# EDGAR Filing Document

**Accession Number:** 0000862021
**File Stem:** 0001193125-23-068839
**Filing Date:** 2023-3
**Character Count:** 149260
**Document Hash:** 313e96f7f87a4950e5cdfa275d7e579b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-068839.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-068839

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20220430

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB FIXED INCOME SHARES INC
- **CENTRAL INDEX KEY:** 0000862021
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06068
- **FILM NUMBER:** 23726684

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN FIXED INCOME SHARES INC
- **DATE OF NAME CHANGE:** 20060417

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN INSTITUTIONAL RESERVES INC
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE INSTITUTIONAL RESERVES INC
- **DATE OF NAME CHANGE:** 19980716

## Series and Classes Contracts Data

### AB Government Money Market Portfolio (Series ID: S000011990)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000032709 | Class AB            | MYMXX           |
| C000172512 | Advisor Class       | AEYXX           |
| C000172513 | Class 1             | AGRXX           |
| C000172514 | Class A             | AEAXX           |
| C000172515 | Class C             | AECXX           |
| C000172516 | Class I             | AIEXX           |
| C000172517 | Class K             | AEKXX           |
| C000172520 | Institutional Class | GMOXX           |
| C000212221 | Select Class        | GMSXX           |
| C000212222 | Investor Class      | GMNXX           |
| C000212223 | Premium Class       | GMPXX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-06068** 

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## AB FIXED INCOME SHARES, INC.
**(Exact name of registrant as specified in charter)** 

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

**(Address of principal executive offices) (Zip code)** 

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**Joseph J. Mantineo** 

**AllianceBernstein L.P.** 

**1345 Avenue of the Americas** 

**New York, New York 10105** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: April 30, 2022** 

**Date of reporting period: April 30, 2022** 

Explanatory Note:

Enclosed for filing you will find an amended Form N-CSR of the registrant's original 2022 Form N-CSR filing of the referenced period. The purpose of this amended filing is to update Item 11 (b) and Item 13 (which is addressed in exhibits labeled Exhibit 12 (b)(1) and Exhibit 12 (b)(2) in the original filings). Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.

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| | |
|:---|:---|
| **ITEM 1.** | **REPORTS TO STOCKHOLDERS.**  |

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**APR** <sup>04.30.22</sup>

![LOGO](g465847g43p34.jpg)

ANNUAL REPORT

## AB FIXED-INCOME SHARES, INC. GOVERNMENT MONEY MARKET PORTFOLIO
![LOGO](g465847covart_7682.jpg)

As of January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund's annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call the Fund at (800) 221 5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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 a complete schedule of portfolio holdings with the Commission monthly on Form N-MFP. The Commission delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. The Form N-MFP filings (along with the Form N-CSR and N-CSRS filings) are available on the Commission's website at www.sec.gov. The Fund's complete holdings are also available on 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<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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.

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| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 1** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>November 1, 2021** | **Ending<br>Account Value<br>April 30, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1000.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | 0.09% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.35 | $0.45 | 0.09% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $1000.20 | $0.45 | 0.09% |
|  Hypothetical\*\* | $1000 | $1024.35 | $0.45 | 0.09% |
| **Advisor**<br> **Class** |  |  |  |  |
|  Actual | $1000 | $1000.20 | $0.45 | 0.09% |
|  Hypothetical\*\* | $1000 | $1024.35 | $0.45 | 0.09% |
| **Class K** |  |  |  |  |
|  Actual | $1000 | $1000.20 | $0.45 | 0.09% |
|  Hypothetical\*\* | $1000 | $1024.35 | $0.45 | 0.09% |
| **Class I** |  |  |  |  |
|  Actual | $1000 | $1000.30 | $0.40 | 0.08% |
|  Hypothetical\*\* | $1000 | $1024.40 | $0.40 | 0.08% |
| **Class 1** |  |  |  |  |
|  Actual | $1000 | $1000.30 | $0.40 | 0.08% |
|  Hypothetical\*\* | $1000 | $1024.40 | $0.40 | 0.08% |
| **Class AB** |  |  |  |  |
|  Actual | $1000 | $1000.30 | $0.40 | 0.08% |
|  Hypothetical\*\* | $1000 | $1024.40 | $0.40 | 0.08% |
| **Institutional Class** |  |  |  |  |
|  Actual | $1000 | $1000.30 | $0.40 | 0.08% |
|  Hypothetical\*\* | $1000 | $1024.40 | $0.40 | 0.08% |
| **Premium Class** |  |  |  |  |
|  Actual | $1000 | $1000.40 | $0.20 | 0.04% |
|  Hypothetical\*\* | $1000 | $1024.60 | $0.20 | 0.04% |
| **Select Class** |  |  |  |  |
|  Actual | $1000 | $1000.40 | $0.20 | 0.04% |
|  Hypothetical\*\* | $1000 | $1024.60 | $0.20 | 0.04% |
| **Investor Class** |  |  |  |  |
|  Actual | $1000 | $1000.40 | $0.20 | 0.04% |
|  Hypothetical\*\* | $1000 | $1024.60 | $0.20 | 0.04% |

