UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21497

AB CORPORATE SHARES

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

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, 2024

Date of reporting period: April 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

APR^04.30.24

ANNUAL REPORT

AB CORPORATE INCOME SHARES

Investment Products Offered •  Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for AB Corporate Income Shares (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺  Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺  Applying differentiated investment insights through a connected global research network

⁺  Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB CORPORATE INCOME SHARES ^| 1

ANNUAL REPORT

June 7, 2024

This report provides management’s discussion of fund performance for AB Corporate Income Shares for the annual reporting period ended April 30, 2024. Please note, shares of this Fund are available only to separately managed accounts or participants in “wrap fee” programs or other investment programs approved by the Adviser.

The Fund’s investment objective is to earn high current income.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB CORPORATE INCOME SHARES		8.30%		2.35%
Bloomberg US Credit Bond Index		6.93%		0.76%

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg US Credit Bond Index, for the six- and 12-month periods ended April 30, 2024.

During both periods, the Fund outperformed the benchmark. During the 12-month period, security selection in banking, energy, electric utilities, technology, communications-media and consumer non-cyclicals contributed the most to performance. At the industry level, absence of supranational bonds added more to results than a loss from exposure to investment-grade credit default swaps. Yield-curve positioning detracted, mainly from underweights to maturities over 10 years and five- to six-years, and an overweight to the three- to four-year parts of the yield curve that were partially offset by gains from overweights to the seven- to 10-year and two- to three-year parts of the curve along with underweights to the less than one–year and one- to two-year parts of the curve.

Over the six-month period, security selection was the largest contributor, relative to the benchmark, primarily from gains in banking, energy, communications-media, electric utilities and technology, partially offset by selection in capital goods. Industry allocation also contributed, from no exposure to supranational bonds that was partially offset by a loss from the utilization of investment-grade credit default swaps. Yield-curve positioning also added to performance, mostly from overweights to the seven- to 10-year, less than one–year, two- to three-year and four- to five-year parts of the curve and an underweight to the one- to two-year part of the curve that contributed more than losses from underweights to maturities 10 years or longer and three- to four-year maturities, along with an overweight to maturities between five to six years.

2 ^| AB CORPORATE INCOME SHARES abfunds.com

During both periods, the Fund used derivatives in the form of futures and interest rate swaps for hedging purposes; futures had no material impact on returns for the six-month period and detracted from absolute returns on the 12-month period, while credit default swaps detracted from absolute returns for both periods. A major driver of relative performance in the funds is security selection. We will periodically rebalance portfolios to be able to generate outperformance through security selection, which drove the turnover rate to 140%.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ended April 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth and central bank decisions. Global developed-market yields fell sharply through the end of 2023 and rose for much of the remainder of the reporting period, as investors reacted to the timing and amount of interest-rate cuts by major central banks over the course of 2024. Government bond returns were positive across all major developed countries during the period—rising the most in Switzerland and by the least in the US. Overall, developed-market investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the US and were similar to eurozone treasuries in the euro area. Developed-market high-yield corporate bonds advanced and outperformed treasury markets by a wide margin, particularly in the US and eurozone. Emerging-market hard-currency sovereign bonds significantly outperformed developed-market treasuries, mainly due to the performance of high-yield sovereigns. Emerging-market hard-currency corporate bonds overall also had solid results, driven by high-yield corporates. Emerging-market local-currency bonds trailed other credit risk sectors as the US dollar was mixed against developed- and emerging-market currencies over the period.

The Fund’s Senior Investment Management Team (the “Team”) continues to seek attractively priced securities through top-down and bottom-up research, while mitigating overall risk. The Team invests primarily in single-sector, investment-grade issues of global corporates.

INVESTMENT POLICIES

The Fund invests, under normal circumstances, at least 80% of its net assets in US corporate bonds. The Fund may also invest in US government securities (other than US government securities that are mortgage-backed or asset-backed securities), repurchase agreements and forward contracts relating to US government securities. The Fund normally invests all of its assets in securities that are rated,

(continued on next page)

abfunds.com AB CORPORATE INCOME SHARES^| 3

at the time of purchase, at least BBB- or the equivalent by any nationally recognized statistical rating organization. The Fund will not invest in unrated corporate debt securities. The Fund has the flexibility to invest in long- and short-term fixed-income securities. In making decisions about whether to buy or sell securities, the Adviser will consider, among other things, the strength of certain sectors of the fixed-income market relative to others, interest rates and other general market conditions and the credit quality of individual issuers.

The Fund also may: invest in convertible debt securities; invest up to 10% of its assets in inflation-indexed securities; invest up to 5% of its net assets in preferred stock; purchase and sell interest rate futures contracts and options; enter into swap transactions; invest in zero-coupon securities and “payment-in-kind” debentures; make secured loans of portfolio securities; and invest in US dollar-denominated fixed-income securities issued by non-US companies.

4 ^| AB CORPORATE INCOME SHARES abfunds.com

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg US Credit Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a fund. The Bloomberg US Credit Bond Index represents the performance of the US credit securities within the US fixed-income market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of

abfunds.com AB CORPORATE INCOME SHARES^| 5

DISCLOSURES AND RISKS (continued)

money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling (800) 227 4618. The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus and/or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

6 ^| AB CORPORATE INCOME SHARES abfunds.com

HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

4/30/2014 TO 4/30/2024

This chart illustrates the total value of an assumed $10,000 investment in AB Corporate Income Shares (from 4/30/2014 to 4/30/2024) as compared with the performance of the Fund’s benchmark.

abfunds.com AB CORPORATE INCOME SHARES^| 7

HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns
1 Year		2.35%
5 Years		1.56%
10 Years		2.63%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	NAV Returns
1 Year		5.69	%
5 Years		2.21	%
10 Years		3.02	%

The prospectus fee table shows the fees and the total operating expenses of the Fund as 0.00% because the Adviser does not charge any fees or expenses and reimburses Fund operating expenses, except certain extraordinary expenses, taxes, brokerage costs and the interest on borrowings or certain leveraged transactions. Participants in a wrap fee program or other investment program eligible to invest in the Fund pay fees to the program sponsor and should review the program brochure or other literature provided by the sponsor for a discussion of fees and expenses charged.

8 ^| AB CORPORATE INCOME SHARES abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you may incur various ongoing non-operating and extraordinary costs. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Actual	$	1,000	$	1,083.00	$	– 0 –		0.00	%
Hypothetical**	$	1,000	$	1,024.86	$	– 0 –		0.00	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Fund’s operating expenses are borne by the Adviser or its affiliates.

** Assumes 5% annual return before expenses.

abfunds.com AB CORPORATE INCOME SHARES^| 9

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $215.6

1 The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

10 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS

April 30, 2024

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 96.5%
Industrial – 62.1%
Basic – 4.4%
BHP Billiton Finance USA Ltd. 5.25%, 09/08/2033	$	1,389	$	1,361,359
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029(a)		246		223,122
EIDP, Inc. 1.70%, 07/15/2025		433		413,870
Georgia-Pacific LLC 0.95%, 05/15/2026(a)		971		886,047
Glencore Funding LLC 5.338%, 04/04/2027(a)		782		773,930
5.70%, 05/08/2033(a)		590		577,793
6.50%, 10/06/2033(a)		750		773,017
Inversiones CMPC SA 3.85%, 01/13/2030(a)		210		187,950
6.125%, 02/26/2034(a)		207		203,895
Newmont Corp./ Newcrest Finance Pty Ltd. 5.35%, 03/15/2034(a)		87		84,889
Nucor Corp. 3.95%, 05/23/2025		901		885,440
Sherwin-Williams Co. (The) 3.45%, 06/01/2027		1,493		1,410,810
Suzano Austria GmbH 6.00%, 01/15/2029		253		250,394
WRKCo, Inc. 4.90%, 03/15/2029		1,428		1,392,900
				9,425,416
Capital Goods – 3.3%
Boeing Co. (The) 2.196%, 02/04/2026		1,522		1,419,980
3.25%, 02/01/2028		20		18,066
3.625%, 02/01/2031		1,169		1,004,709
5.805%, 05/01/2050		449		397,702
5.93%, 05/01/2060		545		476,379
6.298%, 05/01/2029(a)		52		52,205
6.528%, 05/01/2034(a)		120		120,886
Caterpillar Financial Services Corp. 1.45%, 05/15/2025		484		464,577
4.50%, 01/08/2027		1,191		1,171,682
CNH Industrial Capital LLC 3.95%, 05/23/2025		177		173,460
CRH America, Inc. 3.875%, 05/18/2025(a)		1,408		1,378,009

abfunds.com AB CORPORATE INCOME SHARES^| 11

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/2035	$	443	$	400,410
Regal Rexnord Corp. 6.30%, 02/15/2030(a)		82		82,438
				7,160,503
Communications - Media – 3.2%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049		212		155,477
5.375%, 05/01/2047		519		397,455
6.384%, 10/23/2035		765		722,290
6.484%, 10/23/2045		936		828,182
Discovery Communications LLC 5.30%, 05/15/2049		82		64,389
Meta Platforms, Inc. 5.75%, 05/15/2063		1,304		1,298,993
Paramount Global 4.20%, 05/19/2032		267		218,275
4.375%, 03/15/2043		1,697		1,123,465
5.90%, 10/15/2040		310		253,149
Prosus NV 3.257%, 01/19/2027(a)		237		218,188
3.68%, 01/21/2030(a)		210		180,994
Tencent Holdings Ltd. 2.39%, 06/03/2030(a)		397		334,008
Time Warner Cable LLC 6.55%, 05/01/2037		360		327,438
6.75%, 06/15/2039		175		160,121
Warnermedia Holdings, Inc. 4.279%, 03/15/2032		626		539,631
				6,822,055
Communications - Telecommunications – 0.3%
AT&T, Inc. 6.55%, 01/15/2028		100		103,102
T-Mobile USA, Inc. 3.50%, 04/15/2025		476		466,189
3.875%, 04/15/2030		147		134,523
				703,814
Consumer Cyclical - Automotive – 6.0%
American Honda Finance Corp. 4.90%, 03/12/2027		672		665,253
Cummins, Inc. 5.15%, 02/20/2034		770		755,077
Ford Motor Co. 3.25%, 02/12/2032		1,509		1,216,254

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Ford Motor Credit Co., LLC 2.70%, 08/10/2026	$	470	$	436,306
3.375%, 11/13/2025		451		433,068
4.00%, 11/13/2030		626		545,866
6.05%, 03/05/2031		826		811,305
General Motors Co. 5.15%, 04/01/2038		52		46,755
6.60%, 04/01/2036		522		536,000
General Motors Financial Co., Inc. 2.70%, 06/10/2031		926		750,495
3.10%, 01/12/2032		643		529,768
3.60%, 06/21/2030		540		475,357
5.95%, 04/04/2034		1,114		1,090,060
6.40%, 01/09/2033		68		69,246
Harley-Davidson Financial Services, Inc. 6.50%, 03/10/2028(a)		313		316,155
Hyundai Capital America 5.30%, 03/19/2027(a)		385		380,707
5.65%, 06/26/2026(a)		1,125		1,120,320
5.68%, 06/26/2028(a)		84		83,679
5.875%, 04/07/2025(a)		55		54,976
Toyota Motor Credit Corp. 4.65%, 01/05/2029		664		648,589
5.10%, 03/21/2031		772		760,760
5.55%, 11/20/2030		1,072		1,082,527
				12,808,523
Consumer Cyclical - Entertainment – 0.3%
Mattel, Inc. 3.375%, 04/01/2026(a)		588		559,988
Consumer Cyclical - Other – 1.5%
Las Vegas Sands Corp. 3.90%, 08/08/2029		1,575		1,405,404
Marriott International, Inc./MD 5.30%, 05/15/2034		22		21,111
Series GG 3.50%, 10/15/2032		1,629		1,384,699
Series R 3.125%, 06/15/2026		482		459,187
				3,270,401
Consumer Cyclical - Restaurants – 0.8%
McDonald’s Corp. 6.30%, 10/15/2037		622		654,213
Starbucks Corp. 4.85%, 02/08/2027		1,120		1,106,896
				1,761,109

abfunds.com AB CORPORATE INCOME SHARES^| 13

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 1.2%
Costco Wholesale Corp. 1.60%, 04/20/2030	$	1,705	$	1,401,289
Ross Stores, Inc. 4.70%, 04/15/2027		160		155,631
4.80%, 04/15/2030		115		108,524
5.45%, 04/15/2050		175		157,393
Tapestry, Inc. 7.70%, 11/27/2030		107		110,747
VF Corp. 2.80%, 04/23/2027		727		650,636
				2,584,220
Consumer Non-Cyclical – 18.4%
AbbVie, Inc. 2.95%, 11/21/2026		1,450		1,369,177
3.60%, 05/14/2025		252		247,159
Altria Group, Inc. 2.45%, 02/04/2032		938		740,560
3.40%, 05/06/2030		132		117,017
3.40%, 02/04/2041		462		322,836
Archer-Daniels-Midland Co. 2.50%, 08/11/2026		480		450,528
2.90%, 03/01/2032		1,548		1,291,945
3.25%, 03/27/2030		121		107,947
4.50%, 08/15/2033		522		485,392
Astrazeneca Finance LLC 4.80%, 02/26/2027		886		875,448
BAT Capital Corp. 2.259%, 03/25/2028		307		269,847
4.39%, 08/15/2037		323		265,086
Becton Dickinson & Co. 3.70%, 06/06/2027		1,007		955,854
Bunge Ltd. Finance Corp. 1.63%, 08/17/2025		493		468,118
2.75%, 05/14/2031		1,637		1,372,183
Campbell Soup Co. 5.30%, 03/20/2026		775		772,101
Cardinal Health, Inc. 5.125%, 02/15/2029		660		649,394
Cargill, Inc. 3.625%, 04/22/2027(a)		560		534,335
4.375%, 04/22/2052(a)		350		287,102
4.875%, 10/10/2025(a)		453		449,689
5.125%, 10/11/2032(a)		166		161,895
Cencora, Inc. 3.45%, 12/15/2027		1,501		1,406,272
Cigna Group (The) 5.00%, 05/15/2029		784		767,842

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
7.875%, 05/15/2027	$	53	$	56,513
Eli Lilly & Co. 4.50%, 02/09/2029		1,116		1,089,183
General Mills, Inc. 4.70%, 01/30/2027		304		298,312
HCA, Inc. 5.25%, 04/15/2025		67		66,659
5.25%, 06/15/2026		1,420		1,405,062
5.45%, 04/01/2031		125		122,501
5.50%, 06/15/2047		1,257		1,127,843
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.75%, 04/01/2033		1,423		1,360,431
Kenvue, Inc. 5.05%, 03/22/2028		1,130		1,126,440
Keurig Dr Pepper, Inc. 5.05%, 03/15/2029		667		656,995
McKesson Corp. 1.30%, 08/15/2026		926		844,308
Medtronic Global Holdings SCA 4.25%, 03/30/2028		1,453		1,403,482
PepsiCo, Inc. 1.625%, 05/01/2030		1,708		1,401,158
Philip Morris International, Inc. 0.875%, 05/01/2026		767		701,437
5.00%, 11/17/2025		375		372,150
5.25%, 02/13/2034		875		844,104
5.375%, 02/15/2033		960		940,771
5.625%, 11/17/2029		69		69,592
6.375%, 05/16/2038		126		132,490
Pilgrim’s Pride Corp. 3.50%, 03/01/2032		1,351		1,115,048
6.25%, 07/01/2033		1,104		1,097,508
Reynolds American, Inc. 5.70%, 08/15/2035		1,438		1,380,135
5.85%, 08/15/2045		769		691,923
Roche Holdings, Inc. 2.625%, 05/15/2026(a)		928		880,273
4.909%, 03/08/2031(a)		774		756,113
Smithfield Foods, Inc. 2.625%, 09/13/2031(a)		738		570,983
3.00%, 10/15/2030(a)		471		385,090
Stryker Corp. 3.50%, 03/15/2026		692		667,330
Sysco Corp. 3.75%, 10/01/2025		459		446,717
Tyson Foods, Inc. 4.00%, 03/01/2026		1,448		1,405,994

abfunds.com AB CORPORATE INCOME SHARES^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Viatris, Inc. 3.85%, 06/22/2040	$	1,066	$	752,894
Zimmer Biomet Holdings, Inc. 3.55%, 04/01/2025		1,179		1,155,432
				39,692,598
Energy – 6.3%
Apache Corp. 5.10%, 09/01/2040		1,662		1,383,349
ConocoPhillips Co. 5.05%, 09/15/2033		1,399		1,362,416
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)		384		306,701
5.75%, 01/15/2031(a)		1,261		1,233,649
Diamondback Energy, Inc. 5.20%, 04/18/2027		587		583,085
Ecopetrol SA 5.875%, 05/28/2045		25		17,750
EQT Corp. 3.125%, 05/15/2026(a)		492		465,048
5.75%, 02/01/2034		364		353,280
Flex Intermediate Holdco LLC 4.317%, 12/30/2039(a)		215		148,903
Marathon Oil Corp. 5.70%, 04/01/2034		447		431,914
6.60%, 10/01/2037		1,211		1,231,696
ONEOK Partners LP 6.65%, 10/01/2036		645		667,710
Pioneer Natural Resources Co. 5.10%, 03/29/2026		1,411		1,400,940
Suncor Energy, Inc. 6.50%, 06/15/2038		305		313,018
6.80%, 05/15/2038		945		992,675
6.85%, 06/01/2039		181		190,097
TotalEnergies Capital SA 5.638%, 04/05/2064		663		649,342
Var Energi ASA 8.00%, 11/15/2032(a)		1,300		1,430,754
Western Midstream Operating LP 3.95%, 06/01/2025		473		463,838
				13,626,165
Services – 2.9%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031		400		323,288
2.70%, 02/09/2041		300		198,267
Amazon.com, Inc. 3.25%, 05/12/2061		1,500		976,170

16 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Booking Holdings, Inc. 3.55%, 03/15/2028	$	1,151	$	1,081,744
3.60%, 06/01/2026		1,177		1,135,958
Mastercard, Inc. 2.00%, 11/18/2031		1,296		1,043,358
3.35%, 03/26/2030		1,532		1,395,116
S&P Global, Inc. 4.75%, 08/01/2028		20		19,613
				6,173,514
Technology – 10.2%
Alphabet, Inc. 1.998%, 08/15/2026		925		864,375
Analog Devices, Inc. 2.95%, 10/01/2051		984		624,348
5.05%, 04/01/2034		865		848,902
Apple, Inc. 2.85%, 08/05/2061		1,172		695,734
3.95%, 08/08/2052		1,630		1,283,772
4.10%, 08/08/2062		1,619		1,270,931
Autodesk, Inc. 2.85%, 01/15/2030		1,231		1,072,706
Broadcom, Inc. 4.926%, 05/15/2037(a)		1,496		1,367,150
CDW LLC/CDW Finance Corp. 2.67%, 12/01/2026		1,280		1,185,741
3.276%, 12/01/2028		859		768,358
Fiserv, Inc. 5.35%, 03/15/2031		527		519,564
Infor, Inc. 1.75%, 07/15/2025(a)		95		89,983
Jabil, Inc. 3.00%, 01/15/2031		540		451,759
3.95%, 01/12/2028		584		547,845
KLA Corp. 4.70%, 02/01/2034		446		424,208
Kyndryl Holdings, Inc. 2.05%, 10/15/2026		713		651,454
Lam Research Corp. 1.90%, 06/15/2030		1,676		1,382,851
Microsoft Corp. 2.675%, 06/01/2060		791		463,463
3.041%, 03/17/2062		2,022		1,290,339
4.50%, 02/06/2057		1,458		1,297,168
NXP BV/NXP Funding LLC 5.55%, 12/01/2028		1,124		1,121,876
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025		24		23,331

abfunds.com AB CORPORATE INCOME SHARES^| 17

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Oracle Corp. 2.50%, 04/01/2025	$	259	$	251,442
3.85%, 07/15/2036		1,634		1,337,478
SK Hynix, Inc. 2.375%, 01/19/2031(a)		390		311,988
VMware LLC 1.40%, 08/15/2026		1,584		1,440,300
3.90%, 08/21/2027		436		412,604
				21,999,670
Transportation - Airlines – 0.9%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		1,228		1,211,699
4.75%, 10/20/2028(a)		812		787,060
				1,998,759
Transportation - Railroads – 0.4%
CSX Corp. 3.25%, 06/01/2027		942		888,221
Transportation - Services – 2.0%
ENA Master Trust 4.00%, 05/19/2048(a)		370		260,503
ERAC USA Finance LLC 4.60%, 05/01/2028(a)		162		157,449
4.90%, 05/01/2033(a)		392		372,181
5.40%, 05/01/2053(a)		675		634,905
7.00%, 10/15/2037(a)		821		898,798
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.20%, 04/01/2027(a)		117		112,258
Ryder System, Inc. 5.375%, 03/15/2029		778		771,628
TTX Co. 5.50%, 09/25/2026(a)		1,105		1,100,260
				4,307,982
				133,782,938
Financial Institutions – 30.0%
Banking – 24.3%
ABN AMRO Bank NV 3.324%, 03/13/2037(a)		600		480,612
AIB Group PLC 5.871%, 03/28/2035(a)		778		753,104
Ally Financial, Inc. 6.848%, 01/03/2030		256		258,578
6.992%, 06/13/2029		430		439,120
8.00%, 11/01/2031		835		904,489
American Express Co. 5.645%, 04/23/2027		756		756,446

18 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Banco Bilbao Vizcaya Argentaria SA 5.862%, 09/14/2026	$	1,400	$	1,395,898
7.883%, 11/15/2034		200		214,596
Banco de Credito del Peru SA 3.125%, 07/01/2030(a)		274		260,533
Banco Santander SA 1.722%, 09/14/2027		600		543,288
2.749%, 12/03/2030		600		487,320
6.921%, 08/08/2033		1,000		1,022,610
9.625%, 05/21/2033(b)		200		213,502
Bank of America Corp. 2.687%, 04/22/2032		265		218,493
2.972%, 02/04/2033		666		549,050
3.384%, 04/02/2026		390		381,147
3.846%, 03/08/2037		1,605		1,381,873
5.468%, 01/23/2035		442		429,646
Series N 1.658%, 03/11/2027		1,368		1,269,408
Series U 8.738% (CME Term SOFR 3 Month + 3.40%), 05/31/2024(b)(c)		405		406,008
Bank of Ireland Group PLC 5.601%, 03/20/2030(a)		332		325,128
Barclays PLC 5.088%, 06/20/2030		490		463,006
5.674%, 03/12/2028		287		284,736
7.119%, 06/27/2034		1,275		1,317,407
BBVA Bancomer SA/Texas 5.875%, 09/13/2034(a)		330		304,039
BNP Paribas SA 4.625%, 02/25/2031(a)(b)		434		347,113
BPCE SA 6.508%, 01/18/2035(a)		877		868,283
CaixaBank SA 6.037%, 06/15/2035(a)		894		873,867
6.84%, 09/13/2034(a)		390		403,042
Capital One Financial Corp. 7.624%, 10/30/2031		1,283		1,380,611
Citigroup, Inc. 2.561%, 05/01/2032		1,069		871,299
3.52%, 10/27/2028		1,293		1,205,748
5.827%, 02/13/2035		456		439,725
6.174%, 05/25/2034		455		452,093
Series VAR 3.07%, 02/24/2028		1,362		1,270,256
Series W 4.00%, 12/10/2025(b)		368		351,330

abfunds.com AB CORPORATE INCOME SHARES^| 19

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series X 3.875%, 02/18/2026(b)	$	344	$	322,772
Credit Agricole SA 6.251%, 01/10/2035(a)		773		765,293
Danske Bank A/S 5.427%, 03/01/2028(a)		445		440,902
7.00%, 06/26/2025(a)(b)		330		326,700
Deutsche Bank AG/New York NY 7.079%, 02/10/2034		1,098		1,094,574
DNB Bank ASA 4.875%, 11/12/2024(a)(b)		331		326,091
Goldman Sachs Group, Inc. (The) 1.542%, 09/10/2027		881		798,415
1.948%, 10/21/2027		340		310,304
2.615%, 04/22/2032		887		726,622
2.65%, 10/21/2032		173		140,038
Series P 8.437% (CME Term SOFR 3 Month + 3.14%), 05/31/2024(b)(c)		459		458,536
Intesa Sanpaolo SpA 6.625%, 06/20/2033(a)		368		370,057
7.20%, 11/28/2033(a)		422		441,458
7.778%, 06/20/2054(a)		650		665,880
JPMorgan Chase & Co. 1.04%, 02/04/2027		1,516		1,397,509
1.578%, 04/22/2027		1,511		1,394,306
2.956%, 05/13/2031		848		725,125
2.963%, 01/25/2033		808		672,199
5.04%, 01/23/2028		890		877,246
5.766%, 04/22/2035		410		410,771
Series Q 8.818% (CME Term SOFR 3 Month + 3.51%), 05/01/2024(b)(c)		183		183,000
Series R 8.868% (CME Term SOFR 3 Month + 3.56%), 05/01/2024(b)(c)		226		226,000
KeyCorp 2.25%, 04/06/2027		1,599		1,429,266
6.401%, 03/06/2035		513		504,161
Lloyds Banking Group PLC 7.50%, 09/27/2025(b)		287		284,535
M&T Bank Corp. 6.082%, 03/13/2032		449		437,851
7.413%, 10/30/2029		833		863,829
Morgan Stanley 4.679%, 07/17/2026		1,424		1,405,018
5.424%, 07/21/2034		222		215,462
5.652%, 04/13/2028		1,077		1,078,519

20 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.831%, 04/19/2035	$	646	$	646,342
Series G 2.239%, 07/21/2032		823		654,038
Nationwide Building Society 2.972%, 02/16/2028(a)		404		373,401
NatWest Group PLC 6.475%, 06/01/2034		289		290,156
Nordea Bank Abp 6.625%, 03/26/2026(a)(b)		335		327,921
Santander Holdings USA, Inc. 2.49%, 01/06/2028		1,048		949,530
6.174%, 01/09/2030		323		321,947
7.66%, 11/09/2031		691		738,499
Societe Generale SA 5.519%, 01/19/2028(a)		884		869,617
Standard Chartered PLC 3.971%, 03/30/2026(a)		245		240,225
6.187%, 07/06/2027(a)		369		370,340
Svenska Handelsbanken AB 4.375%, 03/01/2027(a)(b)		400		365,164
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(b)		800		793,056
UBS Group AG 1.364%, 01/30/2027(a)		528		487,307
6.373%, 07/15/2026(a)		738		740,494
9.25%, 11/13/2028(a)(b)		273		291,556
Wells Fargo & Co. 5.707%, 04/22/2028		569		569,563
7.625%, 09/15/2028(b)		24		25,062
Series BB 3.90%, 03/15/2026(b)		647		612,936
				52,482,997
Brokerage – 0.3%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(b)		595		548,405
Insurance – 4.0%
Allstate Corp. (The) Series B 8.507% (CME Term SOFR 3 Month + 3.20%), 08/15/2053(c)		712		711,637
Athene Global Funding 1.985%, 08/19/2028(a)		292		249,012
2.55%, 11/19/2030(a)		32		26,082
2.717%, 01/07/2029(a)		89		77,566
5.583%, 01/09/2029(a)		97		96,144

abfunds.com AB CORPORATE INCOME SHARES^| 21

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Elevance Health, Inc. 3.65%, 12/01/2027	$	970	$	915,049
4.101%, 03/01/2028		1,462		1,400,070
Hartford Financial Services Group, Inc. (The) Series ICON 7.694% (CME Term SOFR 3 Month + 2.39%), 02/12/2047(a)(c)		535		474,342
Humana, Inc. 5.375%, 04/15/2031		299		291,666
Met Tower Global Funding 5.25%, 04/12/2029(a)		881		870,322
MetLife, Inc. Series D 5.875%, 03/15/2028(b)		170		165,379
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		120		149,292
Prudential Financial, Inc. 5.375%, 05/15/2045		260		257,260
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)		200		191,712
Swiss Re Subordinated Finance PLC 5.698%, 04/05/2035(a)		600		580,434
UnitedHealth Group, Inc. 2.95%, 10/15/2027		1,526		1,415,945
4.90%, 04/15/2031		885		861,194
				8,733,106
REITs – 1.4%
Essential Properties LP 2.95%, 07/15/2031		454		360,149
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		139		113,567
4.00%, 01/15/2030		435		388,790
5.375%, 04/15/2026		1,414		1,395,844
Trust Fibra Uno 7.375%, 02/13/2034(a)		358		350,196
Vornado Realty LP 2.15%, 06/01/2026		425		385,632
				2,994,178
				64,758,686
Utility – 4.4%
Electric – 3.9%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		196		164,695
Alexander Funding Trust II 7.467%, 07/31/2028(a)		640		667,526
Alfa Desarrollo SpA 4.55%, 09/27/2051(a)		218		159,466
DTE Energy Co. 5.85%, 06/01/2034		114		113,479

22 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(a)	$	200	$	169,472
Enel Chile SA 4.875%, 06/12/2028		62		58,978
Engie Energia Chile SA 6.375%, 04/17/2034(a)		663		652,160
Engie SA 5.875%, 04/10/2054(a)		442		421,372
Entergy Louisiana LLC 5.70%, 03/15/2054		778		748,817
Fells Point Funding Trust 3.046%, 01/31/2027(a)		261		242,879
Niagara Mohawk Power Corp. 2.759%, 01/10/2032(a)		556		447,875
5.29%, 01/17/2034(a)		501		479,056
NRG Energy, Inc. 7.00%, 03/15/2033(a)		284		295,525
Pacific Gas and Electric Co. 5.55%, 05/15/2029		182		179,923
5.80%, 05/15/2034		667		651,412
Public Service Electric & Gas Co. 5.45%, 03/01/2054		887		853,755
Public Service Enterprise Group, Inc. 5.20%, 04/01/2029		448		439,981
8.625%, 04/15/2031		248		279,310
Vistra Operations Co., LLC 6.00%, 04/15/2034(a)		45		43,750
6.95%, 10/15/2033(a)		1,337		1,393,208
				8,462,639
Natural Gas – 0.5%
East Ohio Gas Co. (The) 1.30%, 06/15/2025(a)		910		864,564
GNL Quintero SA 4.634%, 07/31/2029(a)		129		124,599
				989,163
				9,451,802
Total Corporates - Investment Grade (cost $212,708,200)				207,993,426
QUASI-SOVEREIGNS – 0.9%
Quasi-Sovereign Bonds – 0.9%
Chile – 0.2%
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030(a)		350		314,125
4.70%, 05/07/2050(a)		295		233,603
				547,728

abfunds.com AB CORPORATE INCOME SHARES^| 23

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Mexico – 0.3%
Comision Federal de Electricidad 3.348%, 02/09/2031(a)	$	321	$	259,350
Petroleos Mexicanos 6.50%, 01/23/2029		135		119,407
6.75%, 09/21/2047		112		71,406
6.95%, 01/28/2060		169		107,552
7.69%, 01/23/2050		80		55,832
				613,547
Peru – 0.3%
Corp. Financiera de Desarrollo SA 2.40%, 09/28/2027(a)		250		222,109
5.95%, 04/30/2029(a)		432		428,415
				650,524
Qatar – 0.1%
QatarEnergy 3.125%, 07/12/2041(a)		277		198,747
Total Quasi-Sovereigns (cost $2,435,432)				2,010,546
GOVERNMENTS - SOVEREIGN BONDS – 0.5%
Colombia – 0.3%
Colombia Government International Bond 3.125%, 04/15/2031		562		433,021
5.20%, 05/15/2049		200		137,400
				570,421
Mexico – 0.1%
Mexico Government International Bond 4.60%, 01/23/2046		200		152,750
4.75%, 03/08/2044		120		94,860
				247,610
Qatar – 0.1%
Qatar Government International Bond 4.817%, 03/14/2049(a)		228		201,347
Uruguay – 0.0%
Uruguay Government International Bond 4.375%, 01/23/2031		54		51,605
Total Governments - Sovereign Bonds (cost $1,350,090)				1,070,983
Total Investments – 97.9% (cost $216,493,722)				211,074,955
Other assets less liabilities – 2.1%				4,501,855
Net Assets – 100.0%			$	215,576,810

24 ^| AB CORPORATE INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note C)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 10 Yr (CBT) Futures		31		June 2024	$	3,330,563	$	(92,560	)
U.S. Ultra Bond (CBT) Futures		228		June 2024		27,260,250		(1,684,777	)
Sold Contracts
U.S. 10 Yr Ultra Futures		116		June 2024		12,785,375		442,083
U.S. T-Note 2 Yr (CBT) Futures		92		June 2024		18,644,375		184,116
U.S. T-Note 5 Yr (CBT) Futures		5		June 2024		523,711		11,907
							$	(1,139,231	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*		1.00	%		Quarterly		0.53	%		USD	9,800	$	217,588	$	212,002	$	5,586

* Termination date

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $47,368,093 or 22.0% 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 April 30, 2024.

Glossary:

CBT – Chicago Board of Trade

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

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

abfunds.com AB CORPORATE INCOME SHARES^| 25

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024

Assets
Investments in securities, at value (cost $216,493,722)	$	211,074,955
Cash		3,048,325
Cash collateral due from broker		1,387,072
Interest receivable		2,238,067
Receivable for investment securities sold		432,842
Receivable for shares of beneficial interest sold		245,306
Total assets		218,426,567
Liabilities
Payable for investment securities purchased		1,499,870
Dividends payable		971,747
Payable for shares of beneficial interest redeemed		229,126
Payable for variation margin on futures		136,368
Payable for variation margin on centrally cleared swaps		7,651
Foreign capital gains tax payable		4,995
Total liabilities		2,849,757
Net Assets	$	215,576,810
Composition of Net Assets
Shares of beneficial interest, at par	$	226
Additional paid-in capital		260,862,192
Accumulated loss		(45,285,608	)
Net Assets	$	215,576,810
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 22,608,598 common shares outstanding)	$	9.54

See notes to financial statements.

26 ^| AB CORPORATE INCOME SHARES abfunds.com

STATEMENT OF OPERATIONS

Year Ended April 30, 2024

Investment Income
Interest	$	11,106,354
Other income		10,610
Total investment income			$	11,116,964
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions(a)				(9,978,222	)
Futures				(2,420,380	)
Swaps				86,232
Net change in unrealized appreciation (depreciation) of:
Investments				7,557,393
Futures				(1,419,355	)
Swaps				(18,038	)
Net loss on investment transactions				(6,192,370	)
Net Increase in Net Assets from Operations			$	4,924,594

(a) Net of foreign realized capital gains taxes of $621.

See notes to financial statements.

abfunds.com AB CORPORATE INCOME SHARES^| 27

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended April 30, 2024			Year Ended April 30, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	11,116,964		$	6,284,007
Net realized loss on investment transactions		(12,312,370	)		(21,849,087	)
Net change in unrealized appreciation of investments		6,120,000			14,945,386
Net increase (decrease) in net assets from operations		4,924,594			(619,694	)
Distribution to Shareholders		(11,191,914	)		(6,423,355	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		38,607,981			(32,270,574	)
Total increase (decrease)		32,340,661			(39,313,623	)
Net Assets
Beginning of period		183,236,149			222,549,772
End of period	$	215,576,810		$	183,236,149

See notes to financial statements.

28 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2024

NOTE A

Significant Accounting Policies

AB Corporate Shares (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end, diversified management investment company. The Trust, which is a Massachusetts Business Trust, operates as a “series” company currently offering four separate portfolios: AB Corporate Income Shares, AB Municipal Income Shares, AB Taxable Multi-Sector Income Shares and AB Impact Municipal Income Shares. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Corporate Income Shares (the “Fund”).

Shares of the Fund are offered exclusively to holders of accounts established under wrap-fee programs sponsored and maintained by certain registered investment advisers approved by AllianceBernstein L.P. (the “Adviser”). The Fund’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on

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NOTES TO FINANCIAL STATEMENTS (continued)

which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign

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NOTES TO FINANCIAL STATEMENTS (continued)

equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of

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NOTES TO FINANCIAL STATEMENTS (continued)

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 April 30, 2024:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

$

– 0

–

$

207,993,426

$

– 0

–

$

207,993,426

Quasi-Sovereigns

– 0

–

2,010,546

– 0

–

2,010,546

Governments – Sovereign Bonds

– 0

–

1,070,983

– 0

–

1,070,983

Total Investments in Securities

– 0

–

211,074,955

– 0

–

211,074,955

Other Financial Instruments(a):

Assets:

Futures

638,106

– 0

–

– 0

–

638,106

(b)

Centrally Cleared Credit Default Swaps

– 0

–

217,588

– 0

–

217,588

(b)

Liabilities:

Futures

(1,777,337

)

– 0

–

– 0

–

(1,777,337

)(b)

Total

$

(1,139,231

)

$

211,292,543

$

– 0

–

$

210,153,312

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

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

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NOTES TO FINANCIAL STATEMENTS (continued)

4. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

5. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

6. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the Advisory Agreement, the Fund pays no advisory fee to the Adviser and the Adviser reimburses or pays for the Fund’s operating expenses. The Fund is an integral part of separately managed accounts in wrap-fee programs and other investment programs. Typically, participants in these programs pay a fee to their investment adviser for all costs and expenses of the separately managed account, including costs and expenses associated with the Fund, and a fee is paid by their investment adviser to the Adviser. In certain cases, participants may have a direct relationship with the Adviser without the involvement of a third party investment adviser, in which case the participant would pay a fee directly to the Adviser. The Adviser serves as investment manager and adviser of the Fund and continuously furnishes an investment program for the Fund and manages, supervises and conducts the affairs of the Fund, subject to the supervisions of the Fund’s Board. The Advisory Agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

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NOTES TO FINANCIAL STATEMENTS (continued)

The Fund has entered into a distribution agreement with AllianceBernstein Investments, Inc., the Fund’s principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Fund’s shares, which are sold at their net asset value without any sales charge. The Fund does not pay a fee for this service. The Underwriter is a wholly owned subsidiary of the Adviser.

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Fund’s registrar, transfer agent and dividend-disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders. The Fund does not pay a fee for this service.

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended April 30, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	323,203,224		$	289,834,481
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	216,574,411
Gross unrealized appreciation	$	2,545,556
Gross unrealized depreciation		(8,050,732	)
Net unrealized depreciation	$	(5,505,176	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase

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or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended April 30, 2024, the Fund held futures for hedging purposes.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates or credit risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the

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NOTES TO FINANCIAL STATEMENTS (continued)

failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The

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credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on

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NOTES TO FINANCIAL STATEMENTS (continued)

issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended April 30, 2024, the Fund held credit default swaps for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

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NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	638,106	*	Payable for variation margin on futures	$	1,777,337	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		5,586	*
Total		$	643,692			$	1,777,337

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(2,420,380	)	$	(1,419,355	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		86,232			(18,038	)
Total		$	(2,334,148	)	$	(1,437,393	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended April 30, 2024:

Futures:
Average notional amount of buy contracts	$	34,961,298
Average notional amount of sale contracts	$	20,671,771
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	5,236,000	(a)

(a) Positions were open for nine months during the year.

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

	Shares						Amount
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Shares sold		9,268,895			5,687,055		$	89,251,896		$	55,690,609
Shares redeemed		(5,302,811	)		(8,813,736	)		(50,643,915	)		(87,961,183	)
Net increase (decrease)		3,966,084			(3,126,681	)	$	38,607,981		$	(32,270,574	)

NOTE E

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

abfunds.com AB CORPORATE INCOME SHARES^| 41

NOTES TO FINANCIAL STATEMENTS (continued)

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended April 30, 2024.

NOTE G

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024			2023
Distributions paid from:
Ordinary income	$	11,191,914		$	6,423,355
Net long-term capital gains		– 0	–		– 0	–
Total distributions paid	$	11,191,914		$	6,423,355

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

Undistributed ordinary income	$	1,109,917
Accumulated capital and other losses		(39,909,401	)(a)
Unrealized appreciation (depreciation)		(5,509,381	)(b)
Total accumulated earnings (deficit)	$	(44,308,865	)(c)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $39,909,401.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as

42 ^| AB CORPORATE INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $12,164,577 and a net long-term capital loss carryforward of $27,744,824, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE H

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE I

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

abfunds.com AB CORPORATE INCOME SHARES^| 43

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Year Ended April 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 9.83			$ 10.22			$ 11.82			$ 11.56			$ 11.11
Income From Investment Operations
Net investment income(a)		.51			.39			.33			.37			.44
Net realized and unrealized gain (loss) on investment transactions		(.29	)		(.39	)		(1.47	)		.55			.51
Net increase (decrease) in net asset value from operations		.22			– 0	–		(1.14	)		.92			.95
Less: Dividends and Distributions
Dividends from net investment income		(.51	)		(.39	)		(.34	)		(.38	)		(.45	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.12	)		(.28	)		(.05	)
Total dividends and distributions		(.51	)		(.39	)		(.46	)		(.66	)		(.50	)
Net asset value, end of period		$ 9.54			$ 9.83			$ 10.22			$ 11.82			$ 11.56
Total Return
Total investment return based on net asset value(b)		2.35	%		.16	%		(10.08	)%		7.90	%		8.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$215,577			$183,236			$222,550			$208,745			$114,455
Ratio to average net assets of:
Net investment income		5.31	%		3.94	%		2.84	%		3.02	%		3.83	%
Portfolio turnover rate		140	%		85	%		49	%		43	%		87	%

(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

See notes to financial statements.

44 ^| AB CORPORATE INCOME SHARES abfunds.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

AB Corporate Income Shares

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Corporate Income Shares (the “Fund”) (one of the portfolios constituting AB Corporate Shares (the “Trust”)), including the portfolio of investments, as of April 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Corporate Shares) at April 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

June 28, 2024

46 ^|  AB CORPORATE INCOME SHARES abfunds.com

2024 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended April 30, 2024.

For foreign shareholders, 76.05% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2025.

abfunds.com AB CORPORATE INCOME SHARES^| 47

BOARD OF TRUSTEES

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Timothy Kurpis⁽²⁾, Vice President Tiffanie Wong⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114 Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001
Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Corporate Income Shares Investment Team. Mr. Kurpis and Ms. Wong are the investment professionals primarily responsible for the day-to-day management of the Fund’s Portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective December 31, 2024.

** Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

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TRUSTEES AND OFFICERS INFORMATION

Board of Trustees Information

The business and affairs of the Trust are managed under the direction of the Board of Trustees and Advisory Board member. Certain information concerning the Trust’s Trustees is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE
Onur Erzan,# 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE
Garry Moody,+ Chairman of the Board 72 (2008)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jorge A. Bermudez,+ 73 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2017- 2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		81	Moody’s Corporation since April 2011
Michael J. Downey,+ ^ 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Nancy P. Jacklin,+ ^ 76 (2006)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		81	None

52 ^|  AB CORPORATE INCOME SHARES abfunds.com

TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jeanette W. Loeb,+ 72 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Carol C. McMullen,+ 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) where she also serves as Advisory Board Chair (since June 2023). Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Marshall C. Turner, Jr.,+ ^ 82 (2005)	Private Investor since prior to 2019. He is a former (2007-2020) director of Xilinx Inc. (programmable logic semi-conductors and adaptable, intelligent computing) and, former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 1999-2000, and 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships and as a director of a number of public and private companies. He also has extensive non-profit board leadership experience, including as a former Chair of the Corporation for Public Broadcasting and the Smithsonian’s National Museum of Natural history, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED)**	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
ADVISORY BOARD MEMBER
Emilie D. Wrapp,## 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023 – June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		81	None

* The address for each of the Trust’s disinterested Trustees and Advisory Board member is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department, Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Trust’s Trustees and Advisory Board member.

*** The information above includes each Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee’s qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Trust.

# Mr. Erzan is an “interested person” of the Trust, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

## Ms. Wrapp is an “interested person”, as defined in Section 2(a)(19) of the 1940 Act, of the Fund because of her former role with the Adviser.

+ Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

^ Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective December 31, 2024.

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TRUSTEES AND OFFICERS INFORMATION (continued)

Officer Information

Certain information concerning the Trust’s officers is set forth below.

NAME, ADDRESS,* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Timothy Kurpis 35	Vice President	Senior Vice President of the Adviser/Manager,** with which he has been associated in a substantially similar capacity and as a trader since prior to 2019.
Tiffanie Wong 38	Vice President	Senior Vice President of the Adviser,** with which she has been associated since prior to 2019. She is also Director – Fixed Income Responsible Investing Portfolio Management; and Director – US Investment-Grade Credit.
Nancy E. Hay 52	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2019.
Stephen M. Woetzel, 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS** with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS,** with which she has been associated since prior to 2019.
Jennifer Friedland 50	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

* The address for each of the Trust’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Trust.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Trust’s Trustees and Officers and is available without charge upon request. Contact your financial representative or ABI at (800)-227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

abfunds.com AB CORPORATE INCOME SHARES^| 59

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Corporate Shares (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Corporate Income Shares (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors noted that the Fund is designed as a vehicle for the wrap fee account market (where investors pay fees to a wrap fee sponsor which pays investment fees and expenses from such fee). The directors also noted that no advisory fee is payable by the Fund, that the Advisory Agreement does not include the reimbursement provision for certain administrative expenses included in the advisory agreements of most of the open-end AB Funds, and that the Adviser is responsible for payment of the Fund’s ordinary expenses. The directors noted that the Company acknowledges in the Advisory Agreement that the Adviser and its affiliates expect to receive compensation from third parties in connection with services provided under the Advisory Agreement. The directors further noted that the Adviser receives payments from the wrap fee program sponsors (the “Sponsors”) that use the Fund as an investment vehicle for their clients.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

60 ^| AB CORPORATE INCOME SHARES abfunds.com

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

abfunds.com AB CORPORATE INCOME SHARES^| 61

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts (“SMAs”). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors’ request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees

The directors considered the advisory fee rate payable by the Fund to the Adviser (zero) and information provided by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds.

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm’s length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser’s fee arrangements with the Sponsors vary, the directors acknowledged the Adviser’s view that a portion of such fees (less the expenses of the Fund

62 ^| AB CORPORATE INCOME SHARES abfunds.com

paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the “implied fee”) and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors recognized that such information was of limited utility in light of the Fund’s unusual fee arrangement. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors did not consider comparative expense information for the Fund because the Fund does not bear ordinary expenses.

Economies of Scale

The directors did not consider the extent to which fee levels in the Advisory Agreement for the Fund reflect economies of scale because the Advisory Agreement does not provide for any compensation to be paid to the

abfunds.com AB CORPORATE INCOME SHARES^| 63

Adviser by the Fund and the Fund’s expense ratio is zero. They did note, however, that the fee payable to the Adviser by the current Sponsors declines at a breakpoint based on either individual account sizes or on total assets managed by the Adviser for the Sponsor.

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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

abfunds.com AB CORPORATE INCOME SHARES ^| 65

NOTES

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NOTES

abfunds.com AB CORPORATE INCOME SHARES^| 67

NOTES

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AB CORPORATE INCOME SHARES

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

CIS-0151-0424    

APR^04.30.24

ANNUAL REPORT

AB TAXABLE MULTI-SECTOR INCOME SHARES

Investment Products Offered •  Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for AB Taxable Multi-Sector Income Shares (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺  Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺  Applying differentiated investment insights through a connected global research network

⁺  Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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

ANNUAL REPORT

June 27, 2024

This report provides management’s discussion of fund performance for AB Taxable Multi-Sector Income Shares for the annual reporting period ended April 30, 2024. Please note, shares of this Fund are available only to separately managed accounts or participants in “wrap fee” programs or other investment programs approved by the Adviser.

The Fund’s investment objective is to generate income and price appreciation.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB TAXABLE MULTI-SECTOR INCOME SHARES		3.15%		4.41%
Bloomberg US Aggregate ex Government Bond Index		6.11%		-0.56%

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg US Aggregate ex Government Bond Index, for the six- and 12-month periods ended April 30, 2024.

During the 12-month period, the Fund outperformed the benchmark. Yield-curve positioning was the largest contributor to relative performance, from an overweight to the six-month part of the yield curve and underweights to the five- to 30-year parts of the curve. Industry allocation also contributed, mainly from no exposure to agency mortgage-backed securities, overweights to US municipal bonds, energy and basic industry. Security selection detracted, mostly from selection among US municipal bonds, energy, banking and consumer non-cyclicals. Currency decisions did not have a meaningful impact on results.

Over the six-month period, the Fund underperformed the benchmark. Security selection was the greatest detractor to performance, primarily from selection in US municipal bonds, banking, consumer non-cyclicals and energy. Overall yield-curve positioning also detracted, from underweights to the five- to 30-year parts of the yield curve, which were partially offset by gains from overweights to the six-month and two-year parts of the curve. Industry allocation detracted, mostly from overweights to agencies, asset-backed securities and US municipal bonds that was partially offset by no exposure to agency mortgage-backed securities. Currency decisions did not impact results during the period.

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During both periods, the Fund used derivatives in the form of interest rate swaps for investment purposes, which detracted from absolute returns, as well as credit default swaps for investment purposes, which had no material impact on returns.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the 12-month period ended April 30, 2024, fixed-income government bond market yields were extremely volatile in all major developed markets, and developed-market government bond returns started to diverge based on individual country growth, inflation expectations and central bank decisions. Most central banks raised interest rates substantially to combat inflation, then paused further interest-rate hikes and are now on the cusp of beginning monetary easing, albeit with lower expectations for the number and magnitude of rate cuts for 2024. Government bond returns in aggregate were positive, with the highest return in Switzerland, while US Treasury returns trailed with a loss in the US. Overall, developed-market investment-grade corporate bonds solidly outperformed government bonds with gains, including in the US and eurozone. High-yield corporate bonds advanced and significantly outperformed government bonds—especially in the eurozone and US. Emerging-market hard-currency sovereign bonds outperformed developed-market treasuries by a wide margin, led by high-yield sovereigns as investment-grade sovereigns declined. Emerging-market hard-currency corporate bonds had strong relative positive returns and outperformed developed-market corporates by credit quality. Local-currency sovereign bonds slightly exceeded developed-market treasuries yet trailed other risk sectors as the US dollar gained on almost all currencies during the period.

The Fund’s Senior Investment Management Team (the “Team”) continues to seek attractively priced securities through top-down and bottom-up research, while mitigating overall risk. The Team invests primarily in single-sector, investment-grade issues of global corporates but has leeway to invest in below investment-grade bonds as well.

INVESTMENT POLICIES

The Fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Fund may invest in a broad range of securities in both developed and emerging markets. The Fund may invest across all fixed-income sectors, including corporate and US and non-US government securities. The Fund may invest up to 50% of its assets in below investment-grade bonds (“junk bonds”). The Fund expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term.

The Fund may invest without limit in US dollar-denominated foreign

(continued on next page)

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

fixed-income securities and may invest up to 50% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings.

The Fund may also invest in mortgage-related and other asset-backed securities; loan participations; inflation-indexed securities; structured securities; variable-, floating- and inverse-floating-rate instruments; and preferred stock, and may use other investment techniques. The Fund may use leverage for investment purposes. The Fund intends, among other things, to enter into transactions such as reverse repurchase agreements, forward contracts and dollar rolls. The Fund may invest, without limit, in derivatives, such as options, futures contracts, forwards or swap agreements.

Currencies can have a dramatic effect on returns of non-US dollar-denominated fixed-income securities, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and fixed-income positions separately and may seek to hedge the currency exposure resulting from the Fund’s fixed-income securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Fund may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg US Aggregate ex Government Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a fund. The Bloomberg US Aggregate ex Government Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy initiatives and resulting market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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

DISCLOSURES AND RISKS (continued)

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity, negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

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

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

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

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities,

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DISCLOSURES AND RISKS (continued)

and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

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

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Leverage Risk: To the extent the Fund uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

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DISCLOSURES AND RISKS (continued)

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling (800) 227 4618. The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus and/or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

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HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

4/30/2014 TO 4/30/2024

This chart illustrates the total value of an assumed $10,000 investment in AB Taxable Multi-Sector Income Shares (from 4/30/2014 to 4/30/2024) as compared with the performance of the Fund’s benchmark.

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

HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns
1 Year		4.41%
5 Years		1.99%
10 Years		1.85%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	NAV Returns
1 Year		5.17%
5 Years		2.11%
10 Years		1.90%

The prospectus fee table shows the fees and the total annual operating expenses of the Fund as 0.00% because the Adviser does not charge any fees or expenses and reimburses Fund operating expenses, except certain extraordinary expenses, taxes, brokerage costs and the interest on borrowings or certain leveraged transactions. Participants in a wrap fee program or other investment program eligible to invest in the Fund pay fees to the program sponsor and should review the program brochure or other literature provided by the sponsor for a discussion of fees and expenses charged.

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EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you may incur various ongoing non-operating and extraordinary costs. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Actual	$	1,000	$	1,031.50	$	– 0 –		0.00	%
Hypothetical**	$	1,000	$	1,024.86	$	– 0 –		0.00	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Fund’s operating expenses are borne by the Adviser or its affiliates.

** Assumes 5% annual return before expenses.

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PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $401.3

1 The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 55.4%
Industrial – 36.7%
Basic – 4.2%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028	$	1,000	$	891,030
Eastman Chemical Co. 3.80%, 03/15/2025		2,000		1,964,580
EIDP, Inc. 1.70%, 07/15/2025		1,265		1,209,112
Freeport-McMoRan, Inc. 4.125%, 03/01/2028		2,000		1,881,100
Georgia-Pacific LLC 0.625%, 05/15/2024(a)		1,750		1,746,815
Newmont Corp. 2.80%, 10/01/2029		1,000		877,090
Nucor Corp. 2.00%, 06/01/2025		2,640		2,543,297
PPG Industries, Inc. 1.20%, 03/15/2026		2,000		1,846,120
Southern Copper Corp. 3.875%, 04/23/2025		1,000		980,385
Westlake Corp. 3.60%, 08/15/2026		2,000		1,909,460
WRKCo, Inc. 3.90%, 06/01/2028		1,000		939,310
				16,788,299
Capital Goods – 3.9%
3M Co. 2.65%, 04/15/2025		2,000		1,943,100
Boeing Co. (The) 2.196%, 02/04/2026		2,000		1,865,940
Caterpillar Financial Services Corp. 5.623% (SOFR + 0.27%), 09/13/2024(b)		1,000		999,780
Emerson Electric Co. 1.80%, 10/15/2027		2,000		1,791,860
John Deere Capital Corp. 1.75%, 03/09/2027		1,700		1,545,657
Northrop Grumman Corp. 2.93%, 01/15/2025		2,000		1,961,860
Parker-Hannifin Corp. 2.70%, 06/14/2024		1,000		996,360
3.25%, 03/01/2027		1,700		1,608,642
Republic Services, Inc. 2.50%, 08/15/2024		1,000		990,320

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Trane Technologies Financing Ltd. 3.55%, 11/01/2024	$	2,000	$	1,976,380
				15,679,899
Communications - Media – 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/2029		1,000		834,300
Omnicom Group, Inc./Omnicom Capital, Inc. 3.65%, 11/01/2024		2,000		1,978,380
				2,812,680
Communications - Telecommunications – 1.5%
T-Mobile USA, Inc. 2.625%, 04/15/2026		3,402		3,216,421
Verizon Communications, Inc. 4.125%, 03/16/2027		3,000		2,903,160
				6,119,581
Consumer Cyclical - Automotive – 1.5%
Ford Motor Credit Co., LLC 2.90%, 02/10/2029		1,000		862,990
4.95%, 05/28/2027		779		752,467
6.80%, 05/12/2028		950		969,380
General Motors Financial Co., Inc. 6.653% (SOFR + 1.30%), 04/07/2025(b)		1,500		1,509,975
Toyota Motor Credit Corp. 3.65%, 01/08/2029		2,000		1,868,600
				5,963,412
Consumer Cyclical - Entertainment – 0.4%
YMCA of Greater New York 2.303%, 08/01/2026		1,765		1,617,605
Consumer Cyclical - Other – 1.5%
DR Horton, Inc. 2.50%, 10/15/2024		2,875		2,834,261
Marriott International, Inc./MD 3.75%, 03/15/2025		1,075		1,055,672
Series R 3.125%, 06/15/2026		2,000		1,905,340
				5,795,273
Consumer Cyclical - Restaurants – 0.7%
McDonald’s Corp. 3.375%, 05/26/2025		1,000		976,830
Starbucks Corp. 2.45%, 06/15/2026		2,000		1,880,860
				2,857,690

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 2.2%
AutoZone, Inc. 3.25%, 04/15/2025	$	2,000	$	1,955,100
Costco Wholesale Corp. 2.75%, 05/18/2024		1,000		998,380
Dollar Tree, Inc. 4.00%, 05/15/2025		2,000		1,963,880
NIKE, Inc. 2.40%, 03/27/2025		2,250		2,191,005
VF Corp. 2.40%, 04/23/2025		1,670		1,611,015
				8,719,380
Consumer Non-Cyclical – 9.0%
Amgen, Inc. 2.20%, 02/21/2027		3,000		2,751,570
Archer-Daniels-Midland Co. 2.50%, 08/11/2026		3,000		2,815,800
BAT Capital Corp. 2.259%, 03/25/2028		2,000		1,757,960
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		2,275		2,103,693
Bunge Ltd. Finance Corp. 1.63%, 08/17/2025		3,000		2,848,590
Cardinal Health, Inc. 3.079%, 06/15/2024		1,000		996,370
Cencora, Inc. 3.25%, 03/01/2025		1,350		1,323,324
Cigna Group (The) 3.40%, 03/01/2027		3,000		2,841,450
CommonSpirit Health 2.76%, 10/01/2024		1,000		986,060
Gilead Sciences, Inc. 3.65%, 03/01/2026		1,000		968,840
Hershey Co. (The) 0.90%, 06/01/2025		1,300		1,238,588
2.30%, 08/15/2026		1,400		1,311,926
Keurig Dr Pepper, Inc. 3.43%, 06/15/2027		3,000		2,831,220
Kraft Heinz Foods Co. 3.00%, 06/01/2026		1,000		954,130
Philip Morris International, Inc. 3.375%, 08/11/2025		2,000		1,948,540
Sysco Corp. 3.75%, 10/01/2025		2,500		2,433,100
Tyson Foods, Inc. 3.55%, 06/02/2027		1,000		943,980
3.95%, 08/15/2024		3,000		2,983,020

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
UPMC Series D-1 3.60%, 04/03/2025	$	2,250	$	2,207,722
				36,245,883
Energy – 2.9%
Continental Resources, Inc./OK 3.80%, 06/01/2024		3,000		2,992,080
EQT Corp. 6.125%, 02/01/2025(c)		1,301		1,301,677
Exxon Mobil Corp. 2.992%, 03/19/2025		2,000		1,957,900
Hess Corp. 4.30%, 04/01/2027		2,000		1,935,360
Marathon Oil Corp. 5.30%, 04/01/2029		1,000		980,770
Pioneer Natural Resources Co. 1.125%, 01/15/2026		2,680		2,490,068
				11,657,855
Other Industrial – 0.2%
LKQ Corp. 5.75%, 06/15/2028		852		851,412
Services – 3.4%
Alibaba Group Holding Ltd. 3.60%, 11/28/2024		1,500		1,480,800
Booking Holdings, Inc. 3.65%, 03/15/2025		1,000		983,220
eBay, Inc. 1.90%, 03/11/2025		2,000		1,937,400
Expedia Group, Inc. 3.80%, 02/15/2028		3,000		2,811,780
Global Payments, Inc. 1.20%, 03/01/2026		2,000		1,846,540
Mastercard, Inc. 2.00%, 03/03/2025		2,250		2,187,630
Verisk Analytics, Inc. 4.00%, 06/15/2025		2,500		2,448,800
				13,696,170
Technology – 3.4%
Fiserv, Inc. 2.75%, 07/01/2024		2,250		2,238,458
International Business Machines Corp. 3.30%, 05/15/2026		2,000		1,922,220
Jabil, Inc. 3.95%, 01/12/2028		2,000		1,876,180

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kyndryl Holdings, Inc. 2.70%, 10/15/2028	$	2,000	$	1,746,280
Microchip Technology, Inc. 4.25%, 09/01/2025		1,000		981,380
Oracle Corp. 2.50%, 04/01/2025		3,100		3,009,542
TSMC Arizona Corp. 1.75%, 10/25/2026		2,220		2,030,334
				13,804,394
Transportation - Airlines – 0.5%
Southwest Airlines Co. 3.00%, 11/15/2026		2,000		1,873,500
Transportation - Services – 0.7%
Ryder System, Inc. 1.75%, 09/01/2026		3,000		2,746,560
				147,229,593
Financial Institutions – 16.1%
Banking – 11.8%
Banco Bilbao Vizcaya Argentaria SA 5.862%, 09/14/2026		1,000		997,070
Bank of America Corp. 1.197%, 10/24/2026		1,000		934,100
1.319%, 06/19/2026		1,000		950,330
3.093%, 10/01/2025		1,250		1,235,325
3.559%, 04/23/2027		1,000		959,570
Barclays PLC 3.932%, 05/07/2025		1,000		1,000,000
BPCE SA 5.15%, 07/21/2024(a)		1,100		1,096,557
Capital One Financial Corp. 2.636%, 03/03/2026		1,000		971,730
Citigroup, Inc. 3.668%, 07/24/2028		2,000		1,883,400
3.98%, 03/20/2030		1,000		926,390
Citizens Financial Group, Inc. 5.841%, 01/23/2030		1,000		978,630
Discover Bank Series B 3.45%, 07/27/2026		2,385		2,253,563
Goldman Sachs Group, Inc. (The) 1.431%, 03/09/2027		2,000		1,848,260
HSBC Holdings PLC 1.645%, 04/18/2026		2,210		2,121,092
2.099%, 06/04/2026		1,000		958,390

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
ING Groep NV 6.366% (SOFR + 1.01%), 04/01/2027(b)	$	1,350	$	1,353,118
JPMorgan Chase & Co. 2.083%, 04/22/2026		2,500		2,410,725
3.54%, 05/01/2028		1,000		943,720
5.887% (SOFR + 0.54%), 06/01/2025(b)		1,300		1,300,195
KeyCorp 2.25%, 04/06/2027		2,000		1,787,700
M&T Bank Corp. 7.413%, 10/30/2029		2,000		2,074,020
Mitsubishi UFJ Financial Group, Inc. 1.412%, 07/17/2025		2,300		2,185,782
Mizuho Financial Group, Inc. 1.554%, 07/09/2027		3,200		2,929,344
Morgan Stanley 2.72%, 07/22/2025		1,000		992,380
Series G 1.512%, 07/20/2027		3,000		2,738,970
Santander Holdings USA, Inc. 5.807%, 09/09/2026		1,000		993,780
Sumitomo Mitsui Financial Group, Inc. 1.474%, 07/08/2025		2,600		2,474,914
Toronto-Dominion Bank (The) 5.703% (SOFR + 0.35%), 09/10/2024(b)		2,000		2,000,680
Wells Fargo & Co. 2.188%, 04/30/2026		2,850		2,747,799
2.406%, 10/30/2025		1,150		1,130,335
				47,177,869
Brokerage – 0.6%
Nomura Holdings, Inc. 1.851%, 07/16/2025		2,750		2,616,872
Finance – 0.9%
Air Lease Corp. 2.30%, 02/01/2025		1,000		972,480
Aircastle Ltd. 4.125%, 05/01/2024		2,500		2,500,000
				3,472,480
REITs – 2.8%
American Tower Corp. 1.50%, 01/31/2028		1,000		860,420
3.375%, 05/15/2024		2,100		2,097,585
Crown Castle, Inc. 2.90%, 03/15/2027		2,000		1,854,040
Equinix, Inc. 1.80%, 07/15/2027		3,000		2,669,730

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/2026	$	3,000	$	2,961,480
Kite Realty Group Trust 4.00%, 03/15/2025		1,000		979,690
				11,422,945
				64,690,166
Utility – 2.6%
Electric – 2.3%
DTE Energy Co. Series F 1.05%, 06/01/2025		2,000		1,900,140
National Rural Utilities Cooperative Finance Corp. 3.40%, 02/07/2028		2,000		1,868,680
Pacific Gas and Electric Co. 5.55%, 05/15/2029		1,000		988,590
Pinnacle West Capital Corp. 1.30%, 06/15/2025		2,700		2,558,952
Public Service Electric and Gas Co. 3.20%, 05/15/2029		2,000		1,810,680
				9,127,042
Other Utility – 0.3%
American Water Capital Corp. 3.40%, 03/01/2025		1,135		1,113,390
				10,240,432
Total Corporates – Investment Grade (cost $225,566,205)				222,160,191
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 12.7%
United States – 12.7%
Antonio B Won Pat International Airport Authority Series 2021-A 2.499%, 10/01/2025		740		705,358
California Earthquake Authority Series 2022-A 5.603%, 07/01/2027		2,000		1,999,222
California State Public Works Board (State of California Department of General Services Lease) Series 2024 4.917%, 04/01/2027		3,900		3,876,544

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City & County of Denver CO Airport System Revenue Series 2020-C 1.115%, 11/15/2024	$	750	$	732,900
City of Detroit MI Series 2023-B 6.844%, 05/01/2028		1,245		1,255,465
City of Glendale AZ (City of Glendale AZ COP) Series 2021 0.897%, 07/01/2024		3,000		2,977,209
City of Houston TX Airport System Revenue Series 2020-C 1.272%, 07/01/2024		1,000		992,785
City of New York NY Series 2021 0.982%, 08/01/2025		380		360,279
City of San Antonio TX Series 2023 5.635%, 02/01/2026		3,000		3,008,820
County of Broward FL Airport System Revenue Series 2019-C 2.384%, 10/01/2026		1,000		935,719
Dallas Fort Worth International Airport Series 2023 4.738%, 11/01/2026		1,125		1,111,081
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		1,000		911,076
Inland Empire Tobacco Securitization Corp. Series 2019 3.678%, 06/01/2038		660		619,983
Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2024-A 5.37%, 12/19/2024		3,000		2,999,306
Municipal Electric Authority of Georgia Series 2021 1.897%, 01/01/2027		385		351,960
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) NATL Series 1997-A 7.425%, 02/15/2029		3,000		3,170,286

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023 4.927%, 03/01/2026	$	1,050	$	1,038,327
New Jersey Turnpike Authority Series 2021-B 0.897%, 01/01/2025		2,000		1,940,654
New York State Dormitory Authority (State of New York Pers Income Tax)
Series 2024-B 5.113%, 03/15/2025		1,000		996,290
New York State Urban Development Corp. (Pre-refunded - US Treasuries) Series 2020-F 0.87%, 03/15/2025		1,400		1,345,932
Pennsylvania Turnpike Commission Series 2019 2.556%, 12/01/2025		760		727,249
San Jose Evergreen Community College District Series 2012 6.586% (CME Term SOFR 3 Month + 1.00%), 07/01/2043(b)		1,000		988,672
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.258%, 07/01/2025		1,010		963,174
State of California Series 2023 5.10%, 03/01/2029		2,000		2,010,218
State of Connecticut Series 2021-A 0.508%, 06/01/2024		1,000		995,933
Series 2022-A 3.292%, 06/15/2025		1,000		978,125
State of Hawaii Series 2023-G 4.588%, 10/01/2026		2,000		1,979,963
State of Hawaii Airports System Revenue Series 2020-E 1.392%, 07/01/2025		1,000		955,371
State of Illinois Series 2023-A 5.254%, 05/01/2024		1,500		1,500,000
5.254%, 05/01/2025		1,000		995,887
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.75%, 05/01/2028		2,000		1,963,538

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Texas Natural Gas Securitization Finance Corp. (Texas Natural Gas Securitization Finance Corp.) Series 2023-1, Class A1 5.102%, 04/01/2035	$	1,940	$	1,919,573
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		4,000		3,733,487
Total Local Governments – US Municipal Bonds (cost $51,819,673)				51,040,386
AGENCIES – 9.1%
Agency Debentures – 9.1%
Federal Home Loan Banks 4.00%, 06/30/2028		3,750		3,641,775
4.50%, 10/03/2024		6,000		5,977,080
4.625%, 06/06/2025		1,600		1,587,616
4.75%, 04/09/2027		9,480		9,436,581
5.00%, 02/28/2025		16,000		15,955,200
Total Agencies (cost $36,785,951)				36,598,252
GOVERNMENTS - TREASURIES – 9.0%
United States – 9.0%
U.S. Treasury Notes 4.00%, 01/15/2027		15,000		14,650,781
4.125%, 02/15/2027		22,000		21,553,125
Total Governments – Treasuries (cost $36,766,079)				36,203,906
ASSET-BACKED SECURITIES – 7.7%
Autos - Fixed Rate – 4.4%
American Credit Acceptance Receivables Trust Series 2023-1, Class A 5.45%, 09/14/2026(a)		143		142,561
Americredit Automobile Receivables Trust Series 2023-1, Class A2A 5.84%, 10/19/2026		1,102		1,102,080
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(a)		3,000		2,979,018
Carmax Auto Owner Trust Series 2021-1, Class C 0.94%, 12/15/2026		500		477,977

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Carvana Auto Receivables Trust Series 2021-N1, Class C 1.30%, 01/10/2028	$	266	$	251,932
Series 2023-N1, Class A 6.36%, 04/12/2027(a)		662		663,200
Series 2023-P3, Class A2 6.09%, 11/10/2026(a)		527		527,558
DT Auto Owner Trust Series 2021-1A, Class C 0.84%, 10/15/2026(a)		79		78,973
Flagship Credit Auto Trust Series 2023-1, Class A2 5.38%, 12/15/2026(a)		1,355		1,351,696
Foursight Capital Automobile Receivables Trust Series 2021-1, Class C 1.02%, 09/15/2026(a)		3		2,776
Series 2023-1, Class A2 5.43%, 10/15/2026(a)		1,081		1,080,177
JPMorgan Chase Bank, NA - CACLN Series 2021-1, Class B 0.875%, 09/25/2028 (a)		94		92,977
LAD Auto Receivables Trust Series 2023-1A, Class A2 5.68%, 10/15/2026(a)		1,283		1,282,644
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a)		2,498		2,513,890
Santander Bank Auto Credit-Linked Notes Series 2023-A, Class B 6.493%, 06/15/2033(a)		343		343,659
Tricolor Auto Securitization Trust Series 2023-1A, Class A 6.48%, 08/17/2026(a)		775		775,120
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032(a)		815		817,186
Westlake Automobile Receivables Trust Series 2021-1A, Class C 0.95%, 03/16/2026(a)		180		179,316
Series 2023-2A, Class A2A 5.87%, 07/15/2026(a)		1,404		1,403,219
World Omni Select Auto Trust Series 2023-A, Class A2A 5.92%, 03/15/2027		1,599		1,600,081
				17,666,040
Other ABS - Fixed Rate – 3.3%
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(a)		18		18,097

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

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2024-X1, Class A 6.27%, 05/15/2029(a)	$	1,166	$	1,166,055
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031		1,319		1,275,115
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032(a)		2,063		2,044,753
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(a)		778		679,596
Louisiana Local Government Environmental Facilities & Community Development Authority Series 2023-ELL, Class A1 5.081%, 06/01/2031		2,770		2,739,752
Oklahoma Development Finance Authority Series 2022-ONG, Class A1 3.877%, 05/01/2037		1,552		1,463,530
Pagaya AI Debt Trust Series 2023-3, Class A 7.60%, 12/16/2030(a)		1,546		1,555,784
Series 2024-1, Class A 6.66%, 07/15/2031(a)		257		257,506
Theorem Funding Trust Series 2023-1A, Class A 7.58%, 04/15/2029(a)		376		379,289
Upstart Securitization Trust Series 2023-2, Class A 6.77%, 06/20/2033(a)		1,725		1,725,834
				13,305,311
Total Asset-Backed Securities (cost $31,277,083)				30,971,351
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.6%
Risk Share Floating Rate – 3.6%
Connecticut Avenue Securities Trust Series 2023-R03, Class 2M1 7.83% (CME Term SOFR + 2.50%), 04/25/2043(a)(b)		901		915,929
Series 2023-R04, Class 1M1 7.63% (CME Term SOFR + 2.30%), 05/25/2043(a)(b)		1,706		1,747,313

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

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-R05, Class 1M1 7.23% (CME Term SOFR + 1.90%), 06/25/2043(a)(b)	$	2,265	$	2,292,969
Series 2023-R06, Class 1M1 7.03% (CME Term SOFR + 1.70%), 07/25/2043(a)(b)		785		789,465
Series 2023-R07, Class 2M1 7.28% (CME Term SOFR + 1.95%), 09/25/2043(a)(b)		1,029		1,036,229
Series 2024-R03, Class 2M1 6.48% (CME Term SOFR + 1.15%), 03/25/2044(a)(b)		2,041		2,043,736
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 8.745% (CME Term SOFR + 3.41%), 10/25/2027(b)		13		13,487
Series 2023-DNA1, Class M1A 7.43% (CME Term SOFR + 2.10%), 03/25/2043(a)(b)		340		346,439
Series 2023-DNA2, Class M1A 7.43% (CME Term SOFR + 2.10%), 04/25/2043(a)(b)		1,366		1,392,412
Series 2023-HQA1, Class M1A 7.33% (CME Term SOFR + 2.00%), 05/25/2043(a)(b)		2,140		2,163,812
Series 2023-HQA2, Class M1A 7.33% (CME Term SOFR + 2.00%), 06/25/2043(a)(b)		1,422		1,432,748
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.345% (CME Term SOFR + 3.01%), 07/25/2024(b)		31		30,769
Series 2016-C01, Class 1M2 12.195% (CME Term SOFR + 6.86%), 08/25/2028(b)		123		130,334
Series 2016-C02, Class 1M2 11.445% (CME Term SOFR + 6.11%), 09/25/2028(b)		99		102,620
				14,438,262
Agency Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICs Series 4029, Class LD 1.75%, 01/15/2027		15		14,446

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

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 4459, Class CA 5.00%, 12/15/2034	$	11	$	10,570
				25,016
Total Collateralized Mortgage Obligations (cost $14,302,856)				14,463,278
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%
Non-Agency Floating Rate CMBS – 0.3%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.368% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(a)(b)		1,000		995,972
Invitation Homes Trust Series 2018-SFR4, Class A 6.536% (CME Term SOFR 1 Month + 1.21%), 01/17/2038(a)(b)		297		296,984
				1,292,956
Non-Agency Fixed Rate CMBS – 0.0%
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		17		17,280
Total Commercial Mortgage-Backed Securities (cost $1,314,043)				1,310,236
CORPORATES - NON-INVESTMENT GRADE – 0.2%
Industrial – 0.2%
Consumer Non-Cyclical – 0.2%
Newell Brands, Inc. 4.875%, 06/01/2025		183		180,105
5.70%, 04/01/2026(c)		613		603,983
Total Corporates – Non-Investment Grade (cost $823,137)				784,088
	Shares
SHORT-TERM INVESTMENTS – 1.1%
Investment Companies – 1.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(d)(e)(f) (cost $4,378,080)		4,378,080		4,378,080
Total Investments – 99.1% (cost $403,033,107)				397,909,768
Other assets less liabilities – 0.9%				3,434,709
Net Assets – 100.0%			$	401,344,477

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

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

Description	Fixed Rate (Pay) Receive	Payment Frequency	Implied Credit Spread at April 30, 2024	Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*	1.00%	Quarterly	0.53%		USD	18,070	$	401,217	$	390,906	$	10,311

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

Rate Type

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

USD

55,500

07/31/2025

1 Day SOFR

5.057%

Annual

$

(184,892

)

$

– 0

–

$

(184,892

)

CREDIT DEFAULT SWAPS (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%		USD	26	$	(3,347	)	$	(3,255	)	$	(92	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	14		(1,815	)		(1,286	)		(529	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	81		(10,209	)		(7,121	)		(3,088	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	8		(1,021	)		(730	)		(291	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	100		(12,704	)		(9,093	)		(3,611	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	150		(18,999	)		(13,250	)		(5,749	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	130		(16,504	)		(11,172	)		(5,332	)
JPMorgan Securities LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	150		(19,056	)		(20,593	)		1,537
												$	(83,655	)	$	(66,500	)	$	(17,155	)

* Termination date

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $40,375,544 or 10.1% of net assets.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 27

PORTFOLIO OF INVESTMENTS (continued)

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2024.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(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.

Glossary:

ABS – Asset-Backed Securities

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

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

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

NATL – National Interstate Corporation

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.

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

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024

Assets
Investments in securities, at value
Unaffiliated issuers (cost $398,655,027)	$	393,531,688
Affiliated issuers (cost $4,378,080)		4,378,080
Cash collateral due from broker		1,206,628
Unaffiliated interest and dividends receivable		2,947,045
Receivable for investment securities sold		1,736,971
Receivable for shares of beneficial interest sold		433,276
Affiliated dividends receivable		27,153
Receivable due from Adviser		780
Total assets		404,261,621
Liabilities
Due to custodian		4,490
Dividends payable		1,438,527
Payable for investment securities purchased		1,165,999
Payable for shares of beneficial interest redeemed		219,681
Market value on credit default swaps (net premiums received $66,500)		83,655
Payable for variation margin on centrally cleared swaps		4,792
Total liabilities		2,917,144
Net Assets	$	401,344,477
Composition of Net Assets
Shares of beneficial interest, at par	$	417
Additional paid-in capital		410,856,938
Accumulated loss		(9,512,878	)
Net Assets	$	401,344,477
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 41,674,505 common shares outstanding)	$	9.63

See notes to financial statements.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 29

STATEMENT OF OPERATIONS

Year Ended April 30, 2024

Investment Income
Interest	$	14,987,634
Dividends—Affiliated issuers		525,308
Other income(a)		39,634
Total investment income			$	15,552,576
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions				(745,153	)
Swaps				(2,383,954	)
Net change in unrealized appreciation (depreciation) of:
Investments				2,069,615
Swaps				1,786,574
Net gain on investment transactions				727,082
Net Increase in Net Assets from Operations			$	16,279,658

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

See notes to financial statements.

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

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended April 30, 2024			Year Ended April 30, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	15,552,576		$	7,962,554
Net realized loss on investment transactions		(3,129,107	)		(2,818,491	)
Net change in unrealized appreciation (depreciation) of investments		3,856,189			2,811,701
Net increase in net assets from operations		16,279,658			7,955,764
Distribution to Shareholders		(14,094,957	)		(7,997,925	)
Transactions in Shares of Beneficial Interest
Net increase		27,296,366			74,739,391
Total increase		29,481,067			74,697,230
Net Assets
Beginning of period		371,863,410			297,166,180
End of period	$	401,344,477		$	371,863,410

See notes to financial statements.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 31

NOTES TO FINANCIAL STATEMENTS

April 30, 2024

NOTE A

Significant Accounting Policies

AB Corporate Shares (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end, diversified management investment company. The Trust, which is a Massachusetts Business Trust, operates as a “series” company currently offering four separate portfolios: AB Corporate Income Shares, AB Municipal Income Shares, AB Taxable Multi-Sector Income Shares and AB Impact Municipal Income Shares. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Taxable Multi-Sector Income Shares (the “Fund”).

Shares of the Fund are offered exclusively to holders of accounts established under wrap fee programs sponsored and maintained by certain registered investment advisers approved by AllianceBernstein L.P. (the “Adviser”). The Fund’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees ( the “ Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more

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

NOTES TO FINANCIAL STATEMENTS (continued)

than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 33

NOTES TO FINANCIAL STATEMENTS (continued)

securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2024:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates—Investment Grade

$

– 0

–

$

222,160,191

$

– 0

–

$

222,160,191

Local Governments—US Municipal Bonds

– 0

–

51,040,386

– 0

–

51,040,386

Agencies

– 0

–

36,598,252

– 0

–

36,598,252

Governments—Treasuries

– 0

–

36,203,906

– 0

–

36,203,906

Asset-Backed Securities

– 0

–

30,971,351

– 0

–

30,971,351

Collateralized Mortgage Obligations

– 0

–

14,463,278

– 0

–

14,463,278

Commercial Mortgage-Backed Securities

– 0

–

1,310,236

– 0

–

1,310,236

Corporates—Non-Investment Grade

– 0

–

784,088

– 0

–

784,088

Short-Term Investments

4,378,080

– 0

–

– 0

–

4,378,080

Total Investments in Securities

4,378,080

393,531,688

– 0

–

397,909,768

Other Financial Instruments(a):

Assets:

Centrally Cleared Credit Default Swaps

– 0

–

401,217

– 0

–

401,217

(b)

Liabilities:

Centrally Cleared Interest Rate Swaps

– 0

–

(184,892

)

– 0

–

(184,892

)(b)

Credit Default Swaps

– 0

–

(83,655

)

– 0

–

(83,655

)

Total

$

4,378,080

$

393,664,358

$

– 0

–

$

398,042,438

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 35

NOTES TO FINANCIAL STATEMENTS (continued)

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

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

4. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

5. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

6. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

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

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the Advisory Agreement, the Fund pays no advisory fee to the Adviser and the Adviser reimburses or pays for the Fund’s operating expenses. The Fund is an integral part of separately managed accounts in wrap fee programs and other investment programs. Typically, participants in these programs pay a fee to their investment adviser for all costs and expenses of the separately managed account, including costs and expenses associated with the Fund, and a fee is paid by their investment adviser to the Adviser. In certain cases, participants may have a direct relationship with the Adviser without the involvement of a third party investment adviser, in which case the participant would pay a fee directly to the Adviser. The Adviser serves as investment manager and adviser of the Fund and continuously furnishes an investment program for the Fund and manages, supervises and conducts the affairs of the Fund, subject to the supervisions of the Fund’s Board. The Advisory Agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

The Fund has entered into a distribution agreement with AllianceBernstein Investments, Inc., the Fund’s principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Fund’s shares, which are sold at their net asset value without any sales charge. The Fund does not pay a fee for this service. The Underwriter is a wholly owned subsidiary of the Adviser.

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Fund’s registrar, transfer agent and dividend-disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders. The Fund does not pay a fee for this service.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to reimburse its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective

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NOTES TO FINANCIAL STATEMENTS (continued)

advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended April 30, 2024, such reimbursement amounted to $13,865.

A summary of the Fund’s transactions in AB mutual funds for the year ended April 30, 2024 is as follows:

Fund	Market Value 4/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,254	$	183,629	$	182,505	$	4,378	$	525

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	112,258,736	$	106,634,528
U.S. government securities		86,320,306		41,294,255

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	403,211,711
Gross unrealized appreciation	$	498,495
Gross unrealized depreciation		(5,808,602	)
Net unrealized depreciation	$	(5,310,107	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that

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NOTES TO FINANCIAL STATEMENTS (continued)

obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or

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NOTES TO FINANCIAL STATEMENTS (continued)

securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended April 30, 2024, the Fund held interest rate swaps for non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by

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NOTES TO FINANCIAL STATEMENTS (continued)

the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended April 30, 2024, the Fund held credit default swaps for non-hedging purposes.

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NOTES TO FINANCIAL STATEMENTS (continued)

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Receivable for variation margin on centrally cleared swaps	$	10,311	*
Interest rate contracts					Payable for variation margin on centrally cleared swaps	$	184,892	*
Credit contracts					Market value on credit default swaps		83,655
Total		$	10,311			$	268,547

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

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NOTES TO FINANCIAL STATEMENTS (continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	(2,214,913	)	$	1,515,548
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(169,041	)		271,026
Total		$	(2,383,954	)	$	1,786,574

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended April 30, 2024:

Centrally Cleared Interest Rate Swaps:
Average notional amount	$	74,153,846
Credit Default Swaps:
Average notional amount of sale contracts	$	1,375,640
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	18,070,000	(a)

(a) Positions were open for two months during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Citigroup Global Markets, Inc.

$

15,371

$

– 0

–

$

(15,371

)

$

– 0

–

$

– 0

–

Credit Suisse International

32,724

– 0

–

– 0

–

– 0

–

32,724

Goldman Sachs International

16,504

– 0

–

– 0

–

– 0

–

16,504

JPMorgan Securities LLC

19,056

– 0

–

(19,056

)

– 0

–

– 0

–

Total

$

83,655

$

– 0

–

$

(34,427

)

$

– 0

–

$

49,228

^

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

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NOTES TO FINANCIAL STATEMENTS (continued)

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

2. Currency Transactions

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

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

	Shares						Amount
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Shares sold		13,234,899			19,324,851		$	127,071,284		$	183,674,700
Shares redeemed		(10,404,638	)		(11,468,545	)		(99,774,918	)		(108,935,309	)
Net increase		2,830,261			7,856,306		$	27,296,366		$	74,739,391

NOTE E

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full

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NOTES TO FINANCIAL STATEMENTS (continued)

principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

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

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

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

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NOTES TO FINANCIAL STATEMENTS (continued)

Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended April 30, 2024.

