NPORT-EX 2 NPORT_A_64BD_46827661_0123.htm HTML

AB Corporate Income Shares

Portfolio of Investments

January 31, 2023 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - INVESTMENT GRADE – 95.9%

 

Industrial – 54.4%

 

Basic – 4.1%

 

Anglo American Capital PLC
3.875%, 03/16/2029(a)

    $ 221        $            205,944  

5.625%, 04/01/2030(a)

      435          445,481  

Celanese US Holdings LLC
5.90%, 07/05/2024

      165          165,962  

6.05%, 03/15/2025

      165          166,289  

Celulosa Arauco y Constitucion SA
4.25%, 04/30/2029(a)

      246          232,747  

Dow Chemical Co. (The)
6.90%, 05/15/2053

      455          539,694  

EIDP, Inc.
1.70%, 07/15/2025

      433          404,513  

Equate Petrochemical BV
2.625%, 04/28/2028(a)

      317          281,694  

Freeport Indonesia PT
4.763%, 04/14/2027(a)

      240          232,826  

5.315%, 04/14/2032(a)

      240          227,426  

Georgia-Pacific LLC
3.734%, 07/15/2023(a)

      828          821,997  

Glencore Funding LLC
1.625%, 09/01/2025(a)

      521          477,997  

4.625%, 04/29/2024(a)

      175          173,738  

Inversiones CMPC SA
3.85%, 01/13/2030(a)

      210          194,355  

LyondellBasell Industries NV
4.625%, 02/26/2055

      792          682,221  

Mosaic Co. (The)
5.625%, 11/15/2043

      170          170,753  

Sealed Air Corp.
1.573%, 10/15/2026(a)

      545          479,360  

Westlake Corp.
3.375%, 08/15/2061

      710          460,684  
       

 

 

  
          6,363,681  
       

 

 

  

Capital Goods – 3.8%

 

Caterpillar Financial Services Corp.
0.65%, 07/07/2023

      860          844,288  

4.90%, 01/17/2025

      595          601,152  

CNH Industrial Capital LLC
1.95%, 07/02/2023

      310          305,675  

3.95%, 05/23/2025

      177          173,327  

5.45%, 10/14/2025

      303          308,039  

Eaton Corp.
4.70%, 08/23/2052

      335          326,250  

John Deere Capital Corp.
2.60%, 03/07/2024

      385          376,819  

4.75%, 01/20/2028

      736          751,780  

4.85%, 10/11/2029

      223          229,920  

Johnson Controls International PLC
4.50%, 02/15/2047

      440          396,937  

Northrop Grumman Corp.
3.25%, 08/01/2023

      840          833,918  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Regal Rexnord Corp.
6.30%, 02/15/2030(a)

    $ 82        $ 83,487  

6.40%, 04/15/2033(a)

      97          99,334  

Westinghouse Air Brake Technologies Corp.
4.40%, 03/15/2024

      602          594,373  
       

 

 

  
                  5,925,299  
       

 

 

  

Communications - Media – 5.2%

 

Charter Communications Operating LLC/Charter Communications Operating Capital
3.50%, 06/01/2041

      495          346,634  

3.70%, 04/01/2051

      225          148,910  

5.125%, 07/01/2049

      299          246,678  

5.25%, 04/01/2053

      300          251,424  

5.375%, 05/01/2047

      519          442,385  

Comcast Corp.
2.937%, 11/01/2056

      522          356,594  

3.25%, 11/01/2039

      558          464,289  

Discovery Communications LLC
4.65%, 05/15/2050

      59          46,088  

5.20%, 09/20/2047

      468          390,261  

5.30%, 05/15/2049

      82          69,338  

FactSet Research Systems, Inc.
2.90%, 03/01/2027

      515          481,237  

Fox Corp.
3.05%, 04/07/2025

      23          22,181  

5.576%, 01/25/2049

      346          334,329  

Interpublic Group of Cos., Inc. (The)
3.375%, 03/01/2041

      340          258,567  

Meta Platforms, Inc.
4.65%, 08/15/2062

      515          452,757  

Netflix, Inc.
4.875%, 04/15/2028

      705          704,401  

Paramount Global
4.20%, 05/19/2032

      225          193,529  

Prosus NV
3.257%, 01/19/2027(a)

      237          215,077  

3.68%, 01/21/2030(a)

      210          180,994  

Tencent Holdings Ltd.
2.39%, 06/03/2030(a)

      397          333,544  

Thomson Reuters Corp.
5.65%, 11/23/2043

      220          214,146  

Time Warner Cable Enterprises LLC
8.375%, 03/15/2023

      967          970,974  

Walt Disney Co. (The)
4.00%, 10/01/2023

      40          39,702  

6.40%, 12/15/2035

      161          185,266  

8.875%, 04/26/2023

      105          105,886  

Warnermedia Holdings, Inc.
5.05%, 03/15/2042(a)

      305          260,406  

Weibo Corp.
3.50%, 07/05/2024

      373          360,714  
       

 

 

  
          8,076,311  
       

 

 

  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Communications - Telecommunications – 0.6%

 

AT&T, Inc.
3.50%, 09/15/2053

    $ 179        $ 132,369  

6.55%, 01/15/2028

      100          105,586  

Corning, Inc.
4.75%, 03/15/2042

      455          433,542  

5.45%, 11/15/2079

      195          187,777  

Rogers Communications, Inc.
4.50%, 03/15/2043

      4          3,447  
       

 

