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 

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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.

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Fund Information

AB Corporate Income Shares: ACISX 

3

CIS-0154-1024

AB Impact Municipal Income Shares: ABIMX

October 31, 2024 

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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.

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Fund Information

AB Impact Municipal Income Shares: ABIMX 

3

IMISH-0154-1024

AB Municipal Income Shares: MISHX

October 31, 2024 

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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.

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Fund Information

AB Municipal Income Shares: MISHX 

3

MIS-0154-1024

AB Taxable Multi-Sector Income Shares: CSHTX

October 31, 2024 

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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.

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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

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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

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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

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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.

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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.

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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

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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.

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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

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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.

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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.

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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

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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

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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,

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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.

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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

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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.

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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		1,030		1,064,117
5.00%, 12/01/2032		635		653,433
5.00%, 12/01/2033		500		513,257
Series 2021-A 5.00%, 12/01/2032		2,400		2,488,171
5.00%, 12/01/2033		4,510		4,663,579
5.00%, 12/01/2036		1,210		1,237,134
5.00%, 12/01/2038		7,730		7,861,324
5.00%, 12/01/2039		2,000		2,028,983
5.00%, 12/01/2040		1,750		1,768,223
5.00%, 12/01/2041		7,765		7,820,444
Series 2021-B 5.00%, 12/01/2036		1,000		1,022,425
Series 2022-B 4.00%, 12/01/2041		5,765		5,064,162
Series 2023 5.00%, 04/01/2045		1,500		1,559,930
5.25%, 04/01/2033		1,250		1,388,449
5.25%, 04/01/2034		1,000		1,105,800
5.50%, 04/01/2042		5,000		5,422,692
Series 2023-A 5.875%, 12/01/2047		19,500		20,990,280
6.00%, 12/01/2049		33,500		36,237,962
Chicago O’Hare International Airport Series 2016-B 5.00%, 01/01/2034		5,000		5,054,935
Series 2016-C 5.00%, 01/01/2035		1,625		1,642,759
5.00%, 01/01/2038		7,625		7,700,445
Series 2017-B 5.00%, 01/01/2036		12,000		12,312,044
5.00%, 01/01/2037		14,800		15,170,551
Series 2022 4.50%, 01/01/2048		10,750		10,694,868

abfunds.com AB MUNICIPAL INCOME SHARES ^| 41

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.625%, 01/01/2053	$	10,000	$	9,908,336
5.00%, 01/01/2055		4,400		4,497,481
5.50%, 01/01/2055(a)(b)		19,000		20,208,938
Series 2024-A 5.25%, 01/01/2041		2,150		2,338,853
5.25%, 01/01/2042		2,450		2,654,484
5.25%, 01/01/2043		2,625		2,833,097
5.50%, 01/01/2044		2,625		2,905,465
5.50%, 01/01/2059		19,500		20,962,157
Series 2024-C 5.00%, 01/01/2033		11,000		11,802,004
5.25%, 01/01/2045		1,000		1,079,267
Chicago O’Hare International Airport (Pre-refunded – US Treasuries) Series 2015-C 5.00%, 01/01/2034		1,665		1,668,070
Chicago O’Hare International Airport (TrIPs Obligated Group) Series 2018 5.00%, 07/01/2033		1,395		1,427,924
5.00%, 07/01/2038		1,500		1,522,831
5.00%, 07/01/2048		5,000		5,015,444
Chicago Transit Authority Sales Tax Receipts Fund  Series 2020-A 5.00%, 12/01/2045		5,000		5,173,681
5.00%, 12/01/2055		6,000		6,125,954
City of Chicago IL (Goldblatts Supportive Living Project) Series 2013 6.375%, 12/01/2052(d)(f)		1,050		624,578
Eastern Illinois Economic Development Authority (City of Mattoon IL Sales & Hotel Tax) Series 2023 5.00%, 11/01/2033		1,000		1,008,849
6.00%, 05/01/2046		3,580		3,629,585
Illinois Finance Authority (Acero Charter Schools, Inc. Obligated Group) Series 2021 4.00%, 10/01/2035(a)		1,280		1,231,538
4.00%, 10/01/2042(a)		4,150		3,715,912
Illinois Finance Authority (Ascension Health Credit Group) Series 2016-C 5.00%, 02/15/2025		6,000		6,024,888

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 02/15/2041	$	2,835	$	2,892,738
Illinois Finance Authority (Bradley University) Series 2021-A 4.00%, 08/01/2046		2,000		1,748,545
Illinois Finance Authority (DePaul College Prep) Series 2023 4.30%, 08/01/2028(a)		1,220		1,234,300
4.50%, 08/01/2033(a)		1,275		1,325,122
5.25%, 08/01/2038(a)		3,895		4,233,485
5.50%, 08/01/2043(a)		4,485		4,841,070
5.625%, 08/01/2053(a)		7,250		7,726,969
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 4.00%, 09/01/2035		1,000		897,647
4.00%, 09/01/2037		1,130		973,533
4.00%, 09/01/2039		2,000		1,669,792
4.00%, 09/01/2041		6,625		5,374,748
5.00%, 09/01/2036		2,095		2,040,162
5.00%, 09/01/2038		5,930		5,650,938
5.00%, 09/01/2040		2,285		2,138,433
Illinois Finance Authority (Lake Forest College) Series 2022-A 5.25%, 10/01/2052		1,500		1,515,389
5.50%, 10/01/2042		1,045		1,089,783
5.50%, 10/01/2047		1,000		1,033,748
Illinois Finance Authority (LRS Holdings LLC) Series 2023 7.375%, 09/01/2042(a)		23,500		27,360,549
Illinois Finance Authority (Park Place of Elmhurst Obligated Group) Series 2021 5.125%, 05/15/2060		3,489		1,884,155
Illinois Finance Authority (Plymouth Place Obligated Group) Series 2022 6.50%, 05/15/2042		2,000		2,173,375
6.50%, 05/15/2047		2,000		2,151,053
6.625%, 05/15/2052		1,910		2,054,099
6.75%, 05/15/2058		1,765		1,901,262
Illinois Finance Authority (Pre-refunded – US Treasuries) Series 2015 5.25%, 05/15/2050		2,000		2,019,385

abfunds.com AB MUNICIPAL INCOME SHARES ^| 43

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Illinois Finance Authority (Rosalind Franklin University of Medicine and Science) Series 2017-A 5.00%, 08/01/2042	$	1,000	$	1,009,864
5.00%, 08/01/2047		2,475		2,486,272
Series 2017-C 5.00%, 08/01/2046		2,900		2,916,043
Illinois Finance Authority (Silver Cross Hospital Obligated Group) Series 2015-C 5.00%, 08/15/2035		4,750		4,785,193
Illinois Finance Authority (University of Illinois) Series 2020 4.00%, 10/01/2050		3,615		3,246,904
Illinois Finance Authority (Washington and Jane Smith Community – Orland Park) Series 2022 4.00%, 10/15/2044		10,890		9,007,588
Illinois Housing Development Authority (Drexel Court & Lake Park East) Series 2022 7.17%, 11/01/2038		1,675		1,736,734
Series 2024 5.67%, 11/01/2038(e)		16,210		16,172,344
Illinois State Toll Highway Authority Series 2015-A 5.00%, 01/01/2031		1,500		1,519,015
5.00%, 01/01/2032		1,625		1,644,470
Series 2015-B 5.00%, 01/01/2036		2,850		2,900,385
Series 2016-B 5.00%, 01/01/2041		3,450		3,513,922
Series 2019-A 5.00%, 01/01/2025		7,900		7,919,634
5.00%, 01/01/2026		12,735		13,016,934
Metropolitan Pier & Exposition Authority Series 2015-B 5.00%, 12/15/2045		13,300		13,376,222
Series 2017 4.85%, 12/15/2042(g)		1,400		1,016,665
Series 2017-A 5.00%, 06/15/2057		4,000		4,047,152
Series 2017-B Zero Coupon, 12/15/2054		9,850		2,445,856

44 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2020 5.00%, 06/15/2050	$	44,345	$	45,376,797
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority Lease) Series 2020 5.00%, 06/15/2042		2,675		2,793,542
Metropolitan Pier & Exposition Authority (State of Illinois McCormick Place Expansion Project Fund) Series 2012 Zero Coupon, 12/15/2041		9,400		4,524,638
Zero Coupon, 12/15/2051		11,385		3,269,687
State of Illinois Series 2010 7.35%, 07/01/2035		10,108		10,970,806
Series 2016 5.00%, 02/01/2027		19,125		19,851,354
5.00%, 02/01/2029		5,945		6,163,205
5.00%, 11/01/2032		5,245		5,373,267
5.00%, 11/01/2035		8,000		8,155,974
Series 2017-A 5.00%, 12/01/2028		2,700		2,837,273
5.00%, 12/01/2034		2,585		2,674,476
Series 2017-C 5.00%, 11/01/2029		4,335		4,533,911
Series 2017-D 5.00%, 11/01/2026		16,070		16,610,199
5.00%, 11/01/2028		8,450		8,873,643
Series 2018-A 5.00%, 10/01/2028		1,710		1,821,743
5.00%, 10/01/2029		1,030		1,087,250
5.00%, 05/01/2030		2,185		2,288,783
Series 2019-B 4.00%, 11/01/2033		9,500		9,579,121
4.00%, 11/01/2036		16,375		16,277,123
4.00%, 11/01/2037		16,920		16,747,458
5.00%, 11/01/2030		8,225		8,817,054
Series 2020 5.50%, 05/01/2030		2,750		2,941,352
5.75%, 05/01/2045		2,500		2,713,120
Series 2020-B 5.00%, 10/01/2030		2,000		2,168,606
Series 2021-A 5.00%, 12/01/2030		9,955		10,808,299
5.00%, 03/01/2046		4,000		4,167,232
Series 2022-A 5.25%, 03/01/2037		2,500		2,736,212

abfunds.com AB MUNICIPAL INCOME SHARES ^| 45

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.50%, 03/01/2042	$	12,610	$	13,779,477
5.50%, 03/01/2047		4,500		4,855,277
Series 2022-B 5.25%, 10/01/2037		13,000		14,280,682
Series 2022-C 5.50%, 10/01/2045		19,000		20,655,945
Series 2023-B 5.00%, 05/01/2036		5,000		5,415,615
5.25%, 05/01/2041		2,750		2,965,989
5.25%, 05/01/2042		5,000		5,372,998
5.25%, 05/01/2043		2,500		2,677,496
5.50%, 05/01/2047		5,000		5,397,306
Series 2023-C 5.00%, 05/01/2033		15,000		16,413,313
Series 2023-D 5.00%, 07/01/2036		5,000		5,420,611
Series 2024 5.00%, 02/01/2037		16,130		17,756,344
Series 2024-A 5.257%, 05/01/2030		10,000		10,158,143
5.277%, 05/01/2031		2,000		2,030,755
Series 2024-B 4.25%, 05/01/2046		4,750		4,565,198
5.00%, 05/01/2039		3,000		3,259,641
5.00%, 05/01/2040		5,000		5,405,934
5.25%, 05/01/2043		3,085		3,351,934
5.25%, 05/01/2044		6,000		6,495,969
State of Illinois (Pre-refunded – US Treasuries) Series 2014 5.00%, 05/01/2031		7,615		7,637,625
State of Illinois Sales Tax Revenue Series 2024-C 5.00%, 06/15/2040		1,525		1,650,457
Village of Antioch IL Special Service Areas No. 1 & 2 Series 2016-A 4.50%, 03/01/2033		2,922		2,767,901
Series 2016-B 7.00%, 03/01/2033		1,374		1,349,266
Village of Pingree Grove IL Special Service Area No. 7 Series 2015 4.50%, 03/01/2025		173		172,822
5.00%, 03/01/2036		2,957		2,875,857
Series 2015-B 6.00%, 03/01/2036		786		786,509
				896,826,685

46 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Indiana – 1.7%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.50%, 01/01/2034(a)	$	1,830	$	1,860,791
4.875%, 01/01/2044(a)		1,550		1,581,680
5.00%, 01/01/2054(a)		8,000		8,117,957
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		10,000		10,295,266
Indiana Finance Authority Series 2024 5.00%, 07/01/2054		1,400		1,421,467
5.25%, 07/01/2064		1,250		1,276,612
Indiana Finance Authority (Baptist Healthcare System Obligated Group) Series 2017 5.00%, 08/15/2051		3,905		3,954,855
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(e)		30,305		14,206,339
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2036		1,440		1,627,250
5.00%, 10/01/2038		1,220		1,368,609
5.00%, 10/01/2040		1,000		1,109,090
5.00%, 10/01/2041		1,500		1,655,412
5.00%, 10/01/2042		1,435		1,575,566
5.00%, 10/01/2043		1,550		1,693,405
5.00%, 10/01/2044		1,600		1,740,962
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2037		2,620		2,486,694
4.00%, 04/01/2039		1,630		1,524,910
4.00%, 04/01/2041		2,305		2,110,838
4.00%, 04/01/2042		2,400		2,175,259
Indiana Finance Authority (Greencroft Goshen Obligated Group) Series 2021 4.00%, 11/15/2043		6,700		5,990,274

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-2 4.00%, 11/15/2024	$	905	$	904,674
4.00%, 11/15/2025		985		977,801
4.00%, 11/15/2028		1,000		988,798
4.00%, 11/15/2029		1,000		989,478
4.00%, 11/15/2037		1,800		1,728,953
Indiana Finance Authority (Marquette Manor) Series 2015-A 5.00%, 03/01/2030		1,000		1,002,306
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2020 3.00%, 11/01/2030		11,725		11,204,859
Series 2020-A 3.00%, 11/01/2030		7,290		6,962,830
Series 2021-B 2.50%, 11/01/2030		5,065		4,639,143
Series 2022-A 4.25%, 11/01/2030		3,000		3,075,919
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-A 5.00%, 11/01/2054(a)		10,000		10,579,512
Series 2024-B 4.084% (SOFR + 0.71%), 11/01/2046(a)(c)(e)		32,030		31,985,805
Indiana Finance Authority (SFP-PUFW I LLC) Series 2024 5.00%, 07/01/2049		3,000		3,045,989
5.00%, 07/01/2059		1,000		1,006,103
Indiana Finance Authority (University of Evansville) Series 2022 5.00%, 09/01/2029		1,755		1,821,916
5.00%, 09/01/2030		1,845		1,917,156
5.00%, 09/01/2031		1,935		2,010,818
5.00%, 09/01/2032		2,035		2,112,783
5.25%, 09/01/2037		3,415		3,543,851
5.25%, 09/01/2044		10,000		10,123,820
5.25%, 09/01/2057		5,995		6,006,936
Indiana Housing & Community Development Authority (Vita of Marion LLC) Series 2021-A 5.25%, 04/01/2041(a)		1,000		839,329

48 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 5.75%, 03/01/2043	$	6,670	$	7,255,140
6.00%, 03/01/2053		9,200		9,994,960
6.125%, 03/01/2057		10,810		11,767,450
Series 2023-F 7.75%, 03/01/2067		10,750		12,163,600
BAM Series 2023 5.25%, 03/01/2067		16,800		17,772,705
				234,195,870
Iowa – 0.5%
Iowa Finance Authority (Pre-refunded – US Treasuries) Series 2022 5.00%, 12/01/2050		35,950		41,036,555
Iowa Finance Authority (Wesley Retirement Services, Inc. Obligated Group) Series 2021 4.00%, 12/01/2031		4,115		3,911,360
4.00%, 12/01/2041		7,810		6,616,033
4.00%, 12/01/2046		5,225		4,213,158
4.00%, 12/01/2051		9,340		7,291,774
Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center) Series 2022 5.375%, 10/01/2052		1,600		1,655,972
Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.50%, 11/01/2051		7,160		6,706,733
Iowa Tobacco Settlement Authority Series 2021-A 4.00%, 06/01/2049		4,000		3,735,996
				75,167,581
Kansas – 0.5%
City of Colby KS (Citizens Medical Center, Inc.) Series 2024 5.50%, 07/01/2026		18,800		18,856,118
City of Overland Park KS Sales Tax Revenue Series 2022 6.00%, 11/15/2034(a)		1,775		1,814,687

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
6.50%, 11/15/2042(a)	$	13,650	$	13,933,920
City of Topeka KS (Congregational Home Obligated Group (The)) Series 2022-A 5.75%, 12/01/2033		3,465		3,569,123
6.25%, 12/01/2042		2,920		3,047,849
6.50%, 12/01/2052		6,000		6,217,119
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) Series 2021-K 2.39%, 05/01/2036		8,000		6,136,726
Overland Park Development Corp. (City of Overland Park KS) Series 2019 5.00%, 03/01/2035		2,085		2,090,178
5.00%, 03/01/2037		2,070		2,072,383
5.00%, 03/01/2039		2,325		2,318,225
5.00%, 03/01/2044		1,000		985,610
5.00%, 03/01/2049		5,875		5,704,983
Wyandotte County-Kansas City Unified Government (Wyandotte County-Kansas City Unified Government Sales Tax) Series 2018 4.50%, 06/01/2040		1,225		1,200,137
				67,947,058
Kentucky – 2.2%
City of Ashland KY (Royal Blue Health LLC Obligated Group) Series 2019 4.00%, 02/01/2035		930		894,245
City of Henderson KY (Pratt Paper KY LLC) Series 2022 4.45%, 01/01/2042(a)		9,000		8,788,697
County of Trimble KY (Louisville Gas and Electric Co.) Series 2017 3.75%, 06/01/2033		6,955		6,991,551
Series 2020 1.30%, 09/01/2044		8,500		7,750,660
Kenton County Airport Board Series 2024-A 5.25%, 01/01/2049		4,500		4,781,454
5.25%, 01/01/2054		13,750		14,503,930

50 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2034	$	1,500	$	1,556,117
5.00%, 08/15/2035		3,085		3,195,443
5.00%, 08/15/2037		1,550		1,600,006
5.00%, 08/15/2041		6,905		7,054,825
5.00%, 08/15/2046		2,740		2,781,277
Kentucky Economic Development Finance Authority (Carmel Manor, Inc.) Series 2022 4.50%, 10/01/2027		4,000		4,000,466
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2044		9,040		9,301,991
5.00%, 08/01/2049		7,660		7,813,227
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group) Series 2012 5.375%, 11/15/2042		1,685		1,423,765
5.50%, 11/15/2045		710		593,678
Series 2016 5.00%, 05/15/2031		2,000		1,931,517
Series 2016-A 5.00%, 05/15/2046		1,100		913,569
5.00%, 05/15/2051		2,000		1,601,839
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2015 5.25%, 06/01/2050		24,090		24,117,549
Series 2017-A 5.00%, 06/01/2031		2,000		2,046,192
5.00%, 06/01/2032		3,500		3,576,525
5.00%, 06/01/2037		4,325		4,392,780
5.00%, 06/01/2041		3,300		3,331,631
5.25%, 06/01/2041		7,625		7,744,007
Series 2017-B 5.00%, 06/01/2040		5,000		5,055,530

abfunds.com AB MUNICIPAL INCOME SHARES ^| 51

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kentucky Economic Development Finance Authority (Rosedale Green) Series 2015 5.50%, 11/15/2035	$	2,265	$	2,209,565
5.75%, 11/15/2045		3,350		3,092,793
Kentucky Housing Corp. (Churchill Park LLLP) Series 2022-A 4.65%, 05/01/2025(a)		2,665		2,666,448
5.75%, 11/01/2040(a)		12,370		12,681,625
Series 2022-B 6.75%, 11/01/2040(a)		2,050		2,099,502
Kentucky Public Energy Authority (BP PLC) Series 2024-B 5.00%, 01/01/2055		61,785		66,227,107
Kentucky Public Energy Authority (Goldman Sachs Group, Inc. (The)) Series 2024-A 5.00%, 05/01/2055		14,815		15,713,838
Kentucky Public Energy Authority (Morgan Stanley) Series 2019-C 4.00%, 02/01/2050		3,170		3,195,225
Series 2022-A 4.00%, 08/01/2052		11,290		11,415,527
Series 2023-A 5.209% (SOFR + 1.98%), 04/01/2054(c)		25,000		25,000,000
5.25%, 04/01/2054		10,000		10,859,528
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016 5.00%, 10/01/2033		8,205		8,351,979
Series 2020 5.00%, 10/01/2047		1,965		2,105,333
Series 2020-A 5.00%, 10/01/2038		965		1,004,424
				304,365,365
Louisiana – 1.7%
Jefferson Sales Tax District AGM Series 2017-B 5.00%, 12/01/2034		1,000		1,043,085
5.00%, 12/01/2036		2,400		2,493,781

