NPORT-EX 2 NPORT_64BD_48444750_0723.htm HTML

AB Corporate Income Shares

Portfolio of Investments

July 31, 2023 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - INVESTMENT GRADE – 96.7%

           

Industrial – 64.0%

 

Basic – 2.7%

 

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

    $          221        $ 201,852  

5.625%, 04/01/2030(a)

         435          433,019  

Celanese US Holdings LLC
6.05%, 03/15/2025

         165          164,850  

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

         246          225,240  

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

         433          403,426  

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

         240          232,171  

5.315%, 04/14/2032(a)

         240          226,537  

Georgia-Pacific LLC
3.60%, 03/01/2025(a)

         386          373,760  

Glencore Funding LLC
4.875%, 03/12/2029(a)

         562          549,990  

5.70%, 05/08/2033(a)

         633          628,468  

International Paper Co.
7.30%, 11/15/2039

         240          273,005  

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

         210          187,946  

LYB International Finance III LLC
5.625%, 05/15/2033

         361          360,870  

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

         545          482,990  

Westlake Corp.
3.375%, 08/15/2061

         710          431,673  

5.00%, 08/15/2046

         315          271,987  

WRKCo, Inc.
3.00%, 06/15/2033

         572          464,824  

4.90%, 03/15/2029

         235          227,962  
          

 

 

  
                     6,140,570  
          

 

 

  

Capital Goods – 4.4%

           

Boeing Co. (The)
2.196%, 02/04/2026

         1,520          1,402,745  

4.875%, 05/01/2025

         1,417          1,399,840  

6.875%, 03/15/2039

         245          271,984  

Caterpillar Financial Services Corp.
1.45%, 05/15/2025

         484          453,329  

4.90%, 01/17/2025

         595          593,840  

5.40%, 03/10/2025

         297          298,770  

CNH Industrial Capital LLC
3.95%, 05/23/2025

         177          171,924  

5.45%, 10/14/2025

         303          302,497  

Eaton Corp.
4.35%, 05/18/2028

         212          207,741  

John Deere Capital Corp.
4.70%, 06/10/2030

         363          361,047  

4.75%, 01/20/2028

         736          734,160  

4.95%, 07/14/2028

         359          361,348  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

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

    $          440        $ 383,257  

Regal Rexnord Corp.
6.05%, 04/15/2028(a)

         1,412          1,402,576  

6.30%, 02/15/2030(a)

         82          81,668  

6.40%, 04/15/2033(a)

         765          762,055  

Trane Technologies Financing Ltd.
5.25%, 03/03/2033

         125          125,905  

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

         602          594,956  
          

 

 

  
                     9,909,642  
          

 

 

  

Communications - Media – 5.4%

 

Charter Communications Operating LLC/Charter Communications Operating Capital
5.125%, 07/01/2049

         299          234,078  

5.25%, 04/01/2053

         118          95,407  

5.375%, 05/01/2047

         519          422,710  

6.384%, 10/23/2035

         765          751,427  

6.484%, 10/23/2045

         839          783,970  

Cox Communications, Inc.
5.70%, 06/15/2033(a)

         254          255,181  

Discovery Communications LLC
4.125%, 05/15/2029

         602          553,178  

4.65%, 05/15/2050

         59          44,704  

5.20%, 09/20/2047

         468          384,696  

5.30%, 05/15/2049

         82          67,784  

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

         515          475,809  

Fox Corp.
5.476%, 01/25/2039

         1,523          1,410,633  

5.576%, 01/25/2049

         346          316,950  

Interpublic Group of Cos., Inc. (The)
5.375%, 06/15/2033

         430          419,663  

Meta Platforms, Inc.
3.85%, 08/15/2032

         488          453,440  

4.65%, 08/15/2062

         515          454,245  

4.95%, 05/15/2033

         641          645,186  

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

         705          696,850  

Paramount Global
3.70%, 06/01/2028

         498          446,059  

4.20%, 05/19/2032

         663          551,271  

5.85%, 09/01/2043

         585          489,768  

5.90%, 10/15/2040

         310          266,085  

6.875%, 04/30/2036

         397          385,400  

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

         237          213,840  

3.68%, 01/21/2030(a)

         210          178,038  

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

         397          330,046  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

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

    $          220        $ 206,054  

Time Warner Cable LLC
6.55%, 05/01/2037

         360          346,050  

Warnermedia Holdings, Inc.
5.05%, 03/15/2042

         305          254,111  
          

 

 

  
                   12,132,633  
          

 

 

  

Communications - Telecommunications – 0.6%

 

