Ab Corporate Shares NPORT-P AB Corporate Income Shares (Jan 2021 report)

AB Corporate Income Shares

Portfolio of Investments

January 31, 2021 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 91.1%
Industrial – 50.4%
Basic – 2.1%
Anglo American Capital PLC 5.375%, 04/01/2025 (a)	$	515	$	599,492
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029(a)		246		275,828
4.50%, 08/01/2024		200		219,125
Glencore Funding LLC 1.625%, 09/01/2025(a)		531		543,654
4.625%, 04/29/2024(a)		175		196,005
Industrias Penoles SAB de CV 4.15%, 09/12/2029 (a)		300		335,906
Inversiones CMPC SA 3.85%, 01/13/2030 (a)		210		232,575
LYB International Finance III LLC 2.875%, 05/01/2025		340		366,285
LyondellBasell Industries NV 4.625%, 02/26/2055		102		120,605
Nutrition & Biosciences, Inc. 1.832%, 10/15/2027(a)		38		38,835
2.30%, 11/01/2030(a)		210		213,671
Reliance Steel & Aluminum Co. 4.50%, 04/15/2023		848		913,237
Sherwin-Williams Co. (The) 3.125%, 06/01/2024		62		66,925
Suzano Austria GmbH 3.75%, 01/15/2031		92		97,308
				4,219,451
Capital Goods – 0.6%
CNH Industrial Capital LLC 1.95%, 07/02/2023		320		329,325
General Electric Co. 3.45%, 05/01/2027		26		29,106
4.25%, 05/01/2040		130		147,784
5.875%, 01/14/2038		384		510,851
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		61		65,516
4.40%, 03/15/2024		39		42,861
				1,125,443
Communications - Media – 5.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.70%, 04/01/2051		225		221,596
5.125%, 07/01/2049		309		365,312
5.375%, 05/01/2047		519		626,173
Comcast Corp. 2.45%, 08/15/2052		57		52,575
2.80%, 01/15/2051		135		133,388
3.25%, 11/01/2039		568		617,513
3.90%, 03/01/2038		215		252,711
4.049%, 11/01/2052		44		53,319
4.60%, 10/15/2038		85		108,329
4.65%, 07/15/2042		498		644,785
4.70%, 10/15/2048		108		142,667
6.45%, 03/15/2037		436		651,040

1

	Principal Amount (000)		U.S. $ Value
Fox Corp. 3.05%, 04/07/2025	$	23	$	25,055
3.50%, 04/08/2030		180		202,336
5.576%, 01/25/2049		526		725,291
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		93		110,895
Omnicom Group, Inc. 4.20%, 06/01/2030		629		742,579
Prosus NV 3.68%, 01/21/2030 (a)		210		225,225
Tencent Holdings Ltd. 2.39%, 06/03/2030 (a)		397		399,978
Thomson Reuters Corp. 5.65%, 11/23/2043		280		373,472
Time Warner Entertainment Co. LP 8.375%, 03/15/2023		987		1,149,648
ViacomCBS, Inc. 3.50%, 01/15/2025		21		22,932
3.70%, 06/01/2028		520		588,000
4.20%, 05/19/2032		225		266,540
4.95%, 01/15/2031		337		416,771
Walt Disney Co. (The) 2.75%, 09/01/2049		354		348,655
3.00%, 09/15/2022		265		276,172
3.35%, 03/24/2025		131		144,562
3.60%, 01/13/2051		429		487,378
4.00%, 10/01/2023		40		43,646
5.40%, 10/01/2043		180		251,838
6.15%, 02/15/2041		110		165,168
6.40%, 12/15/2035		161		242,687
8.875%, 04/26/2023		125		146,999
Weibo Corp. 3.50%, 07/05/2024		373		390,601
				11,615,836
Communications - Telecommunications – 3.7%
AT&T, Inc. 2.75%, 06/01/2031		355		370,602
3.30%, 02/01/2052		135		126,430
3.50%, 09/15/2053(a)		1,174		1,124,035
3.55%, 09/15/2055(a)		390		371,034
3.65%, 06/01/2051		384		384,096
4.30%, 02/15/2030		277		324,647
4.35%, 03/01/2029		370		433,714
6.55%, 01/15/2028		130		165,755
Corning, Inc. 4.75%, 03/15/2042		465		578,837
Rogers Communications, Inc. 4.50%, 03/15/2043		4		4,894
T-Mobile USA, Inc. 3.875%, 04/15/2030 (a)		999		1,127,771
Verizon Communications, Inc. 2.875%, 11/20/2050		582		559,704
4.00%, 03/22/2050		244		280,812
4.272%, 01/15/2036		586		711,978
4.862%, 08/21/2046		571		734,700
				7,299,009

