# EDGAR Filing Document

**Accession Number:** 0001274676
**File Stem:** 0001193125-26-000861
**Filing Date:** 2026-1
**Character Count:** 693372
**Document Hash:** 23483291609efba1977381fa5920cfb9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000861.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000861

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB CORPORATE SHARES
- **CENTRAL INDEX KEY:** 0001274676

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21497
- **FILM NUMBER:** 26502175

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN CORPORATE SHARES
- **DATE OF NAME CHANGE:** 20031230

## Series and Classes Contracts Data

### AB CORPORATE INCOME SHARES (Series ID: S000010876)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000030134 | AB CORPORATE INCOME SHARES | ACISX           |

### AB Municipal Income Shares (Series ID: S000029560)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000090717 | AB Municipal Income Shares | MISHX           |

### AB Taxable Multi-Sector Income Shares (Series ID: S000029838)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000091758 | AB Taxable Multi-Sector Income Shares | CSHTX           |

### AB Impact Municipal Income Shares (Series ID: S000058704)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000192686 | AB Impact Municipal Income Shares | ABIMX           |

?xml version='1.0' encoding='ASCII'? AB Corporate Shares

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-21497

## AB CORPORATE SHARES

#### (Exact name of registrant as specified in charter)

#### 66 Hudson Boulevard East

#### New York, New York 10005

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

#### Stephen M. Woetzel

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

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

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

#### Date of fiscal year end: April 30, 2026

#### Date of reporting period: October 31, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# AB Corporate Income Shares: ACISX
October 31, 2025

![Image](g939316g10l40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACISX-S](g939316g56d43.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Corporate Income Shares

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Corporate Income Shares (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ACISX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AB Corporate Income Shares | $0 | 0.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $181916555 |
| # of Portfolio Holdings | 287 |
| Portfolio Turnover Rate | 95% |
| Total Advisory Fees Paid (Net) | $0 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Corporates - Investment Grade | 96.8% |
| Corporates - Non-Investment Grade | 1.0% |
| Governments - Sovereign Bonds | 0.6% |
| Quasi-Sovereigns | 0.3% |
| Other assets less liabilities | 1.3% |
| Total | 100.0% |

---

**AB Corporate Income Shares:** ACISX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ACISX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

CIS-0154-1025

**AB Corporate Income Shares:** ACISX

# AB Impact Municipal Income Shares: ABIMX
October 31, 2025

![Image](g939316g10l40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABIMX-S](g939316g25h45.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Impact Municipal Income Shares

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Impact Municipal Income Shares (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABIMX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AB Impact Municipal Income Shares | $0 | 0.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $631346181 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid (Net) | $0 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 0.5% |
| AA | 28.7% |
| A | 19.1% |
| BBB | 33.6% |
| BB | 7.0% |
| B | 1.5% |
| Not Rated | 9.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's quality rating breakdown is expressed as a percentage of the Fund's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Fund considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**AB Impact Municipal Income Shares:** ABIMX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABIMX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

IMISH-0154-1025

**AB Impact Municipal Income Shares:** ABIMX

# AB Municipal Income Shares: MISHX
October 31, 2025

![Image](g939316g10l40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/MISHX-S](g939316g15n99.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Municipal Income Shares

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Municipal Income Shares (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/MISHX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AB Municipal Income Shares | $0 | 0.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $16927451267 |
| # of Portfolio Holdings | 2323 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net) | $0 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| AAA | 2.2% |
| AA | 18.6% |
| A | 24.2% |
| BBB | 19.3% |
| BB | 8.9% |
| B | 0.7% |
| CCC | 0.2% |
| D | 0.1% |
| Not Rated | 25.8% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's quality rating breakdown is expressed as a percentage of the Fund's total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Fund considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P. (the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments, such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |

---

**AB Municipal Income Shares:** MISHX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/MISHX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

MIS-0154-1025

**AB Municipal Income Shares:** MISHX

# AB Taxable Multi-Sector Income Shares: CSHTX
October 31, 2025

![Image](g939316g10l40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CSHTX-S](g939316g21w31.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Taxable Multi-Sector Income Shares

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Taxable Multi-Sector Income Shares (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CSHTX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AB Taxable Multi-Sector Income Shares | $0 | 0.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $470267529 |
| # of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net) | $0 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Corporates - Investment Grade | 61.8% |
| Local Governments - US Municipal Bonds | 10.8% |
| Asset-Backed Securities | 3.4% |
| Collateralized Mortgage Obligations | 2.9% |
| Commercial Mortgage-Backed Securities | 2.5% |
| Corporates - Non-Investment Grade | 1.0% |
| Short-Term Investments | 17.0% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

**AB Taxable Multi-Sector Income Shares:** CSHTX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/CSHTX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

TMSIS-0154-1025

**AB Taxable Multi-Sector Income Shares:** CSHTX

------

#### ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

#### October 31, 2025
![LOGO](g939316g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB CORPORATE INCOME SHARES

![LOGO](g939316g50e50.jpg)

------

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

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

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS
**October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 96.8% |  |  |
|  Industrial – 53.9% |  |  |
|  **Basic – 3.6%** |  |  |
|  AngloGold Ashanti Holdings PLC <br>3.75%, 10/01/2030 | $1356 | $1296675 |
|  Freeport-McMoRan, Inc. <br>5.45%, 03/15/2043 | 1254 | 1216882 |
|  Glencore Funding LLC<br>4.907%, 04/01/2028<sup>(a)</sup> | 438 | 444977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> | 188 | 193555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634%, 04/04/2034<sup>(a)</sup> | 1132 | 1180959 |
|  Inversiones CMPC SA <br>3.85%, 01/13/2030<sup>(a)</sup> | 210 | 200235 |
|  Newmont Corp./Newcrest Finance Pty Ltd. <br>5.35%, 03/15/2034 | 1131 | 1181318 |
|  Rio Tinto Alcan, Inc. <br>6.125%, 12/15/2033 | 830 | 912718 |
|  |  | 6627319 |
|  **Capital Goods – 8.3%** |  |  |
|  Boeing Co. (The)<br>2.70%, 02/01/2027 | 1131 | 1109997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027 | 578 | 583647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259%, 05/01/2027 | 1096 | 1126151 |
|  Caterpillar Financial Services Corp. <br>Series K <br>4.10%, 08/15/2028 | 97 | 97478 |
|  Deere Funding Canada Corp. <br>4.15%, 10/09/2030 | 372 | 371327 |
|  GE Capital Funding LLC <br>4.55%, 05/15/2032 | 1263 | 1273622 |
|  General Electric Co. <br>Series G <br>6.875%, 01/10/2039 | 607 | 719605 |
|  Northrop Grumman Corp.<br>3.20%, 02/01/2027 | 862 | 853596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2028 | 1116 | 1098077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/01/2029 | 230 | 233611 |
|  Parker-Hannifin Corp.<br>3.25%, 06/14/2029 | 520 | 505367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 | 452 | 454057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2029 | 1016 | 1030702 |
|  Republic Services, Inc. <br>4.875%, 04/01/2029 | 725 | 743096 |
|  RTX Corp.<br>2.25%, 07/01/2030 | 318 | 291959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/16/2028 | 182 | 182167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/2038 | 839 | 793207 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/27/2033 | $1081 | $1120716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 | 202 | 205272 |
|  Trane Technologies Financing Ltd. <br>5.25%, 03/03/2033 | 1159 | 1207006 |
|  Westinghouse Air Brake Technologies Corp. <br>3.45%, 11/15/2026 | 1205 | 1195721 |
|  |  | 15196381 |
|  **Communications - Media – 3.6%** |  |  |
|  Meta Platforms, Inc.<br>4.65%, 08/15/2062 | 1398 | 1161277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 | 500 | 495365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 | 1206 | 1167420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2063 | 72 | 71800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 | 515 | 509634 |
|  Paramount Global <br>5.90%, 10/15/2040 | 310 | 284723 |
|  Time Warner Cable Enterprises LLC <br>8.375%, 07/15/2033 | 899 | 1044063 |
|  Time Warner Cable LLC<br>5.50%, 09/01/2041 | 326 | 293005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/2037 | 360 | 368823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2039 | 1165 | 1194090 |
|  |  | 6590200 |
|  **Communications - Telecommunications – 0.3%** |  |  |
|  AT&T, Inc. <br>6.55%, 01/15/2028 | 100 | 104324 |
|  TELUS Corp. <br>7.00%, 10/15/2055 | 381 | 405696 |
|  |  | 510020 |
|  **Consumer Cyclical - Automotive – 3.5%** |  |  |
|  American Honda Finance Corp. <br>Series G <br>4.50%, 09/04/2030 | 644 | 644824 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 | 1509 | 1315003 |
|  Ford Motor Credit Co. LLC<br>5.869%, 10/31/2035 | 555 | 548251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.918%, 03/20/2028 | 254 | 259466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/05/2031 | 293 | 299824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.532%, 03/19/2032 | 358 | 373741 |
|  General Motors Financial Co., Inc.<br>2.40%, 04/10/2028 | 84 | 80314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 | 542 | 541041 |
|  Honda Motor Co., Ltd. <br>4.436%, 07/08/2028 | 666 | 670343 |