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\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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| | |
|:---|:---|
| **2 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**April 30, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | **Yield\*** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **SHORT-TERM<br>INVESTMENTS – 101.6%** |  |  |  |
|  **U.S. Government & Government Sponsored Agency<br>Obligations – 65.3%** |  |  |  |
|  Federal Farm Credit Banks Funding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/28/2022 | 0.080% | $89000 | $88997878 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%), 11/30/2023<sup>(a)</sup> | 0.305% | 39465 | 39444302 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.04%), 07/11/2022<sup>(a)</sup> | 0.320% | 8900 | 8900615 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 11/07/2023<sup>(a)</sup> | 0.335% | 45000 | 45000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%), 12/01/2022<sup>(a)</sup> | 0.340% | 14000 | 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USBMMY3M + 0.07%), 09/14/2022<sup>(a)</sup> | 0.400% | 58500 | 58517584 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.14%), 11/06/2023<sup>(a)</sup> | 0.415% | 4700 | 4705426 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.14%), 07/28/2022<sup>(a)</sup> | 0.425% | 10000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.15%), 08/26/2022<sup>(a)</sup> | 0.430% | 29500 | 29513694 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.07% - Daily FCPR), 09/23/2022<sup>(a)</sup> | 0.430% | 25000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.19%), 07/14/2022<sup>(a)</sup> | 0.470% | 22000 | 22008383 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USBMMY3M - 0.02%), 01/29/2024<sup>(a)</sup> | 0.877% | 25000 | 25041788 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USBMMY3M + 0.02%), 06/15/2023<sup>(a)</sup> | 0.917% | 34750 | 34748019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 0 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 01/12/2023<sup>(a)</sup> | 0.288% | 10000 | 9999114 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.05%), 07/20/2023<sup>(a)</sup> | 0.330% | 109500 | 109520272 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.09%), 09/23/2022<sup>(a)</sup> | 0.370% | 1800 | 1800562 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USBMMY3M + 0.18%), 07/20/2022<sup>(a)</sup> | 0.510% | 50000 | 49999445 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USBMMY3M + 0.36%), 12/12/2022<sup>(a)</sup> | 0.690% | 2990 | 2996715 |
|  Federal Home Loan Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11/01/2022 | 0.125% | 50000 | 49997022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/03/2022 | 0.250% | 4100 | 4099488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 07/18/2022<sup>(a)</sup> | 0.285% | 500000 | 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 06/03/2022<sup>(a)</sup> | 0.290% | 500000 | 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 06/07/2022<sup>(a)</sup> | 0.290% | 200000 | 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 07/26/2022<sup>(a)</sup> | 0.290% | 49000 | 49000585 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 09/06/2022<sup>(a)</sup> | 0.290% | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 09/09/2022<sup>(a)</sup> | 0.290% | 499000 | 499000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 09/30/2022<sup>(a)</sup> | 0.290% | 500000 | 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 10/25/2022<sup>(a)</sup> | 0.290% | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 10/27/2022<sup>(a)</sup> | 0.290% | 200000 | 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 09/02/2022 | 0.900% | 2000 | 1999050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 0 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 08/30/2022<sup>(a)</sup> | 0.285% | 500000 | 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 06/23/2022<sup>(a)</sup> | 0.290% | 400000 | 400000000 |

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| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 3** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Yield\*** | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%), 08/02/2022<sup>(a)</sup> | 0.290% | $| 49325 | $49325632 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.09%), 05/26/2022<sup>(a)</sup> | 0.370% |  | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 09/09/2022 | 2.000% |  | 11000 | 11072892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.00%), 09/16/2022<sup>(a)</sup> | 0.285% |  | 500000 | 500000000 |
|  Federal Home Loan Bank Discount Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/04/2022 | 0.218% |  | 600 | 599985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/27/2022 | 0.330% |  | 326725 | 326644315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/26/2022 | 0.356% |  | 499000 | 498871787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/22/2022 | 0.858% |  | 5199 | 5188887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2022 | 1.655% |  | 100000 | 98961334 |
|  Federal Home Loan Mortgage Corp. <br>06/02/2022<sup>(a)</sup> | 0.470% |  | 25000 | 25000000 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 0 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.18%), 05/13/2022<sup>(a)</sup> | 0.460% |  | 50000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.19%), 05/19/2022<sup>(a)</sup> | 0.470% |  | 25000 | 25000000 |
|  U.S. Treasury Bill |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/09/2022 | 0.105% |  | 200000 | 199977249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 03/23/2023 | 1.630% |  | 100000 | 98560167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/20/2023 | 1.969% |  | 100000 | 98121833 |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 0.125% |  | 100000 | 100005027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10/31/2022 | 0.125% |  | 300000 | 300015147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2022 | 0.125% |  | 400000 | 399870908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USBMMY3M - 0.08%),<br> 04/30/2024<sup>(a)</sup> | 0.817% |  | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 1.750% |  | 600000 | 601465833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11/30/2022 | 2.000% |  | 200000 | 202102415 |
|  |  |  |  | 7975073353 |
|  **Repurchase Agreements – 36.3%** | **Repurchase Agreements – 36.3%** | **Repurchase Agreements – 36.3%** | **Repurchase Agreements – 36.3%** |  |
|  Australia & New Zealand Banking Group Ltd. 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $500,011,911 (collateralized by $540,026,000, U.S. Treasury Bond and U.S. Treasury Note, 0.12% to 4.25% due 08/31/2023 to 08/31/2042, value $509,999,399) |  |  | 499999 | 499999411 |
|  Bank of America 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $90,002,250 (collateralized by $95,735,615, Government National Mortgage Association, 3.00% due 03/20/2052, value $91,800,000) |  |  | 90000 | 90000000 |

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| | |
|:---|:---|
| **4 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bank of America 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $90,002,250 (collateralized by $102,337,300, U.S. Treasury Note, 0.625% due 03/31/2027, value $91,800,060) | $90000 | $90000000 |
|  BNP Paribas 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $100,004,713 (collateralized by $85,655,000, U.S. Treasury Bond, 4.25% due 05/31/2039, value $102,002,257) | 100002 | 100002213 |
|  BNP Paribas 0.30%, dated 04/27/2022 due 05/04/2022 in the amount of $600,035,000 (collateralized by $603,781,100, U.S. Treasury Bill, U.S. Treasury Bond and U.S. Treasury Note, 0.00% to 6.75% due 09/08/2022 to 02/15/2050, value $612,025,551) | 600000 | 600000000 |
|  Credit Agricole Corporate and Investment Bank 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $200,005,000 (collateralized by $210,266,000, U.S. Treasury Bill and U.S. Treasury Note, 0.00% to 3.00% due 07/15/2022 to 11/15/2031, value $204,000,050) | 200000 | 200000000 |
|  Federal Reserve Bank of New York 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $550,013,750 (collateralized by $566,209,000, U.S. Treasury Note, 0.375% to 2.125% due 12/31/2022 to 08/15/2024, value $550,013,750) | 550000 | 550000000 |
|  Fixed Income Clearing Corp. (FICC)/State Street Bank & Trust Co. 0.24%, dated 04/29/2022 due 05/02/2022 in the amount of $214,004,280 (collateralized by $246,487,000, U.S. Treasury Bond and U.S. Treasury Note, 1.125% to 2.50% due 02/15/2031 to 08/15/2046, value $218,280,065) | 214000 | 214000000 |
|  Goldman Sachs & Co. 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $100,002,500 (collateralized by $118,559,400, U.S. Treasury Bond, 1.25% to 2.75% due 11/15/2042 to 08/15/2050, value $102,000,024) | 100000 | 100000000 |