NOTE G

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024			2023
Distributions paid from:
Ordinary income	$	14,094,957		$	7,510,630
Net long-term capital gains		– 0	–		487,295
Total taxable distributions paid	$	14,094,957		$	7,997,925

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

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

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

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of callable bonds and the tax treatment of swaps.

(c) The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $3,479,902 and a net long-term capital loss carryforward of $738,568, which may be carried forward for an indefinite period.

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NOTES TO FINANCIAL STATEMENTS (continued)

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE H

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE I

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Year Ended April 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 9.57			$ 9.59			$ 10.04			$ 9.89			$ 9.82
Income From Investment Operations
Net investment income(a)		.39			.23			.10			.14			.24
Net realized and unrealized gain (loss) on investment transactions		.03			(.02	)		(.39	)		.16			.09
Net increase (decrease) in net asset value from operations		.42			.21			(.29	)		.30			.33
Less: Dividends and Distributions
Dividends from net investment income		(.36	)		(.22	)		(.12	)		(.15	)		(.26	)
Distributions from net realized gain on investment transactions		– 0	–		(.01	)		(.04	)		– 0	–		– 0	–
Total dividends and distributions		(.36	)		(.23	)		(.16	)		(.15	)		(.26	)
Net asset value, end of period		$ 9.63			$ 9.57			$ 9.59			$ 10.04			$ 9.89
Total Return
Total investment return based on net asset value(b)		4.41	%		2.21	%		(2.98	)%		3.02	%		3.43	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$401,344			$371,863			$297,166			$305,872			$178,508
Ratio to average net assets of:
Expenses		.00	%		.00	%		.00	%		.00	%		.01	%(c)
Net investment income		4.09	%		2.44	%		1.03	%		1.36	%		2.47	%
Portfolio turnover rate		40	%		56	%		45	%		74	%		124	%

(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

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

See notes to financial statements.

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

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

AB Taxable Multi-Sector Income Shares

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Taxable Multi-Sector Income Shares (the “Fund”) (one of the portfolios constituting AB Corporate Shares (the “Trust”)), including the portfolio of investments, as of April 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Corporate Shares) at April 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 51

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

June 28, 2024

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2024 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended April 30, 2024.

For foreign shareholders, 98.14% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2025.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 53

BOARD OF TRUSTEES

Garry Moody⁽¹⁾,
Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Scott A. DiMaggio⁽²⁾, Vice President Matthew Sheridan⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company
One Congress Street Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc.
501 Commerce Street
Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc.
P.O. Box 786003
San Antonio, TX 78278
Toll-Free (800) 221-5672 Legal Counsel Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004   Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Core Fixed-Income Team. Messrs. DiMaggio and Sheridan are the investment professionals primarily responsible for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

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TRUSTEES AND OFFICERS INFORMATION

Board of Trustees Information

The business and affairs of the Fund are managed under the direction of the Board of Trustees and Advisory Board member. Certain information concerning the Fund’s Trustees is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE
Onur Erzan,# 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES
Garry L. Moody,## 72 (2010)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jorge A. Bermudez,## 73 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2017-2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		81	Moody’s Corporation since April 2011
Michael J. Downey,## ^ 80 (2010)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Nancy P. Jacklin,## ^ 76 (2010)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and served Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jeanette W. Loeb,## 72 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Carol C. McMullen,## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) where she also serves as Advisory Board Chair (since June 2023). Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Marshall C. Turner, Jr.## ^ 82 (2010)	Private Investor since prior to 2019. He is a former (2007-2020) director of Xilinx Inc. (programmable logic semi-conductors and adaptable, intelligent computing) and, former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 1999-2000, and 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships and as a director of a number of public and private companies. He also has extensive non-profit board leadership experience, including as a former Chair of the Corporation for Public Broadcasting and the Smithsonian’s National Museum of Natural history, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all the AB Funds since 2005. He served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		81	None

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TRUSTEES AND OFFICERS INFORMATION (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIP CURRENTLY HELD BY TRUSTEE
ADVISORY BOARD MEMBER
Emilie D. Wrapp,+ 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023-June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		81	None

* The address for each of the Trust’s disinterested Trustees and Advisory Board members is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Trust’s Trustees and Advisory Board members.

*** The information above includes each Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee’s qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Trust.

# Mr. Erzan is an “interested person” of the Trust as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

+ Ms. Wrapp is an “interested person”, as defined in Section 2(a)(19) of the 1940 Act, of the Fund because of her former role with the Adviser.

^ Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective December 31, 2024.

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TRUSTEES AND OFFICERS INFORMATION (continued)

Officer Information

Certain information concerning the Trust’s officers is set forth below.

NAME, ADDRESS,* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
OFFICERS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Scott A. DiMaggio 52	Vice President	Senior Vice President of the Adviser**, with which he had been associated since prior to 2019. He is also Head of Fixed-Income.
Matthew S. Sheridan 49	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2019. He is also Director – US Multi-Sector Fixed Income.
Nancy E. Hay 52	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS,** with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 50	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Trust.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Trust’s Trustees and Officers and is available without charge upon request. Contact your financial representative or ABI at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Corporate Shares (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Taxable Multi-Sector Income Shares (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors noted that the Fund is designed as a vehicle for the wrap fee account market (where investors pay fees to a wrap fee sponsor which pays investment fees and expenses from such fee). The directors also noted that no advisory fee is payable by the Fund, that the Advisory Agreement does not include the reimbursement provision for certain administrative expenses included in the advisory agreements of most of the open-end AB Funds, and that the Adviser is responsible for payment of the Fund’s ordinary expenses. The directors noted that the Company acknowledges in the Advisory Agreement that the Adviser and its affiliates expect to receive compensation from third parties in connection with services provided under the Advisory Agreement. The directors further noted that the Adviser receives payments from the wrap fee program sponsors (the “Sponsors”) that use the Fund as an investment vehicle for their clients.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts (“SMAs”). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors’ request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees

The directors considered the advisory fee rate payable by the Fund to the Adviser (zero) and information provided by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds.

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm’s length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser’s fee arrangements with the Sponsors vary, the directors acknowledged the

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Adviser’s view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the “implied fee”) and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors recognized that such information was of limited utility in light of the Fund’s unusual fee arrangement. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES  ^| 69

The directors did not consider comparative expense information for the Fund because the Fund does not bear ordinary expenses.

Economies of Scale

The directors did not consider the extent to which fee levels in the Advisory Agreement for the Fund reflect economies of scale because the Advisory Agreement does not provide for any compensation to be paid to the Adviser by the Fund and the Fund’s expense ratio is zero. They did note, however, that the fee payable to the Adviser by the current Sponsors declines at a breakpoint based on either individual account sizes or on total assets managed by the Adviser for the Sponsor.

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

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

abfunds.com AB TAXABLE MULTI-SECTOR INCOME SHARES ^| 71

NOTES

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

AB TAXABLE MULTI-SECTOR INCOME SHARES

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TMSIS-0151-0424    

APR^04.30.24

ANNUAL REPORT

AB MUNICIPAL INCOME SHARES

Investment Products Offered •  Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for AB Municipal Income Shares (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺  Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺  Applying differentiated investment insights through a connected global research network

⁺  Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB MUNICIPAL INCOME SHARES ^| 1

ANNUAL REPORT

June 27, 2024

This report provides management’s discussion of fund performance for AB Municipal Income Shares for the annual reporting period ended April 30, 2024. Please note, shares of this Fund are available only to separately managed accounts or participants in “wrap fee” programs or other investment programs approved by the Adviser.

The investment objective of the Fund is to earn the highest level of current income, exempt from federal taxation, that is available consistent with what the Adviser considers to be an appropriate level of risk.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB MUNICIPAL INCOME SHARES1		10.87%		2.80%
Bloomberg Municipal Bond Index		7.06%		2.08%

¹  The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended April 30, 2024.

For the 12-month period, the Fund outperformed the benchmark. The Fund was overweight lower-rated (noninvestment-grade) bonds, relative to the benchmark, which is fully composed of investment-grade bonds. This overweight added to returns for the period. Security selection within multi-family housing and education also contributed. Detractors to performance were an overweight to industrial and power revenue bonds.

For the six-month period, the Fund outperformed the benchmark. Contributors to performance included overweights to multi-family housing and public primary/secondary education sectors. The Fund’s duration and yield-curve positioning also contributed during the period. Underweight industry allocations to the local general obligation and special tax sectors detracted from performance.

The Fund used derivatives for hedging purposes in the form of interest rate swaps, which detracted from absolute performance during the six-month period and had no material impact during the 12-month period, as well as Consumer Price Index swaps, which had no material impact for either period.

2 ^| AB MUNICIPAL INCOME SHARES abfunds.com

MARKET REVIEW AND INVESTMENT STRATEGY

Over the 12-month period ended April 30, 2024, the yield on a 10-Year AAA municipal bond rose to 2.81% from 2.36% and the yield on the 10-Year US Treasury rose to 4.68% from 3.60%. After-tax spreads compressed over 12-month period indicating municipal outperformance over Treasuries, which was largely driven by a favorable technical environment. Credit spreads narrowed over the course of the period due positive municipal mutual fund flows, after a long period of outflows.

The Fund’s Senior Investment Management Team relies on an investment process that combines quantitative and fundamental research to build effective municipal bond portfolios.

The Fund may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity were 2.76 and 0.00%, respectively.

INVESTMENT POLICIES

The Fund pursues its objective by investing principally in high-yielding municipal securities that may be noninvestment grade or investment-grade. As a matter of fundamental policy, the Fund invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax for certain taxpayers.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings.

(continued on next page)

abfunds.com AB MUNICIPAL INCOME SHARES ^| 3

The Fund may invest without limit in lower-rated securities (“junk bonds”), which may include securities having the lowest rating, and in unrated securities that, in the Adviser’s judgment, would be lower-rated securities if rated. The Fund may invest in fixed-income securities with any maturity or duration. The Fund will seek to increase income for shareholders by investing in longer maturity bonds. Consistent with its objective of seeking a higher level of income, the Fund may experience greater volatility and a higher risk of loss of principal than other municipal funds.

The Fund may also invest in tender option bond transactions (“TOBs”); forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; certain types of mortgage-related securities; and derivatives, such as options, futures contracts, forwards and swaps.

The Fund may make short sales of securities or maintain a short position, and may use other investment techniques. The Fund may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.

4 ^| AB MUNICIPAL INCOME SHARES abfunds.com

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a fund. The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

abfunds.com AB MUNICIPAL INCOME SHARES ^| 5

DISCLOSURES AND RISKS (continued)

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

Tax Risk: There is no guarantee that all of the Fund’s income will remain exempt from federal or state income taxes. From time to time, the US government and the US Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield. The federal income tax treatment of payments in respect of certain derivative contracts is unclear.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy initiatives and market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

6 ^| AB MUNICIPAL INCOME SHARES abfunds.com

DISCLOSURES AND RISKS (continued)

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk: To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Illiquid Investments Risk: Illiquid investments risk exists when particular investments, such as lower-rated securities, are or become difficult to purchase or sell, possibly preventing the Fund from selling such investments at an advantageous price. The Fund is subject to illiquid investments risk because the market for municipal securities is generally smaller than many other markets. Derivatives and securities involving substantial market and credit risk tend to involve greater illiquid investments risk than most other types of investments.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent

abfunds.com AB MUNICIPAL INCOME SHARES ^| 7

DISCLOSURES AND RISKS (continued)

month-end by calling (800) 227 4618. The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus and/or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

8 ^| AB MUNICIPAL INCOME SHARES abfunds.com

HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

4/30/2014 TO 4/30/2024

This chart illustrates the total value of an assumed $10,000 investment in AB Municipal Income Shares (from 4/30/2014 to 4/30/2024) as compared with the performance of its benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

abfunds.com AB MUNICIPAL INCOME SHARES ^| 9

HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns
1 Year		2.80%
5 Years		2.45%
10 Years		4.32%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	NAV Returns
1 Year		5.19%
5 Years		2.95%
10 Years		4.76%

The prospectus fee table shows the fees and the total annual operating expenses of the Fund as 0.21% because the Adviser does not charge any fees or expenses and reimburses Fund operating expenses except certain extraordinary expenses, taxes, brokerage costs and the interest on borrowings or certain leveraged transactions. Participants in a wrap fee program or other investment program eligible to invest in the Fund pay fees to the program sponsor and should review the program brochure or other literature provided by the sponsor for a discussion of fees and expenses charged.

10 ^| AB MUNICIPAL INCOME SHARES abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you may incur various ongoing non-operating and extraordinary costs. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Actual	$	1,000	$	1,108.70	$	1.26		0.24	%
Hypothetical**	$	1,000	$	1,023.67	$	1.21		0.24	%

* Expenses are equal to the Fund’s annualized expense ratio (interest expense incurred) multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Fund’s operating expenses are borne by the Adviser or its affiliates.

** Assumes 5% annual return before expenses.

abfunds.com AB MUNICIPAL INCOME SHARES ^| 11

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $12,137.1

1 The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc.(“Moody’s”) and Fitch Ratings, Ltd.(“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment-grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

12 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS

April 30, 2024

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 102.1%
Long-Term Municipal Bonds – 100.3%
Alabama – 4.2%
Black Belt Energy Gas District (Apollo Global Management, Inc.) Series 2024-A 5.25%, 05/01/2055	$	8,000	$	8,564,186
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2022-F 5.50%, 11/01/2053		15,500		16,324,411
Series 2023-A 5.25%, 01/01/2054(a)		46,865		49,568,061
Series 2023-C 5.50%, 10/01/2054		16,055		17,312,370
Series 2023-D 5.408% (SOFR + 1.85%), 06/01/2049(b)		20,500		20,749,575
Black Belt Energy Gas District (Morgan Stanley) 5.71% (SOFR + 2.15%), 02/01/2053(a)(b)		10,000		10,272,561
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052		16,475		16,149,543
Black Belt Energy Gas District (Royal Bank of Canada) Series 2023-B 5.25%, 12/01/2053(a)		22,380		23,900,464
County of Jefferson AL Sewer Revenue Series 2024 5.25%, 10/01/2041		2,250		2,446,960
5.25%, 10/01/2044		2,665		2,865,084
5.50%, 10/01/2053		9,610		10,270,139
Energy Southeast A Cooperative District (Morgan Stanley) Series 2023-A 5.50%, 11/01/2053(a)		14,750		15,756,261
5.608% (SOFR + 2.05%), 11/01/2053(b)		16,000		15,961,445
Series 2023-B 5.758% (SOFR + 2.20%), 04/01/2054(b)		10,000		10,069,538
Series 2024-B 5.25%, 07/01/2054		41,865		44,275,809

abfunds.com AB MUNICIPAL INCOME SHARES ^| 13

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2016 5.00%, 02/01/2036	$	5,000	$	5,080,937
5.00%, 02/01/2041		5,000		5,044,248
Series 2021 4.00%, 02/01/2041		3,370		3,089,722
4.00%, 02/01/2046		9,640		8,512,701
Jefferson County Board of Education/AL Series 2018 5.00%, 02/01/2039(a)		5,000		5,207,738
5.00%, 02/01/2046(a)		23,280		23,838,543
Lower Alabama Gas District (The) (Goldman Sachs Group, Inc. (The)) Series 2016-A 5.00%, 09/01/2031		2,235		2,318,522
Southeast Alabama Gas Supply District (The) (Morgan Stanley) Series 2024 5.00%, 06/01/2049		38,405		40,017,998
Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding Co.) Series 2024-A 5.00%, 08/01/2054		35,220		37,190,390
Southeast Alabama Gas Supply District (The) (Pre-refunded – US Govt Agencies) Series 2018-A 4.00%, 06/01/2049		23,995		23,988,274
Southeast Energy Authority A Cooperative District (Goldman Sachs Group, Inc. (The)) Series 2022-B 5.00%, 05/01/2053		4,085		4,215,077
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		15,000		14,680,234
Series 2022-A 5.50%, 01/01/2053		7,620		8,067,381
5.98% (SOFR + 2.42%), 01/01/2053(a)(b)		10,000		10,413,327
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		28,425		29,886,855

14 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054	$	10,000	$	10,497,841
University of Alabama (The) (Pre-refunded – US Treasuries) Series 2014-B 4.00%, 07/01/2040		6,495		6,495,457
4.00%, 07/01/2041		6,010		6,010,423
				509,042,075
Alaska – 0.1%
Municipality of Anchorage AK Solid Waste Services Revenue Series 2022-A 5.25%, 11/01/2062		3,000		3,137,323
State of Alaska International Airports System Series 2016-B 5.00%, 10/01/2033		6,500		6,618,526
5.00%, 10/01/2034		2,500		2,545,082
				12,300,931
American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		3,235		3,327,107
Series 2018 7.125%, 09/01/2038(c)		8,315		8,945,527
				12,272,634
Arizona – 2.8%
Arizona Industrial Development Authority (Benjamin Franklin Charter School Obligated Group) Series 2023 4.43%, 07/01/2033(c)		520		511,369
5.25%, 07/01/2053(c)		1,000		952,605
5.50%, 07/01/2058(c)		1,000		980,230
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2050		1,000		888,811
Series 2021 4.00%, 11/01/2051(c)		11,325		9,549,305

abfunds.com AB MUNICIPAL INCOME SHARES ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) Series 2021 5.00%, 07/01/2051(c)	$	10,000	$	8,630,725
Arizona Industrial Development Authority (KIPP Nashville Obligated Group) Series 2022-A 5.00%, 07/01/2047		750		752,560
5.00%, 07/01/2057		1,500		1,473,088
5.00%, 07/01/2062		1,460		1,420,523
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-A 4.00%, 07/01/2061		5,965		4,677,028
Series 2021-B 4.00%, 07/01/2051		1,000		819,801
4.00%, 07/01/2061		4,600		3,606,761
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.75%, 07/01/2030(d)(e)(f)		1,500		90,000
7.75%, 07/01/2050(d)(e)(f)		33,950		2,037,000
Series 2021-A 6.00%, 07/01/2051(d)(e)(f)		1,425		85,500
Arizona Industrial Development Authority (North Carolina Central University Project) BAM Series 2019 5.00%, 06/01/2049		785		803,532
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2018 5.75%, 07/15/2048(c)		1,000		1,005,841
Series 2020-A 4.00%, 07/15/2030(c)		1,600		1,554,150
4.00%, 07/15/2040(c)		4,180		3,609,741
4.00%, 07/15/2050(c)		1,000		784,833
Arizona Industrial Development Authority (Provident Group – EMU Properties LLC) Series 2018 5.00%, 05/01/2051(e)(f)		1,100		605,000
Chandler Industrial Development Authority (Intel Corp.) Series 2019 5.00%, 06/01/2049		17,725		17,731,739

16 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2022 5.00%, 09/01/2042	$	3,900	$	3,982,417
5.00%, 09/01/2052		1,500		1,531,895
Series 2023 4.10%, 12/01/2037		6,000		5,987,404
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.442%, 07/01/2032		5,000		4,071,039
2.542%, 07/01/2033		5,000		4,005,074
2.642%, 07/01/2034		6,795		5,361,316
2.742%, 07/01/2035		10,000		7,778,794
2.842%, 07/01/2036		13,000		9,990,539
City of Glendale AZ Excise Tax Revenue Series 2017 5.00%, 07/01/2024		3,475		3,480,303
City of Phoenix Civic Improvement Corp. (City of Phoenix AZ Water System Revenue) Series 2014-B 5.00%, 07/01/2026		11,000		11,018,777
City of Phoenix Civic Improvement Corp. (Pre-refunded – US Treasuries) Series 2014-A 5.00%, 07/01/2029		3,500		3,505,001
5.00%, 07/01/2031		4,975		4,982,108
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.321%, 07/01/2034		10,500		7,933,131
2.421%, 07/01/2035		10,325		7,663,220
County of Maricopa AZ (Pre-refunded – US Treasuries) Series 2005 5.00%, 04/01/2035		10,070		10,113,453
Glendale Industrial Development Authority (Beatitudes Campus Obligated Group (The)) Series 2017 5.00%, 11/15/2036		1,000		898,064
Glendale Industrial Development Authority (Royal Oaks Life Care Community) Series 2016 5.00%, 05/15/2039		2,700		2,587,017
Industrial Development Authority of the City of Phoenix Arizona (The) (AZ GFF Tiyan LLC Lease) Series 2014 5.00%, 02/01/2029		18,125		17,486,897

abfunds.com AB MUNICIPAL INCOME SHARES ^| 17

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Industrial Development Authority of the City of Phoenix Arizona (The) (BASIS Schools, Inc. Obligated Group) Series 2015 5.00%, 07/01/2035(c)	$	2,000	$	2,006,057
Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) Series 2014 5.00%, 07/01/2044		3,875		3,608,041
Industrial Development Authority of the County of Pima (The) (Edkey, Inc. Obligated Group) Series 2020 5.00%, 07/01/2049(c)		6,890		6,194,669
5.00%, 07/01/2055(c)		3,700		3,268,706
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 5.625%, 11/15/2030(c)		9,500		9,592,121
6.875%, 11/15/2052(c)		6,500		6,866,529
7.00%, 11/15/2057(c)		2,915		3,089,457
La Paz County Industrial Development Authority (Harmony Public Schools) Series 2016 5.00%, 02/15/2046(c)		3,500		3,296,879
Maricopa County Elementary School District No. 6 Washington Series 2019-B 5.00%, 07/01/2024		1,015		1,016,633
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) Series 2021 4.00%, 07/01/2061(c)		2,875		2,078,876
Maricopa County Industrial Development Authority (Benjamin Franklin Charter School Ltd.) Series 2018-A 6.00%, 07/01/2052(c)		20,370		20,689,400
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047(c)		24,115		20,637,017

18 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2024-D 5.00%, 12/01/2039(g)	$	2,725	$	2,931,199
5.00%, 12/01/2040(g)		5,750		6,123,989
5.00%, 12/01/2041(g)		1,525		1,615,414
Maricopa County Industrial Development Authority (Legacy Traditional School Obligated Group) Series 2019 5.00%, 07/01/2049(c)		2,000		1,866,925
5.00%, 07/01/2054(c)		2,300		2,115,490
Maricopa County Industrial Development Authority (Morrison Education Group Obligated Group) Series 2024-A 6.50%, 07/01/2054(c)		8,500		8,688,912
6.625%, 07/01/2059(c)		5,000		5,132,375
6.75%, 07/01/2063(c)		5,880		6,060,577
Maricopa County Industrial Development Authority (Valley Christian Schools) Series 2023 6.25%, 07/01/2053(c)		1,650		1,668,256
6.375%, 07/01/2058(c)		3,670		3,722,627
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2032		10,945		11,508,758
5.00%, 12/01/2037		2,915		3,097,314
5.25%, 12/01/2027		16,425		17,007,920
Sierra Vista Industrial Development Authority (American Leadership Academy, Inc.) Series 2023 5.75%, 06/15/2058(c)		10,000		10,019,387
Tempe Industrial Development Authority (Friendship Village of Tempe) Series 2019 5.00%, 12/01/2054		1,185		1,051,483
Tempe Industrial Development Authority (Mirabella at ASU, Inc.) Series 2017-A 6.125%, 10/01/2047(c)		1,065		652,748

abfunds.com AB MUNICIPAL INCOME SHARES ^| 19

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Town of Gilbert AZ Series 2022 5.00%, 07/15/2024	$	3,600	$	3,608,460
				344,162,810
Arkansas – 0.5%
Arkansas Development Finance Authority (Baptist Memorial Health Care Obligated Group) Series 2020 5.00%, 09/01/2044		16,250		15,524,953
Arkansas Development Finance Authority (Hybar LLC) Series 2023 6.875%, 07/01/2048(c)		7,185		7,764,439
Series 2024 7.375%, 07/01/2048(c)		34,700		37,746,774
Arkansas Development Finance Authority (United States Steel Corp.) Series 2022 5.45%, 09/01/2052		5,000		5,055,533
				66,091,699
California – 11.8%
Alameda Corridor Transportation Authority Series 2022-A 0.00%, 10/01/2048(h)		17,000		9,031,236
5.38%, 10/01/2049(h)		10,435		5,520,756
5.40%, 10/01/2050(h)		7,345		3,865,979
AGM Series 2024 Zero Coupon, 10/01/2049		7,250		2,133,248
Zero Coupon, 10/01/2053		15,000		3,496,152
ARC70 II TRUST Series 2021 4.00%, 12/01/2059		7,860		6,665,851
Series 2023 4.84%, 04/01/2065(d)(i)		59,845		58,491,472
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		61,410		65,188,441
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		115,505		120,497,496

20 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2021 4.00%, 10/01/2052	$	1,000	$	997,579
Series 2023 5.25%, 11/01/2054		3,800		4,043,562
California Community Choice Financing Authority (Morgan Stanley) Series 2023 4.679% (SOFR + 1.63%), 07/01/2053(a)(b)		16,800		16,782,473
5.00%, 02/01/2054		48,650		51,231,530
5.228% (SOFR + 1.67%), 02/01/2054(b)		10,000		9,976,268
Series 2024 5.00%, 05/01/2054		27,000		28,546,476
California Community College Financing Authority (NCCD-Orange Coast Properties LLC) Series 2018 5.25%, 05/01/2043		4,485		4,565,767
5.25%, 05/01/2048		6,750		6,839,698
5.25%, 05/01/2053		6,300		6,365,503
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2056(c)		23,800		21,136,685
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056(c)		39,200		32,028,646
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056(c)		17,000		11,769,984
4.00%, 08/01/2046(c)		7,605		6,252,623
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 3.00%, 02/01/2057(c)		17,360		11,772,144

abfunds.com AB MUNICIPAL INCOME SHARES ^| 21

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) Series 2022 Zero Coupon, 08/01/2065(c)	$	119,980	$	7,024,097
5.50%, 02/01/2040(c)		4,875		4,539,149
Series 2022-A 4.50%, 08/01/2052(c)		21,280		17,636,475
California Educational Facilities Authority (Chapman University) Series 2015 5.00%, 04/01/2033		4,005		4,049,449
5.00%, 04/01/2034		4,205		4,251,461
California Educational Facilities Authority (Loma Linda University) Series 2017-A 5.00%, 04/01/2031		1,000		1,040,475
5.00%, 04/01/2042		1,000		1,016,971
California Enterprise Development Authority (Heights Christian Schools) Series 2023 6.25%, 06/01/2053(c)		2,000		1,983,858
California Enterprise Development Authority (Rocketship Education Obligated Group) Series 2022 4.00%, 06/01/2042(c)		5,000		4,172,185
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2037		1,700		1,748,899
California Infrastructure & Economic Development Bank (Equitable School Revolving Fund LLC Obligated Group) Series 2020-B 4.00%, 11/01/2045		850		795,478
4.00%, 11/01/2050		860		776,394
California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) Series 2021 Zero Coupon, 01/01/2061(c)		2,980		201,440

22 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2021-A1 5.00%, 01/01/2056(c)	$	3,000	$	2,470,920
California Municipal Finance Authority (Azusa Pacific University) Series 2015-B 5.00%, 04/01/2041		4,900		4,600,894
California Municipal Finance Authority (BOLD Program) Series 2023-B 5.75%, 09/01/2053		2,850		2,925,561
California Municipal Finance Authority (California Baptist University) Series 2016-A 5.00%, 11/01/2046(c)		2,000		1,934,337
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2039		2,030		2,106,369
5.00%, 05/15/2040		1,000		1,033,177
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.) Series 2021-A 5.00%, 12/01/2046(c)		1,490		1,401,963
California Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada, Inc.) Series 2012-A 6.625%, 01/01/2032(c)		760		740,378
Series 2014 5.00%, 01/01/2035		1,085		918,730
California Municipal Finance Authority (LAX Integrated Express Solutions LLC) Series 2018 4.00%, 12/31/2047		7,040		6,217,418
5.00%, 12/31/2043		32,850		32,272,845
California Municipal Finance Authority (Samuel Merritt University) Series 2022 5.25%, 06/01/2053		5,000		5,245,270
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 11/21/2045(c)		9,725		9,725,440

abfunds.com AB MUNICIPAL INCOME SHARES ^| 23

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023 5.00%, 07/01/2027(c)	$	2,000	$	2,090,851
5.00%, 07/01/2028(c)		2,350		2,483,505
5.00%, 07/01/2029(c)		2,300		2,453,745
5.00%, 07/01/2030(c)		2,600		2,796,511
5.00%, 07/01/2031(c)		3,000		3,249,206
5.00%, 07/01/2032(c)		5,470		5,958,805
5.00%, 07/01/2033(c)		5,865		6,419,308
5.00%, 07/01/2034(c)		3,000		3,268,968
5.00%, 07/01/2036(c)		2,650		2,849,395
5.00%, 07/01/2037(c)		2,250		2,403,276
5.00%, 07/01/2038(c)		2,000		2,123,680
5.00%, 11/21/2045(c)		1,100		1,129,219
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040(c)(e)(f)		785		58,875
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 11/21/2045(c)		4,890		4,962,761
California Public Finance Authority (Enso Village) Series 2021 2.375%, 11/15/2028(c)		2,520		2,450,519
California Public Finance Authority (Kendal at Ventura) Series 2023 10.00%, 05/15/2028(c)		800		885,550
California School Finance Authority (Aspire Public Schools Obligated Group) Series 2020-A 5.00%, 08/01/2059(c)		3,120		2,946,223
California School Finance Authority (Classical Academy Obligated Group) Series 2021 4.00%, 10/01/2046(c)		2,800		2,300,822
Series 2022 5.00%, 10/01/2052(c)		1,000		933,592
5.00%, 10/01/2061(c)		1,500		1,369,914
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 5.00%, 06/01/2046(c)		3,630		3,434,728

24 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California School Finance Authority (Equitas Academy Obligated Group) Series 2018-A 5.00%, 06/01/2056(c)	$	8,850	$	7,965,294
California School Finance Authority (Hawking STEAM Charter Schools, Inc.) Series 2022 5.25%, 07/01/2052(c)		2,250		2,264,949
5.50%, 07/01/2062(c)		2,775		2,812,014
California School Finance Authority (KIPP SoCal Public Schools Obligated Group) Series 2019-A 5.00%, 07/01/2039(c)		2,325		2,391,024
5.00%, 07/01/2049(c)		700		706,227
California School Finance Authority (KIPP SoCal Public Schools) Series 2014-A 5.00%, 07/01/2034(c)		1,075		1,077,348
California School Finance Authority (Lighthouse Community Public Schools Obligated Group) Series 2022 6.375%, 06/01/2052(c)		1,225		1,260,937
California School Finance Authority (Rocketship Education Obligated Group) Series 2017-G 5.00%, 06/01/2047(c)		2,330		2,234,330
California State University 2.719%, 11/01/2052(a)		5,000		3,198,990
2.975%, 11/01/2051(a)		5,000		3,266,500
Series 2021-B 2.374%, 11/01/2035(a)		10,000		7,557,455
California Statewide Communities Development Authority (CHF-Irvine LLC) BAM Series 2021 3.00%, 05/15/2051		13,000		9,829,387
California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) AGM Series 2022-A 5.25%, 08/15/2052		3,000		3,186,956
5.375%, 08/15/2057		3,720		3,973,229

abfunds.com AB MUNICIPAL INCOME SHARES ^| 25

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Statewide Communities Development Authority (Lancer Educational Housing LLC) Series 2016 5.00%, 06/01/2036(c)	$	5,250	$	5,295,160
5.00%, 06/01/2046(c)		7,000		6,862,155
California Statewide Communities Development Authority (Loma Linda University Medical Center) Series 2016-A 5.00%, 12/01/2041(c)		15,285		15,370,527
5.25%, 12/01/2056(c)		14,795		14,861,770
Series 2018 5.25%, 12/01/2038(c)		2,420		2,496,914
5.25%, 12/01/2048(c)		6,440		6,535,454
Series 2018-A 5.00%, 12/01/2033(c)		1,350		1,397,443
5.50%, 12/01/2058(c)		19,145		19,496,276
California Statewide Communities Development Authority (NCCD-Hooper Street LLC) Series 2019 5.25%, 07/01/2049(c)		1,125		1,121,799
5.25%, 07/01/2052(c)		1,500		1,488,979
City of Los Angeles CA Series 2023 5.00%, 06/27/2024		43,055		43,121,335
City of Los Angeles Department of Airports 5.00%, 05/15/2044(a)		15,415		15,819,411
Series 2020-C 5.00%, 05/15/2036(a)		10,000		10,695,770
City of Roseville CA (HP Campus Oaks Community Facilities District No. 1) Series 2016 5.50%, 09/01/2046		850		861,243
City of Vernon CA Electric System Revenue Series 2022-2 5.00%, 08/01/2039		425		447,609
5.00%, 08/01/2040		375		393,592
5.00%, 08/01/2041		420		439,661
CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) Series 2022-A 4.00%, 08/01/2058(c)		15,100		11,509,943

26 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056(c)	$	18,760	$	12,871,634
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056(c)		12,525		10,634,960
CMFA Special Finance Agency VII (CMFA Special Finance Agency VII The Breakwater Apartments) Series 2021 3.00%, 08/01/2056(c)		8,415		5,573,398
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056(c)		10,450		6,908,975
4.00%, 08/01/2047(c)		3,870		3,238,255
County of Santa Cruz CA Series 2023 5.00%, 07/05/2024		10,175		10,193,702
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.25%, 05/01/2057(c)		23,500		16,166,816
4.00%, 05/01/2057(c)		15,550		11,018,170
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057(c)		10,785		7,578,407
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2056(c)		13,215		11,123,327
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056(c)		15,200		11,526,348

abfunds.com AB MUNICIPAL INCOME SHARES ^| 27

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent) Series 2022 4.30%, 07/01/2059(c)	$	11,500	$	9,500,840
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) Series 2021-A2 3.125%, 08/01/2056(c)		10,025		7,238,618
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.25%, 07/01/2056(c)		22,165		15,025,897
4.00%, 07/01/2058(c)		6,000		4,035,383
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 3.20%, 09/01/2046(c)		2,500		1,825,259
4.00%, 09/01/2056(c)		19,865		14,215,154
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) Series 2021 3.25%, 12/01/2058(c)		12,700		8,414,986
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 3.00%, 12/01/2056(c)		18,070		12,398,210
4.00%, 12/01/2056(c)		3,400		2,469,628
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 4.00%, 05/01/2057(c)		5,400		3,750,785

28 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A2 4.00%, 07/01/2056(c)	$	27,100	$	20,438,102
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 3.25%, 10/01/2058(c)		8,930		5,995,521
4.00%, 10/01/2048(c)		2,000		1,436,228
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056(c)		15,405		10,434,797
Golden State Tobacco Securitization Corp. 3.293%, 06/01/2042(a)		6,850		5,047,417
Series 2021 3.85%, 06/01/2050		19,585		17,864,152
Series 2021-A 4.214%, 06/01/2050		2,900		2,088,438
Series 2021-B Zero Coupon, 06/01/2066		161,565		16,338,729
Golden State Tobacco Securitization Corp. (Golden State Tobacco Securitization Corp. Lease) Series 2021 2.746%, 06/01/2034(a)		14,780		12,062,749
3.115%, 06/01/2038(a)		29,325		22,699,532
Hastings Campus Housing Finance Authority Series 2020-A 5.00%, 07/01/2061(c)		21,225		18,939,590
Los Angeles Department of Water & Power (Los Angeles Department of Water & Power Power System Revenue) Series 2019-B 5.00%, 07/01/2024		3,590		3,596,967
Los Angeles Unified School District/CA Series 2019-A 5.00%, 07/01/2024		10,000		10,019,076

abfunds.com AB MUNICIPAL INCOME SHARES ^| 29

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2024-A 5.00%, 07/01/2031	$	17,500	$	19,866,390
M-S-R Energy Authority (Citigroup, Inc.) Series 2009-A 6.50%, 11/01/2039		3,390		4,228,113
Series 2009-B 6.50%, 11/01/2039		3,865		4,820,548
Series 2009-C 7.00%, 11/01/2034		5,000		6,145,894
Milpitas Unified School District/CA Series 2014-B 4.00%, 08/01/2037		8,195		8,137,733
Northern California Energy Authority (Pacific Mutual Holding Co.) Series 2024 5.00%, 12/01/2054		14,855		15,724,973
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No. 2003-1) Series 2022 5.75%, 09/01/2052		1,600		1,602,611
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.324% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(b)		33,680		30,328,096
San Diego County Regional Airport Authority Series 2023 5.00%, 07/01/2048		7,270		7,561,973
5.25%, 07/01/2058		3,275		3,431,897
San Francisco City & County Airport Comm 3.053%, 05/01/2034(a)		3,500		2,897,826
3.183%, 05/01/2035(a)		5,500		4,518,592
3.333%, 05/01/2037(a)		2,250		1,809,158
San Francisco Intl Airport Series 2018 5.00%, 05/01/2043		11,000		11,202,177
Series 2019-A 5.00%, 05/01/2044(a)		14,000		14,377,616
Series 2020-E 5.00%, 05/01/2037		8,525		9,018,185
5.00%, 05/01/2038		11,000		11,568,367

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-E 5.50%, 05/01/2040	$	10,000	$	11,108,398
5.75%, 05/01/2048		10,000		10,993,756
San Joaquin Hills Transportation Corridor Agency Series 2014-B 5.25%, 01/15/2044		1,000		1,006,493
Series 2021-A 4.00%, 01/15/2044		1,429		1,377,416
San Jose Evergreen Community College District Series 2012 6.586% (CME Term SOFR 3 Month + 1.00%), 07/01/2043(b)		4,000		3,954,687
Southern California Logistics Airport Authority AGC Series 2006 5.00%, 12/01/2036		100		100,808
5.00%, 12/01/2043		1,585		1,597,813
State of California Series 2019 4.00%, 10/01/2024		7,915		7,928,849
Series 2022 5.00%, 09/01/2024		2,950		2,963,096
Series 2023 6.00%, 03/01/2033		10,000		10,568,679
Series 2024 5.00%, 09/01/2025		8,800		8,987,264
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		5,050		817,775
Tobacco Securitization Authority of Southern California Series 2019 Zero Coupon, 06/01/2054		10,480		2,028,117
5.00%, 06/01/2039		1,555		1,643,186
				1,429,524,872
Colorado – 2.7%
Aurora Highlands Community Authority Board Series 2021-A 5.75%, 12/01/2051		15,000		13,436,869

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Centerra Metropolitan District No. 1 Series 2017 5.00%, 12/01/2037(c)	$	5,000	$	4,793,874
Series 2022 6.50%, 12/01/2053		4,350		4,394,921
City & County of Denver CO Airport System Revenue Series 2022-A 5.00%, 11/15/2033		9,000		9,951,457
5.50%, 11/15/2053		10,475		11,285,541
City & County of Denver Co. (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		645		643,935
Colorado Educational & Cultural Facilities Authority (Ascent Classical Academy Charter Schools, Inc.) Series 2024 5.75%, 04/01/2059(c)		2,250		2,229,646
5.80%, 04/01/2054(c)		3,725		3,742,684
Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation Obligated Group) Series 2022 5.00%, 09/01/2052		850		808,869
5.00%, 09/01/2057		2,100		1,985,342
5.00%, 09/01/2062		2,000		1,870,173
Colorado Educational & Cultural Facilities Authority (STEAD School (The)) Series 2023-A 7.00%, 07/01/2034(c)		18,215		18,330,343
Series 2023-B 8.125%, 07/01/2028(c)		465		456,832
Colorado Educational & Cultural Facilities Authority (Vega Collegiate Academy) Series 2021 5.00%, 02/01/2051(c)		3,350		2,995,931
5.00%, 02/01/2061(c)		2,870		2,491,128
Colorado Health Facilities Authority 5.00%, 11/01/2040(a)		4,650		4,942,932
5.00%, 11/01/2041(a)		5,075		5,379,275
5.00%, 11/01/2042(a)		3,800		4,014,769
5.25%, 11/01/2052(a)		10,000		10,551,830

32 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Colorado Health Facilities Authority (Aberdeen Ridge, Inc. Obligated Group) Series 2021-A 5.00%, 05/15/2049	$	1,300	$	844,699
5.00%, 05/15/2058		3,000		1,850,491
Series 2021-B 2.125%, 05/15/2028		1,500		1,420,271
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2038		6,600		6,368,069
5.00%, 08/01/2039		1,000		1,043,900
5.00%, 08/01/2044		93,310		95,884,824
Series 2022 5.50%, 11/01/2047		2,500		2,722,371
Colorado Health Facilities Authority (Frasier Meadows Manor, Inc. Obligated Group) Series 2023-2 4.00%, 05/15/2048		2,100		1,689,858
Colorado Health Facilities Authority (Pre-refunded – US Treasuries) Series 2015-B 5.00%, 09/01/2030		1,150		1,171,759
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2044		7,050		7,326,039
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041(d)(e)(f)		19,590		14,492,843
Four Corners Business Improvement District Series 2022 6.00%, 12/01/2052		1,500		1,375,069
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046		13,776		11,157,990
Longs Peak Metropolitan District Series 2021 5.25%, 12/01/2051(c)		5,000		4,779,060
Meridian Ranch Metropolitan District 2018 Subdistrict Series 2022 6.25%, 12/01/2037		1,435		1,442,376
6.50%, 12/01/2042		1,105		1,108,539
6.75%, 12/01/2052		1,925		1,923,671

abfunds.com AB MUNICIPAL INCOME SHARES ^| 33

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Platte River Metropolitan District Series 2023-A 6.50%, 08/01/2053(c)	$	4,000	$	4,063,728
Plaza Metropolitan District No. 1 Series 2013 5.00%, 12/01/2040(c)		1,500		1,450,570
Public Authority for Colorado Energy (Bank of America Corp.) Series 2008 6.50%, 11/15/2038		15,535		18,743,683
Pueblo Urban Renewal Authority Series 2021 4.75%, 12/01/2045(d)		8,010		5,335,287
Regional Transportation District (Denver Transit Partners LLC) Series 2020 5.00%, 01/15/2032		2,300		2,498,874
Riverwalk Metropolitan District No. 2 Series 2022-A 5.00%, 12/01/2042		4,000		3,618,442
5.00%, 12/01/2052		1,500		1,293,411
Sagebrush Farm Metropolitan District No. 1 Series 2022-A 6.75%, 12/01/2052		3,500		3,449,794
Spring Hill Metropolitan District No. 3 Series 2022-A 6.75%, 12/01/2052(c)		667		674,182
STC Metropolitan District No. 2 Series 2019-A 5.00%, 12/01/2038		940		892,786
5.00%, 12/01/2049		1,000		907,606
Sterling Ranch Community Authority Board (Sterling Ranch Colorado Metropolitan District No. 2) Series 2020-A 4.25%, 12/01/2050		2,250		1,883,066
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 6.50%, 12/01/2042		2,215		2,318,606
6.75%, 12/01/2053		11,000		11,427,540
Series 2023 8.375%, 12/15/2054		2,500		2,495,879