---

---

| | |
|:---|:---|
| 2 AB Corporate Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hyundai Capital America<br>4.50%, 09/18/2030<sup>(a)</sup> | $945 | $943186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/24/2031<sup>(a)</sup> | 660 | 681397 |
|  |  | 6357390 |
|  **Consumer Cyclical - Other – 1.4%** |  |  |
|  Flutter Treasury DAC <br>5.875%, 06/04/2031<sup>(a)</sup> | 311 | 315279 |
|  Marriott International, Inc./MD <br>4.20%, 07/15/2027 | 934 | 936671 |
|  Sekisui House US, Inc. <br>6.00%, 01/15/2043 | 1324 | 1246957 |
|  |  | 2498907 |
|  **Consumer Cyclical - Restaurants – 1.2%** |  |  |
|  McDonald's Corp.<br>2.125%, 03/01/2030 | 50 | 45896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/2031 | 561 | 563412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/2037 | 622 | 690414 |
|  Starbucks Corp. <br>4.50%, 05/15/2028 | 834 | 841247 |
|  |  | 2140969 |
|  **Consumer Cyclical - Retailers – 1.5%** |  |  |
|  CK Hutchison International 23 Ltd. <br>4.875%, 04/21/2033<sup>(a)</sup> | 432 | 439245 |
|  Ralph Lauren Corp. <br>5.00%, 06/15/2032 | 822 | 845328 |
|  Ross Stores, Inc.<br>4.70%, 04/15/2027 | 160 | 160538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/15/2030 | 115 | 116217 |
|  Walmart, Inc. <br>5.625%, 04/15/2041 | 1094 | 1169595 |
|  |  | 2730923 |
|  **Consumer Non-Cyclical – 8.7%** |  |  |
|  Altria Group, Inc.<br>2.45%, 02/04/2032 | 1726 | 1517016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 | 939 | 725302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2033 | 79 | 88742 |
|  Anheuser-Busch InBev Worldwide, Inc. <br>8.20%, 01/15/2039 | 821 | 1061463 |
|  Archer-Daniels-Midland Co.<br>2.90%, 03/01/2032 | 1473 | 1350034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/2030 | 121 | 116421 |
|  BAT Capital Corp. <br>7.75%, 10/19/2032 | 46 | 53532 |
|  Cargill, Inc. <br>4.125%, 10/23/2030<sup>(a)</sup> | 649 | 645651 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CVS Health Corp. <br>3.625%, 04/01/2027 | $181 | $179494 |
|  Eli Lilly & Co.<br>4.00%, 10/15/2028 | 747 | 749555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/09/2064 | 663 | 627715 |
|  Gilead Sciences, Inc. <br>2.95%, 03/01/2027 | 231 | 228270 |
|  HCA, Inc. <br>4.30%, 11/15/2030 | 221 | 219919 |
|  Hershey Co. (The) <br>4.75%, 02/24/2030 | 756 | 773207 |
|  Kellanova<br>2.10%, 06/01/2030 | 1192 | 1083790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2027 | 385 | 380561 |
|  Kenvue, Inc. <br>5.05%, 03/22/2053 | 956 | 872799 |
|  Kraft Heinz Foods Co. <br>3.875%, 05/15/2027 | 864 | 859965 |
|  Mars, Inc. <br>4.60%, 03/01/2028<sup>(a)</sup> | 517 | 523065 |
|  Philip Morris International, Inc.<br>3.875%, 08/21/2042 | 276 | 228155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 02/13/2031 | 368 | 380630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/07/2028 | 197 | 202912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 | 875 | 902886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 | 777 | 809696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/16/2038 | 86 | 96091 |
|  Takeda US Financing, Inc. <br>5.20%, 07/07/2035 | 831 | 845676 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 | 318 | 287555 |
|  |  | 15810102 |
|  **Energy – 8.6%** |  |  |
|  BG Energy Capital PLC <br>5.125%, 10/15/2041<sup>(a)</sup> | 1267 | 1231866 |
|  Colonial Enterprises, Inc.<br>3.25%, 05/15/2030<sup>(a)</sup> | 1304 | 1219423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.627%, 11/15/2035<sup>(a)</sup> | 489 | 493342 |
|  ConocoPhillips Co.<br>5.30%, 05/15/2053 | 866 | 822449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2065 | 720 | 708070 |
|  Continental Resources, Inc./OK<br>4.375%, 01/15/2028 | 673 | 669662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/2044 | 624 | 503855 |
|  Eni SpA <br>5.75%, 05/19/2035<sup>(a)</sup> | 201 | 210073 |

---

---

| | |
|:---|:---|
| 4 AB Corporate Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  EOG Resources, Inc.<br>4.95%, 04/15/2050 | $1326 | $1208967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/2054 | 367 | 367154 |
|  EQT Corp. <br>3.90%, 10/01/2027 | 503 | 499348 |
|  Harbour Energy PLC <br>6.327%, 04/01/2035<sup>(a)</sup> | 675 | 690842 |
|  MPLX LP <br>5.40%, 09/15/2035 | 573 | 575653 |
|  ONEOK Partners LP<br>6.125%, 02/01/2041 | 32 | 32809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/01/2036 | 645 | 701218 |
|  ONEOK, Inc.<br>5.05%, 11/01/2034 | 701 | 690906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/2035 | 818 | 821198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/01/2026 | 237 | 239797 |
|  Pioneer Natural Resources Co. <br>1.90%, 08/15/2030 | 627 | 565121 |
|  Saudi Arabian Oil Co.<br>5.75%, 07/17/2054<sup>(a)</sup> | 257 | 257643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/17/2064<sup>(a)</sup> | 545 | 543501 |
|  Targa Resources Corp.<br>5.20%, 07/01/2027 | 268 | 272157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/2035 | 545 | 557235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 | 166 | 170238 |
|  Tennessee Gas Pipeline Co. LLC <br>2.90%, 03/01/2030<sup>(a)</sup> | 1147 | 1076115 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 | 123 | 126295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 | 319 | 333534 |
|  |  | 15588471 |
|  **Services – 4.3%** |  |  |
|  Booking Holdings, Inc. <br>3.55%, 03/15/2028 | 1214 | 1201095 |
|  Expedia Group, Inc. <br>3.80%, 02/15/2028 | 1142 | 1132499 |
|  Mastercard, Inc.<br>2.95%, 06/01/2029 | 656 | 634142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/2030 | 1532 | 1491800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/09/2034 | 53 | 54274 |
|  Moody's Corp. <br>3.25%, 01/15/2028 | 1219 | 1198204 |
|  S&P Global, Inc.<br>1.25%, 08/15/2030 | 104 | 90797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/2027 | 315 | 308785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2032 | 1309 | 1203246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029 | 450 | 451948 |
|  |  | 7766790 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Technology – 8.2%** |  |  |
|  Alphabet, Inc.<br>5.25%, 05/15/2055 | $252 | $249619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 | 1183 | 1162191 |
|  Analog Devices, Inc.<br>1.70%, 10/01/2028 | 1368 | 1283485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/2031 | 805 | 710960 |
|  Applied Materials, Inc. <br>4.00%, 01/15/2031 | 756 | 749710 |
|  Autodesk, Inc. <br>3.50%, 06/15/2027 | 1190 | 1179147 |
|  Broadcom, Inc.<br>4.11%, 09/15/2028 | 1198 | 1199330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 | 88 | 88231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/2030 | 494 | 492849 |
|  CDW LLC/CDW Finance Corp. <br>3.25%, 02/15/2029 | 231 | 221240 |
|  Dell International LLC/EMC Corp. <br>4.15%, 02/15/2029 | 563 | 562420 |
|  Foundry JV Holdco LLC<br>5.90%, 01/25/2033<sup>(a)</sup> | 919 | 966586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032<sup>(a)</sup> | 244 | 259985 |
|  Intuit, Inc. <br>1.65%, 07/15/2030 | 1371 | 1225318 |
|  Jabil, Inc.<br>3.95%, 01/12/2028 | 584 | 580899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2027 | 1188 | 1188463 |
|  Lam Research Corp. <br>1.90%, 06/15/2030 | 470 | 425815 |
|  Oracle Corp.<br>3.25%, 11/15/2027 | 48 | 47084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/26/2065 | 638 | 606355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/08/2039 | 301 | 310479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2038 | 925 | 990888 |
|  VMware LLC <br>3.90%, 08/21/2027 | 436 | 434840 |
|  |  | 14935894 |
|  **Transportation - Airlines – 0.5%** |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(a)</sup> | 812 | 817294 |
|  Southwest Airlines Co. <br>4.375%, 11/15/2028 | 186 | 185568 |
|  |  | 1002862 |
|  **Transportation - Services – 0.2%** |  |  |
|  ENA Master Trust <br>4.00%, 05/19/2048<sup>(a)</sup> | 370 | 284045 |
|  |  | 98040273 |

---

---

| | |
|:---|:---|
| 6 AB Corporate Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Financial Institutions – 29.7% | Financial Institutions – 29.7% | Financial Institutions – 29.7% |
|  **Banking – 23.1%** | **Banking – 23.1%** | **Banking – 23.1%** |
|  AIB Group PLC <br>5.871%, 03/28/2035<sup>(a)</sup> | $778 | $819366 |
|  Ally Financial, Inc.<br>5.543%, 01/17/2031 | 729 | 741634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.848%, 01/03/2030 | 543 | 572892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, 06/13/2029 | 126 | 132401 |
|  Banco Bilbao Vizcaya Argentaria SA<br>6.138%, 09/14/2028 | 800 | 826816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.883%, 11/15/2034 | 200 | 233058 |
|  Banco Santander SA<br>5.552%, 03/14/2028 | 600 | 609678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 | 1000 | 1109800 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(a)</sup> | 1095 | 1134748 |
|  Barclays PLC<br>6.224%, 05/09/2034 | 862 | 927779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.692%, 09/13/2034 | 496 | 548264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.119%, 06/27/2034 | 1275 | 1426062 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX <br>5.875%, 09/13/2034<sup>(a)</sup> | 330 | 329258 |
|  CaixaBank SA<br>4.885%, 07/03/2031<sup>(a)</sup> | 600 | 606768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 09/13/2034<sup>(a)</sup> | 390 | 434616 |
|  Capital One Financial Corp. <br>4.493%, 09/11/2031 | 943 | 935890 |
|  Citigroup, Inc.<br>3.52%, 10/27/2028 | 553 | 545949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/2027 | 261 | 261788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%, 09/11/2031 | 920 | 921159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.643%, 05/07/2028 | 1194 | 1201665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 | 356 | 358510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%, 05/25/2034 | 516 | 548028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(b)</sup> | 368 | 367205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>3.875%, 02/18/2026<sup>(b)</sup> | 344 | 341809 |
|  Credit Agricole SA<br>4.818%, 09/25/2033<sup>(a)</sup> | 367 | 364670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.222%, 05/27/2031<sup>(a)</sup> | 969 | 993952 |
|  Deutsche Bank AG/New York NY<br>2.311%, 11/16/2027 | 261 | 255676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, 01/14/2032 | 1503 | 1414428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 02/10/2034 | 683 | 748889 |
|  DNB Bank ASA <br>4.384%, 11/04/2031<sup>(a)</sup> | 370 | 368146 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  HSBC Holdings PLC<br>4.619%, 11/06/2031 | $504 | $504590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.755%, 06/09/2028 | 320 | 322518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 05/13/2031 | 837 | 861206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.733%, 05/17/2032 | 1092 | 1148915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.399%, 11/13/2034 | 734 | 838045 |
|  Intesa Sanpaolo SpA<br>4.95%, 06/01/2042<sup>(a)</sup> | 911 | 776564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.778%, 06/20/2054<sup>(a)</sup> | 935 | 1127507 |
|  JPMorgan Chase & Co. <br>5.04%, 01/23/2028 | 890 | 899274 |
|  Lloyds Banking Group PLC <br>4.425%, 11/04/2031 | 228 | 227685 |
|  Morgan Stanley<br>4.994%, 04/12/2029 | 669 | 681591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, 04/13/2028 | 1077 | 1099122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.133%, 10/18/2029 | 540 | 538688 |
|  Morgan Stanley Bank NA<br>4.952%, 01/14/2028 | 291 | 293572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%, 01/12/2029 | 1074 | 1092322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%, 05/26/2028 | 789 | 804906 |
|  Nationwide Building Society <br>4.649%, 07/14/2029<sup>(a)</sup> | 828 | 834955 |
|  NatWest Markets PLC <br>4.412%, 11/06/2030<sup>(a)</sup> | 552 | 551851 |
|  Santander UK Group Holdings PLC <br>4.32%, 09/22/2029 | 756 | 753883 |
|  Societe Generale SA<br>5.439%, 10/03/2036<sup>(a)</sup> | 896 | 897774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.367%, 01/10/2053<sup>(a)</sup> | 894 | 981487 |
|  Svenska Handelsbanken AB <br>4.375%, 03/01/2027<sup>(a)(b)</sup> | 400 | 393528 |
|  Synchrony Bank <br>5.625%, 08/23/2027 | 339 | 346017 |
|  Synchrony Financial<br>3.95%, 12/01/2027 | 376 | 372853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030 | 400 | 413492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/29/2036 | 256 | 261245 |
|  Toronto-Dominion Bank (The) <br>5.146%, 09/10/2034 | 381 | 386452 |
|  Truist Bank <br>4.136%, 10/23/2029 | 371 | 369579 |
|  UBS Group AG<br>2.746%, 02/11/2033<sup>(a)</sup> | 854 | 762929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.537%, 08/12/2033<sup>(a)</sup> | 693 | 764885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/10/2034<sup>(a)(b)</sup> | 365 | 371377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/13/2028<sup>(a)(b)</sup> | 273 | 297240 |