52 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp. ELL System Restoration Revenue) Series 2022 4.475%, 08/01/2039	$	10,000	$	9,563,224
Series 2023 5.048%, 12/01/2034		10,000		10,103,855
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.00%, 11/15/2035		2,100		2,106,376
Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) Series 2017 5.00%, 10/01/2034(a)(b)		8,985		9,253,794
5.00%, 10/01/2036(a)(b)		8,460		8,711,346
5.00%, 10/01/2037(a)(b)		5,000		5,142,422
5.00%, 10/01/2044(a)(b)		5,155		5,233,584
Louisiana Public Facilities Authority (Calcasieu Bridge Partners LLC) Series 2024 5.00%, 09/01/2066		57,000		58,150,425
5.50%, 09/01/2054		16,250		17,528,721
5.75%, 09/01/2064		48,500		52,469,701
Louisiana Public Facilities Authority (Geo Prep Mid-City of Greater Baton Rouge) Series 2022 5.625%, 06/01/2037(a)		415		429,326
6.25%, 06/01/2062(a)		1,425		1,474,542
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2013-B 10.50%, 07/01/2039(d)(f)		2,750		27
Series 2014-A 7.50%, 07/01/2023(f)(l)		1,250		12
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) Series 2019 5.00%, 07/01/2059		10,270		10,380,027

abfunds.com AB MUNICIPAL INCOME SHARES ^| 53

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Lease) Series 2017 5.00%, 07/01/2042	$	1,500	$	1,526,739
5.00%, 07/01/2047		6,515		6,597,140
5.00%, 07/01/2052		7,300		7,371,578
5.00%, 07/01/2057		2,250		2,264,357
Louisiana Public Facilities Authority (Pre-refunded – US Govt Agencies) Series 2016 5.00%, 05/15/2047		10		10,276
New Orleans Aviation Board Series 2017-B 5.00%, 01/01/2043		1,000		1,005,058
Series 2024 5.00%, 01/01/2034(i)		1,940		2,077,624
5.00%, 01/01/2035(i)		6,120		6,508,497
5.25%, 01/01/2040(i)		8,500		9,092,195
5.25%, 01/01/2041(i)		3,460		3,692,270
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 07/01/2040(a)		3,690		4,058,512
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2019 2.20%, 06/01/2037		3,700		3,615,476
St. Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2037		1,050		1,033,352
				242,937,322
Maine – 0.1%
Finance Authority of Maine (Casella Waste Systems, Inc.) Series 2017 5.25%, 01/01/2025(a)		4,630		4,639,483
Series 2018-R2 4.375%, 08/01/2035(a)		3,125		3,134,756
Maine Health & Higher Educational Facilities Authority (Maine Medical Center) Series 2018-A 5.00%, 07/01/2048		6,250		6,339,085
				14,113,324

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Maryland – 1.3%
City of Baltimore MD (City of Baltimore MD Harbor Point Special Taxing District) Series 2019 3.625%, 06/01/2046(a)	$	1,750	$	1,439,803
Series 2019-B 3.875%, 06/01/2046(a)		300		252,276
County of Frederick MD (County of Frederick MD Urbana Community Development Authority) Series 2020-C 4.00%, 07/01/2050(a)		2,570		2,300,141
Maryland Economic Development Corp. (Maryland Econ Dev Corp.-Morgan View & Thurgood Marshall Student Hsg) Series 2020 4.25%, 07/01/2050		1,130		1,039,440
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) Series 2022 5.75%, 07/01/2053		2,860		3,110,614
6.00%, 07/01/2058		10,000		11,004,302
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.00%, 12/31/2036		3,200		3,391,615
5.00%, 06/30/2037		2,400		2,540,200
5.00%, 12/31/2037		2,605		2,753,193
5.00%, 06/30/2038		2,920		3,081,394
5.00%, 12/31/2038		1,015		1,069,396
5.25%, 06/30/2047		3,125		3,269,170
5.25%, 06/30/2052		50,415		52,436,405
5.25%, 06/30/2055		14,980		15,573,461
Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) Series 2015 5.00%, 07/01/2031		3,245		3,273,767
Maryland Health & Higher Educational Facilities Authority (TidalHealth Obligated Group) Series 2020 4.00%, 07/01/2036		2,520		2,496,639
4.00%, 07/01/2037		2,575		2,530,067

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 07/01/2038	$	1,555	$	1,515,177
4.00%, 07/01/2040		1,645		1,585,062
5.00%, 07/01/2046		22,040		22,725,642
Maryland Stadium Authority Series 2024 5.00%, 06/01/2045		2,000		2,169,534
5.00%, 06/01/2054		11,750		12,521,090
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050(a)(b)		29,840		33,061,529
				185,139,917
Massachusetts – 0.9%
City of Newton MA Series 2024 5.00%, 03/28/2025		20,000		20,147,614
City of Quincy MA Series 2024 5.00%, 07/25/2025		12,000		12,174,241
Massachusetts Bay Transportation Authority Sales Tax Revenue Series 2024-A 5.00%, 07/01/2042		5,000		5,586,653
5.00%, 07/01/2043		3,000		3,330,497
5.25%, 07/01/2052		5,500		6,053,842
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.00%, 01/01/2047		8,170		8,221,369
Series 2017-A 5.00%, 01/01/2040		670		681,653
Massachusetts Development Finance Agency (Emmanuel College/MA) Series 2016-A 5.00%, 10/01/2043		3,405		3,403,168
Massachusetts Development Finance Agency (Lasell University) Series 2021 4.00%, 07/01/2027		250		244,718
Massachusetts Development Finance Agency (Merrimack College) Series 2017 5.00%, 07/01/2047		3,665		3,689,368

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2022 5.00%, 07/01/2052	$	1,150	$	1,165,281
Massachusetts Development Finance Agency (Salem Community Corp. Obligated Group) Series 2022 5.25%, 01/01/2050		2,680		2,554,353
Massachusetts Development Finance Agency (Simmons University) Series 2018-L 5.00%, 10/01/2034		1,360		1,375,857
5.00%, 10/01/2035		1,000		1,009,119
Series 2023 5.00%, 10/01/2043		1,100		1,073,137
5.25%, 10/01/2036		415		427,857
5.25%, 10/01/2037		500		513,881
5.25%, 10/01/2038		515		527,501
5.25%, 10/01/2039		520		530,472
Massachusetts Development Finance Agency (South Shore Hospital, Inc. Obligated Group) Series 2016-I 5.00%, 07/01/2031		1,350		1,364,459
5.00%, 07/01/2041		2,500		2,507,713
Massachusetts Development Finance Agency (Springfield College) Series 2021 4.00%, 06/01/2056		4,000		3,208,029
5.00%, 06/01/2026		420		425,938
5.00%, 06/01/2027		445		453,721
5.00%, 06/01/2028		1,850		1,898,117
Series 2021-B 4.00%, 06/01/2050		1,700		1,408,039
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2013-G 5.00%, 07/01/2037		2,550		2,550,422
Series 2019-A 5.00%, 07/01/2036		1,000		1,014,623
Series 2024 8.50%, 10/01/2026		16,305		16,548,230

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2016 5.00%, 07/01/2041	$	1,480	$	1,495,194
5.00%, 07/01/2046		2,500		2,514,678
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2051		2,260		2,327,495
Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax) Series 2009 5.715%, 08/15/2039		10,255		10,683,889
				121,111,128
Michigan – 0.9%
City of Detroit MI Series 2014-B 4.00%, 04/01/2044(g)		10,000		7,891,724
Series 2018 5.00%, 04/01/2033		1,000		1,038,077
5.00%, 04/01/2034		2,250		2,331,612
5.00%, 04/01/2035		1,000		1,034,562
5.00%, 04/01/2036		700		723,083
5.00%, 04/01/2038		2,135		2,199,200
Series 2020 5.50%, 04/01/2045		1,690		1,778,081
5.50%, 04/01/2050		2,170		2,267,219
Series 2021-A 5.00%, 04/01/2038		1,100		1,165,016
5.00%, 04/01/2046		2,030		2,098,276
5.00%, 04/01/2050		1,000		1,027,203
Series 2023-A 5.25%, 05/01/2025		1,750		1,761,606
5.25%, 05/01/2027		300		313,775
5.25%, 05/01/2029		700		755,825
Series 2023-B 6.844%, 05/01/2028		935		953,544
Series 2023-C 6.00%, 05/01/2043		1,500		1,687,329
Detroit Downtown Development Authority (Detroit Downtown Development Authority Catalyst Development Area) Series 2024 5.00%, 07/01/2048		1,395		1,450,334

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate) Series 2017-A 5.00%, 11/01/2032	$	1,055	$	1,068,386
5.00%, 11/01/2037		600		604,634
Great Lakes Water Authority Water Supply System Revenue Series 2016-A 5.00%, 07/01/2046(a)(b)		1,025		1,042,367
Series 2016-D 5.00%, 07/01/2036(a)(b)		25,210		25,826,768
Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo Obligated Group) Series 2019 5.00%, 05/15/2037		1,100		1,101,705
Series 2020 5.00%, 05/15/2055		6,860		6,187,949
Kalamazoo Hospital Finance Authority (Pre-refunded – US Treasuries) Series 2016 4.00%, 05/15/2031		10		10,135
4.00%, 05/15/2032		20		20,269
4.00%, 05/15/2033		30		30,404
4.00%, 05/15/2036		65		65,874
Michigan Finance Authority (Albion College) Series 2022 4.00%, 12/01/2046		1,895		1,290,610
4.00%, 12/01/2051		1,935		1,295,394
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) Series 2015-D1 5.00%, 07/01/2034		2,000		2,015,106
Series 2015-D2 5.00%, 07/01/2034		3,400		3,423,892
Michigan Finance Authority (Henry Ford Health System Obligated Group) Series 2016 5.00%, 11/15/2032		3,850		3,963,411
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		5,000		4,668,332

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 06/01/2049	$	5,000	$	4,489,602
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2031		1,450		1,451,776
5.00%, 07/01/2032		3,000		3,003,525
5.00%, 07/01/2033		3,500		3,503,929
Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) Series 2018 5.00%, 12/31/2033		2,000		2,063,529
5.00%, 12/31/2043		5,000		5,075,650
5.00%, 06/30/2048		8,600		8,714,718
AGM Series 2018 4.25%, 12/31/2038		3,630		3,586,124
Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp./MI) Series 2008-C Zero Coupon, 06/01/2058		241,050		7,180,807
Wayne State University Series 2018-A 5.00%, 11/15/2043		4,000		4,110,571
				126,271,933
Minnesota – 1.2%
City of Bloomington MN Series 2024-A 6.18%, 07/01/2041(a)		10,670		10,697,450
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) Series 2023 6.205%, 01/01/2042(a)(g)		23,500		24,408,174
City of Brooklyn Park MN (Brooklyn Park AH II LLLP) Series 2024 6.26%, 07/01/2041(a)		25,045		25,217,683
City of Columbus MN (Adalyn Avenue LLLP) Series 2023 5.98%, 12/01/2041(a)		19,500		19,960,937
City of Fridley MN (Roers Fridley Apartments Owner II LLC) Series 2023-A 5.75%, 06/01/2041(a)		6,635		6,713,895

60 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Ramsey MN (Pact Charter School) Series 2022-A 5.00%, 06/01/2032	$	11,800	$	11,947,446
City of St. Cloud MN Series 2024 5.00%, 05/01/2041		1,000		1,092,499
5.00%, 05/01/2054		5,240		5,530,765
City of St. Cloud MN (CentraCare Health System Obligated Group) Series 2024 5.00%, 05/01/2042		1,000		1,088,442
Dakota County Community Development Agency (Rosemont AH I LLLP) Series 2023 5.30%, 07/01/2028(a)		7,165		7,159,506
5.66%, 07/01/2041(a)		19,240		19,211,571
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Hmong College Prep Academy) Series 2020 5.00%, 09/01/2040		1,390		1,404,598
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 3.00%, 06/01/2031(e)		800		701,977
4.00%, 06/01/2041(e)		1,120		892,710
4.00%, 06/01/2051(e)		1,250		893,901
4.00%, 06/01/2056(e)		2,180		1,506,561
Minneapolis-St. Paul Metropolitan Airports Commission Series 2024 5.25%, 01/01/2044		12,500		13,401,064
5.25%, 01/01/2049		1,000		1,058,678
Minnesota Higher Education Facilities Authority (College of St. Scholastica, Inc.) Series 2019 4.00%, 12/01/2040		5,700		5,055,561
Minnesota Higher Education Facilities Authority (St. Catherine University) Series 2018-A 5.00%, 10/01/2045		1,900		1,900,927

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
State of Minnesota (State of Minnesota Lease) Series 2022-A 5.00%, 03/01/2025	$	11,290	$	11,352,268
Western Minnesota Municipal Power Agency Series 2019-A 3.156%, 01/01/2039		2,000		1,672,666
				172,869,279
Mississippi – 0.4%
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) Series 2022 8.00%, 12/01/2029(e)		14,500		14,735,350
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2041(a)		2,500		2,055,695
5.00%, 10/01/2026(a)		1,700		1,718,064
5.00%, 10/01/2027(a)		900		912,878
5.00%, 10/01/2028(a)		1,900		1,934,316
5.00%, 10/01/2033(a)		2,270		2,294,333
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) Series 2016-A 5.00%, 09/01/2036		1,645		1,661,596
5.00%, 09/01/2041		16,350		16,433,864
Mississippi Hospital Equipment & Facilities Authority (Forrest County General Hospital) Series 2019 4.00%, 01/01/2037		720		701,907
5.00%, 01/01/2035		1,230		1,295,729
State of Mississippi (Pre-refunded – US Treasuries) Series 2015-A 4.00%, 10/01/2030		9,085		9,162,188
Series 2015-F 4.00%, 11/01/2033		6,325		6,385,497
				59,291,417

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Missouri – 0.7%
Cape Girardeau County Industrial Development Authority (Mercy Health/MO) Series 2017-A 5.00%, 03/01/2036	$	2,810	$	2,885,439
Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group) Series 2016-A 5.00%, 02/01/2046		1,000		1,004,867
Series 2019 4.00%, 02/01/2042		18,770		17,718,139
4.00%, 02/01/2048		21,850		19,673,731
5.00%, 02/01/2042		620		639,444
5.00%, 02/01/2048		2,600		2,647,411
Kansas City Industrial Development Authority (Kingswood Senior Living Community) Series 2021 2.00%, 11/15/2046(d)(f)		2,319		108,689
5.00%, 11/15/2046(d)(f)		5,196		3,616,651
Series 2021-A 10.00%, 11/15/2037(d)(f)		1,601		1,369,945
Series 2021-C 7.50%, 11/15/2046(d)(f)		1,279		1,010,436
Kansas City Industrial Development Authority (Platte Purchase Project) Series 2019 5.00%, 07/01/2040(a)		2,680		2,450,676
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2016-A 5.00%, 08/15/2036		1,300		1,306,927
5.00%, 08/15/2046		1,760		1,642,774
5.00%, 08/15/2051		1,000		899,428
Series 2018 5.00%, 08/15/2042		6,940		6,756,860
Series 2021-A 5.00%, 08/15/2056		10,000		9,239,429
Missouri Joint Municipal Electric Utility Commission (Pre-refunded – US Treasuries) Series 2014-A 5.00%, 01/01/2031		3,240		3,247,341

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
St. Louis County Industrial Development Authority (Friendship Village St. Louis Obligated Group) Series 2018 5.25%, 09/01/2053	$	7,560	$	7,598,743
St. Louis County Industrial Development Authority (St. Andrews Resources for Seniors Obligated Group) Series 2015-A 5.00%, 12/01/2035		2,000		2,000,084
5.125%, 12/01/2045		4,500		4,275,096
Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) Series 2023 5.00%, 10/01/2033(a)		1,000		986,968
6.00%, 10/01/2049(a)		2,475		2,475,391
				93,554,469
Montana – 0.0%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2034		1,085		1,112,773
Nebraska – 0.3%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		11,255		11,873,561
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2017-A 5.00%, 09/01/2031		2,050		2,165,006
5.00%, 09/01/2034		1,510		1,616,978
5.00%, 09/01/2036		5,000		5,381,852
5.00%, 09/01/2037		8,715		9,401,431
Series 2022-1 5.00%, 05/01/2053		5,000		5,274,067
				35,712,895
Nevada – 0.6%
Carson City NV (Carson Tahoe Regional Healthcare) Series 2017 5.00%, 09/01/2037		1,160		1,185,730

64 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 09/01/2047	$	2,775	$	2,799,783
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058(a)		19,500		2,728,818
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(a)		2,150		2,093,601
Clark County School District Series 2017-C 5.00%, 06/15/2033		5,775		6,096,449
5.00%, 06/15/2034		5,000		5,260,034
5.00%, 06/15/2035		2,635		2,761,649
5.00%, 06/15/2036		3,700		3,703,400
AGM Series 2019-B 3.00%, 06/15/2037		5,185		4,681,554
Las Vegas Redevelopment Agency (Las Vegas Redevelopment Agency Redevelopment Area 1) Series 2016 5.00%, 06/15/2040		1,800		1,813,517
Reno-Tahoe Airport Authority Series 2024 5.25%, 07/01/2040		2,415		2,619,056
5.25%, 07/01/2043		1,500		1,605,719
5.25%, 07/01/2044		1,155		1,232,513
5.25%, 07/01/2049		4,200		4,443,716
5.25%, 07/01/2054		1,600		1,690,280
State of Nevada Department of Business & Industry Series 2018 6.95%, 02/15/2038(d)(e)(f)		1,703		6,981
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2024 8.125%, 01/01/2050		22,700		23,392,282
Tahoe-Douglas Visitors Authority Series 2020 5.00%, 07/01/2040		4,200		4,311,032
5.00%, 07/01/2045		2,800		2,838,680
5.00%, 07/01/2051		9,000		9,063,274
				84,328,068

abfunds.com AB MUNICIPAL INCOME SHARES ^| 65

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Hampshire – 1.6%
National Finance Authority Series 2022-2, Class X 0.675%, 10/01/2036(j)	$	24,321	$	1,102,306
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		20,264		20,244,321
Series 2022-1, Class A 4.375%, 09/20/2036		40,249		40,155,424
Series 2022-1, Class X 0.334%, 09/20/2036(j)		24,246		505,382
Series 2022-2, Class A 4.00%, 10/20/2036		26,267		25,411,848
Series 2023-2, Class A 3.875%, 01/20/2038		1,972		1,873,000
Series 2024 4.15%, 10/20/2040		12,600		12,558,012
5.00%, 12/01/2028(a)(i)		6,000		5,996,930
5.125%, 12/15/2030		5,000		4,941,391
5.30%, 12/01/2032(a)		5,500		5,505,685
Series 2024-1, Class A 4.25%, 07/20/2041		13,619		13,323,114
New Hampshire Business Finance Authority (Brazoria-Fort Bend County Municipal Utility District No. 3) Series 2024 4.875%, 12/01/2033(a)		5,000		4,959,959
New Hampshire Business Finance Authority (Bridgeland Water & Utility Districts 490, 491 & 158) Series 2024 5.375%, 12/15/2035(a)		20,500		20,528,239
New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2018 4.875%, 11/01/2042(a)		12,520		12,404,487
New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group/PA) Series 2023 5.25%, 07/01/2048		2,000		2,112,288
New Hampshire Business Finance Authority (Reworld Holding Corp.) Series 2018 4.625%, 11/01/2042(a)		10,000		9,527,507
Series 2020-A 3.625%, 07/01/2043(a)		4,800		4,015,916

66 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2020-B 3.75%, 07/01/2045(a)	$	4,785	$	4,044,615
New Hampshire Business Finance Authority (Tamarron Project) Series 2024 5.25%, 12/01/2035(a)		9,550		9,361,899
New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Obligated Group) Series 2020-A 5.00%, 08/01/2059		20,000		21,554,540
				220,126,863
New Jersey – 5.2%
Camden County Improvement Authority (The) (KIPP Cooper Norcross Obligated Group) Series 2022 6.00%, 06/15/2047		1,030		1,106,786
6.00%, 06/15/2062		5,360		5,698,092
City of Hoboken NJ Series 2024-A 4.00%, 03/12/2025		10,335		10,368,718
Essex County Improvement Authority (North Star Academy Charter School of Newark, Inc.) Series 2020 4.00%, 07/15/2050(a)		1,260		1,123,199
New Jersey Economic Development Authority (Lutheran Social Ministries at Crane’s Mill, Inc.) Series 2018 5.00%, 01/01/2034		1,500		1,526,245
5.00%, 01/01/2039		2,500		2,513,922
5.00%, 01/01/2049		3,000		2,862,572
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2018-A 5.00%, 06/15/2042		4,385		4,494,791
5.00%, 06/15/2047		1,500		1,531,363
Series 2021-G 5.25%, 09/01/2025(a)		10,000		10,145,065

abfunds.com AB MUNICIPAL INCOME SHARES ^| 67

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.) Series 2017 5.00%, 07/15/2047	$	1,000	$	1,009,536
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.125%, 01/01/2034		6,045		6,050,859
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2037		8,895		9,107,399
5.00%, 10/01/2047		8,790		8,873,428
New Jersey Economic Development Authority (State of New Jersey Department of the Treasury Lease) Series 2019 5.00%, 06/15/2035		2,750		2,925,725
New Jersey Economic Development Authority (State of New Jersey Division of Property Management & Construction Lease) Series 2018-C 5.00%, 06/15/2042		7,085		7,262,393
New Jersey Economic Development Authority (State of New Jersey Motor Vehicle Surcharge Revenue Lease) Series 2017-A 5.00%, 07/01/2033		1,640		1,655,665
New Jersey Economic Development Authority (State of New Jersey) Series 2024-S 5.00%, 06/15/2035		1,500		1,677,070
5.25%, 06/15/2036		3,000		3,407,657
5.25%, 06/15/2037		3,065		3,464,696
5.25%, 06/15/2039		3,000		3,364,375
New Jersey Economic Development Authority (UMM Energy Partners LLC) Series 2012-A 5.125%, 06/15/2043		735		734,957

