UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21497

AB CORPORATE SHARES

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: April 30, 2019

Date of reporting period: July 31, 2018

ITEM 1. SCHEDULE OF INVESTMENTS.

AB Corporate Income Shares

Portfolio of Investments

July 31, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 94.8%
Industrial - 53.4%
Basic - 3.0%
Alpek SAB de CV
4.50%, 11/20/22 (a)	$	200	$	200,000
Anglo American Capital PLC
4.875%, 5/14/25 (a)		200		200,126
Celulosa Arauco y Constitucion SA
4.50%, 8/01/24		200		200,260
Dow Chemical Co. (The)
4.25%, 11/15/20		186		189,521
Georgia-Pacific LLC
5.40%, 11/01/20 (a)		110		114,904
Glencore Finance Canada Ltd.
4.95%, 11/15/21 (a)		80		82,287
Glencore Funding LLC
4.125%, 5/30/23 (a)		125		123,469
4.625%, 4/29/24 (a)		175		175,341
International Paper Co.
3.00%, 2/15/27		100		91,796
Mexichem SAB de CV
4.00%, 10/04/27 (a)		200		188,060
Mosaic Co. (The)
4.25%, 11/15/23		431		435,556
Newmont Mining Corp.
5.125%, 10/01/19		325		331,649
Vale Overseas Ltd.
6.25%, 8/10/26		90		98,913
Yamana Gold, Inc.
4.625%, 12/15/27		175		166,553
4.95%, 7/15/24		91		90,783
				2,689,218
Capital Goods - 1.7%
Boeing Co. (The)
6.125%, 2/15/33		55		68,505
Caterpillar, Inc.
3.40%, 5/15/24		310		309,290
4.30%, 5/15/44		110		113,742
General Electric Co.
3.375%, 3/11/24		150		148,194
4.50%, 3/11/44		185		181,533
Series D
5.00%, 1/21/21 (b)		104		102,211
John Deere Capital Corp.
2.80%, 3/06/23		155		151,015
Johnson Controls International PLC
4.50%, 2/15/47		142		135,853
Molex Electronic Technologies LLC
2.878%, 4/15/20 (a)		130		128,657
Rockwell Collins, Inc.
1.95%, 7/15/19		120		118,990
				1,457,990

	Principal Amount (000)		U.S. $ Value
Communications - Media - 4.3%
21st Century Fox America, Inc.
3.00%, 9/15/22	$	190	$	186,538
4.00%, 10/01/23		40		40,586
5.40%, 10/01/43		180		208,139
8.875%, 4/26/23		125		149,944
CBS Corp.
3.375%, 2/15/28		60		55,106
3.50%, 1/15/25		110		105,245
3.70%, 6/01/28 (a)		90		84,398
4.00%, 1/15/26		80		78,284
5.50%, 5/15/33		65		67,440
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		480		488,913
5.75%, 4/01/48		125		125,870
Comcast Corp.
2.85%, 1/15/23		470		456,953
3.90%, 3/01/38		215		200,705
3.969%, 11/01/47		135		121,947
4.75%, 3/01/44		140		141,571
Grupo Televisa SAB
6.625%, 3/18/25		100		113,010
Omnicom Group, Inc./Omnicom Capital, Inc.
3.60%, 4/15/26		262		250,113
4.45%, 8/15/20		100		102,219
Time Warner Cable LLC
4.50%, 9/15/42		65		55,546
5.875%, 11/15/40		30		30,283
6.55%, 5/01/37		24		26,331
Viacom, Inc.
3.45%, 10/04/26		95		88,486
Warner Media LLC
2.95%, 7/15/26		95		86,082
3.55%, 6/01/24		68		65,968
3.60%, 7/15/25		244		234,572
4.00%, 1/15/22		140		141,452
4.70%, 1/15/21		60		61,642
				3,767,343
Communications - Telecommunications - 4.5%
AT&T, Inc.
3.40%, 5/15/25		310		294,395
4.125%, 2/17/26		372		366,970
4.45%, 4/01/24		106		108,068
4.75%, 5/15/46		189		173,309
5.15%, 2/15/50 (a)		75		71,646
5.45%, 3/01/47		95		96,012
6.55%, 1/15/28 (a)		130		147,732
Crown Castle International Corp.
3.70%, 6/15/26		190		181,176
SK Telecom Co., Ltd.
3.75%, 4/16/23 (a)		215		212,732
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25 (a)		210		208,578

	Principal Amount (000)		U.S. $ Value
Telefonica Emisiones SAU
4.665%, 3/06/38	$	170	$	164,279
TELUS Corp.
4.60%, 11/16/48		175		173,838
Verizon Communications, Inc.
2.625%, 8/15/26		325		293,660
3.376%, 2/15/25		271		262,678
3.85%, 11/01/42		245		213,280
4.125%, 3/16/27		85		85,189
4.15%, 3/15/24		290		296,215
4.862%, 8/21/46		215		215,484
Vodafone Group PLC
4.125%, 5/30/25		243		243,083
4.375%, 5/30/28		175		175,161
				3,983,485
Consumer Cyclical - Automotive - 2.1%
Ford Motor Credit Co. LLC
3.81%, 1/09/24		400		387,672
4.14%, 2/15/23		200		198,926
5.875%, 8/02/21		375		395,284
General Motors Co.
5.40%, 4/01/48		120		115,951
General Motors Financial Co., Inc.
3.50%, 11/07/24		599		566,474
4.35%, 4/09/25		120		118,464
Hyundai Capital America
2.55%, 4/03/20 (a)		102		100,187
				1,882,958
Consumer Cyclical - Entertainment - 0.1%
Hasbro, Inc.
5.10%, 5/15/44		70		66,339
Consumer Cyclical - Other - 0.1%
Owens Corning
4.40%, 1/30/48		85		70,357
7.00%, 12/01/36		35		40,297
				110,654
Consumer Cyclical - Retailers - 1.0%
Dollar General Corp.
4.125%, 5/01/28		170		168,990
Home Depot, Inc. (The)
4.40%, 3/15/45		105		110,023
5.40%, 9/15/40		130		153,906
5.875%, 12/16/36		30		36,933
Lowe’s Cos., Inc.
3.70%, 4/15/46		160		147,054
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		250		246,645
				863,551
Consumer Non-Cyclical - 14.9%
Abbott Laboratories
3.25%, 4/15/23		400		395,972

	Principal Amount (000)		U.S. $ Value
AbbVie, Inc.
3.20%, 5/14/26	$	199	$	186,658
3.60%, 5/14/25		440		429,774
4.70%, 5/14/45		60		59,128
Allergan Funding SCS
3.85%, 6/15/24		125		123,144
Altria Group, Inc.
3.875%, 9/16/46		80		72,046
4.25%, 8/09/42		95		90,250
4.75%, 5/05/21		440		457,252
AmerisourceBergen Corp.
4.30%, 12/15/47		132		118,115
Amgen, Inc.
2.70%, 5/01/22		120		116,960
3.125%, 5/01/25		230		221,419
4.40%, 5/01/45		120		117,860
4.663%, 6/15/51		105		106,599
Anheuser-Busch InBev Finance, Inc.
4.90%, 2/01/46		335		349,840
Anheuser-Busch InBev Worldwide, Inc.
4.375%, 4/15/38		170		168,684
4.60%, 4/15/48		210		210,307
BAT Capital Corp.
3.222%, 8/15/24 (a)		390		372,684
4.54%, 8/15/47 (a)		90		85,896
Bayer US Finance II LLC
2.85%, 4/15/25 (a)		155		143,057
Becton Dickinson and Co.
2.675%, 12/15/19		37		36,759
3.209% (LIBOR 3 Month + 0.88%), 12/29/20 (c)		215		215,415
3.25%, 11/12/20		79		78,643
3.363%, 6/06/24		84		81,051
3.734%, 12/15/24		354		347,242
Biogen, Inc.
5.20%, 9/15/45		100		108,068
Bunge Ltd. Finance Corp.
3.50%, 11/24/20		174		173,753
Campbell Soup Co.
4.15%, 3/15/28		90		86,349
Cardinal Health, Inc.
3.079%, 6/15/24		190		179,145
3.41%, 6/15/27		95		87,850
Celgene Corp.
3.625%, 5/15/24		365		359,280
4.55%, 2/20/48		170		160,879
Conagra Brands, Inc.
3.20%, 1/25/23		32		30,931
CVS Health Corp.
2.125%, 6/01/21		160		154,549
3.375%, 8/12/24		250		241,175
3.875%, 7/20/25		260		256,103
4.10%, 3/25/25		170		170,211
4.30%, 3/25/28		170		170,056
4.78%, 3/25/38		340		342,237
Express Scripts Holding Co.
3.00%, 7/15/23		71		67,708
3.40%, 3/01/27		95		88,222
3.50%, 6/15/24		109		105,274

	Principal Amount (000)		U.S. $ Value
Fresenius Medical Care US Finance, Inc.
5.75%, 2/15/21 (a)	$	70	$	73,431
General Mills, Inc.
3.346% (LIBOR 3 Month + 1.01%), 10/17/23 (c)		85		86,040
4.00%, 4/17/25		260		258,895
4.20%, 4/17/28		90		89,536
Gilead Sciences, Inc.
3.50%, 2/01/25		40		39,598
3.65%, 3/01/26		371		368,017
4.15%, 3/01/47		75		72,834
4.50%, 2/01/45		85		86,329
4.60%, 9/01/35		140		146,093
JM Smucker Co. (The)
2.50%, 3/15/20		42		41,596
Kellogg Co.
4.30%, 5/15/28		305		307,022
Keurig Dr. Pepper, Inc.
4.057%, 5/25/23 (a)		220		221,208
4.417%, 5/25/25 (a)		220		223,377
Kraft Heinz Foods Co.
4.00%, 6/15/23		395		396,153
4.375%, 6/01/46		155		137,651
Laboratory Corp. of America Holdings
3.20%, 2/01/22		42		41,461
3.60%, 2/01/25		76		74,283
Medtronic, Inc.
3.15%, 3/15/22		380		378,070
4.625%, 3/15/45		70		75,949
Mondelez International Holdings Netherlands BV
2.00%, 10/28/21 (a)		200		190,840
Mylan NV
3.95%, 6/15/26		44		42,298
Mylan, Inc.
4.20%, 11/29/23		95		95,218
4.55%, 4/15/28 (a)		125		123,140
PepsiCo, Inc.
4.00%, 5/02/47		110		108,885
4.875%, 11/01/40		170		189,462
Philip Morris International, Inc.
4.25%, 11/10/44		75		72,800
Reynolds American, Inc.
4.45%, 6/12/25		330		334,567
4.85%, 9/15/23		40		41,700
Smithfield Foods, Inc.
3.35%, 2/01/22 (a)		65		63,356
Stryker Corp.
2.625%, 3/15/21		193		189,489
3.65%, 3/07/28		215		210,261
4.10%, 4/01/43		75		70,977
Thermo Fisher Scientific, Inc.
3.60%, 8/15/21		120		120,695
Tyson Foods, Inc.
2.25%, 8/23/21		75		72,268
Whirlpool Corp.
3.70%, 3/01/23		120		118,978

	Principal Amount (000)		U.S. $ Value
Wyeth LLC
6.00%, 2/15/36	$	180	$	221,337
Zimmer Biomet Holdings, Inc.
2.70%, 4/01/20		430		426,040
				13,176,399
Energy - 11.1%
Anadarko Finance Co.
Series B
7.50%, 5/01/31		45		56,162
Anadarko Petroleum Corp.
3.45%, 7/15/24		125		121,274
6.20%, 3/15/40		35		40,436
Andeavor
4.75%, 12/15/23		205		213,005
5.125%, 12/15/26		140		147,904
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
3.50%, 12/01/22		175		171,932
Apache Finance Canada Corp.
7.75%, 12/15/29		35		43,453
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.
4.08%, 12/15/47		90		82,705
Boardwalk Pipelines LP
4.95%, 12/15/24		65		66,308
Canadian Natural Resources Ltd.
2.95%, 1/15/23		210		202,858
3.80%, 4/15/24		90		89,159
3.85%, 6/01/27		97		94,657
6.50%, 2/15/37		20		23,964
Cenovus Energy, Inc.
3.00%, 8/15/22		90		86,109
3.80%, 9/15/23		355		346,668
4.25%, 4/15/27		90		87,393
ConocoPhillips Co.
4.95%, 3/15/26		135		145,191
ConocoPhillips Holding Co.
6.95%, 4/15/29		101		124,996
Continental Resources, Inc./OK
3.80%, 6/01/24		270		264,600
4.50%, 4/15/23		213		216,770
Devon Energy Corp.
3.25%, 5/15/22		195		191,706
Ecopetrol SA
5.875%, 9/18/23-5/28/45		89		93,572
Enbridge Energy Partners LP
4.20%, 9/15/21		100		100,921
5.875%, 10/15/25		60		65,687
7.375%, 10/15/45		65		84,459
9.875%, 3/01/19		120		124,573
Energy Transfer Partners LP
6.05%, 6/01/41		35		36,063
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23		215		217,877
5.00%, 10/01/22		55		56,777

	Principal Amount (000)		U.S. $ Value
Enterprise Products Operating LLC
3.35%, 3/15/23	$	105	$	103,674
3.75%, 2/15/25		140		139,961
4.25%, 2/15/48		130		123,042
4.90%, 5/15/46		45		46,452
EOG Resources, Inc.
2.625%, 3/15/23		128		122,938
4.40%, 6/01/20		300		306,297
Hess Corp.
4.30%, 4/01/27		307		299,862
6.00%, 1/15/40		35		36,680
7.125%, 3/15/33		40		46,337
Husky Energy, Inc.
4.00%, 4/15/24		65		64,882
Kerr-McGee Corp.
6.95%, 7/01/24		50		57,021
Kinder Morgan Energy Partners LP
4.30%, 5/01/24		295		298,558
5.30%, 9/15/20		55		57,069
6.375%, 3/01/41		40		44,225
6.85%, 2/15/20		120		126,166
Kinder Morgan, Inc./DE
5.05%, 2/15/46		175		172,590
Marathon Oil Corp.
6.80%, 3/15/32		191		225,821
Marathon Petroleum Corp.
5.00%, 9/15/54		75		71,588
5.85%, 12/15/45		41		44,230
6.50%, 3/01/41		110		129,404
MPLX LP
4.875%, 12/01/24		60		62,171
Noble Energy, Inc.
3.85%, 1/15/28		350		337,502
3.90%, 11/15/24		172		169,862
4.15%, 12/15/21		65		66,051
Occidental Petroleum Corp.
4.20%, 3/15/48		222		223,055
4.40%, 4/15/46		80		82,231
ONEOK Partners LP
3.375%, 10/01/22		55		54,163
3.80%, 3/15/20		125		125,619
4.90%, 3/15/25		30		31,361
ONEOK, Inc.
4.55%, 7/15/28		175		178,799
5.20%, 7/15/48		90		94,206
Phillips 66
4.875%, 11/15/44		75		78,180
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24		90		86,191
3.85%, 10/15/23		170		167,226
4.65%, 10/15/25		90		90,578
Sabine Pass Liquefaction LLC
4.20%, 3/15/28		90		88,155
5.00%, 3/15/27		135		139,278
Spectra Energy Partners LP
3.50%, 3/15/25		110		105,907
4.50%, 3/15/45		50		47,664
4.60%, 6/15/21		75		76,762

	Principal Amount (000)		U.S. $ Value
Suncor Energy, Inc.
6.50%, 6/15/38	$	92	$	114,677
Sunoco Logistics Partners Operations LP
3.90%, 7/15/26		170		161,949
5.40%, 10/01/47		80		77,083
Valero Energy Corp.
3.40%, 9/15/26		110		104,952
6.625%, 6/15/37		95		115,854
Western Gas Partners LP
5.45%, 4/01/44		85		82,353
Williams Partners LP
3.60%, 3/15/22		415		413,456
3.90%, 1/15/25		109		107,542
4.50%, 11/15/23		215		219,732
				9,816,535
Other Industrial - 0.2%
Alfa SAB de CV
5.25%, 3/25/24 (a)		200		206,500
Services - 2.4%
Amazon.com, Inc.
3.875%, 8/22/37		85		84,591
Booking Holdings, Inc.
3.60%, 6/01/26		190		184,625
eBay, Inc.
3.60%, 6/05/27		310		294,423
Equifax, Inc.
3.60%, 8/15/21		175		174,286
Expedia Group, Inc.
3.80%, 2/15/28		140		130,535
IHS Markit Ltd.
4.00%, 3/01/26 (a)		76		72,571
4.125%, 8/01/23		208		207,723
4.75%, 8/01/28		88		87,630
Moody’s Corp.
2.75%, 12/15/21		230		224,774
4.875%, 2/15/24		100		104,641
S&P Global, Inc.
4.00%, 6/15/25		140		140,920
4.50%, 5/15/48		125		125,993
Total System Services, Inc.
3.80%, 4/01/21		66		66,336
4.00%, 6/01/23		194		194,832
Verisk Analytics, Inc.
5.50%, 6/15/45		60		61,373
				2,155,253
Technology - 6.2%
Activision Blizzard, Inc.
2.60%, 6/15/22		139		134,205
Analog Devices, Inc.
3.125%, 12/05/23		225		217,872
Apple, Inc.
3.45%, 2/09/45		360		325,883
3.85%, 8/04/46		75		72,440
4.65%, 2/23/46		185		201,726

	Principal Amount (000)		U.S. $ Value
Applied Materials, Inc.
4.35%, 4/01/47	$	70	$	71,779
Baidu, Inc.
3.875%, 9/29/23		200		198,360
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24		284		274,690
3.875%, 1/15/27		291		272,780
Cisco Systems, Inc.
5.50%, 1/15/40		60		72,574
5.90%, 2/15/39		45		56,457
Dell International LLC/EMC Corp.
5.45%, 6/15/23 (a)		62		65,094
6.02%, 6/15/26 (a)		300		317,031
DXC Technology Co.
2.875%, 3/27/20		104		103,070
Fidelity National Information Services, Inc.
3.875%, 6/05/24		19		18,939
5.00%, 10/15/25		2		2,114
Series 30Y
4.75%, 5/15/48		90		90,095
Hewlett Packard Enterprise Co.
2.10%, 10/04/19 (a)		138		136,443
HP, Inc.
3.75%, 12/01/20		14		14,119
Juniper Networks, Inc.
3.30%, 6/15/20		200		199,306
4.35%, 6/15/25		50		49,822
4.50%, 3/15/24		120		121,680
KLA-Tencor Corp.
4.65%, 11/01/24		215		221,568
Lam Research Corp.
2.75%, 3/15/20		115		114,150
Maxim Integrated Products, Inc.
3.375%, 3/15/23		150		147,348
Microchip Technology, Inc.
3.922%, 6/01/21 (a)		175		175,101
Microsoft Corp.
3.45%, 8/08/36		420		404,233
3.70%, 8/08/46		270		262,291
Oracle Corp.
3.90%, 5/15/35		255		251,642
4.00%, 11/15/47		130		126,547
4.50%, 7/08/44		140		146,978
QUALCOMM, Inc.
2.60%, 1/30/23		190		181,459
Seagate HDD Cayman
4.75%, 1/01/25		38		36,869
4.875%, 3/01/24		25		24,669
Tencent Holdings Ltd.
3.925%, 1/19/38 (a)		215		199,430
VMware, Inc.
2.95%, 8/21/22		60		57,998
Xerox Corp.
2.80%, 5/15/20		95		93,636
				5,460,398

