Ab Corporate Shares NPORT-P AB Corporate Income Shares (Jul 2022 report)

AB Corporate Income Shares

Portfolio of Investments

July 31, 2022 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 94.2%
Industrial – 51.8%
Basic – 4.9%
Alpek SAB de CV 3.25%, 02/25/2031(a)	$	214	$	179,265
Anglo American Capital PLC 3.875%, 03/16/2029(a)		221		206,454
5.625%, 04/01/2030(a)		435		445,957
Celanese US Holdings LLC 5.90%, 07/05/2024		165		166,241
6.05%, 03/15/2025		165		166,442
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029(a)		246		226,812
4.50%, 08/01/2024		200		200,480
EI du Pont de Nemours and Co. 1.70%, 07/15/2025		433		413,818
Equate Petrochemical BV 2.625%, 04/28/2028(a)		317		284,111
Freeport Indonesia PT 4.763%, 04/14/2027(a)		240		233,100
5.315%, 04/14/2032(a)		240		223,500
Georgia-Pacific LLC 3.734%, 07/15/2023(a)		828		828,580
Glencore Funding LLC 1.625%, 09/01/2025(a)		521		480,409
2.625%, 09/23/2031(a)		225		184,790
4.625%, 04/29/2024(a)		175		175,537
Industrias Penoles SAB de CV 4.15%, 09/12/2029(a)		300		277,463
International Paper Co. 7.30%, 11/15/2039		140		167,308
Inversiones CMPC SA 3.85%, 01/13/2030(a)		210		187,425
LyondellBasell Industries NV 4.625%, 02/26/2055		792		692,248
Mosaic Co. (The) 5.625%, 11/15/2043		170		176,487
Newmont Corp. 2.60%, 07/15/2032		535		456,339
Nucor Corp. 4.30%, 05/23/2027		246		251,456
Reliance Steel & Aluminum Co. 4.50%, 04/15/2023		838		839,282
Sealed Air Corp. 1.573%, 10/15/2026(a)		545		485,562
Suzano Austria GmbH 3.75%, 01/15/2031		92		79,925
Westlake Corp. 3.375%, 08/15/2061		430		295,733
				8,324,724
Capital Goods – 2.2%
Caterpillar Financial Services Corp. 0.65%, 07/07/2023		860		839,885

1

	Principal Amount (000)		U.S. $ Value
CNH Industrial Capital LLC 1.95%, 07/02/2023	$	310	$	303,856
3.95%, 05/23/2025		177		176,605
Northrop Grumman Corp. 3.25%, 08/01/2023		840		839,252
Parker-Hannifin Corp. 4.50%, 09/15/2029		404		413,320
Waste Management, Inc. 4.15%, 04/15/2032		450		459,720
Westinghouse Air Brake Technologies Corp. 4.40%, 03/15/2024		602		602,440
				3,635,078
Communications - Media – 5.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.50%, 06/01/2041		495		363,231
3.70%, 04/01/2051		225		157,806
5.125%, 07/01/2049		299		258,668
5.25%, 04/01/2053		300		262,443
5.375%, 05/01/2047		519		457,576
Comcast Corp. 2.937%, 11/01/2056		522		380,204
3.25%, 11/01/2039		558		480,354
3.90%, 03/01/2038		215		203,027
4.65%, 07/15/2042		278		278,375
Discovery Communications LLC 4.65%, 05/15/2050		59		48,682
5.20%, 09/20/2047		468		414,732
5.30%, 05/15/2049		82		73,230
FactSet Research Systems, Inc. 2.90%, 03/01/2027		515		495,167
Fox Corp. 3.05%, 04/07/2025		23		22,506
5.576%, 01/25/2049		346		352,657
Interpublic Group of Cos., Inc. (The) 3.375%, 03/01/2041		340		258,845
Magallanes, Inc. 5.05%, 03/15/2042(a)		305		270,819
Netflix, Inc. 4.875%, 04/15/2028		705		699,247
Paramount Global 4.20%, 05/19/2032		225		204,383
Prosus NV 3.257%, 01/19/2027(a)		237		212,933
3.68%, 01/21/2030(a)		210		177,424
Tencent Holdings Ltd. 2.39%, 06/03/2030(a)		397		337,053
Thomson Reuters Corp. 5.65%, 11/23/2043		220		229,137
Time Warner Entertainment Co. LP 8.375%, 03/15/2023		967		996,087
Walt Disney Co. (The) 3.00%, 09/15/2022		265		265,056
4.00%, 10/01/2023		40		40,322
6.40%, 12/15/2035		161		195,436
8.875%, 04/26/2023		105		109,278