 

  
                     862,721  
       

 

 

  

Consumer Cyclical - Automotive – 1.6%

 

General Motors Co.
5.95%, 04/01/2049

      115          110,327  

General Motors Financial Co., Inc.
4.15%, 06/19/2023

      116          115,568  

6.05%, 10/10/2025

      303          308,760  

Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(a)

      831          760,224  

Hyundai Capital America
5.875%, 04/07/2025(a)

      160          161,621  

Mercedes-Benz Finance North America LLC
5.50%, 11/27/2024(a)

      530          537,420  

Toyota Motor Credit Corp.
5.45%, 11/10/2027

      440          459,180  
       

 

 

  
          2,453,100  
       

 

 

  

Consumer Cyclical - Entertainment – 0.2%

 

Hasbro, Inc.
5.10%, 05/15/2044

      355          316,507  
       

 

 

  

Consumer Cyclical - Other – 0.7%

 

Las Vegas Sands Corp.
2.90%, 06/25/2025

      685          640,735  

3.90%, 08/08/2029

      390          349,046  

MDC Holdings, Inc.
6.00%, 01/15/2043

      140          124,172  
       

 

 

  
          1,113,953  
       

 

 

  

Consumer Cyclical - Restaurants – 0.5%

 

McDonald’s Corp.
3.625%, 09/01/2049

      215          175,840  

4.45%, 09/01/2048

      185          172,207  

4.60%, 05/26/2045

      280          265,082  

4.70%, 12/09/2035

      220          220,169  
       

 

 

  
          833,298  
       

 

 

  

Consumer Cyclical - Retailers – 1.6%

 

AutoNation, Inc.
3.85%, 03/01/2032

      515          435,675  

AutoZone, Inc.
3.125%, 04/21/2026

      795          759,336  

Lowe’s Cos., Inc.
5.80%, 09/15/2062

      565          587,843  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Ross Stores, Inc.
4.70%, 04/15/2027

    $ 160        $ 159,203  

4.80%, 04/15/2030

      115          111,486  

5.45%, 04/15/2050

      175          168,551  

Walmart, Inc.
3.95%, 06/28/2038

      320          307,434  
       

 

 

  
                  2,529,528  
       

 

 

  

Consumer Non-Cyclical – 13.0%

 

AbbVie, Inc.
4.40%, 11/06/2042

      350          323,102  

Altria Group, Inc.
3.40%, 05/06/2030

      180          159,377  

4.00%, 02/04/2061

      300          207,402  

5.95%, 02/14/2049

      180          170,190  

AmerisourceBergen Corp.
0.737%, 03/15/2023

      277          275,643  

4.25%, 03/01/2045

      165          145,921  

4.30%, 12/15/2047

      295          266,125  

Amgen, Inc.
4.40%, 02/22/2062

      570          488,980  

4.875%, 03/01/2053

      335          318,099  

BAT Capital Corp.
2.259%, 03/25/2028

      307          263,870  

4.39%, 08/15/2037

      323          266,097  

4.906%, 04/02/2030

      394          372,740  

5.65%, 03/16/2052

      195          174,153  

BAT International Finance PLC
4.448%, 03/16/2028

      395          378,181  

Baxalta, Inc.
4.00%, 06/23/2025

      765          750,802  

Baxter International, Inc.
0.868%, 12/01/2023

      545          526,623  

Biogen, Inc.
4.05%, 09/15/2025

      385          378,336  

Bristol-Myers Squibb Co.
3.625%, 05/15/2024

      833          824,095  

3.70%, 03/15/2052

      480          405,446  

3.90%, 03/15/2062

      485          409,927  

Cardinal Health, Inc.
4.50%, 11/15/2044

      305          263,319  

4.90%, 09/15/2045

      305          277,385  

Cargill, Inc.
3.625%, 04/22/2027(a)

      560          544,578  

4.375%, 04/22/2052(a)

      350          330,039  

5.125%, 10/11/2032(a)

      166          172,891  

Cigna Corp.
3.00%, 07/15/2023

      71          70,359  

4.80%, 08/15/2038

      530          519,008  

7.875%, 05/15/2027

      53          59,577  

CommonSpirit Health
4.35%, 11/01/2042

      44          39,009  

CVS Health Corp.
5.125%, 07/20/2045

      315          303,162  

Gilead Sciences, Inc.
0.75%, 09/29/2023

      203          197,397  

2.80%, 10/01/2050

      175          122,276  

3.65%, 03/01/2026

      781          761,288  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Hershey Co. (The)
0.90%, 06/01/2025

    $ 898        $            828,387  

3.125%, 11/15/2049

      245          191,242  

Johnson & Johnson
5.85%, 07/15/2038

      240          281,513  

McKesson Corp.
1.30%, 08/15/2026

      926          826,483  

Merck & Co., Inc.
2.75%, 02/10/2025

      707          685,267  

2.90%, 12/10/2061

      205          142,805  

Molson Coors Brewing Co.
4.20%, 07/15/2046

      210          175,808  

Mylan, Inc.
4.20%, 11/29/2023

      682          676,435  

Newell Brands, Inc.
6.375%, 09/15/2027

      320          321,728  

Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031

      264          198,737  

PepsiCo, Inc.
0.40%, 10/07/2023

      787          763,500  

3.90%, 07/18/2032

      330          322,440  

Philip Morris International, Inc.
5.00%, 11/17/2025

      375          380,047  

5.625%, 11/17/2029

      69          72,066  

Pilgrim’s Pride Corp.
3.50%, 03/01/2032(a)