	Principal Amount (000)		U.S. $ Value
Transportation - Railroads - 0.5%
Burlington Northern Santa Fe LLC
4.55%, 9/01/44	$	85	$	90,064
CSX Corp.
3.80%, 11/01/46		175		160,865
Union Pacific Corp.
4.00%, 4/15/47		110		106,297
4.375%, 9/10/38		90		93,039
				450,265
Transportation - Services - 1.3%
Aviation Capital Group LLC
3.875%, 5/01/23 (a)		215		213,170
ERAC USA Finance LLC
3.85%, 11/15/24 (a)		145		144,095
FedEx Corp.
4.05%, 2/15/48		175		161,627
4.75%, 11/15/45		155		158,069
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.90%, 2/01/24 (a)		300		295,629
Ryder System, Inc.
2.50%, 9/01/22		150		143,423
				1,116,013
				47,202,901
Financial Institutions - 35.7%
Banking - 23.3%
Banco Santander SA
3.50%, 4/11/22		200		198,188
4.25%, 4/11/27		200		194,252
Bank of America Corp.
2.881%, 4/24/23		110		106,822
3.419%, 12/20/28		131		122,900
3.864%, 7/23/24		265		265,252
3.97%, 3/05/29		85		83,241
4.00%, 1/22/25		615		607,595
4.20%, 8/26/24		125		125,286
Series G
3.593%, 7/21/28		580		552,717
Bank of New York Mellon Corp. (The)
2.661%, 5/16/23		85		82,349
Bank One Michigan
8.25%, 11/01/24		160		197,357
BNP Paribas SA
6.75%, 3/14/22 (a)(b)		265		271,466
BPCE SA
5.15%, 7/21/24 (a)		205		209,481
Capital One Bank USA NA
3.375%, 2/15/23		775		753,904
Citigroup, Inc.
3.40%, 5/01/26		305		290,830
3.668%, 7/24/28		283		269,648
3.70%, 1/12/26		285		277,430
3.875%, 3/26/25		190		184,408
4.044%, 6/01/24		310		311,829

	Principal Amount (000)		U.S. $ Value
4.40%, 6/10/25	$	280	$	279,350
4.45%, 9/29/27		225		222,615
Citizens Bank NA/Providence RI
2.25%, 3/02/20		250		245,788
Compass Bank
3.50%, 6/11/21		310		309,225
5.50%, 4/01/20		110		113,071
Cooperatieve Rabobank UA
4.375%, 8/04/25		500		495,730
Credit Suisse Group Funding Guernsey Ltd.
4.55%, 4/17/26		405		410,058
Danske Bank A/S
3.875%, 9/12/23 (a)		265		262,027
6.125%, 3/28/24 (a)(b)		200		191,544
Discover Bank
3.10%, 6/04/20		250		248,830
Discover Financial Services
3.75%, 3/04/25		185		177,924
DNB Bank ASA
6.50%, 3/26/22 (a)(b)		200		207,210
Goldman Sachs Group, Inc. (The)
3.75%, 5/22/25-2/25/26		273		266,661
3.85%, 7/08/24-1/26/27		895		875,119
4.25%, 10/21/25		325		322,169
4.411%, 4/23/39		305		298,683
5.95%, 1/15/27		40		43,717
HSBC Holdings PLC
4.25%, 3/14/24		395		393,862
6.50%, 3/23/28 (b)		210		205,275
Intesa Sanpaolo SpA
3.875%, 7/14/27 (a)		200		175,180
4.375%, 1/12/48 (a)		215		171,422
JPMorgan Chase & Co.
2.776%, 4/25/23		300		290,853
3.125%, 1/23/25		425		408,145
3.22%, 3/01/25		300		289,803
3.509%, 1/23/29		90		85,258
3.54%, 5/01/28		225		215,145
3.875%, 9/10/24		160		158,435
3.882%, 7/24/38		95		89,163
3.964%, 11/15/48		215		198,770
Lloyds Banking Group PLC
4.375%, 3/22/28		210		207,591
4.582%, 12/10/25		225		222,467
Morgan Stanley
3.625%, 1/20/27		550		528,875
3.737%, 4/24/24		400		397,868
4.457%, 4/22/39		90		90,033
Series F
3.875%, 4/29/24		55		54,955
Series G
3.75%, 2/25/23		144		143,999
4.00%, 7/23/25		103		103,009
4.35%, 9/08/26		280		278,342
5.50%, 7/24/20		155		161,395

	Principal Amount (000)		U.S. $ Value
Nationwide Building Society
4.125%, 10/18/32 (a)	$	250	$	232,928
Nordea Bank AB
5.50%, 9/23/19 (a)(b)		255		255,250
PNC Bank NA
2.95%, 1/30/23		250		241,935
Royal Bank of Scotland Group PLC
3.498%, 5/15/23		200		195,128
4.519%, 6/25/24		200		201,002
4.80%, 4/05/26		285		290,515
Santander Holdings USA, Inc.
3.40%, 1/18/23		215		207,793
4.40%, 7/13/27		280		272,446
Skandinaviska Enskilda Banken AB
5.75%, 5/13/20 (a)(b)		255		256,849
Societe Generale SA
5.00%, 1/17/24 (a)		215		218,173
Standard Chartered PLC
3.95%, 1/11/23 (a)		225		219,751
State Street Corp.
2.653%, 5/15/23		85		82,617
SunTrust Bank/Atlanta GA
2.929% (LIBOR 3 Month + 0.59%), 8/02/22 (c)		220		220,099
Svenska Handelsbanken AB
5.25%, 3/01/21 (a)(b)		255		247,207
Swedbank AB
5.50%, 3/17/20 (a)(b)		200		199,568
UBS Group Funding Switzerland AG
4.125%, 9/24/25 (a)		405		404,814
UniCredit SpA
4.625%, 4/12/27 (a)		200		187,614
US Bancorp
Series J
5.30%, 4/15/27 (b)		27		26,998
Wells Fargo & Co.
3.00%, 10/23/26		1,285		1,193,405
3.584%, 5/22/28		430		412,770
4.40%, 6/14/46		95		90,773
Zions Bancorporation
4.50%, 6/13/23		13		13,144
				20,615,300
Brokerage - 0.2%
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
4.15%, 1/23/30		215		194,115
Finance - 1.4%
AIG Global Funding
2.15%, 7/02/20 (a)		175		171,213
Air Lease Corp.
3.25%, 3/01/25		230		215,112
Comerica, Inc.
3.70%, 7/31/23		175		175,179

	Principal Amount (000)		U.S. $ Value
GE Capital International Funding Co. Unlimited Co.
4.418%, 11/15/35	$	200	$	194,812
Peachtree Corners Funding Trust
3.976%, 2/15/25 (a)		110		107,207
Synchrony Financial
4.25%, 8/15/24		135		130,295
4.50%, 7/23/25		215		208,664
				1,202,482
Insurance - 5.8%
ACE Capital Trust II
9.70%, 4/01/30		100		139,620
Aegon NV
5.50%, 4/11/48		210		203,920
Aetna, Inc.
3.875%, 8/15/47		175		156,307
Allstate Corp. (The)
2.764% (LIBOR 3 Month + 0.43%), 3/29/21 (c)		320		320,397
6.50%, 5/15/57		84		94,374
American International Group, Inc.
8.175%, 5/15/58		65		82,313
Series A-9
5.75%, 4/01/48		245		241,205
Anthem, Inc.
2.50%, 11/21/20		130		128,033
3.125%, 5/15/22		110		108,389
3.65%, 12/01/27		300		286,218
Aon Corp.
8.205%, 1/01/27		100		121,691
Aon PLC
4.60%, 6/14/44		70		68,937
Cigna Corp.
7.875%, 5/15/27		53		66,140
Cloverie PLC for Swiss Re Corporate Solutions Ltd.
4.50%, 9/11/44 (a)		200		192,140
Guardian Life Insurance Co. of America (The)
4.85%, 1/24/77 (a)		86		84,080
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		100		103,555
6.10%, 10/01/41		45		53,556
Humana, Inc.
2.50%, 12/15/20		260		254,891
Jackson National Life Global Funding
2.50%, 6/27/22 (a)		190		182,807
Lincoln National Corp.
4.85%, 6/24/21		200		207,472
MetLife Capital Trust IV
7.875%, 12/15/37 (a)		150		185,832
MetLife, Inc.
Series D
5.875%, 3/15/28 (b)		170		174,377

	Principal Amount (000)		U.S. $ Value
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)	$	55	$	85,534
Principal Financial Group, Inc.
4.70%, 5/15/55		227		228,351
Progressive Corp. (The)
4.125%, 4/15/47		150		146,390
Prudential Financial, Inc.
3.878%, 3/27/28		170		169,563
3.905%, 12/07/47		171		157,978
5.375%, 5/15/45		140		140,027
5.625%, 6/15/43		200		207,916
QBE Insurance Group Ltd.
6.75%, 12/02/44 (a)		240		248,105
Swiss Re America Holding Corp.
7.00%, 2/15/26		90		104,793
UnitedHealth Group, Inc.
4.25%, 6/15/48		175		178,729
				5,123,640
REITS - 5.0%
Alexandria Real Estate Equities, Inc.
3.45%, 4/30/25		87		83,215
3.90%, 6/15/23		100		100,009
4.00%, 1/15/24		305		305,930
American Homes 4 Rent LP
4.25%, 2/15/28		215		206,211
American Tower Corp.
3.125%, 1/15/27		95		86,136
3.375%, 10/15/26		100		93,221
DDR Corp.
3.625%, 2/01/25		135		128,343
EPR Properties
4.50%, 4/01/25		20		19,663
4.95%, 4/15/28		85		83,325
5.25%, 7/15/23		175		180,322
Essex Portfolio LP
3.25%, 5/01/23		56		54,390
3.375%, 1/15/23		125		122,067
3.875%, 5/01/24		84		83,189
HCP, Inc.
3.875%, 8/15/24		150		146,358
Hospitality Properties Trust
4.65%, 3/15/24		148		146,923
Kilroy Realty LP
6.625%, 6/01/20		200		210,696
Kimco Realty Corp.
2.80%, 10/01/26		95		84,245
Mid-America Apartments LP
3.75%, 6/15/24		115		112,792
Omega Healthcare Investors, Inc.
4.50%, 1/15/25		108		106,263
Realty Income Corp.
3.875%, 4/15/25		210		207,352
5.75%, 1/15/21		210		220,391
Spirit Realty LP
4.45%, 9/15/26		153		147,259
Ventas Realty LP
3.50%, 2/01/25		87		83,413

	Principal Amount (000)		U.S. $ Value
VEREIT Operating Partnership LP
3.00%, 2/06/19	$	60	$	59,974
4.60%, 2/06/24		84		84,097
Vornado Realty LP
3.50%, 1/15/25		435		415,638
Washington Real Estate Investment Trust
4.95%, 10/01/20		140		142,828
Welltower, Inc.
4.00%, 6/01/25		519		510,738
Weyerhaeuser Co.
4.625%, 9/15/23		120		124,668
WP Carey, Inc.
4.60%, 4/01/24		44		44,295
				4,393,951
				31,529,488
Utility - 5.7%
Electric - 5.1%
Abu Dhabi National Energy Co. PJSC
4.375%, 4/23/25 (a)		215		216,135
AEP Transmission Co. LLC
3.75%, 12/01/47		80		74,311
Berkshire Hathaway Energy Co.
4.50%, 2/01/45		70		71,219
6.125%, 4/01/36		147		180,925
CMS Energy Corp.
6.25%, 2/01/20		165		171,857
Consolidated Edison Co. of New York, Inc.
Series 12-A
4.20%, 3/15/42		70		69,157
Consolidated Edison, Inc.
Series A
2.00%, 3/15/20		130		127,765
Dominion Energy, Inc.
2.579%, 7/01/20		185		182,430
3.90%, 10/01/25		110		108,963
4.70%, 12/01/44		135		137,507
Series A
1.875%, 1/15/19		150		149,375
DTE Electric Co.
3.70%, 3/15/45		75		70,272
Duke Energy Corp.
3.75%, 9/01/46		120		108,055
3.95%, 8/15/47		80		74,365
Enel Americas SA
4.00%, 10/25/26		53		50,880
Enel Chile SA
4.875%, 6/12/28		62		63,368
Enel Finance International NV
3.625%, 5/25/27 (a)		200		185,594
Enel Generacion Chile SA
4.25%, 4/15/24		33		32,959
Entergy Corp.
4.00%, 7/15/22		153		154,559
Entergy Louisiana LLC
4.00%, 3/15/33		210		210,706

	Principal Amount (000)		U.S. $ Value
Exelon Corp.
5.10%, 6/15/45	$	250	$	265,932
Exelon Generation Co. LLC
2.95%, 1/15/20		157		156,290
Florida Power & Light Co.
4.05%, 6/01/42		70		70,228
Kallpa Generacion SA
4.125%, 8/16/27 (a)		200		188,826
Oklahoma Gas & Electric Co.
3.85%, 8/15/47		63		59,225
Oncor Electric Delivery Co. LLC
3.80%, 9/30/47		80		76,622
Pacific Gas & Electric Co.
3.25%, 9/15/21		217		210,800
PacifiCorp
6.00%, 1/15/39		70		87,504
PSEG Power LLC
3.00%, 6/15/21		160		158,285
Public Service Enterprise Group, Inc.
1.60%, 11/15/19		150		147,206
Sempra Energy
3.80%, 2/01/38		215		197,880
Southern Co. (The)
2.35%, 7/01/21		175		170,236
Southern Power Co.
4.15%, 12/01/25		167		166,603
Virginia Electric & Power Co.
Series B
3.80%, 9/15/47		80		74,916
				4,470,955
Natural Gas - 0.5%
CenterPoint Energy Resources Corp.
4.10%, 9/01/47		75		70,028
GNL Quintero SA
4.634%, 7/31/29 (a)		200		197,250
NiSource, Inc.
5.65%, 2/01/45		60		68,797
Southern Co. Gas Capital Corp.
5.25%, 8/15/19		105		107,223
				443,298
Other Utility - 0.1%
American Water Capital Corp.
3.75%, 9/01/47		80		74,313
				4,988,566
Total Corporates - Investment Grade (cost $85,380,697)				83,720,955
QUASI-SOVEREIGNS - 1.2%
Quasi-Sovereign Bonds - 1.2%
Chile - 0.4%
Corp. Nacional del Cobre de Chile
3.625%, 8/01/27 (a)		200		190,152

	Principal Amount (000)		U.S. $ Value
Empresa Nacional del Petroleo
3.75%, 8/05/26 (a)	$	200	$	191,940
				382,092
China - 0.2%
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 9/13/22 (a)		200		190,114
Mexico - 0.1%
Petroleos Mexicanos
5.625%, 1/23/46		125		102,812
6.75%, 9/21/47		14		12,964
				115,776
Panama - 0.3%
Aeropuerto Internacional de Tocumen SA
5.625%, 5/18/36 (a)		200		208,000
United Arab Emirates - 0.2%
Abu Dhabi Crude Oil Pipeline LLC
4.60%, 11/02/47 (a)		200		194,008
Total Quasi-Sovereigns (cost $1,116,495)				1,089,990
CORPORATES - NON-INVESTMENT GRADE - 1.0%
Financial Institutions - 0.8%
Banking - 0.7%
Barclays PLC
5.20%, 5/12/26		585		582,046
Standard Chartered PLC
3.849% (LIBOR 3 Month + 1.51%), 1/30/27 (a)(b)(c)		100		84,593
				666,639
Finance - 0.1%
Navient Corp.
4.875%, 6/17/19		46		46,396
				713,035
Industrial - 0.2%
Energy - 0.2%
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		90		64,239
Nabors Industries, Inc.
5.50%, 1/15/23		153		148,494
				212,733
Total Corporates - Non-Investment Grade (cost $991,114)				925,768
GOVERNMENTS - TREASURIES - 0.9%
United States - 0.9%
U.S. Treasury Bonds Principal Strip Zero Coupon, 5/15/48		755		303,907

	Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes
2.875%, 5/15/28	$	510	$	506,175
Total Governments - Treasuries (cost $810,259)				810,082
GOVERNMENTS - SOVEREIGN BONDS - 0.4%
Mexico - 0.4%
Mexico Government International Bond
4.60%, 1/23/46		200		183,100
4.75%, 3/08/44		150		141,375
Total Governments - Sovereign Bonds (cost $322,205)				324,475
EMERGING MARKETS - CORPORATE BONDS - 0.2%
Industrial - 0.2%
Consumer Non-Cyclical - 0.2%
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26 (cost $144,510)		156		132,600
SHORT-TERM INVESTMENTS - 0.2%
Time Deposit - 0.2%
State Street Time Deposit 0.35%, 8/01/18 (cost $158,613)		159		158,613
Total Investments - 98.7% (cost $88,923,893) (d)				87,162,483
Other assets less liabilities - 1.3%				1,157,078
Net Assets - 100.0%			$	88,319,561

FUTURES

Description	Number of Contracts		Expiration Month		Notional (000)		Original Value		Value at July 31, 2018		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		10		September 2018	USD	1,000	$	1,403,609	$	1,429,688	$	26,079
U.S. T-Note 2 Yr (CBT) Futures		8		September 2018	USD	1,600		1,693,760		1,691,000		(2,760	)
U.S. Ultra Bond (CBT) Futures		1		September 2018	USD	100		157,126		156,906		(220	)
Sold Contracts
U.S. 10 Yr Ultra Futures		26		September 2018	USD	2,600		3,307,542		3,304,844		2,698
U.S. T-Note 5 Yr (CBT) Futures		10		September 2018	USD	1,000		1,133,933		1,131,250		2,683
U.S. T-Note 10 Yr (CBT) Futures		16		September 2018	USD	1,600		1,912,728		1,910,750		1,978
											$	30,458

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	Unrealized Appreciation/ (Depreciation)
USD	1,710		11/16/18		3 Month LIBOR		1.235%	Quarterly/Semi-Annual	$	(10,248	)
USD	1,170		9/09/21		1.132%		3 Month LIBOR	Semi-Annual/Quarterly		62,490
USD	1,070		3/27/22		2.058%		3 Month LIBOR	Semi-Annual/Quarterly		28,936
USD	60		11/04/44		3 Month LIBOR		3.049%	Quarterly/Semi-Annual		(485	)
USD	60		5/05/45		3 Month LIBOR		2.562%	Quarterly/Semi-Annual		(6,091	)
USD	60		6/02/46		3 Month LIBOR		2.186%	Quarterly/Semi-Annual		(10,689	)
USD	690		7/15/46		3 Month LIBOR		1.783%	Quarterly/Semi-Annual		(177,454	)
USD	270		9/02/46		3 Month LIBOR		1.736%	Quarterly/Semi-Annual		(71,236	)
USD	50		11/02/46		3 Month LIBOR		2.086%	Quarterly/Semi-Annual		(9,988	)
									$	(194,765	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2018			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Credit Suisse International Kohl’s Corp.,
4.000%, 11/01/21, 6/20/19*		1.00	%		Quarterly		0.10	%	USD	34	$	311	$	(81	)	$	392

* Termination date

INTEREST RATE SWAPS

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/Received

Unrealized Appreciation/ (Depreciation)

Deutsche Bank AG

USD

600

6/10/43

3 Month LIBOR

3.191

%

Quarterly/Semi-Annual

$

14,613

(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 July 31, 2018, the aggregate market value of these securities amounted to $12,174,184 or 13.8% 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, 2018.