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| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 5** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Mizuho Securities USA LLC 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $600,015,000 (collateralized by $630,158,470, Federal Home Loan Bank Discount Note, Federal National Mortgage Association and U.S. Treasury Bill, 0.00% to 2.50% due 05/05/2022 to 01/01/2052, value $612,000,008) | $600000 | $600000000 |
|  Standard Chartered Bank 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $199,699,592 (collateralized by $205,000,000, U.S. Treasury Note, 2.12% due 02/29/2024, value $203,688,492) | 199695 | 199694600 |
|  Sumitomo Mitsui Banking Corp. 0.305%, dated 04/29/2022 due 05/02/2022 in the amount of $1,000,025,417 (collateralized by $1,113,046,300, U.S. Treasury Bond and U.S. Treasury Note, 0.25% to 3.00% due 07/31/2022 to 02/15/2047, value $1,020,025,989) | 1000000 | 1000000000 |
|  Toronto Dominion Bank 0.30%, dated 04/29/2022 due 05/02/2022 in the amount of $180,004,500 (collateralized by $187,229,000, Federal Farm Credit Bank, Federal Home Loan Mortgage Corp. and Federal National Mortgage Association, 0.10% to 6.25% due 05/06/2022 to 07/15/2037, value $183,600,021) | 180000 | 180000000 |
|  |  | 4423696224 |
|  **Total Investments – 101.6%**<br> (cost $12,398,769,577) |  | 12398769577 |
|  Other assets less liabilities – (1.6)% |  | (193990350) |
|  **Net Assets – 100.0%** |  | $**12204779227** |

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\* Represents annualized yield from date of purchase for discount securities, and stated interest rate for interest-bearing securities.

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2022.

Glossary:

FCPR – U.S. Federal Reserve Bank Prime Loan Rate

SOFR – Secured Overnight Financing Rate

USBMMY3M – U.S. Treasury 3 Month Bill Money Market Yield

See notes to financial statements.

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| | |
|:---|:---|
| **6 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**April 30, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value (cost $7,975,073,353) | $7975073353 |
|  Repurchase agreements, at value (cost $4,423,696,224) | 4423696224 |
|  Cash | 914825 |
|  Interest receivable | 7397659 |
|  Receivable for capital stock sold | 1618282 |
|  Total assets | 12408700343 |
| **Liabilities** |  |
|  Payable for investment securities purchased | 198965872 |
|  Payable for capital stock redeemed | 3351451 |
|  Advisory fee payable | 1011845 |
|  Administrative fee payable | 35596 |
|  Transfer Agent fee payable | 28593 |
|  Directors' fees payable | 14148 |
|  Accrued expenses | 513611 |
|  Total liabilities | 203921116 |
|  Net Assets | $**12204779227** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $6102387 |
|  Additional paid-in capital | 12198624535 |
|  Distributable earnings | 52305 |
|  **Net Assets** | $**12204779227** |

---

**Net Asset Value Per Share—110 billion shares of capital stock authorized, $.0005 par value** 

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $572826865 | 572841218 | $&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **C** | $8932741 | 8933886 | $1.00 |
| **Advisor** | $63925760 | 63915445 | $1.00 |
| **K** | $47665002 | 47673259 | $1.00 |
| **I** | $27447253 | 27444838 | $1.00 |
| **1** | $&nbsp;&nbsp;&nbsp;&nbsp;2791780586 | 2791793304 | $1.00 |
| **AB** | $6778428815 | 6778408624 | $1.00 |
| **Institutional** | $1913742142 | 1913734128 | $1.00 |
| **Premium** | $10021 | 10021 | $1.00 |
| **Select** | $10021 | 10021 | $1.00 |
| **Investor** | $10021 | 10021 | $1.00 |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 7** |

---

------

**STATEMENT OF OPERATIONS** 

**Year Ended April 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13783426 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27541909 |  |
|  Distribution fee—Class A | 1694060 |  |
|  Distribution fee—Class C | 41325 |  |
|  Distribution fee—Class K | 126160 |  |
|  Distribution fee—Class 1 | 2724530 |  |
|  Distribution fee—Premium Class | 5 |  |
|  Distribution fee—Select Class | 10 |  |
|  Distribution fee—Investor Class | 15 |  |
|  Transfer agency—Class A | 407630 |  |
|  Transfer agency—Class C | 3522 |  |
|  Transfer agency—Advisor Class | 37782 |  |
|  Transfer agency—Class K | 25232 |  |
|  Transfer agency—Class I | 4770 |  |
|  Transfer agency—Class 1 | 75302 |  |
|  Transfer agency—Class AB | 18000 |  |
|  Transfer agency—Institutional Class | 49201 |  |
|  Custody and accounting | 332517 |  |
|  Directors' fees | 183265 |  |
|  Registration fees | 146832 |  |
|  Administrative | 112084 |  |
|  Legal | 99436 |  |
|  Printing | 56508 |  |
|  Audit and tax | 49651 |  |
|  Miscellaneous | 149137 |  |
|  Total expenses | 33878883 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (19331062) |  |
|  Less: expenses waived and reimbursed by the Distributor (see Note C) | (4586105) |  |
|  Less: expenses waived by the Transfer Agent<br>(see Note B) | (565888) |  |
|  Net expenses |  | 9395828 |
|  Net investment income |  | 4387598 |
| **Realized Gain on Investment Transactions** |  |  |
|  Net realized gain on investment transactions |  | 52920 |
|  Contributions from Affiliates (see Note B) |  | 10935 |
|  **Net Increase in Net Assets from Operations** |  | $**4451453** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **8 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **Increase in Net Assets from Operations** |  |  |
|  Net investment income | $4387598 | $9740411 |
|  Net realized gain on investment transactions | 52920 | 60952 |
|  Contributions from Affiliates (see Note B) | 10935 | 2461 |
|  Net increase in net assets from operations | 4451453 | 9803824 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (180034) | (534030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2065) | (4161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (17668) | (41247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (13690) | (23744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (8239) | (9824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (1061152) | (1679707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class AB | (2566643) | (5343030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (563520) | (2104641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium Class | (6) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Class | (6) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (6) | (9) |
| **Capital Stock Transactions** |  |  |
|  Net increase (decrease) | (1482117367) | 1035853260 |
|  Total increase (decrease) | (1482078943) | 1035916673 |
| **Net Assets** |  |  |
|  Beginning of period | 13686858170 | 12650941497 |
|  End of period | $**12204779227** | $**13686858170** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 9** |