2

	Principal Amount (000)		U.S. $ Value
Walt Disney Co., (The) 3.35%, 03/24/2025	$	609	$	611,217
Weibo Corp. 3.50%, 07/05/2024		373		361,297
				9,217,192
Communications - Telecommunications – 0.6%
AT&T, Inc. 3.50%, 09/15/2053		179		141,276
6.55%, 01/15/2028		100		109,289
Corning, Inc. 4.75%, 03/15/2042		455		437,678
Rogers Communications, Inc. 4.50%, 03/15/2043		4		3,682
Verizon Communications, Inc. 1.75%, 01/20/2031		400		334,328
				1,026,253
Consumer Cyclical - Automotive – 1.0%
General Motors Co. 5.95%, 04/01/2049		115		110,230
General Motors Financial Co., Inc. 4.15%, 06/19/2023		116		116,271
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(a)		831		759,493
3.35%, 06/08/2025(a)		481		466,926
Hyundai Capital America 5.875%, 04/07/2025(a)		160		165,211
				1,618,131
Consumer Cyclical - Entertainment – 0.2%
Hasbro, Inc. 5.10%, 05/15/2044		355		329,635
Consumer Cyclical - Other – 1.7%
DR Horton, Inc. 2.50%, 10/15/2024		410		396,187
Las Vegas Sands Corp. 2.90%, 06/25/2025		685		643,318
3.90%, 08/08/2029		390		349,198
Lennar Corp. 4.50%, 04/30/2024		395		396,410
Marriott International, Inc./MD 3.75%, 10/01/2025		185		183,196
Series EE 5.75%, 05/01/2025		366		381,932
Series II 2.75%, 10/15/2033		430		352,235
MDC Holdings, Inc. 6.00%, 01/15/2043		140		119,822
				2,822,298

3

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Restaurants – 0.5%
McDonald’s Corp. 3.625%, 09/01/2049	$	215	$	186,837
4.45%, 09/01/2048		185		183,093
4.60%, 05/26/2045		280		279,725
4.70%, 12/09/2035		220		231,209
				880,864
Consumer Cyclical - Retailers – 0.8%
AutoNation, Inc. 3.85%, 03/01/2032		515		459,004
Dollar General Corp. 3.25%, 04/15/2023		61		60,816
Ross Stores, Inc. 4.70%, 04/15/2027		160		164,701
4.80%, 04/15/2030		115		116,911
5.45%, 04/15/2050		175		177,802
Walmart, Inc. 3.95%, 06/28/2038		320		323,334
				1,302,568
Consumer Non-Cyclical – 10.8%
AbbVie, Inc. 4.05%, 11/21/2039		80		75,298
4.40%, 11/06/2042		350		334,254
Altria Group, Inc. 3.40%, 05/06/2030		180		158,323
4.00%, 02/04/2061		300		206,760
5.95%, 02/14/2049		180		165,103
AmerisourceBergen Corp. 0.737%, 03/15/2023		277		272,039
4.25%, 03/01/2045		165		151,117
4.30%, 12/15/2047		295		280,011
Amgen, Inc. 4.40%, 02/22/2062		570		532,152
Anheuser-Busch InBev Finance, Inc. 4.70%, 02/01/2036		438		447,018
Anheuser-Busch InBev Worldwide, Inc. 4.95%, 01/15/2042		310		317,310
BAT Capital Corp. 2.259%, 03/25/2028		307		263,507
4.39%, 08/15/2037		323		267,098
4.906%, 04/02/2030		394		375,084
Bat Capital Corp. 5.65%, 03/16/2052		195		170,619
BAT International Finance PLC 4.448%, 03/16/2028		395		379,461
Baxter International, Inc. 0.868%, 12/01/2023		545		525,702
Bristol-Myers Squibb Co. 3.55%, 08/15/2022		206		206,066
3.625%, 05/15/2024		833		838,198
3.70%, 03/15/2052		480		435,658
3.90%, 03/15/2062		485		440,307
Cardinal Health, Inc. 4.50%, 11/15/2044		305		269,507
4.90%, 09/15/2045		305		288,750
Cargill, Inc. 3.625%, 04/22/2027(a)		560		561,943
4.375%, 04/22/2052(a)		350		352,485

4

	Principal Amount (000)		U.S. $ Value
Cigna Corp. 3.00%, 07/15/2023	$	71	$	70,685
4.80%, 08/15/2038		530		539,704
7.875%, 05/15/2027		53		61,950
CommonSpirit Health 4.35%, 11/01/2042		44		40,672
Constellation Brands, Inc. 4.35%, 05/09/2027		355		359,590
CVS Health Corp. 3.875%, 07/20/2025		308		311,838
4.78%, 03/25/2038		621		619,416
5.125%, 07/20/2045		315		321,905
Gilead Sciences, Inc. 0.75%, 09/29/2023		203		197,239
2.80%, 10/01/2050		175		128,147
Hershey Co. (The) 0.90%, 06/01/2025		898		842,064
3.125%, 11/15/2049		245		203,485
Johnson & Johnson 5.85%, 07/15/2038		240		289,238
Kimberly-Clark de Mexico SAB de CV 2.431%, 07/01/2031(a)		320		271,709
McKesson Corp. 1.30%, 08/15/2026		926		841,002
Merck & Co., Inc. 2.90%, 12/10/2061		205		154,172
Molson Coors Brewing Co. 4.20%, 07/15/2046		210		184,294
Mylan, Inc. 4.20%, 11/29/2023		682		683,364
Newell Brands, Inc. 4.10%, 04/01/2023		191		190,574
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		264		221,963
PepsiCo, Inc. 3.90%, 07/18/2032		330		340,778
Sysco Corp. 2.45%, 12/14/2031		425		370,936
3.15%, 12/14/2051		460		348,459
6.60%, 04/01/2050		227		275,528
Takeda Pharmaceutical Co., Ltd. 3.175%, 07/09/2050		575		451,352
Thermo Fisher Scientific, Inc. 0.797%, 10/18/2023		1,258		1,222,852
Wyeth LLC 5.95%, 04/01/2037		240		292,001
				18,148,687
Energy – 8.2%
BP Capital Markets America, Inc. 2.939%, 06/04/2051		485		365,966
3.00%, 02/24/2050		660		508,649
Cenovus Energy, Inc. 5.375%, 07/15/2025		78		80,959
Conocophillips Co. 3.80%, 03/15/2052		405		365,634