68 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029	$	7,090	$	7,097,240
Series 2014-B 5.625%, 11/15/2030		1,475		1,482,064
New Jersey Educational Facilities Authority (Stevens Institute of Technology International, Inc.) Series 2020-A 4.00%, 07/01/2050		1,805		1,636,603
5.00%, 07/01/2045		4,460		4,573,562
New Jersey Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group) Series 2017-A 5.00%, 07/01/2035		1,300		1,347,868
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2017-A 5.00%, 07/01/2036		1,000		1,031,470
5.00%, 07/01/2042		7,645		7,813,354
New Jersey Health Care Facilities Financing Authority (New Jersey Health Care Facilities Financing Authority State Lease) Series 2017 5.00%, 10/01/2035		1,070		1,112,782
New Jersey Transportation Trust Fund Authority Series 2024-A 4.00%, 06/15/2042		10,200		10,015,575
5.00%, 06/15/2037		11,170		12,423,032
5.00%, 06/15/2042		11,070		12,045,584
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2027		1,000		1,027,086
5.00%, 06/15/2028		21,660		22,238,058
5.00%, 06/15/2029		13,435		13,769,952
5.00%, 06/15/2030		6,000		6,143,123
Series 2018-A 5.00%, 06/15/2029		1,910		1,958,532

abfunds.com AB MUNICIPAL INCOME SHARES ^| 69

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 06/15/2030	$	24,975	$	25,570,751
5.00%, 06/15/2031		12,000		12,269,743
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2018-A 5.00%, 12/15/2033		22,085		23,280,474
Series 2019 5.00%, 06/15/2046		2,325		2,398,986
Series 2023-A 5.00%, 06/15/2039		5,085		5,543,448
5.00%, 06/15/2040		4,000		4,342,368
Series 2023-B 5.00%, 06/15/2042		9,040		9,771,310
AGM Series 2006-C Zero Coupon, 12/15/2033		5,170		3,715,624
New Jersey Transportation Trust Fund Authority (Pre-refunded – Others) Series 2014-A 5.00%, 06/15/2038		1,000		1,003,012
New Jersey Transportation Trust Fund Authority (Pre-refunded – US Treasuries) Series 2019 5.00%, 12/15/2024		4,290		4,297,405
New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) Series 2023-B 5.25%, 06/15/2050		20,000		21,739,248
New Jersey Turnpike Authority Series 2019-A 5.00%, 01/01/2048		11,320		11,803,916
Series 2024-A 4.00%, 01/01/2035		8,000		8,488,746
5.00%, 01/01/2027		18,000		18,829,460
5.00%, 01/01/2032		28,655		32,182,935
5.00%, 01/01/2033		64,000		72,577,114
5.00%, 01/01/2034		38,775		44,238,514
Series 2024-C 5.00%, 01/01/2043		49,500		54,423,864
5.00%, 01/01/2044		15,000		16,441,509
Passaic County Improvement Authority (The) (Paterson Arts & Science Charter School) Series 2023 4.25%, 07/01/2033		575		582,408

70 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 07/01/2043	$	1,020	$	1,062,736
South Jersey Transportation Authority Series 2022 4.625%, 11/01/2047		5,000		5,045,024
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2031		1,425		1,493,695
5.00%, 06/01/2046		2,200		2,240,989
Series 2018-B 5.00%, 06/01/2046		125,210		125,560,300
Township of Woodbridge NJ Series 2024 4.00%, 03/14/2025		10,855		10,891,070
				716,415,047
New Mexico – 0.1%
City of Santa Fe NM (El Castillo Retirement Residences Obligated Group) Series 2019 5.00%, 05/15/2039		480		490,753
5.00%, 05/15/2044		500		504,045
5.00%, 05/15/2049		1,200		1,195,098
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) Series 2019 5.00%, 07/01/2049		13,180		12,605,115
				14,795,011
New York – 9.0%
Brookhaven Local Development Corp. (Jefferson’s Ferry) Series 2020 4.00%, 11/01/2045		2,250		2,130,714
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.) Series 2016 5.50%, 09/01/2045(a)		44,790		44,878,344
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.75%, 06/01/2062(a)		1,500		1,573,480
Build NYC Resource Corp. (Global Community Charter School) Series 2022 5.00%, 06/15/2057		1,050		1,053,902

abfunds.com AB MUNICIPAL INCOME SHARES ^| 71

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 4.00%, 06/01/2025(a)	$	115	$	113,239
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.25%, 07/01/2052		2,000		2,071,267
5.25%, 07/01/2062		4,500		4,634,842
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2039		1,560		951,600
5.25%, 11/01/2034		2,240		1,366,400
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) Series 2017 5.00%, 06/01/2052(a)		1,250		1,235,132
Build NYC Resource Corp. (South Bronx Charter School For International Cultures & The Arts) Series 2023 7.00%, 04/15/2053(a)		4,360		4,929,503
7.00%, 04/15/2058(a)		11,305		12,742,740
City of New York NY Series 2018-E 5.00%, 03/01/2037(a)(b)		7,500		7,867,977
5.00%, 03/01/2038(a)(b)		10,000		10,469,632
Series 2024-C 4.00%, 03/01/2046		27,000		26,343,795
5.00%, 03/01/2043		2,605		2,840,770
City of Rochester NY Series 2024-I 5.00%, 07/31/2025		16,000		16,206,048
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2045		9,600		9,796,283
5.00%, 07/01/2051		17,400		17,602,315
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) Series 2022-A 5.25%, 06/15/2052		17,470		17,798,385
5.50%, 06/15/2057		7,350		7,580,100
Long Island Power Authority Series 2024-A 5.00%, 09/01/2044		6,480		7,072,691

72 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 09/01/2054	$	10,000	$	10,881,710
Metropolitan Transportation Authority Series 2015-B 5.00%, 11/15/2032		3,715		3,738,125
Series 2015-C 5.00%, 11/15/2027		1,110		1,127,716
5.25%, 11/15/2030		4,000		4,068,243
Series 2015-D 5.00%, 11/15/2031		1,350		1,369,068
5.00%, 11/15/2032		5,135		5,205,957
5.00%, 11/15/2034		5,430		5,501,736
Series 2016-A 5.00%, 11/15/2032		4,740		4,812,934
Series 2016-D 5.00%, 11/15/2027		5,695		5,869,227
5.00%, 11/15/2029		1,750		1,795,914
Series 2017-C 5.00%, 11/15/2028		12,930		13,727,786
5.00%, 11/15/2029		16,435		17,356,180
5.00%, 11/15/2034		6,810		7,112,236
Series 2019-C 5.00%, 11/15/2038		380		400,572
Series 2020-A 4.00%, 11/15/2043		2,020		1,952,105
5.00%, 11/15/2045		4,740		5,097,726
Series 2020-C 4.75%, 11/15/2045		23,880		24,538,945
5.00%, 11/15/2050		8,750		9,063,026
5.25%, 11/15/2055		15,885		16,630,183
Series 2020-D 4.00%, 11/15/2048		7,150		6,797,810
4.00%, 11/15/2049		6,425		6,094,561
5.00%, 11/15/2043		5,000		5,246,464
Series 2021-A 4.00%, 11/15/2041		2,000		1,979,305
Metropolitan Transportation Authority (Pre-refunded – US Treasuries) Series 2019 5.00%, 11/15/2048		3,075		3,076,687
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 5.875%, 07/01/2052(a)		4,675		4,791,868
6.00%, 07/01/2057(a)		1,615		1,662,782

abfunds.com AB MUNICIPAL INCOME SHARES ^| 73

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Monroe County Industrial Development Corp./NY (St Ann’s of Greater Rochester Obligated Group) Series 2019 5.00%, 01/01/2050	$	6,520	$	5,834,268
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) Series 2020 5.00%, 06/01/2059(a)		1,620		1,629,026
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) Series 2021 5.00%, 01/01/2058(d)(f)(g)		525		79,279
9.00%, 01/01/2041(d)(e)(f)		270		270,000
New York City Housing Development Corp. Series 2020 2.55%, 08/01/2040		3,645		2,879,574
New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024-F 4.25%, 02/01/2054		6,500		6,407,957
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2022-F 3.75%, 02/01/2033		13,000		12,067,884
3.85%, 02/01/2034		3,955		3,643,141
New York Counties Tobacco Trust V Series 2005 Zero Coupon, 06/01/2050		30,000		4,723,206
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.00%, 11/15/2044(a)		13,560		13,559,727
5.375%, 11/15/2040(a)		3,395		3,395,793
7.25%, 11/15/2044(a)		9,665		9,670,727
New York Power Authority (New York Power Authority SFP Transmission Project) AGM Series 2023 5.00%, 11/15/2048		5,250		5,671,378
5.00%, 11/15/2053		7,000		7,513,590

74 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York State Dormitory Authority Series 2024 4.00%, 05/01/2054	$	24,795	$	23,153,955
5.25%, 10/01/2049		4,500		4,774,548
5.50%, 11/01/2047		1,000		1,098,288
Series 2025 5.00%, 05/01/2030(i)		5,405		5,893,515
5.00%, 05/01/2031(i)		1,820		2,004,538
5.00%, 05/01/2032(i)		7,925		8,815,421
5.00%, 05/01/2033(i)		7,000		7,855,120
5.00%, 05/01/2034(i)		6,000		6,780,814
5.00%, 05/01/2035(i)		7,000		7,855,684
5.00%, 05/01/2036(i)		14,000		15,642,369
5.00%, 05/01/2037(i)		4,185		4,656,655
5.00%, 05/01/2042(i)		5,000		5,435,946
5.00%, 05/01/2043(i)		4,000		4,334,540
New York State Dormitory Authority (Cornell University) Series 2024-A 5.50%, 07/01/2054		16,000		18,003,968
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2030(a)		1,200		1,195,788
5.00%, 12/01/2031(a)		1,000		989,717
5.00%, 12/01/2034(a)		2,000		1,945,988
New York State Dormitory Authority (Montefiore Obligated Group) Series 2018 5.00%, 08/01/2035		2,085		2,148,369
AGM Series 2020 3.00%, 09/01/2050		14,890		11,250,159
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2021 2.202%, 03/15/2034(a)(b)		13,000		10,466,136
2.252%, 03/15/2032		13,000		10,990,006
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2057		14,965		13,968,445
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2016-A 5.00%, 01/01/2041		3,800		3,848,415

abfunds.com AB MUNICIPAL INCOME SHARES ^| 75

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York Transportation Development Corp. Series 2024 5.50%, 12/31/2054(i)	$	30,500	$	32,501,688
5.50%, 12/31/2060(i)		4,435		4,689,305
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2028		15,300		15,860,835
5.00%, 01/01/2029		18,660		19,317,862
Series 2020 4.00%, 10/01/2030		13,980		13,997,139
4.375%, 10/01/2045		40,110		38,324,419
Series 2023 5.625%, 04/01/2040		11,250		12,077,930
6.00%, 04/01/2035		13,875		15,490,010
New York Transportation Development Corp. (Empire State Thruway Partners LLC) Series 2021 4.00%, 04/30/2053		13,315		11,338,951
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2030		1,000		1,063,522
5.00%, 12/01/2035		1,100		1,148,409
Series 2022 5.00%, 12/01/2039		1,510		1,575,178
5.00%, 12/01/2040		2,500		2,596,625
5.00%, 12/01/2041		11,500		11,910,739
New York Transportation Development Corp. (JFK NTO LLC) Series 2023 5.375%, 06/30/2060		35,900		37,187,507
6.00%, 06/30/2054		30,580		33,011,312
Series 2024 5.00%, 06/30/2060		70,760		72,051,129
5.25%, 06/30/2049		2,250		2,351,775
5.50%, 06/30/2054		44,430		46,965,651
AGM Series 2023 5.00%, 06/30/2049		5,000		5,139,398
5.125%, 06/30/2060		13,000		13,334,685

76 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2041	$	15,840	$	15,753,681
5.00%, 07/01/2046		6,895		6,847,322
5.25%, 01/01/2050		29,285		29,283,732
Niagara Area Development Corp. (Reworld Holding Corp.) Series 2018-A 4.75%, 11/01/2042(a)		13,765		13,159,752
Port Authority of New York & New Jersey Series 2018-2 5.00%, 09/15/2026		4,000		4,110,781
Series 2021 3.175%, 07/15/2060		10,000		6,716,453
Series 2023-2 5.00%, 12/01/2034		6,960		7,513,297
Suffolk Regional Off-Track Betting Co. Series 2024 5.00%, 12/01/2034		5,500		5,681,112
6.00%, 12/01/2053		12,400		12,910,952
Town of Oyster Bay NY Series 2024 4.00%, 03/07/2025		31,750		31,834,093
Triborough Bridge & Tunnel Authority 5.25%, 05/15/2057(a)(b)		10,000		10,752,953
Series 2020-A 5.00%, 11/15/2049		2,060		2,161,684
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.591%, 05/15/2036		4,000		3,186,294
2.917%, 05/15/2040		10,000		7,631,255
Series 2022-C 5.00%, 05/15/2047(a)(b)		10,000		10,636,641
5.25%, 05/15/2052(a)(b)		10,000		10,780,539
Series 2024 5.00%, 11/15/2033		1,690		1,955,606
5.00%, 11/15/2035		13,000		14,937,562
Triborough Bridge & Tunnel Authority Sales Tax Revenue Series 2024-A 5.25%, 05/15/2064		16,000		17,401,518
TSASC, Inc./NY Series 2016 5.00%, 06/01/2045		10,200		9,098,279

abfunds.com AB MUNICIPAL INCOME SHARES ^| 77

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 06/01/2048	$	8,370	$	7,384,087
Series 2017-A 5.00%, 06/01/2041		1,560		1,584,033
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) Series 2017 5.00%, 09/15/2037		860		780,635
5.25%, 09/15/2042		365		321,401
5.25%, 09/15/2047		625		524,832
5.25%, 09/15/2053		1,340		1,084,617
Western Regional Off-Track Betting Corp. Series 2021 3.00%, 12/01/2026(a)		540		526,930
				1,248,106,069
North Carolina – 0.3%
Fayetteville State University Series 2023 5.00%, 04/01/2027(a)		415		429,827
5.00%, 04/01/2028(a)		455		477,241
5.00%, 04/01/2029(a)		500		530,520
5.00%, 04/01/2030(a)		545		582,252
5.00%, 04/01/2031(a)		600		644,883
5.00%, 04/01/2034(a)		770		839,791
5.00%, 04/01/2036(a)		900		976,539
5.00%, 04/01/2037(a)		970		1,048,492
5.00%, 04/01/2040(a)		1,205		1,286,171
5.00%, 04/01/2042(a)		1,380		1,464,374
Greater Asheville Regional Airport Authority AGM Series 2022-A 5.50%, 07/01/2047		2,880		3,093,217
5.50%, 07/01/2052		5,000		5,332,589
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc. Obligated Group) Series 2017 5.00%, 07/01/2047		2,950		2,303,819
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.875%, 07/01/2040		5,000		4,178,571
5.00%, 07/01/2045		4,650		3,710,697
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2030		2,250		2,251,383

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
North Carolina Medical Care Commission (Sharon Towers) Series 2019-A 5.00%, 07/01/2044	$	1,000	$	1,005,758
North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group (The)) Series 2024 5.00%, 10/01/2049		510		524,719
5.125%, 10/01/2054		2,000		2,060,450
North Carolina Turnpike Authority Series 2018 5.00%, 01/01/2040		5,000		5,192,873
AGM Series 2024 Zero Coupon, 01/01/2050		11,750		3,534,292
Zero Coupon, 01/01/2051		7,490		2,132,806
Zero Coupon, 01/01/2052		6,435		1,733,644
Zero Coupon, 01/01/2053		1,750		446,599
				45,781,507
North Dakota – 0.4%
City of Grand Forks ND (Altru Health System Obligated Group) Series 2021 4.00%, 12/01/2035		4,000		3,833,532
4.00%, 12/01/2036		3,625		3,448,892
4.00%, 12/01/2037		1,190		1,123,729
4.00%, 12/01/2040		1,875		1,721,716
4.00%, 12/01/2041		1,865		1,693,541
5.00%, 12/01/2034		7,545		7,873,639
Series 2023-A 5.42%, 12/01/2053		5,270		5,471,749
AGM Series 2021 3.00%, 12/01/2051		4,000		2,939,471
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031(d)(e)(f)(k)(m)		5,195		– 0	–
7.00%, 12/15/2043(d)(e)(f)(k)(m)		5,390		– 0	–
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2038		2,000		2,023,008
5.00%, 06/01/2043		2,000		2,004,588
5.00%, 06/01/2048		13,500		13,281,031
5.00%, 06/01/2053		5,230		5,062,257
				50,477,153

abfunds.com AB MUNICIPAL INCOME SHARES ^| 79

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Ohio – 3.5%
Akron Bath Copley Joint Township Hospital District (Summa Health System Obligated Group) Series 2020 3.00%, 11/15/2040	$	4,500	$	3,644,281
4.00%, 11/15/2036		1,000		958,912
4.00%, 11/15/2037		800		761,776
4.00%, 11/15/2038		750		708,563
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) Series 2016-A 5.00%, 02/15/2041		6,000		6,076,542
5.00%, 02/15/2046		4,000		4,039,486
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2048		10,000		8,959,864
Series 2020-B Zero Coupon, 06/01/2057		113,000		10,466,003
5.00%, 06/01/2055		141,270		127,559,012
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 5.00%, 12/01/2037		3,765		3,860,586
5.00%, 12/01/2047		3,735		3,760,641
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042		12,600		12,746,862
5.00%, 02/15/2052		5,680		5,706,910
5.25%, 02/15/2047		12,860		13,062,810
5.50%, 02/15/2057		9,370		9,537,687
County of Franklin OH (First Community Village Obligated Group) Series 2019 5.00%, 07/01/2049		3,670		3,235,051
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2034(b)		8,075		8,699,663
5.00%, 06/01/2038(b)		7,440		7,957,926
County of Hamilton OH (UC Health Obligated Group) Series 2020 5.00%, 09/15/2050		23,425		23,447,359

80 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Hardin OH (Ohio Northern University) Series 2020 5.25%, 05/01/2040	$	500	$	479,221
5.50%, 05/01/2050		1,000		941,932
County of Marion OH (United Church Homes, Inc. Obligated Group) Series 2019 5.125%, 12/01/2049		2,210		1,810,768
County of Ross OH (Adena Health System Obligated Group) Series 2019 5.00%, 12/01/2049		6,000		6,068,752
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037		1,000		1,077,991
6.625%, 12/01/2042		16,000		17,539,395
6.75%, 12/01/2052		29,885		32,715,166
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051(a)		8,950		6,960,216
Series 2023 5.00%, 12/01/2053(a)		16,000		16,307,149
Lancaster Port Authority Series 2024-A 5.00%, 02/01/2055(i)		10,900		11,597,666
Ohio Air Quality Development Authority (American Electric Power Co., Inc.) Series 2019 2.40%, 12/01/2038		1,030		954,773
Ohio Air Quality Development Authority (Duke Energy Corp.) Series 2022 4.25%, 11/01/2039		17,100		17,332,873
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) Series 2019 3.25%, 09/01/2029		1,780		1,742,102
Ohio Higher Educational Facility Commission Series 2024 5.00%, 05/01/2039		880		946,744
5.00%, 05/01/2040		785		840,365
5.00%, 05/01/2041		815		868,341

abfunds.com AB MUNICIPAL INCOME SHARES ^| 81

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 05/01/2042	$	435	$	461,541
5.25%, 05/01/2049		5,630		5,975,556
5.25%, 05/01/2054		6,825		7,211,424
Ohio Higher Educational Facility Commission (John Carroll University) Series 2022 4.00%, 10/01/2047		1,750		1,541,482
4.00%, 10/01/2052		11,900		10,230,805
Port of Greater Cincinnati Development Authority (Duke Energy Convention Center Project) Series 2024 5.00%, 12/01/2053		1,275		1,333,450
5.00%, 12/01/2063		11,105		11,519,973
Port of Greater Cincinnati Development Authority (IDEA Greater Cincinnati, Inc.) Series 2021 4.375%, 06/15/2056		3,480		3,436,224
State of Ohio Series 2017-U 5.00%, 05/01/2025		3,410		3,440,774
Series 2019 3.276%, 01/01/2042		1,635		1,354,244
Toledo-Lucas County Port Authority (ParkUToledo, Inc.) Series 2021
4.00%, 01/01/2041		3,000		2,916,961
4.00%, 01/01/2043		2,000		1,915,569
4.00%, 01/01/2046		2,000		1,872,941
4.00%, 01/01/2051		8,500		7,768,279
4.00%, 01/01/2057		7,500		6,728,428
University of Toledo Series 2023-B 4.631% (SOFR + 0.90%), 06/01/2036(a)(b)(c)		50,590		49,471,167
				490,552,206
Oklahoma – 0.6%
Oklahoma Development Finance Authority (Oklahoma City University Obligated Group) Series 2019 5.00%, 08/01/2044		7,650		7,606,227
5.00%, 08/01/2049		12,780		12,394,982