---

------

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Fixed-Income Shares, Inc. (the "Fund") is registered under the Investment Company Act of 1940 as an open-end investment company. The Fund operates as a series company currently consisting of the AB Government Money Market Portfolio (the "Portfolio"). The investment objective of the Portfolio is maximum current income to the extent consistent with safety of principal and liquidity. The Fund offers Class A, Class C, Advisor Class, Class K, Class I, Class 1, Class AB, Institutional Class, Premium Class, Select Class and Investor Class shares. Class B, Class R and Class Z shares have been authorized but currently are not offered. All 14 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. Class A shares are sold for cash without an initial sales charge at the time of purchase. However, on cash purchases of $1,000,000 or more, a contingent deferred sales charge ("CDSC") equal to 1% of the lesser of net asset value at the time of redemption or original cost if redeemed within one year may be charged. Class A shares may be exchanged for Class A shares of other AB mutual funds, subject, in the case of Class A shares of the Portfolio that were purchased for cash, to any applicable initial sales charge at the time of exchange. Class A shares of the Portfolio also are offered in exchange for Class A shares of other AB mutual funds without any sales charge at the time of purchase, but on Class A shares of the Portfolio that were received in exchange for another AB mutual fund Class A shares that were not subject to an initial sales charge when originally purchased for cash because the purchase was of $1,000,000 or more, a 1% CDSC may be assessed if shares of the Portfolio are redeemed within one year of the AB mutual fund Class A shares originally purchased for cash. Class C shares are sold for cash or in exchange for Class C shares of another AB mutual fund without an initial sales charge at the time of purchase. Class C shares are subject to a CDSC of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class shares are sold for cash or in exchange for Advisor Class shares of another AB mutual fund without an initial sales charge or CDSC and are not subject to ongoing distribution expenses. Class K, Class I and Class 1 shares are sold for cash or in exchange of the same class of shares of another AB mutual fund without an initial sales charge or CDSC. Class I shares are not subject to ongoing distribution expenses. Class I shares are also available for the investment

---

| | |
|:---|:---|
| **10 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

of cash collateral related to the AB funds' securities lending programs. Premium Class, Select Class and Investor Class shares are sold for cash without an initial sales charge or CDSC. 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 Portfolio 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 Portfolio.

**1. Security Valuation** 

Securities in which the Portfolio invests are traded primarily in the over-the-counter market and are valued at amortized cost, which approximates market value. Under such method a portfolio instrument is valued at cost and any premium or discount is amortized or accreted, respectively, on a constant basis to maturity.

**2. Fair Value Measurements** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio 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. 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 Portfolio. Unobservable inputs reflect the Portfolio'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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Portfolio's own assumptions in determining the fair
value of investments)

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 11** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 Portfolio's investments by the above fair value hierarchy levels as of April 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Government Sponsored Agency Obligations | $– 0 | $7975073353 | $– 0 | $7975073353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | 4423696224 | – 0 | – 0 | 4423696224 |
|  **Total** | $**4423696224** | $**7975073353** | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $**12398769577** |

---

**3. Taxes** 

It is the Portfolio'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 Portfolio's tax positions taken or expected to be taken on federal and state income

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 Portfolio's financial statements.

**4. Investment Income and Investment Transactions** 

Interest income is accrued daily and includes amortization of premiums and accretions of discounts as adjustments to interest income. 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. The Portfolio accounts for distributions received from 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** 

The Portfolio declares dividends daily from net investment income and are paid monthly. Net realized gains distributions, if any, will be made at least annually. Income dividends and capital gains distributions to shareholders are recorded on the ex-dividend date.

**6. Class Allocations** 

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

**7. Repurchase Agreements** 

It is the Portfolio's policy that its custodian or designated subcustodian take control of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities are sufficient to cover the value of the repurchase agreements. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Portfolio may be delayed or limited.

**NOTE B** 

**Advisory Fee and Other Transactions with Affiliates** 

The Portfolio pays the AllianceBernstein L.P. (the "Adviser") an advisory fee at the annual rate of .20% on average daily assets. The Adviser has contractually agreed to waive .10% of the advisory fee until August 31, 2022. For the year ended April 30, 2022, such reimbursements/waivers amounted to $13,770,954. In the current low interest rate environment, the Adviser may, from time to time, voluntarily waive a portion of the advisory fee it receives from the Fund in order to maintain a certain yield. For the year

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 13** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

ended April 30, 2022, the Adviser has voluntarily agreed to waive such fees in the amount of $5,462,029. The Adviser serves as investment manager and adviser of the Portfolio and continuously furnishes an investment program for the Portfolio and manages, supervises and conducts the affairs of the Portfolio, subject to the supervision of the Board. Pursuant to the Advisory Agreement, the Portfolio paid $112,084 to the Adviser representing the cost of certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended April 30, 2022, the Adviser voluntarily agreed to waive such fees in the amount of $98,079.

The Portfolio compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $324,880 for the year ended April 30, 2022. For the year ended April 30, 2022, ABIS has voluntarily agreed to waive a portion of transfer agency fees in the amount of $379,535, $3,100, $34,936, $22,259, $4,100, $62,583, $15,738 and $43,637 for Class A, Class C, Advisor Class, Class K, Class I, Class 1, Class AB and Institutional shares, respectively.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Portfolio's shares. The Distributor has advised the Portfolio that it has received $49 and $648 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended April 30, 2022.

During the year ended April 30, 2022, the Adviser reimbursed the Portfolio $10,935 for trading losses incurred due to a trade entry error. During the year ended April 30, 2021, the Adviser reimbursed the Portfolio $2,461 for an overdraft charge incurred due to a trading error.

**NOTE C** 

**Distribution Services Agreement** 

The Portfolio has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940 for Class A, Class C, Class K, Class 1, Premium Class, Select Class and Investor Class. Under the Agreement, the Portfolio pays distribution and servicing fees to the Distributor at an annual rate of .25% of the Portfolio's average daily net assets attributable to Class A shares, .75% of the Portfolio's average daily net assets attributable to Class C shares, .25% of the Portfolio's average daily net assets attributable to Class K shares, .10% of the Portfolio's average daily net assets attributable to Class 1 shares, .05% of the Portfolio's average daily net assets

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

attributable to Premium Class shares, .10% of the Portfolio's average daily net assets attributable to Select Class shares and .15% of the Portfolio's average daily net assets attributable to Investor Class shares. There are no distribution and servicing fees on the Advisor Class, Class I, Class AB and Institutional Class shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. For the year ended April 30, 2022, the Distributor has voluntarily agreed to waive all of the distribution fees in the amount of $1,694,060, $41,325, $126,160, $2,724,530, $5, $10 and $15 for Class A, Class C, Class K, Class 1, Premium Class, Select Class and Investor Class shares, respectively, limiting the effective annual rate to .00% for the Class A, Class C, Class K, Class 1, Premium Class, Select Class and Investor Class shares.