---

---

| | |
|:---|:---|
| 8 AB Corporate Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  UniCredit SpA<br>5.459%, 06/30/2035<sup>(a)</sup> | $| 1206 | $| 1219893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 04/02/2034<sup>(a)</sup> |  | 200 |  | 214480 |
|  Wells Fargo & Co. <br>4.078%, 09/15/2029 |  | 566 |  | 564506 |
|  |  |  |  | 42055835 |
|  **Brokerage – 0.3%** | **Brokerage – 0.3%** | **Brokerage – 0.3%** | **Brokerage – 0.3%** | **Brokerage – 0.3%** |
|  Charles Schwab Corp. (The) <br>Series I <br>4.00%, 06/01/2026<sup>(b)</sup> |  | 595 |  | 588889 |
|  **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
|  Allstate Corp. (The) <br>Series B <br>7.411% (CME Term SOFR 3 Month + 3.20%),<br>08/15/2053<sup>(c)</sup> |  | 712 |  | 713438 |
|  Athene Global Funding<br>4.721%, 10/08/2029<sup>(a)</sup> |  | 708 |  | 709947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 07/17/2030<sup>(a)</sup> |  | 164 |  | 165938 |
|  Cigna Group (The) <br>7.875%, 05/15/2027 |  | 53 |  | 55776 |
|  Hartford Insurance Group, Inc. (The) <br>Series ICON <br>6.598% (CME Term SOFR 3 Month + 2.39%),<br>02/12/2047<sup>(a)(c)</sup> |  | 564 |  | 536048 |
|  MetLife, Inc. <br>Series D <br>5.875%, 03/15/2028<sup>(b)</sup> |  | 170 |  | 174255 |
|  New York Life Insurance Co. <br>4.45%, 05/15/2069<sup>(a)</sup> |  | 1487 |  | 1181645 |
|  Principal Life Global Funding II <br>4.25%, 08/18/2028<sup>(a)</sup> |  | 571 |  | 572525 |
|  |  |  |  | 4109572 |
|  **REITs – 4.0%** | **REITs – 4.0%** | **REITs – 4.0%** | **REITs – 4.0%** | **REITs – 4.0%** |
|  American Homes 4 Rent LP <br>3.625%, 04/15/2032 |  | 364 |  | 342004 |
|  Digital Realty Trust LP <br>3.60%, 07/01/2029 |  | 1246 |  | 1216669 |
|  Essential Properties LP<br>2.95%, 07/15/2031 |  | 454 |  | 412191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 12/01/2035 |  | 374 |  | 374972 |
|  GLP Capital LP/GLP Financing II, Inc. <br>5.25%, 02/15/2033 |  | 431 |  | 431392 |
|  Regency Centers LP <br>4.125%, 03/15/2028 |  | 563 |  | 563366 |
|  Simon Property Group LP <br>2.65%, 02/01/2032 |  | 1394 |  | 1250334 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Ventas Realty LP <br>4.00%, 03/01/2028 | $| 1203 | $| 1197803 |
|  Welltower OP LLC<br>2.05%, 01/15/2029 |  | 403 |  | 378224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/2030 |  | 1098 |  | 1051061 |
|  |  |  |  | 7218016 |
|  |  |  |  | 53972312 |
|  Utility – 13.2% | Utility – 13.2% | Utility – 13.2% | Utility – 13.2% | Utility – 13.2% |
|  **Electric – 12.9%** | **Electric – 12.9%** | **Electric – 12.9%** | **Electric – 12.9%** | **Electric – 12.9%** |
|  AEP Transmission Co. LLC<br>5.15%, 04/01/2034 |  | 505 |  | 515938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/2035 |  | 333 |  | 344778 |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(a)</sup> |  | 188 |  | 175043 |
|  Alexander Funding Trust II <br>7.467%, 07/31/2028<sup>(a)</sup> |  | 640 |  | 681619 |
|  American Electric Power Co., Inc.<br>3.20%, 11/13/2027 |  | 758 |  | 744311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 12/15/2054 |  | 270 |  | 294548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>6.05%, 03/15/2056 |  | 655 |  | 663712 |
|  Berkshire Hathaway Energy Co. <br>6.125%, 04/01/2036 |  | 1298 |  | 1409784 |
|  Commonwealth Edison Co. <br>5.65%, 06/01/2054 |  | 762 |  | 777903 |
|  Edison International <br>5.75%, 06/15/2027 |  | 386 |  | 390505 |
|  Enel Finance International NV<br>6.00%, 10/07/2039<sup>(a)</sup> |  | 1155 |  | 1219241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/14/2052<sup>(a)</sup> |  | 529 |  | 653643 |
|  Engie Energia Chile SA <br>6.375%, 04/17/2034<sup>(a)</sup> |  | 330 |  | 350833 |
|  Entergy Louisiana LLC <br>5.70%, 03/15/2054 |  | 159 |  | 160884 |
|  Fells Point Funding Trust <br>3.046%, 01/31/2027<sup>(a)</sup> |  | 261 |  | 257093 |
|  FirstEnergy Transmission LLC <br>2.866%, 09/15/2028<sup>(a)</sup> |  | 1520 |  | 1467226 |
|  Florida Power & Light Co. <br>5.30%, 06/15/2034 |  | 250 |  | 261665 |
|  Georgia Power Co. <br>4.00%, 10/01/2028 |  | 657 |  | 656527 |
|  Kentucky Utilities Co. <br>5.125%, 11/01/2040 |  | 1198 |  | 1182258 |
|  Niagara Mohawk Power Corp.<br>2.759%, 01/10/2032<sup>(a)</sup> |  | 556 |  | 498671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034<sup>(a)</sup> |  | 1198 |  | 1221673 |

---

---

| | |
|:---|:---|
| 10 AB Corporate Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  NSTAR Electric Co. <br>5.20%, 03/01/2035 | $| 542 | $| 554959 |
|  Oncor Electric Delivery Co. LLC <br>4.30%, 05/15/2028 |  | 525 |  | 528245 |
|  Pacific Gas & Electric Co. <br>3.25%, 06/01/2031 |  | 700 |  | 646247 |
|  PacifiCorp<br>3.30%, 03/15/2051 |  | 1132 |  | 748433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2054 |  | 310 |  | 292001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2055 |  | 250 |  | 243515 |
|  PECO Energy Co.<br>4.875%, 09/15/2035 |  | 733 |  | 738036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2054 |  | 372 |  | 361837 |
|  Public Service Enterprise Group, Inc. <br>8.625%, 04/15/2031 |  | 248 |  | 286700 |
|  San Diego Gas & Electric Co.<br>5.40%, 04/15/2035 |  | 702 |  | 728430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 04/15/2054 |  | 866 |  | 860700 |
|  Virginia Electric & Power Co. <br>Series C <br>4.90%, 09/15/2035 |  | 802 |  | 799618 |
|  Vistra Operations Co. LLC<br>5.05%, 12/30/2026<sup>(a)</sup> |  | 361 |  | 363772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> |  | 1297 |  | 1440915 |
|  Xcel Energy, Inc. <br>4.75%, 03/21/2028 |  | 882 |  | 893307 |
|  |  |  |  | 23414570 |
|  **Natural Gas – 0.3%** | **Natural Gas – 0.3%** | **Natural Gas – 0.3%** | **Natural Gas – 0.3%** | **Natural Gas – 0.3%** |
|  Southern California Gas Co. <br>6.00%, 06/15/2055 |  | 581 |  | 610404 |
|  |  |  |  | 24024974 |
|  Total Corporates - Investment Grade <br>(cost $173,212,119) |  |  |  | 176037559 |
|  CORPORATES - NON-INVESTMENT GRADE – 1.0% | CORPORATES - NON-INVESTMENT GRADE – 1.0% | CORPORATES - NON-INVESTMENT GRADE – 1.0% | CORPORATES - NON-INVESTMENT GRADE – 1.0% | CORPORATES - NON-INVESTMENT GRADE – 1.0% |
|  Industrial – 1.0% | Industrial – 1.0% | Industrial – 1.0% | Industrial – 1.0% | Industrial – 1.0% |
|  **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** |
|  Discovery Communications LLC <br>5.30%, 05/15/2049 |  | 82 |  | 56704 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032 |  | 638 |  | 584925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.141%, 03/15/2052 |  | 174 |  | 132675 |
|  |  |  |  | 774304 |
|  **Consumer Cyclical - Automotive – 0.2%** |  |  |  |  |
|  Nissan Motor Acceptance Co. LLC <br>5.30%, 09/13/2027<sup>(a)</sup> |  | 302 |  | 301049 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** |
|  CVS Health Corp.<br>6.75%, 12/10/2054 | $44 | $45751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 | 624 | 655799 |
|  |  | 701550 |
|  Total Corporates - Non-Investment Grade <br>(cost $1,744,178) |  | 1776903 |
|  GOVERNMENTS - SOVEREIGN BONDS – 0.6% | GOVERNMENTS - SOVEREIGN BONDS – 0.6% | GOVERNMENTS - SOVEREIGN BONDS – 0.6% |
|  **Colombia – 0.3%** | **Colombia – 0.3%** | **Colombia – 0.3%** |
|  Colombia Government International Bond<br>3.125%, 04/15/2031 | 562 | 493717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/15/2049 | 200 | 152400 |
|  |  | 646117 |
|  **Mexico – 0.3%** |  |  |
|  Mexico Government International Bond<br>4.75%, 03/08/2044 | 120 | 101400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/13/2055 | 347 | 389508 |
|  |  | 490908 |
|  Total Governments - Sovereign Bonds <br>(cost $1,231,256) |  | 1137025 |
|  QUASI-SOVEREIGNS – 0.3% | QUASI-SOVEREIGNS – 0.3% | QUASI-SOVEREIGNS – 0.3% |
|  Quasi-Sovereign Bonds – 0.3% | Quasi-Sovereign Bonds – 0.3% | Quasi-Sovereign Bonds – 0.3% |
|  **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** |
|  Petroleos Mexicanos<br>6.75%, 09/21/2047 | 112 | 92613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 80 | 72564 |
|  |  | 165177 |
|  **Peru – 0.1%** |  |  |
|  Corp. Financiera de Desarrollo SA <br>2.40%, 09/28/2027<sup>(a)</sup> | 250 | 241402 |
|  **Qatar – 0.1%** | **Qatar – 0.1%** | **Qatar – 0.1%** |
|  QatarEnergy <br>3.125%, 07/12/2041<sup>(a)</sup> | 277 | 215564 |
|  Total Quasi-Sovereigns <br>(cost $704,733) |  | 622143 |
|  Total Investments – 98.7% <br>(cost $176,892,286) |  | 179573630 |
|  Other assets less liabilities – 1.3% |  | 2342925 |
|  **Net Assets – 100.0%** |  | $**181916555** |

---

---

| | |
|:---|:---|
| 12 AB Corporate Income Shares | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

#### FUTURES (see Note C)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  U.S. Long Bond (CBT) Futures | 45 | December 2025 | $5279063 | $47813 |
|  U.S. Ultra Bond (CBT) Futures | 119 | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14432469 | 170849 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 46 | December 2025 | 5312281 | (21523) |
|  U.S. T-Note 10 Yr (CBT) Futures | 43 | December 2025 | 4844891 | (1408) |
|  U.S. T-Note 2 Yr (CBT) Futures | 27 | December 2025 | 5622539 | 5532 |
|  U.S. T-Note 5 Yr (CBT) Futures | 4 | December 2025 | 436844 | 120 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201383 |

---

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2025, the aggregate market value of these securities amounted to $40,118,105 or 22.1% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2025.