82 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2038	$	1,000	$	1,018,687
5.25%, 08/15/2043		11,545		11,779,023
5.50%, 08/15/2052		5,615		5,734,578
5.50%, 08/15/2057		21,080		21,501,674
Series 2022-A 5.50%, 08/15/2037		10,000		10,411,614
5.50%, 08/15/2041		11,995		12,346,858
				82,793,643
Oregon – 0.5%
Astoria Hospital Facilities Authority (Columbia Lutheran Charities Obligated Group) Series 2024 5.00%, 08/01/2034		13,250		14,575,953
5.00%, 08/01/2035		1,660		1,819,016
5.25%, 08/01/2037		1,960		2,170,842
5.25%, 08/01/2038		2,185		2,411,597
5.25%, 08/01/2039		1,205		1,323,543
5.25%, 08/01/2040		1,000		1,089,685
5.25%, 08/01/2041		1,725		1,869,653
5.25%, 08/01/2049		5,500		5,800,085
5.25%, 08/01/2054		7,750		8,119,125
Clackamas County Hospital Facility Authority (Rose Villa, Inc. Obligated Group) Series 2020-A 5.125%, 11/15/2040		750		757,454
5.375%, 11/15/2055		2,940		2,945,305
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2045(a)(b)		4,500		4,678,549
5.00%, 08/15/2050(a)(b)		5,500		5,658,884
Multnomah County School District No. 40 Series 2023-A Zero Coupon, 06/15/2043		6,430		2,673,150
Oregon State Facilities Authority (Legacy Health Obligated Group) Series 2022 5.00%, 06/01/2030		1,630		1,747,452
Oregon State Facilities Authority (Samaritan Health Services, Inc. Obligated Group) Series 2020 5.00%, 10/01/2040		1,750		1,805,357

abfunds.com AB MUNICIPAL INCOME SHARES ^| 83

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Umatilla County School District No. 6R Umatilla Series 2023-B Zero Coupon, 06/15/2043	$	2,350	$	978,142
Zero Coupon, 06/15/2053		10,500		2,517,059
				62,940,851
Other – 0.2%
Affordable Housing Tax-Exempt Bond Pass-Thru Trust  Series 2023-2 6.00%, 10/05/2040(a)		17,556		18,380,358
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2022-ML13, Class AUS 3.125%, 09/25/2036		3,870		3,455,318
Series 2022-ML13, Class XCA 0.96%, 07/25/2036(j)		17,041		905,129
Series 2022-ML13, Class XUS 0.98%, 09/25/2036(j)		30,185		1,996,235
				24,737,040
Pennsylvania – 4.3%
Allegheny County Hospital Development Authority (Allegheny Health Network Obligated Group) Series 2018-A 5.00%, 04/01/2034		10,135		10,486,220
5.00%, 04/01/2035		12,500		12,905,693
5.00%, 04/01/2036		10,900		11,218,972
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue) Series 2018 5.00%, 05/01/2033(a)		2,000		2,028,668
5.375%, 05/01/2042(a)		2,500		2,505,691
Series 2022 5.25%, 05/01/2042(a)		11,065		10,986,351
Berks County Industrial Development Authority (Pre-refunded – US Treasuries) Series 2018 5.00%, 05/15/2048		1,000		1,027,735
Berks County Municipal Authority (The) Series 2024 5.00%, 06/30/2039		20,822		20,573,725

84 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
6.00%, 06/30/2044(g)	$	9,823	$	6,999,427
8.00%, 06/30/2034		3,135		3,216,259
Series 2024-A 6.00%, 06/30/2034		1,483		1,602,874
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 4.00%, 07/01/2046		11,850		9,854,432
4.00%, 07/01/2051		13,300		10,764,159
5.00%, 07/01/2030		1,275		1,307,787
5.00%, 07/01/2031		2,300		2,358,642
5.00%, 07/01/2032		500		511,342
5.00%, 07/01/2033		1,170		1,193,076
5.00%, 07/01/2034		1,300		1,321,484
5.00%, 07/01/2035		1,555		1,576,028
5.00%, 07/01/2036		1,225		1,238,219
5.00%, 07/01/2038		1,000		1,005,600
5.00%, 07/01/2040		2,500		2,491,384
5.00%, 07/01/2041		4,630		4,581,145
5.00%, 07/01/2054		15,100		14,305,666
Chambersburg Area Municipal Authority (Wilson College) Series 2018 5.75%, 10/01/2043		1,350		1,329,117
6.00%, 10/01/2048		9,000		8,998,994
Chester County Industrial Development Authority (Collegium Charter School) Series 2017-A 5.125%, 10/15/2037		1,500		1,509,319
5.25%, 10/15/2047		3,830		3,829,895
Series 2022 6.00%, 10/15/2052(a)		1,075		1,125,429
Chester County Industrial Development Authority (Woodlands at Greystone Neighborhood Improvement District) Series 2018 5.125%, 03/01/2048(a)		791		752,276
City of Philadelphia PA Series 2017 5.00%, 08/01/2029		6,000		6,300,507
5.00%, 08/01/2031		6,110		6,386,135
Series 2017-A 5.00%, 08/01/2033		3,000		3,121,802

abfunds.com AB MUNICIPAL INCOME SHARES ^| 85

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 08/01/2034	$	10,000	$	10,379,820
City of Philadelphia PA Water & Wastewater Revenue 2.189%, 07/01/2032(a)(b)		3,725		3,233,158
2.289%, 07/01/2033(a)(b)		3,060		2,486,149
Series 2017-A 5.00%, 10/01/2035		3,805		3,963,325
5.00%, 10/01/2036		1,300		1,352,374
Series 2021-B 2.926%, 07/01/2045		5,000		3,659,291
Commonwealth of Pennsylvania Series 2015 5.00%, 03/15/2025		6,420		6,459,102
Series 2022 5.00%, 10/01/2040		10,000		10,990,284
County of Lehigh PA (Lehigh Valley Health Network Obligated Group) Series 2016-A 4.00%, 07/01/2035		10,000		10,008,259
Series 2019 5.00%, 07/01/2044		6,885		7,112,062
Crawford County Hospital Authority (Meadville Medical Center Obligated Group) Series 2016-A 6.00%, 06/01/2046		1,175		1,185,924
6.00%, 06/01/2051		2,200		2,208,147
Cumberland County Municipal Authority (Asbury Pennsylvania Obligated Group) Series 2019 5.00%, 01/01/2045		1,815		1,692,753
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2032		1,750		1,750,646
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) Series 2020 5.00%, 03/01/2040		2,000		1,840,882
5.00%, 03/01/2050		500		427,241
Series 2022 5.00%, 03/01/2029		2,170		2,143,796
Lancaster Municipal Authority Series 2024 5.00%, 05/01/2049		1,000		1,038,386

86 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 05/01/2054	$	800	$	822,587
Lancaster Municipal Authority (Garden Spot Village Obligated Group) Series 2024 5.00%, 05/01/2059		1,590		1,627,524
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2047		5,500		5,512,370
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2035		3,600		3,744,873
Series 2019 5.00%, 09/01/2051		2,300		2,330,821
Series 2022 4.00%, 05/01/2052		5,900		5,454,081
Montgomery County Industrial Development Authority/PA (Whitemarsh Continuing Care Retirement Community) Series 2015 5.25%, 01/01/2040		4,740		4,676,778
Moon Industrial Development Authority (Baptist Homes Society Obligated Group) Series 2015 6.125%, 07/01/2050		2,500		1,707,669
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.75%, 07/01/2035		5,135		4,103,710
6.00%, 07/01/2045		2,600		1,816,366
Northeastern Pennsylvania Hospital and Education Authority (Wilkes University) Series 2016-A 5.00%, 03/01/2037		2,675		2,661,097
Series 2016-B 5.25%, 03/01/2031		1,640		1,656,968
5.25%, 03/01/2037		1,170		1,173,834

abfunds.com AB MUNICIPAL INCOME SHARES ^| 87

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 5.75%, 06/30/2048	$	11,000	$	11,843,920
6.00%, 06/30/2061		22,100		24,169,289
AGM Series 2022 5.75%, 12/31/2062		12,850		14,083,866
Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) Series 2022 7.00%, 12/01/2029		28,430		28,364,870
Pennsylvania Economic Development Financing Authority (Pennsylvania Economic Development Finance Authority Sewage) Series 2020 4.00%, 01/01/2027		1,530		1,540,696
4.00%, 01/01/2029		450		454,321
4.00%, 01/01/2030		1,575		1,589,389
4.00%, 01/01/2032		800		802,491
Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group/PA) Series 2023 5.25%, 07/01/2046		2,500		2,653,735
5.25%, 07/01/2049		1,215		1,281,596
Pennsylvania Economic Development Financing Authority (Reworld Holding Corp.) Series 2019 3.25%, 08/01/2039(a)		2,330		1,901,609
Pennsylvania Higher Educational Facilities Authority Series 2024 4.00%, 11/01/2042(i)		2,000		1,909,560
4.375%, 11/01/2054(i)		15,750		15,196,230
5.25%, 11/01/2044(i)		1,500		1,629,735
5.50%, 11/01/2054(i)		1,700		1,851,385
Pennsylvania Higher Educational Facilities Authority (Drexel University) Series 2016 5.00%, 05/01/2032		1,000		1,013,808

88 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Pennsylvania Turnpike Commission 5.00%, 12/01/2046(a)(b)	$	26,610	$	28,389,054
Series 2016 5.00%, 06/01/2037		4,000		4,060,066
Series 2016-A 5.00%, 06/01/2025		11,000		11,107,448
Series 2018-A 5.00%, 12/01/2043		10,000		10,447,799
Series 2024 5.00%, 12/01/2038		11,290		12,734,051
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2050		5,000		4,828,099
5.00%, 08/01/2054		3,560		3,401,970
Philadelphia Authority for Industrial Development (Philadelphia Electrical & Technology Charter High School) Series 2021 4.00%, 06/01/2056		2,550		2,075,889
Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) Series 2020 5.00%, 06/15/2040(a)		3,285		3,313,565
5.00%, 06/15/2050(a)		6,285		6,226,262
Philadelphia Authority for Industrial Development (St Joseph’s University) Series 2022 5.50%, 11/01/2060		10,000		10,790,581
Philadelphia Authority for Industrial Development (Tacony Academy Charter School) Series 2023 5.00%, 06/15/2033(a)		965		991,305
5.375%, 06/15/2038(a)		1,270		1,309,941
Philadelphia Gas Works Co. Series 2017 5.00%, 08/01/2042		5,000		5,141,314
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.531% (SOFR + 0.80%), 09/01/2040(a)(b)(c)		46,555		45,442,843

abfunds.com AB MUNICIPAL INCOME SHARES ^| 89

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
School District of Philadelphia (The) Series 2015-A 5.00%, 09/01/2034	$	1,615	$	1,633,404
5.00%, 09/01/2035		1,000		1,009,097
Series 2016-F 5.00%, 09/01/2033		3,000		3,062,542
5.00%, 09/01/2036		1,000		1,017,827
Series 2018-A 5.00%, 09/01/2034		1,000		1,045,251
5.00%, 09/01/2036		1,000		1,042,804
5.00%, 09/01/2037		1,000		1,042,648
5.00%, 09/01/2038		1,000		1,041,951
Series 2018-B 5.00%, 09/01/2043		3,000		3,099,193
Series 2019-A 5.00%, 09/01/2044		17,900		18,652,079
Scranton-Lackawanna Health and Welfare Authority (Scranton Parking System Concession Project) Series 2016-A 5.00%, 01/01/2051(a)		6,765		4,030,720
5.00%, 01/01/2057(a)		5,345		3,058,780
Series 2016-B 6.08%, 01/01/2026(a)		335		327,279
Series 2016-C Zero Coupon, 01/01/2036(a)		2,945		1,047,010
Series 2016-D Zero Coupon, 01/01/2057(e)		58,055		3,229,681
State Public School Building Authority (Harrisburg School District) AGM Series 2016 5.00%, 12/01/2029		1,365		1,413,981
5.00%, 12/01/2030		7,160		7,397,914
State Public School Building Authority (Pre-refunded – US Treasuries) AGM Series 2016 5.00%, 12/01/2029		220		229,414
Union County Hospital Authority (Evangelical Community Hospital Obligated Group) Series 2018 5.00%, 08/01/2038		2,685		2,758,325
5.00%, 08/01/2043		5,750		5,864,635
				601,185,552

90 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Puerto Rico – 2.9%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2033	$	6,410	$	4,374,674
4.00%, 07/01/2033		12,000		11,822,056
4.00%, 07/01/2035		4,200		4,118,618
4.00%, 07/01/2037		1,631		1,581,710
4.00%, 07/01/2041		2,217		2,091,122
4.00%, 07/01/2046		2,306		2,149,777
5.375%, 07/01/2025		3,138		3,171,832
5.625%, 07/01/2029		2,542		2,734,557
5.75%, 07/01/2031		3,784		4,171,213
Series 2022-A Zero Coupon, 11/01/2051		12,831		7,008,827
5.069%, 11/01/2051		43,485		28,428,064
Series 2022-C Zero Coupon, 11/01/2043		90,649		58,355,612
GDB Debt Recovery Authority of Puerto Rico Series 2018 7.50%, 08/20/2040		4,773		4,641,265
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2020-A 5.00%, 07/01/2030(a)		5,500		5,803,254
5.00%, 07/01/2035(a)		9,455		9,862,640
Series 2021-A 4.00%, 07/01/2042(a)		2,500		2,385,335
Series 2021-B 4.00%, 07/01/2042(a)		4,000		3,849,927
Puerto Rico Electric Power Authority Series 2007-T 5.00%, 07/01/2032(d)(f)		7,315		3,767,225
5.00%, 07/01/2037(d)(f)		15,260		7,858,900
Series 2008-W 5.25%, 07/01/2033(d)(f)		1,000		515,000
5.50%, 07/01/2038(d)(f)		10,490		5,402,350
Series 2010-A 5.25%, 07/01/2029(d)(f)		2,950		1,519,250
5.25%, 07/01/2030(d)(f)		1,040		535,600
Series 2010-C 5.00%, 07/01/2024(f)(l)		1,735		902,200
5.25%, 07/01/2027(d)(f)		3,360		1,730,400
5.25%, 07/01/2028(d)(f)		500		257,500
Series 2010-DDD 5.00%, 07/01/2021(f)(l)		1,050		546,000
5.00%, 07/01/2022(f)(l)		950		494,000

abfunds.com AB MUNICIPAL INCOME SHARES ^| 91

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2010-X 5.25%, 07/01/2040(d)(f)	$	20,585	$	10,601,275
5.75%, 07/01/2036(d)(f)		7,375		3,798,125
Series 2010-ZZ 5.25%, 07/01/2018(f)(l)		3,500		1,820,000
5.25%, 07/01/2024(f)(l)		2,565		1,333,800
5.25%, 07/01/2025(d)(f)		620		319,300
Series 2012-A 5.00%, 07/01/2029(d)(f)		2,510		1,292,650
5.00%, 07/01/2042(d)(f)		2,125		1,094,375
5.05%, 07/01/2042(d)(f)		2,585		1,331,275
Series 2013-A 7.00%, 07/01/2033(d)(f)		1,700		875,500
7.00%, 07/01/2040(d)(f)		750		386,250
AGM Series 2007-V 5.25%, 07/01/2031		25,380		25,351,663
NATL Series 2007-V 5.25%, 07/01/2029		5,965		5,868,050
5.25%, 07/01/2033		9,250		9,148,648
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		1,937		1,916,046
6.625%, 01/01/2028		14,770		14,593,434
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025(k)(m)		3,431		3,328,433
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.50%, 01/01/2042		3,250		3,839,628
6.75%, 01/01/2045		3,500		4,164,989
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2027		537		483,744
Zero Coupon, 07/01/2029		523		435,708
Zero Coupon, 07/01/2046		123,224		40,240,991
Zero Coupon, 07/01/2051		58,864		14,205,879
Series 2019-A 4.329%, 07/01/2040		15,975		15,808,183
4.55%, 07/01/2040		1,198		1,203,464

92 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 07/01/2058	$	52,251	$	52,352,069
				395,872,387
Rhode Island – 0.0%
Rhode Island Health and Educational Building Corp. (City of Woonsocket RI Lease) AGM Series 2017-A 5.00%, 05/15/2029		1,000		1,046,909
South Carolina – 2.9%
Columbia Housing Authority/SC (Garden Lakes Apartments) Series 2022 4.80%, 11/01/2024		5,010		5,010,000
5.26%, 11/01/2032		710		703,811
5.41%, 11/01/2039		12,570		12,363,545
6.28%, 11/01/2039		540		531,616
Greenville Housing Authority/SC (Victor Verdae Apartments) Series 2023 6.16%, 05/01/2063(a)		16,500		15,838,338
Orangeburg County School District Series 2024 5.00%, 08/13/2025		21,000		21,268,479
Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 10/01/2054(a)(b)		30,000		32,429,604
South Carolina Jobs-Economic Development Authority Series 2024 5.00%, 11/15/2035		1,225		1,269,205
5.25%, 11/15/2039		1,000		1,051,925
5.50%, 11/15/2044		1,000		1,058,692
South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health, Inc.) Series 2020 5.00%, 12/01/2046		10,595		11,018,578
South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) Series 2023 10.00%, 08/01/2039(a)		580		545,039
Series 2023-A 6.50%, 02/01/2056(a)		16,895		17,769,421

abfunds.com AB MUNICIPAL INCOME SHARES ^| 93

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-B 7.50%, 08/01/2047(a)	$	7,000	$	7,126,478
South Carolina Jobs-Economic Development Authority (International Paper Co.) Series 2023 4.00%, 04/01/2033		6,000		6,047,224
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.00%, 06/01/2031(d)(e)(f)		2,470		370,500
6.25%, 06/01/2040(d)(e)(f)		6,100		915,000
6.50%, 06/01/2051(d)(e)(f)		9,070		1,360,500
South Carolina Jobs-Economic Development Authority (Novant Health Obligated Group) Series 2024 4.50%, 11/01/2054		25,000		24,868,962
5.00%, 11/01/2038		6,590		7,294,388
5.25%, 11/01/2041		4,000		4,472,270
5.25%, 11/01/2044		3,000		3,316,506
5.50%, 11/01/2050		7,100		7,846,870
5.50%, 11/01/2054		48,175		52,991,455
South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments LLC) Series 2022 5.75%, 06/01/2052(g)		15,800		11,770,169
South Carolina Public Service Authority Series 2015-A 5.00%, 12/01/2050		33,180		33,268,143
Series 2016-A 5.00%, 12/01/2034		3,815		3,898,022
5.00%, 12/01/2036		1,000		1,020,265
Series 2016-B 5.00%, 12/01/2037		2,000		2,051,094
5.00%, 12/01/2041		10,500		10,699,509
5.00%, 12/01/2056		7,350		7,414,776
Series 2021-A 4.00%, 12/01/2035		1,000		1,012,123
Series 2022 4.00%, 12/01/2038		550		551,007
4.00%, 12/01/2049		5,166		4,906,663
5.00%, 12/01/2036		447		485,759
5.00%, 12/01/2038		1,742		1,883,158

94 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2022-A 4.00%, 12/01/2052	$	14,000	$	12,694,325
5.00%, 12/01/2055		10,000		10,356,970
Series 2024-A 5.00%, 12/01/2039		1,310		1,438,304
5.00%, 12/01/2040		2,000		2,184,437
5.00%, 12/01/2041		3,000		3,260,298
5.00%, 12/01/2042		3,135		3,392,090
5.50%, 12/01/2054		15,250		16,734,165
Series 2024-B 5.00%, 12/01/2041		2,800		3,042,945
5.00%, 12/01/2043		12,000		12,888,310
5.25%, 12/01/2054		12,500		13,410,130
				395,831,068
South Dakota – 0.2%
County of Lincoln SD (Augustana College Association/SD) Series 2021 4.00%, 08/01/2051		2,410		2,006,078
4.00%, 08/01/2056		2,415		1,961,124
4.00%, 08/01/2061		4,020		3,195,537
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) Series 2017 5.00%, 09/01/2033		3,260		3,375,379
5.00%, 09/01/2040		15,035		15,418,257
South Dakota Housing Development Authority (Schuett Spearfish LP) Series 2023 6.15%, 09/01/2039		5,360		5,572,952
				31,529,327
Tennessee – 1.7%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(a)		9,080		8,868,318
5.125%, 12/01/2042(a)		31,490		30,567,425
Series 2016-B Zero Coupon, 12/01/2031(a)		3,800		2,614,574
Knox County Industrial Development Board (Tompaul Knoxville LLC) Series 2022 8.75%, 11/01/2032(a)		2,000		2,044,601

abfunds.com AB MUNICIPAL INCOME SHARES ^| 95

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
9.25%, 11/01/2042(a)	$	5,450	$	5,570,793
9.50%, 11/01/2052(a)		15,100		15,432,618
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trevecca Nazarene University) Series 2021 4.00%, 10/01/2051		2,000		1,692,158
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) Series 2016 5.00%, 07/01/2040		2,435		2,477,341
Series 2017-A 5.00%, 07/01/2048		2,335		2,366,143
Metropolitan Government Nashville & Davidson County Industrial Development Board (Nashville & Davidson County TN South Nashville Central Business Improvement Dist) Series 2021 Zero Coupon, 06/01/2043(a)		7,250		2,931,596
Metropolitan Nashville Airport Authority (The) Series 2022-B 5.25%, 07/01/2047		12,500		13,240,313
5.50%, 07/01/2052		9,000		9,659,057
Tennergy Corp./TN (Nomura Holdings, Inc.) Series 2022-A 5.50%, 10/01/2053		27,000		29,204,374
Tennergy Corp./TN (Royal Bank of Canada) Series 2024 5.00%, 10/01/2054		41,975		44,618,959
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2021 5.00%, 05/01/2052		17,820		19,075,934
Series 2023-A 5.00%, 05/01/2053		26,300		27,346,661
Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) Series 2021 4.00%, 12/01/2039		10,000		8,509,437