AT&T, Inc.
6.55%, 01/15/2028

         100          103,465  

Corning, Inc.
5.45%, 11/15/2079

         195          179,143  

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

         4          3,270  

T-Mobile USA, Inc.
3.50%, 04/15/2025

         476          460,349  

3.875%, 04/15/2030

         305          280,301  

5.05%, 07/15/2033

         427          417,619  
          

 

 

  
             1,444,147  
          

 

 

  

Consumer Cyclical - Automotive – 4.3%

 

Aptiv PLC
5.40%, 03/15/2049

         310          278,529  

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

         115          107,701  

6.75%, 04/01/2046

         977          995,446  

General Motors Financial Co., Inc.
2.70%, 06/10/2031

         572          459,482  

3.10%, 01/12/2032

         643          525,132  

3.60%, 06/21/2030

         753          658,231  

5.80%, 06/23/2028

         54          54,222  

5.85%, 04/06/2030

         489          488,501  

6.05%, 10/10/2025

         303          305,257  

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

         831          757,398  

6.50%, 03/10/2028(a)

         313          316,280  

Hyundai Capital America
5.65%, 06/26/2026(a)

         1,125          1,121,996  

5.80%, 06/26/2025(a)

         912          912,438  

5.875%, 04/07/2025(a)

         160          160,181  

Lear Corp.
4.25%, 05/15/2029

         482          455,321  

Mercedes-Benz Finance North America LLC
4.80%, 03/30/2026(a)

         237          235,061  

5.199%, 08/03/2026(a)

         678          677,220  

Toyota Motor Corp.
5.275%, 07/13/2026

         722          728,375  

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

         440          450,072  
          

 

 

  
             9,686,843  
          

 

 

  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Consumer Cyclical - Entertainment – 1.2%

 

Hasbro, Inc.
3.55%, 11/19/2026

    $          486        $ 456,349  

3.90%, 11/19/2029

         1,540          1,402,047  

5.10%, 05/15/2044

         355          314,118  

Mattel, Inc.
3.375%, 04/01/2026(a)

         588          546,764  
          

 

 

  
             2,719,278  
          

 

 

  

Consumer Cyclical - Other – 2.9%

 

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

         685          646,332  

3.90%, 08/08/2029

         390          349,666  

Lennar Corp.
4.75%, 11/29/2027

         1,436          1,399,522  

Marriott International, Inc.
Series GG
3.50%, 10/15/2032

         1,627                  1,406,212  

Marriott International, Inc./MD
4.90%, 04/15/2029

         300          294,135  

Series R
3.125%, 06/15/2026

         482          454,049  

MDC Holdings, Inc.
2.50%, 01/15/2031

         490          383,974  

6.00%, 01/15/2043

         450          402,709  

PulteGroup, Inc.
7.875%, 06/15/2032

         390          445,310  

Toll Brothers Finance Corp.
4.35%, 02/15/2028

         751          711,738  
          

 

 

  
             6,493,647  
          

 

 

  

Consumer Cyclical - Restaurants – 1.4%

 

McDonald’s Corp.
3.625%, 09/01/2049

         215          166,973  

3.70%, 01/30/2026

         1,450          1,402,962  

4.45%, 09/01/2048

         185          165,679  

4.60%, 05/26/2045

         280          253,901  

4.70%, 12/09/2035

         670          647,474  

Starbucks Corp.
4.30%, 06/15/2045

         310          266,991  

4.75%, 02/15/2026

         238          236,291  
          

 

 

  
             3,140,271  
          

 

 

  

Consumer Cyclical - Retailers – 1.0%

 

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

         515          435,788  

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

         160          155,857  

4.80%, 04/15/2030

         115          108,726  

5.45%, 04/15/2050

         175          164,271  

VF Corp.
2.40%, 04/23/2025

         1,490          1,404,116  
          

 

 

  
             2,268,758  
          

 

 

  

Consumer Non-Cyclical – 15.8%

 

AbbVie, Inc.
3.20%, 05/14/2026

         474          451,651  

Altria Group, Inc.
2.35%, 05/06/2025

         1,480          1,398,067  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

2.45%, 02/04/2032

    $          938        $ 737,249  

3.40%, 05/06/2030

         180          159,106  

5.80%, 02/14/2039

         184          181,049  

5.95%, 02/14/2049

         180          170,741  

Amgen, Inc.
6.40%, 02/01/2039

         250          268,512  

Archer-Daniels-Midland Co.
2.50%, 08/11/2026

         480          451,445  

4.50%, 08/15/2033

         522          511,497  

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

         307          265,414  

4.39%, 08/15/2037

         323          255,590  

6.421%, 08/02/2033

         395          395,000  

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

         395          377,430  

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

         765          743,672  

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

         545          535,839  

Bristol-Myers Squibb Co.
3.90%, 03/15/2062

         485          381,375  

Bunge Ltd. Finance Corp.
1.63%, 08/17/2025

         493          456,326  

2.75%, 05/14/2031

         1,660                  1,402,792  

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

         305          243,805  

4.90%, 09/15/2045

         305          262,681  

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

         560          536,558  

4.375%, 04/22/2052(a)