5

	Principal Amount (000)		U.S. $ Value
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)	$	304	$	247,210
4.90%, 06/01/2044		495		397,935
5.75%, 01/15/2031(a)		221		217,449
Devon Energy Corp. 5.60%, 07/15/2041		355		366,097
Ecopetrol SA 5.875%, 09/18/2023		64		64,477
5.875%, 05/28/2045		25		18,781
Enable Midstream Partners LP 5.00%, 05/15/2044		41		35,807
Enbridge Energy Partners LP 7.375%, 10/15/2045		286		354,680
Energy Transfer LP 3.90%, 07/15/2026		440		429,986
4.20%, 04/15/2027		47		46,165
4.40%, 03/15/2027		356		352,739
5.35%, 05/15/2045		135		123,162
6.25%, 04/15/2049		473		477,196
Eni SpA 5.70%, 10/01/2040(a)		420		435,015
Enterprise Products Operating LLC 3.70%, 01/31/2051		130		108,443
4.20%, 01/31/2050		437		388,379
4.45%, 02/15/2043		195		180,615
4.80%, 02/01/2049		85		82,521
4.90%, 05/15/2046		45		43,584
EOG Resources, Inc. 4.375%, 04/15/2030		74		76,896
Exxon Mobil Corp. 4.114%, 03/01/2046		514		493,882
4.327%, 03/19/2050		220		219,278
Flex Intermediate Holdco LLC 3.363%, 06/30/2031(a)		215		182,683
4.317%, 12/30/2039(a)		215		171,280
Kinder Morgan, Inc. 5.55%, 06/01/2045		485		484,544
Marathon Oil Corp. 6.60%, 10/01/2037		305		334,436
Marathon Petroleum Corp. 5.125%, 12/15/2026		1,038		1,075,628
6.50%, 03/01/2041		165		183,896
MPLX LP 4.95%, 03/14/2052		300		272,271
5.20%, 03/01/2047		231		216,366
5.20%, 12/01/2047		144		133,584
ONEOK Partners LP 6.125%, 02/01/2041		430		425,846
Pioneer Natural Resources Co. 2.15%, 01/15/2031		560		478,873
Sabine Pass Liquefaction LLC 5.625%, 04/15/2023		272		273,676
Saudi Arabian Oil Co. 2.25%, 11/24/2030(a)		350		310,188
Shell International Finance BV 3.75%, 09/12/2046		125		112,835

6

	Principal Amount (000)		U.S. $ Value
Suncor Energy, Inc. 6.50%, 06/15/2038	$	305	$	342,082
6.85%, 06/01/2039		215		250,008
Targa Resources Corp. 6.25%, 07/01/2052		495		519,740
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(a)		265		192,788
TransCanada PipeLines Ltd. 6.20%, 10/15/2037		67		76,200
7.625%, 01/15/2039		88		112,082
Valero Energy Corp. 7.50%, 04/15/2032		308		369,157
Western Midstream Operating LP 4.65%, 07/01/2026		81		80,314
5.45%, 04/01/2044		149		133,289
Williams Cos., Inc. (The) 3.50%, 10/15/2051		540		423,635
6.30%, 04/15/2040		130		142,783
				13,779,689
Services – 1.9%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031		400		338,964
2.70%, 02/09/2041		300		207,945
Amazon.com, Inc. 4.10%, 04/13/2062		280		270,802
4.25%, 08/22/2057		170		170,976
Block Financial LLC 2.50%, 07/15/2028		430		382,993
Booking Holdings, Inc. 4.625%, 04/13/2030		800		824,928
Expedia Group, Inc. 6.25%, 05/01/2025(a)		33		34,291
Global Payments, Inc. 2.90%, 11/15/2031		545		458,585
Moody’s Corp. 5.25%, 07/15/2044		135		142,109
S&P Global, Inc. 2.90%, 03/01/2032(a)		226		209,748
4.25%, 05/01/2029(a)		90		92,094
4.75%, 08/01/2028(a)		20		20,984
				3,154,419
Technology – 12.2%
Analog Devices, Inc. 2.95%, 04/01/2025		36		35,739
Apple, Inc. 2.45%, 08/04/2026		782		766,798
2.55%, 08/20/2060		210		153,581
2.65%, 05/11/2050		170		132,476
3.25%, 02/23/2026		840		847,518
4.45%, 05/06/2044		871		918,426
Baidu, Inc. 1.625%, 02/23/2027		435		390,178
3.075%, 04/07/2025		265		257,948