2

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive – 2.5%
BMW US Capital LLC 3.90%, 04/09/2025 (a)	$	378	$	422,759
Cummins, Inc. 2.60%, 09/01/2050		386		377,867
General Motors Co. 5.95%, 04/01/2049		95		128,880
General Motors Financial Co., Inc. 3.50%, 11/07/2024		798		866,253
4.15%, 06/19/2023		116		124,673
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025 (a)		824		889,879
Hyundai Capital America 5.875%, 04/07/2025 (a)		160		188,955
Lear Corp. 3.50%, 05/30/2030		40		43,315
3.80%, 09/15/2027		406		453,258
Nissan Motor Co., Ltd. 4.345%, 09/17/2027 (a)		285		313,953
Toyota Motor Credit Corp. 1.15%, 05/26/2022		573		579,572
2.90%, 03/30/2023		364		383,984
Volkswagen Group of America Finance LLC 3.35%, 05/13/2025 (a)		285		312,021
				5,085,369
Consumer Cyclical - Other – 1.1%
Las Vegas Sands Corp. 2.90%, 06/25/2025		695		720,631
3.20%, 08/08/2024		573		602,378
Marriott International, Inc./MD 3.60%, 04/15/2024		213		227,205
3.75%, 10/01/2025		195		210,005
Series EE 5.75%, 05/01/2025		376		436,096
				2,196,315
Consumer Cyclical - Restaurants – 0.1%
McDonald’s Corp. 4.70%, 12/09/2035		230		293,077
Consumer Cyclical - Retailers – 2.4%
Advance Auto Parts, Inc. 1.75%, 10/01/2027		57		58,127
3.90%, 04/15/2030		835		952,651
AutoNation, Inc. 4.75%, 06/01/2030		39		46,853
Costco Wholesale Corp. 2.30%, 05/18/2022		263		269,641
Dollar General Corp. 3.25%, 04/15/2023		61		64,338

3

	Principal Amount (000)		U.S. $ Value
Home Depot, Inc. (The) 5.875%, 12/16/2036	$	40	$	59,629
PVH Corp. 4.625%, 07/10/2025		152		170,704
Ralph Lauren Corp. 2.95%, 06/15/2030		995		1,065,336
Ross Stores, Inc. 4.70%, 04/15/2027		160		187,963
4.80%, 04/15/2030		115		137,169
5.45%, 04/15/2050		215		284,088
Target Corp. 2.90%, 01/15/2022		263		269,696
VF Corp. 2.40%, 04/23/2025		88		93,616
2.80%, 04/23/2027		101		110,365
2.95%, 04/23/2030		489		534,008
Walmart Inc. 2.55%, 04/11/2023		472		492,763
				4,796,947
Consumer Non-Cyclical – 10.4%
AbbVie, Inc. 4.05%, 11/21/2039		80		93,738
4.25%, 11/21/2049		135		163,265
4.40%, 11/06/2042		185		226,923
4.70%, 05/14/2045		223		281,482
4.75%, 03/15/2045		118		150,202
4.875%, 11/14/2048		541		712,237
Altria Group, Inc. 3.40%, 05/06/2030		180		197,370
4.80%, 02/14/2029		821		973,443
5.95%, 02/14/2049		190		257,190
Amgen, Inc. 3.375%, 02/21/2050		215		231,759
4.663%, 06/15/2051		657		869,835
Anheuser-Busch InBev Finance, Inc. 4.70%, 02/01/2036		448		551,488
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 04/15/2048-06/01/2060		503		610,380
4.95%, 01/15/2042		490		620,453
BAT Capital Corp. 2.259%, 03/25/2028		317		323,600
4.39%, 08/15/2037		333		366,939
4.906%, 04/02/2030		764		903,766
Biogen, Inc. 3.15%, 05/01/2050		710		710,213
Bristol-Myers Squibb Co. 3.55%, 08/15/2022		256		268,485
4.55%, 02/20/2048		768		1,007,171
Cigna Corp. 3.00%, 07/15/2023		71		75,116
4.80%, 08/15/2038-07/15/2046		783		997,124
7.875%, 05/15/2027		53		72,379
Coca-Cola Co. (The) 2.50%, 03/15/2051		215		207,881
CommonSpirit Health 4.35%, 11/01/2042		44		52,106

4

	Principal Amount (000)		U.S. $ Value
CVS Health Corp. 3.875%, 07/20/2025	$	308	$	346,312
4.78%, 03/25/2038		811		1,000,109
5.05%, 03/25/2048		115		149,677
5.125%, 07/20/2045		325		423,313
Danaher Corp. 4.375%, 09/15/2045		260		329,766
Gilead Sciences, Inc. 0.75%, 09/29/2023		271		271,588
2.60%, 10/01/2040		490		480,391
4.15%, 03/01/2047		115		136,983
4.50%, 02/01/2045		80		98,995
4.75%, 03/01/2046		117		150,133
4.80%, 04/01/2044		145		185,805
5.65%, 12/01/2041		105		147,499
Kimberly-Clark de Mexico SAB de CV 2.431%, 07/01/2031 (a)		320		329,200
Kraft Heinz Foods Co. 3.95%, 07/15/2025		301		328,478
Leggett & Platt, Inc. 4.40%, 03/15/2029		511		591,902
Mylan, Inc. 4.20%, 11/29/2023		692		754,557
PepsiCo, Inc. 1.70%, 10/06/2021		271		273,420
Perrigo Finance Unlimited Co. 4.375%, 03/15/2026		420		475,814
Pfizer, Inc. 4.10%, 09/15/2038		190		235,005
4.125%, 12/15/2046		112		140,651
4.20%, 09/15/2048		116		147,840
Smithfield Foods, Inc. 3.35%, 02/01/2022 (a)		65		65,867
Sysco Corp. 5.95%, 04/01/2030		375		483,844
6.60%, 04/01/2050		250		374,750
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030		586		590,706
Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		497		503,724
Wyeth LLC 5.95%, 04/01/2037		264		385,960
Zimmer Biomet Holdings, Inc. 3.55%, 03/20/2030		350		391,755
				20,718,589
Energy – 8.9%
Boardwalk Pipelines LP 3.40%, 02/15/2031		140		145,354
4.80%, 05/03/2029		304		346,685
BP Capital Markets America, Inc. 2.939%, 06/04/2051		290		279,560
3.00%, 02/24/2050		670		650,262
Chevron USA, Inc. 4.20%, 10/15/2049		110		136,122
6.00%, 03/01/2041		113		164,939
Ecopetrol SA 5.875%, 09/18/2023-05/28/2045		89		99,387

