Ab Corporate Shares NPORT-P AB Tax-Aware Real Return Income Shares (Jan 2022 report)

AB Tax-Aware Real Return Income Shares

Portfolio of Investments

January 31, 2022 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 84.3%
Long-Term Municipal Bonds – 81.6%
Alabama – 3.1%
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2020 4.00%, 12/01/2050	$	580	$	628,467
Alaska – 2.4%
Alaska Industrial Development & Export Authority (Greater Fairbanks Community Hospital Foundation Obligated Group) Series 2019 4.00%, 04/01/2033		445		497,731
Arizona – 1.6%
City of Phoenix Civic Improvement Corp. (Phoenix Sky Harbor International Airport) Series 2019-B 5.00%, 07/01/2033		275		330,864
Colorado – 3.1%
Weld County School District No. RE-2 Eaton Series 2019 5.00%, 12/01/2026-12/01/2027		530		630,480
Connecticut – 10.0%
City of New Haven CT Series 2017-A 5.25%, 08/01/2026		70		81,325
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group) Series 2020-A 5.00%, 07/01/2034		515		631,048
Connecticut State Health & Educational Facilities Authority (Yale University) Series 2019-U 2.00%, 07/01/2033		1,055		1,055,303
State of Connecticut Series 2020-A 5.00%, 01/15/2031		215		266,745
				2,034,421
Delaware – 4.2%
State of Delaware Series 2014 3.00%, 03/01/2028		850		851,856
District of Columbia – 3.0%
District of Columbia (District of Columbia Fed Hwy Grant) Series 2020 5.00%, 12/01/2031		490		602,474
Florida – 5.0%
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2033		250		296,055

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	Principal Amount (000)		U.S. $ Value
Greater Orlando Aviation Authority Series 2019-A 5.00%, 10/01/2027	$	95	$	111,587
Hillsborough County Aviation Authority Series 2013-A 5.00%, 10/01/2026		580		616,279
				1,023,921
Illinois – 6.3%
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2032		100		120,146
Sales Tax Securitization Corp. Series 2020-A 5.00%, 01/01/2026		270		304,494
State of Illinois Series 2017-D 5.00%, 11/01/2027		175		202,457
Series 2018-A 5.00%, 10/01/2025		295		330,453
Series 2019-A 5.00%, 11/01/2025		290		325,296
				1,282,846
Kentucky – 11.8%
City of Ashland KY (Ashland Hospital Corp. Obligated Group) Series 2019 5.00%, 02/01/2027		100		116,091
Kentucky Public Energy Authority (Morgan Stanley) Series 2019-C 4.00%, 02/01/2050		570		635,130
Louisville and Jefferson County Metropolitan Sewer District Series 2021 3.00%, 10/14/2022		1,000		1,016,983
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2020-A 4.00%, 10/01/2040		575		641,642
				2,409,846
Louisiana – 2.2%
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Community & Technical College System) Series 2019 5.00%, 10/01/2023		320		341,389
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(a)		100		111,930
				453,319

2

	Principal Amount (000)		U.S. $ Value
Michigan – 1.5%
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 4.50%, 10/01/2029	$	100	$	104,395
Michigan State University Series 2019-C 5.00%, 08/15/2032		160		196,836
				301,231
New Jersey – 1.9%
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2019 5.00%, 12/15/2031		330		397,071
New York – 5.7%
Metropolitan Transportation Authority Series 2012-C 5.00%, 11/15/2030		260		267,850
Series 2012-F 5.00%, 11/15/2030		265		273,001
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2019-B 5.00%, 11/01/2035		200		247,212
New York Liberty Development Corp. (One Bryant Park LLC) Series 2019 2.80%, 09/15/2069		210		210,554
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2020 4.375%, 10/01/2045		150		166,682
				1,165,299
North Carolina – 1.9%
Raleigh Durham Airport Authority Series 2020-A 5.00%, 05/01/2027		340		395,942
Ohio – 5.9%
Buckeye Tobacco Settlement Financing Authority Series 2020-A 5.00%, 06/01/2033-06/01/2035		495		606,989
State of Ohio (State of Ohio Department of Transportation) Series 2019-2 5.00%, 12/15/2024		545		605,377
				1,212,366