         350          310,621  

4.50%, 06/24/2026(a)

         75          73,993  

4.875%, 10/10/2025(a)

         453          450,386  

5.125%, 10/11/2032(a)

         166          167,569  

Cigna Group (The)
7.875%, 05/15/2027

         53          58,124  

CommonSpirit Health
4.35%, 11/01/2042

         44          37,775  

Conagra Brands, Inc.
4.60%, 11/01/2025

         1,432          1,403,417  

Gilead Sciences, Inc.
3.65%, 03/01/2026

         781          752,907  

HCA, Inc.
5.25%, 06/15/2026

         571          565,958  

5.375%, 02/01/2025

         675          671,051  

5.50%, 06/01/2033

         716          712,656  

5.50%, 06/15/2047

         1,257          1,172,316  

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

         898          832,994  

3.125%, 11/15/2049

         245          178,335  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.75%, 04/01/2033(a)

         1,423          1,365,198  

Johnson & Johnson
5.85%, 07/15/2038

         240          266,362  

Kenvue, Inc.
5.20%, 03/22/2063(a)

         223          224,590  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Kraft Heinz Foods Co.
7.125%, 08/01/2039(a)

    $          240        $ 266,460  

McKesson Corp.
1.30%, 08/15/2026

         926          829,085  

4.90%, 07/15/2028

         278          278,170  

Mondelez International Holdings Netherlands BV
0.75%, 09/24/2024(a)

         483          456,000  

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

         264          194,682  

Pfizer Investment Enterprises Pte Ltd.
5.11%, 05/19/2043

         362          358,905  

Philip Morris International, Inc.
4.875%, 02/13/2026

         1,392          1,382,618  

5.00%, 11/17/2025

         375          374,216  

5.375%, 02/15/2033

         1,068          1,064,679  

5.625%, 11/17/2029

         69          70,508  

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

         1,426          1,152,037  

6.25%, 07/01/2033

         1,104          1,096,460  

Reynolds American, Inc.
5.70%, 08/15/2035

         1,482          1,395,875  

Royalty Pharma PLC
1.20%, 09/02/2025

         1,293          1,175,195  

Shire Acquisitions Investments Ireland DAC
3.20%, 09/23/2026

         1,246          1,170,193  

Smithfield Foods, Inc.
2.625%, 09/13/2031(a)

         738          543,530  

3.00%, 10/15/2030(a)

         471          373,894  

Sutter Health
5.164%, 08/15/2033

         158          157,306  

Sysco Corp.
2.45%, 12/14/2031

         425          346,014  

Tyson Foods, Inc.
4.00%, 03/01/2026

         1,448          1,402,764  

Wyeth LLC
5.95%, 04/01/2037

         240          260,405  

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

         803          760,786  

3.55%, 04/01/2025

         1,179          1,141,178  
          

 

 

  
                   35,681,011  
          

 

 

  

Energy – 6.6%

 

Apache Corp.
5.10%, 09/01/2040

         1,660          1,409,390  

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

         485          328,801  

3.00%, 02/24/2050

         660          456,951  

3.379%, 02/08/2061

         380          267,843  

4.893%, 09/11/2033

         543          536,538  

Cheniere Energy Partners LP
5.95%, 06/30/2033(a)

         363          367,302  

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

         304          236,108  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

4.375%, 01/15/2028

    $          484        $ 458,300  

4.90%, 06/01/2044

         840          664,868  

5.75%, 01/15/2031(a)

         221          213,791  

Devon Energy Corp.
5.60%, 07/15/2041

         285          272,058  

Ecopetrol SA
5.875%, 05/28/2045

         25          17,875  

Energy Transfer LP
3.90%, 07/15/2026

         440          421,124  

5.00%, 05/15/2044(b)

         41          34,362  

5.35%, 05/15/2045

         135          117,694  

EQT Corp.
3.125%, 05/15/2026(a)

         492          455,922  

6.125%, 02/01/2025(b)

         251          251,136  

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

         168          146,867  

4.327%, 03/19/2050

         220          196,933  

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

         215          171,551  

4.317%, 12/30/2039(a)