Glossary:

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 13 |

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------

#### STATEMENT OF ASSETS & LIABILITIES
**October 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value (cost $176,892,286) | $179573630 |
|  Cash | 3607608 |
|  Cash collateral due from broker | 650993 |
|  Interest receivable | 2102231 |
|  Receivable for shares of beneficial interest sold | 8537 |
|  Total assets | 185942999 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 2852044 |
|  Dividends payable | 827927 |
|  Payable for shares of beneficial interest redeemed | 268664 |
|  Payable for variation margin on futures | 72814 |
|  Foreign capital gains tax payable | 4995 |
|  Total liabilities | 4026444 |
|  Net Assets | $**181916555** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $181 |
|  Additional paid-in capital | 216461452 |
|  Accumulated loss | (34545078) |
|  **Net Assets** | $**181916555** |
|  **Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value**(based on 18,084,022 common shares outstanding) | $**10.06** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 14 AB Corporate Income Shares | **ABFunds.com** |

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------

#### STATEMENT OF OPERATIONS
**Six Months Ended October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502845 |  |
|  Other income | 2628 |  |
|  Total investment income |  | $4505473 |
| Realized and Unrealized Gain on Investment Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 970351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 17157 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 3204492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 322273 |
|  Net gain on investment transactions |  | 4514273 |
|  **Net Increase in Net Assets from Operations** |  | $**9019746** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 15 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30,<br>2025** |
| Increase in Net Assets from Operations | Increase in Net Assets from Operations | Increase in Net Assets from Operations |
|  Net investment income | $4505473 | $10524515 |
|  Net realized gain on investment transactions | 987508 | 346594 |
|  Net change in unrealized appreciation (depreciation) of investments | 3526765 | 5908374 |
|  Net increase in net assets from operations | 9019746 | 16779483 |
|  Distribution to Shareholders | (4514068) | (10544631) |
| Transactions in Shares of Beneficial Interest | Transactions in Shares of Beneficial Interest | Transactions in Shares of Beneficial Interest |
|  Net increase (decrease) | 8330817 | (52731602) |
|  Total increase (decrease) | 12836495 | (46496750) |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 169080060 | 215576810 |
|  End of period | $**181916555** | $**169080060** |

---

See notes to financial statements.

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| | |
|:---|:---|
| 16 AB Corporate Income Shares | **ABFunds.com** |

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------

#### NOTES TO FINANCIAL STATEMENTS
**October 31, 2025** (unaudited)

NOTE A

Significant Accounting Policies

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

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

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 17 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to

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| | |
|:---|:---|
| 18 AB Corporate Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 19 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Corporates – Investment Grade | $– 0 | $176037559 | $– 0 | $176037559 |
|  Corporates – Non-Investment Grade | – 0 | 1776903 | – 0 | 1776903 |
|  Governments – Sovereign Bonds | – 0 | 1137025 | – 0 | 1137025 |
|  Quasi-Sovereigns | – 0 | 622143 | – 0 | 622143 |
|  Total Investments in Securities | – 0 | 179573630 | – 0 | 179573630 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Futures | 224314 | – 0 | – 0 | 224314 <sup>(b)</sup> |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Futures | (22931) | – 0 | – 0 | (22931)<sup>(b)</sup> |
|  **Total** | $**201383** | $**179573630** | $**– 0** | $**179775013** |

---

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

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

3. Taxes

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

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

4. Investment Income and Investment Transactions

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

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| | |
|:---|:---|
| 20 AB Corporate Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

5. Dividends and Distributions

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

6. Cash and Short-Term Investments

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

7. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 21 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund for, office space, facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

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

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

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169674191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162304344 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660950 |
|  Gross unrealized depreciation | (778223) |
|  Net unrealized appreciation | $2882727 |

---

1. Derivative Financial Instruments

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

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

**•** **Futures** 

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from

---

| | |
|:---|:---|
| 22 AB Corporate Income Shares | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies.

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

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

During the six months ended October 31, 2025, the Fund held futures for hedging purposes.

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 23 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

counterparty, the return of collateral with market value in excess of the Fund's net liability, held by the defaulting party, may be delayed or denied.

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

During the six months ended October 31, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for<br>variation margin<br>on futures | $224314 \* | Payable for<br>variation margin<br>on futures | $22931 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224314 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22931 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $17157 | $322273 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322273 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended October 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18302674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15021467 |

---

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

---

| | |
|:---|:---|
| 24 AB Corporate Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br>April 30,<br>2025 |
|  Shares sold | 3510304 | 3786490 | $34834756 | $37166451 |
|  Shares redeemed | (2673574) | (9147796) | (26503939) | (89898053) |
|  **Net increase (decrease)** | **836730** | **(5361306)** | $**8330817** | $**(52731602)** |

---

NOTE E

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.

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

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**Duration Risk**—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 25 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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

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

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

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

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

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing, if necessary, subject to certain restrictions in

---

| | |
|:---|:---|
| 26 AB Corporate Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the Adviser. The Fund did not utilize the Facility during the six months ended October 31, 2025.

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended April 30, 2025 and April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11191914 |
|  Total distributions paid | $10544631 | $11191914 |

---

As of April 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $879440 |
|  Accumulated capital and other losses | (38541026)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (643907)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38305493)<sup>(c)</sup> |

---

(a) As of April 30, 2025, the Fund had a net capital loss carryforward of $38,541,026. During the fiscal year, the Fund utilized $1,368,375 of capital loss carry forwards to offset current year net realized gains.

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

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2025, the Fund had a net short-term capital loss carryforward of $10,565,319 and a net long-term capital loss carryforward of $27,975,707, which may be carried forward for an indefinite period.

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 Fund's financial statements through this date.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 27 |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.80 | $9.54 | $9.83 | $10.22 | $11.82 | $11.56 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .26 | .52 | .51 | .39 | .33 | .37 |
|  Net realized and unrealized gain (loss) on investment transactions | .26 | .26 | (.29 | (.39 | (1.47) | .55 |
|  Net increase (decrease) in net asset value from operations | .52 | .78 | .22 | – 0 | (1.14) | .92 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.26 | (.52 | (.51 | (.39 | (.34) | (.38) |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | – 0 | (.12) | (.28) |
|  Total dividends and distributions | (.26 | (.52 | (.51 | (.39 | (.46) | (.66) |
|  Net asset value, end of period | **$10.06** | **$9.80** | **$9.54** | **$9.83** | **$10.22** | **$11.82** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)</sup> | 5.33 | 8.29 | 2.35 | .16 | (10.08)% | 7.90% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $181917 | $169080 | $215577 | $183236 | $222550 | $208745 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.11 | 5.27 | 5.31 | 3.94 | 2.84% | 3.02% |
|  Portfolio turnover rate | 95 | 139 | 140 | 85 | 49% | 43% |

---

(a) Based on average shares outstanding.

(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment 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.

---

| | |
|:---|:---|
| 28 AB Corporate Income Shares | **ABFunds.com** |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of AB Corporate Shares (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Corporate Income Shares (the "Fund") at a meeting held in-person on August 5-6, 2025 (the "Meeting").

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

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

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

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 29 |

---

------

various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

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

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

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

---

| | |
|:---|:---|
| 30 AB Corporate Income Shares | **ABFunds.com** |

---

------

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Fund against a large group of similar funds ("peer universe"), selected by the 15(c) service provider for the 1- and 3-year periods ended May 31, 2025, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index for the 1-, 3-, 5- and 10-year periods ended May 31, 2025 and for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts ("SMAs"). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors' request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

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

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm's length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser's fee arrangements with the Sponsors vary, the directors acknowledged the Adviser's view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the "implied fee") and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Corporate Income Shares 31 |

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

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

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| | |
|:---|:---|
| 32 AB Corporate Income Shares | **ABFunds.com** |

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![LOGO](g939316g28a43.jpg)

AB CORPORATE INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

CIS-0152-1025 ![LOGO](g939316g22c48.jpg)

------

#### October 31, 2025
![LOGO](g32584g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB IMPACT MUNICIPAL INCOME SHARES

![LOGO](g32584g50e50.jpg)