7

	Principal Amount (000)		U.S. $ Value
Broadcom, Inc. 3.137%, 11/15/2035(a)	$	466	$	375,265
3.187%, 11/15/2036(a)		573		458,732
3.419%, 04/15/2033(a)		140		121,012
4.926%, 05/15/2037(a)		452		429,915
CDW LLC/CDW Finance Corp. 2.67%, 12/01/2026		445		406,837
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		774		822,390
8.35%, 07/15/2046		42		53,780
DXC Technology Co. 1.80%, 09/15/2026		320		287,949
2.375%, 09/15/2028		320		280,186
Entegris Escrow Corp. 4.75%, 04/15/2029(a)		395		380,950
Fidelity National Information Services, Inc. 0.375%, 03/01/2023		1,295		1,271,392
4.50%, 07/15/2025		73		74,199
Honeywell International, Inc. 0.483%, 08/19/2022		54		53,930
HP, Inc. 4.20%, 04/15/2032		390		362,095
5.50%, 01/15/2033		695		699,768
Infor, Inc. 1.75%, 07/15/2025(a)		95		88,907
Intel Corp. 4.75%, 03/25/2050		454		461,609
International Business Machines Corp. 4.25%, 05/15/2049		570		528,715
4.90%, 07/27/2052		660		662,508
KLA Corp. 4.95%, 07/15/2052		500		535,615
Kyndryl Holdings, Inc. 2.05%, 10/15/2026(a)		1,080		917,752
Lam Research Corp. 3.75%, 03/15/2026		142		144,583
Marvell Technology, Inc. 2.95%, 04/15/2031		405		350,179
Microsoft Corp. 2.00%, 08/08/2023		848		839,978
2.40%, 08/08/2026		864		847,420
3.95%, 08/08/2056		225		224,300
NXP BV/NXP Funding LLC 5.55%, 12/01/2028		1,176		1,223,040
NXP BV/NXP Funding LLC/NXP 2.70%, 05/01/2025		24		23,082
Oracle Corp. 2.50%, 04/01/2025		619		598,164
2.875%, 03/25/2031		210		180,909
3.60%, 04/01/2040		436		338,148
3.65%, 03/25/2041		233		181,078
3.85%, 04/01/2060		94		66,707
4.00%, 11/15/2047		537		413,737
5.375%, 07/15/2040		143		134,294
6.125%, 07/08/2039		254		261,666
QUALCOMM, Inc. 1.65%, 05/20/2032		295		250,838

8

	Principal Amount (000)		U.S. $ Value
SK Hynix, Inc. 2.375%, 01/19/2031(a)	$	390	$	308,100
Skyworks Solutions, Inc. 3.00%, 06/01/2031		259		218,420
Take-Two Interactive Software, Inc. 3.30%, 03/28/2024		263		261,995
TSMC Arizona Corp. 4.50%, 04/22/2052		345		343,503
Western Digital Corp. 2.85%, 02/01/2029		110		92,808
3.10%, 02/01/2032		430		341,102
				20,420,221
Transportation - Airlines – 0.5%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		131		129,739
Southwest Airlines Co. 5.25%, 05/04/2025		675		695,709
				825,448
Transportation - Services – 0.8%
ENA Master Trust 4.00%, 05/19/2048(a)		370		281,200
ERAC USA Finance LLC 3.85%, 11/15/2024(a)		711		705,639
Penske Truck Leasing Co. Lp/PTL Finance Corp. 3.90%, 02/01/2024(a)		300		298,572
4.20%, 04/01/2027(a)		117		115,603
				1,401,014
				86,886,221
Financial Institutions – 34.9%
Banking – 18.8%
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(a)		274		249,477
Banco Santander SA 1.722%, 09/14/2027		600		528,504
4.175%, 03/24/2028		200		193,000
5.179%, 11/19/2025		400		404,060
Bank of America Corp. 2.592%, 04/29/2031		575		503,418
2.884%, 10/22/2030		450		407,381
3.384%, 04/02/2026		390		381,319
3.846%, 03/08/2037		510		458,465
3.97%, 03/05/2029		520		508,903
3.974%, 02/07/2030		390		377,711
4.271%, 07/23/2029		727		720,791
4.827%, 07/22/2026		495		502,786
Series X 6.25%, 09/05/2024(b)		235		237,218
BBVA Bancomer SA/Texas 5.875%, 09/13/2034(a)		330		293,494
BNP Paribas SA 2.591%, 01/20/2028(a)		450		408,083