(d) As of July 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $496,514 and gross unrealized depreciation of investments was $(2,407,226), resulting in net unrealized depreciation of $(1,910,712).

Glossary:

CBT	-	Chicago Board of Trade
LIBOR	-	London Interbank Offered Rates
PJSC	-	Public Joint Stock Company
REIT	-	Real Estate Investment Trust

AB Corporate Income Shares

July 31, 2018 (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 July 31, 2018:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Investment Grade

$

– 0

–

$

83,720,955

$

– 0

–

$

83,720,955

Quasi-Sovereigns

– 0

–

1,089,990

– 0

–

1,089,990

Corporates - Non-Investment Grade

– 0

–

925,768

– 0

–

925,768

Governments - Treasuries

– 0

–

810,082

– 0

–

810,082

Governments - Sovereign Bonds

– 0

–

324,475

– 0

–

324,475

Emerging Markets - Corporate Bonds

– 0

–

132,600

– 0

–

132,600

Short-Term Investments

– 0

–

158,613

– 0

–

158,613

Total Investments in Securities

– 0

–

87,162,483

– 0

–

87,162,483

Other Financial Instruments (a):

Assets:

Futures

33,438

– 0

–

– 0

–

33,438

Centrally Cleared Interest Rate Swaps

– 0

–

91,426

– 0

–

91,426

Credit Default Swaps

– 0

–

311

– 0

–

311

Interest Rate Swaps

– 0

–

14,613

– 0

–

14,613

Liabilities:

Futures

(2,980

)

– 0

–

– 0

–

(2,980

)

Centrally Cleared Interest Rate Swaps

– 0

–

(286,191

)

– 0

–

(286,191

)

Total (b)

$

30,458

$

86,982,642

$

– 0

–

$

87,013,100

(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.

(b) There were no transfers between any levels during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) Portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

AB Impact Municipal Income Shares

Portfolio of Investments

July 31, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 92.2%
Long-Term Municipal Bonds - 85.5%
California - 12.5%
Alameda Corridor Transportation Authority
Series 2016A
5.00%, 10/01/22	$	725	$	801,981
Series 2016B
5.00%, 10/01/35-10/01/36		1,150		1,291,577
California School Finance Authority (Bright Star Schools Obligated Group)
Series 2017
5.00%, 6/01/37-6/01/54 (a)(b)		850		873,324
California School Finance Authority (Downtown College Prep Obligated Group)
Series 2016
5.00%, 6/01/51 (a)(b)		250		254,030
California School Finance Authority (Ednovate Obligated Group)
5.00%, 6/01/48-6/01/56 (a)(b)		2,085		2,155,869
Coalinga-Huron Joint Unified School District
BAM Series 2018B
5.00%, 8/01/48		500		563,215
Golden Empire Schools Financing Authority (Kern High School District)
Series 2018
5.00%, 5/01/21		1,195		1,300,040
Los Angeles Department of Water
Series 2016A
5.00%, 7/01/41		200		228,406
Oakland Unified School District/Alameda County
Series 2017C
5.00%, 8/01/33		200		234,782
Port of Los Angeles
Series 2014A
5.00%, 8/01/21		355		386,481
Sacramento Municipal Utility District
Series 2018F
5.00%, 8/15/19		1,555		1,614,510
				9,704,215
Connecticut - 3.1%
City of Bridgeport CT
Series 2017A
5.00%, 11/01/25		525		590,363
BAM Series 2018C
5.00%, 7/15/36-7/15/38		1,620		1,803,019
				2,393,382
District of Columbia - 3.2%
District of Columbia (KIPP DC Obligated Group)
Series 2017B
5.00%, 7/01/37		625		690,119
District of Columbia (KIPP DC)
Series 2017A
5.00%, 7/01/42		785		862,205

	Principal Amount (000)		U.S. $ Value
District of Columbia Water & Sewer Authority
Series 2016A
5.00%, 10/01/35	$	820	$	936,333
				2,488,657
Florida - 0.7%
Broward County School Board/FL COP
Series 2017B
5.00%, 7/01/32		500		576,425
Georgia - 0.3%
Atlanta Development Authority
Series 2017
2.061%, 12/01/21		230		222,631
Illinois - 1.7%
Cook County Community College District No. 508
Series 2013
5.25%, 12/01/43		605		629,454
BAM Series 2017
5.00%, 12/01/47		620		666,351
				1,295,805
Kansas - 0.8%
Seward County Unified School District No. 480 Liberal
Series 2017B
5.00%, 9/01/28		555		638,300
Massachusetts - 7.8%
Massachusetts Development Finance Agency (Boston Medical Center Corp.)
Series 2015D
5.00%, 7/01/44		2,490		2,690,545
Series 2016E
5.00%, 7/01/37		765		831,570
Series 2017F
5.00%, 7/01/30		1,475		1,656,336
Massachusetts Development Finance Agency (WGBH Educational Foundation)
Series 2017A
4.00%, 1/01/32		825		879,648
				6,058,099
Michigan - 6.6%
Center Line Public Schools
Series 2018
5.00%, 5/01/38		895		1,012,916
Grand Rapids Public Schools
AGM Series 2017
5.00%, 5/01/27		200		234,088
Great Lakes Water Authority Water Supply System Revenue
Series 2016A
5.00%, 7/01/46		1,510		1,677,474
Series 2016B
5.00%, 7/01/46		1,225		1,345,699
Series 2016C
5.00%, 7/01/26		695		817,953
				5,088,130

	Principal Amount (000)		U.S. $ Value
Missouri - 0.3%
St. Louis Community College District
Series 2017
4.00%, 4/01/35	$	200	$	208,322
Nevada - 4.1%
Clark County School District
Series 2017C
5.00%, 6/15/26-6/15/33		2,000		2,292,380
Series 2018A
5.00%, 6/15/24		750		855,705
				3,148,085
New Jersey - 9.7%
New Jersey Economic Development Authority (Foundation Academy Charter School A NJ Nonprofit Corp.)
5.00%, 7/01/50		1,000		1,063,240
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)
Series 2018C
5.00%, 6/15/42		1,000		1,083,150
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.)
Series 2017
5.00%, 7/15/47		1,170		1,253,643
New Jersey Economic Development Authority (Seeing Eye, Inc. (The))
Series 2015
5.00%, 3/01/25		1,700		1,955,255
New Jersey Economic Development Authority (State of New Jersey Division of Property Management & Construction Lease)
Series 2018C
5.00%, 6/15/27		645		727,638
New Jersey Health Care Facilities Financing Authority (St. Joseph’s Healthcare System Obligated Group)
Series 2016
5.00%, 7/01/41		1,335		1,417,316
				7,500,242
New York - 7.0%
Build NYC Resource Corp. (Inwood Academy for Leadership Charter School)
Series 2018A
5.50%, 5/01/48 (a)(b)		500		521,020
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School)
Series 2017A
5.00%, 6/01/47 (b)		725		763,012

	Principal Amount (000)		U.S. $ Value
Metropolitan Transportation Authority
Series 2017D
5.00%, 11/15/32	$	570	$	663,930
Series 2018B
5.00%, 5/15/20		2,175		2,294,560
New York City Housing Development Corp.
Series 2017E
1.50%, 5/01/22		230		225,294
New York City Municipal Water Finance Authority
Series 2017B
5.00%, 6/15/31		100		116,998
New York State Dormitory Authority (Montefiore Obligated Group)
Series 2018
5.00%, 8/01/34 (c)		750		850,305
				5,435,119
Ohio - 6.2%
County of Cuyahoga/OH (MetroHealth System (The))
Series 2017
5.00%, 2/15/42		3,045		3,233,912
5.25%, 2/15/47		1,500		1,614,210
				4,848,122
Oklahoma - 5.7%
Oklahoma County Finance Authority
Series 2018
5.00%, 10/01/24		1,120		1,276,251
Oklahoma Development Finance Authority (OU Medicine Obligated Group)
Series 2018B
5.25%, 8/15/43		2,775		3,130,339
				4,406,590
Oregon - 1.7%
Tri-County Metropolitan Transportation District of Oregon
Series 2017A
5.00%, 10/01/26		865		1,009,170
Series 2018A
5.00%, 10/01/29		250		293,040
				1,302,210
Pennsylvania - 6.9%
Capital Region Water
Series 2018
5.00%, 7/15/25-7/15/26		1,510		1,741,621
Delaware County Authority (Elwyn Obligated Group)
Series 2017
5.00%, 6/01/37		825		892,625
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group)
Series 2017
5.00%, 7/01/32-7/01/34		1,115		1,222,528

	Principal Amount (000)		U.S. $ Value
Philadelphia Authority for Industrial Development
AGM Series 2017
5.00%, 12/01/35	$	200	$	223,578
Southeastern Pennsylvania Transportation Authority
Series 2017
5.00%, 3/01/27		195		230,453
State Public School Building Authority (Community College of Philadelphia)
BAM Series 2018
5.00%, 6/15/21		1,000		1,081,780
				5,392,585
Texas - 0.5%
El Paso County Hospital District
Series 2017
5.00%, 8/15/37		370		406,652
West Virginia - 6.3%
Morgantown Utility Board, Inc.
BAM Series 2018B
5.00%, 12/01/43		2,555		2,898,647
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group)
5.00%, 6/01/52		1,775		1,957,470
				4,856,117
Wisconsin - 0.4%
Milwaukee Redevelopment Authority
Series 2017
5.00%, 11/15/25		200		232,530
Wisconsin Public Finance Authority (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group)
Series 2016
5.125%, 6/01/48 (a)(b)		100		102,224
				334,754
Total Long-Term Municipal Bonds (cost $66,536,344)				66,304,442
Short-Term Municipal Notes - 6.7%
California - 5.4%
California Infrastructure & Economic Development Bank (California Academy of Sciences) 1.837% (LIBOR 1 Month + 0.38%), 8/01/47 (c)(d)		2,000		2,000,000
Fresno Unified School District
Series 2018A
2.00%, 8/01/18		2,140		2,140,000
				4,140,000
Texas - 1.3%
Fort Worth Independent School District
Series 2018
3.00%, 2/15/19		1,000		1,009,050

Company	Shares		U.S. $ Value
Total Short-Term Municipal Notes (cost $5,147,156)			$	5,149,050
Total Municipal Obligations (cost $71,683,500)				71,453,492
SHORT-TERM INVESTMENTS - 9.7%
Investment Companies - 9.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.74% (e)(f)(g) (cost $7,512,126)		7,512,126		7,512,126
Total Investments - 101.9% (cost $79,195,626) (h)				78,965,618
Other assets less liabilities - (1.9)%				(1,448,173	)
Net Assets - 100.0%			$	77,517,445

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

(b) 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 July 31, 2018, the aggregate market value of these securities amounted to $4,669,480 or 6.0% of net assets.

(c) When-Issued or delayed delivery security.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2018.

(e) Affiliated investments.

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

(g) 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.

(h) As of July 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $176,464 and gross unrealized depreciation of investments was $(406,472), resulting in net unrealized depreciation of $(230,008).

As of July 31, 2018, 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 10.5% and 0.0%, respectively.

Glossary:

AGM	-	Assured Guaranty Municipal
BAM	-	Build American Mutual
COP	-	Certificate of Participation

AB Impact Municipal Income Shares

July 31, 2018 (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 July 31, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	– 0	–	$	62,397,975		$	3,906,467		$	66,304,442
Short-Term Municipal Notes		– 0	–		5,149,050			– 0	–		5,149,050
Short-Term Investments		7,512,126			– 0	–		– 0	–		7,512,126
Total Investments in Securities		7,512,126			67,547,025			3,906,467			78,965,618
Other Financial Instruments (a)		– 0	–		– 0	–		– 0	–		– 0	–
Total (b)	$	7,512,126		$	67,547,025		$	3,906,467		$	78,965,618

(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.

(b) There were no transfers between any levels during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Long-Term Municipal Bonds			Total
Balance as of 4/30/18	$	1,220,137		$	1,220,137
Accrued discounts/(premiums)		(1,534	)		(1,534	)
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		23,200			23,200
Purchases		2,664,664			2,664,664
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 7/31/18	$	3,906,467		$	3,906,467
Net change in unrealized appreciation/depreciation from investments held as of 7/31/18	$	23,200		$	23,200

As of July 31, 2018, all Level 3 securities were priced by third party vendors.

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

A summary of the Fund’s transactions in AB mutual funds for the three months ended July 31, 2018 is as follows:

Fund	Market Value 4/30/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 7/31/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,659	$	39,420	$	35,567	$	7,512	$	35

AB Municipal Income Shares

Portfolio of Investments

July 31, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS - 97.4%
Long-Term Municipal Bonds - 97.4%
Alabama - 3.2%
County of Jefferson AL
Series 2018A
5.00%, 4/01/23-4/01/24	$	5,125	$	5,780,538
County of Jefferson AL Sewer Revenue
Series 2013D
6.00%, 10/01/42		11,645		13,362,637
Cullman County Health Care Authority (Cullman Regional Medical Center, Inc.)
Series 2009A
7.00%, 2/01/36		400		406,068
Infirmary Health System Special Care Facilities Financing Authority of Mobile
Series 2016A
5.00%, 2/01/36-2/01/41		10,000		10,837,650
Jefferson County Board of Education/AL
Series 2018
5.00%, 2/01/39-2/01/46		28,280		31,518,882
Southeast Alabama Gas District (The)
Series 2018A
4.00%, 4/01/49		13,350		14,187,178
Special Care Facilities Financing Authority of the City of Pell City Alabama (Noland Health Services, Inc.)
Series 2012
5.00%, 12/01/31		3,000		3,244,140
Series 2016A
5.00%, 12/01/31		10,000		10,813,800
Water Works Board of the City of Birmingham (The)
Series 2016B
5.00%, 1/01/33		3,500		4,014,220
				94,165,113
Alaska - 0.3%
State of Alaska International Airports System
Series 2016B
5.00%, 10/01/33-10/01/34		9,000		10,207,380
Arizona - 1.2%
Arizona Industrial Development Authority (Provident Group - EMU Properties LLC)
5.00%, 5/01/51		1,100		1,207,569
Arizona Sports & Tourism Authority
Series 2012A
5.00%, 7/01/29		3,670		3,913,908
Glendale Industrial Development Authority (Beatitudes Campus (The))
Series 2017
5.00%, 11/15/36-11/15/45 (a)		3,400		3,492,948
Glendale Industrial Development Authority (Royal Oaks Life Care Community)
Series 2016
5.00%, 5/15/39		2,700		2,941,110

	Principal Amount (000)		U.S. $ Value
Industrial Development Authority of the City of Phoenix (The) (GreatHearts Arizona)
Series 2014
5.00%, 7/01/44	$	3,875	$	4,070,920
Maricopa County Industrial Development Authority (Banner Health Obligated Group)
Series 2016A
5.00%, 1/01/33-1/01/35		16,100		18,387,022
Quechan Indian Tribe of Fort Yuma
Series 2012A
9.75%, 5/01/25		80		89,608
Salt Verde Financial Corp. (Citigroup, Inc.)
Series 2007
5.00%, 12/01/37		150		177,900
Tempe Industrial Development Authority (Mirabella at ASU, Inc.)
Series 2017A
6.125%, 10/01/47 (a)(b)		1,065		1,167,719
University of Arizona
Series 2014
5.00%, 8/01/33		1,000		1,118,920
				36,567,624
California - 4.9%
Abag Finance Authority for Nonprofit Corps. (Episcopal Senior Communities)
Series 2011
6.125%, 7/01/41		100		109,210
Alameda Corridor Transportation Authority
Series 2016B
5.00%, 10/01/34-10/01/37		26,130		29,357,687
Anaheim Public Financing Authority (City of Anaheim CA Lease)
Series 2014A
5.00%, 5/01/31		1,460		1,660,078
Bay Area Toll Authority
Series 2013S
5.00%, 4/01/27 (Pre-refunded/ETM)		1,000		1,146,370
California Educational Facilities Authority (Chapman University)
Series 2015
5.00%, 4/01/31-4/01/34		11,845		13,274,703
California Educational Facilities Authority (University of the Pacific)
Series 2012A
5.00%, 11/01/42		100		108,072
California Health Facilities Financing Authority (Children’s Hospital Los Angeles)
Series 2017A
5.00%, 8/15/37		1,700		1,900,243
California Health Facilities Financing Authority (Sutter Health Obligated Group)
Series 2018A
5.00%, 11/15/35-11/15/38		8,150		9,383,995
California Municipal Finance Authority
Series 2011B
7.75%, 4/01/31 (Pre-refunded/ETM) (a)		85		96,107

	Principal Amount (000)		U.S. $ Value
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.)
Series 2012A
6.625%, 1/01/32 (a)(b)	$	1,000	$	1,066,180
Series 2014
5.00%, 1/01/35 (a)		1,085		1,065,882
California Municipal Finance Authority (LAX Integrated Express Solutions LLC)
Series 2018A
5.00%, 12/31/43		3,625		4,060,834
California Municipal Finance Authority (Partnerships to Uplift Communities Lakeview Terrace and Los Angeles Project)
Series 2012A
5.30%, 8/01/47		1,025		1,046,423
California Municipal Finance Authority (Rocketship Education Obligated Group)
Series 2014A
7.00%, 6/01/34 (a)		1,200		1,352,712
7.25%, 6/01/43 (a)		2,075		2,346,223
California Municipal Finance Authority (Rocketship Seven-Alma Academy)
Series 2012A
6.25%, 6/01/43 (a)		740		790,949
California Pollution Control Financing Authority (Poseidon Resources Channelside LP)
Series 2012
5.00%, 11/21/45 (b)		6,405		6,784,624
California School Finance Authority (Partnerships to Uplift Communities Valley Project)
Series 2014A
6.40%, 8/01/34 (b)		3,000		3,201,180
California School Finance Authority (Tri-Valley Learning Corp.)
Series 2012A
7.00%, 6/01/47 (a)(c)(d)(e)		730		543,850
California Statewide Communities Development Authority (Eskaton Properties, Inc. Obligated Group)
Series 2012
5.25%, 11/15/34		530		573,608
California Statewide Communities Development Authority (Moldaw Residences)
Series 2014A
5.25%, 11/01/44 (a)(b)		1,200		1,271,232
California Statewide Communities Development Authority (Rocketship Four-Mosaic Elementary)
Series 2011A
8.50%, 12/01/41 (a)		100		114,296