         215          154,942  

Marathon Oil Corp.
4.40%, 07/15/2027

         1,112          1,064,907  

6.60%, 10/01/2037

         1,167          1,202,103  

Marathon Petroleum Corp.
6.50%, 03/01/2041

         260          269,672  

MPLX LP
5.20%, 12/01/2047

         144          126,769  

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

         127          129,738  

Ovintiv, Inc.
5.65%, 05/15/2028

         170          168,992  

6.25%, 07/15/2033

         245          247,305  

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

         560          458,522  

5.10%, 03/29/2026

         269          268,206  

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

         305          317,920  

6.85%, 06/01/2039

         181          193,368  

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

         717          745,730  

8.00%, 11/15/2032(a)

         1,300          1,402,570  

Western Midstream Operating LP
3.10%, 02/01/2025(b)

         394          376,928  

3.95%, 06/01/2025

         473          456,852  

4.65%, 07/01/2026

         81          78,674  

5.45%, 04/01/2044

         149          130,308  
          

 

 

  
                   14,818,920  
          

 

 

  

Other Industrial – 0.3%

 

LKQ Corp.
5.75%, 06/15/2028(a)

         387          384,725  

6.25%, 06/15/2033(a)

         342          344,240  
          

 

 

  
             728,965  
          

 

 

  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

Services – 2.4%

 

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

    $          400        $ 324,952  

2.70%, 02/09/2041

         300          199,680  

Amazon.com, Inc.
4.55%, 12/01/2027

         531          530,634  

Block Financial LLC
2.50%, 07/15/2028

         430          366,717  

Booking Holdings, Inc.
3.60%, 06/01/2026

         469          452,613  

4.625%, 04/13/2030

         1,164          1,140,988  

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

         545          448,241  

5.30%, 08/15/2029

         460          451,757  

Mastercard, Inc.
4.875%, 03/09/2028

         595          601,473  

PayPal Holdings, Inc.
2.85%, 10/01/2029

         504          449,104  

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

         226          195,318  

4.25%, 05/01/2029

         90          87,592  

4.75%, 08/01/2028

         20          19,929  

Verisk Analytics, Inc.
5.75%, 04/01/2033

         204          210,932  
          

 

 

  
                     5,479,930  
          

 

 

  

Technology – 11.5%

 

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

         36          34,725  

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

         782          733,008  

2.65%, 05/11/2050

         170          116,668  

3.25%, 02/23/2026

         840          809,516  

4.10%, 08/08/2062

         345          300,381  

4.15%, 05/10/2030

         397          391,633  

4.45%, 05/06/2044

         871          843,720  

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

         466          357,646  

3.187%, 11/15/2036(a)

         573          432,581  

4.926%, 05/15/2037(a)

         1,542          1,402,341  

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

         1,280          1,159,053  

Cisco Systems, Inc.
5.90%, 02/15/2039

         370          407,300  

Dell International LLC/EMC Corp.
5.75%, 02/01/2033

         454          460,442  

8.35%, 07/15/2046

         42          52,522  

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

         395          368,713  

Fidelity National Information Services, Inc.
2.25%, 03/01/2031

         571          465,862  

Hewlett Packard Enterprise Co.
6.35%, 10/15/2045(b)

         260          272,043  

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

         390          351,409  

5.50%, 01/15/2033

         695          685,451  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

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

    $          95        $ 87,142  

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

         570          485,264  

4.70%, 02/19/2046

         300          271,089  

4.90%, 07/27/2052

         660          616,308  

Jabil, Inc.
3.00%, 01/15/2031

         540          458,071  

3.95%, 01/12/2028

         584          548,195  

5.45%, 02/01/2029

         87          86,556  

KLA Corp.
4.95%, 07/15/2052

         500          484,915  

5.00%, 03/15/2049

         280          269,875  

5.25%, 07/15/2062

         380          379,194  

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

         1,080          941,004  

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

         142          137,969  

Micron Technology, Inc.
5.375%, 04/15/2028

         305          302,307  

5.875%, 02/09/2033

         310          310,211  

6.75%, 11/01/2029

         775          814,339  

Microsoft Corp.
2.40%, 08/08/2026

         864          809,387  

3.95%, 08/08/2056

         225          198,538  

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

         1,124          1,137,038  

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

         24          22,851  

Oracle Corp.
2.50%, 04/01/2025

         619          590,359  

3.60%, 04/01/2040

         436          335,467  

3.65%, 03/25/2041

         233          179,657  

3.85%, 07/15/2036

         1,684          1,411,933  

3.85%, 04/01/2060

         94          65,466  

4.00%, 11/15/2047

         537          411,927  

4.125%, 05/15/2045

         350          275,604  

5.375%, 07/15/2040

         143          136,187  

6.125%, 07/08/2039

         254          261,320  

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

         390          302,706  

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

         259          214,967  

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

         263          258,453  

Texas Instruments, Inc.
4.60%, 02/15/2028

         450          450,364  

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

         345          322,865  

Tyco Electronics Group SA
4.50%, 02/13/2026

         456          449,146  

VMware, Inc.
1.40%, 08/15/2026

         1,584          1,403,275  

2.20%, 08/15/2031

         1,215          951,741  
          

 