9

	Principal Amount (000)		U.S. $ Value
Canadian Imperial Bank of Commerce 3.30%, 04/07/2025	$	395	$	391,093
Capital One Financial Corp. 4.985%, 07/24/2026		335		337,362
Citigroup, Inc. 3.875%, 02/18/2026(b)		344		315,183
4.14%, 05/24/2025		345		345,390
Series W 4.00%, 12/10/2025(b)		368		342,380
Series Y 4.15%, 11/15/2026(b)		569		502,507
Danske Bank A/S 4.298%, 04/01/2028(a)		250		240,330
Deutsche Bank AG/New York NY 2.311%, 11/16/2027		910		790,908
2.552%, 01/07/2028		535		469,398
6.119%, 07/14/2026		173		176,225
Discover Bank 4.682%, 08/09/2028		385		374,439
Goldman Sachs Group, Inc. (The) 1.948%, 10/21/2027		340		309,862
3.80%, 03/15/2030		979		943,580
4.223%, 05/01/2029		392		387,421
Series V 4.125%, 11/10/2026(b)		248		218,545
HSBC Holdings PLC 2.013%, 09/22/2028		285		247,725
2.206%, 08/17/2029		335		285,628
2.251%, 11/22/2027		355		320,948
3.973%, 05/22/2030		342		320,875
4.583%, 06/19/2029		970		947,059
4.755%, 06/09/2028		420		416,569
4.762%, 03/29/2033		242		229,372
6.375%, 03/30/2025(b)		205		206,943
JPMorgan Chase & Co. 2.545%, 11/08/2032		615		528,371
2.58%, 04/22/2032		475		412,286
2.947%, 02/24/2028		405		383,049
4.323%, 04/26/2028		560		561,658
4.565%, 06/14/2030		494		497,581
4.912%, 07/25/2033		500		520,865
8.00%, 04/29/2027		520		607,043
Series I 6.276% (LIBOR 3 Month + 3.47%), 10/30/2022(b) (c)		247		245,886
Series Q 5.15%, 05/01/2023(b)		205		195,937
Series V 5.597% (LIBOR 3 Month + 3.32%), 10/01/2022(b) (c)		62		60,842
M&T Bank Corp. 3.50%, 09/01/2026(b)		264		215,501
Mitsubishi UFJ Financial Group, Inc. 1.64%, 10/13/2027		828		740,166
2.309%, 07/20/2032		270		223,935
4.788%, 07/18/2025		495		500,331

10

	Principal Amount (000)		U.S. $ Value
Mizuho Financial Group, Inc. 2.564%, 09/13/2031	$	230	$	189,463
Morgan Stanley 3.62%, 04/17/2025		555		550,344
3.622%, 04/01/2031		125		118,920
4.431%, 01/23/2030		440		440,823
4.889%, 07/20/2033		500		519,845
National Australia Bank Ltd. 3.347%, 01/12/2037(a)		665		569,386
Nationwide Building Society 2.972%, 02/16/2028(a)		404		373,591
PNC Financial Services Group, Inc. (The) Series O 4.964% (LIBOR 3 Month + 3.68%), 11/01/2022(b) (c)		358		354,964
Santander Holdings USA, Inc. 2.49%, 01/06/2028		126		112,339
4.40%, 07/13/2027		1,467		1,434,022
Societe Generale SA 2.797%, 01/19/2028(a)		795		719,904
4.75%, 11/24/2025(a)		200		198,562
Standard Chartered PLC 1.456%, 01/14/2027(a)		345		308,827
3.971%, 03/30/2026(a)		245		239,995
Sumitomo Mitsui Financial Group, Inc. 2.142%, 09/23/2030		461		378,721
Truist Financial Corp. Series Q 5.10%, 03/01/2030(b)		382		369,218
UBS Group AG 4.488%, 05/12/2026(a)		222		223,248
US Bancorp 4.967%, 07/22/2033		251		260,884
Wells Fargo & Co. 3.908%, 04/25/2026		553		549,394
4.15%, 01/24/2029		146		145,853
4.808%, 07/25/2028		330		337,636
Series BB 3.90%, 03/15/2026(b)		805		747,000
Western Union Co. (The) 2.75%, 03/15/2031		490		413,746
Westpac Banking Corp. 3.02%, 11/18/2036		630		519,120
4.11%, 07/24/2034		475		440,586
				31,504,194
Brokerage – 1.0%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(b)		212		215,032
Series I 4.00%, 06/01/2026(b)		595		538,475
Jefferies Financial Group, Inc. 5.50%, 10/18/2023		444		448,014
Nomura Holdings, Inc. 5.099%, 07/03/2025		495		506,048
				1,707,569