	Principal Amount (000)		U.S. $ Value
California Statewide Communities Development Authority (Rocklin Academy)
Series 2011A
8.25%, 6/01/41	$	140	$	155,603
California Statewide Communities Development Authority (Terraces at San Joaquin Gardens (The))
Series 2012A
6.00%, 10/01/47 (a)		250		269,783
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1)
Series 2016
5.50%, 9/01/46 (a)		1,000		1,094,720
City of San Buenaventura CA (Community Memorial Health System)
Series 2011
7.50%, 12/01/41		100		111,267
Golden State Tobacco Securitization Corp.
Series 2018A
5.00%, 6/01/47 (a)		10,000		10,265,500
Municipal Improvement Corp. of Los Angeles (Municipal Improvement Corp. of Los Angeles Lease)
Series 2016B
4.00%, 11/01/36		2,705		2,832,676
Oakland Unified School District/Alameda County
Series 2015A
5.00%, 8/01/30-8/01/40		6,215		7,128,025
Palomar Health
Series 2016
5.00%, 11/01/39		3,990		4,290,926
San Francisco City & County Redevelopment Agency Successor Agency (Mission Bay South Public Imp)
Series 2013A
5.00%, 8/01/31 (a)		1,000		1,080,680
San Francisco City & County Redevelopment Agency Successor Agency (Successor Agency to the Redev of San Francisco - Mission Bay South)
NATL Series 2016C
5.00%, 8/01/41		1,250		1,411,413
San Joaquin County Transportation Authority (San Joaquin County Transportation Authority Sales Tax)
Series 2017
5.00%, 3/01/36-3/01/37		5,500		6,434,635
San Joaquin Hills Transportation Corridor Agency
Series 2014A
5.00%, 1/15/44		1,450		1,578,122
Series 2014B
5.25%, 1/15/44		1,000		1,093,640
Southern California Logistics Airport Authority
XLCA Series 2006
5.00%, 12/01/36-12/01/43 (a)		1,685		1,685,630
State of California
Series 2016
4.00%, 9/01/33-9/01/35		18,000		19,204,390

	Principal Amount (000)		U.S. $ Value
University of California CA Revenues
5.00%, 5/15/33 (f)	$	1,000	$	1,124,080
West Contra Costa Healthcare District
Series 2011
6.25%, 7/01/42 (a)		3,375		3,701,531
				144,717,079
Colorado - 0.8%
Centerra Metropolitan District No. 1
Series 2017
5.00%, 12/01/37 (a)(b)		5,000		5,132,350
Colorado Health Facilities Authority (Catholic Health Initiatives)
Series 2013
5.25%, 1/01/40		5,910		6,324,409
Colorado Health Facilities Authority (Evangelical Lutheran Good Samaritan Obligated Group)
Series 2012
5.00%, 12/01/42		2,910		3,073,629
Colorado Health Facilities Authority (Parkview Medical Center, Inc. Obligated Group)
Series 2015B
5.00%, 9/01/30		1,150		1,289,472
Colorado Health Facilities Authority (Sunny Vista Living Center)
Series 2015A
6.25%, 12/01/50 (a)(b)		1,000		1,058,870
Copperleaf Metropolitan District No. 2
Series 2015
5.75%, 12/01/45 (a)		1,000		1,047,490
E-470 Public Highway Authority
Series 2010C
5.375%, 9/01/26		1,000		1,068,430
Plaza Metropolitan District No. 1
Series 2013
5.00%, 12/01/40 (a)(b)		1,500		1,546,980
Sterling Ranch Community Authority Board
Series 2015A
5.75%, 12/01/45 (a)		1,000		1,027,110
Series 2017A
5.00%, 12/01/38-12/01/47 (a)		2,000		2,028,580
				23,597,320
Connecticut - 4.4%
Connecticut State Health & Educational Facilities Authority (Quinnipiac University)
Series 2015L
5.00%, 7/01/45		5,750		6,275,435
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, Inc.)
Series 2017I-1
5.00%, 7/01/35-7/01/37		2,095		2,358,299

	Principal Amount (000)		U.S. $ Value
Connecticut State Health & Educational Facilities Authority (Seabury Retirement Community)
Series 2016A
5.00%, 9/01/46-9/01/53 (b)	$	2,475	$	2,569,574
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.)
Series 2018K-1
5.00%, 7/01/35-7/01/38		5,245		5,763,245
State of Connecticut
Series 2013A
5.00%, 10/15/24		5,000		5,536,600
Series 2013E
5.00%, 8/15/31 (f)		1,000		1,080,200
Series 2015F
5.00%, 11/15/25-11/15/32		7,070		7,947,058
Series 2016A
5.00%, 3/15/32		8,165		9,012,037
Series 2016B
5.00%, 5/15/22		3,875		4,238,901
Series 2016E
5.00%, 10/15/28-10/15/34		17,845		19,879,704
Series 2016F
5.00%, 10/15/31		10,205		11,364,798
Series 2017A
5.00%, 4/15/29-4/15/34		27,300		30,380,436
Series 2018A
5.00%, 4/15/34-4/15/37		7,930		8,801,833
Series 2018C
5.00%, 6/15/31-6/15/38		7,490		8,377,620
State of Connecticut Special Tax Revenue
Series 2012
5.00%, 1/01/31		5,000		5,406,100
				128,991,840
Delaware - 0.1%
Delaware State Economic Development Authority (Delaware Military Academy, Inc.)
Series 2014
5.00%, 9/01/44-9/01/49		2,440		2,563,680
Delaware State Economic Development Authority (Newark Charter School, Inc.)
Series 2012
5.00%, 9/01/42		1,310		1,360,788
				3,924,468
District of Columbia - 0.5%
District of Columbia
Series 2011
6.625%, 3/01/41 (Pre-refunded/ETM) (a)		100		112,273
District of Columbia (Friendship Public Charter School, Inc.)
Series 2012
5.00%, 6/01/42		1,420		1,494,337
Series 2016A
5.00%, 6/01/41-6/01/46		1,450		1,561,264

	Principal Amount (000)		U.S. $ Value
District of Columbia (KIPP DC Obligated Group)
Series 2017B
5.00%, 7/01/37	$	1,465	$	1,617,638
District of Columbia (KIPP DC)
Series 2017A
5.00%, 7/01/42-7/01/48		8,580		9,397,201
Metropolitan Washington Airports Authority
Series 2016A
5.00%, 10/01/35		500		563,045
				14,745,758
Florida - 4.7%
Alachua County Health Facilities Authority (Bonita Springs Retirement Village, Inc.)
Series 2011A
8.125%, 11/15/46 (a)		100		111,110
Alachua County Health Facilities Authority (Oak Hammock at the University of Florida, Inc.)
Series 2012A
8.00%, 10/01/46 (a)		435		498,875
Alachua County Health Facilities Authority (Shands Teaching Hospital and Clinics Obligated Group)
Series 2014A
5.00%, 12/01/44		1,000		1,079,160
Bexley Community Development District
Series 2016
4.875%, 5/01/47 (a)		1,000		1,018,350
Cape Coral Health Facilities Authority (Gulf Care, Inc. Obligated Group)
Series 2015
5.875%, 7/01/40 (a)(b)		1,400		1,503,768
6.00%, 7/01/45-7/01/50 (a)(b)		4,015		4,323,617
Capital Trust Agency, Inc. (AVIVA SENIOR LIFE)
Series 2017
5.00%, 7/01/46 (a)(b)		1,300		1,324,284
Central Florida Expressway Authority
Series 2016B
5.00%, 7/01/34		5,500		6,286,335
City of Lakeland FL (Florida Southern College)
Series 2012A
5.00%, 9/01/37-9/01/42		2,350		2,465,641
City of Lakeland FL (Lakeland Regional Health Systems Obligated Group)
Series 2015
5.00%, 11/15/40		5,610		6,130,496
County of Miami-Dade FL Aviation Revenue
Series 2014A
5.00%, 10/01/33		10,000		11,165,200
Series 2015A
5.00%, 10/01/31		1,100		1,228,062

	Principal Amount (000)		U.S. $ Value
Greater Orlando Aviation Authority
Series 2017A
5.00%, 10/01/34-10/01/36	$	9,650	$	10,905,722
Manatee County School District (Manatee County School District Sales Tax)
AGM Series 2017
5.00%, 10/01/28-10/01/30		5,450		6,314,777
Marshall Creek Community Development District (Marshall Creek Community Development District 2015A)
Series 2015A
5.00%, 5/01/32 (a)		1,670		1,693,747
Martin County Health Facilities Authority (Martin Memorial Medical Center, Inc.)
Series 2012
5.50%, 11/15/32-11/15/42		1,950		2,108,928
Martin County Industrial Development Authority (Indiantown Cogeneration LP)
Series 2013
4.20%, 12/15/25 (b)		1,150		1,168,791
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida, Inc.)
Series 2012
5.00%, 11/15/29		2,885		3,075,814
Series 2014
5.00%, 11/15/39		2,000		2,118,060
Miami-Dade County Expressway Authority
Series 2014A
5.00%, 7/01/34		4,000		4,462,600
Mid-Bay Bridge Authority
Series 2011A
7.25%, 10/01/40 (Pre-refunded/ETM)		80		92,811
Series 2015A
5.00%, 10/01/28-10/01/40		3,600		3,990,328
Series 2015C
5.00%, 10/01/35-10/01/40		2,750		2,995,375
North Broward Hospital District
Series 2017B
5.00%, 1/01/37-1/01/48		21,590		23,116,248
South Miami Health Facilities Authority (Baptist Health South Florida Obligated Group)
Series 2017
5.00%, 8/15/37-8/15/47		14,530		16,404,270
Town of Davie FL (Nova Southeastern University, Inc.)
5.00%, 4/01/48		14,000		15,478,820
Series 2013A
5.625%, 4/01/43		3,765		4,169,512
Volusia County School Board COP
Series 2014B
5.00%, 8/01/31		1,625		1,831,619
				137,062,320
Georgia - 2.8%
Cedartown Polk County Hospital Authority
Series 2016
5.00%, 7/01/39		4,000		4,313,960

	Principal Amount (000)		U.S. $ Value
City of Atlanta Department of Aviation (Hartsfield Jackson Atlanta Intl Airport)
Series 2012A
5.00%, 1/01/31	$	1,390	$	1,519,701
Series 2014A
5.00%, 1/01/33		1,820		2,050,976
Clarke County Hospital Authority (Piedmont Healthcare, Inc. Obligated Group)
Series 2016
5.00%, 7/01/31		2,500		2,844,175
Fayette County Hospital Authority/GA (Piedmont Healthcare, Inc. Obligated Group)
Series 2016
5.00%, 7/01/34-7/01/36		10,710		11,979,674
Fulton County Development Authority (Piedmont Healthcare, Inc. Obligated Group)
Series 2016A
5.00%, 7/01/32		2,000		2,264,820
Glynn-Brunswick Memorial Hospital Authority
Series 2017
5.00%, 8/01/43-8/01/47		12,680		13,833,123
Gwinnett County Development Authority (Board of Regents of the University System of Georgia Lease)
Series 2017A
5.00%, 7/01/32-7/01/37		10,855		12,383,980
Main Street Natural Gas, Inc. (Royal Bank of Canada)
Series 2018A
4.00%, 4/01/48		16,200		17,256,726
Series 2018C
4.00%, 8/01/48		12,245		13,050,231
				81,497,366
Guam - 0.1%
Territory of Guam (Territory of Guam Business Privilege Tax)
Series 2011A
5.125%, 1/01/42		1,750		1,827,525
Idaho - 0.0%
Idaho Housing & Finance Association (Battelle Energy Alliance LLC)
Series 2010A
7.00%, 2/01/36		200		219,414
Illinois - 11.3%
Chicago Board of Education
Series 2012A
5.00%, 12/01/42		5,630		5,668,791
Series 2015C
5.25%, 12/01/35-12/01/39		10,315		10,690,315
Series 2015E
5.125%, 12/01/32		1,000		1,041,300
Series 2016B
6.50%, 12/01/46		1,900		2,171,358
Series 2017G
5.00%, 12/01/34		4,150		4,303,218
Series 2017H
5.00%, 12/01/46		1,285		1,313,771

	Principal Amount (000)		U.S. $ Value
Series 2018A
5.00%, 12/01/26-12/01/28	$	17,705	$	18,678,890
Chicago O’Hare International Airport
Series 2015C
5.00%, 1/01/34		1,665		1,821,327
Series 2016B
5.00%, 1/01/34		5,000		5,572,250
Series 2016C
5.00%, 1/01/35-1/01/38		9,250		10,230,090
Series 2017B
5.00%, 1/01/35-1/01/37		33,445		37,468,228
Chicago O’Hare International Airport (TrIPs Obligated Group)
Series 2018
5.00%, 7/01/33-7/01/48		7,145		7,829,460
Chicago Transit Authority (Chicago Transit Authority Sales Tax)
Series 2011
5.25%, 12/01/23		4,285		4,680,720
City of Chicago IL
Series 2015A
5.00%, 1/01/19		300		303,033
City of Chicago IL (Goldblatts Supportive Living Project)
Series 2013
6.375%, 12/01/52 (a)(g)		1,050		913,784
Illinois Finance Authority (Ascension Health Credit Group)
Series 2016C
5.00%, 2/15/31-2/15/41		14,335		16,469,653
Illinois Finance Authority (Illinois Institute of Technology)
Series 2006A
5.00%, 4/01/19-4/01/36		465		455,071
Illinois Finance Authority (Lake Forest College)
Series 2012A
6.00%, 10/01/48		400		427,152
Illinois Finance Authority (Lutheran Home & Services Obligated Group)
Series 2012
5.75%, 5/15/46 (a)		2,495		2,617,305
Illinois Finance Authority (Mercy Health System Obligated Group)
Series 2016
5.00%, 12/01/40-12/01/46		3,900		4,226,490
Illinois Finance Authority (Park Place of Elmhurst)
Series 2016A
6.20%, 5/15/30 (a)		1,079		1,063,583
6.33%, 5/15/48 (a)		829		810,194
6.44%, 5/15/55 (a)		1,998		1,966,838
Series 2016C
2.00%, 5/15/55 (a)(c)(d)(g)		609		30,316
Illinois Finance Authority (Plymouth Place, Inc.)
Series 2013
6.00%, 5/15/43		3,500		3,818,255

	Principal Amount (000)		U.S. $ Value
Series 2015
5.25%, 5/15/50	$	2,000	$	2,067,840
Illinois Finance Authority (Rosalind Franklin University of Medicine & Science)
Series 2017A
5.00%, 8/01/42-8/01/47		3,000		3,241,310
Series 2017C
5.00%, 8/01/46		1,000		1,080,430
Illinois Finance Authority (Silver Cross Hospital Obligated Group)
Series 2015C
5.00%, 8/15/35		4,750		5,153,892
Illinois Municipal Electric Agency
Series 2015A
5.00%, 2/01/22		6,700		7,335,227
Illinois State Toll Highway Authority
Series 2015A
5.00%, 1/01/31-1/01/32		3,125		3,542,603
Series 2015B
5.00%, 1/01/36-1/01/40		5,250		5,858,103
Series 2016A
5.00%, 12/01/32		7,000		7,899,430
Series 2016B
5.00%, 1/01/41		3,450		3,850,373
Metropolitan Pier & Exposition Authority
Series 2015B
5.00%, 12/15/45		13,300		14,071,400
Series 2017B
Zero Coupon, 12/15/54		6,850		1,141,416
State of Illinois
Series 2012
5.00%, 8/01/21-3/01/31		7,445		7,785,673
Series 2014
5.00%, 5/01/23-5/01/35		16,170		17,070,238
Series 2016
5.00%, 1/01/22-11/01/35		38,735		41,338,763
Series 2017A
5.00%, 12/01/25-12/01/28		6,210		6,685,948
Series 2017D
5.00%, 11/01/24-11/01/28		45,055		48,546,832
Village of Antioch IL (Village of Antioch IL Spl Tax)
Series 2016A
4.50%, 3/01/33 (a)		4,113		3,992,900
Series 2016B
7.00%, 3/01/33 (a)		1,820		1,774,518
Village of Pingree Grove IL Special Service Area No. 7
Series 2015A
4.50%, 3/01/25 (a)		974		1,004,447
5.00%, 3/01/36 (a)		2,963		3,070,379
Series 2015B
6.00%, 3/01/36 (a)		966		1,027,341
				332,110,455

	Principal Amount (000)		U.S. $ Value
Indiana - 0.4%
Indiana Finance Authority (Bethany Circle of King’s Daughters’ of Madison Indiana, Inc. (The))
Series 2010
5.125%, 8/15/27	$	1,000	$	1,041,050
5.50%, 8/15/40-8/15/45		3,020		3,146,728
Indiana Finance Authority (Marquette Manor)
Series 2015A
5.00%, 3/01/30		1,000		1,077,100
Indiana Finance Authority (WVB East End Partners LLC)
Series 2013A
5.00%, 7/01/40-7/01/48		6,980		7,430,107
				12,694,985
Iowa - 0.2%
Iowa Finance Authority (Iowa Fertilizer Co. LLC)
Series 2013B
5.25%, 12/01/50		6,405		6,805,697
Kansas - 0.1%
Wyandotte County-Kansas City Unified Government (Wyandotte County-Kansas City Unified Government Sales Tax)
4.50%, 6/01/40		1,940		1,962,756
Kentucky - 1.5%
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group)
Series 2017B
5.00%, 8/15/34-8/15/46		15,780		17,180,852
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group)
Series 2012
5.375%, 11/15/42 (a)		1,685		1,758,449
5.50%, 11/15/45 (a)		1,000		1,046,850
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group)
Series 2017A
5.00%, 6/01/37-6/01/41		8,625		9,231,414
5.25%, 6/01/41		1,250		1,361,325
Kentucky Economic Development Finance Authority (Rosedale Green)
Series 2015
5.50%, 11/15/35 (a)		1,750		1,795,220
5.75%, 11/15/45 (a)		3,350		3,470,533