**NOTE D** 

**Investment Transactions, Income Taxes and Distributions to Shareholders** 

At April 30, 2022, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

The tax character of distributions paid during the fiscal years ended April 30, 2022 and April 30, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $4413029 | $9740411 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740411 |

---

As of April 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $52305 |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52305 |

---

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, 2022, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to contributions from the Adviser resulted in a net increase in distributable earnings and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 15** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE E** 

**Capital Stock** 

The Portfolio has allocated 110,000,000,000 of authorized shares of which 5,000,000,000 are allocated to Class A, Class B, Class C, Advisor Class, Class K, Class I, Class 1, Premium Class, Select Class and Investor Class and 20,000,000,000 to Class AB and Institutional Class. Transactions, all at $1.00 per share, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Shares** |
|  | Year Ended<br>April 30,<br> 2022 | Year Ended<br>April 30,<br> 2021 |
| **Class A** |  |  |
|  Shares sold | 118380065 | 570938808 |
|  Shares issued in reinvestment of dividends and distributions | 181933 | 534030 |
|  Shares converted from Class C | 740291 | 645726 |
|  Shares redeemed | (378497079) | (1026289858) |
|  **Net decrease** | **(259194790)** | **(454171294)** |
| **Class C** | **Class C** | **Class C** |
|  Shares sold | 7034841 | 4975153 |
|  Shares issued in reinvestment of dividends and distributions | 2078 | 4161 |
|  Shares converted to Class A | (740290) | (645726) |
|  Shares redeemed | (3037345) | (9684273) |
|  **Net increase (decrease)** | **3259284** | **(5350685)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 47886443 | 141351212 |
|  Shares issued in reinvestment of dividends and distributions | 17952 | 41247 |
|  Shares redeemed | (60513551) | (160413995) |
|  **Net decrease** | **(12609156)** | **(19021536)** |
| **Class K** | **Class K** | **Class K** |
|  Shares sold | 31983013 | 58992801 |
|  Shares issued in reinvestment of dividends and distributions | 13899 | 23744 |
|  Shares redeemed | (37106824) | (68696682) |
|  **Net decrease** | **(5109912)** | **(9680137)** |
| **Class I** | **Class I** | **Class I** |
|  Shares sold | 52388112 | 43621266 |
|  Shares issued in reinvestment of dividends and distributions | 8384 | 9824 |
|  Shares redeemed | (47177192) | (39821170) |
|  **Net increase** | **5219304** | **3809920** |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Shares** |
|  | Year Ended<br>April 30,<br> 2022 | Year Ended<br>April 30,<br> 2021 |
| **Class 1** |  |  |
|  Shares sold | 8341448584 | 6694025796 |
|  Shares issued in reinvestment of dividends and distributions | 1077463 | 1679707 |
|  Shares redeemed | (8360066074) | (6107415429) |
|  **Net increase (decrease)** | **(17540027** | **588290074** |
| **Class AB** | **Class AB** | **Class AB** |
|  Shares sold | 70649097292 | 64113091494 |
|  Shares issued on reinvestment of dividends and distributions | 2593298 | 5343030 |
|  Shares redeemed | (72019120089) | (62891699299) |
|  **Net increase (decrease)** | **(1367429499** | **1226735225** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  Shares sold | 15891017873 | 31852084455 |
|  Shares issued on reinvestment of dividends and distributions | 571682 | 2104641 |
|  Shares redeemed | (15720302126) | (32148947403) |
|  **Net increase (decrease)** | **171287429** | **(294758307** |
| **Premium Class** | **Premium Class** | **Premium Class** |
|  Shares issued in reinvestment of dividends and distributions | 6 | 9 |
|  Shares redeemed | (6) | (9) |
|  **Net increase** | **– 0** | **– 0** |
| **Select Class** | **Select Class** | **Select Class** |
|  Shares issued in reinvestment of dividends and distributions | 6 | 9 |
|  Shares redeemed | (6) | (9) |
|  **Net increase** | **– 0** | **– 0** |
| **Investor Class** | **Investor Class** | **Investor Class** |
|  Shares issued in reinvestment of dividends and distributions | 6 | 9 |
|  Shares redeemed | (6) | (9) |
|  **Net increase** | **– 0** | **– 0** |

---

**NOTE F** 

**Risks Involved in Investing in the Portfolio** 

**Money Market Fund Risk**—Money market funds are sometimes unable to maintain an NAV at $1.00 per share and, as it is generally referred to, "break the buck". In that event, an investor in a money market fund would, upon redemption, receive less than $1.00 per share. The Portfolio's shareholders should not rely on or expect an affiliate of the Portfolio to purchase distressed assets from the Portfolio, make capital infusions,

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 17** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

enter into credit support agreements or take other actions to prevent the Portfolio from breaking the buck. In addition, you should be aware that significant redemptions by large investors in the Portfolio could have a material adverse effect on the Portfolio's other shareholders. The Portfolio's NAV could be affected by forced selling during periods of high redemption pressures and/or illiquid markets. Money market funds are also subject to regulatory risk. In December 2021, the SEC proposed amendments to the rules that govern money market funds which could, if adopted, significantly impact the money market fund industry generally and, therefore, could affect the structure, operation, performance, yield and expenses of the Portfolio.

Under Rule 2a-7, the Portfolio is permitted, but not required, at the discretion of the Portfolio's Board of Directors, under certain circumstances of impaired liquidity of the Portfolio's investments, to impose liquidity fees of up to 2% on, or suspend, redemptions for limited periods of time. The Portfolio's Board of Directors has determined not to impose liquidity fees on, or suspend, redemptions.

The Portfolio's yield will change based on changes in interest rates and other market conditions. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on the Portfolio's investments and net asset value and can lead to increased market volatility. The occurrence and pendency of such crises or incidents could adversely affect the economies and financial markets either in specific countries or worldwide.

**Interest-Rate Risk**—Changing interest rates, including rates that fall below zero, affect the yield and value of the Portfolio's investments in short-term debt securities, may have unforeseeable effects on markets and market volatility and may have an adverse effect on Portfolio performance. A decline in interest rates affects the Portfolio's yield as portfolio securities mature or are sold and the Portfolio purchases new short-term securities with lower yields. During periods of very low or negative interest rates, the Portfolio may be unable to maintain a positive yield or a stable NAV at $1.00. Generally, an increase in interest rates causes the value of a debt instrument to decrease. The change in value for shorter-term securities is usually smaller than for securities with longer maturities.