34 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Vauxmont Metropolitan District AGM Series 2019 3.25%, 12/15/2050	$	646	$	509,408
AGM Series 2020 5.00%, 12/01/2033		370		400,649
5.00%, 12/01/2050		435		447,911
Verve Metropolitan District No. 1 Series 2023 6.50%, 12/01/2043		3,365		3,152,023
6.75%, 12/01/2052		4,000		3,757,752
				330,229,377
Connecticut – 0.8%
City of New Haven CT AGM Series 2019-A 5.00%, 08/01/2039		1,650		1,727,995
Connecticut State Health & Educational Facilities Authority (Hartford HealthCare Obligated Group) Series 2020-A 4.00%, 07/01/2036		1,000		1,001,230
4.00%, 07/01/2037		1,200		1,193,705
Connecticut State Health & Educational Facilities Authority (Quinnipiac University) Series 2015-L 5.00%, 07/01/2045		5,750		5,784,866
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, Inc.) Series 2017-I1 5.00%, 07/01/2035		1,000		1,034,211
5.00%, 07/01/2037		1,095		1,123,587
Connecticut State Health & Educational Facilities Authority (Seabury Retirement Community) Series 2016-A 5.00%, 09/01/2046(c)		1,000		851,584
5.00%, 09/01/2053(c)		1,475		1,194,799
Connecticut State Health & Educational Facilities Authority (University of Hartford (The)) Series 2019 4.00%, 07/01/2044		10,710		8,170,915
4.00%, 07/01/2049		3,325		2,415,394
5.00%, 07/01/2033		470		464,066
5.00%, 07/01/2034		295		290,055

abfunds.com AB MUNICIPAL INCOME SHARES ^| 35

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Connecticut State Health & Educational Facilities Authority (University of New Haven, Inc.) Series 2018 5.00%, 07/01/2034	$	1,000	$	1,010,820
Series 2018-K1 5.00%, 07/01/2028		765		776,223
5.00%, 07/01/2035		1,055		1,064,478
5.00%, 07/01/2036		2,205		2,215,574
5.00%, 07/01/2037		1,085		1,085,076
5.00%, 07/01/2038		1,980		1,949,549
State of Connecticut Series 2016-E 5.00%, 10/15/2034		4,595		4,737,322
Series 2016-F 5.00%, 10/15/2031		10,205		10,559,722
Series 2017-A 5.00%, 04/15/2032		6,700		7,019,648
5.00%, 04/15/2033		10,985		11,506,459
5.00%, 04/15/2034		4,855		5,084,716
Series 2019-B 5.00%, 02/15/2025		11,830		11,967,894
State of Connecticut Special Tax Revenue Series 2022-B 5.00%, 07/01/2024		3,340		3,346,187
Town of Fairfield CT Series 2022-B 5.00%, 07/15/2024		1,695		1,698,348
Town of Hamden CT (Whitney Center, Inc. Obligated Group) Series 2022-A 7.00%, 01/01/2053		3,900		4,114,286
				93,388,709
Delaware – 0.0%
Delaware River & Bay Authority Series 2021 4.00%, 01/01/2042		550		545,555
Delaware State Economic Development Authority (Newark Charter School, Inc.) Series 2020 5.00%, 09/01/2050		1,125		1,106,900
State of Delaware (Pre-refunded – US Treasuries) Series 2014-B 5.00%, 07/01/2025		2,740		2,744,142
				4,396,597

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
District of Columbia – 0.5%
District of Columbia (District of Columbia International School Obligated Group) Series 2019 5.00%, 07/01/2049	$	2,075	$	2,065,445
5.00%, 07/01/2054		3,565		3,492,702
District of Columbia (Friendship Public Charter School, Inc.) Series 2016-A 5.00%, 06/01/2046		1,165		1,149,923
District of Columbia (KIPP DC Obligated Group) Series 2017-A 5.00%, 07/01/2042		3,230		3,277,048
5.00%, 07/01/2048		5,350		5,379,773
Series 2017-B 5.00%, 07/01/2037		1,465		1,502,518
5.00%, 07/01/2042		2,000		2,029,132
District of Columbia (Rocketship DC Obligated Group) Series 2019 5.00%, 06/01/2049(c)		2,100		1,931,107
5.00%, 06/01/2056(c)		3,255		2,877,423
Series 2021 5.00%, 06/01/2041(c)		1,190		1,150,018
5.00%, 06/01/2051(c)		4,345		3,955,258
5.00%, 06/01/2061(c)		4,870		4,245,304
Series 2024 5.625%, 06/01/2044		1,000		1,012,434
5.75%, 06/01/2054		1,000		1,002,208
6.00%, 06/01/2058		1,000		1,014,108
District of Columbia Tobacco Settlement Financing Corp. Series 2006 Zero Coupon, 06/15/2055		182,000		18,635,706
Metropolitan Washington Airports Authority Aviation Revenue Series 2021-A 5.00%, 10/01/2046		7,400		7,674,217
Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) Series 2021-A 5.00%, 07/15/2024		3,180		3,186,931
				65,581,255

abfunds.com AB MUNICIPAL INCOME SHARES ^| 37

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida – 6.2%
Align Affordable Housing Bond Fund LP (SHI – Lake Worth LLC) Series 2021 3.25%, 12/01/2051(c)	$	26,000	$	22,859,554
Bexley Community Development District Series 2016 4.875%, 05/01/2047		985		922,550
Cape Coral Health Facilities Authority (Gulf Care, Inc. Obligated Group) Series 2015 5.875%, 07/01/2040(c)		1,400		993,731
6.00%, 07/01/2045(c)		1,215		857,778
6.00%, 07/01/2050(c)		2,895		2,030,360
Capital Projects Finance Authority/FL (CAPFA Capital Corp. 2000F) Series 2020-A 5.00%, 10/01/2026		2,000		2,011,323
5.00%, 10/01/2029		1,650		1,682,273
5.00%, 10/01/2032		1,000		1,019,351
5.00%, 10/01/2033		1,050		1,067,569
Capital Projects Finance Authority/FL (IDEA Lakeland) Series 2023 7.00%, 06/15/2030(c)		12,790		13,280,589
Capital Trust Agency, Inc. (Aviva Senior Life) Series 2017 5.00%, 07/01/2046(c)		1,300		947,954
Capital Trust Agency, Inc. (Educational Growth Fund LLC) Series 2021 Zero Coupon, 07/01/2061(c)		83,000		5,169,647
3.375%, 07/01/2031(c)		1,270		1,199,375
5.00%, 07/01/2056(c)		45,885		41,921,816
Capital Trust Agency, Inc. (Southeastern University Obligated Group) Series 2023 6.00%, 05/01/2043(c)		2,000		2,001,226
6.25%, 05/01/2048(c)		2,000		2,008,124
6.375%, 05/01/2053(c)		4,500		4,531,982
Capital Trust Agency, Inc. (Team Success A School of Excellence, Inc.) Series 2020 5.00%, 06/01/2045(c)		1,615		1,466,128

38 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 06/01/2055(c)	$	3,250	$	2,835,270
Series 2022 5.50%, 06/01/2057(c)		3,000		2,817,729
Capital Trust Authority (IDEA Florida, Inc.) Series 2023-A 6.25%, 06/15/2053(c)		6,250		6,454,164
6.375%, 06/15/2058(c)		4,000		4,145,792
City of Jacksonville FL (Genesis Health, Inc. Obligated Group) Series 2020 4.00%, 11/01/2039		1,650		1,560,587
4.00%, 11/01/2040		2,175		2,039,894
4.00%, 11/01/2045		2,500		2,212,812
5.00%, 11/01/2050		13,230		13,412,644
City of Lakeland FL (Lakeland Regional Health Systems Obligated Group) Series 2015 5.00%, 11/15/2040		5,610		5,629,862
City of Palmetto FL (Renaissance Arts and Education, Inc.) Series 2022 5.25%, 06/01/2052		2,955		2,960,574
5.375%, 06/01/2057		1,000		1,005,229
5.625%, 06/01/2062		5,965		6,057,412
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2037		8,405		8,631,395
5.00%, 08/15/2047		6,125		6,185,951
City of Tallahassee FL (Tallahassee Memorial HealthCare, Inc.) Series 2016 5.00%, 12/01/2055		3,535		3,335,713
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2036		700		405,691
Zero Coupon, 09/01/2037		700		381,513
Zero Coupon, 09/01/2040		980		448,135
Zero Coupon, 09/01/2041		1,000		432,281
Zero Coupon, 09/01/2045		1,850		633,563

abfunds.com AB MUNICIPAL INCOME SHARES ^| 39

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Zero Coupon, 09/01/2049	$	1,350	$	365,796
Collier County Industrial Development Authority (NCH Healthcare System, Inc. Obligated Group) Series 2024 5.00%, 10/01/2054		6,500		6,973,407
County of Broward FL Airport System Revenue Series 2019-A 5.00%, 10/01/2044		3,000		3,066,487
County of Lake FL (Waterman Communities, Inc.) Series 2020 5.75%, 08/15/2050		5,000		4,564,965
5.75%, 08/15/2055		3,905		3,519,673
County of Miami-Dade FL Aviation Revenue Series 2015-A 5.00%, 10/01/2031		1,100		1,112,089
County of Miami-Dade FL Water & Sewer System Revenue Series 2015 5.00%, 10/01/2024		4,500		4,522,294
County of Miami-Dade Seaport Department Series 2023-A 5.25%, 10/01/2052		7,900		8,276,120
County of Okaloosa FL Water & Sewer Revenue Series 2015 5.00%, 07/01/2024		1,585		1,587,516
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2035		1,000		588,254
Zero Coupon, 10/01/2036		860		473,912
Zero Coupon, 10/01/2037		1,390		724,001
Zero Coupon, 10/01/2038		1,185		579,927
Zero Coupon, 10/01/2039		1,610		733,761
County of Palm Beach FL (Provident Group-PBAU Properties LLC) Series 2019 5.00%, 04/01/2039(c)		1,435		1,439,274
5.00%, 04/01/2051(c)		11,645		11,114,485

40 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(a)(c)	$	52,000	$	56,264,068
Escambia County Housing Finance Authority (4900 S. Rio Grande Avenue LP) Series 2023-A 6.88%, 11/01/2053(c)		2,780		2,981,777
Series 2023-B 6.45%, 05/01/2027(c)		7,665		7,831,570
Florida Development Finance Corp. (Assistance Unlimited, Inc.) Series 2022 5.00%, 08/15/2032(c)		460		459,227
5.25%, 08/15/2037(c)		700		679,535
5.625%, 08/15/2042(c)		1,520		1,473,292
5.875%, 08/15/2052(c)		5,000		4,796,547
6.00%, 08/15/2057(c)		1,000		963,637
Florida Development Finance Corp. (Brightline Trains Florida LLC) Series 2020 7.375%, 01/01/2049(c)		23,190		24,812,679
Series 2024 5.00%, 07/01/2037(g)		2,200		2,288,452
5.00%, 07/01/2038(g)		2,000		2,068,326
5.25%, 07/01/2047(g)		4,000		4,116,152
5.50%, 07/01/2053(g)		7,000		7,249,116
AGM Series 2024 5.00%, 07/01/2044(g)		10,000		10,397,765
5.25%, 07/01/2053(g)		12,900		13,434,598
Florida Development Finance Corp. (Cornerstone Charter Academy, Inc. Obligated Group) Series 2022 5.00%, 10/01/2032(c)		925		939,244
5.00%, 10/01/2042(c)		4,815		4,651,163
5.125%, 10/01/2052(c)		3,120		2,935,428
5.25%, 10/01/2056(c)		4,825		4,587,058
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) Series 2021 4.00%, 07/01/2051(c)		1,000		815,081

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida Development Finance Corp. (IDEA Florida, Inc.) Series 2022 5.25%, 06/15/2029(c)	$	1,030	$	1,049,657
Florida Development Finance Corp. (Mater Academy, Inc.) Series 2020-A 5.00%, 06/15/2040		3,150		3,157,102
5.00%, 06/15/2050		13,310		12,745,494
5.00%, 06/15/2055		13,060		12,252,854
Series 2022-A 4.00%, 06/15/2042		1,000		873,890
5.00%, 06/15/2047		2,470		2,402,607
Florida Development Finance Corp. (Mayflower Retirement Center, Inc. Obligated Group) Series 2020 5.25%, 06/01/2050(c)		5,000		4,143,543
5.25%, 06/01/2055(c)		5,500		4,450,772
Series 2021 4.00%, 06/01/2041(c)		830		613,610
Florida Development Finance Corp. (Parrish Charter Academy) Series 2023 6.25%, 04/23/2058(c)		7,635		7,587,868
Florida Development Finance Corp. (Renaissance Charter School, Inc.) Series 2023 6.75%, 06/15/2053(c)		5,750		6,236,096
Florida Development Finance Corp. (River City Education Obligated Group) Series 2021 4.00%, 07/01/2035		925		879,413
Series 2022 5.00%, 07/01/2042		2,225		2,185,276
5.00%, 07/01/2051		1,045		976,916
5.00%, 02/01/2057		1,725		1,584,204
5.00%, 07/01/2057		740		679,336
Florida Development Finance Corp. (Seaside School Consortium, Inc.) Series 2022 6.00%, 06/15/2057		7,000		7,147,010
Florida Development Finance Corp. (United Cerebral Palsy of Central Florida, Inc.) Series 2020 5.00%, 06/01/2050		1,950		1,682,891

42 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida Higher Educational Facilities Financial Authority (Florida Institute of Technology, Inc.) Series 2019 4.00%, 10/01/2037	$	1,000	$	919,217
5.00%, 10/01/2031		1,235		1,277,092
Florida Higher Educational Facilities Financial Authority (Ringling College of Art and Design, Inc.) Series 2017 5.00%, 03/01/2032		265		271,587
5.00%, 03/01/2034		2,395		2,451,691
5.00%, 03/01/2042		2,785		2,794,868
5.00%, 03/01/2047		1,950		1,925,334
Series 2019 5.00%, 03/01/2044		1,065		1,066,625
5.00%, 03/01/2049		10,425		10,189,402
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		2,700		2,459,906
Florida State Board of Education (State of Florida) Series 2020 5.00%, 06/01/2024		9,275		9,283,559
Greater Orlando Aviation Authority 5.00%, 10/01/2034(a)		2,000		2,130,773
5.00%, 10/01/2044(a)		13,000		13,369,795
Series 2017-A 5.00%, 10/01/2031(a)		4,350		4,521,359
5.00%, 10/01/2032(a)		1,500		1,558,750
5.00%, 10/01/2034(a)		2,150		2,232,707
5.00%, 10/01/2035(a)		3,500		3,628,361
5.00%, 10/01/2036(a)		4,000		4,131,991
Series 2019-A 5.00%, 10/01/2036(a)		5,000		5,284,413
5.00%, 10/01/2049(a)		4,500		4,584,791
5.00%, 10/01/2054(a)		4,000		4,054,236
Highlands County Health Facilities Authority (Trousdale Foundation Obligated Group) Series 2018 6.00%, 04/01/2038(e)(f)		1,530		402,390

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
6.25%, 04/01/2049(e)(f)	$	1,820	$	478,660
Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Northeast Sector Project) Series 2018 5.30%, 05/01/2039		1,000		1,019,238
5.45%, 05/01/2048		1,525		1,542,430
Lakewood Ranch Stewardship District (Lakewood Ranch Stewardship District Series 2023 Assessment) Series 2023 6.125%, 05/01/2043		2,220		2,325,953
6.30%, 05/01/2054		4,160		4,327,646
Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) Series 2022 5.25%, 10/01/2052		1,350		1,146,292
5.25%, 10/01/2057		3,650		3,026,399
Marshall Creek Community Development District (Marshall Creek Community Development District 2015A) Series 2015-A 5.00%, 05/01/2032		1,135		1,139,592
Miami Beach Health Facilities Authority (Mount Sinai Medical Center of Florida Obligated Group) Series 2014 5.00%, 11/15/2039		2,000		2,003,854
Miami-Dade County Expressway Authority Series 2014-A 5.00%, 07/01/2034		4,000		4,002,189
Miami-Dade County Housing Finance Authority (Wynwood Works LLC) Series 2023-A 5.70%, 06/01/2052(c)		6,875		6,952,108
Series 2023-B 5.78%, 06/01/2027(c)		3,640		3,649,981
Miami-Dade County Industrial Development Authority (AcadeMir Charter School Middle & Preparatory Academy Obligated Group) Series 2022 5.00%, 07/01/2037(c)		525		520,806

44 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 07/01/2042(c)	$	770	$	758,336
5.25%, 07/01/2052(c)		2,435		2,308,016
5.50%, 07/01/2061(c)		4,375		4,228,416
Mid-Bay Bridge Authority Series 2015-A 5.00%, 10/01/2028		1,600		1,615,356
5.00%, 10/01/2040		2,000		2,006,155
Series 2015-C 5.00%, 10/01/2035		1,750		1,766,774
5.00%, 10/01/2040		1,000		1,003,078
Middleton Community Development District A (Middleton Community Development District A Series 2022 Phase I Special Assmnt) Series 2022 6.20%, 05/01/2053		3,475		3,608,075
North Broward Hospital District Series 2017-B 5.00%, 01/01/2037		4,070		4,210,861
5.00%, 01/01/2042		10,510		10,732,886
5.00%, 01/01/2048		10,000		10,138,174
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2042		5,750		5,021,640
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2021 4.00%, 10/01/2041		1,030		959,009
4.00%, 10/01/2051		4,330		3,749,917
Series 2024 5.00%, 10/01/2043		2,260		2,349,113
5.25%, 10/01/2053		2,850		2,942,742
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2020 5.00%, 06/01/2055		2,880		2,603,290
Series 2022 4.25%, 06/01/2056		5,825		4,537,697

abfunds.com AB MUNICIPAL INCOME SHARES ^| 45

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Palm Beach County Health Facilities Authority (Green Cay Life Plan Village, Inc.) Series 2022 11.50%, 07/01/2027(c)	$	1,800	$	2,126,926
Palm Beach County Health Facilities Authority (Jupiter Medical Center Obligated Group) Series 2022 5.00%, 11/01/2038		400		406,298
5.00%, 11/01/2039		685		692,507
5.00%, 11/01/2040		650		655,729
5.00%, 11/01/2041		2,330		2,347,454
5.00%, 11/01/2042		500		503,276
5.00%, 11/01/2047		13,835		13,838,131
5.00%, 11/01/2052		19,480		19,210,510
Pinellas County Industrial Development Authority Series 2019 5.00%, 07/01/2039		6,620		6,610,484
Pinellas County Industrial Development Authority (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) Series 2019 5.00%, 07/01/2029		1,245		1,265,948
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(c)		3,805		3,633,532
School Board of Miami-Dade County (The) Series 2023 5.00%, 06/18/2024		21,500		21,522,390
School District of Broward County/FL (Broward County School Board/FL COP) Series 2022-A 5.00%, 07/01/2024		8,600		8,613,079
St. Johns County Industrial Development Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2020 4.00%, 08/01/2055		5,300		4,124,403

46 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Town of Davie FL (Nova Southeastern University, Inc.) Series 2018 5.00%, 04/01/2048	$	15,180	$	15,603,886
Village Community Development District No. 13 (Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) Series 2019 3.00%, 05/01/2029		955		918,956
3.375%, 05/01/2034		1,430		1,370,718
3.55%, 05/01/2039		2,490		2,274,152
3.70%, 05/01/2050		9,515		8,194,762
Series 2020 3.50%, 05/01/2051(c)		4,840		3,980,163
Village Community Development District No. 14 (Village Community Development District No. 14 Series 2022 Phase I Special Asmnts) Series 2022 5.50%, 05/01/2053		2,195		2,268,051
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Asmnts) Series 2023 5.00%, 05/01/2043(c)		1,250		1,270,346
5.25%, 05/01/2054(c)		2,150		2,196,209
Volusia County School Board (Volusia County School Board COP) Series 2014-B 5.00%, 08/01/2031		1,625		1,629,736
				752,063,932
Georgia – 4.0%
Augusta Development Authority (WellStar Health System Obligated Group) Series 2018 5.00%, 07/01/2027		1,635		1,696,198
City of Atlanta GA Department of Aviation Series 2019-B 5.00%, 07/01/2044		9,000		9,257,827
Series 2022-B 5.00%, 07/01/2047		10,000		10,432,406

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 07/01/2052	$	10,000	$	10,336,122
City of Atlanta GA Water & Wastewater Revenue (Pre-refunded – US Treasuries) Series 2015 5.00%, 11/01/2043		16,000		16,250,354
Clarke County Hospital Authority (Piedmont Healthcare, Inc. Obligated Group) Series 2016 5.00%, 07/01/2031		2,500		2,566,389
DeKalb County Housing Authority (HADC Avenues LLC) Series 2023 6.17%, 06/01/2053(c)		28,845		28,934,053
7.00%, 06/01/2041(c)		6,690		6,709,876
Development Authority for Fulton County (Children’s Healthcare of Atlanta Obligated Group) Series 2019 5.00%, 07/01/2024		1,445		1,446,873
Development Authority for Fulton County (Piedmont Healthcare, Inc. Obligated Group) Series 2016-A 5.00%, 07/01/2032		2,000		2,052,505
Development Authority of Gwinnett County (Board of Regents of the University System of Georgia Lease) Series 2017-A 5.00%, 07/01/2032		1,205		1,260,406
5.00%, 07/01/2033		2,370		2,475,482
5.00%, 07/01/2035		4,945		5,157,883
5.00%, 07/01/2037		2,335		2,418,638
Development Authority of Monroe County (The) (Georgia Power Co.) Series 2023 3.875%, 10/01/2048		5,000		5,007,122
Fayette County Hospital Authority/GA (Piedmont Healthcare, Inc. Obligated Group) Series 2016 5.00%, 07/01/2034		1,620		1,661,944
5.00%, 07/01/2035		6,355		6,514,601
5.00%, 07/01/2036		2,735		2,798,444

48 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Fulton County Residential Care Facilities for the Elderly Authority (All Saints-St Luke’s Episcopal Home for the Retired Obligated Group) Series 2019 5.00%, 04/01/2054(c)	$	2,000	$	1,661,019
George L Smith II Congress Center Authority Series 2021 4.00%, 01/01/2054		1,485		1,264,193
Georgia State Road & Tollway Authority (State of Georgia Fed Hwy Grant) Series 2020 5.00%, 06/01/2024		4,120		4,122,889
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System Obligated Group) Series 2017 5.00%, 08/01/2043		10,880		10,743,792
5.00%, 08/01/2047		1,800		1,736,595
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052(c)		46,100		44,748,800
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-A 4.00%, 09/01/2052		2,185		2,170,640
Series 2022-B 5.00%, 12/01/2052		11,195		11,625,180
Series 2023-A 5.00%, 06/01/2053		6,750		7,010,313
Series 2023-D 5.00%, 05/01/2054		51,450		53,269,478
Main Street Natural Gas, Inc. (Macquarie Group Ltd.) Series 2019-A 5.00%, 05/15/2033		5,000		5,195,999
5.00%, 05/15/2043		5,500		5,543,194
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023 5.264% (SOFR + 1.70%), 12/01/2053(b)		25,000		25,368,217
Series 2023-B 5.00%, 07/01/2053		11,720		12,303,342

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-C 5.00%, 09/01/2053	$	24,815	$	26,127,500
Series 2024-A 5.00%, 05/01/2054		35,000		37,059,697
Series 2024-B 5.00%, 12/01/2054		40,000		42,189,640
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2038		1,235		1,276,158
5.00%, 01/01/2039		1,215		1,247,430
5.00%, 01/01/2048		2,460		2,467,121
5.00%, 01/01/2049		5,000		5,053,553
5.00%, 01/01/2056		4,655		4,718,828
5.00%, 01/01/2059		6,270		6,195,792
Series 2022 4.50%, 07/01/2063		15,000		14,277,844
5.00%, 07/01/2052		12,000		12,255,266
Series 2023 5.50%, 07/01/2064		10,200		10,596,132
AGM Series 2023 5.00%, 07/01/2048		1,570		1,633,662
5.00%, 07/01/2055		3,200		3,308,345
5.00%, 07/01/2064		6,055		6,260,009
State of Georgia Series 2021-A 5.00%, 07/01/2024		2,000		2,003,705
				480,411,456
Guam – 0.5%
Guam Education Financing Foundation (Guam Education Financing Foundation COP) Series 2016-B 5.00%, 10/01/2026(c)		9,655		9,497,072
Guam Government Waterworks Authority Series 2020-A 5.00%, 01/01/2050		3,790		3,857,836
Guam Power Authority Series 2022-A 5.00%, 10/01/2043		3,300		3,344,643
Territory of Guam Series 2019 5.00%, 11/15/2031		1,685		1,714,370
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2029		1,310		1,335,766
5.00%, 12/01/2030		4,160		4,238,768

50 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 12/01/2032	$	3,545	$	3,614,810
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2015 5.00%, 11/15/2029		13,375		13,560,527
Series 2015-D 5.00%, 11/15/2033		3,570		3,610,300
5.00%, 11/15/2035		8,935		9,023,817
Series 2021-F 4.00%, 01/01/2036		4,050		3,970,346
				57,768,255
Idaho – 0.1%
Idaho Health Facilities Authority (North Canyon Medical Center, Inc.) Series 2023 7.00%, 11/01/2048		4,500		4,656,559
7.125%, 11/01/2057		7,495		7,665,915
Idaho Housing & Finance Association (Battelle Energy Alliance LLC) Series 2010-A 7.00%, 02/01/2036		200		200,379
				12,522,853
Illinois – 6.5%
Chicago Board of Education Series 2012-A 5.00%, 12/01/2042		6,635		6,578,220
Series 2015-C 5.25%, 12/01/2035		2,790		2,785,080
5.25%, 12/01/2039		8,080		8,045,612
Series 2015-E 5.125%, 12/01/2032		1,000		998,926
Series 2016-A 7.00%, 12/01/2044		1,400		1,448,857
Series 2016-B 6.50%, 12/01/2046		1,900		1,973,285
Series 2017-G 5.00%, 12/01/2034		4,150		4,219,584
Series 2017-H 5.00%, 12/01/2036		900		909,985
Series 2018-A 5.00%, 12/01/2026		5,430		5,550,315
5.00%, 12/01/2027		6,300		6,492,363
Series 2019-A 5.00%, 12/01/2029		2,950		3,088,381
5.00%, 12/01/2030		5,120		5,312,932

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2019-B 5.00%, 12/01/2030	$	935	$	970,233
5.00%, 12/01/2031		1,030		1,068,761
5.00%, 12/01/2032		635		658,758
5.00%, 12/01/2033		500		518,461
Series 2021-A 5.00%, 12/01/2032		2,400		2,512,210
5.00%, 12/01/2033		4,510		4,718,278
5.00%, 12/01/2036		1,210		1,250,717
5.00%, 12/01/2038		7,730		7,897,852
5.00%, 12/01/2039		2,000		2,040,472
5.00%, 12/01/2040		1,750		1,777,081
5.00%, 12/01/2041		7,765		7,857,351
Series 2021-B 5.00%, 12/01/2036		1,000		1,033,650
Series 2022-B 4.00%, 12/01/2041		13,765		12,575,781
Series 2023 5.00%, 04/01/2045		1,500		1,564,866
5.25%, 04/01/2033		1,250		1,408,070
5.25%, 04/01/2034		1,000		1,120,909
5.50%, 04/01/2042		5,000		5,472,698
Series 2023-A 5.875%, 12/01/2047		19,500		21,217,929
6.00%, 12/01/2049		33,500		36,647,442
Chicago O’Hare International Airport Series 2015-C 5.00%, 01/01/2034		1,665		1,672,518
Series 2016-B 5.00%, 01/01/2034		5,000		5,111,522
Series 2016-C 5.00%, 01/01/2035		1,625		1,659,127
5.00%, 01/01/2038		7,625		7,745,653
Series 2017-B 5.00%, 01/01/2036		12,000		12,430,016
5.00%, 01/01/2037		14,800		15,282,545
Series 2022 4.50%, 01/01/2048		10,000		9,813,041
4.625%, 01/01/2053		10,000		9,785,699
5.50%, 01/01/2055(a)		19,000		20,089,593
Chicago O’Hare International Airport (TrIPs Obligated Group) Series 2018 5.00%, 07/01/2033		1,395		1,432,650
5.00%, 07/01/2038		1,500		1,518,059
5.00%, 07/01/2048		5,000		4,923,225

52 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Chicago Transit Authority Sales Tax Receipts Fund Series 2020-A 5.00%, 12/01/2045	$	5,000	$	5,121,693
5.00%, 12/01/2055		6,000		6,098,281
City of Chicago IL (Goldblatts Supportive Living Project) Series 2013 6.375%, 12/01/2052(e)(f)		1,050		614,392
Eastern Illinois Economic Development Authority (City of Mattoon IL Sales & Hotel Tax) Series 2023 5.00%, 11/01/2033		1,000		988,563
6.00%, 05/01/2046		3,580		3,536,782
Illinois Finance Authority (Acero Charter Schools, Inc. Obligated Group) Series 2021 4.00%, 10/01/2035(c)		1,280		1,173,439
4.00%, 10/01/2042(c)		4,150		3,405,002
Illinois Finance Authority (Ascension Health Credit Group) Series 2016-C 5.00%, 02/15/2041		2,835		2,868,107
Illinois Finance Authority (DePaul College Prep) Series 2023 4.30%, 08/01/2028(c)		1,220		1,229,602
4.50%, 08/01/2033(c)		1,275		1,306,660
5.25%, 08/01/2038(c)		3,895		4,133,957
5.50%, 08/01/2043(c)		4,485		4,740,539
5.625%, 08/01/2053(c)		7,250		7,537,840
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 4.00%, 09/01/2035		1,000		874,403
4.00%, 09/01/2037		1,130		945,375
4.00%, 09/01/2039		2,000		1,617,645
4.00%, 09/01/2041		6,625		5,196,213
5.00%, 09/01/2036		2,095		1,994,096
5.00%, 09/01/2038		5,930		5,503,078
5.00%, 09/01/2040		2,285		2,077,575
Illinois Finance Authority (Lake Forest College) Series 2022-A 5.25%, 10/01/2052		1,500		1,435,439

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.50%, 10/01/2042	$	1,045	$	1,064,530
5.50%, 10/01/2047		1,000		1,004,369
Illinois Finance Authority (LRS Holdings LLC) Series 2023 7.375%, 09/01/2042(c)		23,500		25,240,067
Illinois Finance Authority (Park Place of Elmhurst Obligated Group) Series 2021 5.125%, 05/15/2060		3,489		1,850,191
Illinois Finance Authority (Plymouth Place Obligated Group) Series 2022 6.50%, 05/15/2042		2,000		2,057,914
6.50%, 05/15/2047		2,000		2,031,304
6.625%, 05/15/2052		1,910		1,944,138
6.75%, 05/15/2058		1,765		1,809,745
Illinois Finance Authority (Pre-refunded – US Treasuries) Series 2015 5.25%, 05/15/2050		2,000		2,028,327
Illinois Finance Authority (Rosalind Franklin University of Medicine and Science) Series 2017-A 5.00%, 08/01/2042		1,000		993,779
5.00%, 08/01/2047		2,475		2,391,037
Series 2017-C 5.00%, 08/01/2046		2,900		2,817,124
Illinois Finance Authority (Silver Cross Hospital Obligated Group) Series 2015-C 5.00%, 08/15/2035		4,750		4,800,041
Illinois Finance Authority (University of Illinois) Series 2020 4.00%, 10/01/2050		3,615		3,031,486
Illinois Finance Authority (Washington and Jane Smith Community – Orland Park) Series 2022 4.00%, 10/15/2044		10,890		8,164,869
Illinois Housing Development Authority (Drexel Court & Lake Park East) Series 2022 5.67%, 12/01/2025(c)		17,000		17,005,319
7.17%, 11/01/2038		1,675		1,708,707

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Illinois State Toll Highway Authority Series 2015-A 5.00%, 01/01/2031	$	1,500	$	1,528,453
5.00%, 01/01/2032		1,625		1,655,032
Series 2015-B 5.00%, 01/01/2036		2,850		2,909,309
Series 2016-B 5.00%, 01/01/2041		3,450		3,506,381
Metropolitan Pier & Exposition Authority Series 2012 Zero Coupon, 12/15/2041		9,400		4,055,570
Zero Coupon, 12/15/2051		11,385		2,639,843
Series 2015-B 5.00%, 12/15/2045		13,300		13,379,920
Series 2017 0.00%, 12/15/2042(h)		1,400		990,568
Series 2017-A 5.00%, 06/15/2057		4,000		4,045,613
Series 2017-B Zero Coupon, 12/15/2054		9,850		1,914,119
Series 2020 5.00%, 06/15/2050		41,220		42,043,885
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority Lease) Series 2020 5.00%, 06/15/2042		2,675		2,787,708
State of Illinois Series 2010 7.35%, 07/01/2035		11,027		11,629,469
Series 2014 5.00%, 05/01/2031		7,615		7,621,776
Series 2016 5.00%, 02/01/2027		19,125		19,778,687
5.00%, 02/01/2029		5,945		6,149,431
5.00%, 11/01/2032		5,245		5,376,219
5.00%, 11/01/2035		8,000		8,161,154
Series 2017-A 5.00%, 12/01/2025		3,510		3,572,904
5.00%, 12/01/2026		6,000		6,192,870
5.00%, 12/01/2028		2,700		2,819,553
5.00%, 12/01/2034		2,585		2,688,901
Series 2017-C 5.00%, 11/01/2029		4,335		4,524,575
Series 2017-D 5.00%, 11/01/2026		16,070		16,571,819

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 11/01/2028	$	8,450	$	8,818,007
Series 2018-A 5.00%, 10/01/2024		3,000		3,011,846
5.00%, 10/01/2027		14,590		15,225,539
5.00%, 10/01/2028		1,710		1,809,308
5.00%, 10/01/2029		1,030		1,091,413
5.00%, 05/01/2030		2,185		2,305,161
Series 2019-B 4.00%, 11/01/2033		9,500		9,530,020
4.00%, 11/01/2036		16,375		16,165,194
4.00%, 11/01/2037		16,920		16,599,117
5.00%, 11/01/2030		8,225		8,831,697
Series 2020 5.50%, 05/01/2030		2,750		2,928,311
5.75%, 05/01/2045		2,500		2,687,204
Series 2020-B 5.00%, 10/01/2030		2,000		2,169,423
Series 2021-A 5.00%, 12/01/2030		9,955		10,817,937
5.00%, 03/01/2046		4,000		4,114,975
Series 2022-A 5.25%, 03/01/2037		2,500		2,745,642
5.50%, 03/01/2042		12,610		13,726,293
5.50%, 03/01/2047		4,500		4,805,002
Series 2022-B 5.25%, 10/01/2037		13,000		14,309,027
Series 2022-C 5.50%, 10/01/2045		19,000		20,466,314
Series 2023-B 5.00%, 05/01/2036		5,000		5,437,653
5.25%, 05/01/2041		2,750		2,954,044
5.25%, 05/01/2042		5,000		5,344,683
5.25%, 05/01/2043		2,500		2,660,065
5.50%, 05/01/2047		5,000		5,342,533
Series 2023-C 5.00%, 05/01/2033		15,000		16,487,308
Series 2023-D 5.00%, 07/01/2036		5,000		5,438,934
State of Illinois Sales Tax Revenue Series 2024-C
5.00%, 06/15/2040		1,525		1,666,985
Village of Antioch IL Special Service Areas No. 1 & 2 Series 2016-A 4.50%, 03/01/2033		2,927		2,732,012
Series 2016-B 7.00%, 03/01/2033		1,375		1,321,584

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Village of Pingree Grove IL Special Service Area No. 7 Series 2015 4.50%, 03/01/2025	$	173	$	172,134
5.00%, 03/01/2036		2,957		2,876,471
Series 2015-B 6.00%, 03/01/2036		786		787,610
				785,443,540
Indiana – 1.5%
City of Valparaiso IN (Pratt Paper IN LLC) Series 2024 4.50%, 01/01/2034(c)(g)		1,855		1,874,473
4.875%, 01/01/2044(c)(g)		1,550		1,567,154
5.00%, 01/01/2054(c)(g)		8,000		8,097,226
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		10,000		10,057,669
Indiana Finance Authority (Baptist Healthcare System Obligated Group) Series 2017 5.00%, 08/15/2051		3,905		3,916,626
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(d)		30,305		20,872,499
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2036(g)		1,440		1,612,032
5.00%, 10/01/2038(g)		1,220		1,340,696
5.00%, 10/01/2040(g)		1,000		1,083,384
5.00%, 10/01/2041(g)		1,500		1,617,340
5.00%, 10/01/2042(g)		1,435		1,540,580
5.00%, 10/01/2043(g)		1,550		1,656,000
5.00%, 10/01/2044(g)		1,600		1,703,864
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2037		2,620		2,432,346
4.00%, 04/01/2039		1,630		1,458,391
4.00%, 04/01/2041		2,305		1,994,225
4.00%, 04/01/2042		2,400		2,051,285

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Indiana Finance Authority (Greencroft Goshen Obligated Group) Series 2021 4.00%, 11/15/2043	$	6,700	$	5,597,609
Series 2023-2 4.00%, 11/15/2024		905		898,658
4.00%, 11/15/2025		985		967,321
4.00%, 11/15/2028		1,000		967,324
4.00%, 11/15/2029		1,000		964,319
4.00%, 11/15/2037		1,800		1,639,378
Indiana Finance Authority (Marquette Manor) Series 2015-A 5.00%, 03/01/2030		1,000		1,002,270
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2020 3.00%, 11/01/2030		11,725		10,739,424
Series 2020-A 3.00%, 11/01/2030		7,290		6,677,219
Series 2021-B 2.50%, 11/01/2030		5,065		4,497,973
Indiana Finance Authority (University of Evansville) Series 2022 5.00%, 09/01/2029		1,755		1,784,659
5.00%, 09/01/2030		1,845		1,881,213
5.00%, 09/01/2031		1,935		1,973,332
5.00%, 09/01/2032		2,035		2,074,679
5.25%, 09/01/2037		3,415		3,447,967
5.25%, 09/01/2044		10,000		9,680,676
5.25%, 09/01/2057		2,010		1,841,390
Indiana Housing & Community Development Authority (Vita of Marion LLC) Series 2021-A 5.25%, 04/01/2041(c)		1,000		800,144
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 5.75%, 03/01/2043		6,670		7,275,625
6.00%, 03/01/2053		9,200		9,964,002
6.125%, 03/01/2057		10,810		11,698,875
Series 2023-F 7.75%, 03/01/2067		10,750		11,394,443

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
BAM Series 2023 5.25%, 03/01/2067	$	16,800	$	17,668,189
				180,312,479
Iowa – 0.6%
Iowa Finance Authority (Iowa Fertilizer Co., LLC) Series 2022 5.00%, 12/01/2050		35,950		37,292,427
Iowa Finance Authority (Wesley Retirement Services, Inc. Obligated Group) Series 2021 4.00%, 12/01/2031		4,355		4,007,724
4.00%, 12/01/2041		7,810		6,243,448
4.00%, 12/01/2046		5,225		3,946,787
4.00%, 12/01/2051		9,340		6,796,240
Iowa Higher Education Loan Authority (Des Moines University Osteopathic Medical Center) Series 2022 5.375%, 10/01/2052		1,600		1,630,525
Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.50%, 11/01/2051		7,160		6,467,272
Iowa Tobacco Settlement Authority Series 2021-A 4.00%, 06/01/2049		4,000		3,563,408
				69,947,831
Kansas – 0.5%
City of Colby KS (Citizens Medical Center, Inc.) Series 2024 5.50%, 07/01/2026		18,800		18,745,638
City of Overland Park KS Sales Tax Revenue Series 2022 6.00%, 11/15/2034(c)		1,850		1,908,499
6.50%, 11/15/2042(c)		13,650		13,848,097
City of Topeka KS (Congregational Home Obligated Group (The)) Series 2022-A 5.75%, 12/01/2033		2,740		2,753,638
6.25%, 12/01/2042		2,920		2,933,267
6.50%, 12/01/2052		6,000		6,026,951

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kansas Development Finance Authority (State of Kansas Department of Administration Lease) Series 2021-K 2.39%, 05/01/2036	$	8,000	$	5,885,626
Overland Park Development Corp. (City of Overland Park KS) Series 2019 5.00%, 03/01/2035		1,765		1,762,322
5.00%, 03/01/2037		2,070		2,057,484
5.00%, 03/01/2039		2,325		2,272,877
5.00%, 03/01/2044		1,000		953,652
5.00%, 03/01/2049		5,875		5,440,395
Wyandotte County-Kansas City Unified Government (Wyandotte County-Kansas City Unified Government Sales Tax) Series 2018 4.50%, 06/01/2040		1,295		1,186,890
				65,775,336
Kentucky – 1.8%
City of Ashland KY (Royal Blue Health LLC Obligated Group) Series 2019 4.00%, 02/01/2035		930		904,954
City of Henderson KY (Pratt Paper KY LLC) Series 2022 4.45%, 01/01/2042(c)		9,000		8,805,486
County of Trimble KY (Louisville Gas and Electric Co.) Series 2020 1.30%, 09/01/2044		8,500		7,406,214
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2034		1,500		1,556,848
5.00%, 08/15/2035		3,085		3,193,123
5.00%, 08/15/2037		1,550		1,590,651
5.00%, 08/15/2041		6,905		7,010,164
5.00%, 08/15/2046		2,740		2,762,787
Kentucky Economic Development Finance Authority (Carmel Manor, Inc.) Series 2022 4.50%, 10/01/2027		4,000		3,967,434