	Principal Amount (000)		U.S. $ Value
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group)
Series 2016
5.00%, 10/01/33	$	8,205	$	9,233,251
				45,077,894
Louisiana - 2.1%
Jefferson Parish Hospital Service District No. 2
Series 2011
6.375%, 7/01/41		2,130		2,217,160
Jefferson Sales Tax District
AGM Series 2017B
5.00%, 12/01/34-12/01/36		3,400		3,881,840
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge)
Series 2015A
6.00%, 11/15/35 (a)		2,100		2,303,238
Louisiana Local Government Environmental Facilities & Community  Development Auth (Woman’s Hospital Foundation)
Series 2017
5.00%, 10/01/34-10/01/44		27,600		30,748,100
Louisiana Public Facilities Authority
Series 2016
5.00%, 5/15/47 (Pre-refunded/ETM) (a)		10		11,805
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.)
Series 2013B
10.50%, 7/01/39 (a)(d)(e)		2,750		28
Series 2014A
7.50%, 7/01/23 (a)(d)(e)		1,250		13
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Lease)
Series 2017
5.00%, 7/01/42-7/01/57		17,565		18,994,980
Louisiana Public Facilities Authority (Ochsner Clinic Foundation)
Series 2016
5.00%, 5/15/47		1,110		1,215,428
New Orleans Aviation Board
Series 2017B
5.00%, 1/01/43		1,000		1,103,110
Port New Orleans Board of Commissioners
Series 2013B
5.00%, 4/01/29-4/01/31		1,540		1,660,608
				62,136,310
Maine - 0.6%
Finance Authority of Maine (Casella Waste Systems, Inc.)
Series 2017
5.25%, 1/01/25 (b)		4,630		4,981,510
Series 2018R-2
4.375%, 8/01/35 (b)		1,700		1,711,713

	Principal Amount (000)		U.S. $ Value
Maine Health & Higher Educational Facilities Authority (Maine Medical Center)
Series 2018A
5.00%, 7/01/43-7/01/48	$	9,620	$	10,771,338
Maine Health & Higher Educational Facilities Authority (MaineGeneral Health Obligated Group)
Series 2011
7.50%, 7/01/32		1,000		1,108,680
				18,573,241
Maryland - 0.5%
City of Baltimore MD (Baltimore Hotel Corp.)
Series 2017
5.00%, 9/01/33-9/01/36		3,250		3,636,588
City of Baltimore MD (East Baltimore Research Park Project)
Series 2017A
5.00%, 9/01/38 (a)		1,000		1,068,410
City of Rockville MD (King Farm Presbyterian Retirement Community, Inc.)
Series 2017B
5.00%, 11/01/42-11/01/47		4,750		5,131,548
County of Howard MD (Downtown Columbia Project)
Series 2017A
4.375%, 2/15/39 (a)(b)		1,000		1,010,530
4.50%, 2/15/47 (a)(b)		1,200		1,214,520
Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group)
Series 2015
5.00%, 7/01/31		3,245		3,575,016
				15,636,612
Massachusetts - 1.3%
Commonwealth of Massachusetts
Series 2016A
5.00%, 3/01/46		2,000		2,233,480
Massachusetts Development Finance Agency (Emmanuel College/MA)
Series 2016A
5.00%, 10/01/43		1,760		1,913,402
Massachusetts Development Finance Agency (Lowell General Hospital)
Series 2013G
5.00%, 7/01/37		2,550		2,703,510
Massachusetts Development Finance Agency (Merrimack College)
Series 2012A
5.25%, 7/01/42		5,000		5,321,050
Massachusetts Development Finance Agency (Partners Healthcare System, Inc.)
Series 2017S
5.00%, 7/01/33		3,125		3,623,094

	Principal Amount (000)		U.S. $ Value
Massachusetts Development Finance Agency (South Shore Hospital, Inc.)
Series 2016I
5.00%, 7/01/31-7/01/41	$	3,850	$	4,224,033
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group)
Series 2016
5.00%, 7/01/41-7/01/46		3,980		4,331,638
Massachusetts Development Finance Agency (Zero Waste Solutions)
Series 2017
8.00%, 12/01/22 (a)(b)		10,525		8,735,329
Series 2017A
7.75%, 12/01/44 (a)(b)		4,525		4,464,274
				37,549,810
Michigan - 3.9%
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue)
Series 2012A
5.00%, 7/01/32		4,400		4,754,684
5.25%, 7/01/39		4,825		5,243,424
City of Detroit MI Water Supply System Revenue (Great Lakes Water Authority Water Supply System Revenue)
Series 2011C
5.00%, 7/01/41		1,060		1,116,880
Detroit City School District
Series 2012A
5.00%, 5/01/31		120		130,483
Grand Rapids Economic Development Authority (Beacon Hill at Eastgate)
Series 2017A
5.00%, 11/01/32-11/01/37 (a)		1,655		1,749,018
Great Lakes Water Authority Water Supply System Revenue
Series 2016A
5.00%, 7/01/46		1,025		1,138,683
Series 2016D
5.00%, 7/01/36		25,210		27,821,756
Kalamazoo Hospital Finance Authority (Bronson Healthcare Group Obligated Group)
Series 2016
4.00%, 5/15/31-5/15/36		20,100		20,518,676
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue)
Series 2014D4
5.00%, 7/01/29-7/01/34		2,100		2,310,557
Series 2015D-1
5.00%, 7/01/34		2,000		2,204,700
Series 2015D-2
5.00%, 7/01/34		3,400		3,710,692
Michigan Finance Authority (Henry Ford Health System Obligated Group)
Series 2016
4.00%, 11/15/35-11/15/36		5,000		5,087,380
5.00%, 11/15/32		3,850		4,341,760

	Principal Amount (000)		U.S. $ Value
Michigan Finance Authority (MidMichigan Obligated Group)
Series 2014
5.00%, 6/01/34	$	2,000	$	2,213,560
Michigan Finance Authority (Public Lighting Authority)
Series 2014B
5.00%, 7/01/31-7/01/33		7,950		8,619,537
Michigan Strategic Fund (Detroit Renewable Energy Obligated Group)
Series 2013
8.50%, 12/01/30 (a)(h)(i)		2,145		2,166,450
Series 2016
9.00%, 12/01/25 (a)(h)(i)(j)(k)		8,970		9,059,700
Michigan Strategic Fund (Evangelical Homes of Michigan Obligated Group)
Series 2013
5.50%, 6/01/47		2,000		2,073,800
Michigan Tobacco Settlement Finance Authority
Series 2007A
6.00%, 6/01/48		5,775		5,809,592
Wayne State University
Series 2018A
5.00%, 11/15/43		4,000		4,532,840
				114,604,172
Minnesota - 0.1%
City of Minneapolis MN (Fairview Health Services Obligated Group)
Series 2015A
5.00%, 11/15/33		1,000		1,129,980
Southern Minnesota Municipal Power Agency
Series 2017A
5.00%, 1/01/47		1,780		2,018,485
Western Minnesota Municipal Power Agency
Series 2015A
5.00%, 1/01/34		1,030		1,170,399
				4,318,864
Mississippi - 0.3%
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group)
Series 2016A
5.00%, 9/01/41		6,900		7,391,901
Missouri - 1.1%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group)
Series 2017A
5.00%, 3/01/36		2,925		3,135,571
Health & Educational Facilities Authority of the State of Missouri
Series 2016A
5.00%, 2/01/46		1,000		1,076,300

	Principal Amount (000)		U.S. $ Value
Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group)
Series 2010
5.50%, 2/01/42	$	100	$	103,366
Kansas City Industrial Development Authority (Kingswood Senior Living Community)
Series 2016
6.00%, 11/15/46 (a)(b)		2,915		2,837,374
Lees Summit Industrial Development Authority (John Knox Village Obligated Group)
Series 2014A
5.25%, 8/15/39		620		653,368
Series 2016A
5.00%, 8/15/36-8/15/46		4,060		4,238,609
Series 2018
5.00%, 8/15/42		3,000		3,154,680
Missouri Joint Municipal Electric Utility Commission
Series 2014
5.00%, 1/01/31		3,240		3,607,448
Missouri State Environmental Improvement & Energy Resources Authority (Union Electric Co.)
NATL
2.77%, 9/01/33 (l)		1,325		1,325,000
NATL Series 1992
2.083%, 12/01/22 (l)		465		465,000
NATL Series 1998A
2.688%, 9/01/33 (l)		3,000		3,000,000
NATL Series 1998B
2.716%, 9/01/33 (l)		440		440,000
St. Louis County Industrial Development Authority (St. Andrews Resources for Seniors)
Series 2015A
5.00%, 12/01/35 (a)		2,000		2,097,360
5.125%, 12/01/45 (a)		4,500		4,722,390
				30,856,466
Montana - 0.0%
Montana Facility Finance Authority (Benefis Health System Obligated Group)
Series 2016
5.00%, 2/15/34		1,085		1,211,826
Nebraska - 1.7%
Central Plains Energy Project (Goldman Sachs Group, Inc. (The))
Series 2012
5.00%, 9/01/32-9/01/42		2,975		3,253,282
Series 2017A
5.00%, 9/01/34-9/01/42		38,560		45,652,918
				48,906,200
Nevada - 1.5%
City of Carson City NV (Carson Tahoe Regional Healthcare)
Series 2017
5.00%, 9/01/37-9/01/47		3,935		4,304,608

	Principal Amount (000)		U.S. $ Value
City of Reno NV (County of Washoe NV Sales Tax Revenue)
Zero Coupon, 7/01/58 (a)(b)	$	17,500	$	1,944,250
Clark County School District
Series 2017C
5.00%, 6/15/33-6/15/36		17,110		19,321,710
Las Vegas Redevelopment Agency
Series 2016
5.00%, 6/15/40		1,800		1,953,306
Las Vegas Valley Water District
Series 2016A
5.00%, 6/01/46		14,000		15,763,720
				43,287,594
New Hampshire - 0.5%
New Hampshire Health and Education Facilities Authority Act (Concord Hospital Obligated Group)
Series 2017
5.00%, 10/01/47		8,105		8,930,413
New Hampshire Health and Education Facilities Authority Act (Southern New Hampshire University)
Series 2012
5.00%, 1/01/42		2,940		3,139,244
Series 2016
5.00%, 1/01/41		1,435		1,602,235
				13,671,892
New Jersey - 9.8%
City of Bayonne NJ
BAM Series 2016
5.00%, 7/01/39		1,075		1,182,468
Hudson County Improvement Authority (County of Hudson NJ)
Series 2016
5.00%, 5/01/32		3,645		4,150,853
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)
Series 2013
5.00%, 3/01/30		3,455		3,684,550
Series 2014P
5.00%, 6/15/29		5,000		5,411,150
Series 2014U
5.00%, 6/15/21		3,500		3,745,735
Series 2015X
5.00%, 6/15/21		15,920		17,037,743
Series 2017A
5.00%, 7/01/33		1,640		1,801,884
Series 2017B
5.00%, 11/01/20		7,505		7,963,030
Series 2017D
5.00%, 6/15/33-6/15/42		5,370		5,850,639
Series 2018A
5.00%, 6/15/42-6/15/47		5,885		6,365,803

	Principal Amount (000)		U.S. $ Value
Series 2018C
5.00%, 6/15/42	$	7,085	$	7,674,118
New Jersey Economic Development Authority (Port Newark Container Terminal LLC)
Series 2017
5.00%, 10/01/37-10/01/47		6,035		6,491,885
New Jersey Economic Development Authority (UMM Energy Partners LLC)
Series 2012A
5.125%, 6/15/43		735		761,137
New Jersey Economic Development Authority (United Airlines, Inc.)
Series 1999
5.25%, 9/15/29		2,850		3,097,551
Series 2000B
5.625%, 11/15/30		1,475		1,668,299
New Jersey Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group)
Series 2017A
5.00%, 7/01/35-7/01/37		4,300		4,900,033
New Jersey Health Care Facilities Financing Authority (Holy Name Medical Center, Inc.)
Series 2010
5.00%, 7/01/25		100		104,603
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group)
Series 2017A
5.00%, 7/01/36-7/01/42		8,645		9,625,292
New Jersey Health Care Facilities Financing Authority (New Jersey Health Care Facilities Financing Authority State Lease)
Series 2017
5.00%, 10/01/35		1,070		1,169,371
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group)
Series 2014
5.00%, 7/01/44		2,040		2,223,743
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant)
5.00%, 6/15/30-6/15/31		31,870		35,334,534
Series 2016
5.00%, 6/15/24-6/15/30		38,985		43,533,417
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease)
Series 2014A
5.00%, 6/15/38		1,000		1,059,320
Series 2015A
5.00%, 6/15/45		8,450		8,963,168
New Jersey Turnpike Authority
Series 2013A
5.00%, 1/01/27 (Pre-refunded/ETM) (a)		170		189,717
5.00%, 1/01/27 (Pre-refunded/ETM)		2,330		2,600,233

	Principal Amount (000)		U.S. $ Value
5.00%, 1/01/32 (Pre-refunded/ETM)	$	1,000	$	1,115,980
Series 2015E
5.00%, 1/01/33-1/01/45		15,400		17,238,256
Series 2016A
5.00%, 1/01/33		6,500		7,367,490
Series 2017A
5.00%, 1/01/33-1/01/34		15,000		17,183,800
Series 2017B
5.00%, 1/01/32-1/01/33		13,540		15,724,093
Tobacco Settlement Financing Corp./NJ
Series 2018B
5.00%, 6/01/46		39,750		42,584,970
				287,804,865
New Mexico - 0.0%
New Mexico Hospital Equipment Loan Council (Gerald Champion Regional Medical Center)
Series 2012
5.50%, 7/01/42		1,060		1,139,288
New York - 7.3%
Build NYC Resource Corp. (Metropolitan College of New York)
Series 2014
5.25%, 11/01/34		2,000		2,091,840
City of New York NY
Series 2018E
5.00%, 3/01/37-3/01/38		17,500		20,172,475
City of Newburgh NY
Series 2012A
5.625%, 6/15/34		245		265,894
Dutchess County Local Development Corp. (Health QuestSystems Obligated Group)
Series 2016B
5.00%, 7/01/46		13,520		14,842,256
Hudson Yards Infrastructure Corp.
Series 2017A
5.00%, 2/15/34-2/15/36		28,140		32,278,119
Metropolitan Transportation Authority
Series 2013E
5.00%, 11/15/32		4,425		4,913,830
Series 2016A
5.00%, 11/15/32		3,440		3,904,194
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.)
Series 2014A
6.50%, 1/01/32 (a)		75		79,464
6.70%, 1/01/49 (a)		454		480,848
Series 2014B
5.50%, 7/01/20 (a)		232		235,509
Series 2014C
2.00%, 1/01/49 (a)(c)(d)(g)		514		87,341
New York City Municipal Water Finance Authority
Series 2017E
5.00%, 6/15/36		7,305		8,373,868

	Principal Amount (000)		U.S. $ Value
New York Liberty Development Corp. (7 World Trade Center II LLC)
Series 2012
5.00%, 3/15/44	$	100	$	107,591
New York Liberty Development Corp. (Goldman Sachs Headquarters LLC)
Series 2005
5.25%, 10/01/35		1,325		1,628,027
New York NY GO
Series 2013A-1
5.00%, 10/01/28 (f)		500		554,555
New York State Dormitory Authority (Orange Regional Medical Center Obligated Group)
Series 2017
5.00%, 12/01/30-12/01/34 (b)		4,200		4,681,496
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2015A
5.00%, 3/15/35		2,250		2,531,205
New York State Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.)
AMBAC Series 2001B
2.756%, 10/01/36 (l)		3,200		3,200,608
XLCA Series 2004A
2.686%, 1/01/39 (l)		4,100		4,101,476
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road)
Series 2012I
5.00%, 1/01/37		2,000		2,167,380
Series 2016A
5.00%, 1/01/41		3,800		4,234,910
New York Transportation Development Corp. (Delta Air Lines, Inc.)
Series 2018
5.00%, 1/01/27-1/01/29		51,325		58,386,664
New York Transportation Development Corp. (Laguardia Gateway Partners LLC)
Series 2016A
5.00%, 7/01/41-7/01/46		13,185		14,121,247
Orange County Funding Corp. (The Hamlet at Wallkill)
Series 2013
6.50%, 1/01/46 (a)		1,110		1,133,754
Port Authority of New York & New Jersey
Series 2012
5.00%, 10/01/34		3,900		4,222,140
Series 2013178
5.00%, 12/01/33		5,000		5,527,950
Triborough Bridge & Tunnel Authority
Series 2012B
5.00%, 11/15/28-11/15/29 (f)		1,950		2,178,701
Series 2017B
5.00%, 11/15/35		6,170		7,147,575

	Principal Amount (000)		U.S. $ Value
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz)
Series 2017
5.00%, 9/15/37 (a)	$	860	$	843,350
5.25%, 9/15/42-9/15/53 (a)		2,330		2,308,565
Westchester County Local Development Corp. (Kendal on Hudson)
Series 2013
5.00%, 1/01/34		3,840		4,107,610
Westchester County Local Development Corp. (Westchester County Health Care Corp. Obligated Group)
Series 2016
5.00%, 11/01/46		4,230		4,526,565
				215,437,007
North Carolina - 1.0%
County of New Hanover NC (New Hanover Regional Medical Center)
Series 2017
5.00%, 10/01/42-10/01/47		5,830		6,509,635
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.)
Series 2015
4.875%, 7/01/40 (a)		5,000		5,234,150
5.00%, 7/01/45 (a)		1,000		1,054,290
North Carolina Medical Care Commission (Mission Health System, Inc./NC)
Series 2017
5.00%, 10/01/30-10/01/36		10,025		10,400,051
North Carolina Medical Care Commission (Pennybyrn at Maryfield)
Series 2015
5.00%, 10/01/30 (a)		2,250		2,388,127
North Carolina Medical Care Commission (United Church Homes & Services Obligated Group)
Series 2015A
5.00%, 9/01/37 (a)		1,735		1,837,382
Series 2017
5.00%, 9/01/46 (a)		1,000		1,043,850
				28,467,485
North Dakota - 0.4%
County of Ward ND (Trinity Health Obligated Group)
Series 2017C
5.00%, 6/01/48-6/01/53		10,230		11,066,686
Ohio - 3.0%
American Municipal Power, Inc.
Series 2016A
5.00%, 2/15/41-2/15/46		10,000		11,045,940
Buckeye Tobacco Settlement Financing Authority
Series 2007A-2
5.875%, 6/01/47		21,875		22,063,125
Butler County Port Authority (StoryPoint Obligated Group)
Series 2017A-1
6.375%, 1/15/43 (a)(b)		675		708,433