5

	Principal Amount (000)		U.S. $ Value
Enable Midstream Partners LP 4.40%, 03/15/2027	$	307	$	320,186
4.95%, 05/15/2028		63		66,449
5.00%, 05/15/2044		41		39,654
Enbridge, Inc. 3.125%, 11/15/2029		115		125,088
Energy Transfer Operating LP 3.75%, 05/15/2030		185		194,677
4.20%, 04/15/2027		47		52,076
5.25%, 04/15/2029		415		478,736
6.25%, 04/15/2049		393		463,422
Eni SpA 4.25%, 05/09/2029 (a)		247		288,578
Enterprise Products Operating LLC 3.70%, 01/31/2051		130		135,763
4.20%, 01/31/2050		647		728,858
4.80%, 02/01/2049		85		103,656
4.90%, 05/15/2046		45		55,151
EOG Resources, Inc. 4.375%, 04/15/2030		74		88,075
Exxon Mobil Corp. 4.114%, 03/01/2046		524		619,971
4.327%, 03/19/2050		220		270,985
Husky Energy, Inc. 4.40%, 04/15/2029		712		797,390
Kinder Morgan Inc. 5.55%, 06/01/2045		320		399,936
Marathon Oil Corp. 6.60%, 10/01/2037		315		387,226
Marathon Petroleum Corp. 5.125%, 12/15/2026		596		708,203
MPLX LP 4.125%, 03/01/2027		180		205,218
5.20%, 03/01/2047-12/01/2047		395		465,065
ONEOK, Inc. 2.75%, 09/01/2024		99		104,451
5.20%, 07/15/2048		295		335,922
6.35%, 01/15/2031		500		638,100
Ovintiv Exploration Inc. 5.375%, 01/01/2026		610		665,589
Pioneer Natural Resources Co. 2.15%, 01/15/2031		235		232,523
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		51		52,992
3.60%, 11/01/2024		461		495,068
4.50%, 12/15/2026		341		382,305
Sabine Pass Liquefaction LLC 5.625%, 04/15/2023		452		494,506
Saudi Arabian Oil Co. 2.25%, 11/24/2030 (a)		350		350,000
Shell International Finance BV 3.25%, 04/06/2050		705		754,209
3.75%, 09/12/2046		125		143,206
Sunoco Logistics Partners Operations LP 3.90%, 07/15/2026		170		186,323
5.35%, 05/15/2045		145		154,022

6

	Principal Amount (000)		U.S. $ Value
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030 (a)	$	265	$	275,865
Total Capital International SA 3.127%, 05/29/2050		691		710,044
TransCanada PipeLines Ltd. 4.10%, 04/15/2030		534		618,447
4.75%, 05/15/2038		50		61,024
Transcontinental Gas Pipe Line Co. LLC 3.25%, 05/15/2030		648		711,873
3.95%, 05/15/2050		173		190,239
7.85%, 02/01/2026		325		422,662
Valero Energy Corp. 2.85%, 04/15/2025		394		418,176
7.50%, 04/15/2032		318		440,707
Williams Cos., Inc.(The) 6.30%, 04/15/2040		130		169,788
				17,824,713
Services – 2.7%
Amazon.com, Inc. 2.50%, 11/29/2022		625		647,100
4.25%, 08/22/2057		107		144,460
Booking Holdings, Inc. 4.625%, 04/13/2030		810		982,716
eBay, Inc. 2.75%, 01/30/2023		62		64,657
3.60%, 06/05/2027		421		476,484
Expedia Group, Inc. 6.25%, 05/01/2025 (a)		73		84,331
IHS Markit Ltd. 4.00%, 03/01/2026 (a)		76		85,911
Mastercard, Inc. 3.65%, 06/01/2049		175		208,740
3.85%, 03/26/2050		446		553,312
Moody’s Corp. 3.25%, 05/20/2050		177		186,827
5.25%, 07/15/2044		356		484,000
PayPal Holdings, Inc. 3.25%, 06/01/2050		782		864,978
Verisk Analytics, Inc. 5.50%, 06/15/2045		486		677,076
				5,460,592
Technology – 8.9%
Analog Devices, Inc. 2.95%, 04/01/2025		36		39,043
Apple, Inc. 2.50%, 02/09/2022		264		269,628
2.55%, 08/20/2060		210		201,518
2.65%, 05/11/2050		170		170,792
4.45%, 05/06/2044		881		1,163,977
Autodesk, Inc. 3.50%, 06/15/2027		605		683,541
Baidu, Inc. 3.075%, 04/07/2025		265		282,369

