260		2,303,425
5.25%, 10/01/2053		2,850		2,898,809
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 5.00%, 06/01/2055		2,880		2,814,136
Series 2022 4.25%, 06/01/2056		5,825		4,963,727
Palm Beach County Health Facilities Authority (Green Cay Life Plan Village, Inc.) Series 2022 11.50%, 07/01/2027(a)		1,800		2,283,727

34 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) Series 2022 5.00%, 11/01/2038	$	400	$	421,964
5.00%, 11/01/2039		685		720,077
5.00%, 11/01/2040		650		680,255
5.00%, 11/01/2041		2,330		2,428,417
5.00%, 11/01/2042		500		519,238
5.00%, 11/01/2047		13,835		14,172,290
5.00%, 11/01/2052		19,480		19,874,043
Pinellas County Industrial Development Authority Series 2019 5.00%, 07/01/2039		6,620		6,688,116
Pinellas County Industrial Development Authority (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) Series 2019 5.00%, 07/01/2029		1,055		1,075,621
Polk County Industrial Development Authority/FL (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(a)		3,805		3,393,674
St. Johns County Industrial Development Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2020 4.00%, 08/01/2055		5,300		4,569,240
Village Community Development District No. 13 (Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) Series 2019 3.00%, 05/01/2029		950		920,018
3.375%, 05/01/2034		1,425		1,358,825
3.55%, 05/01/2039		2,480		2,293,368
3.70%, 05/01/2050		9,475		8,095,015

abfunds.com AB MUNICIPAL INCOME SHARES ^| 35

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Village Community Development District No. 13 (Village Community Development Dist No. 13 Phase II Series 2020 Special Assmnts) Series 2020 3.50%, 05/01/2051(a)	$	4,820	$	3,940,297
Village Community Development District No. 14 (Village Community Development District No. 14 Series 2022 Phase I Special Asmnts) Series 2022 5.50%, 05/01/2053		2,160		2,244,656
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Asmnts) Series 2023 5.00%, 05/01/2043(a)		1,250		1,289,523
5.25%, 05/01/2054(a)		2,140		2,209,212
Village Community Development District No. 15 (Village Community Development District No 15 Series 2024 Special Assessment) Series 2024 4.80%, 05/01/2055(a)		1,000		997,948
				790,540,460
Georgia – 4.5%
Atlanta Development Authority (The) Series 2024-A 5.00%, 04/01/2034(a)		3,250		3,267,375
Atlanta Development Authority (The) (City of Atlanta GA Westside Tax Allocation District Gulch Area) Series 2024 6.50%, 12/15/2048(a)(g)		39,450		32,943,665
Series 2024-A 5.50%, 04/01/2039(a)		10,500		10,642,666
Augusta Development Authority (WellStar Health System Obligated Group) Series 2018 5.00%, 07/01/2027		1,635		1,706,252
City of Atlanta GA Department of Aviation Series 2019-B 5.00%, 07/01/2044		9,000		9,221,311
Series 2022-B 5.00%, 07/01/2047		10,000		10,351,474

36 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 07/01/2052	$	10,000	$	10,291,274
City of Atlanta GA Water & Wastewater Revenue (Pre-refunded – US Treasuries) Series 2015 5.00%, 11/01/2043		16,000		16,140,424
Clarke County Hospital Authority (Piedmont Healthcare, Inc. Obligated Group) Series 2016 5.00%, 07/01/2031		2,500		2,565,080
DeKalb County Housing Authority (HADC Avenues LLC) Series 2023 6.17%, 06/01/2053(a)		29,150		28,114,496
7.00%, 06/01/2041(a)		6,740		6,384,152
Development Authority for Fulton County (Piedmont Healthcare, Inc. Obligated Group) Series 2016-A 5.00%, 07/01/2032		2,000		2,048,076
Development Authority of Gwinnett County (Board of Regents of the University System of Georgia Lease) Series 2017-A 5.00%, 07/01/2032		1,205		1,247,713
5.00%, 07/01/2033		2,370		2,450,875
5.00%, 07/01/2035		4,945		5,093,646
5.00%, 07/01/2037		2,335		2,399,089
Development Authority of Monroe County (The) (Georgia Power Co.) Series 2023 3.875%, 10/01/2048		5,000		5,037,985
Fayette County Development Authority Series 2024 5.00%, 10/01/2032		750		817,267
5.00%, 10/01/2034		750		824,206
5.00%, 10/01/2035		825		902,952
5.00%, 10/01/2036		900		981,423
5.25%, 10/01/2049		9,360		10,024,644
Fayette County Development Authority (United States Soccer Federation, Inc.) Series 2024 5.00%, 10/01/2044		1,000		1,056,267
5.25%, 10/01/2054		13,250		14,092,118