------

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

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

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS
**October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 98.6% | MUNICIPAL OBLIGATIONS – 98.6% | MUNICIPAL OBLIGATIONS – 98.6% |
|  Long-Term Municipal Bonds – 98.6% | Long-Term Municipal Bonds – 98.6% | Long-Term Municipal Bonds – 98.6% |
|  **Alabama – 0.8%** | **Alabama – 0.8%** | **Alabama – 0.8%** |
|  Alabama Community College System ACCS Enhancements Fee Revenue <br>(Alabama Community College System ACCS Enhancements Fee Revenue)<br>AG Series 2021<br>4.00%, 09/01/2051 | $5500 | $5022012 |
|  **Arizona – 3.6%** | **Arizona – 3.6%** | **Arizona – 3.6%** |
|  Arizona Industrial Development Authority <br>(Arizona Industrial Development Authority)<br>Series 2021-A<br>4.00%, 07/01/2051 | 5195 | 4338350 |
|  Arizona Industrial Development Authority <br>(KIPP NYC Public Charter Schools)<br>Series 2021-A<br>4.00%, 07/01/2061 | 6480 | 5209229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 07/01/2051 | 1250 | 1043876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2061 | 2435 | 1954161 |
|  Arizona Industrial Development Authority <br>(Phoenix Children's Hospital Obligated Group)<br>Series 2020<br>4.00%, 02/01/2050 | 2000 | 1772419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 02/01/2038 | 1400 | 1411683 |
|  Maricopa County Industrial Development Authority <br>(Arizona Autism Charter Schools Obligated Group)<br>Series 2020<br>5.00%, 07/01/2040<sup>(a)</sup> | 500 | 497953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050<sup>(a)</sup> | 1175 | 1083612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054<sup>(a)</sup> | 640 | 580182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 07/01/2051<sup>(a)</sup> | 1625 | 1258625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2061<sup>(a)</sup> | 5210 | 3836715 |
|  |  | 22986805 |
|  **California – 17.3%** | **California – 17.3%** | **California – 17.3%** |
|  California Health Facilities Financing Authority <br>(Adventist Health System/West Obligated Group)<br>Series 2024<br>5.00%, 12/01/2039 | 1000 | 1073341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 12/01/2035 | 2000 | 2263711 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Health Facilities Financing Authority <br>(Children's Hospital Los Angeles)<br>Series 2017-A<br>5.00%, 08/15/2047 | $5065 | $5006492 |
|  California Health Facilities Financing Authority <br>(On Lok Senior Health Services Obligated Group)<br>Series 2020<br>5.00%, 08/01/2050 | 3000 | 3021758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2055 | 1600 | 1604174 |
|  California Health Facilities Financing Authority <br>(State of California Personal Income Tax Revenue)<br>Series 2022<br>4.19%, 06/01/2037 | 3390 | 3240779 |
|  California Infrastructure & Economic Development Bank <br>(California Academy of Sciences)<br>Series 2024<br>3.25%, 08/01/2029 | 5000 | 5056206 |
|  California Infrastructure & Economic Development Bank <br>(California Science Center Foundation)<br>Series 2021<br>4.00%, 05/01/2046 | 5000 | 4767892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2051 | 5000 | 4596554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2055 | 5000 | 4527934 |
|  California Municipal Finance Authority <br>(Community Health Centers of The Central Coast)<br>Series 2021-A<br>5.00%, 12/01/2036<sup>(a)</sup> | 710 | 737510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046<sup>(a)</sup> | 7985 | 7798894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054<sup>(a)</sup> | 1990 | 1886951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.125%, 12/01/2040 | 1000 | 1051165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2045 | 1045 | 1087665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2055 | 1500 | 1567188 |
|  California Municipal Finance Authority <br>(Healthright 360)<br>Series 2019-A<br>5.00%, 11/01/2039<sup>(a)</sup> | 1775 | 1748297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049<sup>(a)</sup> | 6075 | 5538396 |
|  California Municipal Finance Authority <br>(La Maestra Family Clinic)<br>Series 2021<br>4.00%, 09/01/2046 | 2960 | 2961524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2051 | 2745 | 2630713 |
|  California Municipal Finance Authority <br>(Valley Health Team, Inc.)<br>Series 2021<br>4.00%, 07/01/2046 | 2090 | 2091550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2051 | 1945 | 1847841 |

---

---

| | |
|:---|:---|
| 2 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority <br>(Bright Star Schools Obligated Group)<br>Series 2017<br>5.00%, 06/01/2037<sup>(a)</sup> | $600 | $600054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2054<sup>(a)</sup> | 250 | 223777 |
|  California School Finance Authority <br>(Downtown College Prep Obligated Group)<br>Series 2016<br>4.75%, 06/01/2036<sup>(a)(b)(c)(d)</sup> | 1365 | 819000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2051<sup>(a)(b)(c)(d)</sup> | 2500 | 1500000 |
|  California School Finance Authority <br>(Ednovate Obligated Group)<br>Series 2018<br>5.00%, 06/01/2037<sup>(a)</sup> | 1000 | 990326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2048<sup>(a)</sup> | 1085 | 975736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2056<sup>(a)</sup> | 1000 | 869933 |
|  California School Finance Authority <br>(Equitas Academy Obligated Group)<br>Series 2018-A<br>5.00%, 06/01/2048<sup>(a)</sup> | 3750 | 3434022 |
|  California School Finance Authority <br>(Girls Athletic Leadership Schools Los Angeles)<br>Series 2021<br>4.00%, 06/01/2041<sup>(a)</sup> | 955 | 783519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(a)</sup> | 1000 | 722855 |
|  California School Finance Authority <br>(Green Dot Public Schools Obligated Group)<br>Series 2018<br>5.00%, 08/01/2038<sup>(a)</sup> | 3000 | 3063477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.375%, 08/01/2042<sup>(a)</sup> | 2300 | 2407531 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center)<br>Series 2016-A<br>5.25%, 12/01/2056<sup>(a)</sup> | 3000 | 2980376 |
|  Los Angeles Department of Water & Power <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2022-C<br>5.00%, 07/01/2047 | 2000 | 2074041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D<br>5.00%, 07/01/2043 | 1000 | 1071867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 07/01/2050 | 2500 | 2617141 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Power System Revenue <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2022-B<br>5.00%, 07/01/2052 | $| 1845 | $| 1906801 |
|  Los Angeles Department of Water & Power Water System Revenue <br>(Los Angeles Dept. of Water & Power Water System Revenue)<br>Series 2022-D<br>5.00%, 07/01/2047 |  | 1185 |  | 1233347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2034 |  | 1200 |  | 1391107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 1250 |  | 1456128 |
|  Port of Los Angeles <br>(Port of Los Angeles)<br>Series 2024-2<br>5.00%, 08/01/2037 |  | 2000 |  | 2241897 |
|  Southern California Public Power Authority <br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.25%, 07/01/2053 |  | 2000 |  | 2109008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2042 |  | 3000 |  | 3243495 |
|  Southern California Public Power Authority <br>(Southern California Public Power Authority)<br>Series 2025<br>5.00%, 07/01/2053 |  | 3000 |  | 3134689 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025<br>5.25%, 07/01/2050 |  | 1000 |  | 1074975 |
|  |  |  |  | 109031637 |
|  **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** | **Colorado – 0.8%** |
|  Denver Health & Hospital Authority <br>(Denver Health & Hospital Authority)<br>Series 2019-A<br>4.00%, 12/01/2038 |  | 1020 |  | 988046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 |  | 1000 |  | 951072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 |  | 750 |  | 700823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>6.00%, 12/01/2055 |  | 2000 |  | 2165137 |
|  |  |  |  | 4805078 |
|  **Connecticut – 0.7%** | **Connecticut – 0.7%** | **Connecticut – 0.7%** | **Connecticut – 0.7%** | **Connecticut – 0.7%** |
|  City of Bridgeport CT <br>(City of Bridgeport CT)<br>Series 2021-A<br>4.00%, 08/01/2037 |  | 775 |  | 791086 |

---

---

| | |
|:---|:---|
| 4 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 | $| 325 | $| 326417 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2018-C<br>5.00%, 07/15/2036 |  | 1000 |  | 1045403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 |  | 620 |  | 643861 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2019-A<br>5.00%, 02/01/2035 |  | 1500 |  | 1594166 |
|  |  |  |  | 4400933 |
|  **District of Columbia – 4.6%** | **District of Columbia – 4.6%** | **District of Columbia – 4.6%** | **District of Columbia – 4.6%** | **District of Columbia – 4.6%** |
|  District of Columbia <br>(Gallaudet University)<br>Series 2021<br>5.00%, 04/01/2046 |  | 1715 |  | 1772399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2051 |  | 2635 |  | 2700213 |
|  District of Columbia <br>(KIPP DC Obligated Group)<br>Series 2017-A<br>5.00%, 07/01/2042 |  | 1785 |  | 1798666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>5.00%, 07/01/2037 |  | 2425 |  | 2477327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 |  | 2000 |  | 2015312 |
|  District of Columbia <br>(KIPP DC Public Charter Schools)<br>Series 2019<br>4.00%, 07/01/2039 |  | 4275 |  | 4122998 |
|  District of Columbia <br>(Plenary Infrastructure DC State Lease)<br>Series 2022<br>5.00%, 08/31/2027 |  | 620 |  | 636356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/28/2034 |  | 1000 |  | 1140343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/28/2035 |  | 4025 |  | 4608463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/29/2036 |  | 1625 |  | 1861924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2036 |  | 1800 |  | 2062801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/28/2037 |  | 3100 |  | 3545402 |
|  |  |  |  | 28742204 |
|  **Florida – 1.3%** | **Florida – 1.3%** | **Florida – 1.3%** | **Florida – 1.3%** | **Florida – 1.3%** |
|  Alachua County Housing Finance Authority <br>(Woodland Park II LLC)<br>Series 2025-A<br>6.30%, 07/01/2055<sup>(a)</sup> |  | 1000 |  | 1047509 |
|  Florida Development Finance Corp. <br>(United Cerebral Palsy of Central Florida)<br>Series 2020<br>5.00%, 06/01/2040 |  | 825 |  | 773061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2050 |  | 3735 |  | 3218807 |
|  Miami-Dade County Housing Finance Authority <br>(Wynwood Works LLC)<br>Series 2023-A<br>5.70%, 06/01/2052<sup>(a)</sup> |  | 2000 |  | 1948884 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.78%, 06/01/2027<sup>(a)</sup> | $| 1000 | $| 1000800 |
|  |  |  |  | 7989061 |
|  **Georgia – 0.7%** | **Georgia – 0.7%** | **Georgia – 0.7%** | **Georgia – 0.7%** | **Georgia – 0.7%** |
|  Atlanta Development Authority (The) <br>(PRG - CAU Properties LLC)<br>Series 2025<br>6.00%, 07/01/2050<sup>(a)</sup> |  | 3000 |  | 3114796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2055<sup>(a)</sup> |  | 1500 |  | 1549633 |
|  |  |  |  | 4664429 |
|  **Illinois – 7.1%** | **Illinois – 7.1%** | **Illinois – 7.1%** | **Illinois – 7.1%** | **Illinois – 7.1%** |
|  Chicago Board of Education <br>(Chicago Board of Education)<br>Series 2012-A<br>5.00%, 12/01/2042 |  | 2390 |  | 2257122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>6.00%, 12/01/2037<sup>(e)</sup> |  | 2450 |  | 2656226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2038<sup>(e)</sup> |  | 2150 |  | 2319150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2039<sup>(e)</sup> |  | 2000 |  | 2143278 |
|  Chicago Housing Authority <br>(Chicago Housing Authority)<br>Series 2018-A<br>5.00%, 01/01/2035 |  | 3545 |  | 3664837 |
|  Chicago Transit Authority Sales Tax Receipts Fund <br>(Chicago Transit Authority Sales Tax Receipts Fund)<br>Series 2020-A<br>5.00%, 12/01/2055 |  | 3585 |  | 3609879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 12/01/2049 |  | 10000 |  | 10304050 |
|  Cook County Community College District No. 508 <br>(Cook County Community College District No. 508)<br>BAM Series 2017<br>5.00%, 12/01/2047 |  | 620 |  | 622990 |
|  Illinois Finance Authority <br>(Board of Trustees of the University of Illinois/The)<br>Series 2020<br>4.00%, 10/01/2040 |  | 615 |  | 582620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2050 |  | 1505 |  | 1314743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2055 |  | 7190 |  | 6176690 |
|  Illinois Finance Authority <br>(Lawndale Educational & Regional Network Charter School Obligated Group)<br>Series 2021<br>4.00%, 11/01/2041 |  | 2600 |  | 2445057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2051 |  | 3680 |  | 3163733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2056 |  | 3850 |  | 3253750 |
|  |  |  |  | 44514125 |