7

	Principal Amount (000)		U.S. $ Value
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028	$	63	$	68,658
3.875%, 01/15/2027		342		381,987
Broadcom, Inc. 3.50%, 02/15/2041(a)		139		140,191
3.75%, 02/15/2051(a)		98		100,066
4.11%, 09/15/2028		596		672,747
5.00%, 04/15/2030		590		701,952
Dell International LLC/EMC Corp. 4.90%, 10/01/2026(a)		546		635,937
6.02%, 06/15/2026(a)		513		618,976
Honeywell International, Inc. 0.483%, 08/19/2022		271		271,366
HP, Inc. 3.00%, 06/17/2027		473		518,957
Infor, Inc. 1.75%, 07/15/2025 (a)		95		98,015
Intel Corp. 4.75%, 03/25/2050		794		1,063,642
4.90%, 07/29/2045		195		262,217
International Business Machines Corp. 2.875%, 11/09/2022		365		381,772
4.25%, 05/15/2049		210		259,386
KLA Corp. 3.30%, 03/01/2050		215		234,483
5.00%, 03/15/2049		451		623,016
Lam Research Corp. 2.875%, 06/15/2050		829		862,798
3.75%, 03/15/2026		142		161,526
Leidos, Inc. 4.375%, 05/15/2030 (a)		486		572,479
Microchip Technology, Inc. 3.922%, 06/01/2021		175		176,936
Micron Technology, Inc. 4.663%, 02/15/2030		455		548,002
Microsoft Corp. 2.375%, 02/12/2022		264		269,394
NXP BV/NXP Funding LLC 5.55%, 12/01/2028 (a)		296		369,387
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(a)		24		25,701
3.15%, 05/01/2027(a)		500		549,845
4.30%, 06/18/2029(a)		163		190,725
Oracle Corp. 2.50%, 05/15/2022-04/01/2025		480		501,133
3.60%, 04/01/2050		586		649,798
3.85%, 04/01/2060		94		108,327
4.00%, 11/15/2047		547		641,254
6.125%, 07/08/2039		254		375,846
QUALCOMM, Inc. 4.30%, 05/20/2047		447		576,465
SK Hynix, Inc. 2.375%, 01/19/2031 (a)		390		392,796
Texas Instruments, Inc. 1.85%, 05/15/2022		265		270,032

8

	Principal Amount (000)		U.S. $ Value
VMware, Inc. 3.90%, 08/21/2027	$	591	$	662,422
				17,749,102
Transportation - Airlines – 0.5%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025 (a)		131		139,983
Southwest Airlines Co. 5.25%, 05/04/2025		685		786,325
				926,308
Transportation - Railroads – 0.1%
Union Pacific Corp. 3.839%, 03/20/2060		200		235,094
Transportation - Services – 0.6%
ENA Master Trust 4.00%, 05/19/2048 (a)		370		397,796
ERAC USA Finance LLC 3.85%, 11/15/2024 (a)		145		161,366
FedEx Corp. 4.05%, 02/15/2048		151		171,283
Penske Truck Leasing Co. Lp/PTL Finance Corp. 3.90%, 02/01/2024(a)		300		327,330
4.20%, 04/01/2027(a)		117		136,395
				1,194,170
				100,740,015
Financial Institutions – 36.8%
Banking – 24.0%
American Express Co. 2.50%, 08/01/2022		472		486,533
Series C 3.502% (LIBOR 3 Month + 3.29%), 03/15/2021(b) (c)		45		44,639
Banco de Credito del Peru 3.125%, 07/01/2030 (a)		304		311,606
Banco Santander SA 2.749%, 12/03/2030		400		403,812
5.179%, 11/19/2025		600		699,108
Bank of America Corp. 2.503%, 10/21/2022		214		217,422
2.592%, 04/29/2031		605		633,889
2.831%, 10/24/2051		300		296,808
2.881%, 04/24/2023		360		370,822
2.884%, 10/22/2030		560		600,936
3.974%, 02/07/2030		420		484,966
4.271%, 07/23/2029		827		971,477
Series L 3.95%, 04/21/2025		1,134		1,266,372
Series X 6.25%, 09/05/2024(b)		175		193,027
Series Z 6.50%, 10/23/2024(b)		53		60,283