      400          325,584  

Sysco Corp.
2.45%, 12/14/2031

      425          356,222  

3.15%, 12/14/2051

      460          331,448  

6.60%, 04/01/2050

      227          263,297  

Thermo Fisher Scientific, Inc.
0.797%, 10/18/2023

      1,258          1,221,845  

Wyeth LLC
5.95%, 04/01/2037

      240          272,234  

Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024

      803          757,807  
       

 

 

  
          20,160,292  
       

 

 

  

Energy – 4.9%

 

BP Capital Markets America, Inc.
2.939%, 06/04/2051

      485          346,809  

3.00%, 02/24/2050

      660          481,615  

Conocophillips Co.
3.80%, 03/15/2052

      405          346,927  

Continental Resources, Inc./OK
2.875%, 04/01/2032(a)

      304          237,728  

4.90%, 06/01/2044

      495          394,540  

5.75%, 01/15/2031(a)

      221          216,940  

Ecopetrol SA
5.875%, 09/18/2023

      64          63,840  

5.875%, 05/28/2045

      25          17,903  

Enable Midstream Partners LP
5.00%, 05/15/2044

      41          36,025  

Energy Transfer LP
3.90%, 07/15/2026

      440          423,672  

5.35%, 05/15/2045

      135          123,177  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Eni SpA
5.70%, 10/01/2040(a)

    $ 420        $            402,326  

Enterprise Products Operating LLC
4.80%, 02/01/2049

      85          78,911  

Exxon Mobil Corp.
4.114%, 03/01/2046

      514          468,634  

4.327%, 03/19/2050

      220          207,148  

Flex Intermediate Holdco LLC
3.363%, 06/30/2031(a)

      215          175,539  

4.317%, 12/30/2039(a)

      215          163,826  

Kinder Morgan, Inc.
5.55%, 06/01/2045

      485          473,423  

Marathon Oil Corp.
6.60%, 10/01/2037

      305          323,410  

MPLX LP
5.20%, 12/01/2047

      144          131,505  

ONEOK, Inc.
6.10%, 11/15/2032

      127          133,396  

Pioneer Natural Resources Co.
2.15%, 01/15/2031

      560          464,050  

Suncor Energy, Inc.
6.50%, 06/15/2038

      305          333,203  

6.85%, 06/01/2039

      215          238,824  

Targa Resources Corp.
6.25%, 07/01/2052

      495          502,658  

Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/2030(a)

      265          199,744  

Var Energi ASA
7.50%, 01/15/2028(a)

      292          307,639  

Western Midstream Operating LP
4.65%, 07/01/2026

      81          78,110  

5.45%, 04/01/2044

      149          131,038  
       

 

 

  
          7,502,560  
       

 

 

  

Services – 3.1%

 

Alibaba Group Holding Ltd.
2.125%, 02/09/2031

      400          328,196  

2.70%, 02/09/2041

      300          206,820  

Amazon.com, Inc.
4.10%, 04/13/2062

      280          245,599  

4.25%, 08/22/2057

      170          155,773  

4.55%, 12/01/2027

      531          537,807  

Block Financial LLC
2.50%, 07/15/2028

      430          377,441  

Booking Holdings, Inc.
4.625%, 04/13/2030

      800          803,728  

Global Payments, Inc.
2.90%, 11/15/2031

      545          454,465  

Mastercard, Inc.
2.00%, 03/03/2025

      804          765,199  

Moody’s Corp.
5.25%, 07/15/2044

      135          137,616  

PayPal Holdings, Inc.
5.25%, 06/01/2062

      395          389,735  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

S&P Global, Inc.
2.90%, 03/01/2032(a)

    $ 226        $ 200,157  

4.25%, 05/01/2029(a)

      90          88,508  

4.75%, 08/01/2028(a)

      20          20,252  
       

 

 

  
                  4,711,296  
       

 

 

  

Technology – 14.1%

 

Analog Devices, Inc.
2.95%, 04/01/2025

      36          34,910  

Apple, Inc.
2.45%, 08/04/2026

      782          737,864  

2.65%, 05/11/2050

      170          120,297  

3.25%, 02/23/2026

      840          816,085  

4.10%, 08/08/2062

      345          307,792  

4.45%, 05/06/2044

      871          869,476  

Baidu, Inc.
1.625%, 02/23/2027

      435          381,247  

3.075%, 04/07/2025

      265          252,709  

Broadcom, Inc.
3.137%, 11/15/2035(a)

      466          361,756  

3.187%, 11/15/2036(a)

      573          438,030  

4.926%, 05/15/2037(a)

      452          414,954  

CDW LLC/CDW Finance Corp.
2.67%, 12/01/2026

      788          709,310  

Cisco Systems, Inc.
2.20%, 09/20/2023

      773          760,253  

Dell International LLC/EMC Corp.
8.35%, 07/15/2046

      42          50,752  

Entegris Escrow Corp.
4.75%, 04/15/2029(a)