96 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.25%, 12/01/2024	$	6,000	$	5,979,923
				232,200,225
Texas – 5.5%
Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) Series 2021-A 4.00%, 10/01/2050		4,070		3,257,009
Series 2021-B 5.00%, 10/01/2050(a)		11,140		9,544,334
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.) Series 2021 4.50%, 06/15/2056(a)		1,000		1,000,105
Series 2023 4.875%, 06/15/2056(a)		1,500		1,513,469
Series 2024 4.25%, 06/15/2039(a)		1,095		1,070,215
4.50%, 06/15/2044(a)		830		796,497
4.75%, 06/15/2049(a)		1,830		1,788,332
4.875%, 06/15/2059(a)		1,000		977,856
5.00%, 06/15/2064(a)		1,500		1,484,583
Arlington Higher Education Finance Corp. (Cypress Christian School, Inc.) Series 2024-2 6.00%, 06/01/2053(a)		5,080		5,211,325
6.25%, 06/01/2063(a)		9,155		9,465,557
Arlington Higher Education Finance Corp. (Magellan School (The)) Series 2022 6.25%, 06/01/2052(a)		6,015		6,270,431
6.375%, 06/01/2062(a)		9,785		10,213,894
Arlington Higher Education Finance Corp. (Wayside Schools) Series 2021-A 4.00%, 08/15/2036		500		469,325
4.00%, 08/15/2046		695		591,015
Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue) Series 2021 4.00%, 10/01/2045		8,545		7,486,387
4.00%, 10/01/2050		3,815		3,227,971

abfunds.com AB MUNICIPAL INCOME SHARES ^| 97

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Board of Regents of the University of Texas System Series 2019-B 5.00%, 08/15/2049	$	11,000	$	12,607,511
Brazoria County Industrial Development Corp. (Aleon Renewable Metals LLC) Series 2022 10.00%, 06/01/2042(a)		10,000		9,000,000
Series 2023 12.00%, 06/01/2043(a)		2,500		2,488,909
Central Texas Regional Mobility Authority Series 2020-A 5.00%, 01/01/2044		2,230		2,323,957
5.00%, 01/01/2049		3,940		4,068,347
Series 2021-B 5.00%, 01/01/2046		4,600		4,794,915
Central Texas Turnpike System Series 2024-A 5.00%, 08/15/2038		8,100		8,945,971
Series 2024-C 5.00%, 08/15/2038		14,700		16,197,221
5.00%, 08/15/2041		3,500		3,781,135
5.00%, 08/15/2042		1,850		1,990,056
City of Abilene TX (Pre-refunded – US Treasuries) Series 2015 5.00%, 02/15/2032		1,330		1,336,022
City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments LLC) Series 2022 Zero Coupon, 12/01/2062(a)		183,265		12,562,779
6.00%, 12/01/2062		20,940		20,499,887
City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments LLC) Series 2022 6.00%, 12/01/2062(a)		10,025		9,643,583
6.25%, 12/01/2054(a)		4,070		3,706,103
City of Dallas TX Series 2020-A 5.00%, 02/15/2025		7,125		7,155,837
Series 2021 5.00%, 02/15/2025		5,000		5,021,930
City of Fort Worth TX Series 2020 5.00%, 03/01/2025		7,630		7,670,774

98 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Houston TX Series 2021-B 2.047%, 03/01/2033	$	2,495	$	2,048,928
2.147%, 03/01/2034		7,405		5,970,884
City of Houston TX (City of Houston TX Hotel Occupancy Tax) Series 2015 5.00%, 09/01/2030		1,965		1,967,313
City of Houston TX Airport System Revenue AGM Series 2023 5.25%, 07/01/2042		5,000		5,409,708
5.25%, 07/01/2043		5,000		5,389,713
5.25%, 07/01/2048		5,000		5,330,800
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029		16,960		16,965,236
Series 2015-B 5.00%, 07/15/2030		1,960		1,969,751
5.00%, 07/15/2035		1,000		1,002,725
Series 2018 5.00%, 07/15/2028		22,875		23,557,469
Series 2020 5.00%, 07/01/2027		1,750		1,788,030
5.00%, 07/15/2027		2,500		2,555,225
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2046		5,000		5,226,651
Series 2024-A 5.25%, 02/01/2049		10,000		10,956,996
Clifton Higher Education Finance Corp. (Valor Texas Education Foundation) Series 2023-A 5.50%, 06/15/2033(a)		1,000		1,025,412
6.00%, 06/15/2043(a)		3,365		3,427,162
6.00%, 06/15/2048(a)		4,125		4,153,744
6.25%, 06/15/2053(a)		5,000		5,075,237
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2050		1,525		1,361,928
County of Denton TX Series 2024 4.00%, 07/15/2044		1,000		980,190

abfunds.com AB MUNICIPAL INCOME SHARES ^| 99

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Harris TX Toll Road Revenue Series 2024-A 4.00%, 08/15/2054	$	5,500	$	5,196,462
County of Williamson TX (Pre-refunded – US Treasuries) Series 2015 5.00%, 02/15/2038		2,400		2,410,170
Dallas County Flood Control District No. 1 Series 2015 5.00%, 04/01/2028(a)		1,650		1,650,081
Dallas Fort Worth International Airport Series 2022-A 4.507%, 11/01/2051		2,000		1,800,091
Harris County Industrial Development Corp. (Energy Transfer LP) Series 2023 4.05%, 11/01/2050		24,195		24,337,317
Hidalgo County Regional Mobility Authority Series 2022-A Zero Coupon, 12/01/2042		2,000		824,610
Zero Coupon, 12/01/2051		11,540		2,858,234
Zero Coupon, 12/01/2054		3,340		700,499
Zero Coupon, 12/01/2056		17,105		3,213,451
Series 2022-B Zero Coupon, 12/01/2042		1,395		548,422
Zero Coupon, 12/01/2043		2,000		743,870
Zero Coupon, 12/01/2044		5,640		1,976,698
Zero Coupon, 12/01/2055		2,895		515,392
Zero Coupon, 12/01/2056		5,000		839,442
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2044		8,505		8,547,906
Mansfield Independent School District (Pre-refunded – US Govt Agencies) Series 2015 5.00%, 02/15/2045		13,000		13,060,371
McKinney Independent School District Series 2024 5.00%, 02/15/2025		10,000		10,048,217
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(a)		25,610		25,615,291

100 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Hope Cultural Education Facilities Finance Corp. (Army Retirement Residence Obligated Group) Series 2022 5.75%, 07/15/2052	$	4,490	$	4,577,123
6.00%, 07/15/2057		10,300		10,614,807
New Hope Cultural Education Facilities Finance Corp. (BSPV – Plano LLC) Series 2023 0.00%, 12/31/2030		1,388		872,422
7.25%, 12/31/2030		7,820		7,779,571
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc. Obligated Group) Series 2021 2.00%, 11/15/2061(d)(f)(g)		210		76,388
7.50%, 11/15/2036(d)(f)		50		42,454
7.50%, 11/15/2037(d)(f)		10		8,210
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027(e)		22,190		22,261,598
New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park, Inc. Obligated Group) Series 2018-A 5.50%, 07/01/2054		10,200		7,661,142
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2040		790		711,326
5.00%, 01/01/2055		3,010		2,426,364
Series 2022 4.00%, 01/01/2047		4,575		3,296,919
4.25%, 01/01/2057		1,380		957,795
5.00%, 01/01/2057		2,950		2,359,598
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) Series 2022 6.875%, 10/01/2057		500		496,477

abfunds.com AB MUNICIPAL INCOME SHARES ^| 101

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Newark Higher Education Finance Corp. (Abilene Christian University) Series 2022 4.00%, 04/01/2057	$	10,000	$	8,743,477
North East Texas Regional Mobility Authority Series 2016 5.00%, 01/01/2046		4,940		4,978,002
North Texas Tollway Authority (North Texas Tollway System) Series 2017-B 5.00%, 01/01/2033		1,400		1,447,970
5.00%, 01/01/2043		6,000		6,117,371
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group) Series 2024 5.00%, 01/01/2039(a)		3,470		3,569,768
5.125%, 01/01/2044(a)		4,175		4,287,860
5.25%, 01/01/2054(a)		2,900		2,983,353
10.00%, 07/01/2026(a)		4,000		4,092,047
Port of Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2021 2.125%, 01/01/2028(a)		540		506,872
2.25%, 01/01/2029(a)		800		737,633
2.50%, 01/01/2030(a)		905		825,768
2.625%, 01/01/2031(a)		500		450,924
Red River Health Facilities Development Corp. (Pre-refunded – US Treasuries) Series 2014-A 7.75%, 11/15/2044		1,315		1,316,939
Tarrant County Cultural Education Facilities Finance Corp. 5.00%, 11/15/2045(d)(f)(k)(m)		2,896		– 0	–
5.25%, 11/15/2047(d)(f)(k)(m)		894		– 0	–
Tarrant County Cultural Education Facilities Finance Corp. (Cumberland Rest, Inc./The Obligated Group) Series 2024 5.00%, 10/01/2044		1,175		1,257,550
Tarrant County Cultural Education Facilities Finance Corp. (Edgemere Retirement Senior Quality Lifestyles Corp.) 5.00%, 11/15/2030(d)(f)(k)(m)		3,273		– 0	–

102 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) Series 2020-A 5.75%, 12/01/2054(d)(f)	$	6,485	$	4,085,585
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) Series 2021 5.00%, 12/15/2029		4,710		4,969,033
5.00%, 12/15/2031		4,775		5,081,528
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054		1,660		1,787,679
Series 2023-B 5.50%, 01/01/2054		46,605		52,152,687
Texas Municipal Gas Acquisition and Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026		4,955		5,091,743
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) Series 2019 4.00%, 12/31/2037		4,000		3,945,110
5.00%, 12/31/2031		5,000		5,329,655
Series 2023 5.50%, 12/31/2058		42,420		45,512,079
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC) Series 2019 5.00%, 06/30/2058		56,150		56,914,982
Texas State University System Series 2017-A 5.00%, 03/15/2025		3,910		3,934,931
Texas Transportation Commission State Highway 249 System Series 2019 5.00%, 08/01/2057		56,130		57,094,302

abfunds.com AB MUNICIPAL INCOME SHARES ^| 103

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Uptown Development Authority (City of Houston TX Reinvestment Zone No. 16) Series 2017-A 5.00%, 09/01/2035	$	1,015	$	1,022,391
				761,592,301
Utah – 0.5%
Black Desert Public Infrastructure District (Black Desert Public Infrastructure District Black Desert Assessment Area No. 1) Series 2024 5.625%, 12/01/2053(a)		10,200		10,448,642
Grapevine Wash Local District Series 2024-A 6.00%, 03/01/2055(a)		13,000		12,510,462
Grapevine Wash Local District (Grapevine Wash Local District Assessment Area No. 1) Series 2024-A 5.25%, 12/01/2044(a)		12,300		11,916,702
MIDA Mountain Veterans Program Public Infrastructure District Series 2024 5.00%, 06/01/2044(a)		1,000		994,105
5.20%, 06/01/2054(a)		3,625		3,631,598
Military Installation Development Authority (Military Installation Development Authority Military Recreation Assessment Area) Series 2021-A 4.00%, 06/01/2052		5,000		4,172,360
Utah Infrastructure Agency Series 2022 5.00%, 10/15/2032		1,000		1,056,105
5.00%, 10/15/2037		1,410		1,467,317
5.00%, 10/15/2046		3,250		3,292,936
Series 2023 5.625%, 10/15/2038		1,000		1,102,684
6.00%, 10/15/2047		2,765		3,037,433
Series 2024 5.00%, 10/15/2028		490		511,855
5.00%, 10/15/2029		515		542,245
5.00%, 10/15/2030		540		570,682
5.00%, 10/15/2031		570		604,611
5.00%, 10/15/2032		595		633,293
5.00%, 10/15/2033		625		666,777
5.00%, 10/15/2034		660		704,452

104 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 10/15/2036	$	535	$	579,700
5.25%, 10/15/2039		500		535,657
5.50%, 10/15/2044		1,050		1,125,775
5.50%, 10/15/2048		1,280		1,353,849
Wohali Public Infrastructure District No. 1 (Wohali Public Infrastructure District No. 1 Assessment Area No. 1) Series 2023 7.00%, 12/01/2042(a)		6,443		6,472,807
				67,932,047
Vermont – 0.1%
Vermont Economic Development Authority (Casella Waste Systems, Inc.) Series 2018 4.625%, 04/01/2036(a)		1,100		1,127,386
Series 2022 5.00%, 06/01/2052(a)		3,750		3,847,413
Vermont Educational & Health Buildings Financing Agency (St Michael’s College, Inc.) Series 2023 5.25%, 10/01/2052(a)		3,000		2,588,253
5.50%, 10/01/2043(a)		2,500		2,350,451
				9,913,503
Virginia – 2.4%
Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) Series 2023 6.25%, 08/01/2045(a)		19,060		18,113,730
Cherry Hill Community Development Authority (Potomac Shores Project) Series 2015 5.15%, 03/01/2035(a)		1,000		1,002,355
Fairfax County Industrial Development Authority (Inova Health System Obligated Group) Series 2022 4.00%, 05/15/2042		10,065		10,008,454
Henrico County Economic Development Authority (Westminster-Canterbury Corp. Obligated Group) Series 2022 5.00%, 10/01/2047		2,000		2,101,332

abfunds.com AB MUNICIPAL INCOME SHARES ^| 105

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 10/01/2052	$	4,500	$	4,690,503
James City County Economic Development Authority (Williamsburg Landing, Inc. Obligated Group) Series 2024 5.25%, 12/01/2027		1,900		1,902,181
Series 2024-A 6.875%, 12/01/2058		2,100		2,319,385
Tobacco Settlement Financing Corp./VA Series 2007-B1 5.00%, 06/01/2047		7,490		7,081,970
US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052		16,002		14,620,731
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) Series 2023 5.375%, 09/01/2029		3,000		3,108,430
7.00%, 09/01/2053		3,665		4,190,710
7.00%, 09/01/2059		7,050		8,010,551
Virginia College Building Authority (Commonwealth of Virginia State Lease) Series 2022 5.00%, 02/01/2025		11,000		11,041,501
Virginia College Building Authority (Marymount University) Series 2015 5.00%, 07/01/2045(a)		1,500		1,312,283
5.25%, 07/01/2035(a)		1,200		1,170,272
Series 2015-A 5.00%, 07/01/2035(a)		1,500		1,432,976
5.00%, 07/01/2045(a)		1,610		1,408,517
Virginia College Building Authority (Regent University) Series 2021 4.00%, 06/01/2036		1,700		1,633,915
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2019-A 5.00%, 02/01/2025		16,695		16,757,987
Virginia Small Business Financing Authority Series 2024-A 4.50%, 12/01/2044(i)		3,450		3,387,709

106 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 12/01/2034(i)	$	5,000	$	5,361,711
5.00%, 12/01/2039(i)		3,000		3,158,744
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 5.00%, 07/01/2038		4,250		4,450,318
4.00%, 01/01/2040		3,000		2,866,594
4.00%, 07/01/2040		500		477,255
Virginia Small Business Financing Authority (Bon Secours Mercy Health, Inc.) Series 2022 5.00%, 10/01/2040		10,000		10,854,505
Virginia Small Business Financing Authority (Capital Beltway Express LLC) Series 2022 5.00%, 12/31/2047		28,825		29,959,402
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) Series 2022 4.00%, 01/01/2030		3,070		3,090,851
4.00%, 01/01/2031		2,650		2,658,082
4.00%, 01/01/2033		7,500		7,481,659
4.00%, 01/01/2034		3,500		3,475,924
4.00%, 01/01/2037		10,000		9,781,494
Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC) Series 2017 5.00%, 12/31/2056		55,235		55,820,955
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 4.00%, 01/01/2051		18,500		16,149,181
Virginia Small Business Financing Authority (P3 VB Holdings LLC) Series 2023 8.50%, 12/01/2052(a)		13,290		13,264,661
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) Series 2022 8.50%, 06/01/2042(e)		24,285		22,654,709
9.245% (SOFR + 5.50%), 06/01/2029(c)(e)		20,870		19,663,612
				326,465,149

abfunds.com AB MUNICIPAL INCOME SHARES ^| 107

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Washington – 1.7%
Central Puget Sound Regional Transit Authority (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax) Series 2016-S 5.00%, 11/01/2046	$	11,000	$	12,801,965
Grays Harbor County Public Hospital District No. 1 Series 2023 6.875%, 12/01/2049		3,000		3,355,128
6.875%, 12/01/2053		1,155		1,285,418
King County Public Hospital District No. 4 Series 2015-A 5.00%, 12/01/2030		2,235		2,244,976
Pend Oreille County Public Utility District No. 1 Box Canyon Series 2018 5.00%, 01/01/2048		9,000		9,158,767
Port of Seattle WA Series 2015-C 5.00%, 04/01/2033		5,035		5,037,273
Series 2021 5.00%, 08/01/2046		12,550		12,950,430
State of Washington Series 2024-R 5.00%, 07/01/2025		19,000		19,225,977
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2037		2,000		2,098,314
5.00%, 08/01/2039		5,970		6,229,411
Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) Series 2020 4.00%, 09/01/2045		2,045		1,900,739
5.00%, 09/01/2039		1,655		1,759,669
5.00%, 09/01/2045		2,070		2,154,639
5.00%, 09/01/2050		2,000		2,066,456
Washington Health Care Facilities Authority (Overlake Hospital Medical Center Obligated Group) Series 2017 4.00%, 07/01/2042		3,500		3,208,323

108 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2017-A 5.00%, 07/01/2035	$	2,350	$	2,397,313
5.00%, 07/01/2036		2,965		3,020,475
Series 2017-B 5.00%, 07/01/2034		1,855		1,895,243
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group) Series 2017 5.00%, 08/15/2033		6,710		6,885,031
5.00%, 08/15/2035		5,750		5,875,939
5.00%, 08/15/2037		3,565		3,634,434
Washington State Convention Center Public Facilities District Series 2021 4.00%, 07/01/2043		8,070		7,655,499
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities Dist Lodging Tax Revenue) Series 2021 4.00%, 07/01/2031		11,045		11,145,715
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		18,622		17,520,360
Series 2021-1, Class X 0.726%, 12/20/2035(j)		14,230		598,884
Series 2023-1, Class A 3.375%, 04/20/2037		22,322		20,134,442
Series 2023-1, Class X 1.449%, 04/20/2037(j)		68,826		7,159,303
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2013 5.00%, 01/01/2028(a)		845		831,255
5.25%, 01/01/2043(a)		2,870		2,613,169
Series 2015 6.00%, 01/01/2045(a)		2,920		2,843,509
Series 2016 4.00%, 01/01/2026(a)		1,855		1,842,473
5.00%, 01/01/2031(a)		5,305		5,338,949
5.00%, 01/01/2036(a)		1,075		1,075,759
5.00%, 01/01/2046(a)		1,140		1,069,279

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2019-A 5.00%, 01/01/2044(a)	$	1,330	$	1,263,969
5.00%, 01/01/2049(a)		3,305		3,048,367
5.00%, 01/01/2055(a)		11,670		10,515,939
Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences) Series 2023 5.625%, 07/01/2038(a)		1,215		1,325,192
6.125%, 07/01/2053(a)		5,805		6,324,748
6.25%, 07/01/2059(a)		9,845		10,751,526
6.375%, 07/01/2063(a)		4,250		4,647,356
Washington State Housing Finance Commission (Spokane United Methodist Homes Obligated Group) Series 2020 5.00%, 01/01/2051(a)		2,000		1,891,390
5.00%, 01/01/2056(a)		2,500		2,325,315
				231,108,318
West Virginia – 0.4%
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) Series 2022 4.50%, 06/01/2050(a)		1,000		780,331
Monongalia County Commission Excise Tax District Series 2023 7.00%, 06/01/2043(a)		2,475		2,625,773
8.00%, 06/01/2053(a)(g)		13,590		2,980,396
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		6,980		6,710,656
West Virginia Economic Development Authority (Appalachian Power Co.) Series 2024 3.375%, 03/01/2040		6,250		6,199,973
West Virginia Economic Development Authority (Arch Resources, Inc.) Series 2021 4.125%, 07/01/2045		3,835		3,836,678

110 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
West Virginia Economic Development Authority (Wyoming County Coal LLC) Series 2023 9.00%, 06/01/2038(a)	$	31,250	$	32,241,556
				55,375,363
Wisconsin – 4.2%
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041(a)		8,850		8,133,100
State of Wisconsin Series 2025-1 5.00%, 05/01/2034(i)		2,625		2,992,391
5.00%, 05/01/2035(i)		1,875		2,152,020
5.00%, 05/01/2036(i)		1,230		1,406,120
Series 2025-2 5.00%, 05/01/2026(i)		2,615		2,675,024
5.00%, 05/01/2027(i)		5,000		5,231,744
5.00%, 05/01/2028(i)		3,000		3,200,100
5.00%, 05/01/2029(i)		5,000		5,425,044
5.00%, 05/01/2038(i)		1,700		1,928,995
Wisconsin Center District (Wisconsin Center District Ded Tax) Series 2022 5.25%, 12/15/2061(a)		6,995		7,049,512
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration, Inc.) Series 2024 5.00%, 08/01/2027(a)		10,200		10,415,045
Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Health System Obligated Group) Series 2024 5.50%, 02/15/2054		10,000		10,798,416
AGM Series 2020 3.00%, 02/15/2038		1,035		899,945
5.00%, 02/15/2031		2,000		2,138,082
BAM Series 2024 4.50%, 02/15/2054		2,000		1,925,685
Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) Series 2021 4.00%, 01/01/2037		1,550		1,486,219