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2044	$	9,040	$	9,289,452
5.00%, 08/01/2049		7,660		7,829,737
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group) Series 2012 5.375%, 11/15/2042		1,685		1,350,970
5.50%, 11/15/2045		1,000		791,492
Series 2016 5.00%, 05/15/2031		2,000		1,840,103
Series 2016-A 5.00%, 05/15/2046		1,100		828,678
5.00%, 05/15/2051		2,000		1,458,653
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2015 5.25%, 06/01/2050		24,090		23,417,853
Series 2017-A 5.00%, 06/01/2031		2,000		2,046,344
5.00%, 06/01/2032		3,500		3,580,505
5.00%, 06/01/2037		4,325		4,388,789
5.00%, 06/01/2041		3,300		3,314,599
5.00%, 06/01/2045		8,750		8,748,102
5.25%, 06/01/2041		6,750		6,804,564
Series 2017-B 5.00%, 06/01/2040		5,000		5,030,518
Kentucky Economic Development Finance Authority (Rosedale Green) Series 2015 5.50%, 11/15/2035		2,265		2,124,999
5.75%, 11/15/2045		3,350		2,927,867
Kentucky Housing Corp. (Churchill Park LLLP) Series 2022-A 4.65%, 05/01/2025(c)		2,665		2,660,892
5.75%, 11/01/2040(c)		12,370		12,432,861
Series 2022-B 6.75%, 11/01/2040(c)		2,050		2,059,966

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kentucky Public Energy Authority (Goldman Sachs Group ,Inc. (The)) Series 2024-A 5.00%, 05/01/2055	$	14,000	$	14,555,048
Kentucky Public Energy Authority (Morgan Stanley) Series 2019-C 4.00%, 02/01/2050		3,170		3,160,962
Series 2022-A 4.00%, 08/01/2052		11,290		11,152,719
Series 2023-A 5.25%, 04/01/2054		10,000		10,568,700
5.538% (SOFR + 1.98%), 04/01/2054(b)		25,000		25,000,000
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016 5.00%, 10/01/2033		8,205		8,384,192
Series 2020 5.00%, 10/01/2047		1,965		2,090,962
Series 2020-A 5.00%, 10/01/2038		965		998,824
				216,036,012
Louisiana – 0.8%
Jefferson Sales Tax District AGM Series 2017-B 5.00%, 12/01/2034		1,000		1,049,818
5.00%, 12/01/2036		2,400		2,503,301
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp. ELL System Restoration Revenue) Series 2022 4.475%, 08/01/2039		10,000		9,162,817
Series 2023 5.048%, 12/01/2034		10,000		9,817,579
Louisiana Local Government Environmental Facilities & Community Development Auth (St. James Place of Baton Rouge) Series 2015-A 6.00%, 11/15/2035		2,100		2,074,182

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Louisiana Local Government Environmental Facilities & Community Development Auth (Woman’s Hospital Foundation) Series 2017 5.00%, 10/01/2034(a)	$	8,985	$	9,292,366
5.00%, 10/01/2036(a)		8,460		8,701,777
5.00%, 10/01/2037(a)		5,000		5,120,531
5.00%, 10/01/2044(a)		5,155		5,225,548
Louisiana Public Facilities Authority (Geo Prep Mid-City of Greater Baton Rouge) Series 2022 5.625%, 06/01/2037(c)(e)(f)		415		422,286
6.25%, 06/01/2062(c)(e)(f)		1,425		1,450,112
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2013-B 10.50%, 07/01/2039(f)		2,750		27
Series 2014-A 7.50%, 07/01/2023(k)		1,250		12
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) Series 2019 5.00%, 07/01/2059		10,270		10,286,687
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Lease) Series 2017 5.00%, 07/01/2042		1,500		1,519,946
5.00%, 07/01/2047		6,515		6,564,982
5.00%, 07/01/2052		7,300		7,320,136
5.00%, 07/01/2057		2,250		2,252,294
Louisiana Public Facilities Authority (Pre-refunded – US Govt Agencies) Series 2016 5.00%, 05/15/2047		10		10,282
New Orleans Aviation Board Series 2017-B 5.00%, 01/01/2043		1,000		1,009,797
Parish of St. James LA (NuStar Logistics LP) Series 2020-2 6.35%, 07/01/2040(c)		3,690		3,988,149

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Parish of St. John the Baptist LA (Marathon Oil Corp.) Series 2019 2.10%, 06/01/2037	$	2,465	$	2,454,001
2.20%, 06/01/2037		3,700		3,521,895
St. Tammany Parish Finance Authority (Christwood) Series 2015 5.25%, 11/15/2037		1,050		988,815
				94,737,340
Maine – 0.1%
Finance Authority of Maine (Casella Waste Systems, Inc.) Series 2017 5.25%, 01/01/2025(c)		4,630		4,639,667
Series 2018-R2 4.375%, 08/01/2035(c)		1,700		1,688,936
Maine Health & Higher Educational Facilities Authority (Maine Medical Center) Series 2018-A 5.00%, 07/01/2043		3,370		3,466,556
5.00%, 07/01/2048		6,250		6,382,351
				16,177,510
Maryland – 1.4%
City of Baltimore MD (City of Baltimore MD Harbor Point Special Taxing District) Series 2019 3.625%, 06/01/2046(c)		1,750		1,398,638
Series 2019-B 3.875%, 06/01/2046(c)		300		241,526
County of Frederick MD (County of Frederick MD Urbana Community Development Authority) Series 2020-C 4.00%, 07/01/2050(c)		2,610		2,246,482
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) Series 2020 4.25%, 07/01/2050		1,130		993,310
Series 2022 5.75%, 07/01/2053		2,860		3,070,998
6.00%, 07/01/2058		10,000		10,891,752

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.00%, 12/31/2036	$	3,200	$	3,352,551
5.00%, 06/30/2037		2,400		2,505,013
5.00%, 12/31/2037		2,605		2,708,697
5.00%, 06/30/2038		2,920		3,021,933
5.00%, 12/31/2038		1,015		1,049,805
5.25%, 06/30/2047		3,125		3,215,883
5.25%, 06/30/2052		50,415		51,714,618
5.25%, 06/30/2055		11,980		12,256,469
Maryland Health & Higher Educational Facilities Authority (Meritus Medical Center Obligated Group) Series 2015 5.00%, 07/01/2031		3,245		3,287,250
Maryland Health & Higher Educational Facilities Authority (TidalHealth Obligated Group) Series 2020 4.00%, 07/01/2036		2,520		2,527,454
4.00%, 07/01/2037		2,575		2,545,953
4.00%, 07/01/2038		1,555		1,514,634
4.00%, 07/01/2040		1,645		1,570,732
5.00%, 07/01/2046		22,040		22,702,943
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050(a)		29,840		32,298,580
Maryland State Transportation Authority Series 2021-A 5.00%, 07/01/2024		1,765		1,767,684
Washington Suburban Sanitary Commission (Pre-refunded – US Govt Agencies) Series 2015 4.00%, 06/01/2040		5,500		5,499,805
				172,382,710
Massachusetts – 0.7%
City of Newton MA Series 2024 5.00%, 03/28/2025		20,000		20,261,264

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Massachusetts Bay Transportation Authority Sales Tax Revenue (Pre-refunded – US Treasuries) Series 2014-A 5.00%, 07/01/2036	$	1,865	$	1,867,819
5.00%, 07/01/2044		1,950		1,952,948
Massachusetts Development Finance Agency (Emerson College) Series 2016-A 5.00%, 01/01/2047		8,170		8,067,065
Series 2017-A 5.00%, 01/01/2040		670		678,017
Massachusetts Development Finance Agency (Emmanuel College/MA) Series 2016-A 5.00%, 10/01/2043		3,405		3,406,226
Massachusetts Development Finance Agency (Lasell University) Series 2021 4.00%, 07/01/2027		250		245,581
4.00%, 07/01/2040		3,005		2,607,548
4.00%, 07/01/2050		1,615		1,280,881
Massachusetts Development Finance Agency (Merrimack College) Series 2017 5.00%, 07/01/2047		3,665		3,675,637
Series 2022 5.00%, 07/01/2052		1,150		1,142,610
Massachusetts Development Finance Agency (Salem Community Corp. Obligated Group) Series 2022 5.25%, 01/01/2050		2,680		2,317,920
Massachusetts Development Finance Agency (Simmons University) Series 2018-L 5.00%, 10/01/2034		1,360		1,401,382
5.00%, 10/01/2035		1,000		1,027,377
Series 2023 5.00%, 10/01/2043		1,100		1,090,235
5.25%, 10/01/2036		415		437,841

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 10/01/2037	$	500	$	522,074
5.25%, 10/01/2038		515		533,824
5.25%, 10/01/2039		520		537,204
Massachusetts Development Finance Agency (South Shore Hospital, Inc. Obligated Group) Series 2016-I 5.00%, 07/01/2031		1,350		1,375,124
5.00%, 07/01/2041		2,500		2,500,210
Massachusetts Development Finance Agency (Springfield College) Series 2021 4.00%, 06/01/2056		4,000		3,174,800
5.00%, 06/01/2026		420		424,197
5.00%, 06/01/2027		445		453,194
5.00%, 06/01/2028		1,850		1,900,530
Series 2021-B 4.00%, 06/01/2050		1,700		1,397,568
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2013-G 5.00%, 07/01/2037		2,550		2,528,354
Series 2019-A 5.00%, 07/01/2036		1,000		1,008,078
Massachusetts Development Finance Agency (UMass Memorial Health Care Obligated Group) Series 2016 5.00%, 07/01/2041		1,480		1,488,260
5.00%, 07/01/2046		2,500		2,506,323
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2051		2,260		2,312,664
Massachusetts School Building Authority (Massachusetts School Building Authority Sales Tax) Series 2009 5.715%, 08/15/2039		10,255		10,314,416
Town of Leicester MA Series 2023 4.50%, 08/22/2024		5,785		5,792,102
				90,229,273

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Michigan – 1.1%
City of Detroit MI Series 2014-B 4.00%, 04/01/2044(h)	$	10,000	$	7,604,314
Series 2018 5.00%, 04/01/2033		1,000		1,029,707
5.00%, 04/01/2034		2,250		2,316,391
5.00%, 04/01/2035		1,000		1,028,568
5.00%, 04/01/2036		700		717,755
5.00%, 04/01/2038		2,135		2,169,673
Series 2020 5.50%, 04/01/2045		1,690		1,756,613
5.50%, 04/01/2050		2,170		2,248,282
Series 2021-A 5.00%, 04/01/2038		1,100		1,136,201
5.00%, 04/01/2046		2,030		2,039,569
5.00%, 04/01/2050		1,000		998,318
Series 2023-A 5.25%, 05/01/2024		1,000		1,000,000
5.25%, 05/01/2025		1,750		1,765,170
5.25%, 05/01/2027		300		309,689
5.25%, 05/01/2029		700		742,487
Series 2023-B 6.844%, 05/01/2028		935		942,859
Series 2023-C 6.00%, 05/01/2043		1,250		1,383,375
Grand Rapids Economic Development Corp. (Beacon Hill at Eastgate) Series 2017-A 5.00%, 11/01/2032		1,055		1,032,863
5.00%, 11/01/2037		600		565,134
Great Lakes Water Authority Water Supply System Revenue Series 2016-A 5.00%, 07/01/2046(a)		1,025		1,039,705
Series 2016-D 5.00%, 07/01/2036(a)		25,210		25,834,578
Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo Obligated Group) Series 2019 5.00%, 05/15/2037		1,100		1,015,516
Series 2020 5.00%, 05/15/2055		6,860		5,555,966
Kalamazoo Hospital Finance Authority (Pre-refunded – US Treasuries) Series 2016 4.00%, 05/15/2031		10		10,097

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 05/15/2032	$	20	$	20,194
4.00%, 05/15/2033		30		30,291
4.00%, 05/15/2036		65		65,629
Michigan Finance Authority (Albion College) Series 2022 4.00%, 12/01/2046		2,120		1,258,605
4.00%, 12/01/2051		2,165		1,242,359
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) Series 2014-D4 5.00%, 07/01/2029		1,100		1,101,570
5.00%, 07/01/2034		1,000		1,001,327
Series 2015-D1 5.00%, 07/01/2034		2,000		2,016,144
Series 2015-D2 5.00%, 07/01/2034		3,400		3,433,739
AGM Series 2014-D2 5.00%, 07/01/2024		10,490		10,505,953
NATL Series 2014 5.00%, 07/01/2036		4,500		4,504,333
Michigan Finance Authority (Henry Ford Health System Obligated Group) Series 2016 5.00%, 11/15/2032		3,850		3,983,112
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		5,000		4,513,294
4.00%, 06/01/2049		5,000		4,460,324
Michigan Finance Authority (Public Lighting Authority) Series 2014-B 5.00%, 07/01/2031		1,450		1,452,429
5.00%, 07/01/2032		3,000		3,004,945
5.00%, 07/01/2033		3,500		3,505,721
Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) Series 2018 5.00%, 06/30/2048		8,600		8,602,788
Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp./MI) Series 2008-C Zero Coupon, 06/01/2058		241,050		8,232,195

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wayne State University Series 2018-A 5.00%, 11/15/2043	$	4,000	$	4,121,848
				131,299,630
Minnesota – 0.9%
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) Series 2023 6.205%, 01/01/2042(c)(h)		23,500		23,941,701
City of Columbus MN (Adalyn Avenue LLLP) Series 2023 5.98%, 12/01/2041(c)		19,500		19,569,334
City of Fridley MN (Roers Fridley Apartments Owner II LLC) Series 2023-A 5.75%, 06/01/2041(c)		6,635		6,556,519
City of Ramsey MN (Pact Charter School) Series 2022-A 5.00%, 06/01/2032		11,800		11,839,441
Dakota County Community Development Agency (Rosemont AH I LLLP) Series 2023 5.30%, 07/01/2028(c)		7,075		7,076,743
5.66%, 07/01/2041(c)		19,240		19,265,574
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Hmong College Prep Academy) Series 2020 5.00%, 09/01/2040		1,390		1,340,137
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021
3.00%, 06/01/2031(c)		900		767,860
4.00%, 06/01/2041(c)		1,120		856,598
4.00%, 06/01/2051(c)		1,250		850,591
4.00%, 06/01/2056(c)		2,180		1,431,327
Minnesota Higher Education Facilities Authority (College of St. Scholastica, Inc.) Series 2019 4.00%, 12/01/2040		5,700		4,992,619

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Minnesota Higher Education Facilities Authority (St. Catherine University) Series 2018-A 5.00%, 10/01/2045	$	1,900	$	1,880,871
State of Minnesota (State of Minnesota Lease) Series 2022-A 5.00%, 03/01/2025		11,290		11,422,147
				111,791,462
Mississippi – 0.6%
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) Series 2022 8.00%, 12/01/2029(d)		14,500		14,213,611
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2041(c)		2,500		2,023,714
5.00%, 10/01/2024(c)		880		879,541
5.00%, 10/01/2026(c)		1,700		1,705,781
5.00%, 10/01/2027(c)		900		907,951
5.00%, 10/01/2028(c)		1,900		1,927,393
5.00%, 10/01/2033(c)		2,270		2,304,407
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) Series 2016-A 5.00%, 09/01/2036		1,645		1,665,180
5.00%, 09/01/2041		16,350		16,422,896
Mississippi Hospital Equipment & Facilities Authority (Forrest County General Hospital) Series 2019 4.00%, 01/01/2037		720		712,180
5.00%, 01/01/2035		1,230		1,301,114
State of Mississippi (Pre-refunded – US Treasuries) Series 2015-A 4.00%, 10/01/2030		9,085		9,151,614
4.00%, 10/01/2031		10,000		10,073,323
Series 2015-F 4.00%, 11/01/2033		6,325		6,380,246
				69,668,951

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Missouri – 0.8%
Cape Girardeau County Industrial Development Authority (SoutheastHEALTH Obligated Group) Series 2017-A 5.00%, 03/01/2036	$	2,810	$	2,894,950
Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group) Series 2016-A 5.00%, 02/01/2046		1,000		965,215
Series 2019 4.00%, 02/01/2042		18,770		16,297,207
4.00%, 02/01/2048		21,850		17,782,013
5.00%, 02/01/2042		620		613,481
5.00%, 02/01/2048		2,600		2,478,241
Kansas City Industrial Development Authority (Kingswood Senior Living Community) Series 2021 2.00%, 11/15/2046		2,319		108,209
5.00%, 11/15/2046		5,196		3,625,676
Series 2021-A 10.00%, 11/15/2037		1,601		1,367,000
Series 2021-C 7.50%, 11/15/2046		1,279		990,928
Kansas City Industrial Development Authority (Platte Purchase Project) Series 2019 5.00%, 07/01/2040(c)		2,800		2,448,926
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2014-A 5.25%, 08/15/2039		2,330		2,338,517
Series 2016-A 5.00%, 08/15/2036		1,300		1,281,145
5.00%, 08/15/2046		1,760		1,543,105
5.00%, 08/15/2051		1,000		840,639
Series 2018 5.00%, 08/15/2042		6,940		6,384,688
Series 2021-A 5.00%, 08/15/2056		10,000		8,592,177
Missouri Highway & Transportation Commission Series 2014-A 5.00%, 05/01/2024		6,490		6,490,000

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Missouri Joint Municipal Electric Utility Commission (Missouri Joint Municipal Electric Utility Commission Plum Point Project Revenue) Series 2014-A 5.00%, 01/01/2031	$	3,240	$	3,255,735
St. Louis County Industrial Development Authority (Friendship Village St. Louis Obligated Group) Series 2018 5.25%, 09/01/2053		7,560		7,149,244
St. Louis County Industrial Development Authority (St. Andrews Resources for Seniors Obligated Group) Series 2015-A
5.00%, 12/01/2035		2,000		1,908,494
5.125%, 12/01/2045		4,500		3,957,571
Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) Series 2023 5.00%, 10/01/2033(c)		1,000		986,724
6.00%, 10/01/2049(c)		2,475		2,401,239
				96,701,124
Montana – 0.0%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2034		1,085		1,113,005
Nebraska – 0.3%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		11,255		11,733,010
Central Plains Energy Project (Goldman Sachs Group, Inc. (The)) Series 2017-A 5.00%, 09/01/2031		2,050		2,156,783
5.00%, 09/01/2034		1,510		1,591,686
5.00%, 09/01/2036		5,000		5,199,084
5.00%, 09/01/2037		8,715		8,966,648

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2022-1 5.00%, 05/01/2053	$	5,000	$	5,217,911
				34,865,122
Nevada – 0.6%
Carson City NV (Carson Tahoe Regional Healthcare) Series 2017 5.00%, 09/01/2037		1,160		1,179,029
5.00%, 09/01/2047		2,775		2,783,239
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C
Zero Coupon, 07/01/2058(c)		22,000		2,781,594
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(c)		2,790		2,657,287
Clark County School District Series 2017-C 5.00%, 06/15/2033		5,775		6,050,317
5.00%, 06/15/2034		5,000		5,219,369
5.00%, 06/15/2035		2,635		2,742,446
5.00%, 06/15/2036		3,700		3,701,722
AGM Series 2019-B 3.00%, 06/15/2037		5,185		4,536,242
Las Vegas Redevelopment Agency (Las Vegas Redevelopment Agency Redevelopment Area 1) Series 2016 5.00%, 06/15/2040		1,800		1,815,041
Nevada System of Higher Education Series 2016 5.00%, 07/01/2024		1,040		1,041,658
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 8.125%, 01/01/2050(c)		25,800		26,484,817
State of Nevada Department of Business & Industry (State of Nevada Department of Business & Industry) Series 2018 6.95%, 02/15/2038(c)(e)(f)		1,853		185,328

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tahoe-Douglas Visitors Authority Series 2020 5.00%, 07/01/2040	$	4,200	$	4,266,659
5.00%, 07/01/2045		2,800		2,806,093
5.00%, 07/01/2051		9,000		8,825,716
				77,076,557
New Hampshire – 1.1%
New Hampshire Business Finance Authority Series 2022-1, Class A 4.375%, 09/20/2036		40,529		39,092,402
Series 2022-2, Class A 4.00%, 10/20/2036		26,456		24,693,147
Series 2024-1, Class A 4.25%, 07/20/2041		13,693		13,317,841
Series 2024-2 0.55%, 07/01/2051		17,746		694,955
New Hampshire Business Finance Authority (Covanta Holding Corp.) Series 2018 4.625%, 11/01/2042(c)		10,000		8,937,647
4.875%, 11/01/2042(c)		12,520		11,281,023
Series 2020-A 625%, 07/01/2043(c)		4,800		3,777,838
Series 2020-B 3.75%, 07/01/2045(c)		4,785		3,785,816
New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group/PA) Series 2023 5.25%, 07/01/2048		2,000		2,023,679
New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Obligated Group) Series 2020-A 5.00%, 08/01/2059		20,000		20,223,220
				127,827,568
New Jersey – 5.4%
Camden County Improvement Authority (The) (KIPP Cooper Norcross Obligated Group) Series 2022 6.00%, 06/15/2047		1,030		1,097,889

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
6.00%, 06/15/2062	$	5,360	$	5,642,391
City of Hoboken NJ Series 2024-A 4.00%, 03/12/2025		20,335		20,389,614
City of Jersey City NJ Series 2023-A 5.00%, 07/12/2024		2,215		2,218,314
Essex County Improvement Authority (North Star Academy Charter School of Newark, Inc.) Series 2020 4.00%, 07/15/2050(c)		1,260		1,058,965
New Jersey Economic Development Authority (Lutheran Social Ministries at Crane’s Mill, Inc.) Series 2018 5.00%, 01/01/2034		1,500		1,440,985
5.00%, 01/01/2039		2,500		2,281,009
5.00%, 01/01/2049		3,000		2,531,216
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2018-A 5.00%, 06/15/2042		4,385		4,483,464
5.00%, 06/15/2047		1,500		1,524,004
Series 2021-G 5.25%, 09/01/2025(c)		10,000		10,193,090
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.) Series 2017 5.00%, 07/15/2047		1,000		998,041
New Jersey Economic Development Authority (NYNJ Link Borrower LLC) Series 2013 5.125%, 01/01/2034		6,045		6,047,365
New Jersey Economic Development Authority (Port Newark Container Terminal LLC) Series 2017 5.00%, 10/01/2037		8,895		9,106,514
5.00%, 10/01/2047		7,210		7,252,241

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (State of New Jersey Department of the Treasury Lease) Series 2019 5.00%, 06/15/2035	$	2,750	$	2,973,868
New Jersey Economic Development Authority (State of New Jersey Division of Property Management & Construction Lease) Series 2018-C 5.00%, 06/15/2042		7,085		7,244,092
New Jersey Economic Development Authority (State of New Jersey Motor Vehicle Surcharge Revenue Lease) Series 2017-A 5.00%, 07/01/2033		1,640		1,677,733
New Jersey Economic Development Authority (State of New Jersey) Series 2024-S 5.00%, 06/15/2024		1,250		1,251,139
5.00%, 06/15/2026		6,500		6,683,019
5.00%, 06/15/2035		1,500		1,708,708
5.25%, 06/15/2036		3,000		3,461,412
5.25%, 06/15/2037		3,065		3,507,783
5.25%, 06/15/2039		3,000		3,384,630
New Jersey Economic Development Authority (UMM Energy Partners LLC) Series 2012-A 5.125%, 06/15/2043		735		729,908
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		8,270		8,281,911
Series 2014-B 5.625%, 11/15/2030		1,475		1,487,925
New Jersey Educational Facilities Authority (Stevens Institute of Technology International, Inc.) Series 2020-A 4.00%, 07/01/2050		1,805		1,566,470

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 07/01/2045	$	4,460	$	4,521,709
New Jersey Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group) Series 2017-A 5.00%, 07/01/2035		1,300		1,355,898
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2017-A 5.00%, 07/01/2036		1,000		1,034,410
5.00%, 07/01/2042		7,645		7,782,693
New Jersey Health Care Facilities Financing Authority (New Jersey Health Care Facilities Financing Authority State Lease) Series 2017 5.00%, 10/01/2035		1,070		1,116,197
New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group) Series 2014 5.00%, 07/01/2044		2,040		2,041,198
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2024		6,405		6,411,488
5.00%, 06/15/2027		1,000		1,028,564
5.00%, 06/15/2028		21,660		22,227,221
5.00%, 06/15/2029		13,435		13,776,483
5.00%, 06/15/2030		6,000		6,153,465
Series 2018-A 5.00%, 06/15/2029		1,910		1,958,547
5.00%, 06/15/2030		24,975		25,613,798
5.00%, 06/15/2031		12,000		12,303,138
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2014-A 5.00%, 06/15/2038		1,000		1,000,419
Series 2015-A 5.00%, 06/15/2045		8,450		8,497,003

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2018-A 5.00%, 12/15/2033	$	22,085	$	23,592,811
5.00%, 12/15/2034		7,135		7,600,779
5.00%, 12/15/2035		5,230		5,548,073
Series 2019 5.00%, 12/15/2024		4,290		4,318,310
5.00%, 06/15/2034		1,000		1,067,285
5.00%, 06/15/2038		2,670		2,799,789
5.00%, 06/15/2046		2,325		2,379,037
Series 2019-B 4.00%, 06/15/2037		770		768,520
Series 2023-A 5.00%, 06/15/2039		5,085		5,572,858
5.00%, 06/15/2040		4,000		4,357,466
Series 2023-B 5.00%, 06/15/2042		9,040		9,761,633
5.25%, 06/15/2050		20,000		21,399,408
AGM Series 2006-C Zero Coupon, 12/15/2033		5,170		3,629,259
New Jersey Turnpike Authority
Series 2019-A 5.00%, 01/01/2048		11,320		11,755,162
Series 2024-A 4.00%, 01/01/2035(g)		8,000		8,469,563
5.00%, 01/01/2027(g)		18,000		18,706,378
5.00%, 01/01/2032(g)		16,000		17,874,666
5.00%, 01/01/2033(g)		64,000		72,329,728
5.00%, 01/01/2034(g)		38,775		44,307,979
Passaic County Improvement Authority (The) (Paterson Arts & Science Charter School) Series 2023 4.25%, 07/01/2033		630		631,405
5.25%, 07/01/2043		1,020		1,031,938
South Jersey Transportation Authority Series 2022 4.625%, 11/01/2047		5,000		5,007,366
State of New Jersey Series 2020 5.00%, 06/01/2024		15,905		15,917,458
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2031		1,425		1,505,586
5.00%, 06/01/2046		2,200		2,248,735
Series 2018-B 5.00%, 06/01/2046		118,100		119,221,194

abfunds.com AB MUNICIPAL INCOME SHARES ^| 79

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Township of Woodbridge NJ Series 2024 4.00%, 03/14/2025	$	10,855	$	10,887,172
				659,735,489
New Mexico – 0.4%
City of Albuquerque NM Series 2020-A 5.00%, 07/01/2024		3,930		3,936,649
City of Santa Fe NM (El Castillo Retirement Residences Obligated Group) Series 2019 5.00%, 05/15/2039		480		461,825
5.00%, 05/15/2044		500		459,617
5.00%, 05/15/2049		1,200		1,061,038
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) Series 2019 5.00%, 07/01/2039		1,875		1,674,378
5.00%, 07/01/2049		18,760		15,097,947
State of New Mexico Severance Tax Permanent Fund Series 2016-A 5.00%, 07/01/2024		10,445		10,464,176
Series 2022-A 5.00%, 07/01/2024		2,085		2,088,828
Series 2022-B 5.00%, 07/01/2024		13,000		13,023,867
				48,268,325
New York – 8.4%
Brookhaven Local Development Corp. (Jefferson’s Ferry) Series 2020 4.00%, 11/01/2045		2,250		1,939,646
Build NYC Resource Corp. (Albert Einstein College of Medicine, Inc.) Series 2016 5.50%, 09/01/2045(c)		45,950		45,943,875
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.75%, 06/01/2062(c)		1,500		1,518,278

80 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Build NYC Resource Corp. (Global Community Charter School) Series 2022 5.00%, 06/15/2057	$	1,050	$	997,814
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 4.00%, 06/01/2025(c)		355		350,044
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.25%, 07/01/2052		2,000		2,036,726
5.25%, 07/01/2062		4,500		4,558,547
Build NYC Resource Corp. (Metropolitan College of New York) Series 2014 5.00%, 11/01/2039		1,560		936,000
5.25%, 11/01/2034		2,240		1,344,000
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) Series 2017 5.00%, 06/01/2052(c)		1,250		1,176,656
Build NYC Resource Corp. (South Bronx Charter School For International Cultures & The Arts) Series 2023 7.00%, 04/15/2053(c)		4,360		4,633,501
7.00%, 04/15/2058(c)		11,305		11,974,162
City of New York NY Series 2018-E 5.00%, 03/01/2037(a)		7,500		7,914,819
5.00%, 03/01/2038(a)		10,000		10,517,152
Series 2024-C 4.00%, 03/01/2046		27,000		26,014,832
4.125%, 03/01/2054		22,740		21,769,557
5.00%, 03/01/2043		2,605		2,854,269
Dutchess County Local Development Corp. (Bard College) Series 2020-A 5.00%, 07/01/2045		9,600		9,646,195
5.00%, 07/01/2051		17,400		17,113,142
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) Series 2022-A 5.25%, 06/15/2052		12,920		12,676,413

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.50%, 06/15/2057	$	7,350	$	7,382,738
Metropolitan Transportation Authority Series 2015-B 5.00%, 11/15/2032		3,715		3,761,530
Series 2015-C 5.00%, 11/15/2027		1,110		1,134,982
5.25%, 11/15/2030		4,000		4,095,850
Series 2015-D 5.00%, 11/15/2031		1,350		1,377,149
5.00%, 11/15/2032		5,135		5,237,497
5.00%, 11/15/2034		5,430		5,535,433
Series 2016-A 5.00%, 11/15/2032		4,740		4,860,249
Series 2016-C 4.00%, 11/15/2026		1,705		1,729,703
Series 2016-D 5.00%, 11/15/2027		5,695		5,907,247
5.00%, 11/15/2029		1,750		1,809,124
Series 2017-C 5.00%, 11/15/2028		12,930		13,807,730
5.00%, 11/15/2029		16,435		17,401,289
5.00%, 11/15/2033		2,020		2,134,630
5.00%, 11/15/2034		6,810		7,189,667
Series 2019 5.00%, 11/15/2048		3,075		3,087,749
Series 2019-C 5.00%, 11/15/2038		380		404,542
Series 2020-A 4.00%, 11/15/2051		1,625		1,461,977
5.00%, 11/15/2045		4,740		5,078,750
5.00%, 11/15/2047		2,630		2,729,162
5.00%, 11/15/2049		2,000		2,068,084
Series 2020-C 4.75%, 11/15/2045		23,880		24,295,987
5.00%, 11/15/2050		8,750		9,034,131
5.25%, 11/15/2055		15,885		16,500,625
Series 2020-D 4.00%, 11/15/2047		2,345		2,146,557
4.00%, 11/15/2048		7,150		6,508,493
4.00%, 11/15/2049		6,425		5,816,437
5.00%, 11/15/2043		5,000		5,254,683
Series 2021-A 4.00%, 11/15/2041		2,000		1,941,887
4.00%, 11/15/2044		2,500		2,323,997
4.00%, 11/15/2046		3,840		3,493,941
4.00%, 11/15/2047		10,000		9,040,186
4.00%, 11/15/2048		1,285		1,155,089

82 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 5.875%, 07/01/2052(c)	$	4,675	$	4,663,955
6.00%, 07/01/2057(c)		1,615		1,620,681
Monroe County Industrial Development Corp./NY (St Ann’s of Greater Rochester Obligated Group) Series 2019 5.00%, 01/01/2050		6,520		5,038,852
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) Series 2020 5.00%, 06/01/2059(c)		1,620		1,505,865
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) Series 2021 5.00%, 01/01/2058(e)(f)(h)		525		157,084
9.00%, 01/01/2041(d)(e)(f)		270		270,000
New York City Housing Development Corp. Series 2020 2.55%, 08/01/2040		3,645		2,715,117
New York City Municipal Water Finance Authority (Pre-refunded – US Treasuries) Series 2014 5.00%, 06/15/2045		25,000		25,028,212
New York City Transitional Finance Authority (New York City Transitional Finance Authority Future Tax Secured Revenue) Series 2024-F 4.25%, 02/01/2054		6,500		6,309,864
New York City Transitional Finance Authority Future Tax Secured Revenue Series 2022-F 3.75%, 02/01/2033		13,000		11,607,817
3.85%, 02/01/2034		3,955		3,511,577

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York Counties Tobacco Trust V Series 2005 Zero Coupon, 06/01/2050	$	30,000	$	4,510,896
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.00%, 11/15/2044(c)		13,560		13,421,710
5.375%, 11/15/2040(c)		3,395		3,401,914
7.25%, 11/15/2044(c)		9,665		9,720,870
New York Power Authority (New York Power Authority SFP Transmission Project) AGM Series 2023 5.00%, 11/15/2048		5,250		5,689,779
5.00%, 11/15/2053		7,000		7,502,534
New York State Dormitory Authority (Cornell University) Series 2024-A 5.50%, 07/01/2054		16,000		17,969,634
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2030(c)		1,200		1,153,776
5.00%, 12/01/2031(c)		1,000		953,739
5.00%, 12/01/2034(c)		2,000		1,854,785
New York State Dormitory Authority (Montefiore Obligated Group) Series 2018 5.00%, 08/01/2035		2,085		2,128,845
AGM Series 2020 3.00%, 09/01/2050		14,890		10,424,601
New York State Dormitory Authority (Pre-refunded – US Treasuries) Series 2014-C 5.00%, 03/15/2044		10,000		10,012,175
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2021 2.202%, 03/15/2034(a)		13,000		10,017,090
2.252%, 03/15/2032		13,000		10,486,785
New York State Dormitory Authority (Wagner College) Series 2022 5.00%, 07/01/2057		14,965		14,061,298

84 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) Series 2016-A 5.00%, 01/01/2041	$	3,800	$	3,842,766
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 5.00%, 01/01/2028		15,300		15,877,295
5.00%, 01/01/2029		18,660		19,259,607
Series 2020 4.00%, 10/01/2030		13,980		13,938,619
4.375%, 10/01/2045		40,110		38,719,463
Series 2023 5.625%, 04/01/2040		11,250		12,224,571
6.00%, 04/01/2035		13,875		15,721,022
New York Transportation Development Corp. (Empire State Thruway Partners LLC) Series 2021 4.00%, 04/30/2053		7,565		6,085,700
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2020 5.00%, 12/01/2030		1,000		1,070,554
5.00%, 12/01/2035		1,100		1,169,038
Series 2022 5.00%, 12/01/2039		1,510		1,587,417
5.00%, 12/01/2040		2,500		2,611,745
5.00%, 12/01/2041		11,500		11,964,662
New York Transportation Development Corp. (JFK NTO LLC) Series 2023 5.375%, 06/30/2060		35,900		37,484,332
6.00%, 06/30/2054		30,580		33,511,387
AGM Series 2023 5.00%, 06/30/2049		5,000		5,150,689
5.125%, 06/30/2060		13,000		13,433,661
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2041		15,840		15,573,242
5.00%, 07/01/2046		6,895		6,716,085

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 01/01/2050	$	29,285	$	28,951,675
Niagara Area Development Corp. (Covanta Holding Corp.) Series 2018-A 4.75%, 11/01/2042(c)		13,765		12,280,500
Port Authority of New York & New Jersey Series 2021 3.175%, 07/15/2060		10,000		6,538,024
Series 2023-2 5.00%, 12/01/2034		6,960		7,725,236
Suffolk Regional Off-Track Betting Co. Series 2024 5.00%, 12/01/2034		5,500		5,553,645
6.00%, 12/01/2053		12,400		12,516,595
Town of Oyster Bay NY Series 2024 4.00%, 03/07/2025		61,750		61,953,170
Triborough Bridge & Tunnel Authority 5.25%, 05/15/2057(a)		10,000		10,679,877
Series 2020-A 5.00%, 11/15/2049		2,060		2,161,475
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.591%, 05/15/2036		4,000		3,036,910
2.917%, 05/15/2040		10,000		7,246,300
Series 2022-C 5.00%, 05/15/2047(a)		10,000		10,650,313
5.25%, 05/15/2052(a)		10,000		10,729,099
Triborough Bridge & Tunnel Authority Sales Tax Revenue Series 2024-A 5.25%, 05/15/2064		16,000		17,251,910
TSASC, Inc./NY
Series 2017-A
5.00%, 06/01/2041		1,560		1,585,736
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) Series 2017 5.00%, 09/15/2037		860		703,709
5.25%, 09/15/2042		365		288,065
5.25%, 09/15/2047		625		468,234
5.25%, 09/15/2053		1,340		964,636

86 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Western Regional Off-Track Betting Corp. Series 2021 3.00%, 12/01/2026(c)	$	680	$	641,853
				1,015,230,995
North Carolina – 0.5%
Fayetteville State University Series 2023 5.00%, 04/01/2027(c)		415		428,161
5.00%, 04/01/2028(c)		455		475,366
5.00%, 04/01/2029(c)		500		529,248
5.00%, 04/01/2030(c)		545		582,537
5.00%, 04/01/2031(c)		600		647,748
5.00%, 04/01/2034(c)		770		849,553
5.00%, 04/01/2036(c)		900		984,085
5.00%, 04/01/2037(c)		970		1,050,108
5.00%, 04/01/2040(c)		1,205		1,275,845
5.00%, 04/01/2042(c)		1,380		1,451,100
Greater Asheville Regional Airport Authority AGM Series 2022-A 5.50%, 07/01/2047		2,880		3,106,631
5.50%, 07/01/2052		5,000		5,344,294
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc. Obligated Group) Series 2017 5.00%, 07/01/2047		2,950		2,278,101
North Carolina Medical Care Commission (Aldersgate United Methodist Retirement Community, Inc.) Series 2015 4.875%, 07/01/2040		5,000		4,089,879
5.00%, 07/01/2045		4,650		3,656,490
North Carolina Medical Care Commission (Pennybyrn at Maryfield) Series 2015 5.00%, 10/01/2030		2,250		2,229,242
North Carolina Medical Care Commission (Sharon Towers) Series 2019-A 5.00%, 07/01/2044		1,000		883,852
North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group (The)) Series 2024 5.00%, 10/01/2049		510		517,868

abfunds.com AB MUNICIPAL INCOME SHARES ^| 87

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.125%, 10/01/2054	$	2,000	$	2,032,578
North Carolina Turnpike Authority
Series 2018 5.00%, 01/01/2040		5,000		5,131,484
AGM Series 2024 Zero Coupon, 01/01/2050		11,750		3,282,433
Zero Coupon, 01/01/2051		7,490		1,980,043
Zero Coupon, 01/01/2052		6,435		1,609,618
Zero Coupon, 01/01/2053		1,750		414,037
State of North Carolina Series 2019-B 5.00%, 06/01/2024		12,370		12,381,212
State of North Carolina (State of North Carolina Lease) Series 2022-A 4.00%, 05/01/2024		1,740		1,740,000
				58,951,513
North Dakota – 0.3%
City of Grand Forks ND (Altru Health System Obligated Group) Series 2021 4.00%, 12/01/2035		4,000		3,772,647
4.00%, 12/01/2036		3,625		3,398,734
4.00%, 12/01/2037		1,190		1,104,122
4.00%, 12/01/2040		1,875		1,675,165
4.00%, 12/01/2041		1,865		1,646,780
5.00%, 12/01/2034		7,545		7,797,712
Series 2023-A 5.42%, 12/01/2053		5,270		5,354,321
AGM Series 2021 3.00%, 12/01/2051		4,000		2,889,522
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031(d)(e)(f)(j)(l)		5,195		67,535
7.00%, 12/15/2043(d)(e)(f)(j)(l)		5,390		70,070
County of Ward ND (Trinity Health Obligated Group) Series 2017-C 5.00%, 06/01/2043		2,000		1,801,289
5.00%, 06/01/2048		9,500		8,264,390
5.00%, 06/01/2053		5,230		4,387,434
				42,229,721

88 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Ohio – 3.6%
Akron Bath Copley Joint Township Hospital District (Summa Health System Obligated Group) Series 2020 3.00%, 11/15/2040	$	4,500	$	3,440,316
4.00%, 11/15/2036		1,000		935,581
4.00%, 11/15/2037		800		735,987
4.00%, 11/15/2038		750		679,302
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) Series 2016-A 5.00%, 02/15/2041		6,000		6,048,575
5.00%, 02/15/2046		4,000		4,015,349
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2048		10,000		8,904,200
Series 2020-B Zero Coupon, 06/01/2057		100,000		9,882,750
5.00%, 06/01/2055		141,270		127,887,408
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 5.00%, 12/01/2037		3,765		3,852,064
5.00%, 12/01/2047		3,735		3,767,063
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042		6,490		6,503,578
5.00%, 02/15/2052		5,680		5,535,954
5.25%, 02/15/2047		12,860		12,886,067
5.50%, 02/15/2057		9,370		9,473,563
County of Franklin OH (First Community Village Obligated Group) Series 2019 5.00%, 07/01/2049		3,755		3,109,696
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2034		8,075		8,485,144
5.00%, 06/01/2038		7,440		7,621,930

abfunds.com AB MUNICIPAL INCOME SHARES ^| 89

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Hamilton OH (UC Health Obligated Group) Series 2020 5.00%, 09/15/2050	$	23,425	$	22,427,004
County of Hardin OH (Ohio Northern University) Series 2020 5.25%, 05/01/2040		500		470,041
5.50%, 05/01/2050		1,000		916,143
County of Marion OH (United Church Homes, Inc. Obligated Group) Series 2019 5.125%, 12/01/2049		2,210		1,728,442
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018 6.00%, 04/01/2038(d)(e)(f)		2,000		526,000
Series 2018-A 6.25%, 04/01/2049(d)(e)(f)		10,105		2,657,615
County of Ross OH (Adena Health System Obligated Group) Series 2019 5.00%, 12/01/2049		6,000		6,058,133
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037		1,000		1,074,981
6.625%, 12/01/2042		16,000		17,348,341
6.75%, 12/01/2052		29,885		32,146,042
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051(c)		8,050		5,999,523
Series 2023 5.00%, 12/01/2053(c)		16,000		16,147,728
Ohio Air Quality Development Authority (American Electric Power Co., Inc.) Series 2019 2.40%, 12/01/2038		1,030		897,018
Ohio Air Quality Development Authority (Duke Energy Corp.) Series 2022 4.25%, 11/01/2039		17,100		17,122,239