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	Principal Amount (000)		U.S. $ Value
Other – 0.5%
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates (FHLMC Multifamily VRD Certificates) 2.65%, 06/15/2036(a)	$	100	$	101,429
Pennsylvania – 5.2%
City of Philadelphia PA Series 2019-B 5.00%, 02/01/2030		155		191,247
Commonwealth Financing Authority (Commonwealth Financing Authority State Lease) Series 2018 5.00%, 06/01/2025		120		134,308
Lower Merion School District Series 2019-B 5.00%, 04/01/2023		710		745,580
				1,071,135
Texas – 1.0%
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029		100		105,819
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035(a)		100		100,866
				206,685
Virginia – 1.1%
Virginia College Building Authority (Virginia College Building Authority State Lease) Series 2019 5.00%, 02/01/2026		190		217,405
Washington – 0.9%
City of Seattle WA Municipal Light & Power Revenue Series 2014 5.00%, 09/01/2023		165		175,688
West Virginia – 3.0%
State of West Virginia Series 2019 5.00%, 06/01/2027		515		612,060
Wisconsin – 0.3%
UMA Education, Inc. Series 2019 5.00%, 10/01/2034(a)		50		57,315
Total Long-Term Municipal Bonds (cost $16,608,806)				16,659,851

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	Principal Amount (000)		U.S. $ Value
Short-Term Municipal Notes – 2.7%
South Carolina – 2.7%
County Square Redevelopment Corp (County of Greenville SC) Series 2021 2.00%, 03/03/2022 (cost $555,850)	$	555	$	555,785
Total Municipal Obligations (cost $17,164,656)				17,215,636
	Shares
SHORT-TERM INVESTMENTS – 11.6%
Investment Companies – 11.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(b) (c) (d) (cost $2,359,564)		2,359,564		2,359,564
Total Investments – 95.9% (cost $19,524,220)(e)				19,575,200
Other assets less liabilities – 4.1%				838,847
Net Assets – 100.0%			$	20,414,047

CENTRALLY CLEARED INFLATION (CPI) SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	3,000	02/10/2023	1.558%	CPI#	Maturity	$	213,450	$	—	$	213,450
USD	2,500	12/24/2024	1.846%	CPI#	Maturity		215,716		—		215,716
USD	2,000	02/10/2027	1.755%	CPI#	Maturity		220,349		—		220,349
USD	2,600	12/24/2029	1.978%	CPI#	Maturity		296,436		—		296,436
USD	1,000	02/10/2035	1.914%	CPI#	Maturity		149,777		—		149,777
						$	1,095,728	$	—	$	1,095,728

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

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	5,910	02/01/2024	1.143%	1 Day SOFR	Annual	$	19		$	—	$	19
USD	6,590	02/01/2027	1.465%	1 Day SOFR	Annual		(3,029	)		—		(3,029	)
USD	2,270	02/01/2032	1.600%	1 Day SOFR	Annual		(529	)		—		(529	)
						$	(3,539	)	$	—	$	(3,539	)

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INFLATION (CPI) SWAPS

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)

JPMorgan Chase Bank, NA

USD

1,000

04/29/2036

2.498%

CPI#

Maturity

$

59,825

$

—

$

59,825

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

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Barclays Bank PLC

Barclays Capital US Inflation Linked Bonds 1 to 10 Year

LIBOR Plus 0.00%

Maturity

USD

8,709

02/23/2022

$

275,492

Barclays Capital US Inflation Linked Bonds 1 to 10 Year

SOFR Plus 0.00%

Maturity

USD

—

03/01/2023

(48

)

$

275,444

(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 January 31, 2022, the aggregate market value of these securities amounted to $371,540 or 1.8% of net assets.

(b) Affiliated investments.

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

(d) 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.

(e) As of January 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,562,942 and gross unrealized depreciation of investments was $(84,504), resulting in net unrealized appreciation of $1,478,438.

As of January 31, 2022, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 0.0% and 0.0%, respectively.

Glossary:

CPI – Consumer Price Index

FHLMC – Federal Home Loan Mortgage Corporation

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

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AB Tax-Aware Real Return Income Shares

January 31, 2022 (unaudited)

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

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

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

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

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2022:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Long-Term Municipal Bonds	$	—	$	16,659,851		$	—	$	16,659,851
Short-Term Municipal Notes		—		555,785			—		555,785
Short-Term Investments		2,359,564		—			—		2,359,564
Total Investments in Securities		2,359,564		17,215,636			—		19,575,200
Other Financial Instruments(a):
Assets:
Centrally Cleared Inflation (CPI) Swaps		—		1,095,728			—		1,095,728
Centrally Cleared Interest Rate Swaps		—		19			—		19
Inflation (CPI) Swaps		—		59,825			—		59,825
Total Return Swaps		—		275,492			—		275,492
Liabilities:
Centrally Cleared Interest Rate Swaps		—		(3,558	)		—		(3,558	)
Total Return Swaps		—		(48	)		—		(48	)
Total	$	2,359,564	$	18,643,094		$	—	$	21,002,658

^(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.

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A summary of the Fund’s transactions in AB mutual funds for the nine months ended January 31, 2022 is as follows:

Fund	Market Value 04/30/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 01/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,570	$	9,854	$	9,064	$	2,360	$	0	**

** Amount less than $500.

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