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 01/01/2057	$	9,815	$	8,011,447
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 5.00%, 11/01/2039		950		954,210
5.00%, 11/01/2046		870		837,537
5.00%, 11/01/2054		3,295		3,068,428
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040(a)		2,510		2,254,723
Series 2022-A 3.875%, 12/01/2039(a)		11,525		10,300,391
Wisconsin Public Finance Authority Series 2024 Zero Coupon, 12/15/2034(a)		9,962		5,451,063
5.50%, 12/15/2038(a)		14,700		14,714,481
5.50%, 07/01/2044		2,600		2,759,716
5.75%, 07/01/2049		4,000		4,271,393
5.75%, 07/01/2054		2,000		2,129,345
Wisconsin Public Finance Authority (21st Century Public Academy) Series 2020 5.00%, 06/01/2049(a)		1,340		1,178,170
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) Series 2016 5.125%, 06/01/2048(a)		3,335		3,287,725
Wisconsin Public Finance Authority (Blue Ridge Healthcare Obligated Group) Series 2020 4.00%, 01/01/2045		1,500		1,414,024
5.00%, 01/01/2038		550		574,953
5.00%, 01/01/2039		700		728,420
5.00%, 01/01/2040		500		518,570
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The)) Series 2020 5.00%, 01/01/2045		2,030		2,071,608
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(e)		57,000		51,564,543

112 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-B 5.00%, 12/01/2025	$	1,000	$	1,011,550
Series 2016-C 4.30%, 11/01/2030		2,060		2,064,595
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.00%, 02/01/2052		17,600		17,851,569
5.00%, 02/01/2062		14,890		15,023,474
5.50%, 02/01/2042(a)		5,950		6,178,676
5.75%, 02/01/2052(a)		16,500		17,148,527
6.00%, 02/01/2062(a)		20,960		22,153,611
Wisconsin Public Finance Authority (Crossroads Health Project) Series 2023 8.00%, 07/01/2053(a)		14,895		15,478,240
8.125%, 07/01/2058(a)		14,900		15,485,439
Wisconsin Public Finance Authority (FAH Tree House LLC) Series 2023 6.50%, 08/01/2053(a)		18,100		18,067,239
6.625%, 02/01/2046(a)		12,500		11,477,232
Wisconsin Public Finance Authority (Gannon University) Series 2017 5.00%, 05/01/2042		1,500		1,496,328
5.00%, 05/01/2047		2,750		2,671,066
Wisconsin Public Finance Authority (KDC Agribusiness LLC)  12.00%, 09/14/2023(f)(k)(l)(m)		9,807		– 0	–
Series 2022 15.00%, 04/30/2023(e)(f)(k)(l)(m)		21,900		– 0	–
Series 2023 15.00%, 04/30/2023(e)(f)(k)(l)(m)		4,895		49
Wisconsin Public Finance Authority (Lackland Project) Series 2024 Zero Coupon, 02/01/2031		12,280		7,878,492
Wisconsin Public Finance Authority (Lehigh Valley Health Network, Inc.) Series 2023 6.625%, 12/01/2032(a)		1,040		1,045,476
7.25%, 12/01/2042(a)		7,775		7,896,129
7.50%, 12/01/2052(a)		5,400		5,532,975

abfunds.com AB MUNICIPAL INCOME SHARES ^| 113

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (McLemore Resort Manager LLC) Series 2021 4.50%, 06/01/2056(a)	$	13,735	$	10,977,126
Wisconsin Public Finance Authority (Moses H Cone Memorial Hospital Obligated Group) Series 2022-A 5.00%, 10/01/2052(a)(b)		10,000		10,475,963
Wisconsin Public Finance Authority (National Senior Communities, Inc. Obligated Group) Series 2022 4.00%, 01/01/2047		1,400		1,248,239
4.00%, 01/01/2052		2,350		2,027,363
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029(a)		8,000		5,686,089
Wisconsin Public Finance Authority (Pine Lake Preparatory, Inc.) Series 2015 5.25%, 03/01/2035(a)		1,550		1,554,692
5.50%, 03/01/2045(a)		3,510		3,517,730
Wisconsin Public Finance Authority (Pre-refunded – US Treasuries) Series 2014-A 5.75%, 11/15/2044(a)		1,000		1,000,652
Series 2020 5.00%, 04/01/2030(a)		25		26,650
5.00%, 04/01/2040(a)		80		87,939
5.00%, 04/01/2050(a)		335		368,246
Series 2022 4.00%, 04/01/2032(a)		15		15,553
4.00%, 04/01/2052(a)		40		42,548
Wisconsin Public Finance Authority (QCF Behavioral Hospitals I Obligated Group) Series 2024 7.50%, 07/01/2059(a)		15,500		17,232,185
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042		12,000		12,313,879
5.25%, 03/01/2047		5,100		5,168,276

114 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (RBS Evolution LLC) Series 2023 10.00%, 11/01/2038(a)	$	19,400	$	21,952,138
Wisconsin Public Finance Authority (Roseman University of Health Sciences) Series 2020 5.00%, 04/01/2030(a)		475		491,358
5.00%, 04/01/2040(a)		1,320		1,359,925
5.00%, 04/01/2050(a)		6,150		6,209,209
Series 2022 4.00%, 04/01/2052(a)		2,615		2,288,705
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021 4.00%, 06/01/2056(a)		29,090		23,476,398
Series 2022 4.00%, 06/01/2049(a)		3,880		3,266,934
Wisconsin Public Finance Authority (Seabury Retirement Community) Series 2015-A 5.00%, 09/01/2030(a)		545		545,252
Wisconsin Public Finance Authority (Signorelli Projects) Series 2024 5.375%, 12/15/2032(a)		8,000		8,003,858
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) Series 2024 5.00%, 06/01/2041(a)		12,500		12,812,409
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2046		8,000		6,405,318
4.00%, 02/01/2051		11,500		8,853,740
Wisconsin Public Finance Authority (Triad Math & Science Academy Co.) Series 2021 4.00%, 06/15/2051		6,415		5,628,612
4.00%, 06/15/2061		1,035		869,834
Series 2022 5.00%, 06/15/2042		1,140		1,168,850
5.25%, 06/15/2052		1,610		1,653,083
5.375%, 06/15/2057		2,320		2,390,213

abfunds.com AB MUNICIPAL INCOME SHARES ^| 115

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.50%, 06/15/2050	$	650	$	677,199
5.50%, 06/15/2062		4,025		4,162,445
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2034(a)		15,970		16,388,955
5.00%, 10/01/2039(a)		5,035		5,102,851
Wisconsin Public Finance Authority (UNC Health Appalachian Obligated Group) Series 2021 4.00%, 07/01/2046		1,100		902,455
Wisconsin Public Finance Authority (Uwharrie Charter Academy) Series 2022 5.00%, 06/15/2052(a)		4,315		4,238,642
5.00%, 06/15/2057(a)		6,105		5,941,868
5.00%, 06/15/2062(a)		8,090		7,797,621
Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) Series 2021 4.00%, 12/01/2031(a)		2,450		2,362,703
4.00%, 12/01/2041(a)		2,405		2,173,454
4.00%, 12/01/2051(a)		4,210		3,577,779
Wisconsin Public Finance Authority (WFCS Holdings II LLC) Series 2021-A1 5.00%, 01/01/2056(a)		4,915		4,793,396
				589,647,190
Total Long-Term Municipal Bonds (cost $14,638,299,730)				14,345,309,175
Short-Term Municipal Notes – 0.1%
Florida – 0.1%
Escambia County Housing Finance Authority (4900 S. Rio Grande Avenue LP) Series 2023-A 6.88%, 11/01/2053(a)		2,780		3,055,549
Series 2023-B 6.45%, 05/01/2027(a)		7,665		7,864,149
Total Short-Term Municipal Notes (cost $10,445,000)				10,919,698
Total Municipal Obligations (cost $14,648,744,730)				14,356,228,873

116 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%
Non-Agency Fixed Rate CMBS – 0.2%
City of Fort Wayne IN 10.75%, 12/01/2029(d)(f)	$	1,243	$	124
New Hampshire Business Finance Authority Series 2024-2, Class A 3.625%, 08/20/2039		7,880		7,363,436
Series 2024-3 4.03%, 10/20/2041		19,159		18,395,369
				25,758,929
Non-Agency Floating Rate CMBS – 0.1%
New Hampshire Business Finance Authority Series 2024-1, Class X 0.49%, 07/01/2051(j)		17,635		679,434
Series 2024-2, Class X 0.51%, 08/20/2039(j)		39,900		1,653,907
Washington State Housing Finance Commission Series 2024-2 4.084%, 03/20/2040		11,095		10,686,815
				13,020,156
Total Commercial Mortgage-Backed Securities (cost $40,144,654)				38,779,085
ASSET-BACKED SECURITIES – 0.1%
Other ABS - Fixed Rate – 0.1%
Commonwealth of Puerto Rico Series 2022-A 0.00%, 11/01/2051		36,000		9,581,875
County of Montgomery OH Series 2018 6.00%, 04/01/2038(d)(e)(f)		1,607		112,468
Series 2018-A 6.25%, 04/01/2049(d)(e)(f)		8,118		568,244
Highlands County Health Facilities Authority Series 2018 6.00%, 04/01/2038(d)(f)		1,229		86,038
6.25%, 04/01/2049(d)(f)		1,462		102,346
HTA HRRB Custodial Trust  5.25%, 07/01/2036		346		349,441
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2036		678		680,676
5.25%, 07/01/2041		7,065		6,825,441

abfunds.com AB MUNICIPAL INCOME SHARES ^| 117

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Series 2018-A 6.25%, 04/01/2049(d)(e)(f)	$	4,049	$	283,419
Total Asset-Backed Securities (cost $27,495,335)				18,589,948
CORPORATES - NON-INVESTMENT GRADE – 0.0%
Financial Institutions – 0.0%
REITs – 0.0%
Bridgewater Castle Rock ALF LLC 9.50%, 06/30/2025(m) (cost $4,990,000)		4,990		4,990,000
	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Electric – 0.0%
AES Puerto Rico LP 0.00%(f)(k)(m) (cost $5,885,280)		324,846		945,302
SHORT-TERM INVESTMENTS – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.72%(n)(o)(p) (cost $3,246,238)		3,246,238		3,246,238
Total Investments – 104.0% (cost $14,730,506,237)				14,422,779,446
Other assets less liabilities – (4.0)%				(557,070,340	)
Net Assets – 100.0%			$	13,865,709,106

118 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

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	219,860		01/15/2028	1.230%	CPI#	Maturity	$	42,265,754		$	– 0	–	$	42,265,754
USD	53,630		01/15/2028	0.735%	CPI#	Maturity		12,321,260			– 0	–		12,321,260
USD	265,880		01/15/2029	CPI#	3.390%	Maturity		(7,309,259	)		– 0	–		(7,309,259	)
USD	190,780		01/15/2029	CPI#	3.735%	Maturity		492,487			– 0	–		492,487
USD	79,070		01/15/2029	CPI#	3.331%	Maturity		(2,574,813	)		– 0	–		(2,574,813	)
USD	742,122		10/15/2029	2.516%	CPI#	Maturity		(571,701	)		– 0	–		(571,701	)
USD	741,440		10/15/2029	2.451%	CPI#	Maturity		1,625,978			– 0	–		1,625,978
USD	741,438		10/15/2029	2.499%	CPI#	Maturity		6,221			– 0	–		6,221
USD	67,450		01/15/2030	1.572%	CPI#	Maturity		12,169,351			– 0	–		12,169,351
USD	67,450		01/15/2030	1.587%	CPI#	Maturity		12,073,582			– 0	–		12,073,582
USD	93,000		01/15/2031	2.782%	CPI#	Maturity		6,682,981			– 0	–		6,682,981
USD	85,000		01/15/2031	2.680%	CPI#	Maturity		6,983,271			– 0	–		6,983,271
USD	76,750		01/15/2031	2.989%	CPI#	Maturity		3,893,669			– 0	–		3,893,669
USD	75,410		01/15/2032	CPI#	3.064%	Maturity		(2,749,024	)		– 0	–		(2,749,024	)
USD	52,000		04/15/2032	CPI#	2.909%	Maturity		(2,587,968	)		– 0	–		(2,587,968	)
							$	82,721,789		$	– 0	–	$	82,721,789

# 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	275,000		01/15/2027	1 Day SOFR	3.947%	Annual	$	(2,761,471	)	$	– 0	–	$	(2,761,471	)
USD	290,400		07/31/2029	1 Day SOFR	4.461%	Annual		7,794,722			– 0	–		7,794,722
USD	258,455		10/15/2029	1 Day SOFR	3.814%	Annual		309,384			– 0	–		309,384
USD	258,023		10/15/2029	1 Day SOFR	3.761%	Annual		(336,270	)		– 0	–		(336,270	)
USD	258,022		10/15/2029	1 Day SOFR	3.740%	Annual		(569,109	)		– 0	–		(569,109	)
USD	126,000		07/31/2031	1 Day SOFR	3.877%	Annual		322,042			– 0	–		322,042
USD	578,060		09/15/2031	1 Day SOFR	3.786%	Annual		391,484			– 0	–		391,484
USD	115,700		09/15/2031	1 Day SOFR	3.768%	Annual		– 0	–		– 0	–		– 0	–
USD	90,000		09/15/2031	1 Day SOFR	3.262%	Annual		(2,906,439	)		– 0	–		(2,906,439	)
USD	250,000		08/15/2033	1 Day SOFR	3.477%	Annual		(5,822,718	)		– 0	–		(5,822,718	)
USD	500,000		11/15/2033	1 Day SOFR	4.180%	Annual		13,132,184			– 0	–		13,132,184
USD	450,000		11/15/2033	1 Day SOFR	4.114%	Annual		9,432,027			– 0	–		9,432,027
USD	345,100		08/15/2034	3.304%	1 Day SOFR	Annual		14,753,457			– 0	–		14,753,457
USD	300,000		08/15/2034	3.187%	1 Day SOFR	Annual		15,121,840			– 0	–		15,121,840
USD	250,000		08/15/2034	3.264%	1 Day SOFR	Annual		11,142,410			7,444			11,134,966
USD	130,000		08/15/2034	3.231%	1 Day SOFR	Annual		6,141,594			– 0	–		6,141,594
							$	66,145,137		$	7,444		$	66,137,693

abfunds.com AB MUNICIPAL INCOME SHARES ^| 119

PORTFOLIO OF INVESTMENTS (continued)

INTEREST RATE SWAPS (see Note C)

						Rate Type
Swap Counterparty	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)
Citibank, NA		USD	52,610		10/09/2029	1.125%	SIFMA*	Quarterly	$	4,208,384		$	– 0	–	$	4,208,384
JPMorgan Chase Bank, NA		USD	10,000		10/23/2025	MMD 30 Year^	4.100%	Maturity		(73,746	)		– 0	–		(73,746	)
JPMorgan Chase Bank, NA		USD	10,000		10/24/2025	MMD 30 Year^	4.230%	Maturity		301,569			– 0	–		301,569
Morgan Stanley Capital Services LLC		USD	10,000		08/29/2025	MMD 30 Year^	3.840%	Maturity		(724,291	)		– 0	–		(724,291	)
									$	3,711,916		$	– 0	–	$	3,711,916

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

^ Variable interest rate based on the Municipal Market Data AAA General Obligation Scale.

(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 $3,353,705,076 or 24.2% of net assets.

(b) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund (see Note H).

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

(d) Defaulted.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 2.04% of net assets as of October 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
ARC70 II TRUST Series 2023 4.84%, 04/01/2065		07/18/2023 - 07/30/2024	$	60,628,151	$	56,877,064		0.41	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.75%, 07/01/2030		05/16/2022		1,555,637		60,000		0.00	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050		08/12/2020 - 07/20/2022		35,639,422		1,358,000		0.01	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2021-A 6.00%, 07/01/2051		07/21/2022		1,324,222		57,000		0.00	%

120 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040		05/16/2019	$	790,267	$	79			0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031		05/21/2021		5,195,000		– 0	–		0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 7.00%, 12/15/2043		05/21/2021		5,390,000		– 0	–		0.00	%
County of Montgomery OH Series 2018 6.00%, 04/01/2038		09/15/2020		819,409		112,468			0.00	%
County of Montgomery OH Series 2018-A 6.25%, 04/01/2049		08/29/2018 - 10/05/2020		4,912,943		568,244			0.00	%
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041		01/14/2021		19,316,163		14,692,500			0.11	%
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 3.00%, 06/01/2056		04/27/2023		696,866		701,977			0.03	%
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2041		11/14/2023		810,964		892,710			0.03	%
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2051		05/09/2023		882,672		893,901			0.03	%
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2056		04/17/2023 - 11/14/2023		1,433,213		1,506,561			0.03	%

abfunds.com AB MUNICIPAL INCOME SHARES ^| 121

PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Illinois Housing Development Authority (Drexel Court & Lake Park East) Series 2024 5.67%, 11/01/2038		10/19/2022	$	16,210,000	$	16,172,344		0.12	%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039		03/28/2019 - 06/09/2022		29,050,003		14,206,339		0.10	%
Indiana Finance Authority (Parkview Health System Obligated Group) Series 2024-B 4.084%, 11/01/2046		06/24/2024		32,030,000		31,985,805		0.23	%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Series 2018-A 6.25%, 04/01/2049		08/29/2018		4,021,391		283,419		0.00	%
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) Series 2022 8.00%, 12/01/2029		12/13/2022		14,329,740		14,735,350		0.11	%
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) Series 2021 9.00%, 01/01/2041		09/03/2021		270,000		270,000		0.00	%
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027		02/03/2023 - 07/30/2024		22,189,635		22,261,598		0.16	%
Pueblo Urban Renewal Authority Series 2021 4.75%, 12/01/2045		03/24/2021 - 03/30/2021		8,175,194		5,463,283		0.04	%
Scranton-Lackawanna Health and Welfare Authority (Scranton Parking System Concession Project) Series 2016-D Zero Coupon, 01/01/2057		08/24/2016		7,420,255		3,229,681		0.02	%

122 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.00%, 06/01/2031		10/04/2022 - 04/17/2023	$	2,079,453	$	370,500			0.00	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040		06/16/2021 - 07/20/2022		5,930,103		915,000			0.01	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.50%, 06/01/2051		06/16/2021 - 10/20/2022		7,844,598		1,360,500			0.01	%
State of Nevada Department of Business & Industry Series 2018 6.95%, 02/15/2038		08/24/2018		1,702,635		6,981			0.00	%
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) Series 2022 8.50%, 06/01/2042		06/08/2022 - 07/29/2024		24,194,301		22,654,709			0.16	%
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) Series 2022 9.245%, 06/01/2029		06/08/2022 - 07/29/2024		20,794,551		19,663,612			0.14	%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041		08/03/2021		57,000,000		51,564,543			0.37	%
Wisconsin Public Finance Authority (KDC Agribusiness LLC) Series 2022 15.00%, 04/30/2023		11/10/2022		21,900,000		– 0	–		0.00	%
Wisconsin Public Finance Authority (KDC Agribusiness LLC) Series 2023 15.00%, 04/30/2023		03/16/2023		4,895,000		49			0.00	%

(f) Non-income producing security.

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

(h) Inverse floater security.

(i) When-Issued or delayed delivery security.

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PORTFOLIO OF INVESTMENTS (continued)

(j) IO – Interest Only.

(k) Fair valued by the Adviser.

(l) Defaulted matured security.

(m) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(n) Affiliated investments.

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

(p) 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 2.2% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MMD – Municipal Market Data

NATL – National Interstate Corporation

SD – School District

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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STATEMENT OF ASSETS & LIABILITIES

October 31, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $14,727,259,999)	$	14,419,533,208
Affiliated issuers (cost $3,246,238)		3,246,238
Cash collateral due from broker		66,956,955
Interest receivable		202,790,542
Receivable for shares of beneficial interest sold		8,425,468
Unrealized appreciation on interest rate swaps		4,509,953
Receivable for investment securities sold		3,938,513
Affiliated dividends receivable		660,876
Receivable due from Adviser		28,294
Total assets		14,710,090,047
Liabilities
Due to custodian		812,817
Payable for floating rate notes issued*		490,290,000
Payable for investment securities purchased		287,234,796
Dividends payable		52,333,494
Payable for shares of beneficial interest redeemed		5,589,161
Cash collateral due to broker		3,950,000
Payable for variation margin on centrally cleared swaps		1,311,573
Unrealized depreciation on interest rate swaps		798,037
Accrued expenses and other liabilities		2,061,063
Total liabilities		844,380,941
Net Assets	$	13,865,709,106
Composition of Net Assets
Shares of beneficial interest, at par	$	12,316
Additional paid-in capital		14,083,895,691
Accumulated loss		(218,198,901	)
Net Assets	$	13,865,709,106
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 1,231,624,631 common shares outstanding)	$	11.26

* Represents short-term floating rate certificates issued by tender option bond trusts (see Note H).

See notes to financial statements.

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STATEMENT OF OPERATIONS

Six Months Ended October 31, 2024 (unaudited)

Investment Income
Interest	$	310,778,941
Dividends—Affiliated issuers		3,327,516
Other income(a)		102,615	$	314,209,072
Expenses
Interest and investment expense		10,602,717
Total expenses				10,602,717
Net investment income				303,606,355
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions				(7,725,958	)
Swaps				(28,107,501	)
Net change in unrealized appreciation (depreciation) of:
Investments				262,071,123
Swaps				171,276,924
Net gain on investment transactions				397,514,588
Net Increase in Net Assets from Operations			$	701,120,943

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

See notes to financial statements.

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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	$	303,606,355		$	488,694,256
Net realized loss on investment transactions		(35,833,459	)		(27,640,584	)
Net change in unrealized appreciation (depreciation) of investments		433,348,047			(146,682,869	)
Net increase in net assets from operations		701,120,943			314,370,803
Distribution to Shareholders		(286,720,257	)		(462,980,749	)
Transactions in Shares of Beneficial Interest
Net increase		1,314,179,452			2,916,953,165
Total increase		1,728,580,138			2,768,343,219
Net Assets
Beginning of period		12,137,128,968			9,368,785,749
End of period	$	13,865,709,106		$	12,137,128,968

See notes to financial statements.