---

---

| | |
|:---|:---|
| 6 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Indiana – 0.5%** | **Indiana – 0.5%** | **Indiana – 0.5%** |
|  Muncie Sanitary District <br>(Muncie Sanitary District)<br>AG Series 2021-A<br>5.00%, 01/01/2029 | $685 | $730404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 600 | 644957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 1000 | 1084954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 420 | 459710 |
|  |  | 2920025 |
|  **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** |
|  Tangipahoa Parish Hospital Service District No. 1 <br>(Tangipahoa Parish Hospital Service District No. 1)<br>Series 2021<br>4.00%, 02/01/2037 | 1530 | 1540168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2041 | 1500 | 1447445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2042 | 1500 | 1435305 |
|  |  | 4422918 |
|  **Maryland – 5.4%** | **Maryland – 5.4%** | **Maryland – 5.4%** |
|  Maryland Economic Development Corp. <br>(Bowie State University)<br>Series 2020<br>4.00%, 07/01/2050 | 1200 | 977596 |
|  Maryland Economic Development Corp. <br>(Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg)<br>Series 2020<br>5.00%, 07/01/2050 | 2500 | 2504344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056 | 1225 | 1228621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 07/01/2033 | 1895 | 2053924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1840 | 1982198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053 | 2280 | 2395855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2058 | 1250 | 1327493 |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners)<br>Series 2022<br>5.25%, 06/30/2047 | 2190 | 2199648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2052 | 9160 | 9113798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2055 | 10345 | 10199233 |
|  |  | 33982710 |
|  **Massachusetts – 3.8%** | **Massachusetts – 3.8%** | **Massachusetts – 3.8%** |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue <br>(Massachusetts Bay Transportation Authority Sales Tax Revenue)<br>Series 2024-B<br>5.25%, 07/01/2054 | 2000 | 2142675 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 07/01/2045 | $| 1000 | $| 1085083 |
|  Massachusetts Development Finance Agency <br>(Boston Medical Center Obligated Group)<br>Series 2015-D<br>5.00%, 07/01/2044 |  | 8265 |  | 8141942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.375%, 07/01/2052 |  | 5500 |  | 5009207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052 |  | 3720 |  | 3744515 |
|  Massachusetts Development Finance Agency <br>(Tufts Medicine Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2039 |  | 2250 |  | 2257448 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020-C<br>4.00%, 10/01/2045 |  | 1090 |  | 1003041 |
|  Massachusetts Development Finance Agency <br>(WGBH Educational Foundation)<br>Series 2017-A<br>4.00%, 01/01/2032 |  | 825 |  | 834807 |
|  |  |  |  | 24218718 |
|  **Michigan – 7.0%** | **Michigan – 7.0%** | **Michigan – 7.0%** | **Michigan – 7.0%** | **Michigan – 7.0%** |
|  Center Line Public Schools <br>(Center Line Public Schools)<br>Series 2018<br>5.00%, 05/01/2038 |  | 895 |  | 931799 |
|  City of Detroit MI <br>(City of Detroit MI)<br>Series 2018<br>5.00%, 04/01/2032 |  | 770 |  | 800204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 |  | 1255 |  | 1300064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 |  | 1500 |  | 1550154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 |  | 1200 |  | 1236936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 |  | 1100 |  | 1130753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 04/01/2042 |  | 1050 |  | 981951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.25%, 05/01/2028 |  | 300 |  | 314243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2030 |  | 700 |  | 760100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2031 |  | 600 |  | 661956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2032 |  | 600 |  | 669457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2033 |  | 800 |  | 901761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2039 |  | 2500 |  | 2847717 |
|  Detroit City School District <br>(Detroit City School District)<br>Series 2020-A<br>5.00%, 05/01/2037 |  | 1150 |  | 1228814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 |  | 1645 |  | 1739704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 |  | 1000 |  | 1050535 |

---

---

| | |
|:---|:---|
| 8 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Downriver Utility Wastewater Authority <br>(Downriver Utility Wastewater Authority)<br>AG Series 2018<br>5.00%, 04/01/2043 | $| 1515 | $| 1547024 |
|  Flint Hospital Building Authority <br>(Hurley Medical Center)<br>Series 2013<br>4.75%, 07/01/2028 |  | 80 |  | 79905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>5.25%, 07/01/2039 |  | 2500 |  | 2500798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.00%, 07/01/2035 |  | 1000 |  | 997664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 |  | 1700 |  | 1639141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 3960 |  | 3682804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 |  | 2405 |  | 2524288 |
|  Flint Public Library <br>(Flint Public Library)<br>AG Series 2020<br>3.00%, 05/01/2029 |  | 1085 |  | 1081487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 |  | 1175 |  | 1173305 |
|  Great Lakes Water Authority Water Supply System Revenue <br>(Great Lakes Water Authority Water Supply System Revenue)<br>Series 2020-B<br>5.00%, 07/01/2045 |  | 1350 |  | 1398202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 |  | 1300 |  | 1328189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.25%, 07/01/2039 |  | 1925 |  | 2133117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 |  | 735 |  | 807297 |
|  Michigan Finance Authority <br>(Public Lighting Authority)<br>BAM Series 2025<br>5.00%, 07/01/2031 |  | 1700 |  | 1891297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 |  | 935 |  | 1054281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 1250 |  | 1422110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 |  | 1020 |  | 1145441 |
|  |  |  |  | 44512498 |
|  **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** | **Minnesota – 0.8%** |
|  City of Minneapolis MN <br>(Hennepin Schools)<br>Series 2021-A<br>4.00%, 07/01/2051 |  | 3585 |  | 2416450 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Metro Deaf School)<br>Series 2018-A<br>5.00%, 06/15/2048<sup>(a)</sup> |  | 1000 |  | 889854 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington County Community Development Agency <br>(Raymie Johnson Estates)<br>Series 2025<br>6.08%, 07/01/2042 | $| 2000 | $| 2055417 |
|  |  |  |  | 5361721 |
|  **Missouri – 0.0%** | **Missouri – 0.0%** | **Missouri – 0.0%** | **Missouri – 0.0%** | **Missouri – 0.0%** |
|  St. Louis Community College District <br>(St. Louis Community College District)<br>Series 2017<br>4.00%, 04/01/2035 |  | 200 |  | 201464 |
|  **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** |
|  New Hampshire Business Finance Authority <br>(ARC70 2025-1)<br>Series 2025-1, Class A1<br>4.75%, 06/20/2041 |  | 1998 |  | 2072319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2<br>5.15%, 06/20/2041 |  | 1998 |  | 2084436 |
|  |  |  |  | 4156755 |
|  **New Jersey – 4.2%** | **New Jersey – 4.2%** | **New Jersey – 4.2%** | **New Jersey – 4.2%** | **New Jersey – 4.2%** |
|  Essex County Improvement Authority <br>(North Star Academy Charter School of Newark)<br>Series 2020<br>4.00%, 07/15/2040<sup>(a)</sup> |  | 3200 |  | 3008796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2050<sup>(a)</sup> |  | 3260 |  | 2772795 |
|  New Jersey Economic Development Authority <br>(Foundation Academy Charter School A NJ Nonprofit)<br>Series 2018-A<br>5.00%, 07/01/2050 |  | 2000 |  | 1852003 |
|  New Jersey Economic Development Authority <br>(North Star Academy Charter School of Newark)<br>Series 2017<br>5.00%, 07/15/2047 |  | 1175 |  | 1175247 |
|  New Jersey Economic Development Authority <br>(Seeing Eye, Inc. (The))<br>Series 2017<br>5.00%, 06/01/2032 |  | 1775 |  | 1840196 |
|  New Jersey Economic Development Authority <br>(State of New Jersey Division of Property Management & Construction Lease)<br>Series 2018-C<br>5.00%, 06/15/2027 |  | 645 |  | 668000 |
|  New Jersey Economic Development Authority <br>(State of New Jersey Lease)<br>Series 2018-C<br>5.00%, 06/15/2042 |  | 1000 |  | 1024460 |

---

---

| | |
|:---|:---|
| 10 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>5.00%, 11/01/2044 | $| 10925 | $| 11271100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.185%, 03/01/2030 |  | 1500 |  | 1552502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%, 03/01/2031 |  | 1500 |  | 1557334 |
|  |  |  |  | 26722433 |
|  **New York – 15.8%** | **New York – 15.8%** | **New York – 15.8%** | **New York – 15.8%** | **New York – 15.8%** |
|  Buffalo Sewer Authority <br>(Buffalo Sewer Authority)<br>Series 2021<br>1.75%, 06/15/2049<sup>(f)</sup> |  | 3380 |  | 2488631 |
|  Build NYC Resource Corp. <br>(Academic Leadership Charter School)<br>Series 2021<br>4.00%, 06/15/2031 |  | 200 |  | 199294 |
|  Build NYC Resource Corp. <br>(Children's Aid Society/The)<br>Series 2019<br>4.00%, 07/01/2044 |  | 1890 |  | 1771466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2049 |  | 600 |  | 551027 |
|  Build NYC Resource Corp. <br>(Classical Charter School)<br>Series 2023<br>4.75%, 06/15/2058 |  | 760 |  | 691407 |
|  Build NYC Resource Corp. <br>(East Harlem Scholars Academy Charter School Obligated Group)<br>Series 2022<br>5.75%, 06/01/2052<sup>(a)</sup> |  | 4625 |  | 4586309 |
|  Build NYC Resource Corp. <br>(Global Community Charter School)<br>Series 2022<br>4.00%, 06/15/2032 |  | 900 |  | 855579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 |  | 2800 |  | 2533676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2052 |  | 1520 |  | 1286722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2057 |  | 1300 |  | 1079267 |
|  Build NYC Resource Corp. <br>(KIPP NYC Public Charter Schools)<br>Series 2023<br>5.25%, 07/01/2052 |  | 2000 |  | 2019220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2057 |  | 1625 |  | 1636075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2062 |  | 2000 |  | 2008032 |
|  Build NYC Resource Corp. <br>(Metropolitan Lighthouse Charter School)<br>Series 2017<br>5.00%, 06/01/2037<sup>(a)(c)</sup> |  | 500 |  | 496456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2052<sup>(a)(c)</sup> |  | 3260 |  | 2895781 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 06/01/2047<sup>(a)(c)</sup> | $1725 | $1584879 |
|  Build NYC Resource Corp. <br>(Zeta Charter Schools Obligated Group)<br>Series 2025<br>5.375%, 10/15/2055<sup>(a)</sup> | 2000 | 1985134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/15/2061<sup>(a)</sup> | 3000 | 2929623 |
|  City of New York NY <br>(City of New York NY)<br>Series 2025<br>5.392%, 10/01/2055 | 5000 | 5014007 |
|  Metropolitan Transportation Authority <br>(Metropolitan Transportation Authority)<br>Series 2020-C<br>4.75%, 11/15/2045 | 6015 | 6034286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2055 | 10000 | 10290354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>4.00%, 11/15/2045 | 3000 | 2763770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 3250 | 3570031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 11/15/2041 | 7500 | 7313646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 11/15/2043 | 2000 | 2119233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2035 | 1395 | 1600597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2042 | 3800 | 4086209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 | 2500 | 2636474 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020-A<br>4.00%, 11/15/2043 | 1480 | 1395427 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2024-A<br>4.00%, 11/15/2048 | 4500 | 4115829 |
|  Monroe County Industrial Development Corp./NY <br>(True North Rochester Prep Charter School)<br>Series 2020<br>5.00%, 06/01/2040<sup>(a)</sup> | 1895 | 1905299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2059<sup>(a)</sup> | 1000 | 946149 |
|  New York City Health & Hospitals Corp. <br>(New York City Health & Hospital Lease)<br>Series 2021-A<br>4.00%, 02/15/2045 | 1110 | 1071239 |
|  New York City Municipal Water Finance Authority <br>(New York City Municipal Water Finance Authority)<br>Series 2025-B<br>5.00%, 06/15/2052 | 2500 | 2630068 |
|  New York Power Authority <br>(New York Power Authority SFP Transmission Project)<br>AG Series 2023<br>5.00%, 11/15/2053 | 4000 | 4178758 |