	Principal Amount (000)		U.S. $ Value
City of Chillicothe/OH (Adena Health System Obligated Group)
Series 2017
5.00%, 12/01/37	$	7,500	$	8,263,050
County of Cuyahoga/OH (MetroHealth System (The))
Series 2017
5.00%, 2/15/42		6,490		6,892,639
5.25%, 2/15/47		12,860		13,839,160
County of Franklin/OH (First Community Village Obligated Group)
Series 2013
5.625%, 7/01/47 (a)		2,300		2,318,009
County of Hamilton/OH (Life Enriching Communities Obligated Group)
Series 2012
5.00%, 1/01/42		1,030		1,084,889
Dayton-Montgomery County Port Authority (StoryPoint Troy Project)
Series 20151
7.00%, 1/15/40 (a)		2,500		2,611,675
Ohio Air Quality Development Authority (FirstEnergy Generation LLC)
5.625%, 6/01/49 (a)		5,000		4,825,000
Series 2009D
4.25%, 8/01/29 (a)		4,840		4,670,600
Ohio Air Quality Development Authority (FirstEnergy Nuclear Generation LLC)
Series 2009A
4.375%, 6/01/33 (a)		7,480		7,218,200
Ohio Water Development Authority Water Pollution Control Loan Fund (FirstEnergy Nuclear Generation LLC)
Series 2016A
4.375%, 6/01/33 (a)		3,110		3,001,150
Toledo-Lucas County Port Authority (StoryPoint Obligated Group)
Series 2016
6.375%, 1/15/51 (a)(b)		1,000		1,044,060
				89,585,930
Oklahoma - 0.0%
Tulsa Airports Improvement Trust (American Airlines, Inc.)
Series 2013A
5.50%, 6/01/35 (a)		1,125		1,203,998
Oregon - 0.2%
Hospital Facilities Authority of Multnomah County Oregon (Mirabella at South Waterfront)
Series 2014A
5.00%, 10/01/19 (a)		280		285,199
State of Oregon
Series 2017L
5.00%, 8/01/34		4,170		4,880,735
				5,165,934

	Principal Amount (000)		U.S. $ Value
Pennsylvania - 7.1%
Allentown Neighborhood Improvement Zone Development Authority
Series 2017
5.00%, 5/01/42 (b)	$	2,270	$	2,444,699
Altoona Area School District BAM
5.00%, 12/01/45		1,600		1,771,360
Beaver County Industrial Development Authority (FirstEnergy Generation LLC)
Series 2016B
4.25%, 10/01/47 (a)		10,000		9,650,000
Beaver County Industrial Development Authority (FirstEnergy Nuclear Generation LLC)
Series 2016A
4.375%, 1/01/35 (a)		525		506,625
Bensalem Township School District
Series 2013
5.00%, 6/01/29		8,570		9,669,274
Berks County Industrial Development Authority (Highlands at Wyomissing (The))
Series 2018
5.00%, 5/15/48		1,000		1,080,990
Cheltenham Township School District
Series 2016B
5.00%, 2/15/39		1,780		1,981,425
City of Philadelphia PA
Series 2013A
5.00%, 7/15/21		1,200		1,298,400
Series 2017
5.00%, 8/01/29-8/01/31		12,110		13,776,738
AGM Series 2017A
5.00%, 8/01/33-8/01/34		13,000		14,597,340
City of Philadelphia PA Water & Wastewater Revenue
Series 2017A
5.00%, 10/01/35-10/01/36		5,105		5,837,173
Commonwealth Financing Authority State Lease
Series 2018
5.00%, 6/01/33		3,140		3,526,000
Commonwealth of Pennsylvania COP
Series 2018A
5.00%, 7/01/38		1,120		1,239,459
County of Lehigh PA (Lehigh Valley Health Network Obligated Group)
Series 2016A
4.00%, 7/01/35		10,000		10,121,700
Crawford County Hospital Authority (Meadville Medical Center Obligated Group)
Series 2016A
6.00%, 6/01/46-6/01/51 (a)		3,375		3,610,934

	Principal Amount (000)		U.S. $ Value
Cumberland County Municipal Authority (Asbury Pennsylvania Obligated Group)
Series 2010
6.125%, 1/01/45 (a)	$	180	$	186,406
Series 2012
5.25%, 1/01/41 (a)		1,000		1,027,590
Delaware River Joint Toll Bridge Commission
Series 2017
5.00%, 7/01/34-7/01/37		14,500		16,743,920
Montgomery County Higher Education & Health Authority (Philadelphia Presbytery Homes Obligated Group)
Series 2017
5.00%, 12/01/47		1,500		1,640,280
Montgomery County Higher Education & Health Authority (Thomas Jefferson University Obligated Group)
Series 2018
5.00%, 9/01/35		3,600		4,068,324
Montgomery County Industrial Development Authority/PA
Series 2010
6.50%, 12/01/25 (Pre-refunded/ETM)		200		229,828
Montgomery County Industrial Development Authority/PA (Whitemarsh Continuing Care Retirement Community)
Series 2015
5.00%, 1/01/30 (a)		1,040		1,053,614
5.25%, 1/01/40 (a)		4,740		4,770,526
Moon Industrial Development Authority (Baptist Home Society Obligated Group)
Series 2015
5.75%, 7/01/35 (a)		5,135		5,462,356
Northeastern Pennsylvania Hospital & Education Authority (Wilkes University)
Series 2012A
5.25%, 3/01/42		265		279,466
Series 2016A
5.00%, 3/01/37		1,400		1,499,232
Pennsylvania Economic Development Financing Authority (National Railroad Passenger Corp. (The))
Series 2012A
5.00%, 11/01/41		1,620		1,725,575
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP)
Series 2015
5.00%, 12/31/34		2,830		3,106,689
Pennsylvania Higher Educational Facilities Authority (Drexel University)
Series 2016
5.00%, 5/01/32		1,000		1,124,790
Series 2017
5.00%, 5/01/41		1,000		1,118,410

	Principal Amount (000)		U.S. $ Value
Pennsylvania Turnpike Commission
Series 2016
5.00%, 6/01/37	$	4,000	$	4,379,400
Series 2017B
5.00%, 6/01/35-6/01/36		12,850		14,224,934
Series 2018A
5.00%, 12/01/43		10,000		11,281,300
Philadelphia Authority for Industrial Development (Evangelical Services for the Aging Obligated Group)
Series 2017A
5.00%, 7/01/42		2,000		2,123,980
School District of Philadelphia (The)
Series 2015A
5.00%, 9/01/34-9/01/35		2,615		2,880,528
Series 2016F
5.00%, 9/01/33-9/01/36		4,000		4,444,320
Series 2018A
5.00%, 9/01/34-9/01/38		4,000		4,477,050
Series 2018B
5.00%, 9/01/43		3,000		3,320,250
Scranton-Lackawanna Health & Welfare Authority (Scranton Parking System Concession Project)
Series 2016A
5.00%, 1/01/51-1/01/57 (b)		12,110		11,783,780
Series 2016B
6.08%, 1/01/26 (b)		990		946,866
Series 2016C
Zero Coupon, 1/01/36 (b)		2,945		1,006,748
Series 2016D
Zero Coupon, 1/01/57 (b)		60,400		3,845,064
State Public School Building Authority (Harrisburg School District)
AGM Series 2016A
5.00%, 12/01/29-12/01/30		9,880		11,255,991
Union County Hospital Authority (Evangelical Community Hospital Obligated Group)
Series 2018
5.00%, 8/01/38-8/01/43		8,435		9,361,954
				210,481,288
Puerto Rico - 0.3%
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth (AES Puerto Rico LP)
Series 2000
6.625%, 6/01/26		9,335		8,868,250
Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth (Sistema Universitario Ana G Mendez Incorporado)
Series 2012
5.375%, 4/01/42		335		300,663
				9,168,913
Rhode Island - 0.2%
Rhode Island Health & Educational Building Corp.
Series 2011
8.375%, 1/01/46 (Pre-refunded/ETM)		3,150		3,632,958

	Principal Amount (000)		U.S. $ Value
Rhode Island Health & Educational Building Corp. (City of Woonsocket RI)
AGM Series 2017A
5.00%, 5/15/28-5/15/29	$	2,000	$	2,268,830
				5,901,788
South Carolina - 2.5%
South Carolina Jobs-Economic Development Authority (Lutheran Homes of South Carolina Obligated Group)
Series 2013
5.00%, 5/01/43 (a)		1,000		1,024,960
5.125%, 5/01/48 (a)		1,000		1,028,100
South Carolina Public Service Authority
Series 2013A
5.00%, 12/01/38		575		609,121
Series 2013B
5.00%, 12/01/38		810		858,065
Series 2014A
5.00%, 12/01/49		11,200		11,824,400
Series 2014B
5.00%, 12/01/38		1,160		1,232,755
Series 2014C
5.00%, 12/01/36-12/01/46		3,495		3,716,970
Series 2015A
5.00%, 12/01/50		5,000		5,317,500
Series 2016A
5.00%, 12/01/34-12/01/36		4,815		5,253,769
Series 2016B
5.00%, 12/01/37-12/01/56		38,780		41,855,900
				72,721,540
South Dakota - 1.3%
South Dakota Health & Educational Facilities Authority (Avera Health Obligated Group)
Series 2017
5.00%, 7/01/46		15,000		16,673,250
South Dakota Health & Educational Facilities Authority (Regional Health System Obligated Group/SD)
Series 2017
5.00%, 9/01/33-9/01/40		18,295		20,466,249
				37,139,499
Tennessee - 0.8%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax)
Series 2016A
5.00%, 12/01/35 (a)(b)		8,135		7,895,831
5.125%, 12/01/42 (a)(b)		4,000		3,856,040
Johnson City Health & Educational Facilities Board (Mountain States Health Alliance Obligated Group)
Series 2012
5.00%, 8/15/42		5,250		5,539,905

	Principal Amount (000)		U.S. $ Value
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Vanderbilt University Medical Center)
Series 2016
5.00%, 7/01/40	$	2,435	$	2,689,043
Series 2017A
5.00%, 7/01/48		2,335		2,572,960
Shelby County Health Educational & Housing Facilities Board (Village at Germantown, Inc.)
Series 2012
5.25%, 12/01/42 (a)		1,000		1,032,330
5.375%, 12/01/47 (a)		800		828,168
				24,414,277
Texas - 9.0%
Arlington Higher Education Finance Corp. (Harmony Public Schools)
Series 2016A
5.00%, 2/15/41-2/15/46		6,060		6,761,776
Arlington Higher Education Finance Corp. (Wayside Schools)
Series 2016A
4.625%, 8/15/46		2,450		2,455,807
Central Texas Regional Mobility Authority
Series 2013
5.00%, 1/01/42		3,500		3,736,495
Series 2016
5.00%, 1/01/33-1/01/46		7,855		8,625,840
Central Texas Turnpike System
Series 2015C
5.00%, 8/15/37		6,800		7,358,280
City of Houston TX (City of Houston TX Hotel Occupancy Tax)
Series 2015
5.00%, 9/01/30		1,965		2,193,471
City of Houston TX Airport System Revenue
XLCA Series 2002D
4.154%, 7/01/32 (l)		12,500		12,500,000
City of Houston TX Airport System Revenue (United Airlines, Inc.)
Series 2014
5.00%, 7/01/29		15,355		16,600,905
Series 2015B
5.00%, 7/15/30-7/15/35		2,960		3,197,614
Series 2018
5.00%, 7/15/28		22,975		25,645,154
City of San Antonio TX Electric & Gas Systems Revenue
Series 2017
5.00%, 2/01/33-2/01/35		9,295		10,703,824
Clifton Higher Education Finance Corp. (IDEA Public Schools)
Series 2012
5.00%, 8/15/42		530		557,841
Series 2013
6.00%, 8/15/43		1,000		1,112,550

	Principal Amount (000)		U.S. $ Value
Series 2016A
5.00%, 8/15/34-8/15/36	$	4,180	$	4,713,117
Dallas County Flood Control District No. 1
Series 2015
5.00%, 4/01/28 (a)(b)		1,150		1,197,932
Dallas/Fort Worth International Airport
Series 2012E
5.00%, 11/01/35		1,500		1,589,175
Decatur Hospital Authority (Wise Regional Health System)
Series 2014A
5.25%, 9/01/44		3,150		3,369,335
Grand Parkway Transportation Corp.
5.00%, 2/01/23		32,340		35,816,873
Irving Hospital Authority (Baylor Medical Center at Irving)
Series 2017A
5.00%, 10/15/44		7,305		7,898,897
Mission Economic Development Corp. (Natgasoline LLC)
Series 2016B
5.75%, 10/01/31 (b)		5,225		5,398,470
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Island Campus LLC)
Series 2017A
5.00%, 4/01/37		1,380		1,511,873
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.)
Series 2014
5.50%, 1/01/49 (a)		1,700		1,805,400
North East Texas Regional Mobility Authority
Series 2016
5.00%, 1/01/46		4,940		5,352,935
North Texas Education Finance Corp. (Uplift Education)
Series 2012A
5.125%, 12/01/42		280		294,319
North Texas Tollway Authority
Series 2014B
5.00%, 1/01/31		8,975		9,974,635
Series 2015A
5.00%, 1/01/35		7,000		7,793,870
Series 2015B
5.00%, 1/01/34		3,500		3,927,280
Series 2016A
5.00%, 1/01/39		4,000		4,480,160
Series 2017B
5.00%, 1/01/33-1/01/43		7,400		8,289,504
Red River Health Facilities Development Corp.
Series 2011A
8.00%, 11/15/46 (Pre-refunded/ETM) (a)		1,790		2,130,476
Red River Health Facilities Development Corp. (MRC Crossings Proj)
Series 2014A
7.75%, 11/15/44 (a)		1,315		1,507,095

	Principal Amount (000)		U.S. $ Value
Red River Health Facilities Development Corp. (Wichita Falls Retirement Foundation)
Series 2012
5.50%, 1/01/32	$	1,740	$	1,819,622
Sanger Industrial Development Corp. (Texas Pellets, Inc.)
Series 2012B
8.00%, 7/01/38 (a)(c)(d)(e)		2,180		523,200
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.)
Series 2007
5.50%, 11/15/22 (g)		200		193,736
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living, Inc.)
Series 2017A
6.625%, 11/15/37 (a)		2,500		2,768,900
Series 2017B-3
3.875%, 11/15/22 (a)		1,200		1,200,540
Tarrant County Cultural Education Facilities Finance Corp. (CC Young Memorial Home Obligated Group)
Series 2017A
6.375%, 2/15/41-2/15/48 (a)		8,465		9,280,197
Tarrant County Cultural Education Facilities Finance Corp. (Edgemere Retirement Senior Quality Lifestyles Corp.)
Series 2015B
5.00%, 11/15/30		4,000		4,237,440
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way)
Series 2009A
8.25%, 11/15/39-11/15/44 (a)(g)		5,025		4,947,837
Series 2009B
6.86%, 11/15/45 (a)(g)(m)		1,075		983,303
Tarrant County Cultural Education Facilities Finance Corp. (Trinity Terrace Project)
Series 2014A-1
5.00%, 10/01/44-10/01/49		5,350		5,675,394
Texas Municipal Gas Acquisition & Supply Corp. I (Bank of America Corp.)
Series 2008D
6.25%, 12/15/26		11,500		13,376,110
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group LLC)
Series 2016
5.00%, 12/31/40		1,255		1,359,052
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure Group LLC)
Series 2010
7.00%, 6/30/40		660		715,070

	Principal Amount (000)		U.S. $ Value
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC)
Series 2009
6.875%, 12/31/39	$	200	$	212,334
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC)
Series 2013
6.75%, 6/30/43		3,600		4,192,920
Travis County Health Facilities Development Corp.
Series 2012A
7.00%, 1/01/32 (Pre-refunded/ETM) (a)		1,200		1,344,612
7.125%, 1/01/46 (Pre-refunded/ETM) (a)		2,430		2,729,959
Uptown Development Authority
Series 2017A
5.00%, 9/01/35		1,015		1,125,848
Viridian Municipal Management District
Series 2011
9.00%, 12/01/37 (Pre-refunded/ETM) (a)		75		91,397
				265,278,374
Utah - 0.0%
Timber Lakes Water Special Service District
Series 2011
8.125%, 6/15/31 (a)		80		86,178
Utah Charter School Finance Authority (North Star Academy)
Series 2010A
7.00%, 7/15/45		100		105,444
				191,622
Vermont - 0.1%
Vermont Economic Development Authority (Casella Waste Systems, Inc.)
Series 2013
4.625%, 4/01/36 (b)		1,100		1,097,811
Vermont Economic Development Authority (Wake Robin Corp.)
Series 2012
5.40%, 5/01/33 (a)		200		211,568
Vermont Educational & Health Buildings Financing Agency (University of Vermont Health Network Obligated Group)
Series 2016A
5.00%, 12/01/34		1,500		1,676,835
				2,986,214
Virginia - 0.7%
Cherry Hill Community Development Authority (Potomac Shores Project)
Series 2015
5.15%, 3/01/35 (a)(b)		1,000		1,024,610
Chesapeake Bay Bridge & Tunnel District
Series 2016
5.00%, 7/01/46		1,000		1,110,170

	Principal Amount (000)		U.S. $ Value
Chesterfield County Economic Development Authority (Brandermill Woods)
Series 2012
5.125%, 1/01/43 (a)	$	1,030	$	1,060,962
Fairfax County Economic Development Authority (Vinson Hall LLC)
Series 2013A
5.00%, 12/01/47		1,955		2,068,116
Tobacco Settlement Financing Corp./VA
Series 2007B-1
5.00%, 6/01/47		7,490		7,489,775
Virginia College Bldg Auth (Virginia Lease 21st Century College Prog)
Series 2013A
5.00%, 2/01/28 (f)		550		620,626
Virginia College Building Authority (Marymount University)
Series 2015B
5.25%, 7/01/35 (b)		1,000		1,076,070
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC)
Series 2012
5.50%, 1/01/42		3,580		3,877,534
Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC)
Series 2017
5.00%, 12/31/52		2,250		2,457,742
				20,785,605
Washington - 1.6%
Kalispel Tribe of Indians
Series 2018A
5.25%, 1/01/38 (a)		750		767,303
King County Public Hospital District No. 4
Series 2015A
5.00%, 12/01/30 (a)		2,235		2,232,810
Port of Seattle WA
Series 2015C
5.00%, 4/01/33		5,035		5,564,833
Washington Health Care Facilities Authority (Overlake Hospital Medical Center Obligated Group)
Series 2017A
5.00%, 7/01/35-7/01/42		5,200		5,784,293
Series 2017B
5.00%, 7/01/34		1,855		2,087,561
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group)
Series 2017
5.00%, 8/15/33-8/15/37		18,005		19,871,261
Washington State Housing Finance Commission (Mirabella)
Series 2012A
6.75%, 10/01/47 (a)(b)		3,550		3,851,324