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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 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 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

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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

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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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation

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of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

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

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	–	$	14,341,980,693		$	3,328,482	(a)	$	14,345,309,175
Short-Term Municipal Notes		– 0	–		10,919,698			– 0	–		10,919,698
Commercial Mortgage-Backed Securities		– 0	–		38,779,085			– 0	–		38,779,085
Asset-Backed Securities		– 0	–		18,589,948			– 0	–		18,589,948
Corporates – Non-Investment Grade		– 0	–		– 0	–		4,990,000			4,990,000
Preferred Stocks		– 0	–		– 0	–		945,302			945,302
Short-Term Investments		3,246,238			– 0	–		– 0	–		3,246,238
Total Investments in Securities		3,246,238			14,410,269,424			9,263,784	(a)		14,422,779,446

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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Securities:

Level 1

Level 2

Level 3

Total

Other Financial Instruments(b):

Assets:

Centrally Cleared Inflation (CPI) Swaps

$

– 0

–

$

98,514,554

$

– 0

–

$

98,514,554

(c)

Centrally Cleared Interest Rate Swaps

– 0

–

78,541,144

– 0

–

78,541,144

(c)

Interest Rate Swaps

– 0

–

4,509,953

– 0

–

4,509,953

Liabilities:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

(15,792,765

)

– 0

–

(15,792,765

)(c)

Centrally Cleared Interest Rate Swaps

– 0

–

(12,396,007

)

– 0

–

(12,396,007

)(c)

Interest Rate Swaps

– 0

–

(798,037

)

– 0

–

(798,037

)

Total

$

3,246,238

$

14,562,848,266

$

9,263,784

(a)

$

14,575,358,288

The Fund holds liabilities for floating rate note obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2.

(a) The Fund held securities with zero market value at period end.

(b) 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.

(c) 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.

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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.

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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.

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 $102,615.

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	$	47,424	$	1,760,763	$	1,804,941	$	3,246	$	3,328

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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)	$	2,760,955,302		$	717,568,047
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	$	472,522,398
Gross unrealized depreciation		(627,677,791	)
Net unrealized depreciation	$	(155,155,393	)

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 or credit risk. 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 each counterparty to a swap in evaluating potential counterparty risk.

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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 risk mitigation standards, including the requirement to provide initial

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NOTES TO FINANCIAL STATEMENTS (continued)

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 derivative contract counterparties in order to, among other things, reduce

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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	$	177,048,254	*	Payable for variation margin on centrally cleared swaps	$	28,188,772	*
Interest rate contracts	Unrealized appreciation on interest rate swaps		4,509,953		Unrealized depreciation on interest rate swaps		798,037
Total		$	181,558,207			$	28,986,809

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

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NOTES TO FINANCIAL STATEMENTS (continued)

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	$	(28,107,501	)	$	171,276,924
Total		$	(28,107,501	)	$	171,276,924

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

Interest Rate Swaps:
Average notional amount	$	59,752,857
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	3,195,322,857
Centrally Cleared Inflation Swaps:
Average notional amount	$	1,644,137,143

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of October 31, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA	$	4,208,384	$	– 0	–	$	(3,950,000	)	$	– 0	–	$	258,384
JPMorgan Chase Bank, NA		301,569		(73,746	)		– 0	–		– 0	–		227,823
Total	$	4,509,953	$	(73,746	)	$	(3,950,000	)	$	– 0	–	$	486,207	^

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NOTES TO FINANCIAL STATEMENTS (continued)

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
JPMorgan Chase Bank, NA	$	73,746	$	(73,746	)	$	– 0	–	$	– 0	–	$	– 0	–
Morgan Stanley Capital Services LLC		724,291		– 0	–		(640,000	)		– 0	–		84,291
Total	$	798,037	$	(73,746	)	$	(640,000	)	$	– 0	–	$	84,291	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

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		192,233,665			506,082,273		$	2,166,418,619	$	5,480,423,265
Shares redeemed		(75,835,552	)		(239,169,160	)		(852,239,167)		(2,563,470,100	)
Net increase		116,398,113			266,913,113		$	1,314,179,452	$	2,916,953,165

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

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 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

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due to such factors as specific corporate developments, interest rate sensitivity and 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 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

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 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

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	$	31,837,803	$	26,840,993
Total taxable distributions		31,837,803		26,840,993
Tax-exempt income		431,142,946		321,585,581
Total distributions paid	$	462,980,749	$	348,426,574

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

Undistributed ordinary income	$	46,904,575
Accumulated capital and other losses	$	(48,972,896	)(a)
Unrealized appreciation (depreciation)		(587,885,949	)(b)
Total accumulated earnings (deficit)	$	(589,954,270	)(c)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $48,972,896.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of tender option bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the tax treatment of defaulted securities 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 $24,945,460 which may be carried forward for an indefinite period.

NOTE H

Floating Rate Notes Issued in Connection with Securities Held

The Fund may engage in tender option bond (“TOB”) transactions in which the Fund transfers a fixed rate bond (“Fixed Rate Bond”) into a Special Purpose Vehicle (the “SPV”, which is generally organized as a trust). The Fund buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation (“Inverse Floater”). The SPV also issues floating rate notes (“Floating Rate Notes”) which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Fund, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with

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U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its statement of assets and liabilities. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Fund’s expense ratio. At October 31, 2024, the amount of the Fund’s Floating Rate Notes outstanding was $490,290,000 and the related interest rate was 3.06% to 5.03%. For the six months ended October 31, 2024, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were $487,044,158 and 4.26%, respectively.

The Fund may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the Fund’s portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Fund’s financial statements as a secured borrowing.

NOTE I

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

Early adoption of ASU 2023-07 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-07.

NOTE J

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.

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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		$ 10.88			$ 11.04			$ 11.36			$ 12.70			$ 10.80			$ 11.70
Income From Investment Operations
Net investment income(a)		.26			.50			.45			.43			.44			.44
Net realized and unrealized gain (loss) on investment transactions		.37			(.18	)		(.30	)		(1.35	)		1.91			(.90	)
Net increase (decrease) in net asset value from operations		.63			.32			.15			(.92	)		2.35			(.46	)
Less: Dividends
Dividends from net investment income		(.25	)		(.48	)		(.47	)		(.42	)		(.45	)		(.44	)
Net asset value, end of period		$ 11.26			$ 10.88			$ 11.04			$ 11.36			$ 12.70			$ 10.80
Total Return
Total investment return based on net asset value(b)		5.78	%		2.99	%+		1.44	%+		(7.52	)%		22.01	%		(4.23	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$13,865,709			$12,137,129			$9,368,786			$7,305,688			$6,349,716			$4,685,911
Ratio to average net assets of:
Expenses(c)		.16	%^		.22	%		.21	%		.07	%		.07	%		.01	%
Net investment income		4.59	%^		4.65	%		4.10	%		3.38	%		3.62	%		3.67	%
Portfolio turnover rate		5	%		17	%		18	%		6	%		10	%		12	%

(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.

(c) The expense ratios, excluding interest expense are .00%, .00%, .00%, .00%, .00% and .00%, respectively.

+ The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

^ Annualized.

See notes to financial statements.

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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 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.

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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.

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying 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-, 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 and their discussion with the Adviser of the reasons for the Fund’s underperformance in the most recent period, 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

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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.

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NOTES

152 ^| AB MUNICIPAL INCOME SHARES abfunds.com

AB MUNICIPAL INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

MIS-0152-1024    

OCT^10.31.2024

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB TAXABLE MULTI-SECTOR 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 – 63.2%
Industrial – 39.0%
Basic – 4.6%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028	$	1,000	$	922,490
Eastman Chemical Co. 3.80%, 03/15/2025		2,000		1,988,800
Ecolab, Inc. 3.25%, 12/01/2027		3,000		2,889,870
EIDP, Inc. 1.70%, 07/15/2025		1,265		1,238,207
Freeport-McMoRan, Inc. 4.125%, 03/01/2028		2,000		1,946,320
Newmont Corp. 2.80%, 10/01/2029		1,000		915,420
PPG Industries, Inc. 1.20%, 03/15/2026		2,000		1,904,920
Rohm & Haas Co. 7.85%, 07/15/2029		1,000		1,110,270
Sherwin-Williams Co. (The) 3.45%, 06/01/2027		1,000		970,600
Southern Copper Corp. 3.875%, 04/23/2025		1,000		987,500
Westlake Corp. 3.60%, 08/15/2026		3,000		2,936,460
WRKCo, Inc. 3.90%, 06/01/2028		1,000		964,680
4.00%, 03/15/2028		2,000		1,944,320
				20,719,857
Capital Goods – 4.4%
3M Co. 2.65%, 04/15/2025		2,000		1,979,300
Boeing Co. (The) 2.196%, 02/04/2026		2,000		1,926,440
3.25%, 03/01/2028		1,000		930,760
Caterpillar Financial Services Corp. 4.375%, 08/16/2029		1,000		990,720
Emerson Electric Co. 1.80%, 10/15/2027		2,000		1,852,660
Northrop Grumman Corp. 2.93%, 01/15/2025		2,000		1,990,740
Parker-Hannifin Corp. 4.25%, 09/15/2027		2,000		1,982,840
RTX Corp. 3.125%, 05/04/2027		2,000		1,927,920

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 1

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Trane Technologies Financing Ltd. 3.55%, 11/01/2024	$	2,000	$	2,000,000
Waste Management, Inc. 3.15%, 11/15/2027		3,000		2,884,680
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/2026		1,000		975,050
				19,441,110
Communications - Media – 1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/2029		1,000		877,750
Discovery Communications LLC 3.95%, 03/20/2028		2,000		1,887,240
4.125%, 05/15/2029		1,000		930,480
Omnicom Group, Inc./Omnicom Capital, Inc. 3.65%, 11/01/2024		2,000		2,000,000
Warnermedia Holdings, Inc. 3.755%, 03/15/2027		1,000		962,810
				6,658,280
Communications - Telecommunications – 1.6%
AT&T, Inc. 1.65%, 02/01/2028		1,000		908,630
T-Mobile USA, Inc. 2.625%, 04/15/2026		3,402		3,298,341
Verizon Communications, Inc. 4.125%, 03/16/2027		3,000		2,964,150
				7,171,121
Consumer Cyclical - Automotive – 1.6%
Ford Motor Credit Co., LLC 2.90%, 02/10/2029		1,000		892,410
4.95%, 05/28/2027		779		770,096
General Motors Financial Co., Inc. 4.30%, 04/06/2029		1,000		966,200
5.40%, 05/08/2027		1,000		1,011,800
6.145% (SOFR + 1.30%), 04/07/2025(a)		1,500		1,504,035
Toyota Motor Credit Corp. 3.65%, 01/08/2029		2,000		1,934,940
				7,079,481
Consumer Cyclical - Entertainment – 0.4%
YMCA of Greater New York 2.303%, 08/01/2026		1,765		1,667,219
Consumer Cyclical - Other – 1.3%
Las Vegas Sands Corp. 3.50%, 08/18/2026		1,000		971,780

2 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Marriott International, Inc./MD 3.75%, 03/15/2025	$	1,075	$	1,068,787
4.875%, 05/15/2029		2,000		2,001,780
Series R 3.125%, 06/15/2026		2,000		1,953,200
				5,995,547
Consumer Cyclical - Restaurants – 0.2%
McDonald’s Corp. 3.375%, 05/26/2025		1,000		992,140
Consumer Cyclical - Retailers – 2.0%
AutoZone, Inc. 3.25%, 04/15/2025		2,000		1,983,820
Dollar Tree, Inc. 4.00%, 05/15/2025		2,000		1,986,720
NIKE, Inc. 2.40%, 03/27/2025		2,250		2,228,962
Ross Stores, Inc. 0.875%, 04/15/2026		1,000		946,890
VF Corp. 2.40%, 04/23/2025		1,670		1,648,574
				8,794,966
Consumer Non-Cyclical – 5.8%
Altria Group, Inc. 4.80%, 02/14/2029		1,000		994,040
Amgen, Inc. 2.20%, 02/21/2027		3,000		2,848,110
Archer-Daniels-Midland Co. 2.50%, 08/11/2026		3,000		2,893,230
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		2,275		2,182,794
Cencora, Inc. 3.25%, 03/01/2025		1,350		1,341,549
CVS Health Corp. 1.30%, 08/21/2027		2,000		1,811,340
General Mills, Inc. 3.20%, 02/10/2027		2,000		1,936,500
Gilead Sciences, Inc. 3.65%, 03/01/2026		1,000		987,290
Hershey Co. (The) 0.90%, 06/01/2025		1,300		1,271,608
Kraft Heinz Foods Co. 3.00%, 06/01/2026		1,000		973,480
Philip Morris International, Inc. 3.375%, 08/11/2025		2,000		1,982,520

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 3

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026	$	46	$	44,923
Sysco Corp. 3.75%, 10/01/2025		2,500		2,480,075
Tyson Foods, Inc. 3.55%, 06/02/2027		1,000		970,460
4.35%, 03/01/2029		1,000		974,830
UPMC Series D-1 3.60%, 04/03/2025		2,250		2,234,363
				25,927,112
Energy – 5.7%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. 2.061%, 12/15/2026		3,000		2,853,870
Canadian Natural Resources Ltd. 3.85%, 06/01/2027		2,000		1,955,940
ConocoPhillips Co. 6.95%, 04/15/2029		2,000		2,190,720
Continental Resources, Inc./OK 4.375%, 01/15/2028		1,000		970,040
Diamondback Energy, Inc. 3.25%, 12/01/2026		2,000		1,941,640
5.20%, 04/18/2027		2,000		2,020,460
Energy Transfer LP 3.90%, 07/15/2026		2,000		1,971,180
Enterprise Products Operating LLC 3.125%, 07/31/2029		2,000		1,867,660
Exxon Mobil Corp. 2.992%, 03/19/2025		2,000		1,985,420
Marathon Oil Corp. 5.30%, 04/01/2029		1,000		1,016,910
MPLX LP 1.75%, 03/01/2026		2,000		1,920,440
ONEOK, Inc. 4.35%, 03/15/2029		2,000		1,948,360
Tennessee Gas Pipeline Co., LLC 2.90%, 03/01/2030(b)		2,000		1,788,820
Williams Cos., Inc. (The) 5.40%, 03/02/2026		1,000		1,006,610
				25,438,070
Services – 3.8%
Alibaba Group Holding Ltd. 3.60%, 11/28/2024		1,500		1,498,065
Amazon.com, Inc. 1.65%, 05/12/2028		3,000		2,731,260

4 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Booking Holdings, Inc. 3.65%, 03/15/2025	$	1,000	$	995,620
eBay, Inc. 1.90%, 03/11/2025		2,000		1,977,820
Expedia Group, Inc. 3.80%, 02/15/2028		3,000		2,904,480
Global Payments, Inc. 1.20%, 03/01/2026		2,000		1,907,860
Mastercard, Inc. 2.00%, 03/03/2025		2,250		2,229,705
Verisk Analytics, Inc. 4.00%, 06/15/2025		2,500		2,484,550
				16,729,360
Technology – 5.1%
Fidelity National Information Services, Inc. 1.15%, 03/01/2026		3,000		2,860,290
Intel Corp. 2.60%, 05/19/2026		2,000		1,931,980
International Business Machines Corp. 1.70%, 05/15/2027		1,000		932,090
3.30%, 05/15/2026		2,000		1,962,120
3.50%, 05/15/2029		1,000		950,290
Jabil, Inc. 3.95%, 01/12/2028		2,000		1,938,020
Kyndryl Holdings, Inc. 2.70%, 10/15/2028		2,000		1,819,700
Microchip Technology, Inc. 4.25%, 09/01/2025		1,000		994,670
Oracle Corp. 2.50%, 04/01/2025		3,100		3,068,938
2.65%, 07/15/2026		1,000		967,240
QUALCOMM, Inc. 1.30%, 05/20/2028		3,000		2,685,450
VMware LLC 1.40%, 08/15/2026		3,000		2,828,100
				22,938,888
Transportation - Airlines – 0.4%
Southwest Airlines Co. 3.00%, 11/15/2026		2,000		1,927,420
Transportation - Services – 0.6%
Ryder System, Inc. 1.75%, 09/01/2026		3,000		2,839,560
				174,320,131

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 5

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Financial Institutions – 19.9%
Banking – 15.5%
Ally Financial, Inc. 6.992%, 06/13/2029	$	2,000	$	2,086,920
Banco Santander SA 3.80%, 02/23/2028		2,000		1,926,680
Bank of America Corp. 1.197%, 10/24/2026		1,000		964,650
1.319%, 06/19/2026		1,000		976,670
3.559%, 04/23/2027		1,000		981,940
3.97%, 03/05/2029		1,000		971,350
Series N 1.658%, 03/11/2027		2,000		1,914,920
Barclays PLC 4.972%, 05/16/2029		4,000		3,982,320
Capital One Financial Corp. 3.75%, 03/09/2027		2,000		1,954,180
3.80%, 01/31/2028		1,000		966,680
Citigroup, Inc. 1.122%, 01/28/2027		1,000		954,770
3.668%, 07/24/2028		2,000		1,937,980
3.98%, 03/20/2030		1,000		959,050
4.075%, 04/23/2029		1,000		972,760
Citizens Financial Group, Inc. 5.841%, 01/23/2030		1,000		1,021,670
Deutsche Bank AG/New York NY 2.311%, 11/16/2027		2,000		1,891,300
Discover Bank Series B 3.45%, 07/27/2026		3,385		3,299,021
Goldman Sachs Group, Inc. (The) 1.431%, 03/09/2027		2,000		1,909,580
4.387%, 06/15/2027		1,000		994,270
HSBC Holdings PLC 1.645%, 04/18/2026		2,210		2,174,728
4.041%, 03/13/2028		1,000		979,650
ING Groep NV 5.862% (SOFR + 1.01%), 04/01/2027(a)		1,350		1,355,603
JPMorgan Chase & Co. 1.578%, 04/22/2027		1,000		954,270
2.182%, 06/01/2028		4,500		4,214,430
3.54%, 05/01/2028		1,000		970,010
4.005%, 04/23/2029		1,000		972,320
4.203%, 07/23/2029		2,500		2,441,825
KeyCorp 2.25%, 04/06/2027		2,000		1,877,660

6 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
M&T Bank Corp. 7.413%, 10/30/2029	$	2,000	$	2,152,680
Mitsubishi UFJ Financial Group, Inc. 1.412%, 07/17/2025		2,300		2,246,203
Mizuho Financial Group, Inc. 1.554%, 07/09/2027		4,200		3,978,786
Morgan Stanley 0.985%, 12/10/2026		1,000		958,040
Series G 1.512%, 07/20/2027		6,000		5,677,500
Santander Holdings USA, Inc. 6.565%, 06/12/2029		1,000		1,037,380
Sumitomo Mitsui Financial Group, Inc. 3.04%, 07/16/2029		1,000		922,890
Synchrony Financial 5.15%, 03/19/2029		2,000		1,968,720
Wells Fargo & Co. 2.188%, 04/30/2026		2,850		2,809,216
3.196%, 06/17/2027		1,000		975,110
				69,333,732
Finance – 0.2%
Air Lease Corp. 2.30%, 02/01/2025		1,000		992,250
Insurance – 0.7%
Cigna Group (The) 3.40%, 03/01/2027		3,000		2,913,240
REITs – 3.5%
American Homes 4 Rent LP 4.90%, 02/15/2029		1,000		995,250
American Tower Corp. 1.50%, 01/31/2028		1,000		901,630
3.80%, 08/15/2029		1,000		951,620
Boston Properties LP 3.65%, 02/01/2026		1,000		981,230
Crown Castle, Inc. 1.05%, 07/15/2026		2,000		1,877,620
2.90%, 03/15/2027		2,000		1,914,060
EPR Properties 4.50%, 06/01/2027		1,000		980,310
Equinix, Inc. 1.80%, 07/15/2027		3,000		2,781,510
GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/2026		3,000		3,001,170

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 7

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kite Realty Group Trust 4.00%, 03/15/2025	$	1,000	$	994,490
				15,378,890
				88,618,112
Utility – 4.3%
Electric – 4.0%
American Electric Power Co., Inc. 3.20%, 11/13/2027		2,000		1,915,560
Duke Energy Corp. 2.65%, 09/01/2026		3,000		2,895,270
Entergy Corp. 2.95%, 09/01/2026		1,000		968,640
Entergy Mississippi LLC 2.85%, 06/01/2028		2,000		1,878,200
National Rural Utilities Cooperative Finance Corp. 3.40%, 02/07/2028		2,000		1,925,940
NextEra Energy Capital Holdings, Inc. 1.875%, 01/15/2027		1,000		940,630
Pacific Gas and Electric Co. 5.55%, 05/15/2029		1,000		1,018,370
PacifiCorp 5.10%, 02/15/2029		2,000		2,022,860
Pinnacle West Capital Corp. 1.30%, 06/15/2025		2,700		2,636,712
Public Service Electric and Gas Co. 3.20%, 05/15/2029		2,000		1,883,940
				18,086,122
Other Utility – 0.3%
American Water Capital Corp. 3.40%, 03/01/2025		1,135		1,128,644
				19,214,766
Total Corporates – Investment Grade (cost $282,317,531)				282,153,009
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 15.5%
United States – 15.5%
Antonio B Won Pat International Airport Authority Series 2021-A 2.499%, 10/01/2025		740		723,663
California Earthquake Authority Series 2022-A 5.603%, 07/01/2027		2,000		2,011,428