11

	Principal Amount (000)		U.S. $ Value
Finance – 2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.15%, 02/15/2024	$	179	$	174,126
3.40%, 10/29/2033		330		271,531
Air Lease Corp. 1.875%, 08/15/2026		345		307,461
2.875%, 01/15/2026		100		93,844
3.25%, 03/01/2025		89		86,399
3.625%, 04/01/2027		19		17,869
Aircastle Ltd. 2.85%, 01/26/2028(a)		664		556,200
4.25%, 06/15/2026		21		19,687
5.25%, 08/11/2025(a)		210		205,218
Aviation Capital Group LLC 1.95%, 01/30/2026(a)		274		240,295
1.95%, 09/20/2026(a)		391		335,431
3.50%, 11/01/2027(a)		116		101,654
4.375%, 01/30/2024(a)		220		215,824
Synchrony Financial 2.875%, 10/28/2031		368		291,162
4.875%, 06/13/2025		520		518,445
5.15%, 03/19/2029		319		308,550
				3,743,696
Insurance – 5.4%
ACE Capital Trust II 9.70%, 04/01/2030		345		448,279
Alleghany Corp. 3.625%, 05/15/2030		865		834,197
Allstate Corp. (The) Series B 5.75%, 08/15/2053		712		659,412
Berkshire Hathaway, Inc. 2.75%, 03/15/2023		395		394,099
Centene Corp. 2.45%, 07/15/2028		294		263,051
Guardian Life Insurance Co. of America (The) 3.70%, 01/22/2070(a)		210		161,076
Hartford Financial Services Group, Inc. (The) Series ICON 3.536% (LIBOR 3 Month + 2.13%), 02/12/2047(a) (c)		535		424,849
Massachusetts Mutual Life Insurance Co. 5.077%, 02/15/2069(a)		170		166,083
MassMutual Global Funding II 0.60%, 04/12/2024(a)		420		399,643
0.85%, 06/09/2023(a)		270		264,200

12

	Principal Amount (000)		U.S. $ Value
Met Tower Global Funding 0.70%, 04/05/2024(a)	$	705	$	670,624
MetLife Capital Trust IV 7.875%, 12/15/2037(a)		150		163,505
MetLife, Inc. Series D 5.875%, 03/15/2028(b)		170		166,442
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		120		167,435
New York Life Insurance Co. 4.45%, 05/15/2069(a)		180		163,849
Nippon Life Insurance Co. 2.75%, 01/21/2051(a)		490		404,740
Peachtree Corners Funding Trust 3.976%, 02/15/2025(a)		110		110,268
Prudential Financial, Inc. 5.20%, 03/15/2044		547		528,763
5.375%, 05/15/2045		260		255,837
5.625%, 06/15/2043		689		686,651
Reinsurance Group of America, Inc. 3.15%, 06/15/2030		383		347,645
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)		400		382,424
UnitedHealth Group, Inc. 4.95%, 05/15/2062		345		372,707
Voya Financial, Inc. 5.65%, 05/15/2053		690		663,842
				9,099,621
REITs – 7.5%
Alexandria Real Estate Equities, Inc. 2.95%, 03/15/2034		304		265,319
American Homes 4 Rent LP 4.25%, 02/15/2028		5		4,893
American Tower Corp. 2.30%, 09/15/2031		435		361,494
4.05%, 03/15/2032		197		188,620
5.00%, 02/15/2024		515		524,203
Crown Castle International Corp. 2.90%, 03/15/2027		242		229,583
Equinix, Inc. 3.90%, 04/15/2032		395		374,436
Essential Properties LP 2.95%, 07/15/2031		454		362,174
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/2025		313		310,762
5.375%, 04/15/2026		114		113,234
Host Hotels & Resorts LP Series E 4.00%, 06/15/2025		263		258,416
Series J 2.90%, 12/15/2031		269		215,633
Kilroy Realty LP 3.45%, 12/15/2024		40		39,141
Kimco Realty Corp. 2.80%, 10/01/2026		95		90,678

13

	Principal Amount (000)		U.S. $ Value
Office Properties Income Trust 2.65%, 06/15/2026	$	246	$	205,257
3.45%, 10/15/2031		660		470,422
4.50%, 02/01/2025		350		329,291
Omega Healthcare Investors, Inc. 4.50%, 01/15/2025		108		107,788
5.25%, 01/15/2026		628		629,413
Public Storage 1.995% (SOFR + 0.47%), 04/23/2024(c)		335		332,956
Realty Income Corp. 2.85%, 12/15/2032		357		321,750
4.60%, 02/06/2024		1,016		1,029,787
Regency Centers LP 3.75%, 06/15/2024		33		32,803
4.125%, 03/15/2028		363		357,991
Rexford Industrial Realty LP 2.15%, 09/01/2031		146		119,666
Sabra Health Care LP 3.90%, 10/15/2029		287		258,621
Simon Property Group LP 2.00%, 09/13/2024		783		758,938
2.65%, 02/01/2032		425		365,955
SITE Centers Corp. 3.625%, 02/01/2025		804		785,178
4.25%, 02/01/2026		178		176,548
4.70%, 06/01/2027		295		293,557
Spirit Realty LP 3.20%, 02/15/2031		385		330,992
4.00%, 07/15/2029		132		123,205
Sun Communities Operating LP 2.30%, 11/01/2028		533		466,130
Ventas Realty LP 3.50%, 02/01/2025		744		732,654
3.85%, 04/01/2027		120		117,742
4.125%, 01/15/2026		23		22,886
Vornado Realty LP 2.15%, 06/01/2026		425		383,418
3.40%, 06/01/2031		525		445,604
WP Carey, Inc. 4.60%, 04/01/2024		44		44,326
				12,581,464
				58,636,544
Utility – 7.5%
Electric – 6.2%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(a)		215		217,728
AEP Texas, Inc. 4.70%, 05/15/2032		404		414,649
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		200		163,663
Alfa Desarrollo SpA 4.55%, 09/27/2051(a)		219		156,876
American Transmission Systems 2.65%, 01/15/2032(a)		455		399,927