	Principal Amount (000)		U.S. $ Value
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group)
Series 2016A
5.00%, 1/01/31-1/01/46 (b)	$	2,790	$	2,995,369
Washington State Housing Finance Commission (Rockwood Retirement Communities)
Series 2014A
7.375%, 1/01/44 (a)(b)		3,215		3,711,300
				46,866,054
West Virginia - 0.1%
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group)
AGM Series 2004B
2.66%, 2/15/34 (l)		850		849,839
West Virginia Hospital Finance Authority (West Virginia United Health System, Inc.)
Series 2013A
5.50%, 6/01/44		2,100		2,306,598
				3,156,437
Wisconsin - 1.9%
University of Wisconsin Hospitals & Clinics
Series 2013A
5.00%, 4/01/38		4,155		4,529,116
Wisconsin Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group)
Series 2017
5.00%, 8/15/52		20,345		22,327,620
Wisconsin Public Finance Authority (American Dream at Meadowlands Project)
Series 2017
7.00%, 12/01/50 (a)(b)		4,985		5,716,748
Wisconsin Public Finance Authority (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group)
Series 2016
5.125%, 6/01/48 (a)(b)		3,335		3,409,204
Wisconsin Public Finance Authority (Celanese US Holdings LLC)
Series 2016C
4.30%, 11/01/30		2,060		2,132,656
Series 2016D
4.05%, 11/01/30		720		730,980
Wisconsin Public Finance Authority (Gannon University)
Series 2017
5.00%, 5/01/42-5/01/47		2,650		2,831,482
Wisconsin Public Finance Authority (Mary’s Woods at Marylhurst, Inc.)
Series 2017A
5.25%, 5/15/37-5/15/47 (b)		3,225		3,511,544

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Million Air Two LLC Obligated Group)
Series 2017B
7.125%, 6/01/41 (a)(b)	$	7,885	$	7,999,727
Wisconsin Public Finance Authority (Pine Lake Preparatory, Inc.)
Series 2015
5.25%, 3/01/35 (b)		1,550		1,595,059
Wisconsin Public Finance Authority (Rose Villa)
Series 2014A
5.75%, 11/15/44 (a)(b)		1,000		1,072,800
Wisconsin Public Finance Authority (Seabury Retirement Community)
Series 2015A
5.00%, 9/01/30 (b)		545		570,844
				56,427,780
Total Municipal Obligations (cost $2,835,435,371)				2,869,710,466
	Shares
SHORT-TERM INVESTMENTS - 1.7%
Investment Companies - 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.74% (n)(o)(p) (cost $46,644,660)		46,644,660		46,644,660
	Principal Amount (000)
Corporates - Investment Grade - 0.1%
Industrial - 0.1%
Texas Pellets, Inc./German Pellets Texas LLC 8.00%, 9/30/18 (a)(h)(i) (cost $4,965,000)	$	4,965		4,965,000
Total Short-Term Investments (cost $51,609,660)				51,609,660
Total Investments - 99.1% (cost $2,887,045,031) (q)				2,921,320,126
Other assets less liabilities - 0.9%				25,553,067
Net Assets - 100.0%			$	2,946,873,193

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 75,000		5/01/23		3 Month LIBOR			3.033	%	Quarterly/Semi-Annual	$	(106,935	)	$	– 0	–	$	(106,935	)
USD 50,000		5/01/23		3 Month LIBOR			3.048	%	Quarterly/Semi-Annual		(43,515	)		– 0	–		(43,515	)
USD 57,000		4/03/28		3.014	%		3 Month LIBOR		Semi-Annual/Quarterly		410,447			(509,066	)		919,513
USD 57,000		4/03/28		3 Month LIBOR			3.014	%	Quarterly/Semi-Annual		(410,446	)		– 0	–		(410,446	)
USD 42,500		4/01/33		3 Month LIBOR			3.071	%	Quarterly/Semi-Annual		(321,646	)		– 0	–		(321,646	)
USD 22,000		4/01/33		3.071	%		3 Month LIBOR		Semi-Annual/Quarterly		166,499			420,041			(253,542	)
										$	(305,596	)	$	(89,025	)	$	(216,571	)

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

(b) 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 July 31, 2018, the aggregate market value of these securities amounted to $141,460,498 or 4.8% of net assets.

(c) Non-income producing security.

(d) Defaulted.

(e) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
California School Finance Authority (Tri-Valley Learning Corp.)
Series 2012A
7.00%, 6/01/47		9/07/12	$	730,000	$	543,850		0.02	%
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.)
Series 2013B
10.50%, 7/01/39		11/22/13		1,973,785		28		0.00	%
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.)
Series 2014A
7.50%, 7/01/23		7/31/14		868,863		13		0.00	%
Sanger Industrial Development Corp. (Texas Pellets, Inc.)
Series 2012B
8.00%, 7/01/38		5/08/13		2,236,597		523,200		0.02	%

(f) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

(g) Illiquid security.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.55% of net assets as of July 31, 2018, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Michigan Strategic Fund (Detroit Renewable Energy Obligated Group)
Series 2016
9.00%, 12/01/25		5/26/16	$	8,337,589	$	9,059,700		0.31	%
Michigan Strategic Fund (Detroit Renewable Energy Obligated Group)
Series 2013
8.50%, 12/01/30		7/24/13		2,065,712		2,166,450		0.07	%
Texas Pellets, Inc./German Pellets Texas LLC
8.00%, 9/30/18		1/12/18		2,205,000		2,205,000		0.07	%
Texas Pellets, Inc./German Pellets Texas LLC
8.00%, 9/30/18		4/24/17		900,000		900,000		0.03	%
Texas Pellets, Inc./German Pellets Texas LLC
8.00%, 9/30/18		6/15/16		865,000		865,000		0.03	%
Texas Pellets, Inc./German Pellets Texas LLC
8.00%, 9/30/18		11/17/17		550,000		550,000		0.02	%
Texas Pellets, Inc./German Pellets Texas LLC
8.00%, 9/30/18		7/13/17		445,000		445,000		0.02	%

(i) Fair valued by the Adviser.

(j) Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until final maturity.

(k) When-Issued or delayed delivery security.

(l) An auction rate security whose interest rate resets at each auction date. Auctions are typically held every week or month. The rate shown is as of July 31, 2018 and the aggregate market value of these securities amounted to $25,881,923 or 0.88% of net assets.

(m) Variable rate coupon, rate shown as of July 31, 2018.

(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.

(q) As of July 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $59,672,229 and gross unrealized depreciation of investments was $(25,613,705), resulting in net unrealized appreciation of $34,058,524.

As of July 31, 2018, 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 2.4% and 0.0%, respectively.

Glossary:

AGM	-	Assured Guaranty Municipal
AMBAC	-	Ambac Assurance Corporation
BAM	-	Build American Mutual
COP	-	Certificate of Participation
ETM	-	Escrowed to Maturity
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rates
NATL	-	National Interstate Corporation
SD	-	School District
XLCA	-	XL Capital Assurance Inc.

AB Municipal Income Shares

July 31, 2018 (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.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	– 0	–	$	2,597,758,241		$	271,952,225		$	2,869,710,466
Short-Term Investments:
Investment Companies		46,644,660			– 0	–		– 0	–		46,644,660
Corporates - Investment Grade		– 0	–		– 0	–		4,965,000			4,965,000
Total Investments in Securities		46,644,660			2,597,758,241			276,917,225			2,921,320,126
Other Financial Instruments (a):
Assets:
Centrally Cleared Interest Rate Swaps		– 0	–		576,946			– 0	–		576,946
Liabilities:
Centrally Cleared Interest Rate Swaps		– 0	–		(882,542	)		– 0	–		(882,542	)
Total (b)	$	46,644,660		$	2,597,452,645		$	276,917,225		$	2,921,014,530

(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.

(b) There were no transfers between Level 1 and Level 2 during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Long-Term Municipal Bonds			Corporates - Investment Grade			Total
Balance as of 4/30/18	$	233,327,052		$	4,965,000		$	238,292,052
Accrued discounts/(premiums)		210,525			– 0	–		210,525
Realized gain (loss)		(1,514,994	)		– 0	–		(1,514,994	)
Change in unrealized appreciation/depreciation		3,912,610			– 0	–		3,912,610
Purchases		30,291,794			– 0	–		30,291,794
Sales		(7,046,640	)		– 0	–		(7,046,640	)
Transfers in to Level 3		14,812,800			– 0	–		14,812,800
Transfers out of Level 3		(2,040,922	)		– 0	–		(2,040,922	)
Balance as of 7/31/18	$	271,952,225		$	4,965,000		$	276,917,225	(a)
Net change in unrealized appreciation/depreciation from investments held as of 7/31/18	$	2,509,443		$	– 0	–	$	2,509,443

(a) There were de minimis transfers under 1% of net assets during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at July 31, 2018.

Securities priced by third party vendors are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 7/31/18		Valuation Technique	Unobservable Input	Input
Long-Term Municipal Bonds	$	11,226,150	Market Approach	Mandatory Tender Level	$	101.00 / N/A
Corporates—Investment Grade	$	4,965,000	Market Approach	Par Value	$	100.00 / N/A

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in discount rates, level yield, cumulative loss and delinquency rate in solation would be expected to result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in appraisal value and EBITDA projections/multiples in insolation would be expected to result in a significant higher (lower) fair value measurement.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

A summary of the Fund’s transactions in AB mutual funds for the three months ended July 31, 2018 is as follows:

Fund	Market Value 4/30/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 7/31/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	30,264	$	209,002	$	192,621	$	46,645	$	119

AB Taxable Multi-Sector Income Shares

Portfolio of Investments

July 31, 2018 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE - 72.8%
Industrial - 38.1%
Basic - 1.6%
Dow Chemical Co. (The)
4.25%, 11/15/20	$	7	$	7,133
8.55%, 5/15/19		475		495,301
Glencore Finance Canada Ltd.
4.95%, 11/15/21 (a)		505		519,438
Glencore Funding LLC
3.00%, 10/27/22 (a)		225		214,763
Packaging Corp. of America
2.45%, 12/15/20		1,010		991,163
				2,227,798
Capital Goods - 5.3%
Caterpillar Financial Services Corp.
1.90%, 3/22/19		115		114,527
2.10%, 1/10/20		435		430,333
Series G
1.85%, 9/04/20		315		307,434
Emerson Electric Co.
5.00%, 4/15/19		504		512,986
General Dynamics Corp.
3.00%, 5/11/21		1,000		995,620
General Electric Co.
Series G
6.00%, 8/07/19		470		484,462
Ingersoll-Rand Global Holding Co., Ltd.
2.90%, 2/21/21		1,015		1,004,404
John Deere Capital Corp.
1.25%, 10/09/19		435		426,909
1.95%, 6/22/20		100		98,112
2.457% (LIBOR 3 Month + 0.12%), 7/05/19 (b)		465		465,330
Northrop Grumman Corp.
2.08%, 10/15/20		1,000		975,900
Rockwell Collins, Inc.
1.95%, 7/15/19		830		823,011
United Technologies Corp.
1.50%, 11/01/19		525		516,201
4.50%, 4/15/20		300		306,945
				7,462,174
Communications - Media - 0.6%
21st Century Fox America, Inc.
4.50%, 2/15/21		105		107,859
Comcast Corp.
5.15%, 3/01/20		78		80,462
5.70%, 7/01/19		502		515,278
RELX Capital, Inc.
8.625%, 1/15/19		25		25,627
Time Warner Cable LLC
4.00%, 9/01/21		5		5,022
8.75%, 2/14/19		40		41,192
				775,440

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications - 1.0%
AT&T, Inc.
2.45%, 6/30/20	$	290	$	286,100
5.80%, 2/15/19		515		523,158
Deutsche Telekom International Finance BV
1.50%, 9/19/19 (a)		560		550,239
Telefonica Emisiones SAU
5.462%, 2/16/21		45		47,125
				1,406,622
Consumer Cyclical - Automotive - 5.0%
American Honda Finance Corp.
1.20%, 7/12/19		410		404,531
7.625%, 10/01/18 (a)		150		151,291
BMW US Capital LLC
1.45%, 9/13/19 (a)		190		186,863
1.50%, 4/11/19 (a)		375		371,537
Daimler Finance North America LLC
2.45%, 5/18/20 (a)		1,000		984,910
Ford Motor Credit Co. LLC
2.425%, 6/12/20		400		392,240
3.336%, 3/18/21		325		321,561
5.875%, 8/02/21		210		221,359
General Motors Co.
3.163% (LIBOR 3 Month + 0.80%), 8/07/20 (b)		125		125,534
General Motors Financial Co., Inc.
2.40%, 5/09/19		315		313,932
2.45%, 11/06/20		220		214,799
3.10%, 1/15/19		270		270,540
3.15%, 1/15/20		100		99,826
Harley-Davidson Financial Services, Inc.
3.55%, 5/21/21 (a)		1,025		1,024,416
Nissan Motor Acceptance Corp.
1.55%, 9/13/19 (a)		560		550,144
2.15%, 9/28/20 (a)		455		442,324
Toyota Motor Credit Corp.
1.70%, 1/09/19		550		547,954
Series G
2.20%, 1/10/20		500		494,575
				7,118,336
Consumer Cyclical - Other - 0.7%
DR Horton, Inc.
2.55%, 12/01/20		1,000		979,480
Consumer Cyclical - Restaurants - 0.5%
McDonald’s Corp.
2.10%, 12/07/18		285		284,635
Starbucks Corp.
2.20%, 11/22/20		477		466,635
				751,270

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers - 0.7%
Walmart, Inc.
3.125%, 6/23/21	$	1,015	$	1,017,781
Consumer Non-Cyclical - 11.7%
AbbVie, Inc.
2.50%, 5/14/20		17		16,806
Allergan Funding SCS
2.45%, 6/15/19		210		209,047
3.00%, 3/12/20		610		607,487
Altria Group, Inc.
2.625%, 1/14/20		120		119,338
Amgen, Inc.
5.70%, 2/01/19		790		801,289
Anheuser-Busch InBev Finance, Inc.
2.65%, 2/01/21		579		571,589
Baxalta, Inc.
3.60%, 6/23/22		75		74,242
Becton Dickinson and Co.
2.133%, 6/06/19		100		99,255
2.675%, 12/15/19		783		777,903
Biogen, Inc.
3.625%, 9/15/22		54		54,131
Bunge Ltd. Finance Corp.
8.50%, 6/15/19		1		1,046
Celgene Corp.
2.875%, 2/19/21		480		473,472
Conagra Brands, Inc.
2.839% (LIBOR 3 Month + 0.50%), 10/09/20 (b)		1,000		997,490
Constellation Brands, Inc.
2.00%, 11/07/19		1,055		1,041,011
CVS Health Corp.
3.35%, 3/09/21		753		752,571
Gilead Sciences, Inc.
2.55%, 9/01/20		1,000		989,300
Kellogg Co.
3.25%, 5/14/21		1,000		998,700
Kraft Heinz Foods Co.
2.80%, 7/02/20		95		94,254
Kroger Co. (The)
2.00%, 1/15/19		385		383,702
6.15%, 1/15/20		150		156,193
Laboratory Corp. of America Holdings
2.625%, 2/01/20		430		426,315
Medtronic, Inc.
3.15%, 3/15/22		100		99,492
Molson Coors Brewing Co.
1.45%, 7/15/19		456		450,049
2.25%, 3/15/20		375		369,105
Mylan NV
2.50%, 6/07/19		366		364,752
PepsiCo, Inc.
2.00%, 4/15/21		1,000		972,880
Philip Morris International, Inc.
1.875%, 11/01/19		1,055		1,041,760
Reynolds American, Inc.
4.00%, 6/12/22		100		100,830
6.875%, 5/01/20		1,000		1,059,870

	Principal Amount (000)		U.S. $ Value
Stryker Corp.
2.00%, 3/08/19	$	560	$	557,486
Tyson Foods, Inc.
2.25%, 8/23/21		210		202,350
2.65%, 8/15/19		158		157,336
2.871% (LIBOR 3 Month + 0.55%), 6/02/20 (b)		475		475,589
4.50%, 6/15/22		30		31,000
Zimmer Biomet Holdings, Inc.
3.076% (LIBOR 3 Month + 0.75%), 3/19/21 (b)		1,055		1,058,270
				16,585,910
Energy - 4.2%
BP Capital Markets PLC
1.676%, 5/03/19		565		560,859
1.768%, 9/19/19		350		345,439
Energy Transfer Partners LP
4.65%, 6/01/21		10		10,238
Enterprise Products Operating LLC
2.85%, 4/15/21		410		404,986
5.20%, 9/01/20		55		57,175
Kinder Morgan Energy Partners LP
2.65%, 2/01/19		385		384,476
3.95%, 9/01/22		99		99,445
4.15%, 3/01/22		37		37,502
5.30%, 9/15/20		5		5,188
Kinder Morgan, Inc./DE
3.05%, 12/01/19		435		434,722
Marathon Petroleum Corp.
5.125%, 3/01/21		48		49,911
ONEOK, Inc.
4.25%, 2/01/22		92		93,431
Phillips 66
4.30%, 4/01/22		90		92,610
Schlumberger Finance Canada Ltd.
2.20%, 11/20/20 (a)		1,000		974,470
Schlumberger Holdings Corp.
3.00%, 12/21/20 (a)		85		84,310
Shell International Finance BV
1.375%, 9/12/19		560		551,124
TransCanada PipeLines Ltd.
9.875%, 1/01/21		1,000		1,147,430
Williams Partners LP
4.125%, 11/15/20		574		581,284
				5,914,600
Services - 0.6%
eBay, Inc.
2.15%, 6/05/20		830		815,101
Technology - 4.4%
Analog Devices, Inc.
2.95%, 1/12/21		1,055		1,044,302
Baidu, Inc.
2.875%, 7/06/22		375		360,817

	Principal Amount (000)		U.S. $ Value
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20%, 1/15/21	$	200	$	193,180
2.375%, 1/15/20		795		784,681
Cisco Systems, Inc.
1.60%, 2/28/19		450		447,772
Hewlett Packard Enterprise Co.
2.10%, 10/04/19 (a)		605		598,176
3.60%, 10/15/20		75		75,438
Honeywell International, Inc.
2.379% (LIBOR 3 Month + 0.04%), 10/30/19 (b)		1,035		1,034,876
HP, Inc.
3.75%, 12/01/20		8		8,068
IBM Credit LLC
1.625%, 9/06/19		350		345,779
International Business Machines Corp.
1.80%, 5/17/19		100		99,373
Lam Research Corp.
2.80%, 6/15/21		483		474,746
VMware, Inc.
2.30%, 8/21/20		800		782,200
				6,249,408
Transportation - Railroads - 0.7%
Union Pacific Corp.
3.20%, 6/08/21		1,040		1,039,293
Transportation - Services - 1.1%
Ryder System, Inc.
3.45%, 11/15/21		500		498,355
3.50%, 6/01/21		100		100,098
United Parcel Service, Inc.
2.05%, 4/01/21		1,050		1,023,046
				1,621,499
				53,964,712
Financial Institutions - 29.0%
Banking - 22.5%
ABN AMRO Bank NV
1.80%, 9/20/19 (a)		495		488,308
American Express Co.
2.20%, 10/30/20		200		195,754
American Express Credit Corp.
2.375%, 5/26/20		1,500		1,479,435
Bank of America Corp.
2.985% (LIBOR 3 Month + 0.65%), 6/25/22 (b)		785		785,589
5.00%, 5/13/21		30		31,312
5.875%, 1/05/21		40		42,292
Series G
2.369%, 7/21/21		500		490,365
Bank of Nova Scotia (The)
4.375%, 1/13/21		1,000		1,024,260
BB&T Corp.
2.15%, 2/01/21		200		194,798
3.20%, 9/03/21		830		824,937