8 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2024-A 5.75%, 11/01/2024	$	1,000	$	1,000,000
California State Public Works Board (State of California Department of General Services Lease) Series 2024 4.917%, 04/01/2027		3,900		3,939,276
City & County of Denver CO Airport System Revenue Series 2020-C 1.115%, 11/15/2024		750		748,948
City of Detroit MI Series 2023-B 6.844%, 05/01/2028		1,245		1,269,692
City of New York NY Series 2021 0.982%, 08/01/2025		380		370,074
Series 2024-D 4.38%, 10/01/2029		2,350		2,335,264
City of San Antonio TX Series 2023 5.635%, 02/01/2026		3,000		3,005,707
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		792		776,213
County of Broward FL Airport System Revenue Series 2019-C 2.384%, 10/01/2026		1,000		962,005
Dallas Fort Worth International Airport Series 2023 4.738%, 11/01/2026		1,125		1,132,438
Empire State Development Corp. (Pre-refunded – US Treasuries) Series 2020-F 0.87%, 03/15/2025		1,400		1,380,202
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		1,000		944,935
Golden State Tobacco Securitization Corp. Series 2021 3.85%, 06/01/2050		4,645		4,267,250

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 9

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Guam Government Waterworks Authority Series 2020-B 2.75%, 07/01/2030	$	1,200	$	1,070,885
Inland Empire Tobacco Securitization Corp. Series 2019 3.678%, 06/01/2038		580		540,481
Louisiana Local Government Environmental Facilities & Community Development Authority Series 2023-ELL, Class A1 5.081%, 06/01/2031		2,578		2,603,660
Massachusetts Port Authority Series 2011-B 6.202%, 07/01/2031		3,345		3,480,466
Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2024-A 5.37%, 12/19/2024		3,000		3,000,713
Municipal Electric Authority of Georgia Series 2021 1.897%, 01/01/2027		385		363,454
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) NATL Series 1997-A 7.425%, 02/15/2029		3,000		3,193,111
Series 2023 4.927%, 03/01/2026		1,050		1,054,005
New Jersey Turnpike Authority Series 2021-B 0.897%, 01/01/2025		2,000		1,987,198
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2024-B 5.113%, 03/15/2025		1,000		999,843
Pennsylvania Turnpike Commission Series 2019 2.556%, 12/01/2025		760		744,037
San Francisco City & County Public Utilities Commission Wastewater Revenue Series 2024 4.655%, 10/01/2027		3,000		3,018,284
San Jose Evergreen Community College District Series 2012 5.887% (CME Term SOFR 3 Month + 1.00%), 07/01/2043(a)		990		979,918

10 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.258%, 07/01/2025	$	1,010	$	985,531
State of California Series 2023 5.10%, 03/01/2029		2,000		2,050,423
State of Connecticut Series 2022-A 3.292%, 06/15/2025		1,000		992,249
State of Hawaii Series 2023-G 4.588%, 10/01/2026		2,000		2,008,018
State of Hawaii Airports System Revenue Series 2020-E 1.392%, 07/01/2025		1,000		979,934
State of Illinois Series 2023-A 5.254%, 05/01/2025		1,000		1,001,990
Series 2024-A 5.256%, 05/01/2026		5,000		5,030,636
Taxable Municipal Funding Trust Series 2024-B 5.15%, 06/30/2028(b)(c)		3,000		3,000,000
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.75%, 05/01/2028		2,000		2,033,736
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		3,455		3,321,678
Total Local Governments – US Municipal Bonds (cost $69,384,490)				69,307,345
GOVERNMENTS - TREASURIES – 8.3%
United States – 8.3%
U.S. Treasury Notes 4.00%, 01/15/2027		15,000		14,953,125
4.125%, 02/15/2027		22,000		21,986,250
Total Governments – Treasuries (cost $36,806,592)				36,939,375

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 11

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES – 4.1%
Autos - Fixed Rate – 2.1%
Americredit Automobile Receivables Trust Series 2023-1, Class A2A 5.84%, 10/19/2026	$	475	$	475,894
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(b)		3,000		3,023,709
Carmax Auto Owner Trust Series 2021-1, Class C 0.94%, 12/15/2026		500		491,804
Carvana Auto Receivables Trust Series 2021-N1, Class C 1.30%, 01/10/2028		206		198,556
Series 2023-N1, Class A 6.36%, 04/12/2027(b)		315		315,942
Series 2023-P3, Class A2 6.09%, 11/10/2026(b)		241		241,866
Flagship Credit Auto Trust Series 2023-1, Class A2 5.38%, 12/15/2026(b)		480		480,217
Foursight Capital Automobile Receivables Trust Series 2023-1, Class A2 5.43%, 10/15/2026(b)		63		62,785
LAD Auto Receivables Trust Series 2023-1A, Class A2 5.68%, 10/15/2026(b)		454		454,330
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(b)		1,891		1,919,833
Santander Bank Auto Credit-Linked Notes Series 2023-A, Class B 6.493%, 06/15/2033(b)		228		229,156
Tricolor Auto Securitization Trust Series 2023-1A, Class A 6.48%, 08/17/2026(b)		2		2,196
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032(b)		599		606,464
Westlake Automobile Receivables Trust Series 2023-2A, Class A2A 5.87%, 07/15/2026(b)		235		235,192
World Omni Select Auto Trust Series 2023-A, Class A2A 5.92%, 03/15/2027		708		709,505
				9,447,449

12 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Other ABS - Fixed Rate – 2.0%
Affirm Asset Securitization Trust Series 2024-X1, Class A 6.27%, 05/15/2029(b)	$	689	$	691,756
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032(b)		1,531		1,542,593
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(b)		778		703,433
Marlette Funding Trust Series 2024-1A, Class A 5.95%, 07/17/2034(b)		645		647,913
Oklahoma Development Finance Authority Series 2022-ONG, Class A1 3.877%, 05/01/2037		1,474		1,424,759
Pagaya AI Debt Trust Series 2023-3, Class A 7.60%, 12/16/2030(b)		770		773,715
Series 2024-1, Class A 6.66%, 07/15/2031(b)		139		141,116
Texas Natural Gas Securitization Finance Corp. Series 2023-1, Class A1 5.102%, 04/01/2035		1,854		1,881,595
Theorem Funding Trust Series 2023-1A, Class A 7.58%, 04/15/2029(b)		220		222,417
Upstart Securitization Trust Series 2023-2, Class A 6.77%, 06/20/2033(b)		938		941,435
				8,970,732
Total Asset-Backed Securities (cost $18,434,837)				18,418,181
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.8%
Risk Share Floating Rate – 3.8%
Connecticut Avenue Securities Trust Series 2023-R03, Class 2M1 7.357% (CME Term SOFR + 2.50%), 04/25/2043(a)(b)		765		778,079
Series 2023-R04, Class 1M1 7.157% (CME Term SOFR + 2.30%), 05/25/2043(a)(b)		1,510		1,543,100
Series 2023-R05, Class 1M1 6.757% (CME Term SOFR + 1.90%), 06/25/2043(a)(b)		1,913		1,933,354

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 13

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-R06, Class 1M1 6.557% (CME Term SOFR + 1.70%), 07/25/2043(a)(b)	$	649	$	651,203
Series 2023-R07, Class 2M1 6.807% (CME Term SOFR + 1.95%), 09/25/2043(a)(b)		888		890,912
Series 2024-R03, Class 2M1 6.007% (CME Term SOFR + 1.15%), 03/25/2044(a)(b)		1,774		1,775,431
Series 2024-R04, Class 1M1 5.957% (CME Term SOFR + 1.10%), 05/25/2044(a)(b)		1,796		1,795,740
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 8.271% (CME Term SOFR + 3.41%), 10/25/2027(a)		3		2,953
Series 2023-DNA1, Class M1A 6.957% (CME Term SOFR + 2.10%), 03/25/2043(a)(b)		299		302,309
Series 2023-DNA2, Class M1A 6.957% (CME Term SOFR + 2.10%), 04/25/2043(a)(b)		1,212		1,233,136
Series 2023-HQA1, Class M1A 6.857% (CME Term SOFR + 2.00%), 05/25/2043(a)(b)		1,799		1,815,606
Series 2023-HQA2, Class M1A 6.857% (CME Term SOFR + 2.00%), 06/25/2043(a)(b)		1,163		1,168,842
Series 2024-HQA2, Class M1 6.057% (CME Term SOFR + 1.20%), 08/25/2044(a)(b)		2,843		2,845,605
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1M2 11.721% (CME Term SOFR + 6.86%), 08/25/2028(a)		98		101,960
Series 2016-C02, Class 1M2 10.971% (CME Term SOFR + 6.11%), 09/25/2028(a)		70		71,615
				16,909,845
Agency Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICs Series 4029, Class LD 1.75%, 01/15/2027		3		2,560

14 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 4459, Class CA 5.00%, 12/15/2034	$	9	$	8,799
				11,359
Total Collateralized Mortgage Obligations (cost $16,805,486)				16,921,204
AGENCIES – 2.2%
Agency Debentures – 2.2%
Federal Home Loan Banks 4.75%, 04/09/2027 (cost $9,459,638)		9,480		9,622,011
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%
Non-Agency Floating Rate CMBS – 0.3%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 5.851% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(a)(b)		1,000		999,568
Invitation Homes Trust Series 2018-SFR4, Class A 6.019% (CME Term SOFR 1 Month + 1.21%), 01/17/2038(a)(b)		291		291,297
				1,290,865
Non-Agency Fixed Rate CMBS – 0.0%
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(b)		16		15,473
Total Commercial Mortgage-Backed Securities (cost $1,306,882)				1,306,338
CORPORATES - NON-INVESTMENT GRADE – 0.1%
Industrial – 0.1%
Consumer Non-Cyclical – 0.1%
Newell Brands, Inc. 4.875%, 06/01/2025		183		183,000
5.70%, 04/01/2026(d)		459		460,097
Total Corporates – Non-Investment Grade (cost $656,219)				643,097

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 2.0%
Investment Companies – 2.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.72%(e)(f)(g) (cost $9,013,798)		9,013,798	$	9,013,798
Total Investments – 99.5% (cost $444,185,473)				444,324,358
Other assets less liabilities – 0.5%				2,232,547
Net Assets – 100.0%			$	446,556,905

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

(b) 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 $36,064,543 or 8.1% of net assets.

(c) Inverse floater security.

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

(e) Affiliated investments.

(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.

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

Glossary:

ABS – Asset-Backed Securities

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

NATL – National Interstate Corporation

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.

16 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

STATEMENT OF ASSETS & LIABILITIES

October 31, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $435,171,675)	$	435,310,560
Affiliated issuers (cost $9,013,798)		9,013,798
Cash		5,038
Unaffiliated interest and dividends receivable		3,732,347
Receivable for shares of beneficial interest sold		179,955
Receivable for investment securities sold		155,390
Affiliated dividends receivable		40,111
Receivable due from Adviser		1,695
Total assets		448,438,894
Liabilities
Dividends payable		1,680,577
Payable for shares of beneficial interest redeemed		201,412
Total liabilities		1,881,989
Net Assets	$	446,556,905
Composition of Net Assets
Shares of beneficial interest, at par	$	456
Additional paid-in capital		449,596,315
Accumulated loss		(3,039,866	)
Net Assets	$	446,556,905
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 45,636,136 common shares outstanding)	$	9.79

See notes to financial statements.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 17

STATEMENT OF OPERATIONS

Six Months Ended October 31, 2024 (unaudited)

Investment Income
Interest	$	9,242,694
Dividends—Affiliated issuers		286,889
Other income(a)		8,070
Total investment income			$	9,537,653
Realized and Unrealized Gain on Investment Transactions
Net realized gain on:
Investment transactions				521,619
Swaps				403,964
Net change in unrealized appreciation of:
Investments				5,262,224
Swaps				191,736
Net gain on investment transactions				6,379,543
Net Increase in Net Assets from Operations			$	15,917,196

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

See notes to financial statements.

18 ^| AB TAXABLE MULTI-SECTOR 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	$	9,537,653		$	15,552,576
Net realized gain (loss) on investment transactions		925,583			(3,129,107	)
Net change in unrealized appreciation of investments		5,453,960			3,856,189
Net increase in net assets from operations		15,917,196			16,279,658
Distribution to Shareholders		(9,444,184	)		(14,094,957	)
Transactions in Shares of Beneficial Interest
Net increase		38,739,416			27,296,366
Total increase		45,212,428			29,481,067
Net Assets
Beginning of period		401,344,477			371,863,410
End of period	$	446,556,905		$	401,344,477

See notes to financial statements.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 19

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 Taxable Multi-Sector 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 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

20 ^| AB TAXABLE MULTI-SECTOR 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 securities. To

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 21

NOTES TO FINANCIAL STATEMENTS (continued)

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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation

22 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

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

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

–

$

282,153,009

$

– 0

–

$

282,153,009

Local Governments—US Municipal Bonds

– 0

–

69,307,345

– 0

–

69,307,345

Governments—Treasuries

– 0

–

36,939,375

– 0

–

36,939,375

Asset-Backed Securities

– 0

–

18,418,181

– 0

–

18,418,181

Collateralized Mortgage Obligations

– 0

–

16,921,204

– 0

–

16,921,204

Agencies

– 0

–

9,622,011

– 0

–

9,622,011

Commercial Mortgage-Backed Securities

– 0

–

1,306,338

– 0

–

1,306,338

Corporates—Non-Investment Grade

– 0

–

643,097

– 0

–

643,097

Short-Term Investments

9,013,798

– 0

–

– 0

–

9,013,798

Total Investments in Securities

9,013,798

435,310,560

– 0

–

444,324,358

Other Financial Instruments(a)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

9,013,798

$

435,310,560

$

– 0

–

$

444,324,358

(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

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 23

NOTES TO FINANCIAL STATEMENTS (continued)

financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued 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.

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.

24 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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.

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 its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 25

NOTES TO FINANCIAL STATEMENTS (continued)

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 $8,070.

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	$	4,378	$	119,210	$	114,574	$	9,014	$	287

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)	$	153,468,279	$	85,607,302
U.S. government securities		5,080,353		27,431,032

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	$	2,286,407
Gross unrealized depreciation		(2,147,522	)
Net unrealized appreciation	$	138,885

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 or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as

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described below under “Currency Transactions.” 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 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.

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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 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 non-hedging purposes.

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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.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

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 non-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.

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

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	$	299,279	$	184,892
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		104,685		6,844
Total		$	403,964	$	191,736

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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	$	55,500,000	(a)
Credit Default Swaps:
Average notional amount of sale contracts	$	657,745	(b)
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	18,070,000	(c)

(a) Positions were open for four months during the period.

(b) Positions were open for three months during the period.

(c) Positions were open for five months during the period.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

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		7,410,532			13,234,899		$	72,373,363		$	127,071,284
Shares redeemed		(3,448,901	)		(10,404,638	)		(33,633,947	)		(99,774,918	)
Net increase		3,961,631			2,830,261		$	38,739,416		$	27,296,366

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

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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 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.

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 and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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

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fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk—Investments in emerging-market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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.

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Sector Risk—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s 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.

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 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.

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”)

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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	$	14,094,957		$	7,510,630
Net long-term capital gains		– 0	–		487,295
Total taxable distributions paid	$	14,094,957		$	7,997,925

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

Undistributed ordinary income	$	1,457,139
Accumulated capital and other losses		(4,218,470	)(a)
Unrealized appreciation (depreciation)		(5,313,019	)(b)
Total accumulated earnings (deficit)	$	(8,074,350	)(c)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $4,218,470.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of callable bonds and 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 $3,479,902 and a net long-term capital loss carryforward of $738,568, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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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		$ 9.63			$ 9.57			$ 9.59			$ 10.04			$ 9.89			$ 9.82
Income From Investment Operations
Net investment income(a)		.22			.39			.23			.10			.14			.24
Net realized and unrealized gain (loss) on investment transactions		.16			.03			(.02	)		(.39	)		.16			.09
Net increase (decrease) in net asset value from operations		.38			.42			.21			(.29	)		.30			.33
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.36	)		(.22	)		(.12	)		(.15	)		(.26	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.01	)		(.04	)		– 0	–		– 0	–
Total dividends and distributions		(.22	)		(.36	)		(.23	)		(.16	)		(.15	)		(.26	)
Net asset value, end of period		$ 9.79			$ 9.63			$ 9.57			$ 9.59			$ 10.04			$ 9.89
Total Return
Total investment return based on net asset value(b)		3.95	%		4.41	%		2.21	%		(2.98	)%		3.02	%		3.43	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$446,557			$401,344			$371,863			$297,166			$305,872			$178,508
Ratio to average net assets of:
Expenses		.00	%^		.00	%		.00	%		.00	%		.00	%		.01	%(c)
Net investment income		4.47	%^		4.09	%		2.44	%		1.03	%		1.36	%		2.47	%
Portfolio turnover rate		28	%		40	%		56	%		45	%		74	%		124	%

(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.

(c) The expense ratio, excluding bank overdraft expense, is .00%.

^ Annualized.

See notes to financial statements

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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 Taxable Multi-Sector 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.

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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 TAXABLE MULTI-SECTOR 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-, 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

40 ^| AB TAXABLE MULTI-SECTOR 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 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 and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, 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 directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory 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, offshore fund and sub-advised fund clients as compared to the Fund, and

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 41

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 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.

42 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

NOTES

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 43

NOTES

44 ^| AB TAXABLE MULTI-SECTOR INCOME SHARES abfunds.com

AB TAXABLE MULTI-SECTOR INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

TMSIS-0152-1024    

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

ACS

At a Special Meeting held on July 18, 2024, shareholders of AB Corporate Income Shares (the “Fund”), a series of AB Corporate Shares, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Trustees effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:	Voted For		Withheld Authority		Abstained	Broker Non-Votes
Jorge A. Bermudez		948,359,802.494		903,646.000	N/A	N/A
Alexander Chaloff		948,331,040.494		932,408.000	N/A	N/A
R. Jay Gerken		948,311,538.494		951,910.000	N/A	N/A
Jeffrey R. Holland		948,480,330.494		783,118.000	N/A	N/A
Jeanette W. Loeb		939,825,292.494		9,438,156.000	N/A	N/A
Carol C. McMullen		948,453,701.494		809,747.000	N/A	N/A
Garry L. Moody		948,094,604.494		1,168,844.000	N/A	N/A
Emilie D. Wrapp		948,492,149.494		771,299.000	N/A	N/A

ACS

At a Special Meeting held on July 18, 2024, shareholders of AB Impact Municipal Income Shares (the “Fund”), a series of AB Corporate Shares, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Trustees effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:	Voted For		Withheld Authority		Abstained	Broker Non-Votes
Jorge A. Bermudez		948,359,802.494		903,646.000	N/A	N/A
Alexander Chaloff		948,331,040.494		932,408.000	N/A	N/A
R. Jay Gerken		948,311,538.494		951,910.000	N/A	N/A
Jeffrey R. Holland		948,480,330.494		783,118.000	N/A	N/A
Jeanette W. Loeb		939,825,292.494		9,438,156.000	N/A	N/A
Carol C. McMullen		948,453,701.494		809,747.000	N/A	N/A
Garry L. Moody		948,094,604.494		1,168,844.000	N/A	N/A
Emilie D. Wrapp		948,492,149.494		771,299.000	N/A	N/A

ACS

At a Special Meeting held on July 18, 2024, shareholders of AB Municipal Income Shares (the “Fund”), a series of AB Corporate Shares, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Trustees effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:	Voted For		Withheld Authority		Abstained	Broker Non-Votes
Jorge A. Bermudez		948,359,802.494		903,646.000	N/A	N/A
Alexander Chaloff		948,331,040.494		932,408.000	N/A	N/A
R. Jay Gerken		948,311,538.494		951,910.000	N/A	N/A
Jeffrey R. Holland		948,480,330.494		783,118.000	N/A	N/A
Jeanette W. Loeb		939,825,292.494		9,438,156.000	N/A	N/A
Carol C. McMullen		948,453,701.494		809,747.000	N/A	N/A
Garry L. Moody		948,094,604.494		1,168,844.000	N/A	N/A
Emilie D. Wrapp		948,492,149.494		771,299.000	N/A	N/A

ACS

At a Special Meeting held on July 18, 2024, shareholders of AB Taxable Multi-Sector Income Shares (the “Fund”), a series of AB Corporate Shares, elected Trustees in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Jacklin and Messrs. Downey and Turner will retire as Trustees effective December 31, 2024, and Mr. Erzan will resign as a Trustee effective December 31, 2024, but will continue to serve as President and Chief Executive Officer of the AB Funds. Shareholders of the Fund elected four individuals to serve as Trustees effective January 1, 2025 (the “Trustees-Elect”), who will serve on the Unitary Board with current Trustees Mses. Loeb and McMullen and Messrs. Bermudez and Moody. The number of votes cast for and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.

Trustee:	Voted For		Withheld Authority		Abstained	Broker Non-Votes
Jorge A. Bermudez		948,359,802.494		903,646.000	N/A	N/A
Alexander Chaloff		948,331,040.494		932,408.000	N/A	N/A
R. Jay Gerken		948,311,538.494		951,910.000	N/A	N/A
Jeffrey R. Holland		948,480,330.494		783,118.000	N/A	N/A
Jeanette W. Loeb		939,825,292.494		9,438,156.000	N/A	N/A
Carol C. McMullen		948,453,701.494		809,747.000	N/A	N/A
Garry L. Moody		948,094,604.494		1,168,844.000	N/A	N/A
Emilie D. Wrapp		948,492,149.494		771,299.000	N/A	N/A

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant

ITEM 19. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
19(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Corporate Shares
By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	December 27, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	December 27, 2024
By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer
Date:	December 27, 2024