9

	Principal Amount (000)		U.S. $ Value
Bank of New York Mellon Corp. (The) Series E 3.659%, 03/20/2021(b) (c)	$	294	$	292,633
Series G 4.70%, 09/20/2025(b)		148		162,134
Barclays PLC 5.20%, 05/12/2026		435		504,857
BBVA Bancomer SA/Texas 5.875%, 09/13/2034 (a)		330		370,012
BBVA USA 3.875%, 04/10/2025		481		539,009
BNP Paribas SA 1.323%, 01/13/2027(a)		246		246,524
2.219%, 06/09/2026(a)		365		380,794
BPCE SA 5.15%, 07/21/2024 (a)		200		227,170
Capital One Financial Corp. 3.65%, 05/11/2027		345		391,120
3.75%, 03/09/2027		533		606,810
Citigroup, Inc. 3.875%, 03/26/2025		441		488,743
4.412%, 03/31/2031		239		283,674
4.45%, 09/29/2027		1,864		2,169,659
5.50%, 09/13/2025		595		708,127
Series W 4.00%, 12/10/2025(b)		228		232,143
Citizens Financial Group, Inc. 2.638%, 09/30/2032 (a)		316		324,889
Commonwealth Bank of Australia 4.50%, 12/09/2025 (a)		615		704,919
Cooperatieve Rabobank UA 3.75%, 07/21/2026		525		591,549
Credit Agricole SA/London 1.907%, 06/16/2026 (a)		370		381,692
Credit Suisse Group AG 1.305%, 02/02/2027(a)		250		249,592
4.194%, 04/01/2031(a)		657		760,307
Danske Bank A/S 1.621%, 09/11/2026 (a)		556		558,407
Deutsche Bank AG/New York NY 3.30%, 11/16/2022		334		348,703
3.95%, 02/27/2023		635		673,678
3.961%, 11/26/2025		555		606,781
Discover Bank 4.682%, 08/09/2028		385		410,853
Discover Financial Services 4.10%, 02/09/2027		670		769,957
DNB Bank ASA 6.50%, 03/26/2022 (a) (b)		200		209,156
Goldman Sachs Group, Inc. (The) 3.50%, 04/01/2025		138		152,268
3.75%, 05/22/2025		225		250,058
3.80%, 03/15/2030		979		1,129,042
4.223%, 05/01/2029		482		565,251
4.25%, 10/21/2025		325		369,671
4.411%, 04/23/2039		148		182,660
5.75%, 01/24/2022		346		364,269
5.95%, 01/15/2027		40		50,036

10

	Principal Amount (000)		U.S. $ Value
HSBC Holdings PLC 2.013%, 09/22/2028	$	285	$	290,287
3.973%, 05/22/2030		342		388,252
4.041%, 03/13/2028		422		479,649
4.25%, 08/18/2025		632		713,092
4.95%, 03/31/2030		205		252,189
6.875%, 06/01/2021(b)		205		208,221
ING Groep NV 6.875%, 04/16/2022 (a) (b)		200		208,444
Intesa Sanpaolo SpA Series XR 3.25%, 09/23/2024 (a)		911		970,024
JPMorgan Chase & Co. 2.525%, 11/19/2041		280		276,374
2.956%, 05/13/2031		1,614		1,722,800
3.625%, 12/01/2027		335		377,079
3.882%, 07/24/2038		740		865,134
8.00%, 04/29/2027		530		736,276
Series 1 3.682% (LIBOR 3 Month + 3.47%), 04/30/2021(b) (c)		10		9,953
Series V 3.558%, 04/01/2021(b) (c)		62		61,573
Series Z 4.005%, 05/01/2021(b) (c)		19		19,004
KeyCorp. 5.10%, 03/24/2021		319		321,258
Lloyds Banking Group PLC 4.50%, 11/04/2024		592		661,844
Macquarie Group Ltd. 1.34%, 01/12/2027 (a)		326		327,324
Manufacturers & Traders Trust Co. 2.50%, 05/18/2022		315		323,461
Mizuho Financial Group Cayman 3 Ltd. 4.60%, 03/27/2024 (a)		1,295		1,428,152
Morgan Stanley 2.188%, 04/28/2026		143		150,150
2.625%, 11/17/2021		285		290,258
3.622%, 04/01/2031		145		165,140
3.95%, 04/23/2027		345		394,683
Series F 3.875%, 04/29/2024		55		60,657
Series G 4.431%, 01/23/2030		540		644,339
Series H 3.851% MS, 04/15/2021(b) (c)		145		144,472
Series J 4.051% (LIBOR 3 Month + 3.81%), 04/15/2021(b) (c)		38		38,006
Natwest Group PLC 5.125%, 05/28/2024		828		930,548
Series U 2.574%, 09/30/2027(b) (c)		300		294,060