 

  
                   26,026,704  
          

 

 

  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

Transportation - Airlines – 1.6%

 

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

    $          1,412        $ 1,384,504  

4.75%, 10/20/2028(a)

         857          829,850  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.50%, 06/20/2027(a)

         1,404          1,405,003  
          

 

 

  
             3,619,357  
          

 

 

  

Transportation - Railroads – 0.3%

 

Norfolk Southern Corp.
5.05%, 08/01/2030

         791          789,386  
          

 

 

  

Transportation - Services – 1.6%

 

Ashtead Capital, Inc.
5.95%, 10/15/2033(a)

         364          363,392  

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

         370          273,208  

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

         711          695,287  

4.60%, 05/01/2028(a)

         212          207,018  

4.90%, 05/01/2033(a)

         330          324,835  

5.40%, 05/01/2053(a)

         367          367,382  

7.00%, 10/15/2037(a)

         514          588,510  

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

         300          296,511  

4.20%, 04/01/2027(a)

         117          110,101  

United Parcel Service, Inc.
4.875%, 03/03/2033

         298          300,911  
          

 

 

  
             3,527,155  
          

 

 

  
                 144,607,217  
          

 

 

  

Financial Institutions – 28.7%

 

Banking – 19.6%

 

AIB Group PLC
4.263%, 04/10/2025(a)

         209          205,376  

7.583%, 10/14/2026(a)

         249          255,272  

Ally Financial, Inc.
5.80%, 05/01/2025

         1,102          1,086,506  

6.992%, 06/13/2029

         430          433,109  

8.00%, 11/01/2031

         835          884,566  

American Express Co.
4.99%, 05/01/2026

         1,419          1,403,476  

5.389%, 07/28/2027

         727          726,724  

Banco Bilbao Vizcaya Argentaria SA
5.862%, 09/14/2026

         1,400          1,387,148  

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

         274          253,631  

Banco Santander SA
6.921%, 08/08/2033

         400          400,000  

Banco Santander SA
1.722%, 09/14/2027

         600          526,194  

2.749%, 12/03/2030

         600          470,268  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

Bank of America Corp.
3.384%, 04/02/2026

    $          390        $ 375,371  

3.846%, 03/08/2037

         510          439,691  

Series U
8.631% (LIBOR 3 Month + 3.14%),
08/31/2023(c) (d)

         297          296,905  

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

         320          318,973  

Barclays PLC
5.088%, 06/20/2030

         490          453,270  

7.119%, 06/27/2034

         1,275          1,290,045  

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

         330          293,779  

BNP Paribas SA
1.904%, 09/30/2028(a)

         531          455,194  

2.591%, 01/20/2028(a)

         450          404,784  

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

         488          480,226  

Capital One Financial Corp.
5.468%, 02/01/2029

         146          142,597  

6.312%, 06/08/2029

         315          316,254  

Citigroup, Inc.
2.014%, 01/25/2026

         1,463          1,381,280  

3.875%, 02/18/2026(d)

         344          299,115  

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

         368          330,254  

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

         569          478,483  

Credit Suisse Group AG
6.373%, 07/15/2026(a)

         738          739,166  

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

         250          235,735  

6.466%, 01/09/2026(a)

         350          351,194  

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

         910          799,308  

6.119%, 07/14/2026

         173          172,170  

6.72%, 01/18/2029

         684          696,914  

7.079%, 02/10/2034

         1,098                  1,053,893  

Discover Bank
4.682%, 08/09/2028

         385          350,188  

Discover Financial Services
6.70%, 11/29/2032

         175          179,279  

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

         881          777,888  

1.948%, 10/21/2027

         340          303,236  

Series P
8.211% (SOFR + 3.14%), 08/31/2023(c) (d)

         369          366,941  

HSBC Holdings PLC
2.206%, 08/17/2029

         335          282,000  

3.973%, 05/22/2030

         837          756,422  

4.583%, 06/19/2029

         970          916,233  

4.60%, 12/17/2030(d)