      395          370,597  

Fidelity National Information Services, Inc.
0.375%, 03/01/2023

      1,295          1,290,377  

HP, Inc.
4.20%, 04/15/2032

      390          348,145  

5.50%, 01/15/2033

      695          682,692  

Infor, Inc.
1.75%, 07/15/2025(a)

      95          86,393  

Intel Corp.
4.75%, 03/25/2050

      454          419,555  

5.05%, 08/05/2062

      675          631,557  

International Business Machines Corp.
4.25%, 05/15/2049

      570          504,895  

4.50%, 02/06/2026

      620          620,632  

4.90%, 07/27/2052

      660          642,094  

KLA Corp.
4.95%, 07/15/2052

      500          502,675  

5.25%, 07/15/2062

      380          393,536  

Kyndryl Holdings, Inc.
2.05%, 10/15/2026

      1,080          931,241  

Lam Research Corp.
3.75%, 03/15/2026

      142          139,188  

Micron Technology, Inc.
6.75%, 11/01/2029

      359          382,209  

Microsoft Corp.
2.00%, 08/08/2023

      848          835,433  

2.40%, 08/08/2026

      864          815,115  

3.95%, 08/08/2056

      225          206,626  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

NXP BV/NXP Funding LLC
5.55%, 12/01/2028

    $ 1,176        $ 1,211,445  

NXP BV/NXP Funding LLC/NXP USA, Inc.
2.70%, 05/01/2025

      24          22,821  

Oracle Corp.
2.50%, 04/01/2025

      619          590,254  

3.60%, 04/01/2040

      436          345,517  

3.65%, 03/25/2041

      233          184,398  

3.85%, 04/01/2060

      94          67,983  

4.00%, 11/15/2047

      537          425,911  

5.375%, 07/15/2040

      143          139,622  

6.125%, 07/08/2039

      254          267,871  

QUALCOMM, Inc.
6.00%, 05/20/2053

      585          671,492  

SK Hynix, Inc.
2.375%, 01/19/2031(a)

      390          293,792  

Skyworks Solutions, Inc.
3.00%, 06/01/2031

      259          213,403  

Take-Two Interactive Software, Inc.
3.30%, 03/28/2024

      263          257,766  

Texas Instruments, Inc.
4.10%, 08/16/2052

      239          227,650  

4.60%, 02/15/2028

      450          459,171  

TSMC Arizona Corp.
4.50%, 04/22/2052

      345          338,962  
       

 

 

  
                21,776,453  
       

 

 

  

Transportation - Airlines – 0.1%

 

Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(a)

      120          118,614  
       

 

 

  

Transportation - Services – 0.9%

 

ENA Master Trust
4.00%, 05/19/2048(a)

      370          289,872  

ERAC USA Finance LLC
3.85%, 11/15/2024(a)

      711          691,888  

Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.90%, 02/01/2024(a)

      300          295,002  

4.20%, 04/01/2027(a)

      117          112,358  
       

 

 

  
          1,389,120  
       

 

 

  
          84,132,733  
       

 

 

  

Financial Institutions – 34.5%

 

Banking – 23.4%

 

AIB Group PLC
7.583%, 10/14/2026(a)

      455          470,907  

Ally Financial, Inc.
8.00%, 11/01/2031

      192          210,735  

Australia & New Zealand Banking Group Ltd.
4.82%, 02/03/2025(a)

      543          543,755  

Banco de Credito del Peru S.A.
3.125%, 07/01/2030(a)

      274          251,728  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Banco Santander SA
1.722%, 09/14/2027

    $ 600        $            525,642  

Bank of America Corp.
2.592%, 04/29/2031

      575          491,625  

2.884%, 10/22/2030

      450          394,403  

3.384%, 04/02/2026

      390          377,126  

3.846%, 03/08/2037

      510          445,031  

3.97%, 03/05/2029

      520          495,908  

3.974%, 02/07/2030

      390          369,002  

4.271%, 07/23/2029

      727          702,987  

4.827%, 07/22/2026

      495          493,807  

6.204%, 11/10/2028

      585          616,964  

Bank of Ireland Group PLC
6.253%, 09/16/2026(a)

      320          324,435  

Bank of Nova Scotia (The)
4.75%, 02/02/2026

      461          460,751  

Barclays PLC
7.385%, 11/02/2028

      499          540,562  

7.437%, 11/02/2033

      275          309,782  

BBVA Bancomer SA/Texas
5.875%, 09/13/2034(a)

      330          316,759  

BNP Paribas SA
2.591%, 01/20/2028(a)

      450          408,271  

4.625%, 02/25/2031(a) (b)

      223          182,842  

BPCE SA
5.029%, 01/15/2025(a)

      488          487,878  

5.975%, 01/18/2027(a)

      322          325,954  

Capital One Financial Corp.
4.985%, 07/24/2026

      335          332,725  

5.468%, 02/01/2029

      146          146,860  

Citigroup, Inc.
2.666%, 01/29/2031

      400          344,216  

3.875%, 02/18/2026(b)

      344          314,000  

4.14%, 05/24/2025

      345          340,888  

Series W
4.00%, 12/10/2025(b)

      368          343,248  

Series Y
4.15%, 11/15/2026(b)