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Credit Risk**—Credit risk is the possibility that a security's credit rating will be downgraded or that the issuer of the security will default (fail to make scheduled interest or principal payments). If a counterparty to a repurchase agreement defaults on its repurchase obligation, the Portfolio might suffer a loss to the extent that the proceeds from the sale of the collateral were less than the repurchase price. If the counterparty became bankrupt, the Portfolio might be delayed in selling the collateral. The Portfolio's investments in U.S. Government securities or related repurchase agreements have minimal credit risk compared to other investments.

**Illiquid Investments Risk**—Illiquid investments risk exists when particular investments are or become difficult to purchase or sell, which may prevent the Portfolio from selling out of these securities at an advantageous time or price.

**LIBOR Transition and Associated Risk**—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 19** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

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

**Management Risk**—The Portfolio 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 for the Portfolio, 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 G** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE H** 

**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 Portfolio's financial statements through this date.

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** 

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  | **2022** | **2021** | **2020** | **2019** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0003 <sup>(d)</sup> | .0005 | .0140 | .0197 | .0048 |
|  Net realized and unrealized gain (loss) on investment transactions | .0000 <sup>(e)</sup> | (.0001 | .0026 | (.0009 | (.0001 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0004 | .0166 | .0188 | .0047 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0004 | (.0166 | (.0188 | (.0047 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0004 | (.0166 | (.0188 | (.0047 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .04 | 1.67 | 1.90 | .47 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $572827 | $832020 | $1286186 | $188692 | $112059 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .13 | .17 | .27 | .39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .52% | .52 | .52 | .60 | .64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .03% | .05 | 1.41 | 1.97 | 1.02 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 21** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  | **2022** | **2021** | **2020** | **2019** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0004 | .0005 | .0157 | .0192 | .0047 |
|  Net realized and unrealized gain (loss) on investment transactions | (.0001)<sup>(d)</sup> | (.0001 | .0009 | (.0005 | .0000 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0004 | .0166 | .0187 | .0047 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0004 | (.0166 | (.0187 | (.0047 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0004 | (.0166 | (.0187 | (.0047 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .04 | 1.67 | 1.89 | .47 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $8933 | $5673 | $11024 | $6950 | $6443 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .08% | .14 | .18 | .29 | .40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.02% | 1.02 | 1.03 | 1.12 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .04% | .05 | 1.57 | 1.92 | 1.01 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  | **2022** | **2021** | **2020** | **2019** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)</sup>  | .0003 <sup>(c)</sup> | .0004 | .0125 | .0193 | .0048 |
|  Net realized and unrealized gain (loss) on investment transactions | .0000 <sup>(e)</sup> | .0000 | .0041 | (.0005 | (.0001 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0004 | .0166 | .0188 | .0047 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0004 | (.0166 | (.0188 | (.0047 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0004 | (.0166 | (.0188 | (.0047 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .04 | 1.67 | 1.90 | .47 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $63926 | $76535 | $95556 | $13202 | $8300 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .13 | .17 | .28 | .39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .27% | .27 | .27 | .36 | .39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | .03 %<sup>(c)</sup> | .04 | 1.27 | 1.93 | 1.03 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 23** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  | **2022** | **2021** | **2020** | **2019** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0003 | .0004 | .0160 | .0199 | .0051 |
|  Net realized and unrealized gain on investment transactions | .0000 <sup>(e)</sup> | .0000 | .0007 | .0000 | .0000 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0004 | .0167 | .0199 | .0051 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0004 | (.0167 | (.0199 | (.0051 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0004 | (.0167 | (.0199 | (.0051 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .04 | 1.68 | 2.01 | .51 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $47665 | $52775 | $62455 | $43398 | $38042 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .14 | .17 | .19 | .32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .51% | .52 | .52 | .51 | .57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .03% | .04 | 1.60 | 1.99 | 1.09 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **24 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  | **2022** | **2021** | **2020** | **2019** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)</sup> | .0003 <sup>(c)</sup> | .0004 | .0158 | .0202 | .0056 |
|  Net realized and unrealized gain (loss) on investment transactions | .0000 <sup>(e)</sup> | .0000 | .0012 | .0000 | (.0002 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0004 | .0170 | .0202 | .0054 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0004 | (.0170 | (.0202 | (.0054 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0004 | (.0170 | (.0202 | (.0054 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .04 | 1.71 | 2.04 | .54 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $27447 | $22228 | $18418 | $9377 | $9079 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .13 | .14 | .16 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .23% | .24 | .24 | .23 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | .03 %<sup>(c)</sup> | .04 | 1.58 | 2.02 | 1.19 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 25** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  | **2022** | **2021** | **2020** | **2019** | **November 10,<br>2017<sup>(a)</sup> to**<br> **April 30,**<br> **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0004 | .0006 | .0154 | .0206 | .0056 |
|  Net realized and unrealized gain (loss) on investment transactions | (.0001)<sup>(d)</sup> | .0001 | .0017 | (.0003 | (.0001 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0007 | .0171 | .0203 | .0055 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0007 | (.0171 | (.0203 | (.0055 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0007 | (.0171 | (.0203 | (.0055 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .07 | 1.73 | 2.05 | .55 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2791781 | $2809312 | $2221009 | $738558 | $515913 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .10 | .12 | .14 | .22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .31% | .32 | .32 | .32 | .32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .04% | .06 | 1.54 | 2.06 | 1.18 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **26 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class AB** | **Class AB** | **Class AB** | **Class AB** | **Class AB** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)</sup> | .0003 <sup>(c)</sup> | .0007 | .0171 | .0205 | .0097 |
|  Net realized and unrealized gain (loss) on investment transactions | .0000 <sup>(e)</sup> | .0000 | .0001 | (.0001 | .0001 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | .0000 |
|  Net increase in net asset value from operations | .0003 | .0007 | .0172 | .0204 | .0098 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0007 | (.0172 | (.0204 | (.0098 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0007 | (.0172 | (.0204 | (.0098 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .07 | 1.73 | 2.06 | .98 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000,000's omitted) | $6778 | $8146 | $6919 | $6821 | $5390 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .10 | .12 | .14 | .22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .21% | .22 | .22 | .22 | .22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | .03 %<sup>(c)</sup> | .07 | 1.71 | 2.06 | .97 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 27** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(b)</sup> | .0003 <sup>(c)</sup> | .0008 | .0153 | .0226 | .0099 |
|  Net realized and unrealized gain (loss) on investment transactions | .0000 <sup>(e)</sup> | (.0001 | .0018 | (.0022 | .0000 |
|  Contributions from Affiliates | .0000 <sup>(e)</sup> | .0000 | – 0 | – 0 | – 0 |
|  Net increase in net asset value from operations | .0003 | .0007 | .0171 | .0204 | .0099 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.0003) | (.0007 | (.0171 | (.0204 | (.0099 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.0003) | (.0007 | (.0171 | (.0204 | (.0099 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .03% | .07 | 1.73 | 2.06 | .99 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1913742 | $1742450 | $2037196 | $660253 | $10 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .07% | .11 | .12 | .12 | .20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .21% | .22 | .22 | .22 | .20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | .03 %<sup>(c)</sup> | .08 | 1.53 | 2.28 | .99 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Premium Class** | **Premium Class** | **Premium Class** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **July 17,**<br> **2019<sup>(a)</sup> to**<br> **April 30**<br> **2020** |
|  | **2022** | **2021** | **July 17,**<br> **2019<sup>(a)</sup> to**<br> **April 30**<br> **2020** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0006 | .0009 | .0121 |
|  Net realized and unrealized gain on investment transactions | .0000 <sup>(e)</sup> | .0000 | (.0001 |
|  Net increase in net asset value from operations | .0006 | .0009 | .0120 |
|  **Less: Dividends and Distributions** |  |  |  |
|  Dividends from net investment income | (.0006) | (.0009 | (.0120 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 |
|  Total dividends and distributions | (.0006) | (.0009 | (.0120 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .06% | .09 | 1.21 |
|  **Ratios/Supplemental Data** |  |  |  |
|  Net assets, end of period (000's omitted) | $10 | $10 | $10 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .04% | .08 | .14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .24% | .24 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .06% | .09 | 1.53 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 29** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Select Class** | **Select Class** | **Select Class** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **July 17,<br>2019<sup>(a)</sup> to<br>April 30**<br> **2020** |
|  | **2022** | **2021** | **July 17,<br>2019<sup>(a)</sup> to<br>April 30**<br> **2020** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0006 | .0009 | .0117 |
|  Net realized and unrealized gain on investment transactions | .0000 <sup>(e)</sup> | .0000 | (.0001 |
|  Net increase in net asset value from operations | .0006 | .0009 | .0116 |
|  **Less: Dividends and Distributions** |  |  |  |
|  Dividends from net investment income | (.0006) | (.0009 | (.0116 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 |
|  Total dividends and distributions | (.0006) | (.0009 | (.0116 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .06% | .09 | 1.17 |
|  **Ratios/Supplemental Data** |  |  |  |
|  Net assets, end of period (000's omitted) | $10 | $10 | $10 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .04% | .08 | .19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .29% | .29 | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .06% | .09 | 1.48 |