         267          213,728  

4.755%, 06/09/2028

         420          404,737  

4.762%, 03/29/2033

         242          219,511  

8.113%, 11/03/2033

         259          286,817  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Intesa Sanpaolo SpA
6.625%, 06/20/2033(a)

    $          368        $ 369,086  

7.00%, 11/21/2025(a)

         224          227,387  

Series XR
4.00%, 09/23/2029(a)

         519          453,409  

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

         405          372,916  

Series Q
8.884% (SOFR + 3.51%), 11/01/2023(c) (d)

         172          173,013  

Lloyds Banking Group PLC
5.871%, 03/06/2029

         389          388,070  

5.985%, 08/07/2027

         448          448,000  

7.50%, 06/27/2024(d)

         287          279,429  

7.953%, 11/15/2033

         516          563,100  

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

         264          196,115  

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

         828          731,836  

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

         1,010                  1,004,081  

5.667%, 05/27/2029

         375          375,300  

5.739%, 05/27/2031

         375          375,052  

Morgan Stanley
2.484%, 09/16/2036

         500          381,285  

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

         665          524,505  

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

         404          365,277  

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

         245          224,758  

5.068%, 01/24/2034

         149          143,840  

Series O
9.312% (SOFR + 3.94%), 11/01/2023(c) (d)

         358          358,967  

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

         662          576,006  

4.40%, 07/13/2027

         320          304,675  

6.499%, 03/09/2029

         325          326,365  

6.565%, 06/12/2029

         428          427,123  

Santander UK Group Holdings PLC
6.534%, 01/10/2029

         970          980,476  

Societe Generale SA
2.226%, 01/21/2026(a)

         1,113          1,041,968  

2.797%, 01/19/2028(a)

         795          708,528  

6.446%, 01/10/2029(a)

         451          457,422  

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

         345          308,958  

3.971%, 03/30/2026(a)

         245          235,898  

4.305%, 05/21/2030(a)

         495          454,499  

6.187%, 07/06/2027(a)

         369          372,343  

Sumitomo Mitsui Financial Group, Inc.
5.88%, 07/13/2026

         722          729,400  

Svenska Handelsbanken AB
4.375%, 03/01/2027(a) (d)

         400          344,240  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Synchrony Bank
5.625%, 08/23/2027

    $          250        $ 237,190  

Toronto-Dominion Bank (The)
3.625%, 09/15/2031

         485          451,491  

UBS Group AG
4.55%, 04/17/2026

         790          765,818  

4.703%, 08/05/2027(a)

         335          325,091  

Wells Fargo & Co.
5.574%, 07/25/2029

         363          364,739  

7.625%, 09/15/2028(d)

         191          196,411  

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

         647          580,398  

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

         490          386,953  

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

         630          483,273  

4.11%, 07/24/2034

         475          416,076  
          

 

 

  
                   44,324,618  
          

 

 

  

Brokerage – 0.5%

 

Charles Schwab Corp. (The)

           

Series G
5.375%, 06/01/2025(d)

         477          466,625  

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

         595          532,222  
          

 

 

  
             998,847  
          

 

 

  

Finance – 2.6%

 

Air Lease Corp.
1.875%, 08/15/2026

         513          459,668  

2.30%, 02/01/2025

         783          740,820  

3.375%, 07/01/2025

         1,447          1,380,747  

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

         664          575,555  

4.25%, 06/15/2026

         21          19,938  

5.25%, 08/11/2025(a)

         210          204,303  

6.50%, 07/18/2028(a)

         324          324,424  

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

         274          245,962  

1.95%, 09/20/2026(a)

         391          343,114  

3.50%, 11/01/2027(a)

         116          104,571  

4.375%, 01/30/2024(a)

         220          216,927  

6.375%, 07/15/2030(a)

         197          196,811  

Synchrony Financial
2.875%, 10/28/2031

         368          273,770  

3.95%, 12/01/2027

         558          498,060  

4.875%, 06/13/2025

         267          258,098  

5.15%, 03/19/2029

         57          53,199  
          

 

 

  
             5,895,967  
          

 

 

  

 

13

      Principal
Amount
(000)		        U.S. $ Value  

Insurance – 2.3%

 

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

    $          345        $ 412,082  

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

         712          706,204  

Hartford Financial Services Group, Inc. (The)
Series ICON
7.446% (LIBOR 3 Month + 2.12%), 02/12/2047(a) (c)