      569          508,544  

Credit Suisse Group AG
4.55%, 04/17/2026

      790          728,957  

6.373%, 07/15/2026(a)

      738          716,546  

Danske Bank A/S
4.298%, 04/01/2028(a)

      250          240,668  

6.466%, 01/09/2026(a)

      350          355,233  

Deutsche Bank AG/New York NY
2.311%, 11/16/2027

      910          809,227  

6.119%, 07/14/2026

      173          175,323  

6.72%, 01/18/2029

      238          250,445  

Discover Bank
4.682%, 08/09/2028

      385          373,562  

Discover Financial Services
6.70%, 11/29/2032

      175          187,010  

Goldman Sachs Group, Inc. (The)
1.542%, 09/10/2027

      881          777,676  

1.948%, 10/21/2027

      340          304,256  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

Series V
4.125%, 11/10/2026(b)

    $ 248        $            221,251  

HSBC Holdings PLC
2.013%, 09/22/2028

      285          246,736  

2.206%, 08/17/2029

      335          283,758  

2.251%, 11/22/2027

      355          318,410  

3.973%, 05/22/2030

      342          315,078  

4.583%, 06/19/2029

      970          939,765  

4.60%, 12/17/2030(b)

      267          224,958  

4.755%, 06/09/2028

      420          412,931  

4.762%, 03/29/2033

      242          223,109  

Intesa Sanpaolo SpA
7.00%, 11/21/2025(a)

      224          231,423  

JPMorgan Chase & Co.
2.947%, 02/24/2028

      405          375,415  

3.702%, 05/06/2030

      335          311,865  

4.323%, 04/26/2028

      560          547,758  

5.546%, 12/15/2025

      765          771,181  

8.00%, 04/29/2027

      520          592,628  

KBC Group NV
5.796%, 01/19/2029(a)

      209          212,037  

Lloyds Banking Group PLC
7.953%, 11/15/2033

      516          589,489  

M&T Bank Corp.
3.50%, 09/01/2026(b)

      264          222,132  

Mitsubishi UFJ Financial Group, Inc.
1.64%, 10/13/2027

      828          730,371  

2.852%, 01/19/2033

      375          314,430  

Mizuho Financial Group, Inc.
5.414%, 09/13/2028

      560          572,186  

Morgan Stanley
2.484%, 09/16/2036

      500          386,970  

3.62%, 04/17/2025

      555          544,938  

3.622%, 04/01/2031

      125          114,894  

4.431%, 01/23/2030

      440          428,371  

5.123%, 02/01/2029

      330          333,571  

6.296%, 10/18/2028

      595          628,897  

6.342%, 10/18/2033

      210          230,870  

National Australia Bank Ltd.
3.347%, 01/12/2037(a)

      665          537,845  

Nationwide Building Society
2.972%, 02/16/2028(a)

      404          368,125  

NatWest Group PLC
7.472%, 11/10/2026

      234          247,542  

PNC Financial Services Group, Inc. (The)
4.626%, 06/06/2033

      245          236,104  

5.068%, 01/24/2034

      149          150,232  

Series O
8.492% (LIBOR 3 Month + 3.68%), 05/01/2023(b) (c)

      358          360,592  

Santander Holdings USA, Inc.
2.49%, 01/06/2028

      213          187,649  

4.40%, 07/13/2027

      320          311,286  

Societe Generale SA
2.797%, 01/19/2028(a)

      795          716,414  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

Standard Chartered PLC
1.456%, 01/14/2027(a)

    $ 345        $ 307,561  

3.971%, 03/30/2026(a)

      245          236,856  

6.17%, 01/09/2027(a)

      287          293,868  

State Street Corp.
4.857%, 01/26/2026

      289          289,978  

Synchrony Bank
5.625%, 08/23/2027

      250          248,883  

Truist Financial Corp.
Series Q
5.10%, 03/01/2030(b)

      382          371,896  

UBS Group AG
4.703%, 08/05/2027(a)

      335          330,541  

Wells Fargo & Co.
3.908%, 04/25/2026

      553          540,110  

Series BB
3.90%, 03/15/2026(b)

      805          741,510  

Western Union Co. (The)
2.75%, 03/15/2031

      490          389,584  

Westpac Banking Corp.
3.02%, 11/18/2036

      630          493,265  

4.11%, 07/24/2034

      475          429,058  
       

 

 

  
                36,110,559  
       

 

 

  

Brokerage – 0.9%

 

Charles Schwab Corp. (The)
Series G
5.375%, 06/01/2025(b)

      97          96,576  

Series I
4.00%, 06/01/2026(b)

      595          548,007  

Jefferies Financial Group, Inc.
5.50%, 10/18/2023

      444          443,623  

Nomura Holdings, Inc.
5.709%, 01/09/2026

      322          326,263  
       

 

 

  
          1,414,469  
       

 

 

  

Finance – 1.8%

 

Aircastle Ltd.
2.85%, 01/26/2028(a)

      664          578,191  

4.25%, 06/15/2026

      21          20,244  

5.25%, 08/11/2025(a)

      210          205,472  

Aviation Capital Group LLC
1.95%, 01/30/2026(a)

      274          243,592  

1.95%, 09/20/2026(a)

      391          340,088  

3.50%, 11/01/2027(a)

      116          103,916  

4.375%, 01/30/2024(a)