---

---

| | |
|:---|:---|
| 12 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New York State Dormitory Authority <br>(Montefiore Obligated Group)<br>AG Series 2020<br>3.00%, 09/01/2050 | $| 2000 | $| 1473299 |
|  New York State Dormitory Authority <br>(Mount Sinai Hospital Obligated Group)<br>Series 2025<br>5.25%, 07/01/2050 |  | 2000 |  | 2012965 |
|  New York Transportation Development Corp. <br>(Elevated Accessibility Enhancements Holding)<br>Series 2023<br>6.971%, 06/30/2051 |  | 2000 |  | 2003471 |
|  Onondaga Civic Development Corp. <br>(Crouse Health Hospital Obligated Group)<br>Series 2024<br>5.125%, 08/01/2044 |  | 1250 |  | 1111757 |
|  |  |  |  | 99871446 |
|  **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** |
|  North Carolina Central University <br>(North Carolina Central University)<br>Series 2019<br>4.00%, 04/01/2049 |  | 2270 |  | 2048671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 |  | 2500 |  | 2542787 |
|  |  |  |  | 4591458 |
|  **Ohio – 3.8%** | **Ohio – 3.8%** | **Ohio – 3.8%** | **Ohio – 3.8%** | **Ohio – 3.8%** |
|  American Municipal Power, Inc. <br>(American Municipal Power Solar Electricity Prepayment Revenue)<br>Series 2019<br>5.00%, 02/15/2044 |  | 2150 |  | 2204473 |
|  Cleveland-Cuyahoga County Port Authority <br>(Cleveland Museum of Natural History/The)<br>Series 2021<br>4.00%, 07/01/2051 |  | 1370 |  | 1200487 |
|  County of Cuyahoga OH <br>(MetroHealth System/The)<br>Series 2017<br>5.00%, 02/15/2042 |  | 7865 |  | 7868603 |
|  County of Darke OH <br>(Wayne Hospital Obligated Group)<br>Series 2019-A<br>5.00%, 09/01/2049 |  | 2690 |  | 2557361 |
|  Ohio Higher Educational Facility Commission <br>(Ashtabula County Medical Center Obligated Group)<br>Series 2022<br>5.25%, 01/01/2041 |  | 2000 |  | 2084872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2052 |  | 1000 |  | 1005481 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Ohio Housing Finance Agency <br>(Havens Edge Apartments)<br>Series 2025<br>5.70%, 08/01/2043<sup>(a)</sup> | $| 6000 | $| 6209157 |
|  Port of Greater Cincinnati Development Authority <br>(Port of Greater Cincinnati Development Authority)<br>Series 2025-A<br>6.50%, 01/01/2045<sup>(a)</sup> |  | 1000 |  | 1034133 |
|  |  |  |  | 24164567 |
|  **Oklahoma – 1.7%** | **Oklahoma – 1.7%** | **Oklahoma – 1.7%** | **Oklahoma – 1.7%** | **Oklahoma – 1.7%** |
|  Oklahoma Development Finance Authority <br>(OU Medicine Obligated Group)<br>Series 2018-B<br>5.00%, 08/15/2033 |  | 2100 |  | 2163135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2057 |  | 3365 |  | 3371271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.50%, 08/15/2041 |  | 5000 |  | 5149551 |
|  |  |  |  | 10683957 |
|  **Pennsylvania – 7.4%** | **Pennsylvania – 7.4%** | **Pennsylvania – 7.4%** | **Pennsylvania – 7.4%** | **Pennsylvania – 7.4%** |
|  City of Philadelphia PA Water & Wastewater Revenue <br>(City of Philadelphia PA Water & Wastewater Revenue)<br>Series 2019-B<br>5.00%, 11/01/2049 |  | 3095 |  | 3176552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 11/01/2045 |  | 1000 |  | 1038649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>5.50%, 06/01/2047 |  | 5780 |  | 6212661 |
|  Delaware County Authority <br>(Elwyn Obligated Group)<br>Series 2017<br>5.00%, 06/01/2037 |  | 5290 |  | 5298661 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The) <br>(Temple University Health System Obligated Group)<br>Series 2017<br>5.00%, 07/01/2032 |  | 885 |  | 900840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 |  | 2130 |  | 2160831 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2022<br>4.00%, 07/01/2039 |  | 4475 |  | 4499419 |
|  Philadelphia Authority for Industrial Development <br>(City of Philadelphia PA)<br>Series 2018<br>5.00%, 05/01/2036 |  | 1620 |  | 1695576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 |  | 1390 |  | 1451773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 |  | 1000 |  | 1042360 |

---

---

| | |
|:---|:---|
| 14 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2017<br>5.00%, 12/01/2035 | $| 200 | $| 205690 |
|  Philadelphia Authority for Industrial Development <br>(Russell Byers Charter School)<br>Series 2020<br>5.00%, 05/01/2040 |  | 2100 |  | 2101134 |
|  Philadelphia Energy Authority (The) <br>(City of Philadelphia PA Lease)<br>Series 2023<br>5.00%, 11/01/2036 |  | 1500 |  | 1687808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 |  | 1850 |  | 2039590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2041 |  | 1265 |  | 1370621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042 |  | 1050 |  | 1133690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2043 |  | 750 |  | 803258 |
|  Pittsburgh Water & Sewer Authority <br>(Pittsburgh Water & Sewer Authority)<br>AG Series 2019-A<br>5.00%, 09/01/2044 |  | 2000 |  | 2069134 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023-A<br>4.25%, 09/01/2053 |  | 2500 |  | 2390839 |
|  Redevelopment Authority of the City of Philadelphia <br>(City of Philadelphia PA)<br>Series 2024-B<br>5.00%, 09/01/2041 |  | 1350 |  | 1462785 |
|  School District of the City of Erie (The) <br>(School District of the City of Erie)<br>AG Series 2019-A<br>5.00%, 04/01/2031 |  | 930 |  | 995209 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2019-C<br>5.00%, 04/01/2028 |  | 1850 |  | 1934983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 |  | 1000 |  | 1065043 |
|  |  |  |  | 46737106 |
|  **Rhode Island – 0.6%** | **Rhode Island – 0.6%** | **Rhode Island – 0.6%** | **Rhode Island – 0.6%** | **Rhode Island – 0.6%** |
|  Rhode Island Health & Educational Building Corp. <br>(City of Providence RI)<br>BAM Series 2021-D<br>4.00%, 05/15/2040 |  | 1375 |  | 1383511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 |  | 2485 |  | 2483337 |
|  |  |  |  | 3866848 |
|  **Texas – 2.7%** | **Texas – 2.7%** | **Texas – 2.7%** | **Texas – 2.7%** | **Texas – 2.7%** |
|  Beaumont Housing Authority <br>(Beaumont Housing Authority)<br>Series 2025<br>6.50%, 07/01/2055<sup>(a)</sup> |  | 2000 |  | 1986100 |
|  Bexar County Hospital District <br>(Bexar County Hospital District)<br>Series 2018<br>4.00%, 02/15/2043 |  | 2250 |  | 2129642 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  City of Brownsville TX <br>(City of Brownsville TX)<br>Series 2025<br>4.125%, 02/15/2044 | $| 3295 | $| 3149724 |
|  City of El Paso TX Water & Sewer Revenue <br>(City of El Paso TX Water & Sewer Revenue)<br>Series 2025<br>5.00%, 03/01/2045 |  | 2000 |  | 2109436 |
|  City of Mission TX <br>(City of Mission TX)<br>BAM Series 2021<br>5.00%, 02/15/2029 |  | 1000 |  | 1060988 |
|  El Paso County Hospital District <br>(El Paso County Hospital District)<br>AG Series 2024<br>5.00%, 08/15/2042 |  | 3400 |  | 3635979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2043 |  | 1000 |  | 1060712 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2024<br>4.25%, 02/15/2054 |  | 600 |  | 564509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2044 |  | 1000 |  | 1038472 |
|  |  |  |  | 16735562 |
|  **West Virginia – 0.6%** | **West Virginia – 0.6%** | **West Virginia – 0.6%** | **West Virginia – 0.6%** | **West Virginia – 0.6%** |
|  Morgantown Utility Board, Inc. <br>(Morgantown Utility Board)<br>Series 2018-B<br>5.00%, 12/01/2043 |  | 2555 |  | 2619923 |
|  West Virginia Hospital Finance Authority <br>(West Virginia United Health System Obligated Group)<br>Series 2025<br>5.50%, 06/01/2050 |  | 1000 |  | 1071130 |
|  |  |  |  | 3691053 |
|  **Wisconsin – 5.3%** | **Wisconsin – 5.3%** | **Wisconsin – 5.3%** | **Wisconsin – 5.3%** | **Wisconsin – 5.3%** |
|  Wisconsin Health & Educational Facilities Authority <br>(Hmong American Peace Academy)<br>Series 2020<br>5.00%, 03/15/2050 |  | 3520 |  | 3506536 |
|  Wisconsin Public Finance Authority <br>(Bancroft Neurohealth Obligated Group)<br>Series 2016<br>5.125%, 06/01/2048<sup>(a)</sup> |  | 4505 |  | 4142819 |
|  Wisconsin Public Finance Authority <br>(Crossroads Health Project)<br>Series 2023<br>8.125%, 07/01/2058<sup>(a)(c)</sup> |  | 1000 |  | 1005312 |