abfunds.com AB MUNICIPAL INCOME SHARES ^| 37

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Fayette County Hospital Authority/GA (Piedmont Healthcare, Inc. Obligated Group) Series 2016 5.00%, 07/01/2034	$	1,620	$	1,655,246
5.00%, 07/01/2035		6,355		6,489,897
5.00%, 07/01/2036		2,735		2,791,366
George L Smith II Congress Center Authority Series 2021 4.00%, 01/01/2054		1,485		1,320,805
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System Obligated Group) Series 2017 5.00%, 08/01/2043		10,880		10,890,646
5.00%, 08/01/2047		1,800		1,774,317
Main Street Natural Gas, Inc. Series 2024-D 5.00%, 04/01/2054		26,300		28,237,092
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052(a)		37,500		37,372,005
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-A 4.00%, 09/01/2052		2,185		2,208,789
Series 2022-B 5.00%, 12/01/2052		12,195		12,917,368
Series 2023-A 5.00%, 06/01/2053		6,750		7,171,429
Series 2023-D 5.00%, 05/01/2054		55,235		58,879,604
Series 2024-C 5.00%, 12/01/2054		23,805		25,366,163
Main Street Natural Gas, Inc. (Macquarie Group Ltd.) Series 2019-A 5.00%, 05/15/2033		5,000		5,164,937
5.00%, 05/15/2043		15,500		15,965,003
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023 4.929% (SOFR + 1.70%), 12/01/2053(c)		25,000		25,725,197
Series 2023-B 5.00%, 07/01/2053		11,720		12,421,135

38 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-C 5.00%, 09/01/2053	$	24,815	$	26,393,740
Series 2024-A 5.00%, 05/01/2054		35,000		37,319,436
Series 2024-B 5.00%, 12/01/2054		44,070		47,181,148
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2038		675		702,056
5.00%, 01/01/2039		1,215		1,252,591
5.00%, 01/01/2048		2,460		2,489,944
5.00%, 01/01/2049		5,000		5,101,984
5.00%, 01/01/2056		4,655		4,734,182
5.00%, 01/01/2059		6,270		6,307,140
Series 2022 4.50%, 07/01/2063		15,000		14,729,694
5.00%, 07/01/2052		12,000		12,453,629
Series 2023 5.00%, 07/01/2039		1,000		1,087,177
5.50%, 07/01/2064		10,200		10,882,922
Series 2024 5.25%, 01/01/2049		5,645		6,100,764
AGM Series 2023 5.00%, 07/01/2048		1,570		1,658,955
5.00%, 07/01/2055		3,200		3,341,538
5.00%, 07/01/2064		6,055		6,301,694
				622,994,023
Guam – 0.4%
Guam Education Financing Foundation (Guam Education Financing Foundation COP) Series 2016-B 5.00%, 10/01/2026(a)		6,595		6,561,414
Guam Government Waterworks Authority Series 2020-A 5.00%, 01/01/2050		3,790		3,884,010
Guam Power Authority Series 2022-A 5.00%, 10/01/2043		3,300		3,472,173
Territory of Guam Series 2019 5.00%, 11/15/2031		1,510		1,533,550
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029		1,310		1,343,663
5.00%, 12/01/2030		4,160		4,258,219

abfunds.com AB MUNICIPAL INCOME SHARES ^| 39

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 12/01/2032	$	3,545	$	3,620,683
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015 5.00%, 11/15/2029		13,375		13,548,858
Series 2015-D 5.00%, 11/15/2033		3,570		3,600,710
5.00%, 11/15/2035		8,945		9,008,684
Series 2021-F 4.00%, 01/01/2036		4,050		3,972,568
				54,804,532
Hawaii – 0.2%
City & County Honolulu HI Wastewater System Revenue Series 2025 5.00%, 07/01/2032(i)		3,950		4,399,097
5.00%, 07/01/2033(i)		6,750		7,562,600
5.00%, 07/01/2034(i)		4,875		5,510,472
5.00%, 07/01/2036(i)		3,375		3,830,939
				21,303,108
Idaho – 0.1%
Idaho Health Facilities Authority (North Canyon Medical Center, Inc.) Series 2023 7.00%, 11/01/2048		4,500		4,879,333
7.125%, 11/01/2057		7,495		8,147,178
Idaho Housing & Finance Association (Battelle Energy Alliance LLC) Series 2010-A 7.00%, 02/01/2036		200		200,371
				13,226,882
Illinois – 6.5%
Bellwood Municipal Housing Corp. (Village of Bellwood IL) Series 2024 6.375%, 12/01/2059(a)		6,450		6,388,830
Chicago Board of Education Series 2012-A 5.00%, 12/01/2042		6,635		6,511,184
Series 2015-C 5.25%, 12/01/2035		2,790		2,790,779
5.25%, 12/01/2039		8,080		8,080,339
Series 2015-E 5.125%, 12/01/2032		1,000		1,000,321
Series 2016-A 7.00%, 12/01/2044		1,400		1,430,396

40 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2016-B 6.50%, 12/01/2046	$	1,900	$	1,960,580
Series 2017-G 5.00%, 12/01/2034		4,150		4,201,807
Series 2017-H 5.00%, 12/01/2036		900		907,280
Series 2018-A 5.00%, 12/01/2026		5,430		5,539,248
5.00%, 12/01/2027		6,300		6,488,831
Series 2019-A 5.00%, 12/01/2029		2,950		3,076,723
5.00%, 12/01/2030		5,120		5,303,828
Series 2019-B 5.00%, 12/01/2030		935		968,570
5.00%, 12/01/2031	<