	Principal Amount (000)		U.S. $ Value
BNP Paribas SA
2.375%, 5/21/20	$	1,000	$	984,500
BPCE SA
2.65%, 2/03/21		1,000		979,310
Canadian Imperial Bank of Commerce
2.10%, 10/05/20		1,000		975,000
Capital One Financial Corp.
2.40%, 10/30/20		220		215,046
2.45%, 4/24/19		140		139,728
2.50%, 5/12/20		230		226,824
4.75%, 7/15/21		20		20,636
Capital One NA
1.85%, 9/13/19		425		419,556
Citibank NA
2.125%, 10/20/20		300		292,194
3.40%, 7/23/21		1,115		1,115,212
Commonwealth Bank of Australia
2.25%, 3/10/20 (a)		1,000		985,240
Danske Bank A/S
2.80%, 3/10/21 (a)		1,070		1,050,044
Discover Bank
3.10%, 6/04/20		255		253,807
Fifth Third Bancorp
3.50%, 3/15/22		53		52,899
Fifth Third Bank/Cincinnati OH
2.20%, 10/30/20		1,750		1,710,817
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/21		48		46,300
2.60%, 4/23/20		200		197,972
2.625%, 1/31/19		465		465,037
5.75%, 1/24/22		195		208,459
Series D
6.00%, 6/15/20		40		41,938
Series G
7.50%, 2/15/19		350		358,893
HSBC Bank USA NA
4.875%, 8/24/20		1,000		1,028,910
HSBC Holdings PLC
4.00%, 3/30/22		150		152,451
5.10%, 4/05/21		65		67,746
JPMorgan Chase & Co.
2.20%, 10/22/19		250		248,043
4.40%, 7/22/20		365		373,242
4.50%, 1/24/22		95		98,117
6.30%, 4/23/19		535		548,707
KeyBank NA/Cleveland OH
3.35%, 6/15/21		1,020		1,019,531
Lloyds Banking Group PLC
3.10%, 7/06/21		585		577,401
Manufacturers & Traders Trust Co.
2.05%, 8/17/20		355		346,782
2.30%, 1/30/19		475		474,192
Mitsubishi UFJ Financial Group, Inc.
2.95%, 3/01/21		215		212,039
3.535%, 7/26/21		850		851,207
Mizuho Financial Group, Inc.
2.632%, 4/12/21 (a)		220		214,663

	Principal Amount (000)		U.S. $ Value
Morgan Stanley
5.625%, 9/23/19	$	350	$	360,199
Series G
2.45%, 2/01/19		900		898,902
5.50%, 7/28/21		102		107,873
PNC Bank NA
1.95%, 3/04/19		580		577,686
2.30%, 6/01/20		250		246,208
2.45%, 11/05/20		250		245,575
PNC Financial Services Group, Inc. (The)
5.125%, 2/08/20		30		30,893
Royal Bank of Canada
2.15%, 10/26/20		1,025		1,002,409
Santander UK PLC
3.40%, 6/01/21		1,025		1,023,790
Synchrony Bank
3.65%, 5/24/21		1,025		1,014,760
Toronto-Dominion Bank (The)
3.25%, 6/11/21		1,040		1,038,981
US Bank NA/Cincinnati OH
2.05%, 10/23/20		440		429,594
3.15%, 4/26/21		550		549,109
Wells Fargo Bank NA
2.60%, 1/15/21		325		319,403
3.325%, 7/23/21		1,185		1,185,984
Westpac Banking Corp.
2.15%, 3/06/20		388		381,994
				31,922,853
Finance - 1.5%
AIG Global Funding
2.15%, 7/02/20 (a)		560		547,881
3.35%, 6/25/21 (a)		600		598,728
Air Lease Corp.
2.50%, 3/01/21		1,015		988,184
				2,134,793
Insurance - 3.5%
Anthem, Inc.
2.50%, 11/21/20		1,070		1,053,811
Berkshire Hathaway Finance Corp.
1.70%, 3/15/19		360		358,441
Hartford Financial Services Group, Inc. (The)
5.50%, 3/30/20		3		3,107
Metropolitan Life Global Funding I
1.75%, 9/19/19 (a)		365		360,113
2.05%, 6/12/20 (a)		520		508,622
New York Life Global Funding
1.95%, 9/28/20 (a)		1,000		973,070
Pricoa Global Funding I
1.45%, 9/13/19 (a)		560		550,867
Prudential Financial, Inc.
4.50%, 11/15/20		85		87,312
Reliance Standard Life Global Funding II
2.50%, 4/24/19 (a)		105		104,606

	Principal Amount (000)		U.S. $ Value
UnitedHealth Group, Inc.
1.95%, 10/15/20	$	465	$	454,286
3.15%, 6/15/21		555		554,700
				5,008,935
REITS - 1.5%
American Tower Corp.
2.80%, 6/01/20		440		435,481
3.40%, 2/15/19		1,000		1,002,960
Healthcare Trust of America Holdings LP
2.95%, 7/01/22		110		106,239
Simon Property Group LP
2.50%, 9/01/20		560		552,177
				2,096,857
				41,163,438
Utility - 5.7%
Electric - 5.7%
American Electric Power Co., Inc.
2.15%, 11/13/20		1,050		1,023,414
Berkshire Hathaway Energy Co.
2.375%, 1/15/21		650		634,894
Dominion Energy, Inc.
Series A
1.875%, 1/15/19		105		104,562
Series B
1.60%, 8/15/19		565		556,938
Duke Energy Florida LLC
2.10%, 12/15/19		750		745,928
Edison International
2.125%, 4/15/20		555		543,895
Entergy Corp.
4.00%, 7/15/22		78		78,795
Exelon Corp.
2.45%, 4/15/21		548		532,705
2.85%, 6/15/20		145		143,689
Exelon Generation Co. LLC
2.95%, 1/15/20		604		601,270
National Rural Utilities Cooperative Finance Corp.
1.65%, 2/08/19		560		556,634
2.90%, 3/15/21		453		449,154
NextEra Energy Capital Holdings, Inc.
2.80%, 1/15/23		600		578,532
Pinnacle West Capital Corp.
2.25%, 11/30/20		1,000		973,870
Southern Co. (The)
1.85%, 7/01/19		520		516,048
TECO Finance, Inc.
5.15%, 3/15/20		10		10,251
				8,050,579
Total Corporates - Investment Grade (cost $104,350,581)				103,178,729

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES - 14.4%
Autos - Fixed Rate - 8.6%
Ally Auto Receivables Trust
Series 2015-2, Class A3
1.49%, 11/15/19	$	13	$	12,510
Series 2016-2, Class A4
1.60%, 1/15/21		1,000		989,948
Americredit Automobile Receivables Trust
Series 2016-4, Class A2A
1.34%, 4/08/20		6		6,240
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A2A
1.69%, 12/18/20		630		627,341
Avis Budget Rental Car Funding AESOP LLC
Series 2013-2A, Class A
2.97%, 2/20/20 (a)		185		185,057
CarMax Auto Owner Trust
Series 2017-4, Class A3
2.11%, 10/17/22		1,350		1,328,857
Drive Auto Receivables Trust
Series 2017-3, Class A3
1.85%, 4/15/20		1,085		1,084,069
DT Auto Owner Trust
Series 2017-3A, Class A
1.73%, 8/17/20 (a)		12		11,582
Exeter Automobile Receivables Trust
Series 2016-3A, Class A
1.84%, 11/16/20 (a)		4		3,721
Series 2017-2A, Class A
2.11%, 6/15/21 (a)		16		16,196
Fifth Third Auto Trust
Series 2017-1, Class A2A
1.59%, 4/15/20		237		236,630
Flagship Credit Auto Trust
Series 2016-4, Class A2
1.96%, 2/16/21 (a)		99		98,880
Ford Credit Auto Owner Trust
Series 2014-2, Class A
2.31%, 4/15/26 (a)		268		265,804
Ford Credit Floorplan Master Owner Trust
Series 2015-2, Class A1
1.98%, 1/15/22		94		92,662
Series 2017-1, Class A1
2.07%, 5/15/22		175		171,905
Series 2017-2, Class A1
2.16%, 9/15/22		1,000		981,533
GM Financial Automobile Leasing Trust
Series 2017-3, Class A3
2.01%, 11/20/20		1,000		988,352
GM Financial Consumer Automobile Receivables Trust
Series 2017-3A, Class A3
1.97%, 5/16/22 (a)		1,350		1,327,316
GMF Floorplan Owner Revolving Trust
Series 2016-1, Class A1
1.96%, 5/17/21 (a)		100		99,326
Harley-Davidson Motorcycle Trust
Series 2015-1, Class A3
1.41%, 6/15/20		11		11,061

	Principal Amount (000)		U.S. $ Value
Hertz Vehicle Financing II LP
Series 2016-1A, Class A
2.32%, 3/25/20 (a)	$	1,100	$	1,095,459
Hertz Vehicle Financing LLC
Series 2013-1A, Class A2
1.83%, 8/25/19 (a)		27		26,651
Honda Auto Receivables Owner Trust
Series 2017-3, Class A4
1.98%, 11/20/23		400		390,294
Nissan Auto Lease Trust
Series 2017-B, Class A2A
1.83%, 12/16/19		1,147		1,141,312
USAA Auto Owner Trust
Series 2017-1, Class A4
1.88%, 9/15/22		1,000		980,686
				12,173,392
Credit Cards - Fixed Rate - 3.4%
Cabela’s Credit Card Master Note Trust
Series 2013-1A, Class A
2.71%, 2/17/26 (a)		120		116,512
Chase Issuance Trust
Series 2014-A2, Class A2
2.77%, 3/15/23		105		104,311
GE Capital Credit Card Master Note Trust
Series 2012-2, Class A
2.22%, 1/15/22		120		119,768
Synchrony Credit Card Master Note Trust
Series 2016-1, Class A
2.04%, 3/15/22		2,084		2,076,027
World Financial Network Credit Card Master Trust
Series 2017-B, Class A
1.98%, 6/15/23		1,000		990,571
Series 2017-C, Class A
2.31%, 8/15/24		1,400		1,374,234
				4,781,423
Other ABS - Fixed Rate - 2.4%
CNH Equipment Trust
Series 2015-A, Class A4
1.85%, 4/15/21		619		616,005
SBA Tower Trust
Series 2015-1A,Class C
3.156%, 10/08/20 (a)(c)		67		66,497
SoFi Consumer Loan Program LLC
Series 2016-3, Class A
3.05%, 12/26/25 (a)(c)		101		101,089
Series 2017-2, Class A
3.28%, 2/25/26 (a)(c)		497		496,522
Series 2017-5, Class A2
2.78%, 9/25/26 (a)(c)		1,000		982,741

	Principal Amount (000)		U.S. $ Value
Verizon Owner Trust
Series 2017-3A, Class A1A
2.06%, 4/20/22 (a)(c)	$	1,260	$	1,238,438
				3,501,292
Total Asset-Backed Securities (cost $20,687,440)				20,456,107
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%
Non-Agency Floating Rate CMBS - 2.4%
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
3.072% (LIBOR 1 Month + 1.00%), 11/15/33 (a)(b)(c)		1,000		1,012,049
BX Trust
Series 2017-IMC, Class A
3.122% (LIBOR 1 Month + 1.05%), 10/15/32 (a)(b)		1,000		1,001,241
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-SGP, Class A
3.772% (LIBOR 1 Month + 1.70%), 7/15/36 (a)(b)		235		235,562
Starwood Retail Property Trust
Series 2014-STAR, Class A
3.292% (LIBOR 1 Month + 1.22%), 11/15/27 (a)(b)		1,010		1,011,110
Waldorf Astoria Boca Raton Trust
Series 2016-BOCA, Class A
3.422% (LIBOR 1 Month + 1.35%), 6/15/29 (a)(b)		128		128,038
				3,388,000
Non-Agency Fixed Rate CMBS - 1.9%
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class A2
2.962%, 11/10/46		339		339,288
Series 2015-GC29, Class A2
2.674%, 4/10/48		975		967,869
Commercial Mortgage Trust
Series 2014-LC15, Class A2
2.84%, 4/10/47		440		439,557
GS Mortgage Securities Trust
Series 2013-G1, Class A1
2.059%, 4/10/31 (a)		552		537,020
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-C13, Class A2
2.665%, 1/15/46		98		98,150
Series 2013-C16, Class A2
3.07%, 12/15/46		135		134,850
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 3/10/49 (a)		100		96,384

	Principal Amount (000)		U.S. $ Value
WF-RBS Commercial Mortgage Trust
Series 2013-C16, Class A2
3.223%, 9/15/46	$	116	$	115,985
				2,729,103
Agency CMBS - 0.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
Series K021, Class A1
1.603%, 1/25/22		100		97,821
Series K025, Class A1
1.875%, 4/25/22		152		149,241
				247,062
Total Commercial Mortgage-Backed Securities (cost $6,424,964)				6,364,165
GOVERNMENTS - TREASURIES - 3.9%
United States - 3.9%
U.S. Treasury Notes
2.375%, 4/30/20
(cost $5,484,512)		5,500		5,474,219
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 1.0%
United States - 1.0%
County of Tulare CA
2.691%, 6/01/19		500		499,550
Regional Transportation Authority
Series 2018A
3.013%, 5/29/20		1,000		999,470
Total Local Governments - US Municipal Bonds (cost $1,500,000)				1,499,020
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.8%
Risk Share Floating Rate - 0.5%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2016-C02, Class 1M1
4.214% (LIBOR 1 Month + 2.15%), 9/25/28 (b)		356		357,563
Series 2016-C03, Class 1M1
4.064% (LIBOR 1 Month + 2.00%), 10/25/28 (b)		322		325,658
				683,221
Agency Fixed Rate - 0.3%
Federal Home Loan Mortgage Corp. REMICs
Series 4029, Class LD
1.75%, 1/15/27		373		357,025

	Principal Amount (000)		U.S. $ Value
Series 4459, Class CA
5.00%, 12/15/34	$	107	$	111,296
				468,321
Total Collateralized Mortgage Obligations (cost $1,164,896)				1,151,542
	Shares
SHORT-TERM INVESTMENTS - 1.9%
Investment Companies - 1.9%
AB Fixed Income Shares, Inc. - Government
Money Market Portfolio - Class AB, 1.74% (d)(e)(f) (cost $2,678,677)		2,678,677		2,678,677
Total Investments - 99.3% (cost $142,291,070) (g)				140,802,459
Other assets less liabilities - 0.7%				937,587
Net Assets - 100.0%			$	141,740,046

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	Unrealized Appreciation/ (Depreciation)
USD	14,000		3/15/20		3 Month LIBOR		2.588%	Quarterly/Semi-Annual	$	38,605
USD	6,270		6/15/20		3 Month LIBOR		2.820%	Quarterly/Semi-Annual		(3,398	)
									$	35,207

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2018			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.20	%	USD	32	$	(3,509	)	$	(3,297	)	$	(212	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.20		USD	18		(1,973	)		(1,872	)		(101	)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2018			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.20	%	USD	224	$	(24,554	)	$	(23,321	)	$	(1,233	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.20		USD	335		(36,722	)		(33,982	)		(2,740	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.20		USD	291		(31,898	)		(28,651	)		(3,247	)
											$	(98,656	)	$	(91,123	)	$	(7,533	)

* Termination date

(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 July 31, 2018, the aggregate market value of these securities amounted to $23,188,218 or 16.4% of net assets.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2018.

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

(d) Affiliated investments.

(e) 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.

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

(g) As of July 31, 2018, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $80,733 and gross unrealized depreciation of investments was $(1,541,670), resulting in net unrealized depreciation of $(1,460,937).

Glossary:

ABS	-	Asset-Backed Securities
CDX-CMBX.NA	-	North American Commercial Mortgage-Backed Index
CMBS	-	Commercial Mortgage-Backed Securities
LIBOR	-	London Interbank Offered Rates
REIT	-	Real Estate Investment Trust
REMICs	-	Real Estate Mortgage Investment Conduits

AB Taxable Multi-Sector Income Shares

July 31, 2018 (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.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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 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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2018:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Investment Grade	$	– 0	–	$	103,178,729		$	– 0	–	$	103,178,729
Asset-Backed Securities		– 0	–		17,570,820			2,885,287			20,456,107
Commercial Mortgage-Backed Securities		– 0	–		5,352,116			1,012,049			6,364,165
Governments - Treasuries		– 0	–		5,474,219			– 0	–		5,474,219
Local Governments - US Municipal Bonds		– 0	–		1,499,020			– 0	–		1,499,020
Collateralized Mortgage Obligations		– 0	–		1,151,542			– 0	–		1,151,542
Short-Term Investments		2,678,677			– 0	–		– 0	–		2,678,677
Total Investments in Securities		2,678,677			134,226,446			3,897,336			140,802,459
Other Financial Instruments (a):
Assets:
Centrally Cleared Interest Rate Swaps		– 0	–		38,605			– 0	–		38,605
Liabilities:
Centrally Cleared Interest Rate Swaps		– 0	–		(3,398	)		– 0	–		(3,398	)
Credit Default Swaps		– 0	–		(98,656	)		– 0	–		(98,656	)
Total (b)	$	2,678,677		$	134,162,997		$	3,897,336		$	140,739,010

(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.

(b) There were no transfers between any levels during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Asset Backed Securities			Commercial Mortgage Backed Securities			Total
Balance as of 4/30/18	$	2,972,277		$	1,003,944		$	3,976,221
Accrued discounts/(premiums)		36			– 0	–		36
Realized gain (loss)		99			– 0	–		99
Change in unrealized appreciation/depreciation		(2,267	)		8,105			5,838
Purchases		– 0	–		– 0	–		– 0	–
Sales		(84,858	)		– 0	–		(84,858	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 7/31/18	$	2,885,287		$	1,012,049		$	3,897,336
Net change in unrealized appreciation/depreciation from investments held as of 7/31/18	$	(2,267	)	$	8,105		$	5,838

As of January 31, 2018, all Level 3 securities were priced by third party vendors.

The Adviser established the Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

A summary of the Fund’s transactions in AB mutual funds for the three months ended July 31, 2018 is as follows:

Fund	Market Value 4/30/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 7/31/18 (000)		Dividend Income (000)
Government Money Market Portfolio	$	748	$	25,204	$	23,273	$	2,679	$	8

ITEM 2. 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-3(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 second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
3 (a) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
3 (a) (2)	Certification of Principal Financial Officer Pursuant to Section 302 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/    Robert M. Keith
	Robert M. Keith
	President
Date:	September 24, 2018

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/    Robert M. Keith
	Robert M. Keith
	President
Date:	September 24, 2018
By:	/s/    Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	September 24, 2018