         535          457,527  

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

         264          270,172  

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

         170          152,092  

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

         420          404,720  

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

         705          680,360  

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

         150          157,485  

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

         170          167,287  

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

         120          153,437  

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

         110          106,155  

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

         547          540,420  

5.375%, 05/15/2045

         260          257,049  

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

         383          328,955  

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

         400          383,896  
          

 

 

  
             5,177,841  
          

 

 

  

REITs – 3.7%

 

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

         5          4,749  

American Tower Corp.
2.10%, 06/15/2030

         139          112,255  

5.25%, 07/15/2028

         231          228,762  

5.55%, 07/15/2033

         309          308,994  

Boston Properties LP
2.90%, 03/15/2030

         570          466,283  

3.40%, 06/21/2029

         1,548                  1,331,588  

6.50%, 01/15/2034

         367          371,514  

6.75%, 12/01/2027

         288          294,748  

Essential Properties LP
2.95%, 07/15/2031

         454          347,056  

GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/2032

         139          113,666  

4.00%, 01/15/2030

         435          379,585  

5.25%, 06/01/2025

         313          308,540  

5.30%, 01/15/2029

         96          91,631  

5.375%, 04/15/2026

         1,414          1,389,877  

 

14

      Principal
Amount
(000)		        U.S. $ Value  

Kilroy Realty LP
3.45%, 12/15/2024

    $          40        $ 38,428  

Public Storage
5.786% (SOFR + 0.47%), 04/23/2024(c)

         335          335,040  

Regency Centers LP
3.75%, 06/15/2024

         33          32,274  

Simon Property Group LP
5.85%, 03/08/2053

         297          299,420  

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

         178          167,400  

4.70%, 06/01/2027

         295          276,725  

Spirit Realty LP
3.20%, 02/15/2031

         385          315,296  

4.00%, 07/15/2029

         132          118,129  

Vornado Realty LP
2.15%, 06/01/2026

         425          362,113  

3.40%, 06/01/2031

         358          265,375  

Weyerhaeuser Co.
7.375%, 03/15/2032

         395          446,326  
          

 

 

  
             8,405,774  
          

 

 

  
                   64,803,047  
          

 

 

  

Utility – 4.0%

 

Electric – 3.9%

 

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

         404          387,921  

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

         198          171,451  

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

         219          166,076  

American Electric Power Co., Inc.
5.699%, 08/15/2025

         220          219,844  

Berkshire Hathaway Energy Co.
4.50%, 02/01/2045

         300          258,063  

CenterPoint Energy, Inc.
5.776% (SOFR + 0.65%), 05/13/2024(c)

         310          309,699  

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

         294          297,334  

Series 133
3.85%, 03/15/2052

         185          147,499  

Consolidated Edison Co. of New York, Inc.
4.50%, 05/15/2058

         290          242,968  

Series A
4.125%, 05/15/2049

         280          227,298  

Electricite de France SA
9.125%, 03/15/2033(a) (d)

         361          380,747  

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

         200          162,074  

Enel Chile SA
4.875%, 06/12/2028

         62          59,489  

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

         495          583,917  

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

         261          240,650  

 

15

     

Principal

Amount

(000)

        U.S. $ Value  

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

    $          632        $ 528,162  

4.95%, 06/01/2035

         455          452,643  

5.30%, 04/01/2053

         183          188,049  

5.69%, 03/01/2040

         255          266,228  

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

         340          293,621  

4.70%, 05/15/2032

         165          159,408  

Massachusetts Electric Co.
4.004%, 08/15/2046(a)

         355          265,433  

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

         365          352,276  

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

         404          375,296  

Niagara Mohawk Power Corp.
2.759%, 01/10/2032(a)

         556          451,639  

NRG Energy, Inc.
7.00%, 03/15/2033(a)

         284          284,196  

Palomino Funding Trust I
7.233%, 05/17/2028(a)

         374          377,845  

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

         385          311,249  

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

         248          284,897  

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

         215          145,426  

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

         77          67,363  

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

         233          307,362  
          

 

 

  
             8,966,123  
          

 

 

  

Natural Gas – 0.1%

 

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

         141          136,365  
          

 

 

  
             9,102,488  
          

 

 

  

Total Corporates - Investment Grade
(cost $228,626,262)

 

            218,512,752  
          

 

 

  

QUASI-SOVEREIGNS – 0.7%

 

Quasi-Sovereign Bonds – 0.7%

 

Chile – 0.2%

 

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

         350          322,056  

4.70%, 05/07/2050(a)

         295          253,880  
          

 

 

  
             575,936  
          

 

 

  

Mexico – 0.3%

 

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

         321          255,063  

Petroleos Mexicanos
6.50%, 01/23/2029

         135          112,151  

 