90 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) Series 2019 3.25%, 09/01/2029	$	1,780	$	1,681,400
Ohio Higher Educational Facility Commission (John Carroll University) Series 2022 4.00%, 10/01/2052		9,600		7,958,302
Port of Greater Cincinnati Development Authority Series 2021 4.375%, 06/15/2056		3,480		3,388,261
State of Ohio Series 2017-U 5.00%, 05/01/2025		3,410		3,462,535
Toledo-Lucas County Port Authority (ParkUToledo, Inc.) Series 2021 4.00%, 01/01/2041		3,000		2,765,253
4.00%, 01/01/2043		2,000		1,803,854
4.00%, 01/01/2046		2,000		1,753,870
4.00%, 01/01/2051		8,500		7,144,462
4.00%, 01/01/2057		6,500		5,288,457
University of Toledo Series 2023-B 4.62% (SOFR + 0.90%), 06/01/2036(a)(b)(c)		50,590		49,299,328
				433,829,499
Oklahoma – 0.7%
Oklahoma Capitol Improvement Authority (Oklahoma Capitol Improvement Authority State Lease) Series 2016 5.00%, 07/01/2024		1,065		1,066,532
Oklahoma Development Finance Authority (Oklahoma City University Obligated Group) Series 2019 5.00%, 08/01/2044		7,650		7,228,138
5.00%, 08/01/2049		12,780		11,697,641
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2038		1,000		1,013,121
5.25%, 08/15/2043		11,545		11,776,510
5.50%, 08/15/2052		5,615		5,707,324

abfunds.com AB MUNICIPAL INCOME SHARES ^| 91

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.50%, 08/15/2057	$	21,080	$	21,442,894
Series 2022-A 5.50%, 08/15/2037		10,000		10,298,652
5.50%, 08/15/2041		11,995		12,104,176
				82,334,988
Oregon – 0.2%
Clackamas County Hospital Facility Authority (Rose Villa, Inc. Obligated Group) Series 2020-A 5.125%, 11/15/2040		750		720,482
5.375%, 11/15/2055		2,940		2,696,628
Medford Hospital Facilities Authority (Asante Health System Obligated Group) Series 2020-A 5.00%, 08/15/2045(a)		4,500		4,651,762
5.00%, 08/15/2050(a)		5,500		5,652,524
Multnomah County School District No. 40 Series 2023-A Zero Coupon, 06/15/2043		6,430		2,599,565
Oregon State Facilities Authority (Legacy Health Obligated Group) Series 2022 5.00%, 06/01/2030		1,630		1,765,750
Oregon State Facilities Authority (Samaritan Health Services, Inc. Obligated Group) Series 2020 5.00%, 10/01/2040		1,750		1,792,110
Umatilla County School District No. 6R Umatilla Series 2023-B Zero Coupon, 06/15/2043		2,350		943,215
Zero Coupon, 06/15/2053		10,500		2,414,210
				23,236,246
Other – 0.1%
Affordable Housing Tax-Exempt Bond Pass-Thru Trust Series 2023-2 6.00%, 10/05/2040(c)		17,925		18,306,226
Pennsylvania – 5.1%
Allegheny County Hospital Development Authority (Allegheny Health Network Obligated Group) Series 2018-A 5.00%, 04/01/2034		10,135		10,594,731

92 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 04/01/2035	$	12,500	$	13,041,555
5.00%, 04/01/2036		10,900		11,324,029
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue) Series 2018 5.00%, 05/01/2033(c)		2,000		2,031,603
5.375%, 05/01/2042(c)		2,500		2,430,337
Series 2022 5.25%, 05/01/2042(c)		11,065		10,723,030
Berks County Industrial Development Authority (Pre-refunded – US Treasuries) Series 2018 5.00%, 05/15/2048		1,000		1,031,911
Berks County Industrial Development Authority (Tower Health Obligated Group) Series 2017 5.00%, 11/01/2047		8,925		4,591,096
5.00%, 11/01/2050		9,270		4,750,771
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2012-A 4.50%, 11/01/2041		4,050		2,088,806
Series 2020-B 5.00%, 02/01/2040		7,000		5,389,626
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 4.00%, 07/01/2046		11,850		8,979,021
4.00%, 07/01/2051		13,300		9,612,106
5.00%, 07/01/2030		675		578,732
5.00%, 07/01/2031		2,300		1,971,912
5.00%, 07/01/2032		500		425,616
5.00%, 07/01/2033		1,170		990,756
5.00%, 07/01/2034		1,300		1,096,065
5.00%, 07/01/2035		1,555		1,320,903
5.00%, 07/01/2036		1,225		1,038,777
5.00%, 07/01/2038		1,000		851,189
5.00%, 07/01/2040		2,500		2,095,063
5.00%, 07/01/2041		4,630		3,813,923
5.00%, 07/01/2054		15,100		11,724,318

abfunds.com AB MUNICIPAL INCOME SHARES ^| 93

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Chambersburg Area Municipal Authority (Wilson College) Series 2018 5.75%, 10/01/2043	$	1,350	$	1,303,865
6.00%, 10/01/2048		9,000		8,807,246
Chester County Industrial Development Authority (Collegium Charter School) Series 2017-A 5.125%, 10/15/2037		1,500		1,462,032
5.25%, 10/15/2047		3,830		3,524,749
Series 2022 6.00%, 10/15/2052(c)		1,075		1,076,342
Chester County Industrial Development Authority (Woodlands at Greystone Neighborhood Improvement District) Series 2018 5.125%, 03/01/2048(c)		847		777,184
City of Philadelphia PA Series 2017 5.00%, 08/01/2029		6,000		6,303,824
5.00%, 08/01/2031		6,110		6,410,660
Series 2017-A 5.00%, 08/01/2033		3,000		3,133,395
5.00%, 08/01/2034		10,000		10,449,839
City of Philadelphia PA Water & Wastewater Revenue 2.189%, 07/01/2032(a)		3,725		2,994,807
2.289%, 07/01/2033(a)		3,060		2,416,618
Series 2014-A 5.00%, 07/01/2024		1,645		1,647,747
Series 2017-A 5.00%, 10/01/2035		3,805		4,001,241
5.00%, 10/01/2036		1,300		1,362,433
Series 2021-B 2.926%, 07/01/2045		5,000		3,582,486
City of Philadelphia PA Water & Wastewater Revenue (Pre-refunded – US Treasuries) Series 2015-A 5.00%, 07/01/2040		2,115		2,118,373
5.00%, 07/01/2045		14,000		14,022,324
Commonwealth of Pennsylvania Series 2015 5.00%, 08/15/2024		5,765		5,784,581
5.00%, 03/15/2025		6,420		6,501,613

94 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Lehigh PA (Lehigh Valley Health Network Obligated Group) Series 2016-A 4.00%, 07/01/2035	$	10,000	$	9,945,000
Series 2019 5.00%, 07/01/2044		6,885		7,070,341
County of Montgomery PA Series 2017-B 5.00%, 07/01/2024		1,000		1,001,521
Crawford County Hospital Authority (Meadville Medical Center Obligated Group) Series 2016-A 6.00%, 06/01/2046		1,175		1,183,080
6.00%, 06/01/2051		2,200		2,204,262
Cumberland County Municipal Authority (Asbury Pennsylvania Obligated Group) Series 2019 5.00%, 01/01/2045		1,815		1,597,609
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2032		1,750		1,697,887
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) Series 2020 5.00%, 03/01/2040		2,000		1,718,354
5.00%, 03/01/2050		500		396,212
Series 2022 5.00%, 03/01/2029		2,170		2,097,594
Montgomery County Higher Education and Health Authority (HumanGood Pennsylvania Obligated Group) Series 2017 5.00%, 12/01/2047		1,500		1,397,757
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2035		3,600		3,753,746
Series 2019 5.00%, 09/01/2051		2,300		2,325,655

abfunds.com AB MUNICIPAL INCOME SHARES ^| 95

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2022 4.00%, 05/01/2052	$	5,900	$	5,292,276
Montgomery County Industrial Development Authority/PA (Whitemarsh Continuing Care Retirement Community) Series 2015 5.25%, 01/01/2040		4,740		4,318,954
Moon Industrial Development Authority (Baptist Homes Society Obligated Group) Series 2015 6.125%, 07/01/2050		2,500		1,839,411
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.75%, 07/01/2035		5,135		4,248,636
6.00%, 07/01/2045		2,600		1,937,810
Northeastern Pennsylvania Hospital and Education Authority (Wilkes University) Series 2016-A 5.00%, 03/01/2037		2,675		2,568,561
Series 2016-B 5.25%, 03/01/2031		1,640		1,646,098
5.25%, 03/01/2037		1,170		1,150,214
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 5.75%, 06/30/2048		11,000		11,943,649
6.00%, 06/30/2061		22,100		24,233,059
AGM Series 2022 5.00%, 12/31/2057		14,000		14,557,945
5.75%, 12/31/2062		12,500		13,779,654
Pennsylvania Economic Development Financing Authority (Covanta Holding Corp.) Series 2019 3.25%, 08/01/2039(c)		2,330		1,762,767
Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) Series 2022 7.00%, 12/01/2029		27,920		27,408,816

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Pennsylvania Economic Development Financing Authority (Pennsylvania Economic Development Finance Authority Sewage) Series 2020 4.00%, 01/01/2027	$	1,530	$	1,507,117
4.00%, 01/01/2029		450		440,909
4.00%, 01/01/2030		1,575		1,542,641
4.00%, 01/01/2032		800		778,902
Pennsylvania Economic Development Financing Authority (Presbyterian Homes Obligated Group/PA) Series 2023 5.25%, 07/01/2046		2,500		2,544,651
5.25%, 07/01/2049		1,215		1,226,958
Pennsylvania Higher Educational Facilities Authority (Drexel University) Series 2016 5.00%, 05/01/2032		1,000		1,015,932
Pennsylvania Higher Educational Facilities Authority (Trustees of the University of Pennsylvania (The)) Series 2015 5.00%, 10/01/2024		6,000		6,027,863
Pennsylvania Turnpike Commission 5.00%, 12/01/2046(a)		26,610		28,190,323
Series 2016 5.00%, 06/01/2037		4,000		4,067,933
Series 2017-B 5.00%, 06/01/2035		7,850		8,195,006
Series 2018-A 5.00%, 12/01/2043		10,000		10,411,811
Philadelphia Authority for Industrial Development (City of Philadelphia PA) Series 2018 5.00%, 05/01/2035		1,000		1,062,273
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2050		5,000		4,544,057
5.00%, 08/01/2054		3,560		3,177,789

abfunds.com AB MUNICIPAL INCOME SHARES ^| 97

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Philadelphia Authority for Industrial Development (Philadelphia Electrical & Technology Charter High School) Series 2021 4.00%, 06/01/2056	$	2,550	$	1,923,662
Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) Series 2020 5.00%, 06/15/2040(c)		3,285		3,252,187
5.00%, 06/15/2050(c)		6,285		5,942,884
Philadelphia Authority for Industrial Development (Pre-refunded – US Treasuries) Series 2014 4.00%, 07/01/2044		6,945		6,943,770
Philadelphia Authority for Industrial Development (Tacony Academy Charter School) Series 2023 5.00%, 06/15/2033(c)		1,070		1,092,433
5.375%, 06/15/2038(c)		1,270		1,284,691
Philadelphia Gas Works Co. Series 2017 5.00%, 08/01/2042		5,000		5,103,543
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.52% (SOFR + 0.80%), 09/01/2040(a)(b)(c)		46,555		45,282,386
School District of Philadelphia (The) Series 2015-A 5.00%, 09/01/2034		1,615		1,630,515
5.00%, 09/01/2035		1,000		1,008,575
Series 2016-F 5.00%, 09/01/2033		3,000		3,042,794
5.00%, 09/01/2036		1,000		1,013,158
Series 2018-A 5.00%, 09/01/2034		1,000		1,055,426
5.00%, 09/01/2036		1,000		1,049,038
5.00%, 09/01/2037		1,000		1,043,672
5.00%, 09/01/2038		1,000		1,038,901
Series 2018-B 5.00%, 09/01/2043		3,000		3,081,272
Series 2019-A 5.00%, 09/01/2044		17,900		18,569,634

98 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-A 5.00%, 06/28/2024	$	52,500	$	52,559,955
Scranton-Lackawanna Health and Welfare Authority (Scranton Parking System Concession Project) Series 2016-A 5.00%, 01/01/2051(c)		6,765		3,943,187
5.00%, 01/01/2057(c)		5,345		2,995,460
Series 2016-B 6.08%, 01/01/2026(c)		480		460,627
Series 2016-C Zero Coupon, 01/01/2036(c)		2,945		981,146
Series 2016-D Zero Coupon, 01/01/2057(d)		58,055		3,229,681
State Public School Building Authority (Harrisburg School District) AGM Series 2016 5.00%, 12/01/2029		1,365		1,412,604
5.00%, 12/01/2030		7,160		7,395,417
State Public School Building Authority (Pre-refunded - US Treasuries) AGM Series 2016 5.00%, 12/01/2029		220		229,155
Union County Hospital Authority (Evangelical Community Hospital Obligated Group) Series 2018 5.00%, 08/01/2038		2,685		2,750,516
5.00%, 08/01/2043		5,750		5,863,016
				613,167,573
Puerto Rico – 3.3%
Children’s Trust Fund Series 2008-A Zero Coupon, 05/15/2057		261,400		20,850,623
Commonwealth of Puerto Rico Zero Coupon, 01/11/2051		27,500		5,500,000
Series 2021-A Zero Coupon, 07/01/2024		345		342,007
Zero Coupon, 07/01/2033		6,410		4,196,972
4.00%, 07/01/2033		12,000		11,800,523
4.00%, 07/01/2035		4,200		4,063,451
4.00%, 07/01/2037		1,631		1,557,926
4.00%, 07/01/2041		2,217		2,055,097
4.00%, 07/01/2046		2,306		2,069,976
5.375%, 07/01/2025		6,285		6,327,807
5.625%, 07/01/2027		7,981		8,294,951

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.625%, 07/01/2029	$	2,542	$	2,739,244
5.75%, 07/01/2031		3,784		4,217,472
Series 2022-A Zero Coupon, 11/01/2051		12,831		6,078,594
5.07%, 11/01/2051		43,485		26,090,766
Series 2022-C 0.00%, 11/01/2043		86,211		51,295,426
GDB Debt Recovery Authority of Puerto Rico Series 2018 7.50%, 08/20/2040		5,150		4,957,119
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2008-A 6.125%, 07/01/2024(h)		1,848		1,854,393
Series 2020-A 5.00%, 07/01/2030(c)		5,500		5,812,924
5.00%, 07/01/2035(c)		9,455		9,921,942
Series 2021-A 4.00%, 07/01/2042(c)		2,500		2,325,290
Series 2021-B 4.00%, 07/01/2042(c)		4,000		3,720,418
Puerto Rico Electric Power Authority Series 2007-T 5.00%, 07/01/2032(e)(f)		7,315		1,920,187
5.00%, 07/01/2037(e)(f)		15,260		4,005,750
Series 2008-W 5.25%, 07/01/2033(e)(f)		1,000		262,500
5.50%, 07/01/2038(e)(f)		10,490		2,753,625
Series 2010-A 5.25%, 07/01/2029(e)(f)		2,950		774,375
5.25%, 07/01/2030(e)(f)		1,040		273,000
Series 2010-C 5.00%, 07/01/2024(e)(f)		1,735		455,438
5.25%, 07/01/2027(e)(f)		3,360		882,000
5.25%, 07/01/2028(e)(f)		500		131,250
Series 2010-DDD 5.00%, 07/01/2021(e)(k)		1,050		275,625
5.00%, 07/01/2022(e)(k)		950		249,375
Series 2010-X 5.25%, 07/01/2040(e)(f)		20,585		5,403,562
5.75%, 07/01/2036(e)(f)		7,375		1,935,937
Series 2010-ZZ 5.25%, 07/01/2018(e)(k)		3,500		918,750
5.25%, 07/01/2024(e)(f)		2,565		673,313
5.25%, 07/01/2025(e)(f)		620		162,750

100 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2012-A 5.00%, 07/01/2029(e)(f)	$	2,510	$	658,875
5.00%, 07/01/2042(e)(f)		2,125		557,813
5.05%, 07/01/2042(e)(f)		2,585		678,563
Series 2013-A
7.00%, 07/01/2033(e)(f)		1,700		446,250
7.00%, 07/01/2040(e)(f)		750		196,875
AGM Series 2007-V 5.25%, 07/01/2031		25,380		25,228,659
NATL Series 2007-V 5.25%, 07/01/2029		5,965		5,872,013
5.25%, 07/01/2033		9,250		9,115,252
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		1,937		1,903,467
6.625%, 01/01/2028		14,770		14,484,316
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025(j)(I)		3,431		3,328,433
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.50%, 01/01/2042		3,250		3,830,555
6.75%, 01/01/2045		3,500		4,152,161
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		110		109,301
Zero Coupon, 07/01/2027		537		475,523
Zero Coupon, 07/01/2029		523		428,430
Zero Coupon, 07/01/2046		123,224		38,424,201
Zero Coupon, 07/01/2051		58,864		13,421,834
Series 2019-A 4.329%, 07/01/2040		15,975		15,591,052
4.55%, 07/01/2040		1,198		1,198,382
5.00%, 07/01/2058		52,251		52,035,172
				399,287,485

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Rhode Island – 0.0%
Rhode Island Health and Educational Building Corp. (City of Woonsocket RI Lease) AGM Series 2017-A 5.00%, 05/15/2029	$	1,000	$	1,043,375
South Carolina – 1.9%
Columbia Housing Authority/SC (Garden Lakes Apartments) Series 2022 4.80%, 11/01/2024		5,010		4,943,827
5.26%, 11/01/2032		755		732,869
5.41%, 11/01/2039		12,570		11,999,083
6.28%, 11/01/2039		540		513,722
Greenville Housing Authority/SC (Victor Verdae Apartments) Series 2023 6.16%, 05/01/2063(c)		16,000		15,906,275
Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 10/01/2054(a)		30,000		31,550,235
South Carolina Jobs-Economic Development Authority (Bon Secours Mercy Health, Inc.) Series 2020 5.00%, 12/01/2046		10,595		10,996,451
South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) Series 2023 10.00%, 08/01/2039(c)		580		529,289
Series 2023-A 6.50%, 02/01/2056(c)		18,185		17,835,579
Series 2023-B 7.50%, 08/01/2047(c)		7,000		6,796,852
South Carolina Jobs-Economic Development Authority (International Paper Co.) Series 2023 4.00%, 04/01/2033		6,000		5,997,641
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.00%, 06/01/2031(d)(e)(f)		2,470		1,934,485

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
6.25%, 06/01/2040(d)(e)(f)	$	6,100	$	3,899,865
6.50%, 06/01/2051(d)(e)(f)		9,070		5,264,713
South Carolina Jobs-Economic Development Authority (PSG Patriot’s Place Apartments LLC) Series 2022 0.00%, 06/01/2052(h)		15,425		11,323,719
South Carolina Public Service Authority Series 2015-A 5.00%, 12/01/2050		33,180		33,198,860
Series 2016-A 5.00%, 12/01/2034		3,815		3,898,683
5.00%, 12/01/2036		1,000		1,018,169
Series 2016-B 5.00%, 12/01/2037		2,000		2,038,504
5.00%, 12/01/2041		10,500		10,631,705
5.00%, 12/01/2056		7,350		7,352,782
Series 2021-A 4.00%, 12/01/2035		1,000		1,006,686
Series 2022 4.00%, 12/01/2038		550		541,260
4.00%, 12/01/2049		5,166		4,685,031
5.00%, 12/01/2036		447		486,325
5.00%, 12/01/2038		1,742		1,864,186
Series 2022-A 4.00%, 12/01/2052		24,000		21,399,250
5.00%, 12/01/2055		10,000		10,117,263
				228,463,309
South Dakota – 0.2%
County of Lincoln SD (Augustana College Association/SD) Series 2021 4.00%, 08/01/2051		1,410		1,124,413
4.00%, 08/01/2056		2,415		1,872,961
4.00%, 08/01/2061		4,020		3,046,978
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group) Series 2017 5.00%, 09/01/2033		3,260		3,393,808
5.00%, 09/01/2040		15,035		15,370,366
South Dakota Housing Development Authority (Schuett Spearfish LP) Series 2023 6.15%, 09/01/2039		5,360		5,469,978
				30,278,504

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tennessee – 1.6%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(c)	$	9,080	$	8,308,066
5.125%, 12/01/2042(c)		29,990		26,672,866
Series 2016-B Zero Coupon, 12/01/2031(c)		2,000		1,282,147
Knox County Industrial Development Board (Tompaul Knoxville LLC) Series 2022 8.75%, 11/01/2032(c)		2,000		2,015,521
9.25%, 11/01/2042(c)		5,250		5,290,617
9.50%, 11/01/2052(c)		14,835		14,948,786
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049(d)(e)(f)		5,040		1,325,520
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) Series 2016 5.00%, 07/01/2040		2,435		2,462,731
Series 2017-A 5.00%, 07/01/2048		2,335		2,360,981
Metropolitan Government Nashville & Davidson County Industrial Development Board (Nashville & Davidson County TN South Nashville Central Business Improvement Dist) Series 2021 Zero Coupon, 06/01/2043(c)		7,250		2,547,907
Metropolitan Government of Nashville & Davidson County TN (Pre-refunded – US Treasuries)
Series 2015-C
4.50%, 07/01/2034		16,395		16,587,282

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Metropolitan Nashville Airport Authority (The) Series 2022-B 5.25%, 07/01/2047	$	12,500	$	13,235,560
5.50%, 07/01/2052		9,000		9,607,048
Tennergy Corp./TN (Goldman Sachs Group, Inc. (The)) Series 2022-A 5.50%, 10/01/2053		27,000		28,377,559
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2021 5.00%, 05/01/2052		16,820		17,674,996
Series 2023-A 5.00%, 05/01/2053		26,300		27,093,697
Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) Series 2021 4.00%, 12/01/2039		10,000		8,214,430
4.25%, 12/01/2024		6,000		5,846,807
				193,852,521
Texas – 6.1%
Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) Series 2021-A 4.00%, 10/01/2050		4,070		3,172,042
Series 2021-B 5.00%, 10/01/2050(c)		11,140		9,487,984
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.) Series 2021 4.50%, 06/15/2056(c)		1,000		998,486
Series 2023 4.875%, 06/15/2056(c)		1,500		1,508,965
Arlington Higher Education Finance Corp. (Cypress Christian School, Inc.) Series 2024-2 6.00%, 06/01/2053(c)		5,080		5,140,841
6.25%, 06/01/2063(c)		9,155		9,342,811
Arlington Higher Education Finance Corp. (Magellan School (The)) Series 2022 6.25%, 06/01/2052(c)		6,015		6,179,340
6.375%, 06/01/2062(c)		9,785		10,066,820

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Arlington Higher Education Finance Corp. (Wayside Schools) Series 2021-A 4.00%, 08/15/2036	$	500	$	451,765
4.00%, 08/15/2046		695		549,847
Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue)
Series 2021
4.00%, 10/01/2045		8,545		7,384,597
4.00%, 10/01/2050		3,815		3,148,155
Board of Regents of the University of Texas System Series 2017-C 5.00%, 08/15/2025		5,030		5,131,066
Series 2019-B 5.00%, 08/15/2049		11,000		12,376,894
Brazoria County Industrial Development Corp. (Aleon Renewable Metals LLC) Series 2022 10.00%, 06/01/2042(c)		10,000		9,858,114
Series 2023 12.00%, 06/01/2043(c)		2,500		2,506,321
Central Texas Regional Mobility Authority Series 2020-A 5.00%, 01/01/2044		2,230		2,318,689
5.00%, 01/01/2049		3,940		4,056,749
Series 2021-B 5.00%, 01/01/2046		4,600		4,787,835
Central Texas Turnpike System Series 2015-C 5.00%, 08/15/2037		6,800		6,811,007
City of Abilene TX (Pre-refunded – US Treasuries) Series 2015 5.00%, 02/15/2032		1,330		1,343,914
City of Arlington TX Series 2022-A 5.00%, 08/15/2024		1,400		1,404,648
City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments LLC) Series 2022 Zero Coupon, 12/01/2062(c)		179,645		12,495,244
6.00%, 12/01/2062		20,940		20,238,118

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments LLC) Series 2022 6.00%, 12/01/2062(c)	$	10,025	$	9,789,057
6.25%, 12/01/2054(c)		4,070		3,739,285
City of Dallas TX Series 2020-A 5.00%, 02/15/2025		7,125		7,205,458
Series 2021 5.00%, 02/15/2025		5,000		5,056,462
City of Fort Worth TX Series 2020 5.00%, 03/01/2025		7,630		7,717,631
City of Houston TX Series 2021-B 2.047%, 03/01/2033		2,495		1,924,243
2.147%, 03/01/2034		7,405		5,598,554
City of Houston TX (City of Houston TX Hotel Occupancy Tax) Series 2015 5.00%, 09/01/2030		1,965		1,971,508
City of Houston TX Airport System Revenue
AGM Series 2023 5.25%, 07/01/2042		5,000		5,414,478
5.25%, 07/01/2043		5,000		5,390,710
5.25%, 07/01/2048		5,000		5,309,441
City of Houston TX Airport System Revenue (United Airlines, Inc.) Series 2014 5.00%, 07/01/2029		16,960		16,961,506
Series 2015-B 5.00%, 07/15/2030		1,960		1,964,987
5.00%, 07/15/2035		1,000		1,001,855
Series 2018 5.00%, 07/15/2028		22,875		23,330,142
Series 2020 5.00%, 07/01/2027		1,750		1,774,178
5.00%, 07/15/2027		2,500		2,534,922
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2046		5,000		5,254,191

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Clifton Higher Education Finance Corp. (IDEA Public Schools) Series 2012 5.00%, 08/15/2042	$	530	$	530,081
Series 2013 6.00%, 08/15/2043		1,000		1,001,054
Clifton Higher Education Finance Corp. (Valor Texas Education Foundation) Series 2023-A 5.50%, 06/15/2033(c)		1,000		1,015,590
6.00%, 06/15/2043(c)		3,365		3,391,634
6.00%, 06/15/2048(c)		4,125		4,129,300
6.25%, 06/15/2053(c)		5,000		5,042,251
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2050		2,525		1,983,694
County of Williamson TX (Pre-refunded – US Treasuries) Series 2015 5.00%, 02/15/2038		2,400		2,426,226
Dallas County Flood Control District No. 1 Series 2015 5.00%, 04/01/2028(c)		1,650		1,641,911
Dallas Fort Worth International Airport Series 2022-A 4.507%, 11/01/2051		2,000		1,730,954
Dallas Independent School District Series 2024 4.00%, 02/15/2054		10,390		9,640,771
Harris County Industrial Development Corp. (Energy Transfer LP) Series 2023 4.05%, 11/01/2050		19,195		19,005,561
Hidalgo County Regional Mobility Authority
Series 2022-A
Zero Coupon, 12/01/2042		2,000		791,742
Zero Coupon, 12/01/2051		11,540		2,556,492
Zero Coupon, 12/01/2054		3,340		611,447
Zero Coupon, 12/01/2056		17,105		2,784,564
Series 2022-B Zero Coupon, 12/01/2042		1,395		510,234
Zero Coupon, 12/01/2043		2,000		685,994

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Zero Coupon, 12/01/2044	$	5,640	$	1,805,314
Zero Coupon, 12/01/2055		2,895		450,296
Zero Coupon, 12/01/2056		5,000		730,897
Irving Hospital Authority (Baylor Medical Center at Irving) Series 2017-A 5.00%, 10/15/2044		8,505		8,529,787
Mansfield Independent School District (Pre-refunded – US Govt Agencies) Series 2015 5.00%, 02/15/2045		23,000		23,240,610
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(c)		25,610		25,325,826
New Hope Cultural Education Facilities Finance Corp. (Army Retirement Residence Obligated Group) Series 2022 5.75%, 07/15/2052		4,490		4,204,899
6.00%, 07/15/2057		10,300		9,898,550
New Hope Cultural Education Facilities Finance Corp. (BSPV – Plano LLC) Series 2023 0.00%, 12/31/2030		1,388		835,642
7.25%, 12/31/2030		7,820		7,741,890
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc. Obligated Group) Series 2021 2.00%, 11/15/2061(e)(f)(h)		208		76,624
7.50%, 11/15/2036(e)(f)		50		40,831
7.50%, 11/15/2037(e)(f)		10		7,593
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027(d)		22,875		22,844,409
New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park, Inc. Obligated Group) Series 2018-A 5.50%, 07/01/2054		10,200		7,301,617

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2040	$	790	$	656,846
5.00%, 01/01/2055		3,010		2,160,943
Series 2022 4.00%, 01/01/2047		4,575		2,976,729
4.25%, 01/01/2057		1,380		854,081
5.00%, 01/01/2057		2,950		2,098,524
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) Series 2022 6.875%, 10/01/2057		500		468,195
Newark Higher Education Finance Corp. (Abilene Christian University) Series 2022 4.00%, 04/01/2057		10,000		8,436,547
North East Texas Regional Mobility Authority Series 2016 5.00%, 01/01/2046		4,940		4,946,065
North Texas Tollway Authority (North Texas Tollway System) Series 2017-B 5.00%, 01/01/2033		1,400		1,455,530
5.00%, 01/01/2043		6,000		6,109,957
Series 2021 3.011%, 01/01/2043		7,500		5,428,943
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 4.00%, 01/01/2050(c)		11,175		8,628,688
Series 2021 2.125%, 01/01/2028(c)		540		486,828
2.25%, 01/01/2029(c)		800		704,726
2.50%, 01/01/2030(c)		905		786,241
2.625%, 01/01/2031(c)		500		426,873
Red River Health Facilities Development Corp. (Pre-refunded – US Treasuries) Series 2014-A 7.75%, 11/15/2044		1,315		1,340,245

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tarrant County College District Series 2022 5.00%, 08/15/2024	$	1,500	$	1,504,420
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5.00%, 11/15/2045(e)(f)(j)(l)(m)		2,896		– 0	–
Series 2017 5.25%, 11/15/2047(e)(f)(j)(l)(m)		894		– 0	–
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) Series 2020-A 5.75%, 12/01/2054(e)(f)(m)		6,485		4,215,286
Tarrant County Cultural Education Facilities Finance Corp. (Trinity Terrace Project) Series 2014-A1 5.00%, 10/01/2049		4,285		3,964,697
Texas Municipal Gas Acquisition & Supply Corp. I (Bank of America Corp.) Series 2008-D 6.25%, 12/15/2026		4,955		5,110,648
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) Series 2021 5.00%, 12/15/2029		4,710		4,881,075
5.00%, 12/15/2031		4,775		4,999,857
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-A 5.50%, 01/01/2054		1,660		1,776,440
Series 2023-B 5.50%, 01/01/2054		46,605		51,385,899
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group LLC) Series 2016 5.00%, 12/31/2045		4,250		4,254,592
5.00%, 12/31/2050		16,075		16,093,883
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) Series 2019 4.00%, 12/31/2037		4,000		3,920,152

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 12/31/2031	$	5,000	$	5,371,844
Series 2023 5.50%, 12/31/2058		42,420		45,463,028
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC) Series 2019 5.00%, 06/30/2058		55,250		55,595,732
Texas State University System Series 2017-A 5.00%, 03/15/2025		3,910		3,954,824
Texas Transportation Commission State Highway 249 System Series 2019 5.00%, 08/01/2057		56,130		56,639,015
Texas Transportation Commission State Highway Fund Series 2015 5.00%, 10/01/2025		3,180		3,249,262
Uptown Development Authority (City of Houston TX Reinvestment Zone No. 16) Series 2017-A 5.00%, 09/01/2035		1,015		1,020,800
				746,580,560
Utah – 0.2%
Box Elder County School District/UT Series 2015 5.00%, 07/15/2024		1,850		1,853,401
Military Installation Development Authority (Military Installation Development Authority Military Recreation Assessment Area) Series 2021-A 4.00%, 06/01/2052		5,000		3,578,848
Utah Infrastructure Agency Series 2022 5.00%, 10/15/2032		1,000		1,037,467
5.00%, 10/15/2037		1,410		1,424,889
5.00%, 10/15/2046		3,250		3,103,085
Series 2023 5.625%, 10/15/2038		1,000		1,061,590
6.00%, 10/15/2047		2,665		2,846,377

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wohali Public Infrastructure District No. 1 (Wohali Public Infrastructure District No. 1 Assessment Area No. 1) Series 2023 7.00%, 12/01/2042(c)	$	6,443	$	6,358,115
				21,263,772
Vermont – 0.1%
Vermont Economic Development Authority (Casella Waste Systems, Inc.) Series 2018 4.625%, 04/01/2036(c)		1,100		1,094,570
Series 2022 5.00%, 06/01/2052(c)		3,750		3,773,334
Vermont Educational & Health Buildings Financing Agency (St Michael’s College, Inc.) Series 2023 5.25%, 10/01/2052(c)		3,000		2,708,864
5.50%, 10/01/2043(c)		2,500		2,446,758
				10,023,526
Virginia – 2.6%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		17,900		17,143,367
Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) Series 2023 6.25%, 08/01/2045(c)		19,060		17,912,622
Cherry Hill Community Development Authority (Potomac Shores Project) Series 2015 5.15%, 03/01/2035(c)		1,000		1,006,642
County of Fairfax VA Series 2017-A 5.00%, 10/01/2024		1,335		1,341,888
Series 2024-A 5.00%, 10/01/2025		10,000		10,227,544
Fairfax County Industrial Development Authority (Inova Health System Obligated Group)

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2022 4.00%, 05/15/2042	$	10,065	$	9,868,288
Henrico County Economic Development Authority (Westminster-Canterbury Corp. Obligated Group) Series 2022 5.00%, 10/01/2047		2,000		2,060,305
5.00%, 10/01/2052		4,500		4,591,957
James City County Economic Development Authority (Williamsburg Landing, Inc. Obligated Group) Series 2024 5.25%, 12/01/2027		1,900		1,911,255
Series 2024-A 6.875%, 12/01/2058		2,100		2,273,591
Tobacco Settlement Financing Corp./VA Series 2007-B1 5.00%, 06/01/2047		7,490		6,902,350
US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052		10,998		9,665,788
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay Obligated Group) Series 2023 5.375%, 09/01/2029		3,000		3,104,268
7.00%, 09/01/2059		7,050		7,778,219
Virginia College Building Authority (Marymount University) Series 2015 5.00%, 07/01/2045(c)		1,500		1,363,089
5.25%, 07/01/2035(c)		1,200		1,201,871
Series 2015-A 5.00%, 07/01/2035(c)		1,500		1,480,496
5.00%, 07/01/2045(c)		1,610		1,463,048
Virginia Commonwealth Transportation Board (Pre-refunded – US Treasuries) Series 2014 4.00%, 05/15/2038		16,850		16,845,691
Virginia Public Building Authority (Virginia Public Building Authority State Lease) Series 2020-B 5.00%, 08/01/2024		5,800		5,815,519

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Virginia Small Business Financing Authority (95 Express Lanes LLC) Series 2022 4.00%, 01/01/2040	$	3,000	$	2,769,102
4.00%, 07/01/2040		500		460,692
Virginia Small Business Financing Authority (Bon Secours Mercy Health, Inc.) Series 2022 5.00%, 10/01/2040		10,000		10,776,132
Virginia Small Business Financing Authority (Capital Beltway Express LLC) Series 2022 5.00%, 12/31/2047		28,825		29,179,248
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC)
Series 2022 4.00%, 01/01/2030		3,070		3,097,318
4.00%, 01/01/2031		2,650		2,679,882
4.00%, 01/01/2033		7,500		7,575,587
4.00%, 01/01/2034		3,500		3,533,788
4.00%, 01/01/2037		10,000		9,930,501
Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC) Series 2017 5.00%, 12/31/2056		55,235		55,295,212
Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group) Series 2020 4.00%, 01/01/2051		18,500		15,955,504
Virginia Small Business Financing Authority (P3 VB Holdings LLC) Series 2023 8.50%, 12/01/2052(c)		13,290		12,793,128
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) Series 2022 8.50%, 06/01/2042(c)		23,525		23,011,477

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
9.217% (SOFR + 5.50%), 06/01/2029(b)(c)	$	20,215	$	19,691,417
				320,706,786
Washington – 1.6%
Central Puget Sound Regional Transit Authority (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax) Series 2016-S 5.00%, 11/01/2046		11,000		12,447,723
Central Puget Sound Regional Transit Authority (Pre-refunded – US Treasuries) Series 2015 4.00%, 11/01/2050		18,115		18,289,065
5.00%, 11/01/2050		10,000		10,240,956
City of Seattle WA Municipal Light & Power Revenue Series 2021-A 5.00%, 07/01/2024		2,710		2,714,181
Grays Harbor County Public Hospital District No. 1 Series 2023 6.875%, 12/01/2049		3,000		3,075,918
6.875%, 12/01/2053		1,155		1,170,242
King County Public Hospital District No. 4 Series 2015-A 5.00%, 12/01/2030		2,235		2,241,419
Pend Oreille County Public Utility District No. 1 Box Canyon Series 2018 5.00%, 01/01/2048		9,000		9,026,119
Port of Seattle WA Series 2015-C 5.00%, 04/01/2033		5,035		5,042,516
Series 2021 5.00%, 06/01/2024		2,310		2,311,626
5.00%, 08/01/2046		12,550		12,931,878
State of Washington (State of Washington Fed Hwy Grant) Series 2022 5.00%, 09/01/2024		3,635		3,648,619
Washington Health Care Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2037		2,000		2,107,171

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 08/01/2039	$	5,970	$	6,232,085
Washington Health Care Facilities Authority (Fred Hutchinson Cancer Center Obligated Group) Series 2020 4.00%, 09/01/2045		2,045		1,876,396
5.00%, 09/01/2039		1,655		1,735,446
5.00%, 09/01/2045		2,070		2,144,681
5.00%, 09/01/2050		2,000		2,053,496
Washington Health Care Facilities Authority (Overlake Hospital Medical Center Obligated Group) Series 2017 4.00%, 07/01/2042		3,500		3,016,634
Series 2017-A 5.00%, 07/01/2035		2,350		2,382,676
5.00%, 07/01/2036		2,965		2,994,106
Series 2017-B 5.00%, 07/01/2034		1,855		1,884,469
Washington Health Care Facilities Authority (Virginia Mason Medical Center Obligated Group) Series 2017 5.00%, 08/15/2033		6,710		6,857,315
5.00%, 08/15/2035		5,750		5,858,801
5.00%, 08/15/2037		3,565		3,601,912
Washington State Convention Center Public Facilities District (Washington State Convention Center Public Facilities Dist Lodging Tax Revenue) Series 2021 4.00%, 07/01/2031		11,045		10,778,357
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2013 5.00%, 01/01/2028(c)		845		816,966
5.25%, 01/01/2043(c)		2,870		2,476,726
Series 2015 6.00%, 01/01/2045(c)		2,920		2,689,710
Series 2016 4.00%, 01/01/2026(c)		1,855		1,803,781

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 01/01/2031(c)	$	5,305	$	5,027,827
5.00%, 01/01/2036(c)		1,075		974,733
5.00%, 01/01/2046(c)		1,140		913,393
Series 2019-A 5.00%, 01/01/2044(c)		1,330		1,087,272
5.00%, 01/01/2049(c)		3,305		2,571,871
5.00%, 01/01/2055(c)		11,670		8,750,620
Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences) Series 2023 5.625%, 07/01/2038(c)		1,215		1,320,063
6.125%, 07/01/2053(c)		5,805		6,278,184
6.25%, 07/01/2059(c)		9,845		10,673,645
6.375%, 07/01/2063(c)		4,250		4,573,911
Washington State Housing Finance Commission (Spokane United Methodist Homes Obligated Group) Series 2020 5.00%, 01/01/2051(c)		2,000		1,635,131
5.00%, 01/01/2056(c)		2,500		1,993,383
				190,251,023
West Virginia – 0.5%
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) Series 2022 4.50%, 06/01/2050(c)		1,000		756,017
Monongalia County Commission Excise Tax District Series 2023 7.00%, 06/01/2043(c)		2,475		2,604,252
8.00%, 06/01/2053(c)(h)		13,590		2,887,857
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		8,080		7,541,644
West Virginia Economic Development Authority (Appalachian Power Co.) Series 2024 3.375%, 03/01/2040		6,250		6,156,462

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
West Virginia Economic Development Authority (Arch Resources, Inc.) Series 2021 4.125%, 07/01/2045	$	3,835	$	3,814,814
West Virginia Economic Development Authority (Wyoming County Coal LLC) Series 2023 9.00%, 06/01/2038(c)		30,750		31,042,799
				54,803,845
Wisconsin – 3.9%
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041(c)		8,850		6,511,470
State of Wisconsin Series 2022-1 5.00%, 05/01/2024		6,535		6,535,000
Series 2025-1 5.00%, 05/01/2034(g)		2,625		2,963,449
5.00%, 05/01/2035(g)		1,875		2,132,139
5.00%, 05/01/2036(g)		1,230		1,388,040
Wisconsin Center District (Wisconsin Center District Ded Tax) Series 2022 5.25%, 12/15/2061(c)		6,995		6,630,469
Wisconsin Health & Educational Facilities Authority (Forensic Science & Protective Medicine Collaboration, Inc.) Series 2024 5.00%, 08/01/2027(c)		10,200		10,375,686
Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Health System Obligated Group) AGM Series 2020 3.00%, 02/15/2038		1,035		880,524
5.00%, 02/15/2031		2,000		2,146,747
Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) Series 2021 4.00%, 01/01/2037		1,550		1,186,410
4.00%, 01/01/2057		9,815		5,654,986

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 5.00%, 11/01/2039	$	950	$	857,673
5.00%, 11/01/2046		870		732,189
5.00%, 11/01/2054		3,295		2,617,250
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040(c)		2,510		2,182,131
Series 2022-A 3.875%, 12/01/2039(c)		11,525		9,946,636
Wisconsin Public Finance Authority Series 2024 Zero Coupon, 02/01/2031		14,260		8,773,017
Wisconsin Public Finance Authority (21st Century Public Academy) Series 2020 5.00%, 06/01/2049(c)		1,340		1,126,151
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) Series 2016 5.125%, 06/01/2048(c)		3,335		2,957,870
Wisconsin Public Finance Authority (Blue Ridge Healthcare Obligated Group) Series 2020 4.00%, 01/01/2045		1,500		1,380,248
5.00%, 01/01/2038		550		565,621
5.00%, 01/01/2039		700		716,609
5.00%, 01/01/2040		500		510,113
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The)) Series 2020 5.00%, 01/01/2045		2,030		1,958,874
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The))
Series 2021 5.75%, 07/25/2041(d)		57,000		48,715,985