14

	Principal Amount (000)		U.S. $ Value
Berkshire Hathaway Energy Co. 6.125%, 04/01/2036	$	210	$	242,023
CenterPoint Energy, Inc. 1.82% (SOFR + 0.65%), 05/13/2024(c)		310		303,084
Commonwealth Edison Co. Series 133 3.85%, 03/15/2052		185		171,151
Consolidated Edison Co. of New York, Inc. 3.60%, 06/15/2061		220		184,776
4.50%, 05/15/2058		290		274,297
Series A 4.125%, 05/15/2049		280		257,354
Duke Energy Carolinas LLC 3.45%, 04/15/2051		400		340,820
Duke Energy Corp. 4.20%, 06/15/2049		218		193,373
Duke Energy Progress LLC 4.00%, 04/01/2052		134		125,922
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(a)		200		158,100
Enel Americas SA 4.00%, 10/25/2026		53		51,619
Enel Chile SA 4.875%, 06/12/2028		62		59,164
Engie Energia Chile SA 3.40%, 01/28/2030(a)		425		348,500
Eversource Energy 4.20%, 06/27/2024		330		333,676
Fells Point Funding Trust 3.046%, 01/31/2027(a)		261		245,854
Florida Power & Light Co. 1.397% (SOFR + 0.25%), 05/10/2023(c)		140		139,754
3.95%, 03/01/2048		632		601,904
Georgia Power Co. 4.30%, 03/15/2042		340		313,378
4.70%, 05/15/2032		165		171,488
Kentucky Utilities Co. 3.30%, 06/01/2050		52		42,547
National Rural Utilities Cooperative 3.45%, 06/15/2025		365		365,478
National Rural Utilities Cooperative Finance Corp. 0.35%, 02/08/2024		590		565,208
3.40%, 11/15/2023		265		265,225
NextEra Energy Capital Holdings, Inc. 1.775% (LIBOR 3 Month + 0.27%), 02/22/2023(c)		495		492,847
5.00%, 07/15/2032		255		273,031
5.65%, 05/01/2079		404		370,674
Public Service Electric and Gas Co. 3.80%, 03/01/2046		385		349,799
Public Service Enterprise Group, Inc. 8.625%, 04/15/2031		248		301,992
San Diego Gas & Electric Co. Series WWW 2.95%, 08/15/2051		215		168,625
Southern California Edison Co. 0.70%, 04/03/2023		400		392,572

15

	Principal Amount (000)		U.S. $ Value
Southern Co. (The) 2.95%, 07/01/2023	$	412	$	410,640
Southern Power Co. Series F 4.95%, 12/15/2046		77		73,547
Virginia Electric & Power Co. 8.875%, 11/15/2038		233		333,439
Xcel Energy, Inc. 4.60%, 06/01/2032		161		166,765
				10,441,469
Natural Gas – 1.3%
Atmos Energy Corp. 3.375%, 09/15/2049		325		270,137
GNL Quintero SA 4.634%, 07/31/2029(a)		176		170,171
NiSource, Inc. 5.65%, 02/01/2045		60		62,824
ONE Gas, Inc. 0.85%, 03/11/2023		1,183		1,162,770
Piedmont Natural Gas Co., Inc. 5.05%, 05/15/2052		435		447,789
				2,113,691
				12,555,160
Total Corporates - Investment Grade (cost $172,386,235)				158,077,925
QUASI-SOVEREIGNS – 1.4%
Quasi-Sovereign Bonds – 1.4%
Chile – 0.5%
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030(a)		350		319,550
4.70%, 05/07/2050(a)		295		246,473
Empresa Nacional del Petroleo 3.75%, 08/05/2026(a)		200		185,600
				751,623
Malaysia – 0.1%
Petronas Capital Ltd. 4.55%, 04/21/2050(a)		225		222,577
Mexico – 0.4%
Comision Federal de Electricidad 3.348%, 02/09/2031(a)		321		256,358
Petroleos Mexicanos 6.50%, 01/23/2029		135		114,765
6.75%, 09/21/2047		112		75,964
6.95%, 01/28/2060		169		114,075
7.69%, 01/23/2050		80		58,000
				619,162