      220          215,930  

Synchrony Financial
2.875%, 10/28/2031

      368          286,455  

3.95%, 12/01/2027

      558          516,100  

4.875%, 06/13/2025

      267          262,004  

5.15%, 03/19/2029

      57          54,420  
       

 

 

  
          2,826,412  
       

 

 

  

Insurance – 5.6%

 

ACE Capital Trust II
9.70%, 04/01/2030

      345          434,707  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Allstate Corp. (The)
Series B
5.75%, 08/15/2053

    $ 712        $ 701,064  

Berkshire Hathaway, Inc.
2.75%, 03/15/2023

      395                     393,989  

Guardian Life Insurance Co. of America (The)
3.70%, 01/22/2070(a)

      210          152,683  

Hartford Financial Services Group, Inc. (The)
Series ICON
6.731% (LIBOR 3 Month + 2.12%), 02/12/2047(a) (c)

      535          457,345  

Humana, Inc.
5.75%, 03/01/2028

      264          275,307  

Massachusetts Mutual Life Insurance Co.
5.077%, 02/15/2069(a)

      170          156,830  

MassMutual Global Funding II
0.60%, 04/12/2024(a)

      420          399,084  

0.85%, 06/09/2023(a)

      270          266,080  

Met Tower Global Funding
0.70%, 04/05/2024(a)

      705          670,631  

MetLife Capital Trust IV
7.875%, 12/15/2037(a)

      150          165,000  

MetLife, Inc.
Series D
5.875%, 03/15/2028(b)

      170          169,828  

Nationwide Mutual Insurance Co.
9.375%, 08/15/2039(a)

      120          164,618  

New York Life Insurance Co.
4.45%, 05/15/2069(a)

      180          159,973  

Nippon Life Insurance Co.
2.75%, 01/21/2051(a)

      490          414,045  

Peachtree Corners Funding Trust
3.976%, 02/15/2025(a)

      110          107,139  

Prudential Financial, Inc.
5.20%, 03/15/2044

      547          536,312  

5.375%, 05/15/2045

      260          254,935  

5.625%, 06/15/2043

      689          684,990  

Reinsurance Group of America, Inc.
3.15%, 06/15/2030

      383          338,897  

Swiss Re Finance Luxembourg SA
5.00%, 04/02/2049(a)

      400          387,660  

UnitedHealth Group, Inc.
4.95%, 05/15/2062

      345          347,788  

6.05%, 02/15/2063

      290          339,196  

Voya Financial, Inc.
5.65%, 05/15/2053

      690          687,088  
       

 

 

  
          8,665,189  
       

 

 

  

REITs – 2.8%

 

American Homes 4 Rent LP
4.25%, 02/15/2028

      5          4,794  

Boston Properties LP
6.75%, 12/01/2027

      288          305,081  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Essential Properties LP
2.95%, 07/15/2031

    $ 454        $            344,277  

GLP Capital LP/GLP Financing II, Inc.
5.25%, 06/01/2025

      313          310,643  

5.375%, 04/15/2026

      114          113,882  

Kilroy Realty LP
3.45%, 12/15/2024

      40          38,690  

Office Properties Income Trust
3.45%, 10/15/2031

      426          296,637  

Public Storage
4.774% (SOFR + 0.47%), 04/23/2024(c)

      335          333,985  

Realty Income Corp.
4.60%, 02/06/2024

      1,016          1,012,078  

Regency Centers LP
3.75%, 06/15/2024

      33          32,165  

SITE Centers Corp.
4.25%, 02/01/2026

      178          170,939  

4.70%, 06/01/2027

      295          283,032  

Spirit Realty LP
3.20%, 02/15/2031

      385          325,267  

4.00%, 07/15/2029

      132          118,986  

Vornado Realty LP
2.15%, 06/01/2026

      425          369,929  

3.40%, 06/01/2031

      358          277,020  
       

 

 

  
          4,337,405  
       

 

 

  
          53,354,034  
       

 

 

  

Utility – 7.0%

 

Electric – 6.4%

 

Abu Dhabi National Energy Co. PJSC
4.375%, 04/23/2025(a)

      215          213,495  

AEP Texas, Inc.
4.70%, 05/15/2032

      404          402,590  

AES Panama Generation Holdings SRL
4.375%, 05/31/2030(a)

      200          178,038  

Alfa Desarrollo SpA
4.55%, 09/27/2051(a)

      219          176,301  

American Transmission Systems
2.65%, 01/15/2032(a)

      455          388,602  

CenterPoint Energy, Inc.
4.75% (SOFR + 0.65%), 05/13/2024(c)

      310          306,658  

Commonwealth Edison Co.
5.30%, 02/01/2053

      294          313,689  

Series 133
3.85%, 03/15/2052

      185          157,333  

Consolidated Edison Co. of New York, Inc.
3.60%, 06/15/2061

      220          172,383  

4.50%, 05/15/2058

      290          260,005  

Series A
4.125%, 05/15/2049

      280          243,079  

Duke Energy Carolinas LLC
3.45%, 04/15/2051

      400          314,668  

Duke Energy Corp.
4.20%, 06/15/2049

      218          184,633  

Duke Energy Progress LLC
4.00%, 04/01/2052

      134          114,766  

 