16

      Principal
Amount
(000)		        U.S. $ Value  

6.75%, 09/21/2047

    $          112        $ 71,792  

6.95%, 01/28/2060

         169          106,893  

7.69%, 01/23/2050

         80          55,132  
          

 

 

  
             601,031  
          

 

 

  

Peru – 0.1%

 

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

         250          219,500  
          

 

 

  

Qatar – 0.1%

 

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

         277          210,232  
          

 

 

  

Total Quasi-Sovereigns
(cost $2,008,668)

 

        1,606,699  
          

 

 

  

GOVERNMENTS - SOVEREIGN BONDS – 0.5%

 

Colombia – 0.3%

 

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

         562          438,641  

5.20%, 05/15/2049

         200          145,154  
          

 

 

  
             583,795  
          

 

 

  

Mexico – 0.1%

 

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

         200          165,388  

4.75%, 03/08/2044

         120          103,045  
          

 

 

  
             268,433  
          

 

 

  

Qatar – 0.1%

 

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

         228          219,140  
          

 

 

  

Uruguay – 0.0%

 

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

         54          52,683  
          

 

 

  

Total Governments - Sovereign Bonds
(cost $1,350,833)

 

        1,124,051  
          

 

 

  

CORPORATES - NON-INVESTMENT GRADE – 0.4%

 

Industrial – 0.4%

 

Consumer Cyclical - Automotive – 0.2%

 

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

         395          390,066  
          

 

 

  

Consumer Non-Cyclical – 0.2%

 

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

         420          399,735  
          

 

 

  

Total Corporates - Non-Investment Grade
(cost $798,144)

 

        789,801  
          

 

 

  

Total Investments – 98.3%
(cost $232,783,907)(e)

 

        222,033,303  

Other assets less liabilities – 1.7%

 

        3,824,866  
          

 

 

  

Net Assets – 100.0%

            $     225,858,169  
          

 

 

  

 

17

FUTURES

 

Description   

Number
of

Contracts

   

Expiration

Month

    Current
Notional		    Value and
Unrealized
Appreciation
(Depreciation)
Purchased Contracts                    
U.S. 10 Yr Ultra Futures        2        September 2023      $ 233,969      $ (3,003 )
U.S. T-Note 5 Yr (CBT) Futures        96        September 2023            10,254,750        (146,985 )
U.S. Ultra Bond (CBT) Futures        185        September 2023        24,460,469        (309,381 )
Sold Contracts                    
U.S. T-Note 2 Yr (CBT) Futures        49        September 2023        9,948,531            157,046
U.S. T-Note 10 Yr (CBT) Futures        9        September 2023        1,002,656        25,089
                   

 

 

  
                    $ (277,234 )
                   

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description

    Fixed
Rate
(Pay)
Receive		     Payment
Frequency		    Implied
Credit
Spread at
July 31,
2023		   Notional
Amount
(000)		      Market
Value		     

Upfront

Premiums

Paid

(Received)

      Unrealized
Appreciation
(Depreciation)		  
Sale Contracts

 

CDX-NAIG Series 40, 5 Year Index, 06/20/2028*

      1.00 %    Quarterly    0.63%     USD        3,280      $     56,606      $     16,065      $     40,541  

 

*

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 July 31, 2023, the aggregate market value of these securities amounted to $50,124,669 or 22.2% of net assets.

(b)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2023.

(c)

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

(d)

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

(e)

As of July 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $803,189 and gross unrealized depreciation of investments was $(11,790,486), resulting in net unrealized depreciation of $(10,987,297).

Glossary:

CBT – Chicago Board of Trade

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

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

 

18

AB Corporate Income Shares

July 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.

 

19

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

 

Investments in Securities:

    Level 1     Level 2      Level 3      Total  
Assets:           
Corporates - Investment Grade    $ 2,709,606     $     215,803,146      $                 —      $     218,512,752  
Quasi-Sovereigns      —       1,606,699        —        1,606,699  
Governments - Sovereign Bonds      —       1,124,051        —        1,124,051  
Corporates - Non-Investment Grade      —       789,801        —        789,801  
  

 

 

    

 

 

     

 

 

     

 

 

  
Total Investments in Securities      2,709,606       219,323,697        —        222,033,303  
Other Financial Instruments(a):           
Assets:           
Futures      182,135       —        —        182,135  
Centrally Cleared Credit Default Swaps      —       56,606        —        56,606  
Liabilities:           
Futures      (459,369 )      —        —        (459,369 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  
Total    $ 2,432,372     $     219,380,303      $                 —      $     221,812,675  
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(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.

 

20