---

See footnote summary on page 31.

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **July 17,<br>2019<sup>(a)</sup> to<br>April 30**<br> **2020** |
|  | **2022** | **2021** | **July 17,<br>2019<sup>(a)</sup> to<br>April 30**<br> **2020** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
|  **Income From Investment Operations** |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .0006 | .0009 | .0113 |
|  Net realized and unrealized gain on investment transactions | .0000 <sup>(e)</sup> | .0000 | (.0001 |
|  Net increase in net asset value from operations | .0006 | .0009 | .0112 |
|  **Less: Dividends and Distributions** |  |  |  |
|  Dividends from net investment income | (.0006) | (.0009 | (.0112 |
|  Distributions from net realized gain on investment transactions | (.0000)<sup>(e)</sup> | – 0 | – 0 |
|  Total dividends and distributions | (.0006) | (.0009 | (.0112 |
|  Net asset value, end of period | **$1.00** | **$1.00** | **$1.00** |
|  **Total Return** |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | .06% | .09 | 1.13 |
|  **Ratios/Supplemental Data** |  |  |  |
|  Net assets, end of period (000's omitted) | $10 | $10 | $10 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .04% | .08 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .34% | .34 | .34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | .06% | .09 | 1.43 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of fees waived and expenses reimbursed.

(d) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in
accordance with the Portfolio's change in net realized and unrealized gain (loss) on investment transactions for the period.

(e) Amount is less than $.00005.

(f) 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. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total
investment return. 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.

^ Annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 31** |

---

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Directors of** 

**AB Fixed-Income Shares, Inc.:** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Government Money Market Portfolio (the "Portfolio") (the only portfolio comprising AB Fixed-Income Shares, Inc. (the "Fund")), including the portfolio of investments, as of April 30, 2022, 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 Portfolio comprising AB Fixed-Income Shares, Inc. at April 30, 2022, 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 Fund's management. Our responsibility is to express an opinion on the Portfolio'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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of the Fund'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 Fund'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

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. 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.

![LOGO](g465847g91r55.jpg)

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

New York, New York

June 24, 2022

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 33** |

---

------

**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended April 30, 2022.

For foreign shareholders, 99.17% 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 2023.

---

| | |
|:---|:---|
| **34 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**BOARD OF DIRECTORS** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,**<br> Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President and<br>Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Emma Black,** Vice President<br> **Lucas Krupa,** Vice President<br> **Emilie D. Wrapp,** Secretary<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

---

| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br>State Street Corporation CCB/5<br>1 Iron Street<br>Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br>501 Commerce Street<br>Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br>One Battery Park Plaza<br>New York, NY 10004 | **Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br>One Manhattan West<br>New York, NY 10001<br>**Transfer Agent**<br> AllianceBernstein Investor Services, Inc.<br>P.O. Box 786003<br>San Antonio, TX 78278<br>Toll-Free (800) 221-5672 |

---

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 35** |

---

------

**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund's Directors is set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>+</sup><br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser") and Head of the Global Client Group overseeing AB's institutional and retail businesses, 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. Prior to joining the firm in January 2021, he spent 20 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. | 73 |  |

---

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| Marshall C. Turner, Jr.*,<sup>#</sup>*<br> *Chairman of the Board* <br> 80<br> (2006) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 though August 2020, and is a former director of 33 other companies and organizations. 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. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014. | 73 |  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 37** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |
| Jorge A. Bermudez,<sup>#</sup><br> 71<br> (2020) | Private Investor since prior to 2017. 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 (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) 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. He has served as director or trustee of the AB Funds since January 2020. | 73 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>#</sup><br> 78<br> (2006) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From1987 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. | 73 |  |

---

---

| | |
|:---|:---|
| **38 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |
| Nancy P. Jacklin,<sup>#</sup><br> 74<br> (2006) | Private Investor since prior to 2017. 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 since August 2014. | 73 |  |
| Jeanette W. Loeb,<sup>#</sup> <br>70 <br>(2020) <br>| Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (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 a Director of the AB Funds since April 2020. | 73 | Apollo Investment Corp. (business development company) since August 2011 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 39** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |
| Carol C. McMullen,<sup>#</sup><br> 66<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, 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. | 73 |  |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |
| Garry L. Moody,<sup>#</sup><br> 70<br> (2010) | Private Investor since prior to 2017. 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 is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 73 |  |

---

\* The address for each of the Fund's Directors 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 Fund's Directors.