13

      Principal
Amount
(000)		        U.S. $ Value  

Empresas Publicas de Medellin ESP
4.25%, 07/18/2029(a)

    $ 200        $            163,913  

Enel Chile SA
4.875%, 06/12/2028

      62          60,810  

Enel Finance International NV
7.75%, 10/14/2052(a)

      260          308,766  

Engie Energia Chile SA
3.40%, 01/28/2030(a)

      425          354,822  

Fells Point Funding Trust
3.046%, 01/31/2027(a)

      261          242,860  

Florida Power & Light Co.
3.95%, 03/01/2048

      632          558,024  

4.347% (SOFR + 0.25%), 05/10/2023(c)

      140          139,885  

Georgia Power Co.
4.30%, 03/15/2042

      340          306,700  

4.70%, 05/15/2032

      165          164,248  

Kentucky Utilities Co.
3.30%, 06/01/2050

      52          39,148  

National Rural Utilities Cooperative Finance Corp.
3.45%, 06/15/2025

      365          355,116  

0.35%, 02/08/2024

      590          564,193  

3.40%, 11/15/2023

      265          262,186  

NextEra Energy Capital Holdings, Inc.
5.65%, 05/01/2079

      404          384,956  

Niagara Mohawk Power Corp.
5.783%, 09/16/2052(a)

      320          343,837  

Public Service Electric and Gas Co.
3.80%, 03/01/2046

      385          329,402  

Public Service Enterprise Group, Inc.
8.625%, 04/15/2031

      248          297,935  

San Diego Gas & Electric Co.
Series WWW
2.95%, 08/15/2051

      215          156,617  

Southern California Edison Co.
0.70%, 04/03/2023

      400          396,804  

Southern Co. (The)
2.95%, 07/01/2023

      412          408,374  

Southern Power Co.
Series F
4.95%, 12/15/2046

      77          70,415  

Virginia Electric & Power Co.
8.875%, 11/15/2038

      233          328,122  

WEC Energy Group, Inc.
4.75%, 01/09/2026

      301          301,668  
       

 

 

  
          9,965,041  
       

 

 

  

Natural Gas – 0.6%

 

Atmos Energy Corp.
3.375%, 09/15/2049

      325          254,455  

GNL Quintero SA
4.634%, 07/31/2029(a)

      153          149,710  

NiSource, Inc.
5.65%, 02/01/2045

      60          62,879  

 

14

      Principal
Amount
(000)		        U.S. $ Value  

Piedmont Natural Gas Co., Inc.
5.05%, 05/15/2052

    $ 435        $            420,454  
       

 

 

  
          887,498  
       

 

 

  
          10,852,539  
       

 

 

  

Total Corporates - Investment Grade
(cost $160,319,347)

 

        148,339,306  
       

 

 

  

QUASI-SOVEREIGNS – 1.1%

 

Quasi-Sovereign Bonds – 1.1%

 

Chile – 0.4%

 

Empresa de Transporte de Pasajeros Metro SA
3.65%, 05/07/2030(a)

      350          322,722  

4.70%, 05/07/2050(a)

      295          264,873  
       

 

 

  
          587,595  
       

 

 

  

Mexico – 0.4%

 

Comision Federal de Electricidad
3.348%, 02/09/2031(a)

      321          262,678  

Petroleos Mexicanos
6.50%, 01/23/2029

      135          121,912  

6.75%, 09/21/2047

      112          77,420  

6.95%, 01/28/2060

      169          115,655  

7.69%, 01/23/2050

      80          59,740  
       

 

 

  
          637,405  
       

 

 

  

Peru – 0.1%

 

Corp. Financiera de Desarrollo SA
2.40%, 09/28/2027(a)

      250          214,250  
       

 

 

  

Qatar – 0.2%

 

QatarEnergy
3.125%, 07/12/2041(a)

      277          218,882  
       

 

 

  

Total Quasi-Sovereigns
(cost $2,008,734)

 

        1,658,132  
       

 

 

  

GOVERNMENTS - SOVEREIGN BONDS – 0.7%

 

Colombia – 0.4%

 

Colombia Government International Bond
3.125%, 04/15/2031

      562          424,767  

5.20%, 05/15/2049

      200          140,912  
       

 

 

  
          565,679  
       

 

 

  

Mexico – 0.2%

 

Mexico Government International Bond
4.60%, 01/23/2046

      200          165,500  

4.75%, 03/08/2044

      120          103,050  
       

 

 

  
          268,550  
       

 

 

  

Peru – 0.0%

 

Peruvian Government International Bond
2.392%, 01/23/2026

      53          49,267  
       

 

 

  

 

15

      Principal
Amount
(000)		        U.S. $ Value  

Qatar – 0.1%

        

Qatar Government International Bond
4.817%, 03/14/2049(a)

    $ 228        $            226,860  
       

 

 

  

Uruguay – 0.0%

        

Uruguay Government International Bond
4.375%, 01/23/2031

      54          53,734  
       

 

 

  

Total Governments - Sovereign Bonds
(cost $1,404,324)

           1,164,090  
       

 

 

  

CORPORATES - NON-INVESTMENT GRADE – 0.7%

        

Industrial – 0.5%

        

Consumer Cyclical - Automotive – 0.2%

        

Ford Motor Credit Co. LLC
3.81%, 01/09/2024

      395          387,152  
       

 