11

	Principal Amount (000)		U.S. $ Value
PNC Bank NA 2.028%, 12/09/2022	$	390	$	395,608
2.45%, 07/28/2022		265		272,966
PNC Financial Services Group, Inc. (The) Series O 6.75%, 08/01/2021 (b)		288		293,256
Santander Holdings USA, Inc. 4.40%, 07/13/2027		1,212		1,389,509
Societe Generale SA 4.25%, 04/14/2025(a)		243		267,786
4.75%, 11/24/2025(a)		200		226,438
Standard Chartered PLC 1.456%, 01/14/2027 (a)		345		344,969
State Street Corp. 2.653%, 05/15/2023		315		324,374
Sumitomo Mitsui Financial Group, Inc. 2.142%, 09/23/2030		491		486,370
Truist Financial Corp. Series P 4.95%, 09/01/2025(b)		993		1,085,855
Series Q 5.10%, 03/01/2030(b)		197		222,669
UBS Group AG 7.125%, 08/10/2021 (a) (b)		205		210,555
UniCredit SpA 2.569%, 09/22/2026 (a)		360		365,094
US Bancorp Series I 3.727% (LIBOR 3 Month + 3.49%), 03/01/2021 (b) (c)		71		71,040
Wells Fargo & Co. 3.90%, 03/15/2026(b)		745		744,963
4.478%, 04/04/2031		910		1,091,590
5.606%, 01/15/2044		560		760,066
Series G 4.30%, 07/22/2027		1,251		1,458,716
				48,063,374
Brokerage – 0.4%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025 (b)		221		245,065
Jefferies Financial Group, Inc. 5.50%, 10/18/2023		454		496,617
				741,682
Finance – 2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.15%, 02/15/2024		179		187,613
Air Lease Corp. 2.875%, 01/15/2026		286		301,281
3.25%, 03/01/2025		179		191,464
3.625%, 04/01/2027-12/01/2027		261		284,542

12

	Principal Amount (000)		U.S. $ Value
Aircastle Ltd. 2.85%, 01/26/2028(a)	$	654	$	639,959
4.40%, 09/25/2023		342		365,670
5.25%, 08/11/2025(a)		210		233,816
Aviation Capital Group LLC 1.95%, 01/30/2026(a)		179		177,597
3.875%, 05/01/2023(a)		215		226,287
4.375%, 01/30/2024(a)		230		247,958
GE Capital Funding LLC 4.40%, 05/15/2030 (a)		200		231,420
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/2035		275		321,373
Harborwalk Funding Trust 5.077%, 02/15/2069 (a)		170		217,486
Synchrony Financial 3.70%, 08/04/2026		669		734,442
4.25%, 08/15/2024		58		63,702
5.15%, 03/19/2029		245		293,696
				4,718,306
Insurance – 4.4%
Aetna, Inc. 3.875%, 08/15/2047		175		200,695
Alleghany Corp. 3.625%, 05/15/2030		885		997,545
Allstate Corp. (The) Series B 5.75%, 08/15/2053		582		626,855
American International Group, Inc. 3.30%, 03/01/2021		380		380,000
3.75%, 07/10/2025		392		436,512
Berkshire Hathaway, Inc. 2.75%, 03/15/2023		395		413,565
Guardian Life Insurance Co. of America (The) 3.70%, 01/22/2070 (a)		210		230,502
Humana, Inc. 4.50%, 04/01/2025		378		433,018
MassMutual Global Funding II 0.85%, 06/09/2023 (a)		270		273,137
MetLife Capital Trust IV 7.875%, 12/15/2037 (a)		150		213,186
MetLife, Inc.
Series C 3.792% (LIBOR 3 Month + 3.58%), 03/01/2021(b) (c)		68		68,014
Series D 5.875%, 03/15/2028(b)		170		197,016
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039 (a)		120		203,204
New York Life Insurance Co. 4.45%, 05/15/2069 (a)		180		236,970
Nippon Life Insurance Co. 2.75%, 01/21/2051 (a)		490		488,873

13

	Principal Amount (000)		U.S. $ Value
Peachtree Corners Funding Trust 3.976%, 02/15/2025 (a)	$	110	$	121,781
Prudential Financial, Inc. 5.20%, 03/15/2044		437		466,983
5.375%, 05/15/2045		260		285,545
5.625%, 06/15/2043		474		511,038
5.875%, 09/15/2042		235		249,406
Reinsurance Group of America, Inc. 3.15%, 06/15/2030		897		971,837
UnitedHealth Group, Inc. 2.875%, 03/15/2022		212		216,823
Voya Financial, Inc. 5.65%, 05/15/2053		470		497,998
				8,720,503
REITS – 5.7%
American Homes 4 Rent LP 4.25%, 02/15/2028		5		5,707
American Tower Corp. 3.125%, 01/15/2027		275		300,603
5.00%, 02/15/2024		525		591,649
Brixmor Operating Partnership LP 3.25%, 09/15/2023		270		285,733
4.05%, 07/01/2030		518		586,081
EPR Properties 5.25%, 07/15/2023		120		124,726
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/2025		323		366,382
5.375%, 04/15/2026		114		130,772
Highwoods Realty LP 2.60%, 02/01/2031		821		831,780
Host Hotels & Resorts LP
Series E 4.00%, 06/15/2025		263		283,477
Series I 3.50%, 09/15/2030		491		507,183
Kilroy Realty LP 3.45%, 12/15/2024		40		43,271
Kimco Realty Corp. 2.80%, 10/01/2026		95		103,200
Office Properties Income Trust 4.50%, 02/01/2025		350		372,729
Omega Healthcare Investors, Inc. 4.50%, 01/15/2025		108		117,993
5.25%, 01/15/2026		808		924,788
Realty Income Corp. 3.25%, 01/15/2031		285		317,048
Regency Centers LP 3.60%, 02/01/2027		178		197,742
3.70%, 06/15/2030		230		258,357
3.75%, 06/15/2024		33		35,582
4.125%, 03/15/2028		195		221,635
Rexford Industrial Realty LP 2.125%, 12/01/2030		210		207,451
Sabra Health Care LP 4.80%, 06/01/2024		710		776,846
5.125%, 08/15/2026		565		638,331