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-B 5.00%, 12/01/2025	$	1,000	$	1,009,862
Series 2016-C 4.30%, 11/01/2030		2,060		2,010,930
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.00%, 02/01/2052		12,500		12,201,169
5.00%, 02/01/2062		13,890		13,228,190
5.50%, 02/01/2042(c)		5,950		5,948,156
5.75%, 02/01/2052(c)		16,500		16,402,039
6.00%, 02/01/2062(c)		20,960		21,148,181
Wisconsin Public Finance Authority (Crossroads Health Project) Series 2023 8.00%, 07/01/2053(c)		14,895		14,979,686
8.125%, 07/01/2058(c)		14,900		14,989,552
Wisconsin Public Finance Authority (FAH Tree House LLC) Series 2023 6.50%, 08/01/2053(c)		18,000		17,950,894
6.625%, 02/01/2046(c)		12,500		11,623,830
Wisconsin Public Finance Authority (Gannon University) Series 2017 5.00%, 05/01/2042		1,500		1,408,157
5.00%, 05/01/2047		2,750		2,487,451
Wisconsin Public Finance Authority (KDC Agribusiness LLC) 12.00%, 09/14/2023(e)(f)(j)(l)		9,807		980,700
Series 2022 15.00%, 04/30/2023(d)(e)(j)(k)(l)		21,900		– 0	–
Series 2023 15.00%, 04/30/2023(d)(e)(j)(k)(l)		4,895		– 0	–
Wisconsin Public Finance Authority (Lehigh Valley Health Network, Inc.) Series 2023 6.625%, 12/01/2032(c)		1,040		1,034,990
7.25%, 12/01/2042(c)		7,775		7,803,816
7.50%, 12/01/2052(c)		5,400		5,470,913
Wisconsin Public Finance Authority (McLemore Resort Manager LLC) Series 2021 4.50%, 06/01/2056(c)		13,735		10,828,247

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Moses H Cone Memorial Hospital Obligated Group) Series 2022-A 5.00%, 10/01/2052(a)	$	10,000	$	10,467,262
Wisconsin Public Finance Authority (National Senior Communities, Inc. Obligated Group) Series 2022 4.00%, 01/01/2047		1,400		1,212,405
4.00%, 01/01/2052		2,350		1,946,867
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029(c)		8,000		5,477,164
Wisconsin Public Finance Authority (Pine Lake Preparatory, Inc.) Series 2015 5.25%, 03/01/2035(c)		1,550		1,559,933
5.50%, 03/01/2045(c)		3,010		3,017,561
Wisconsin Public Finance Authority (Pre-refunded – US Treasuries) Series 2014-A 5.75%, 11/15/2044(c)		1,000		1,007,381
Series 2020 5.00%, 04/01/2030(c)		25		26,594
5.00%, 04/01/2040(c)		80		88,153
5.00%, 04/01/2050(c)		335		369,140
Series 2022 4.00%, 04/01/2032(c)		15		15,473
4.00%, 04/01/2052(c)		40		42,805
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042		12,000		12,244,604
5.25%, 03/01/2047		5,100		5,127,630
Wisconsin Public Finance Authority (RBS Evolution LLC) Series 2023 10.00%, 11/01/2038(c)		18,150		18,179,995
Wisconsin Public Finance Authority (Roseman University of Health Sciences) Series 2020 5.00%, 04/01/2030(c)		475		491,120
5.00%, 04/01/2040(c)		1,320		1,338,754

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 04/01/2050(c)	$	6,150	$	6,052,797
Series 2022 4.00%, 04/01/2052(c)		2,615		2,172,072
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021 4.00%, 06/01/2056(c)		29,090		19,801,743
Series 2022 4.00%, 06/01/2049(c)		3,890		2,792,460
Wisconsin Public Finance Authority (Seabury Retirement Community) Series 2015-A 5.00%, 09/01/2030(c)		545		535,403
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) Series 2024 5.00%, 06/01/2041(c)		12,500		12,441,006
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2021 4.00%, 02/01/2046		8,000		5,876,234
4.00%, 02/01/2051		11,500		7,972,343
Wisconsin Public Finance Authority (Triad Math & Science Academy Co.) Series 2021 4.00%, 06/15/2051		4,130		3,109,673
Series 2022 5.00%, 06/15/2042		1,140		1,073,581
5.25%, 06/15/2052		1,610		1,478,946
5.375%, 06/15/2057		2,320		2,155,394
5.50%, 06/15/2050		650		623,770
5.50%, 06/15/2062		3,025		2,836,651
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2034(c)		15,970		16,346,462
5.00%, 10/01/2039(c)		5,035		5,057,761
Wisconsin Public Finance Authority (UNC Health Appalachian Obligated Group) Series 2021 4.00%, 07/01/2046		1,100		860,680

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Uwharrie Charter Academy) Series 2022 5.00%, 06/15/2052(c)	$	4,315	$	3,910,463
5.00%, 06/15/2057(c)		6,105		5,454,509
5.00%, 06/15/2062(c)		8,090		7,132,894
Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) Series 2021 4.00%, 12/01/2031(c)		2,450		2,290,872
4.00%, 12/01/2041(c)		2,405		1,987,777
4.00%, 12/01/2051(c)		4,010		3,012,460
Wisconsin Public Finance Authority (WFCS Holdings II LLC) Series 2021-A1 5.00%, 01/01/2056(c)		4,915		3,935,279
				472,476,121
Total Long-Term Municipal Bonds (cost $12,714,977,394)				12,175,464,307
Short-Term Municipal Notes – 1.8%
California – 0.5%
California Statewide Communities Development Authority (Rady Children’s Hospital-San Diego) Series 2018-B 3.60%, 08/15/2047(n)		10,000		10,000,000
Irvine Ranch Water District Water Service Corp. Series 2024-A 3.75%, 10/01/2037(n)		24,000		24,000,000
San Mateo County Transit District Sales Tax Revenue Series 2020-B 3.60%, 06/01/2049(n)		5,685		5,685,000
State of California Series 2013 3.50%, 05/01/2034(n)		4,475		4,475,000
Series 2021-B 3.50%, 05/01/2040(n)		12,135		12,135,000
				56,295,000
Colorado – 0.1%
Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group) Series 2020 3.75%, 12/01/2052(n)		9,100		9,100,000

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
District of Columbia – 0.0%
District of Columbia (Carnegie Endowment For International Peace (The)) Series 2010 3.70%, 11/01/2045(n)	$	505	$	505,000
Florida – 0.1%
Halifax Hospital Medical Center (Halifax Hospital Medical Center Obligated Group) Series 2010 3.87%, 06/01/2048(n)		8,375		8,375,000
Orange County Health Facilities Authority (Nemours Foundation (The)) Series 2024-C 3.77%, 01/01/2037(n)		2,720		2,720,000
3.77%, 01/01/2039(n)		1,880		1,880,000
				12,975,000
Iowa – 0.0%
Iowa Finance Authority (Iowa Health System Obligated Group) Series 2018 3.70%, 12/01/2041(n)		1,005		1,005,000
Kentucky – 0.2%
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016-B 3.70%, 10/01/2039(n)		28,350		28,350,000
Louisiana – 0.1%
Louisiana Offshore Terminal Authority (Loop LLC) Series 2013 3.80%, 09/01/2033(n)		5,200		5,200,000
Louisiana Public Facilities Authority (CHRISTUS Health Obligated Group) Series 2024 3.54%, 07/01/2047(n)		3,700		3,700,000
				8,900,000

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Maryland – 0.2%
Maryland Health & Higher Educational Facilities Authority Series 2014-A 3.54%, 04/01/2035(n)	$	19,700	$	19,700,000
Massachusetts – 0.1%
Massachusetts Development Finance Agency (Children’s Hospital Corp. Obligated Group (The)) Series 2024 3.75%, 03/01/2048(n)		12,300		12,300,000
Michigan – 0.0%
Michigan Strategic Fund (Wedgwood Christian Services) Series 2008 3.80%, 12/01/2038(n)		800		800,000
Oakland University Series 2010 3.80%, 03/01/2031(n)		635		635,000
				1,435,000
Minnesota – 0.1%
City of Minneapolis MN (Fairview Health Services Obligated Group) Series 2018 3.80%, 11/15/2048(n)		15,400		15,400,000
Nevada – 0.0%
County of Clark Department of Aviation Series 2014-D 3.80%, 07/01/2040(n)		985		985,000
New Jersey – 0.1%
New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.) Series 2008-C 3.75%, 07/01/2036(n)		765		765,000
New Jersey Health Care Facilities Financing Authority (Virtua Health Obligated Group) Series 2009-B 3.05%, 07/01/2043(n)		5,510		5,510,000

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2009-C 3.45%, 07/01/2043(n)	$	6,750	$	6,750,000
				13,025,000
Virginia – 0.0%
Roanoke Economic Development Authority (Carilion Clinic Obligated Group) Series 2020 3.85%, 07/01/2052(n)		1,225		1,225,000
Virginia Small Business Financing Authority (Carilion Clinic Obligated Group) Series 2019 3.85%, 07/01/2042(n)		1,200		1,200,000
				2,425,000
Washington – 0.0%
Washington State Housing Finance Commission (Panorama/United States) Series 2008 3.90%, 04/01/2043(n)		860		860,000
Wisconsin – 0.3%
Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin, Inc.) Series 2023-B 3.75%, 12/01/2033(n)		6,400		6,400,000
Wisconsin Public Finance Authority (Moses H Cone Memorial Hospital Obligated Group) Series 2023-B 3.70%, 10/01/2055(n)		36,435		36,435,000
				42,835,000
Total Short-Term Municipal Notes (cost $226,095,000)				226,095,000
Total Municipal Obligations (cost $12,941,072,394)				12,401,559,307
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.5%
Agency CMBS – 0.5%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		42,960		41,456,542

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2021-2, Class X 0.82%, 03/25/2035(o)	$	22,259	$	1,019,603
Series 2021-3, Class A 3.25%, 08/20/2036		6,882		6,240,904
Series 2021-3, Class X 0.79%, 08/20/2036(o)		20,021		1,004,028
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2022-ML13, Class AUS 3.125%, 09/25/2036		3,905		3,413,214
Series 2022-ML13, Class XCA 0.96%, 07/25/2036(o)		17,272		906,821
Series 2022-ML13, Class XUS 1.00%, 09/25/2036(o)		30,459		1,984,816
				56,025,928
Non-Agency Fixed Rate CMBS – 1.0%
Arizona Industrial Development Authority Series 2019-2, Class A 3.625%, 05/20/2033		14,535		13,418,624
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		14,264		14,200,305
Series 2021-1, Class A 3.50%, 11/20/2035		9,073		8,383,028
Series 2023-1, Class A 4.375%, 09/20/2036		21,370		20,502,196
City of Fort Wayne IN 10.75%, 12/01/2029(e)(f)		1,243		124
National Finance Authority Series 2022-2, Class X 0.697%, 10/01/2036(o)		24,496		1,142,254
Series 2023-2, Class A 3.875%, 01/20/2038		1,983		1,803,622
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		20,454		19,655,306
Series 2022-1, Class X 0.35%, 09/20/2036(o)		24,415		524,589
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		18,779		17,070,042
Series 2021-1, Class X 0.726%, 12/20/2035(o)		14,370		626,079
Series 2023-1, Class A 3.375%, 04/20/2037		22,427		19,700,804

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-1, Class X 1.492%, 04/20/2037(o)	$	69,150	$	7,356,630
				124,383,603
Total Commercial Mortgage-Backed Securities (cost $201,451,106)				180,409,531
ASSET-BACKED SECURITIES – 0.1%
Other ABS - Fixed Rate – 0.1%
HTA HRRB Custodial Trust 5.25%, 07/01/2036		346		349,349
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2036		678		680,606
5.25%, 07/01/2041		7,065		6,876,972
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-B 5.00%, 11/15/2030(e)(f)(j)(l)(m)		3,273		– 0	–
Total Asset-Backed Securities (cost $11,384,202)				7,906,927
	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Energy – 0.0%
AES Puerto Rico LP 0.00% (e)(j)(l) (cost $5,885,279)		324,846		945,302
	Principal Amount (000)
CORPORATES - NON-INVESTMENT GRADE – 0.0%
Industrial – 0.0%
Energy – 0.0%
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024(d)(j)(l)	$	375		112,500
Series 23A 15.00%, 07/31/2024(d)(j)(l)		805		241,500
				354,000

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.0%
Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC Series 2023 12.00%, 12/31/2023(d)(l)(j)	$	540	$	540,000
Total Corporates – Non-Investment Grade (cost $1,720,000)				894,000
	Shares
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(p)(q)(r) (cost $47,423,786)		47,423,786		47,423,786
Total Investments – 104.1% (cost $13,208,936,767)				12,639,138,853
Other assets less liabilities – (4.1)%				(502,009,885	)
Net Assets – 100.0%			$	12,137,128,968

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note C)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	219,860		01/15/2028	1.230%	CPI#	Maturity	$	41,530,228		$	– 0	–	$	41,530,228
USD	53,630		01/15/2028	0.735%	CPI#	Maturity		12,049,682			– 0	–		12,049,682
USD	265,880		01/15/2029	CPI#	3.390%	Maturity		(8,670,291	)		– 0	–		(8,670,291	)
USD	190,780		01/15/2029	CPI#	3.735%	Maturity		(767,495	)		– 0	–		(767,495	)
USD	79,070		01/15/2029	CPI#	3.331%	Maturity		(2,959,757	)		– 0	–		(2,959,757	)
USD	67,450		01/15/2030	1.572%	CPI#	Maturity		12,030,658			– 0	–		12,030,658
USD	67,450		01/15/2030	1.587%	CPI#	Maturity		11,939,948			– 0	–		11,939,948
USD	93,000		01/15/2031	2.782%	CPI#	Maturity		7,113,362			– 0	–		7,113,362
USD	85,000		01/15/2031	2.680%	CPI#	Maturity		7,327,625			– 0	–		7,327,625
USD	76,750		01/15/2031	2.989%	CPI#	Maturity		4,339,648			– 0	–		4,339,648
USD	75,410		01/15/2032	CPI#	3.064%	Maturity		(3,348,678	)		– 0	–		(3,348,678	)
USD	52,000		04/15/2032	CPI#	2.909%	Maturity		(2,970,618	)		– 0	–		(2,970,618	)
							$	77,614,312		$	– 0	–	$	77,614,312

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

130 ^| AB MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	275,000		01/15/2027	1 Day SOFR	3.947%	Annual	$	(6,981,028	)	$	– 0	–	$	(6,981,028	)
USD	794,300		07/31/2029	1 Day SOFR	3.986%	Annual		(19,987,866	)		– 0	–		(19,987,866	)
USD	418,800		07/31/2029	1 Day SOFR	3.938%	Annual		(10,730,907	)		– 0	–		(10,730,907	)
USD	372,700		07/31/2029	1 Day SOFR	3.975%	Annual		(9,318,851	)		– 0	–		(9,318,851	)
USD	290,400		07/31/2029	1 Day SOFR	4.461%	Annual		(65,311	)		– 0	–		(65,311	)
USD	204,400		07/31/2029	1 Day SOFR	4.032%	Annual		(4,419,685	)		– 0	–		(4,419,685	)
USD	370,000		07/31/2030	1 Day SOFR	3.691%	Annual		(15,847,932	)		– 0	–		(15,847,932	)
USD	303,900		07/31/2030	1 Day SOFR	4.016%	Annual		(9,424,404	)		– 0	–		(9,424,404	)
USD	256,000		07/31/2030	1 Day SOFR	4.271%	Annual		(3,509,956	)		– 0	–		(3,509,956	)
USD	251,600		07/31/2030	1 Day SOFR	3.897%	Annual		(9,444,697	)		– 0	–		(9,444,697	)
USD	250,000		07/31/2030	1 Day SOFR	3.595%	Annual		(12,108,932	)		– 0	–		(12,108,932	)
							$	(101,839,569	)	$	– 0	–	$	(101,839,569	)

INTEREST RATE SWAPS (see Note C)

Rate Type

Swap Counterparty

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Citibank, NA

USD

52,610

10/09/2029

1.125%

SIFMA*

Quarterly

$

5,519,731

$

– 0

–

$

5,519,731

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

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

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2024.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $2,520,753,381 or 20.8% of net assets.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.69% of net assets as of April 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
ARC70 II TRUST Series 2023 4.84%, 04/01/2065		07/18/2023	$	59,844,784	$	58,491,472		0.48	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.75%, 07/01/2030		05/16/2022		1,555,637		90,000		0.00	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050		08/12/2020 - 07/20/2022	$	35,639,422	$	2,037,000		0.02	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2021-A 6.00%, 07/01/2051		07/21/2022		1,324,222		85,500		0.00	%
Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC Series 2023 12.00%, 12/31/2023		08/24/2023		540,000		540,000		0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031		05/21/2021		5,195,000		67,535		0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 7.00%, 12/15/2043		05/21/2021		5,390,000		70,070		0.00	%
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018 6.00%, 04/01/2038		09/15/2020		1,020,000		526,000		0.00	%
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049		08/29/2018 - 10/05/2020		6,115,631		2,657,615		0.02	%
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041		01/14/2021		19,316,163		14,492,843		0.12	%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039		03/28/2019 - 06/09/2022		29,021,756		20,872,499		0.17	%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049		08/29/2018		5,005,829		1,325,520		0.01	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) Series 2022 8.00%, 12/01/2029		12/13/2022	$	14,316,405	$	14,213,611		0.12	%
Nassau County Industrial Development Agency (Amsterdam House Continuing Care Retirement Community, Inc.) Series 2021 9.00%, 01/01/2041		09/03/2021		270,000		270,000		0.00	%
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027		02/03/2023		22,875,000		22,844,409		0.19	%
Pueblo Urban Renewal Authority Series 2021 4.75%, 12/01/2045		03/24/2021 - 03/30/2021		8,187,166		5,335,287		0.04	%
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024		01/25/2024		375,000		112,500		0.00	%
Red River Biorefinery LLC Series 23A 15.00%, 07/31/2024		05/31/2023		805,000		241,500		0.00	%
Scranton-Lackawanna Health and Welfare Authority (Scranton Parking System Concession Project) Series 2016-D Zero Coupon, 01/01/2057		08/24/2016		7,185,897		3,229,681		0.03	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.00%, 06/01/2031		10/04/2022 - 04/17/2023		2,079,453		1,934,485		0.02	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040		06/16/2021 - 07/20/2022		5,930,103		3,899,865		0.03	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.50%, 06/01/2051		06/16/2021 - 10/20/2022		7,844,598		5,264,713		0.04	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041		08/03/2021	$	57,000,000	$	48,715,985			0.40	%
Wisconsin Public Finance Authority (KDC Agribusiness LLC) Series 2022 15.00%, 04/30/2023		11/10/2022		21,900,000		– 0	–		0.00	%
Wisconsin Public Finance Authority (KDC Agribusiness LLC) Series 2023 15.00%, 04/30/2023		03/16/2023		4,895,000		– 0	–		0.00	%

(e) Non-income producing security.

(f) Defaulted.

(g) When-Issued or delayed delivery security.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(i) Inverse floater security.

(j) Fair valued by the Adviser.

(k) Defaulted matured security.

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

(m) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5.25%, 11/15/2045		01/30/2020 - 01/31/2020	$	2,970,233	$	– 0	–		0.00	%
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-B 5.00%, 11/15/2030		05/22/2015		3,335,990		– 0	–		0.00	%
Tarrant County Cultural Education Facilities Finance Corp. Series 2017 5.25%, 11/15/2047		01/30/2020		935,508		– 0	–		0.00	%
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) Series 2020-A 5.75%, 12/01/2054		09/17/2014 - 01/26/2023		6,441,117		4,215,286			0.03	%

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PORTFOLIO OF INVESTMENTS (continued)

(n) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(o) IO – Interest Only.

(p) Affiliated investments.

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

(r) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.8% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

NATL – National Interstate Corporation

SD – School District

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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STATEMENT OF ASSETS & LIABILITIES

April 30, 2024

Assets
Investments in securities, at value
Unaffiliated issuers (cost $13,161,512,981)	$	12,591,715,067
Affiliated issuers (cost $47,423,786)		47,423,786
Cash		226,625
Cash collateral due from broker		106,540,075
Interest receivable		180,824,899
Receivable for shares of beneficial interest sold		13,622,191
Receivable for investment securities sold		12,687,911
Unrealized appreciation on interest rate swaps		5,519,731
Affiliated dividends receivable		861,310
Receivable due from Adviser		24,784
Total assets		12,959,446,379
Liabilities
Payable for floating rate notes issued*		504,210,000
Payable for investment securities purchased		249,058,881
Dividends payable		42,125,386
Payable for variation margin on centrally cleared swaps		13,093,644
Payable for shares of beneficial interest redeemed		6,778,849
Cash collateral due to broker		5,470,000
Accrued expenses and other liabilities		1,580,651
Total liabilities		822,317,411
Net Assets	$	12,137,128,968
Composition of Net Assets
Shares of beneficial interest, at par	$	11,152
Additional paid-in capital		12,769,717,403
Accumulated loss		(632,599,587	)
Net Assets	$	12,137,128,968
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 1,115,226,518 common shares outstanding)	$	10.88

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

See notes to financial statements.

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STATEMENT OF OPERATIONS

Year Ended April 30, 2024

Investment Income
Interest	$	496,908,545
Dividends—Affiliated issuers		13,975,164
Other income(a)		1,036,433	$	511,920,142
Expenses
Interest and investment expense		23,225,886
Total expenses				23,225,886
Net investment income				488,694,256
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions				(135,322,915	)
Swaps				107,682,331
Net change in unrealized appreciation (depreciation) of:
Investments				80,132,020
Swaps				(226,814,889	)
Net loss on investment transactions				(174,323,453	)
Net Increase in Net Assets from Operations			$	314,370,803

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

See notes to financial statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended April 30, 2024			Year Ended April 30, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	488,694,256		$	333,795,051
Net realized gain (loss) on investment transactions		(27,640,584	)		42,480,192
Net change in unrealized appreciation (depreciation) of investments		(146,682,869	)		(243,216,728	)
Net increase in net assets from operations		314,370,803			133,058,515
Distribution to Shareholders		(462,980,749	)		(348,426,574	)
Transactions in Shares of Beneficial Interest
Net increase		2,916,953,165			2,278,465,743
Total increase		2,768,343,219			2,063,097,684
Net Assets
Beginning of period		9,368,785,749			7,305,688,065
End of period	$	12,137,128,968		$	9,368,785,749

See notes to financial statements.

138 ^| AB MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2024

NOTE A

Significant Accounting Policies

AB Corporate Shares (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end, diversified management investment company. The Trust, which is a Massachusetts Business Trust, operates as a “series” company currently offering four separate portfolios: AB Corporate Income Shares, AB Municipal Income Shares, AB Taxable Multi-Sector Income Shares and AB Impact Municipal Income Shares. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Municipal Income Shares (the “Fund”).

Shares of the Fund are offered exclusively to holders of accounts established under wrap fee programs sponsored and maintained by certain registered investment advisers approved by AllianceBernstein L.P. (the “Adviser”). The Fund’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees (the “ Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued

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NOTES TO FINANCIAL STATEMENTS (continued)

at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have

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NOTES TO FINANCIAL STATEMENTS (continued)

occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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 April 30, 2024:

	Level 1			Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	– 0	–	$	12,171,017,569		$	4,446,738	(a)	$	12,175,464,307
Short-Term Municipal Notes		– 0	–		226,095,000			– 0	–		226,095,000
Commercial Mortgage-Backed Securities		– 0	–		180,409,531			– 0	–		180,409,531
Asset-Backed Securities		– 0	–		7,906,927			0	(a)		7,906,927
Preferred Stocks		– 0	–		– 0	–		945,302			945,302
Corporates – Non-Investment Grade		– 0	–		– 0	–		894,000			894,000
Short-Term Investments		47,423,786			– 0	–		– 0	–		47,423,786
Total Investments in Securities		47,432,786			12,585,429,027			6,286,040	(a)		12,639,138,853

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NOTES TO FINANCIAL STATEMENTS (continued)

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Centrally Cleared Inflation (CPI) Swaps	$	–0	–	$	96,331,151		$	–0	–	$	96,331,151	(c)
Interest Rate Swaps		– 0	–		5,519,731			– 0	–		5,519,731
Liabilities:
Centrally Cleared Inflation (CPI) Swaps		– 0	–		(18,716,839	)		– 0	–		(18,716,839	)(c)
Centrally Cleared Interest Rate Swaps		– 0	–		(101,839,569	)		– 0	–		(101,839,569	)(c)
Total	$	47,423,786		$	12,566,723,501		$	6,286,040	(a)	$	12,620,433,327

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

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

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

(c) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

abfunds.com AB MUNICIPAL INCOME SHARES ^| 143

NOTES TO FINANCIAL STATEMENTS (continued)

4. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

5. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

6. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the advisory agreement, the Fund pays no advisory fee to the Adviser and the Adviser reimburses or pays for the Fund’s operating expenses. The Fund is an integral part of separately managed accounts in wrap fee programs and other investment programs. Typically, participants in these programs pay a fee to their investment adviser for all costs and expenses of the separately managed account, including costs and expenses associated with the Fund, and a fee is paid by their investment adviser to the Adviser. In certain cases, participants may have a direct relationship with the Adviser without the involvement of a third party investment adviser, in which case the participant would pay a fee directly to the Adviser. The Adviser serves as investment manager and adviser of the Fund and continuously furnishes an investment program for the Fund and manages, supervises and conducts the affairs of the Fund, subject to the supervisions of the Fund’s Board. The advisory agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

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The Fund has entered into a distribution agreement with AllianceBernstein Investments, Inc., the Fund’s principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Fund’s shares, which are sold at their net asset value without any sales charge. The Fund does not pay a fee for this service. The Underwriter is a wholly owned subsidiary of the Adviser.

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Fund’s registrar, transfer agent and dividend-disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders. The Fund does not pay a fee for this service.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to reimburse the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended April 30, 2024, such reimbursement amounted to $388,106.

A summary of the Fund’s transactions in AB mutual funds for the year ended April 30, 2024 is as follows:

Fund	Market Value 4/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	103,767	$	2,738,273	$	2,794,616	$	47,424	$	13,975

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended April 30, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	4,473,418,271		$	1,748,929,763
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	12,734,143,594
Gross unrealized appreciation	$	278,123,911
Gross unrealized depreciation		(883,271,797	)
Net unrealized depreciation	$	(605,147,886	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates or credit risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk.

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This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial

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and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended April 30, 2024, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended April 30, 2024, the Fund held inflation (CPI) swaps for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically

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may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on centrally cleared swaps	$	96,331,151	*	Payable for variation margin on centrally cleared swaps	$	120,556,408	*
Interest rate contracts	Unrealized appreciation on interest rate swaps		5,519,731
Total		$	101,850,882			$	120,556,408

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	107,682,331	$	(226,814,889	)
Total		$	107,682,331	$	(226,814,889	)

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The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended April 30, 2024:

Interest Rate Swaps:
Average notional amount	$	52,610,000
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	2,361,592,308
Centrally Cleared Inflation Swaps:
Average notional amount	$	2,310,630,769

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA	$	5,519,731	$	– 0	–	$	(5,470,000	)	$	– 0	–	$	49,731
Total	$	5,519,731	$	– 0	–	$	(5,470,000	)	$	– 0	–	$	49,731	^

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

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

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

	Shares							Amount
	Year Ended April 30, 2024			Year Ended April 30, 2023				Year Ended April 30, 2024			Year Ended April 30, 2023
Shares sold		506,082,273			437,451,700			$	5,480,423,265		$	4,809,672,752
Shares redeemed		(239,169,160	)		(232,395,948	)			(2,563,470,100	)		(2,531,207,009	)
Net increase		266,913,113			205,055,752			$	2,916,953,165		$	2,278,465,743

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NOTE E

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

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Tax Risk—There is no guarantee that all of the Fund’s income will remain exempt from federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value, or NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield. The federal income tax treatment of payments in respect of certain derivative contracts is unclear.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline

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as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when particular investments, such as lower-rated securities, are or become difficult to purchase or sell, possibly preventing the Fund from selling such investments at an advantageous price. The Fund is subject to illiquid investments risk because the market for municipal securities is generally smaller than many other markets. Derivatives and securities involving substantial market and credit risk tend to involve greater illiquid investments risk than most other types of investments.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

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Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended April 30, 2024.

NOTE G

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	31,837,803	$	26,840,993
Total taxable distributions		31,837,803		26,840,993
Tax-exempt income		431,142,946		321,585,581
Total distributions paid	$	462,980,749	$	348,426,574

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

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

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

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

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the tax treatment of defaulted securities and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $24,027,436 and a net long-term capital loss carryforward of $24,945,460, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE H

Floating Rate Notes Issued in Connection with Securities Held

The Fund may engage in tender option bond (“TOB”) transactions in which the Fund transfers a fixed rate bond (“Fixed Rate Bond”) into a Special Purpose Vehicle (the “SPV”, which is generally organized as a trust). The Fund buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation (“Inverse Floater”). The SPV also issues floating rate notes (“Floating Rate Notes”) which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Fund, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its statement of assets and liabilities. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Fund’s expense ratio. At April 30, 2024, the amount of the Fund’s Floating Rate Notes outstanding was $504,210,000 and the related interest rate was 3.80% to 5.50%. For the year ended April 30, 2024, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were $546,341,708 and 4.12%, respectively.

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

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Year Ended April 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 11.04			$ 11.36			$ 12.70			$ 10.80			$ 11.70
Income From Investment Operations
Net investment income(a)		.50			.45			.43			.44			.44
Net realized and unrealized gain (loss) on investment transactions		(.18	)		(.30	)		(1.35	)		1.91			(.90	)
Net increase (decrease) in net asset value from operations		.32			.15			(.92	)		2.35			(.46	)
Less: Dividends
Dividends from net investment income		(.48	)		(.47	)		(.42	)		(.45	)		(.44	)
Net asset value, end of period		$ 10.88			$ 11.04			$ 11.36			$ 12.70			$ 10.80
Total Return
Total investment return based on net asset value(b)		2.99	%+		1.44	%+		(7.52	)%		22.01	%		(4.23	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12,137,129			$9,368,786			$7,305,688			$6,349,716			$4,685,911
Ratio to average net assets of:
Expenses(c)		.22	%		.21	%		.07	%		.07	%		.01	%
Net investment income		4.65	%		4.10	%		3.38	%		3.62	%		3.67	%
Portfolio turnover rate		17	%		18	%		6	%		10	%		12	%

(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

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

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

See notes to financial statements.

abfunds.com AB MUNICIPAL INCOME SHARES ^| 157

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of AB Municipal Income Shares

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Municipal Income Shares (the “Fund”) (one of the portfolios constituting AB Corporate Shares (the “Trust”)), including the portfolio of investments, as of April 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Corporate Shares) at April 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

June 28, 2024

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BOARD OF TRUSTEES

Garry Moody⁽¹⁾,
Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Daryl Clements⁽²⁾, Vice President Matthew J. Norton⁽²⁾, Vice President Andrew Potter⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company
One Congress Street Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein
Investor Services, Inc.
P.O. Box 786003
San Antonio, TX 78278
Toll-Free (800) 221-5672 Legal Counsel Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004   Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Municipal Bond Investment Team. Messrs. Clements, Norton and Potter are the investment professionals primarily responsible for the day-to-day management of the Fund’s Portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

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MANAGEMENT OF THE FUND

Board of Trustees Information

The business and affairs of the Trust are managed under the direction of the Board of Trustees and Advisory Board member. Certain information concerning the Trust’s Trustee is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE
Onur Erzan,# 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES
Garry L. Moody,+ 72 (2010)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jorge A. Bermudez,+ 73 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2017-2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		81	Moody’s Corporation since April 2011
Michael J. Downey,+ ^ 80 (2010)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Nancy P. Jacklin,+ ^ 76 (2010)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
Jeanette W. Loeb,+ 72 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Carol C. McMullen,+ 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) where she also serves as Advisory Board Chair (since June 2023). Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Marshall C. Turner, Jr.+ ^ 82 (2010)	Private Investor since prior to 2019. He is a former (2007-2020) director of Xilinx Inc. (programmable logic semi-conductors and adaptable, intelligent computing) and, former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 1999-2000, and 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships and as a director of a number of public and private companies. He also has extensive non-profit board leadership experience, including as a former Chair of the Corporation for Public Broadcasting and the Smithsonian’s National Museum of Natural history, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all the AB Funds since 2005. He served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		76	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
ADVISORY BOARD MEMBER
Emilie D. Wrapp,## 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023 – June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		81	None

* The address for each of the Trust’s disinterested Trustees and Advisory Board member is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Trust’s Trustees and Advisory Board members.

*** The information above includes each Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee’s qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Trust.

# Mr. Erzan is an “interested person” of the Trust, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

## Ms. Wrapp is an “interested person”, as defined in Section 2(a)(19) of the 1940 Act, of the Fund because of her fomer role with the Adviser.

+ Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

^ Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective December 31, 2024.

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MANAGEMENT OF THE FUND (continued)

Officers

Certain information concerning the Fund’s Officers is listed below.

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Daryl Clements 56	Vice President	Senior Vice President of the Adviser, with which he has been associated since prior to 2019.
Matthew J. Norton 41	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer – Municipal Bonds.
Andrew D. Potter 39	Vice President	Vice President of the Adviser,** with which he has been associated since prior to 2019.
Nancy E. Hay 52	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS,** with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 50	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Trust.

The Trust’s Statement of Additional Information (“SAI”) has additional information about the Trust’s Trustees and Officers and is available without charge upon request. Contact your financial representative or ABI at (800)-227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Corporate Shares (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Municipal Income Shares (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors noted that the Fund is designed as a vehicle for the wrap fee account market (where investors pay fees to a wrap fee sponsor which pays investment fees and expenses from such fee). The directors also noted that no advisory fee is payable by the Fund, that the Advisory Agreement does not include the reimbursement provision for certain administrative expenses included in the advisory agreements of most of the open-end AB Funds, and that the Adviser is responsible for payment of the Fund’s ordinary expenses. The directors noted that the Company acknowledges in the Advisory Agreement that the Adviser and its affiliates expect to receive compensation from third parties in connection with services provided under the Advisory Agreement. The directors further noted that the Adviser receives payments from the wrap fee program sponsors (the “Sponsors”) that use the Fund as an investment vehicle for their clients.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying fund advised by the Adviser in which the Fund invests. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts (“SMAs”). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors’ request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees

The directors considered the advisory fee rate payable by the Fund to the Adviser (zero) and information provided by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds.

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm’s length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser’s fee arrangements with the Sponsors vary, the directors acknowledged the

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Adviser’s view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the “implied fee”) and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

The directors did not consider comparative expense information for the Fund because the Fund does not bear ordinary expenses.

Economies of Scale

The directors did not consider the extent to which fee levels in the Advisory Agreement for the Fund reflect economies of scale because the Advisory Agreement does not provide for any compensation to be paid to the Adviser by the Fund and the Fund’s expense ratio is zero. They did note, however, that the fee payable to the Adviser by the current Sponsors declines at a breakpoint based on either individual account sizes or on total assets managed by the Adviser for the Sponsor.

abfunds.com AB MUNICIPAL INCOME SHARES ^| 175

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

176 ^| AB MUNICIPAL INCOME SHARES abfunds.com

AB MUNICIPAL INCOME SHARES

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

MIS-0151-0424    

APR ^04.30.24

ANNUAL REPORT

AB IMPACT MUNICIPAL INCOME SHARES

Investment Products Offered •  Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for AB Impact Municipal Income Shares (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺  Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺  Applying differentiated investment insights through a connected global research network

⁺  Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 1

ANNUAL REPORT

June 27, 2024

This report provides management’s discussion of fund performance for AB Impact Municipal Income Shares for the annual reporting period ended April 30, 2024. Please note, shares of this Fund are available only to separately managed accounts or participants in “wrap fee” programs or other investment programs approved by the Adviser.

The investment objective of the Fund is to earn the highest level of current income, exempt from federal taxation, that is available consistent with what the Adviser considers to be an appropriate level of risk.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB IMPACT MUNICIPAL INCOME SHARES		10.88%		3.70%
Bloomberg Municipal Bond Index		7.06%		2.08%

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended April 30, 2024.

For the 12-month period, the Fund outperformed the benchmark. Overall, security selection within miscellaneous revenue and nonprofit health care added to performance, relative to the benchmark. Other contributors to performance included underweights to the local general obligation and water & sewer sectors. Duration and yield-curve positioning detracted from performance.

For the six-month period, the Fund outperformed the benchmark. The Fund’s duration and yield-curve positioning was contributed to performance. An overweight to the health care and miscellaneous revenue sectors also contributed. Security selection within public primary/secondary education and an underweight to local general obligation was among the largest detractors.

The Fund used derivatives for hedging purposes in the form of interest rate swaps and Consumer Price Index swaps, which had no material impact on absolute performance for either period.

2 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

MARKET REVIEW AND INVESTMENT STRATEGY

Over the 12-month period ended April 30, 2024, the yield on a 10-Year AAA municipal bond rose to 2.81% from 2.36% and the yield on the 10-Year US Treasury rose to 4.68% from 3.60%. After-tax spreads compressed over 12-month period indicating municipal outperformance over Treasuries, which was largely driven by a favorable technical environment. Credit spreads narrowed over the course of the 12-month period due positive municipal mutual fund flows, after a long period of outflows.

The underlying goals of the Fund are to make environmentally, socially and financially productive investments in historically marginalized and underserved communities to reduce gaps that exist in such areas as academic achievement, economic development or the provision of health care. Essentially, the Fund’s Senior Investment Management Team is looking to create a better tomorrow. Inherent in these goals is to make investments toward improving the quality of life for all by enhancing and promoting civic engagement, an informed citizenry, culture, and the physical and natural sciences.

The Fund may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity were 12.32% and 0.00%, respectively.

INVESTMENT POLICIES

The Fund pursues its objective by investing principally in high-yielding municipal securities of any credit quality that (i) score highly on the Adviser’s environmental, social and corporate governance (“ESG”) criteria and (ii) are deemed by the Adviser to have an environmental or social impact in underserved or low socio-economic communities. As a matter of fundamental policy, the Fund invests, under normal circumstances, at least 80% of its net assets in municipal securities

(continued on next page)

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 3

that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax for certain taxpayers.

The Adviser evaluates each security in which the Fund invests using both a traditional municipal bond credit analysis and a consideration of the security’s overall ESG score under the Adviser’s ESG evaluation criteria. Under this ESG evaluation, to arrive at an overall ESG score, each security is scored on environmental, social and governance factors, and the scores are weighted based on the Adviser’s assessment of the relevance of each factor within a given sector (e.g., education, health care, renewable energy and mass transit). For example, social factors are weighted more heavily in the overall ESG score for a security of an issuer in the education sector than they are for a security of an issuer in the mass transit sector, where environmental factors predominate. The Adviser regularly reviews the overall ESG scores assigned to securities under consideration for purposes of determining the securities in which to invest for the Fund.

The Adviser’s ESG evaluation is conducted on an industry sector basis and includes the use of key performance indicators that vary in materiality by sector. The Adviser’s environmental evaluation covers issues such as clean and renewable energy, climate change and water conservation. The Adviser’s social evaluation covers issues such as economic impact, high quality safety-net health care and overall community health needs, and the reduction of achievement gaps between wealthy and poor school districts. The Adviser’s governance evaluation covers issues such as stewardship of debt and capital, board governance and transparency.

The Adviser also assesses a security’s risk and return characteristics as well as a security’s impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors including the credit quality, maturity, sensitivity to interest rates and the expected after-tax returns of the security under consideration and of the Fund’s other holdings.

The Fund may invest without limit in lower-rated securities (“junk bonds”), which may include securities having the lowest rating, and in unrated securities that, in the Adviser’s judgment, would be lower-rated securities if rated. The Fund may invest in fixed-income securities with any maturity or duration. The Fund will seek to increase income for shareholders by investing in longer-maturity bonds. Consistent with its objective of seeking a higher level of income, the Fund may experience greater volatility and a higher risk of loss of principal than other municipal funds.

(continued on next page)

4 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

The Fund may also invest in tender option bond transactions (“TOBs”); forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; certain types of mortgage-related securities; and derivatives, such as options, futures contracts, forwards and swaps.

The Fund may make short sales of securities or maintain a short position, and may use other investment techniques. The Fund may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 5

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a fund. The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities selected based on ESG factors may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG sustainability criteria are not uniformly defined, and the Fund’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

6 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

DISCLOSURES AND RISKS (continued)

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

Tax Risk: There is no guarantee that all of the Fund’s income will remain exempt from federal or state income taxes. From time to time, the US government and the US Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield. The federal income tax treatment of payments in respect of certain derivative contracts is unclear.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 7

DISCLOSURES AND RISKS (continued)

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk: To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Illiquid Investments Risk: Illiquid investments risk exists when particular investments, such as lower-rated securities, are or become difficult to purchase or sell, possibly preventing the Fund from selling such investments at an advantageous price. The Fund is subject to illiquid investments risk because the market for municipal securities is generally smaller than many other markets. Derivatives and securities involving substantial market and credit risk tend to involve greater illiquid investments risk than most other types of investments.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty

8 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

DISCLOSURES AND RISKS (continued)

risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by calling (800) 227 4618. The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus and/or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 9

HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

9/12/2017¹ TO 4/30/2024

This chart illustrates the total value of an assumed $10,000 investment in AB Impact Municipal Income Shares (from 9/12/2017¹ to 4/30/2024) as compared with the performance of its benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 9/12/2017.

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HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns
1 Year		3.70%
5 Years		1.85%
Since Inception1		2.44%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	NAV Returns
1 Year		5.87%
5 Years		2.39%
Since Inception1		2.78%

The prospectus fee table shows the fees and the total annual operating expenses of the Fund as 0.00% because the Adviser does not charge any fees or expenses and reimburses Fund operating expenses except certain extraordinary expenses, taxes, brokerage costs and the interest on borrowings or certain leveraged transactions. Participants in a wrap fee program or other investment program eligible to invest in the Fund pay fees to the program sponsor and should review the program brochure or other literature provided by the sponsor for a discussion of fees and expenses charged.