 

  

Consumer Non-Cyclical – 0.3%

        

Perrigo Finance Unlimited Co.
4.375%, 03/15/2026

      420          398,605  
       

 

 

  
          785,757  
       

 

 

  

Financial Institutions – 0.2%

        

REITs – 0.2%

        

Diversified Healthcare Trust
4.75%, 02/15/2028

      407          247,794  
       

 

 

  

Total Corporates - Non-Investment Grade
(cost $1,176,375)

           1,033,551  
       

 

 

  

Total Investments – 98.4%
(cost $164,908,780)(d)

           152,195,079  

Other assets less liabilities – 1.6%

           2,502,629  
       

 

 

  

Net Assets – 100.0%

         $ 154,697,708  
       

 

 

  

FUTURES

 

Description    Number
of
Contracts		              Expiration
Month		              Current
Notional		              Value and
Unrealized
Appreciation
(Depreciation)		  
Purchased Contracts                         
U.S. 10 Yr Ultra Futures      40                        March 2023                    $      4,848,125                    $ 72,742    
U.S. T-Note 5 Yr (CBT) Futures      103               March 2023                 11,251,946             118,867    
U.S. Ultra Bond (CBT) Futures      41               March 2023                   5,811,750                 145,095    
Sold Contracts                         
U.S. T-Note 2 Yr (CBT) Futures      34               March 2023                   6,992,047             (28,464 )   
U.S. T-Note 10 Yr (CBT) Futures      9               March 2023                   1,030,641             (14,552 )   
                      

 

 

    
        $ 293,688    
                      

 

 

    

 

16

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 


Description		    Fixed
Rate
(Pay)
Receive		     Payment
Frequency		   

Implied
Credit
Spread at
January 31,

2023

   Notional
Amount
(000)		      Market
Value		     

Upfront
Premiums

Paid

(Received)

      Unrealized
Appreciation
(Depreciation)		  
Sale Contracts

 

CDX-NAIG Series 39, 5 Year Index, 12/20/2027*

      1.00 %    Quarterly    0.71%     USD       3,280      $     45,056      $ 3,119      $ 41,937  

 

*

Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

 

                          Rate Type                                      

Notional

Amount

(000)

      Termination
Date		        Payments
made
by the
Fund		        Payments
received
by the
Fund		        Payment
Frequency
Paid/
Received		        Market
Value		        Upfront
Premiums
Paid
(Received)		        Unrealized
Appreciation
(Depreciation)		  
USD      60      11/04/2044

 

       
 3 Month
LIBOR		  
 		        3.049%         

 Quarterly/

Semi-Annual

  

 

      $ (3,968 )       $ —        $ (3,968 ) 
USD      60      05/05/2045

 

       
 3 Month
LIBOR		  
 		        2.562%         
 Quarterly/
Semi-Annual
 		        (8,602 )         —          (8,602 ) 
USD      60      06/02/2046

 

       
 3 Month
LIBOR		  
 		        2.186%         
 Quarterly/
Semi-Annual
 		        (12,317 )         —          (12,317 ) 
USD      690      07/15/2046

 

       
 3 Month
LIBOR		  
 		        1.783%         
 Quarterly/
Semi-Annual
 		        (185,054 )         —          (185,054 ) 
USD      270      09/02/2046

 

       
 3 Month
LIBOR		  
 		        1.736%         
 Quarterly/
Semi-Annual
 		        (74,540 )         —          (74,540 ) 
USD      50      11/02/2046

 

       
 3 Month
LIBOR		  
 		        2.086%         
 Quarterly/
Semi-Annual
 		        (11,211 )         —          (11,211 ) 
                         

 

 

       

 

 

       

 

 

  
                             $     (295,692 )       $ —        $     (295,692 ) 
                            

 

 

       

 

 

       

 

 

  

 

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At January 31, 2023, the aggregate market value of these securities amounted to $30,343,211 or 19.6% of net assets.

(b)

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2023.

(d)

As of January 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,300,949 and gross unrealized depreciation of investments was $(13,974,717), resulting in net unrealized depreciation of $(12,673,768).

Glossary:

CBT – Chicago Board of Trade

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

LIBOR – London Interbank Offered Rate

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

 

17

AB Corporate Income Shares

January 31, 2023 (unaudited)

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

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

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

  •  

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

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

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

 

18

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2023:

 

Investments in Securities:

    Level 1     Level 2     Level 3      Total  
Assets:

 

Corporates - Investment Grade    $     182,842     $     148,156,464     $                 —      $     148,339,306  
Quasi-Sovereigns      —       1,658,132       —        1,658,132  
Governments - Sovereign Bonds      —       1,164,090       —        1,164,090  
Corporates - Non-Investment Grade      —       1,033,551       —        1,033,551  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments in Securities      182,842       152,012,237       —        152,195,079  
Other Financial Instruments(a):          
Assets:

 

Futures      336,704       —       —        336,704  
Centrally Cleared Credit Default Swaps      —       45,056       —        45,056  
Liabilities:

 

Futures      (43,016 )      —       —        (43,016 ) 
Centrally Cleared Interest Rate Swaps      —       (295,692 )      —        (295,692 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Total    $     476,530     $     151,761,601     $                 —      $     152,238,131  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a)

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

 

19