14

	Principal Amount (000)		U.S. $ Value
SITE Centers Corp. 4.70%, 06/01/2027	$	365	$	407,223
Spirit Realty LP 3.20%, 02/15/2031		385		404,704
4.00%, 07/15/2029		132		147,448
4.45%, 09/15/2026		238		269,064
Ventas Realty LP 3.50%, 02/01/2025		161		176,738
3.85%, 04/01/2027		120		134,976
4.125%, 01/15/2026		23		26,269
VEREIT Operating Partnership LP 2.85%, 12/15/2032		367		377,327
4.60%, 02/06/2024		1,036		1,145,402
WP Carey, Inc. 4.60%, 04/01/2024		44		48,810
				11,367,027
				73,610,892
Utility – 3.9%
Electric – 3.8%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025 (a)		215		242,748
AES Panama Generation Holdings SRL 4.375%, 05/31/2030 (a)		200		214,531
Berkshire Hathaway Energy Co. 2.85%, 05/15/2051(a)		272		269,209
4.25%, 10/15/2050(a)		361		449,499
6.125%, 04/01/2036		100		143,479
Consolidated Edison Co. of New York, Inc. Series 20B 3.95%, 04/01/2050		25		29,658
Dominion Energy, Inc. 3.90%, 10/01/2025		110		124,172
Duke Energy Corp. 4.20%, 06/15/2049		423		507,033
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029 (a)		200		211,625
Enel Americas SA 4.00%, 10/25/2026		53		59,112
Enel Chile SA 4.875%, 06/12/2028		62		72,579
Entergy Louisiana LLC 0.62%, 11/17/2023		493		493,937
Exelon Corp. 3.497%, 06/01/2022		94		97,558
Florida Power & Light Co. 3.95%, 03/01/2048		642		800,831
Georgia Power Co. 4.30%, 03/15/2042		340		413,175
Kentucky Utilities Co. 3.30%, 06/01/2050		52		55,993
National Rural Utilities Cooperative Finance Corp. 3.40%, 11/15/2023		275		295,818

15

	Principal Amount (000)		U.S. $ Value
Nevada Power Co. Series EE 3.125%, 08/01/2050	$	215	$	229,222
NextEra Energy Capital Holdings, Inc. 2.75%, 05/01/2025		75		80,820
5.65%, 05/01/2079		194		229,048
Public Service Co. of New Hampshire 3.60%, 07/01/2049		127		149,717
Public Service Enterprise Group, Inc. 8.625%, 04/15/2031 (a)		388		604,613
Sempra Energy 3.80%, 02/01/2038		215		243,703
Southern Co. (The) Series A 3.70%, 04/30/2030		440		500,874
Southern Power Co. Series F 4.95%, 12/15/2046		77		91,204
Southwestern Public Service Co. 3.75%, 06/15/2049		427		501,776
Virginia Electric & Power Co. 8.875%, 11/15/2038		273		498,028
				7,609,962
Natural Gas – 0.1%
GNL Quintero SA 4.634%, 07/31/2029 (a)		200		221,800
NiSource, Inc. 5.65%, 02/01/2045		60		83,041
				304,841
				7,914,803
Total Corporates - Investment Grade (cost $173,429,028)				182,265,710
QUASI-SOVEREIGNS – 1.4%
Quasi-Sovereign Bonds – 1.4%
Chile – 0.4%
Corp. Nacional del Cobre de Chile 3.70%, 01/30/2050 (a)		200		212,687
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030 (a)		350		391,016
Empresa Nacional del Petroleo 3.75%, 08/05/2026 (a)		200		217,745
				821,448
Malaysia – 0.1%
Petronas Capital Ltd. 4.55%, 04/21/2050 (a)		225		289,800
Mexico – 0.3%
Petroleos Mexicanos 6.50%, 01/23/2029		240		239,184
6.75%, 09/21/2047		140		122,080
6.95%, 01/28/2060		169		147,013
7.69%, 01/23/2050		80		75,500
				583,777