1 Inception date: 9/12/2017.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 11

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you may incur various ongoing non-operating and extraordinary costs. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*			Annualized Expense Ratio*
Actual	$	1,000	$	1,108.80	$	– 0	–		0.00	%
Hypothetical**	$	1,000	$	1,024.86	$	– 0	–		0.00	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Fund’s operating expenses are borne by the Adviser or its affiliates.

** Assumes 5% annual return before expenses.

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PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $571.4

1 The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc.(“Moody’s”) and Fitch Ratings, Ltd.(“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment-grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 13

PORTFOLIO OF INVESTMENTS

April 30, 2024

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 97.1%
Long-Term Municipal Bonds – 97.1%
Alabama – 1.6%
Alabama Community College System ACCS Enhancements Fee Revenue AGM Series 2021 4.00%, 09/01/2046	$	3,900	$	3,741,928
4.00%, 09/01/2051		5,500		5,135,985
				8,877,913
Arizona – 4.3%
Arizona Industrial Development Authority Series 2021-A 4.00%, 07/01/2051		3,195		2,619,265
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-A 4.00%, 07/01/2061		3,980		3,120,632
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2020 4.00%, 02/01/2050		4,500		4,149,638
5.00%, 02/01/2035		2,495		2,723,767
Series 2021 4.00%, 02/01/2038		1,400		1,397,368
Industrial Development Authority of the County of Pima (The) (TMC HealthCare Obligated Group) Series 2021 4.00%, 04/01/2046		3,500		3,223,367
Maricopa County Industrial Development Authority (Arizona Autism Charter Schools Obligated Group) Series 2020 5.00%, 07/01/2040(a)		500		484,285
5.00%, 07/01/2050(a)		1,175		1,072,630
5.00%, 07/01/2054(a)		640		573,215
Series 2021 4.00%, 07/01/2051(a)		1,625		1,232,656
4.00%, 07/01/2061(a)		5,210		3,767,284
				24,364,107

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California – 13.9%
California Educational Facilities Authority (Nashville & Davidson County TN South Nashville Central Business Improvement District) Series 2018-A 5.00%, 10/01/2036	$	405	$	427,496
5.00%, 10/01/2046		2,750		2,821,204
California Health Facilities Financing Authority (Children’s Hospital Los Angeles) Series 2017-A 5.00%, 08/15/2047		3,750		3,798,685
California Health Facilities Financing Authority (On Lok Senior Health Services Obligated Group) Series 2020 5.00%, 08/01/2050		1,000		1,019,729
5.00%, 08/01/2055		1,200		1,217,103
California Health Facilities Financing Authority (State of California Personal Income Tax Revenue) Series 2022 4.19%, 06/01/2037		3,390		3,024,318
California Infrastructure & Economic Development Bank (California Academy of Sciences) Series 2024 3.25%, 08/01/2029		5,000		4,961,450
California Infrastructure & Economic Development Bank (California Science Center Foundation) Series 2021 4.00%, 05/01/2046		5,000		4,809,942
4.00%, 05/01/2051		5,000		4,613,486
4.00%, 05/01/2055		5,000		4,542,777
California Municipal Finance Authority (Community Health Centers of The Central Coast, Inc.) Series 2021-A 5.00%, 12/01/2036(a)		525		530,206
5.00%, 12/01/2046(a)		5,985		5,631,376
5.00%, 12/01/2054(a)		1,990		1,783,751
California Municipal Finance Authority (Healthright 360) Series 2019-A 5.00%, 11/01/2039(a)		1,775		1,697,448
5.00%, 11/01/2049(a)		6,075		5,371,813

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Municipal Finance Authority (La Maestra Family Clinic, Inc.) Series 2021 4.00%, 09/01/2046	$	2,960	$	2,945,056
4.00%, 09/01/2051		2,745		2,651,794
California Municipal Finance Authority (Valley Health Team, Inc.) Series 2021 4.00%, 07/01/2037		1,200		1,224,557
4.00%, 07/01/2046		2,090		2,078,782
4.00%, 07/01/2051		1,945		1,880,197
California School Finance Authority (Bright Star Schools Obligated Group) Series 2017 5.00%, 06/01/2037(a)		600		598,079
5.00%, 06/01/2054(a)		250		229,034
California School Finance Authority (Downtown College Prep Obligated Group) Series 2016 4.75%, 06/01/2036(a)		1,365		1,342,352
5.00%, 06/01/2051(a)		2,500		2,311,549
California School Finance Authority (Ednovate Obligated Group) Series 2018 5.00%, 06/01/2037(a)		1,000		974,367
5.00%, 06/01/2048(a)		1,085		983,443
5.00%, 06/01/2056(a)		1,000		885,320
California School Finance Authority (Equitas Academy Obligated Group) Series 2018-A 5.00%, 06/01/2048(a)		3,750		3,463,429
California School Finance Authority (Girls Athletic Leadership Schools Los Angeles) Series 2021 4.00%, 06/01/2041(a)		955		771,894
4.00%, 06/01/2051(a)		1,000		730,639
California School Finance Authority (Green DOT Public Schools Obligated Group) Series 2018 5.00%, 08/01/2038(a)		3,000		3,034,059
Series 2022 5.375%, 08/01/2042(a)		1,500		1,537,316
City of Oakland CA Series 2023-A 5.50%, 07/15/2053		2,500		2,806,154

16 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-D 5.50%, 07/15/2053	$	2,500	$	2,806,155
				79,504,960
Colorado – 0.4%
Denver Health & Hospital Authority Series 2019-A 4.00%, 12/01/2038		1,020		922,321
4.00%, 12/01/2039		1,000		888,604
4.00%, 12/01/2040		750		658,439
				2,469,364
Connecticut – 1.1%
City of Bridgeport CT Series 2017-A 5.00%, 11/01/2025		525		534,920
Series 2021-A 4.00%, 08/01/2037		775		780,746
4.00%, 08/01/2039		1,000		993,035
4.00%, 08/01/2040		325		319,861
BAM Series 2018-C 5.00%, 07/15/2036		1,000		1,059,004
5.00%, 07/15/2038		620		650,657
BAM Series 2019-A 5.00%, 02/01/2035		1,500		1,609,570
				5,947,793
District of Columbia – 4.6%
District of Columbia (Gallaudet University) Series 2021 5.00%, 04/01/2046		1,715		1,775,216
5.00%, 04/01/2051		2,635		2,701,298
District of Columbia (KIPP DC Obligated Group) Series 2017-A 5.00%, 07/01/2042		1,785		1,811,000
Series 2017-B 5.00%, 07/01/2037		625		641,006
5.00%, 07/01/2042		2,000		2,029,132
District of Columbia (KIPP DC Public Charter Schools) Series 2019 4.00%, 07/01/2039		4,275		4,037,952
District of Columbia (Plenary Infrastructure DC LLC State Lease) Series 2022 5.00%, 08/31/2027		620		639,417
5.50%, 02/28/2035		4,025		4,589,223

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.50%, 02/29/2036	$	1,625	$	1,855,791
5.50%, 08/31/2036		1,800		2,050,396
5.50%, 02/28/2037		3,100		3,524,241
District of Columbia Water & Sewer Authority Series 2016-A 5.00%, 10/01/2035		820		839,237
				26,493,909
Florida – 1.2%
Florida Development Finance Corp. (United Cerebral Palsy of Central Florida, Inc.) Series 2020 5.00%, 06/01/2040		825		760,513
5.00%, 06/01/2050		3,735		3,223,383
Miami-Dade County Housing Finance Authority (Wynwood Works LLC) Series 2023-A 5.70%, 06/01/2052(a)		2,000		2,022,431
Series 2023-B 5.78%, 06/01/2027(a)		1,000		1,002,742
				7,009,069
Illinois – 7.7%
Chicago Housing Authority Series 2018-A 5.00%, 01/01/2035		3,545		3,705,140
Chicago Transit Authority (Chicago Transit Authority Sales Tax) Series 2017 5.00%, 12/01/2051		5,085		5,102,572
Chicago Transit Authority Sales Tax Receipts Fund Series 2014 5.25%, 12/01/2049		5,000		5,012,544
Series 2020-A 5.00%, 12/01/2045		7,315		7,493,038
Series 2022-A 4.00%, 12/01/2049		4,190		3,795,174
5.00%, 12/01/2057		3,770		3,845,511
Cook County Community College District No. 508 BAM Series 2017 5.00%, 12/01/2047		620		629,635
Illinois Finance Authority (Lawndale Educational & Regional Network Charter School Obligated Group) Series 2021 4.00%, 11/01/2041		1,850		1,624,436

18 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 11/01/2051	$	2,930	$	2,352,125
4.00%, 11/01/2056		3,850		3,007,809
Illinois Finance Authority (University of Illinois) Series 2020 4.00%, 10/01/2040		615		560,879
4.00%, 10/01/2050		6,505		5,454,998
4.00%, 10/01/2055		2,000		1,627,106
				44,210,967
Indiana – 0.5%
Muncie Sanitary District AGM Series 2021-A 5.00%, 01/01/2029		685		727,811
5.00%, 07/01/2029		600		642,028
5.00%, 01/01/2030		1,000		1,075,727
5.00%, 07/01/2030		420		454,682
				2,900,248
Louisiana – 0.5%
Tangipahoa Parish Hospital Service District No. 1 Series 2021 4.00%, 02/01/2041		1,500		1,366,377
4.00%, 02/01/2042		1,500		1,352,329
				2,718,706
Maryland – 3.5%
Maryland Economic Development Corp. (Bowie State University) Series 2020 4.00%, 07/01/2050		1,200		1,014,805
Maryland Economic Development Corp. (Maryland Econ Dev Corp.-Morgan View & Thurgood Marshall Student Hsg) Series 2020 5.00%, 07/01/2050		2,500		2,500,964
Series 2022 5.00%, 07/01/2033		1,895		2,022,676
5.00%, 07/01/2034		1,840		1,957,530
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.25%, 06/30/2052		8,000		8,206,227
5.25%, 06/30/2055		4,000		4,092,310
				19,794,512

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 19

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Massachusetts – 3.2%
Massachusetts Development Finance Agency (Boston Medical Center Corp. Obligated Group) Series 2015-D 5.00%, 07/01/2044	$	7,415	$	7,273,722
Series 2016-E 5.00%, 07/01/2037		765		775,112
Series 2017-F 5.00%, 07/01/2030		1,475		1,543,260
Series 2023 5.25%, 07/01/2048		2,720		2,879,453
Massachusetts Development Finance Agency (Tufts Medicine Obligated Group) Series 2019-A 5.00%, 07/01/2036		1,765		1,779,257
5.00%, 07/01/2039		2,250		2,223,875
AGM Series 2020-C 4.00%, 10/01/2045		1,090		1,035,065
Massachusetts Development Finance Agency (WGBH Educational Foundation) Series 2017-A 4.00%, 01/01/2032		825		837,870
				18,347,614
Michigan – 10.2%
Center Line Public Schools Series 2018 5.00%, 05/01/2038		895		940,861
City of Detroit MI Series 2018 5.00%, 04/01/2026		585		594,043
5.00%, 04/01/2027		500		512,251
5.00%, 04/01/2032		770		793,115
5.00%, 04/01/2034		1,255		1,292,031
5.00%, 04/01/2035		1,500		1,542,852
5.00%, 04/01/2036		1,200		1,230,437
5.00%, 04/01/2037		1,100		1,122,433
Series 2021-A 4.00%, 04/01/2040		1,050		960,472
5.00%, 04/01/2033		1,125		1,187,566
5.00%, 04/01/2036		1,800		1,886,881
5.00%, 04/01/2039		1,175		1,207,542
5.00%, 04/01/2050		3,650		3,643,859
Series 2023-A 5.25%, 05/01/2028		300		314,084
5.25%, 05/01/2030		700		747,830

20 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.25%, 05/01/2031	$	600	$	645,960
5.25%, 05/01/2032		600		650,457
5.25%, 05/01/2033		800		871,834
6.00%, 05/01/2039		2,500		2,818,650
Detroit City School District Series 2020-A 5.00%, 05/01/2036		1,145		1,236,084
5.00%, 05/01/2037		1,150		1,229,204
5.00%, 05/01/2039		1,645		1,737,372
5.00%, 05/01/2040		1,000		1,051,230
Downriver Utility Wastewater Authority AGM Series 2018 5.00%, 04/01/2043		1,515		1,554,593
Ferris State University Series 2019-A 5.00%, 10/01/2024		2,000		2,008,630
5.00%, 10/01/2025		2,000		2,036,474
5.00%, 10/01/2026		2,185		2,252,254
Flint Hospital Building Authority (Hurley Medical Center) Series 2020 4.00%, 07/01/2035		1,000		923,213
4.00%, 07/01/2038		1,575		1,380,515
4.00%, 07/01/2041		3,500		2,935,669
5.00%, 07/01/2031		2,405		2,425,295
Flint Public Library AGM Series 2020 3.00%, 05/01/2029		1,085		1,040,596
3.00%, 05/01/2030		1,175		1,124,368
Grand Rapids Public Schools AGM Series 2019 5.00%, 11/01/2040		1,800		1,888,331
Great Lakes Water Authority Water Supply System Revenue Series 2016-B 5.00%, 07/01/2046		1,225		1,242,574
Series 2020-B 5.00%, 07/01/2045		1,350		1,414,448
5.00%, 07/01/2049		1,300		1,364,028
Series 2022-A 5.00%, 07/01/2037		1,000		1,120,820
5.00%, 07/01/2038		1,215		1,347,668
5.25%, 07/01/2039		1,925		2,165,767
5.25%, 07/01/2040		735		818,364

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) NATL Series 2014 5.00%, 07/01/2036	$	1,000	$	1,000,963
				58,261,618
Minnesota – 0.5%
City of Minneapolis MN (Hennepin Schools) Series 2021-A 4.00%, 07/01/2056		3,000		1,999,157
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Metro Deaf School) Series 2018-A 5.00%, 06/15/2048(a)		1,000		927,251
				2,926,408
Missouri – 0.0%
St. Louis Community College District Series 2017 4.00%, 04/01/2035		200		203,034
New Jersey – 4.7%
Essex County Improvement Authority (North Star Academy Charter School of Newark, Inc.) Series 2020 4.00%, 07/15/2040(a)		3,200		2,924,182
4.00%, 07/15/2050(a)		3,260		2,739,861
New Jersey Economic Development Authority (Foundation Academy Charter School A NJ Nonprofit Corp.) Series 2018-A 5.00%, 07/01/2050		1,000		933,444
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2023 5.185%, 03/01/2030		1,500		1,484,457
5.198%, 03/01/2031		1,500		1,479,394
New Jersey Economic Development Authority (New Jersey Transit Corp. State Lease) Series 2020 5.00%, 11/01/2044		10,925		11,323,095

22 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (North Star Academy Charter School of Newark, Inc.) Series 2017 5.00%, 07/15/2047	$	1,175	$	1,172,698
New Jersey Economic Development Authority (Seeing Eye, Inc. (The)) Series 2015 5.00%, 03/01/2025		3,205		3,235,283
New Jersey Economic Development Authority (State of New Jersey Division of Property Management & Construction Lease) Series 2018-C 5.00%, 06/15/2027		645		673,985
5.00%, 06/15/2042		1,000		1,022,455
				26,988,854
New York – 16.2%
Buffalo Sewer Authority Series 2021 1.75%, 06/15/2049(b)		2,380		1,676,290
Build NYC Resource Corp. (Academic Leadership Charter School) Series 2021 4.00%, 06/15/2031		200		187,614
4.00%, 06/15/2036		385		350,183
Build NYC Resource Corp. (Children’s Aid Society (The)) Series 2019 4.00%, 07/01/2044		1,890		1,772,781
4.00%, 07/01/2049		600		544,955
Build NYC Resource Corp. (Classical Charter School, Inc.) Series 2023 4.75%, 06/15/2058		760		695,168
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) Series 2022 5.75%, 06/01/2052(a)		1,250		1,271,683
5.75%, 06/01/2062(a)		7,000		7,085,296
Build NYC Resource Corp. (Global Community Charter School) Series 2022 4.00%, 06/15/2032		900		881,389
5.00%, 06/15/2042		2,800		2,799,495
5.00%, 06/15/2052		1,520		1,459,986
5.00%, 06/15/2057		1,300		1,235,389

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Build NYC Resource Corp. (Inwood Academy for Leadership Charter School) Series 2018-A 5.50%, 05/01/2048(a)	$	500	$	500,701
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.25%, 07/01/2057		1,625		1,649,400
5.25%, 07/01/2062		2,000		2,026,021
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School) Series 2017 5.00%, 06/01/2052(a)		3,260		3,068,718
Series 2017-A 5.00%, 06/01/2047(a)		1,725		1,662,369
Metropolitan Transportation Authority Series 2014-D 5.00%, 11/15/2039		4,000		4,024,051
Series 2017-C 5.00%, 11/15/2029		1,165		1,233,496
5.00%, 11/15/2033		1,000		1,056,747
Series 2018-B 5.00%, 11/15/2026		2,160		2,244,419
Series 2020-C 4.75%, 11/15/2045		4,015		4,084,941
5.25%, 11/15/2055		12,320		12,797,463
Series 2020-D 4.00%, 11/15/2050		5,000		4,510,819
Series 2020-E 5.00%, 11/15/2030		5,000		5,538,728
5.00%, 11/15/2032		4,500		4,945,324
Series 2021-A 4.00%, 11/15/2041		7,500		7,282,076
BAM Series 2024-A 4.00%, 11/15/2048		4,500		4,179,291
Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) Series 2020 5.00%, 06/01/2040(a)		1,895		1,899,825
New York City Health and Hospitals Corp. (New York City Health and Hospital Corp. Lease) Series 2021-A 4.00%, 02/15/2045		1,110		1,066,221

24 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York Power Authority (New York Power Authority SFP Transmission Project) AGM Series 2023 5.00%, 11/15/2053	$	4,000	$	4,287,162
New York State Dormitory Authority (Montefiore Obligated Group) Series 2018 5.00%, 08/01/2032		375		384,097
5.00%, 08/01/2034		750		767,645
AGM Series 2020 3.00%, 09/01/2050		2,000		1,400,215
New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding Co., LLC) Series 2023 6.971%, 06/30/2051		2,000		1,897,385
				92,467,343
North Carolina – 0.8%
North Carolina Central University Series 2019 4.00%, 04/01/2049		2,270		2,020,171
5.00%, 04/01/2044		2,500		2,549,117
				4,569,288
Ohio – 2.6%
American Municipal Power, Inc. (American Municipal Power Solar Electricity Prepayment Revenue) Series 2019 5.00%, 02/15/2044		2,150		2,226,321
Cleveland-Cuyahoga County Port Authority (Cleveland Museum of Natural History (The)) Series 2021 4.00%, 07/01/2051		1,370		1,223,473
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042		4,365		4,374,132
5.25%, 02/15/2047		1,500		1,503,041
County of Darke OH (Wayne Hospital Co. Obligated Group) Series 2019-A 5.00%, 09/01/2049		2,690		2,353,742

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Ohio Higher Educational Facility Commission (Ashtabula County Medical Center Obligated Group) Series 2022 5.25%, 01/01/2041	$	2,000	$	2,043,990
5.25%, 01/01/2052		1,000		990,916
				14,715,615
Oklahoma – 1.9%
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.00%, 08/15/2033		2,100		2,160,624
5.50%, 08/15/2057		3,365		3,422,929
Series 2022-A 5.50%, 08/15/2041		5,000		5,045,509
				10,629,062
Pennsylvania – 8.5%
City of Philadelphia PA Water & Wastewater Revenue Series 2018-A 5.00%, 10/01/2048		3,050		3,167,973
Series 2019-B 5.00%, 11/01/2049		3,095		3,225,170
Series 2020-A 5.00%, 11/01/2045		5,000		5,316,593
Delaware County Authority (Elwyn Obligated Group) Series 2017 5.00%, 06/01/2037		2,585		2,428,698
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) Series 2017 5.00%, 07/01/2032		885		898,492
5.00%, 07/01/2034		2,130		2,159,509
AGM Series 2022 4.00%, 07/01/2040		4,475		4,370,062
Philadelphia Authority for Industrial Development (City of Philadelphia PA) Series 2018 5.00%, 05/01/2036		1,620		1,715,046
5.00%, 05/01/2037		1,390		1,465,100
5.00%, 05/01/2038		1,000		1,047,826
AGM Series 2017 5.00%, 12/01/2035		200		212,264

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Philadelphia Authority for Industrial Development (Russell Byers Charter School) Series 2020 5.00%, 05/01/2040	$	2,100	$	2,019,638
Philadelphia Energy Authority (The) (City of Philadelphia PA Lease) Series 2023 5.00%, 11/01/2036		1,500		1,673,037
5.00%, 11/01/2039		1,850		2,009,458
5.00%, 11/01/2040		700		755,755
5.00%, 11/01/2041		1,265		1,361,475
5.00%, 11/01/2042		1,050		1,124,352
5.00%, 11/01/2043		750		800,356
Pittsburgh Water & Sewer Authority AGM Series 2019-A 5.00%, 09/01/2044		2,000		2,094,917
AGM Series 2020-B 4.00%, 09/01/2045		2,250		2,152,928
4.00%, 09/01/2050		2,500		2,367,841
AGM Series 2023-A 4.25%, 09/01/2053		2,500		2,418,745
School District of the City of Erie (The) AGM Series 2019-A 5.00%, 04/01/2031		930		990,037
AGM Series 2019-C 5.00%, 04/01/2028		1,850		1,944,390
5.00%, 04/01/2029		1,000		1,065,828
				48,785,490
Rhode Island – 2.7%
Providence Public Building Authority (City of Providence RI Lease) AGM Series 2020-A 5.00%, 09/15/2030		2,890		3,092,721
5.00%, 09/15/2031		5,110		5,462,432
Rhode Island Health and Educational Building Corp. (City of Providence RI) BAM Series 2021-D 4.00%, 05/15/2038		2,930		2,979,377
4.00%, 05/15/2040		1,375		1,380,626
4.00%, 05/15/2041		2,485		2,475,511
				15,390,667
Texas – 0.4%
City of Mission TX BAM Series 2021 5.00%, 02/15/2028		1,000		1,051,774

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PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 02/15/2029	$	1,000	$	1,063,410
El Paso County Hospital District Series 2017 5.00%, 08/15/2037		370		374,437
				2,489,621
Washington – 0.6%
Pend Oreille County Public Utility District No. 1 Box Canyon Series 2018 5.00%, 01/01/2044		3,600		3,624,598
West Virginia – 1.3%
Morgantown Utility Board, Inc. Series 2018-B 5.00%, 12/01/2043		2,555		2,645,168
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group) Series 2016-A 4.00%, 06/01/2031		2,800		2,804,941
Series 2017-A 5.00%, 06/01/2047		1,775		1,804,437
				7,254,546
Wisconsin – 4.2%
City of Milwaukee WI Sewerage System Revenue Series 2021-S 5.00%, 06/01/2030		1,000		1,082,054
5.00%, 06/01/2031		1,000		1,094,191
Wisconsin Health & Educational Facilities Authority (Hmong American Peace Academy Ltd.) Series 2020 5.00%, 03/15/2050		3,520		3,385,739
Wisconsin Public Finance Authority (Bancroft Neurohealth Obligated Group) Series 2016 5.125%, 06/01/2048(a)		4,430		3,929,045
Wisconsin Public Finance Authority (Crossroads Health Project) Series 2023 8.125%, 07/01/2058(a)		1,000		1,006,010
Wisconsin Public Finance Authority (NC A&T Real Estate Foundation LLC) Series 2019 5.00%, 06/01/2044		6,315		6,080,435

28 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (Scotland Health Care System Obligated Group) Series 2021-A 4.00%, 10/01/2047	$	8,255	$	7,290,457
				23,867,931
Total Municipal Obligations (cost $590,133,290)				554,813,237
CORPORATES - INVESTMENT GRADE – 0.8%
Industrial – 0.6%
Services – 0.6%
Bush Foundation 2.754%, 10/01/2050		1,000		624,070
Conservation Fund A Nonprofit Corp. (The) Series 2019 3.474%, 12/15/2029		3,267		2,907,891
				3,531,961
Financial Institutions – 0.2%
Finance – 0.2%
BlueHub Loan Fund, Inc. Series 2020 3.099%, 01/01/2030		1,000		846,617
Total Corporates - Investment Grade (cost $5,267,000)				4,378,578
AGENCIES – 0.2%
Agency Debentures – 0.2%
Federal Home Loan Banks 4.75%, 04/09/2027 (cost $997,405)		1,000		995,420
	Shares
SHORT-TERM INVESTMENTS – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(c)(d)(e) (cost $2,015,740)		2,015,740		2,015,740
Total Investments – 98.4% (cost $598,413,435)				562,202,975
Other assets less liabilities – 1.6%				9,201,140
Net Assets – 100.0%			$	571,404,115

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 29

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	15,600		07/31/2029	1 Day SOFR	3.986%	Annual	$	(392,556	)	$	– 0	–	$	(392,556	)
USD	12,400		07/31/2029	1 Day SOFR	4.461%	Annual		(2,789	)		– 0	–		(2,789	)
USD	11,000		07/31/2029	1 Day SOFR	3.975%	Annual		(275,040	)		– 0	–		(275,040	)
USD	10,000		07/31/2029	1 Day SOFR	3.938%	Annual		(256,230	)		– 0	–		(256,230	)
USD	29,500		07/31/2030	1 Day SOFR	4.016%	Annual		(914,840	)		– 0	–		(914,840	)
USD	13,700		07/31/2030	1 Day SOFR	3.897%	Annual		(514,278	)		– 0	–		(514,278	)
USD	28,600		11/01/2030	1 Day SOFR	4.518%	Annual		58,089			– 0	–		58,089
USD	33,400		12/19/2033	1 Day SOFR	3.571%	Annual		2,173,200			– 0	–		2,173,200
							$	(124,444	)	$	– 0	–	$	(124,444	)

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $69,046,259 or 12.1% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(c) Affiliated investments.

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

(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.

As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 12.3% and 0.0%, respectively.

Glossary:

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

DOT – Department of Transportation

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

30 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024

Assets
Investments in securities, at value
Unaffiliated issuers (cost $596,397,695)	$	560,187,235
Affiliated issuers (cost $2,015,740)		2,015,740
Cash		9
Cash collateral due from broker		2,107,449
Interest receivable		8,723,997
Receivable for shares of beneficial interest sold		593,445
Affiliated dividends receivable		10,390
Receivable due from Adviser		298
Total assets		573,638,563
Liabilities
Dividends payable		1,713,141
Payable for shares of beneficial interest redeemed		288,671
Payable for variation margin on centrally cleared swaps		232,636
Total liabilities		2,234,448
Net Assets	$	571,404,115
Composition of Net Assets
Shares of beneficial interest, at par	$	599
Additional paid-in capital		617,638,562
Accumulated loss		(46,235,046	)
Net Assets	$	571,404,115
Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value (based on 59,879,468 common shares outstanding)	$	9.54

See notes to financial statements.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 31

STATEMENT OF OPERATIONS

Year Ended April 30, 2024

Investment Income
Interest	$	20,286,499
Dividends—Affiliated issuers		407,690
Other income(a)		25,686
Total investment income			$	20,719,875
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions				(7,681,923	)
Swaps				1,703,726
Net change in unrealized appreciation (depreciation) of:
Investments				7,986,766
Swaps				(2,222,836	)
Net loss on investment transactions				(214,267	)
Net Increase in Net Assets from Operations			$	20,505,608

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

See notes to financial statements.

32 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended April 30, 2024			Year Ended April 30, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	20,719,875		$	17,352,193
Net realized gain (loss) on investment transactions		(5,978,197	)		4,930,002
Net change in unrealized appreciation (depreciation) of investments		5,763,930			(15,499,486	)
Net increase in net assets from operations		20,505,608			6,782,709
Distribution to Shareholders		(20,167,561	)		(18,103,095	)
Transactions in Shares of Beneficial Interest
Net increase		29,036,450			36,418,562
Total increase		29,374,497			25,098,176
Net Assets
Beginning of period		542,029,618			516,931,442
End of period	$	571,404,115		$	542,029,618

See notes to financial statements.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 33

NOTES TO FINANCIAL STATEMENTS

April 30, 2024

NOTE A

Significant Accounting Policies

AB Corporate Shares (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as an open-end, diversified management investment company. The Trust, which is a Massachusetts Business Trust, operates as a “series” company currently offering four separate portfolios: AB Corporate Income Shares, AB Municipal Income Shares, AB Taxable Multi-Sector Income Shares and AB Impact Municipal Income Shares. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to AB Impact Municipal Income Shares (the “Fund”).

Shares of the Fund are offered exclusively to holders of accounts established under wrap fee programs sponsored and maintained by certain registered investment advisers approved by AllianceBernstein L.P. (the “Adviser”). The Fund’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued

34 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have

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NOTES TO FINANCIAL STATEMENTS (continued)

occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available,

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NOTES TO FINANCIAL STATEMENTS (continued)

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2024:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Municipal Bonds

$

– 0

–

$

554,813,237

$

– 0

–

$

554,813,237

Corporates – Investment Grade

– 0

–

4,378,578

– 0

–

4,378,578

Agencies

– 0

–

995,420

– 0

–

995,420

Short-Term Investments

2,015,740

– 0

–

– 0

–

2,015,740

Total Investments in Securities

2,015,740

560,187,235

– 0

–

562,202,975

Other Financial Instruments(a):

Assets:

Centrally Cleared Interest Rate Swaps

– 0

–

2,231,289

– 0

–

2,231,289

(b)

Liabilities:

Centrally Cleared Interest Rate Swaps

– 0

–

(2,355,733

)

– 0

–

(2,355,733

)(b)

Total

$

2,015,740

$

560,062,791

$

– 0

–

$

562,078,531

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

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 37

NOTES TO FINANCIAL STATEMENTS (continued)

positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

4. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

5. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

6. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the advisory agreement, the Fund pays no advisory fee to the Adviser and the Adviser reimburses or pays for the Fund’s operating expenses. The Fund is an integral part of separately managed accounts in wrap-fee programs and other investment programs. Typically, participants in these programs pay a fee to their investment adviser for all costs and expenses of the separately managed account, including costs and expenses associated with the Fund, and a fee is paid by their investment adviser to the Adviser. In certain cases, participants may have a direct relationship with the Adviser without the involvement of a third party investment adviser, in which case the participant would pay a fee directly to the Adviser. The Adviser serves as investment manager and adviser of the Fund and continuously furnishes an investment program for the Fund

38 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

and manages, supervises and conducts the affairs of the Fund, subject to the supervisions of the Fund’s Board. The advisory agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

The Fund has entered into a distribution agreement with AllianceBernstein Investments, Inc., the Fund’s principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Fund’s shares, which are sold at their net asset value without any sales charge. The Fund does not pay a fee for this service. The Underwriter is a wholly owned subsidiary of the Adviser.

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Fund’s registrar, transfer agent and dividend-disbursing agent. ABIS registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders. The Fund does not pay a fee for this service.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to reimburse the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended April 30, 2024, such reimbursement amounted to $9,797.

A summary of the Fund’s transactions in AB mutual funds for the year ended April 30, 2024 is as follows:

Fund	Market Value 4/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	17,239	$	102,297	$	117,520	$	2,016	$	408

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 39

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	131,532,074	$	79,535,912
U.S. government securities		997,360		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	598,413,435
Gross unrealized appreciation	$	6,118,066
Gross unrealized depreciation		(42,072,647	)
Net unrealized depreciation	$	(35,954,581	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the

40 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a

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NOTES TO FINANCIAL STATEMENTS (continued)

realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended April 30, 2024, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended April 30, 2024, the Fund held inflation (CPI) swaps for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of

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NOTES TO FINANCIAL STATEMENTS (continued)

default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on centrally cleared swaps	$	2,231,289	*	Payable for variation margin on centrally cleared swaps	$	2,355,733	*
Total		$	2,231,289			$	2,355,733

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	1,703,726	$	(2,222,836	)
Total		$	1,703,726	$	(2,222,836	)

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NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended April 30, 2024:

Centrally Cleared Interest Rate Swaps:
Average notional amount	$	113,520,000
Centrally Cleared Inflation Swaps:
Average notional amount(a)	$	65,300,000

(a) Positions were open for eleven months during the year.

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

	Shares						Amount
	Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2024			Year Ended April 30, 2023
Shares sold		9,731,162			12,946,016		$	92,033,389		$	122,901,840
Shares issued in reinvestment of dividends		– 0	–		(191	)		– 0	–		(1,665	)
Shares redeemed		(6,642,394	)		(9,128,310	)		(62,996,939	)		(86,481,613	)
Net increase		3,088,768			3,817,515		$	29,036,450		$	36,418,562

NOTE E

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities selected based on ESG factors may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Fund’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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NOTES TO FINANCIAL STATEMENTS (continued)

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and any accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

Tax Risk—There is no guarantee that all of the Fund’s income will remain exempt from federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value, or NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of

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NOTES TO FINANCIAL STATEMENTS (continued)

municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield. The federal income tax treatment of payments in respect of certain derivative contracts is unclear.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options

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NOTES TO FINANCIAL STATEMENTS (continued)

and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when particular investments, such as lower-rated securities, are or become difficult to purchase or sell, possibly preventing the Fund from selling such investments at an advantageous price. The Fund is subject to illiquid investments risk because the market for municipal securities is generally smaller than many other markets. Derivatives and securities involving substantial market and credit risk tend to involve greater illiquid investments risk than most other types of investments.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but

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NOTES TO FINANCIAL STATEMENTS (continued)

there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the Adviser. The Fund did not utilize the Facility during the year ended April 30, 2024.

NOTE G

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	1,357,374	$	1,651,825
Total taxable distributions paid		1,357,374		1,651,825
Tax-exempt income		18,810,187		16,451,270
Total distributions paid	$	20,167,561	$	18,103,095

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

Undistributed tax-exempt income	$	1,708,828
Accumulated capital and other losses		(10,276,152	)(a)
Unrealized appreciation (depreciation)		(35,954,581	)(b)
Total accumulated earnings (deficit)	$	(44,521,905	)(c)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $10,276,152.

(b) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of swaps.

(c) The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $8,124,654 and a net long-term capital loss carryforward of $2,151,498, which may be carried forward for an indefinite period.

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NOTES TO FINANCIAL STATEMENTS (continued)

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE H

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE I

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Year Ended April 30,
	2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 9.54			$ 9.76			$ 10.91			$ 9.91			$ 10.19
Income From Investment Operations
Net investment income(a)		.35			.31			.28			.31			.33
Net realized and unrealized gain (loss) on investment transactions		(.01	)		(.20	)		(1.16	)		1.00			(.27	)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(b)		– 0	–
Net increase (decrease) in net asset value from operations		.34			.11			(.88	)		1.31			.06
Less: Dividends
Dividends from net investment income		(.34	)		(.33	)		(.27	)		(.31	)		(.34	)
Net asset value, end of period		$ 9.54			$ 9.54			$ 9.76			$ 10.91			$ 9.91
Total Return
Total investment return based on net asset value(c)		3.70	%		1.20	%		(8.23	)%		13.32	%		.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$571,404			$542,030			$516,931			$458,181			$245,297
Ratio to average net assets of:
Net investment income		3.73	%		3.32	%		2.59	%		2.88	%		3.18	%
Portfolio turnover rate		15	%		8	%		13	%		14	%		2	%

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

See notes to financial statements.

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

AB Impact Municipal Income Shares

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Impact Municipal Income Shares (the “Fund”) (one of the portfolios constituting AB Corporate Shares (the “Trust”)), including the portfolio of investments, as of April 30, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Corporate Shares) at April 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

June 28, 2024

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BOARD OF TRUSTEES

Garry Moody⁽¹⁾,
Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Matthew J. Norton⁽²⁾, Vice President Marc Uy⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114 Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203	Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001
Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Municipal Impact Investment Team. Messrs. Norton and Uy are the investment professionals primarily responsible for the day-to-day management of the Fund’s Portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

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MANAGEMENT OF THE FUND

Board of Trustees Information

The business and affairs of the Trust are managed under the direction of the Board of Trustees and Advisory Board member. Certain information concerning the Trust’s Trustee is set forth below.

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE
Onur Erzan,# 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES
Garry Moody,+ Chairman of the Board 72 (2017)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jorge A. Bermudez,+ 73 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2017-2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		81	Moody’s Corporation since April 2011
Michael J. Downey,+ ^ 80 (2017)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Nancy P. Jacklin,+ ^ 76 (2017)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Jeanette W. Loeb,+ 72 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		81	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Carol C. McMullen,+ 68 (2017)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) where she also serves as Advisory Board Chair (since June 2023). Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		81	None

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 59

MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEES (continued)
Marshall C. Turner, Jr.,+ ^ 82 (2017)	Private Investor since prior to 2019. He is a former (2007-2020) director of Xilinx Inc. (programmable logic semi-conductors and adaptable, intelligent computing) and, former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 1999-2000, and 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships and as a director of a number of public and private companies. He also has extensive non-profit board leadership experience, including as a former Chair of the Corporation for Public Broadcasting and the Smithsonian’s National Museum of Natural history, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all the AB Funds since 2005. He served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		81	None

60 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE AND (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
ADVISORY BOARD MEMBER
Emilie D. Wrapp,## 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023-June 2023). Prior thereto, Senior Vice President, Assistant Secretary, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		81	None

* The address for each of the Company’s independent Trustees and Advisory Board member is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department – Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Trustees and Advisory Board member.

*** The information above includes each Trustee’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee’s qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Trust.

# Mr. Erzan is an “interested person” of the Trust, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Mr. Erzan is expected to resign as a Trustee effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Trust.

## Ms. Wrapp is an “interested person”, as defined in Section 2(a)(19) of the 1940 Act, of the Fund because of her former role with the Adviser.

+ Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

^ Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective December 31, 2024.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 61

MANAGEMENT OF THE FUND (continued)

Officer Information

Certain information concerning the Fund’s Officers is listed below.

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST 5 YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.
Marc Uy 43	Vice President	Vice President of the Adviser**, with which he has been associated in a substantially similar capacity since prior to 2019.
Matthew J. Norton 41	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer — Municipal Bonds.
Nancy E. Hay 52	Secretary	Senior Vice President and Counsel of the Adviser**, with which she has been associated since prior to 2019 and Assistant Secretary of ABI**.
Michael B. Reyes 47	Senior Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.
Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.
Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.
Jennifer Friedland 50	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Trust.

The Trust’s Statement of Additional Information (“SAI”) has additional information about the Trust’s Trustees and Officers and is available without charge upon request. Contact your financial representative or ABI at (800) 227-4618, or visit, www.abfunds.com. for a free prospectus or SAI.

62 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Corporate Shares (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Impact Municipal Income Shares (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors noted that the Fund is designed as a vehicle for the wrap fee account market (where investors pay fees to a wrap fee sponsor which pays investment fees and expenses from such fee). The directors also noted that no advisory fee is payable by the Fund, that the Advisory Agreement does not include the reimbursement provision for certain administrative expenses included in the advisory agreements of most of the open-end AB Funds, and that the Adviser is responsible for payment of the Fund’s ordinary expenses. The directors noted that the Company acknowledges in the Advisory Agreement that the Adviser and its affiliates expect to receive compensation from third parties in connection with services provided under the Advisory Agreement. The directors further noted that the Adviser receives payments from the wrap fee program sponsors (the “Sponsors”) that use the Fund as an investment vehicle for their clients.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts (“SMAs”). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors’ request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees

The directors considered the advisory fee rate payable by the Fund to the Adviser (zero) and information provided by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds.

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm’s length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser’s fee arrangements with the Sponsors vary, the directors acknowledged the

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Adviser’s view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the “implied fee”) and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

The directors did not consider comparative expense information for the Fund because the Fund does not bear ordinary expenses.

Economies of Scale

The directors did not consider the extent to which fee levels in the Advisory Agreement for the Fund reflect economies of scale because the Advisory Agreement does not provide for any compensation to be paid to the Adviser by the Fund and the Fund’s expense ratio is zero. They did note, however, that the fee payable to the Adviser by the current Sponsors declines at a breakpoint based on either individual account sizes or on total assets managed by the Adviser for the Sponsor.

68 ^| AB IMPACT MUNICIPAL INCOME SHARES abfunds.com

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

abfunds.com AB IMPACT MUNICIPAL INCOME SHARES ^| 69

NOTES

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NOTES

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NOTES

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AB IMPACT MUNICIPAL INCOME SHARES

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

IMISH-0151-0424    

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr., Jorge A. Bermudez and Carol C. McMullen qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed^* by the independent registered public accounting firm Ernst & Young LLP, for the Fund’s last two fiscal years, for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit-Related Fees		Tax Fees
AB Corp Income Shares	2023	$	34,164	$	—	$	17,269
	2024	$	34,164	$	—	$	14,586
AB Taxable Multi-Sector Income Shares	2023	$	37,843	$	—	$	18,714
	2024	$	37,843	$	—	$	15,586
AB Municipal Income Shares	2023	$	47,621	$	—	$	19,090
	2024	$	47,621	$	—	$	15,750
AB Impact Municipal Income Shares	2023	$	31,218	$	—	$	18,840
	2024	$	31,218	$	—	$	15,750

* The Fund’s Adviser absorbs all ordinary Fund expenses, including the Fund’s audit fees, audit-related fees and tax fees.

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) No percentage of services addressed by (b) and (c) of this Item 4 were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. No amounts are reported for Item 4 (d).

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Service Affiliates”):

		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre- approved by the  Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Corp Income Shares	2023	$	1,522,426	$	17,269
				$	—
				$	(17,269	)
	2024	$	1,981,599	$	14,586
				$	—
				$	(14,586	)
AB Taxable Multi-Sector Income Shares	2023	$	1,523,871	$	18,714
				$	—
				$	(18,714	)
	2024	$	1,982,599	$	15,586
				$	—
				$	(15,586	)
AB Municipal Income Shares	2023	$	1,524,247	$	19,090
				$	—
				$	(19,090	)
	2024	$	1,982,763	$	15,750
				$	—
				$	(15,750	)
AB Impact Municipal Income Shares	2023	$	1,523,997	$	18,840
				$	—
				$	(18,840	)
	2024	$	1,982,763	$	15,750
				$	—
				$	(15,750	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
13(a)(1)	Code of Ethics that is subject to the disclosure of Item 2 hereof
13(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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

(Registrant): AB Corporate Shares

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	June 28, 2024

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

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	June 28, 2024
By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer
Date:	June 28, 2024