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

+ Mr. Erzan is an "interested person" of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 41** |

---

------

**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's officers is set forth below.

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\***<br> **AND AGE** | **POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION**<br> **DURING PAST FIVE YEARS** |
| Onur Erzan,<br> 46 | President and Chief Executive Officer | See biography above. |
| Emma Black,<br> 35 | Vice President | Vice President of the Adviser\*\*, with which she has been associated since prior to 2017. |
| Lucas Krupa,<br> 35 | Vice President | Senior Vice President of the Adviser\*\*, and Money Markets Associate on the Fixed Income Cash Management Team,\*\* with which he has been associated since prior to 2017. |
| Emilie D. Wrapp,<br> 66 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes,<br> 45 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo,<br> 63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke,<br> 61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto,<br> 57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

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

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

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**Information Regarding the Review and Approval of the Fund's Advisory Agreement** 

The disinterested directors (the "directors") of AB Fixed-Income Shares, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Government Money Market Portfolio (the "Fund") at a meeting held by video conference on November 2-4, 2021 (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 Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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.

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 43** |

---

------

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 directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. 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 2019 and 2020 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, including those relating to its subsidiaries that provide transfer agency and distribution services to 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 noted that the Fund was not profitable to the Adviser in 2019. The directors concluded that the Adviser's level of profitability from its relationship with the Fund in 2020 was not unreasonable.

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

**Fall-Out Benefits** 

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund's shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's recent profitability would be somewhat lower without these benefits. 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 Class AB Shares 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 performance of the Class AB Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors considered the Adviser's discussion of the implications of the very low interest rate environment. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

**Advisory Fees and Other Expenses** 

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared 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 paid by other funds. The directors compared the Fund's contractual advisory fee rate (reflecting a 10 basis point advisory fee waiver implemented by the Adviser) with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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 Analyst and

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 45** |

---

------

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 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.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class AB shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class AB expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered the impact of the Adviser's 10 basis point advisory fee waiver. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

**Economies of Scale** 

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on

---

| | |
|:---|:---|
| **46 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund's asset levels and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

---

| | |
|:---|:---|
| **abfunds.com** | **AB FIXED-INCOME SHARES, INC. <sup>\|</sup> 47** |

---

------

**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<sup>1</sup>

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

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

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

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 Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**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 August 23, 2021, Sustainable US Thematic Portfolio was named FlexFee<sup>™</sup> US Thematic Portfolio. Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

---

| | |
|:---|:---|
| **48 <sup>\|</sup> AB FIXED-INCOME SHARES, INC.** | **abfunds.com** |

---

------

![LOGO](g465847g43p34.jpg)

AB FIXED-INCOME SHARES, INC.

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

FIS-0151-0422 ![LOGO](g465847g22c48.jpg)

------

---

| | |
|:---|:---|
| **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.

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| | |
|:---|:---|
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT.**  |

---

The registrant's Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez 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 and quarterly press release review (for those Funds which issue press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | <u>Audit Fees</u> | Audit-Related<br> <u>Fees</u> | <u>Tax Fees</u> |
|  **AB Fixed Income Shares** |  |  |  |  |
|  Government Money Market | 2021.0 | $28814 | $— | $23420 |
|  | 2022.0 | $28814 | $— | $18099 |

---

(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) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund's Audit Committee.

------

(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, which include preparing an annual internal control report pursuant to Statement on Auditing Standards No. 70 ("Service Affiliates"):

---

| | | | |
|:---|:---|:---|:---|
|  |  | All Fees for<br> Non-Audit Services<br> Provided to the<br> Portfolio, the Adviser<br> and Service<br>Affiliates | Pre-approved by the<br>Audit Committee<br> (Portion Comprised of<br> Audit Related Fees)<br> (Portion Comprised of<br> <u>Tax Fees</u>) |
|  **AB Fixed Income Shares** |  |  |  |
|  Government Money Market | 2021.0 | $999896 | $23420 |
|  |  |  | $— |
|  |  |  | $(23420) |
|  | 2022.0 | $1960824 | $18099 |
|  |  |  | $— |
|  |  |  | $(18099) |

---

(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.

---

| | |
|:---|:---|
| **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 |
| 12 (a) (1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d465847dex99codeeth.htm) |
| 12 (b) (1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d465847dex99cert.htm) |
| 12 (b) (2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d465847dex99cert.htm#a) |
| 12 (c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d465847dex99906cert.htm) |

---

------

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 Fixed Income Shares, Inc.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | March 3, 2023 |

---

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: | March 3, 2023 |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |
| Date: | March 3, 2023 |

---

## Ex-99.Code

Exhibit 12(a) (1)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

------

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the "General Counsel"), if material. Examples of these include:

• service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Company's service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and
procedures generally applicable to the Company;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company
to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

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• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the General Counsel that he has received, read, and understands the Code;

• annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

• complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to
conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for
reports of potential violations that are made in good faith; and

• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

• the General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no material violation has occurred, the General
Counsel is not required to take any further action;

• any matter that the General Counsel believes is a material violation will be reported to the Committee;

• if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the
Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to
dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

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Exhibit A

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

**Exhibit 12(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Fixed-Income Shares, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Fixed-Income Shares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation ; and

d) disclosed in this report any change in the registrant's internal control 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; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 3, 2023

---

| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

---

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**Exhibit 12(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of AB Fixed-Income Shares, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Fixed-Income Shares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation ; and

d) disclosed in this report any change in the registrant's internal control 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; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information ; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 3, 2023

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| |
|:---|
| /s/ Joseph J. Mantineo |
| Joseph J. Mantineo |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 12(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Fixed-Income Shares, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended April 30, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 3, 2023

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.