16

	Principal Amount (000)		U.S. $ Value
Panama – 0.3%
Aeropuerto Internacional de Tocumen SA 5.625%, 05/18/2036 (a)	$	200	$	230,813
Empresa de Transmision Electrica SA 5.125%, 05/02/2049 (a)		246		302,411
				533,224
Peru – 0.3%
Corp. Financiera de Desarrollo SA 2.40%, 09/28/2027 (a)		560		568,575
Total Quasi-Sovereigns (cost $2,590,351)				2,796,824
CORPORATES - NON-INVESTMENT GRADE – 1.4%
Industrial – 0.9%
Consumer Cyclical - Automotive – 0.2%
Ford Motor Credit Co. LLC 3.81%, 01/09/2024		395		408,201
Consumer Cyclical - Entertainment – 0.2%
Carnival Corp. 11.50%, 04/01/2023 (a)		379		430,282
Consumer Non-Cyclical – 0.1%
Newell Brands, Inc. 4.35%, 04/01/2023		191		201,234
Energy – 0.4%
EQM Midstream Partners LP 4.75%, 07/15/2023		100		103,544
Occidental Petroleum Corp. 2.90%, 08/15/2024		319		309,475
3.50%, 08/15/2029		55		51,034
Western Midstream Operating LP 4.65%, 07/01/2026		81		84,778
5.45%, 04/01/2044		149		156,502
				705,333
				1,745,050
Financial Institutions – 0.5%
Banking – 0.3%
JPMorgan Chase & Co. 1.00%, 02/04/2032		600		599,154
REITS – 0.2%
Diversified Healthcare Trust 4.75%, 02/15/2028		407		407,012
				1,006,166
Total Corporates - Non-Investment Grade (cost $2,620,820)			��	2,751,216

17

	Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS – 1.0%
Colombia – 0.4%
Colombia Government International Bond 3.125%, 04/15/2031	$	562	$	579,211
5.20%, 05/15/2049		200		239,375
				818,586
Mexico – 0.4%
Mexico Government International Bond 3.90%, 04/27/2025		285		319,022
4.60%, 01/23/2046		200		220,687
4.75%, 03/08/2044		150		168,797
				708,506
Peru – 0.0%
Peruvian Government International Bond 2.392%, 01/23/2026		53		56,081
Qatar – 0.2%
Qatar Government International Bond 4.817%, 03/14/2049 (a)		228		305,591
Uruguay – 0.0%
Uruguay Government International Bond 4.375%, 01/23/2031		54		64,810
Total Governments - Sovereign Bonds (cost $1,718,675)				1,953,574
Total Investments – 94.9% (cost $180,358,874)(d)				189,767,324
Other assets less liabilities – 5.1%				10,207,305
Net Assets – 100.0%			$	199,974,629

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		11		March 2021		$	1,692,109		$	(19,984	)
U.S. T-Note 2 Yr (CBT) Futures		3		March 2021			662,930			606
U.S. T-Note 10 Yr (CBT) Futures		12		March 2021			1,644,375			(10,501	)
U.S. Ultra Bond (CBT) Futures		24		March 2021			4,913,250			(235,052	)
Sold Contracts
U.S. Long Bond (CBT) Futures		4		March 2021			674,875			17,924
U.S. T-Note 5 Yr (CBT) Futures		10		March 2021			1,258,750			(13	)
									$	(247,020	)

18

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAIG Series 35, 5 Year Index, 12/20/2025*		1.00	%		Quarterly		0.56	%		USD	3,280	$	73,256	$	74,932	$	(1,676	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
USD	1,170	09/09/2021		1.132%		3 Month LIBOR		Semi-Annual/ Quarterly	$	(11,600	)	$	—	$	(11,600	)
USD	1,070	03/27/2022		2.058%		3 Month LIBOR		Semi-Annual/ Quarterly		(30,674	)		—		(30,674	)
USD	60	11/04/2044		3 Month LIBOR		3.049%		Quarterly/ Semi-Annual		18,566			—		18,566
USD	60	05/05/2045		3 Month LIBOR		2.562%		Quarterly/ Semi-Annual		12,574			—		12,574
USD	60	06/02/2046		3 Month LIBOR		2.186%		Quarterly/ Semi-Annual		7,813			—		7,813
USD	690	07/15/2046		3 Month LIBOR		1.783%		Quarterly/ Semi-Annual		27,236			—		27,236
USD	270	09/02/2046		3 Month LIBOR		1.736%		Quarterly/ Semi-Annual		9,498			—		9,498
USD	50	11/02/2046		3 Month LIBOR		2.086%		Quarterly/ Semi-Annual		5,522			—		5,522
									$	38,935		$	—	$	38,935

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2021, the aggregate market value of these securities amounted to $32,631,015 or 16.3% 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 January 31, 2021.

(d) As of January 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,098,626 and gross unrealized depreciation of investments was $(899,937), resulting in net unrealized appreciation of $9,198,689.

Glossary:

CBT – Chicago Board of Trade

CDX-NAIG – North American Investment Grade Credit Default Swap Index

LIBOR – London Interbank Offered Rate

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

19

AB Corporate Income Shares

January 31, 2021 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2021:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	182,265,710		$	—	$	182,265,710
Quasi-Sovereigns		—			2,796,824			—		2,796,824
Corporates - Non-Investment Grade		—			2,751,216			—		2,751,216
Governments - Sovereign Bonds		—			1,953,574			—		1,953,574
Total Investments in Securities		—			189,767,324			—		189,767,324
Other Financial Instruments(a):
Assets:
Futures		18,530			—			—		18,530
Centrally Cleared Credit Default Swaps		—			73,256			—		73,256
Centrally Cleared Interest Rate Swaps		—			81,209			—		81,209
Liabilities:
Futures		(265,550	)		—			—		(265,550	)
Centrally Cleared Interest Rate Swaps		—			(42,274	)		—		(42,274	)
Total	$	(247,020	)	$	189,879,515		$	—	$	189,632,495

^(a)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

20