16

	Principal Amount (000)		U.S. $ Value
Panama – 0.1%
Empresa de Transmision Electrica SA 5.125%, 05/02/2049(a)	$	246	$	203,611
Peru – 0.1%
Corp. Financiera de Desarrollo SA 2.40%, 09/28/2027(a)		250		208,094
Qatar – 0.2%
Qatar Energy 3.125%, 07/12/2041(a)		277		233,338
Total Quasi-Sovereigns (cost $2,679,552)				2,238,405
GOVERNMENTS - TREASURIES – 1.3%
United States – 1.3%
U.S. Treasury Notes 2.625%, 05/31/2027 (cost $2,194,034)		2,239		2,231,354
GOVERNMENTS - SOVEREIGN BONDS – 0.7%
Colombia – 0.4%
Colombia Government International Bond 3.125%, 04/15/2031		562		443,910
5.20%, 05/15/2049		200		147,162
				591,072
Mexico – 0.2%
Mexico Government International Bond 4.60%, 01/23/2046		200		168,475
4.75%, 03/08/2044		120		104,573
				273,048
Peru – 0.0%
Peruvian Government International Bond 2.392%, 01/23/2026		53		50,194
Qatar – 0.1%
Qatar Government International Bond 4.817%, 03/14/2049(a)		228		243,960
Uruguay – 0.0%
Uruguay Government International Bond 4.375%, 01/23/2031		54		56,550
Total Governments - Sovereign Bonds (cost $1,404,820)				1,214,824
CORPORATES - NON-INVESTMENT GRADE – 0.7%
Industrial – 0.5%
Consumer Cyclical - Automotive – 0.2%
Ford Motor Credit Co. LLC 3.81%, 01/09/2024		395		390,264
Consumer Non-Cyclical – 0.3%
Perrigo Finance Unlimited Co. 4.375%, 03/15/2026		420		412,562
				802,826

17

	Principal Amount (000)		U.S. $ Value
Financial Institutions – 0.2%
REITs – 0.2%
Diversified Healthcare Trust 4.75%, 02/15/2028	$	407	$	304,949
Total Corporates - Non-Investment Grade (cost $1,169,090)				1,107,775
Total Investments – 98.3% (cost $179,833,731)(d)				164,870,283
Other assets less liabilities – 1.7%				2,909,410
Net Assets – 100.0%			$	167,779,693

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		117		September 2022		$	13,306,008		$	160,310
U.S. Ultra Bond (CBT) Futures		56		September 2022			8,865,500			(30,786	)
Sold Contracts
U.S. 10 Yr Ultra Futures		1		September 2022			131,250			(1,939	)
U.S. T-Note 2 Yr (CBT) Futures		54		September 2022			11,364,891			(8,786	)
U.S. T-Note 10 Yr (CBT) Futures		10		September 2022			1,211,406			(9,623	)
									$	109,176

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2022		Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAIG Series 38, 5 Year Index, 06/20/2027*		1.00	%		Quarterly		0.80%		USD	3,280	$	32,479	$	43,228	$	(10,749)

* Termination date

18

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	60	11/04/2044	3 Month LIBOR	3.049%	Quarterly/ Semi-Annual	$	2,527		$	—	$	2,527
USD	60	05/05/2045	3 Month LIBOR	2.562%	Quarterly/ Semi-Annual		(2,463	)		—		(2,463	)
USD	60	06/02/2046	3 Month LIBOR	2.186%	Quarterly/ Semi-Annual		(6,477	)		—		(6,477	)
USD	690	07/15/2046	3 Month LIBOR	1.783%	Quarterly/ Semi-Annual		(125,399	)		—		(125,399	)
USD	270	09/02/2046	3 Month LIBOR	1.736%	Quarterly/ Semi-Annual		(50,010	)		—		(50,010	)
USD	50	11/02/2046	3 Month LIBOR	2.086%	Quarterly/ Semi-Annual		(6,306	)		—		(6,306	)
						$	(188,128	)	$	—	$	(188,128	)

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2022, the aggregate market value of these securities amounted to $27,658,672 or 16.5% 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 July 31, 2022.

(d) As of July 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $491,601 and gross unrealized depreciation of investments was $(15,544,750), resulting in net unrealized depreciation of $(15,053,149).

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

SOFR – Secured Overnight Financing Rate

19

AB Corporate Income Shares

July 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. 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.

20

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

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	158,077,925		$	—	$	158,077,925
Quasi-Sovereigns		—			2,238,405			—		2,238,405
Governments - Treasuries		—			2,231,354			—		2,231,354
Governments - Sovereign Bonds		—			1,214,824			—		1,214,824
Corporates - Non-Investment Grade		—			1,107,775			—		1,107,775
Total Investments in Securities		—			164,870,283			—		164,870,283
Other Financial Instruments(a):
Assets:
Futures		160,310			—			—		160,310
Centrally Cleared Credit Default Swaps		—			32,479			—		32,479
Centrally Cleared Interest Rate Swaps		—			2,527			—		2,527
Liabilities:
Futures		(51,134	)		—			—		(51,134	)
Centrally Cleared Interest Rate Swaps		—			(190,655	)		—		(190,655	)
Total	$	109,176		$	164,714,634		$	—	$	164,823,810

^(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.

21