---

---

| | |
|:---|:---|
| 16 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(Foundation Academy Charter School A NJ Nonprofit)<br>Series 2024<br>5.00%, 07/01/2055<sup>(a)</sup> | $1000 | $907927 |
|  Wisconsin Public Finance Authority <br>(Inperium Obligated Group)<br>Series 2024<br>5.75%, 12/01/2054<sup>(a)</sup> | 7000 | 7025754 |
|  Wisconsin Public Finance Authority <br>(NC A&T Real Estate Foundation)<br>Series 2019<br>5.00%, 06/01/2034 | 955 | 988684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 | 2050 | 2081571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2044 | 6315 | 6293487 |
|  Wisconsin Public Finance Authority <br>(Scotland Health Care System Obligated Group)<br>Series 2021-A<br>4.00%, 10/01/2047 | 8255 | 7316127 |
|  |  | 33268217 |
|  Total Municipal Obligations <br>(cost $640,975,595) |  | 622265740 |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.8% |  |  |
|  **Investment Companies – 0.8%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>3.96%<sup>(g)(h)(i)</sup> <br>(cost $5,122,327) | 5122327 | 5122327 |
|  Total Investments – 99.4% <br>(cost $646,097,922) |  | 627388067 |
|  Other assets less liabilities – 0.6% |  | 3958114 |
|  **Net Assets – 100.0%** |  | $**631346181** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 43650 | 10/15/2028 | CPI# | 2.565% | Maturity | $(157030) | $– 0 | $(157030) |
| USD | 38500 | 10/15/2029 | 2.569% | CPI# | Maturity | 78575 | – 0 | 78575 |
| USD | 37500 | 10/15/2029 | 2.485% | CPI# | Maturity | 228560 | – 0 | 228560 |
| USD | 29852 | 10/15/2029 | 2.516% | CPI# | Maturity | 137223 | – 0 | 137223 |
| USD | 29824 | 10/15/2029 | 2.451% | CPI# | Maturity | 230359 | – 0 | 230359 |
| USD | 29824 | 10/15/2029 | 2.499% | CPI# | Maturity | 161604 | – 0 | 161604 |
| USD | 45850 | 10/15/2030 | CPI# | 2.531% | Maturity | (138475) | – 0 | (138475) |
|  |  |  |  |  |  | $540816 | $– 0 | $540816 |

---

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

#### CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** |  |  |  |  |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 12180 | 10/15/2029 | 1 Day<br>SOFR | 3.814% | Annual | $197650 | $– 0 | $197650 |
| USD | 12820 | 09/15/2031 | 1 Day<br>SOFR | 3.901% | Annual | 292476 | – 0 | 292476 |
| USD | 16830 | 12/03/2031 | 1 Day<br>SOFR | 4.057% | Annual | 501234 | – 0 | 501234 |
| USD | 10750 | 06/15/2034 | 3.543% | 1 Day<br>SOFR | Annual | 90123 | 1188 | 88935 |
| USD | 13410 | 08/15/2034 | 3.314% | 1 Day<br>SOFR | Annual | 342420 | – 0 | 342420 |
| USD | 9700 | 09/25/2035 | 3.587% | 1 Day<br>SOFR | Annual | 74561 | – 0 | 74561 |
| USD | 3800 | 10/25/2035 | 3.521% | 1 Day<br>SOFR | Annual | 49342 | – 0 | 49342 |
|  |  |  |  |  |  | $1547806 | $1188 | $1546618 |

---

---

| | |
|:---|:---|
| 18 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### INTEREST RATE SWAPS (see Note C)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  JPMorgan Chase Bank NA | USD | 1000 | 04/23/2026 | MMD<br>10 Year^ | 3.840% | Maturity | $97101 | $– 0 | $97101 |
|  JPMorgan Chase Bank NA | USD | 1000 | 06/04/2026 | MMD<br>10 Year^ | 3.690% | Maturity | 78562 | – 0 | 78562 |
|  Morgan Stanley Capital Services LLC | USD | 1000 | 05/29/2026 | MMD<br>10 Year^ | 3.660% | Maturity | 76170 | – 0 | 76170 |
|  Morgan Stanley Capital Services LLC | USD | 1000 | 07/13/2026 | MMD<br>5 Year^ | 2.930% | Maturity | 19495 | – 0 | 19495 |
|  |  |  |  |  |  |  | $271328 | $– 0 | $271328 |

---

^ Variable interest rate based on the Municipal Market Data AAA General Obligation Scale.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2025, the aggregate market value of these securities amounted to $99,311,640 or 15.7% of net assets.

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.32% of net assets as of October 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Build NYC Resource Corp. <br>(Metropolitan Lighthouse Charter School)<br>Series 2017 <br>5.00%, 06/01/2037 | 10/01/2024 | $505549 | $496456 | 0.08% |
|  Build NYC Resource Corp. <br>(Metropolitan Lighthouse Charter School)<br>Series 2017-A <br>5.00%, 06/01/2047 | 12/07/2017 -<br>12/20/2023 | 1717368 | 1584879 | 0.25% |
|  Build NYC Resource Corp. <br>(Metropolitan Lighthouse Charter School)<br>Series 2017 <br>5.00%, 06/01/2052 | 06/20/2019 -<br>09/21/2023 | 3219799 | 2895781 | 0.46% |
|  California School Finance Authority <br>(Downtown College Prep Obligated Group) <br>Series 2016 <br>4.75%, 06/01/2036 | 01/30/2024 | 1336301 | 819000 | 0.13% |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 19 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  California School Finance Authority <br>(Downtown College Prep Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2051 | 10/25/2017 -<br>04/20/2023 | $2346615 | $1500000 | 0.24% |
|  Wisconsin Public Finance Authority <br>(Crossroads Health Project)<br>Series 2023 <br>8.125%, 07/01/2058 | 07/10/2023 | 1000000 | 1005312 | 0.16% |

---

(d) Defaulted.

(e) When-Issued or delayed delivery security.

(f) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at October 31, 2025.

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

(h) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(i) Affiliated investments.

As of October 31, 2025, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 9.4% and 0.0%, respectively.

Glossary:

AG *–* Assured Guaranty Inc.

BAM *–* Build American Mutual

MMD *–* Municipal Market Data

SOFR *–* Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| 20 AB Impact Municipal Income Shares | **ABFunds.com** |

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------

#### STATEMENT OF ASSETS & LIABILITIES
**October 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $640,975,595) | $622265740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $5,122,327) | 5122327 |
|  Cash | 7925 |
|  Cash collateral due from broker | 3188458 |
|  Interest receivable | 9798026 |
|  Unrealized appreciation on interest rate swaps | 271328 |
|  Receivable for shares of beneficial interest sold | 104374 |
|  Receivable for terminated centrally cleared interest rate swaps | 60510 |
|  Receivable for variation margin on centrally cleared swaps | 48290 |
|  Affiliated dividends receivable | 3581 |
|  Receivable due from Adviser | 96 |
|  Total assets | 640870655 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 7128132 |
|  Dividends payable | 2363474 |
|  Payable for shares of beneficial interest redeemed | 32868 |
|  Total liabilities | 9524474 |
|  Net Assets | $**631346181** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $649 |
|  Additional paid-in capital | 665826959 |
|  Accumulated loss | (34481427) |
|  **Net Assets** | $**631346181** |
|  **Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value**(based on 64,876,590 common shares outstanding) | $**9.73** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 21 |

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------

#### STATEMENT OF OPERATIONS
**Six Months Ended October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12869376 |  |
|  Dividends—Affiliated issuers | 156102 |  |
|  Other income<sup>(a)</sup> | 7458 |  |
|  Total investment income |  | $13032936 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (4079438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 1093719 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 20497309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (1638275) |
|  Net gain on investment transactions |  | 15873315 |
|  Contributions from Affiliates (see Note B) |  | 23203 |
|  **Net Increase in Net Assets from Operations** |  | $**28929454** |

---

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

See notes to financial statements.

---

| | |
|:---|:---|
| 22 AB Impact Municipal Income Shares | **ABFunds.com** |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30,<br>2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $13032936 | $23162317 |
|  Net realized loss on investment transactions | (2985719) | (5489852) |
|  Net change in unrealized appreciation (depreciation) of investments | 18859034 | 1124777 |
|  Contributions from Affiliates (see Note B) | 23203 | – 0 |
|  Net increase in net assets from operations | 28929454 | 18797242 |
|  Distribution to Shareholders | (13144098) | (22805776) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net increase | 4344528 | 43820716 |
|  Total increase | 20129884 | 39812182 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 611216297 | 571404115 |
|  End of period | $**631346181** | $**611216297** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 23 |

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#### NOTES TO FINANCIAL STATEMENTS
**October 31, 2025** (unaudited)

NOTE A

Significant Accounting Policies

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

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

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at

---

| | |
|:---|:---|
| 24 AB Impact Municipal Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 25 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

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

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

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| | |
|:---|:---|
| 26 AB Impact Municipal Income Shares | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $– 0 | $622265740 | $– 0 | $622265740 |
|  Short-Term Investments | 5122327 | – 0 | – 0 | 5122327 |
|  Total Investments in Securities | 5122327 | 622265740 | – 0 | 627388067 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 836321 | – 0 | 836321 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 1547806 | – 0 | 1547806 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 271328 | – 0 | 271328 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (295505) | – 0 | (295505)<sup>(b)</sup> |
|  **Total** | $**5122327** | $**624625690** | $**– 0** | $**629748017** |

---

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

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

3. Taxes

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

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

4. Investment Income and Investment Transactions

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 27 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

5. Dividends and Distributions

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

6. Cash and Short-Term Investments

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

7. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

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

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| | |
|:---|:---|
| 28 AB Impact Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

facilities and equipment, services of executive and other personnel of the Fund and certain administrative services.

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

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

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to reimburse the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended October 31, 2025, such reimbursement amounted to $7,458.

A summary of the Fund's transactions in AB mutual funds for the six months ended October 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>4/30/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |

---

During the six months ended October 31, 2025, the Adviser reimbursed the Fund $23,203, for trading losses incurred due to a trade entry error.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 29 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93954912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74069426 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $9037490 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25388583) |
|  Net unrealized depreciation | $(16351093) |

---

1. Derivative Financial Instruments

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

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

**•** **Swaps** 

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

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

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| | |
|:---|:---|
| 30 AB Impact Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 31 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

During the six months ended October 31, 2025, the Fund held interest rate swaps for hedging purposes.

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

During the six months ended October 31, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

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

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|:---|:---|
| 32 AB Impact Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

counterparty, the return of collateral with market value in excess of the Fund's net liability, held by the defaulting party, may be delayed or denied.

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

During the six months ended October 31, 2025, the Fund had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | $2382939 \* | Payable for variation margin on centrally cleared swaps | $295505 \* |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 271328 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654267 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295505 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1638275) |
|  Total |  | $1093719 | $(1638275) |

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| | |
|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 33 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended October 31, 2025:

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| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $3142857 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107440857 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $255000000 |

---

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  JPMorgan Chase Bank NA | $175663 | $– 0 – $| – 0 – $| – 0 – $| 175663 |
|  Morgan Stanley Capital Services LLC | 95665 | – 0 – | – 0 – | – 0 – | 95665 |
|  Total | $271328 | $– 0 – $| – 0 – $| – 0 – $| 271328 |

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

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

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NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br>April 30, 2025 | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br>April 30, 2025 |
|  Shares sold | 5834170 | 13283131 | $54819663 | $129496613 |
|  Shares redeemed | (5336195) | (8783984) | (50475135) | (85675897) |
|  **Net increase** | **497975** | **4499147** | $**4344528** | $**43820716** |

---

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|:---|:---|
| 34 AB Impact Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE E

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

**ESG Risk**—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities selected based on ESG factors may shift into and out of favor depending on market and economic conditions, and the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Fund's ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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

**Interest Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**Municipal Market Risk**—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield

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|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 35 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

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

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other

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| 36 AB Impact Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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

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

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

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

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|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 37 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the Adviser. The Fund did not utilize the Facility during the six months ended October 31, 2025.

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended April 30, 2025 and April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1433694 | $1357374 |
|  Total taxable distributions | 1433694 | 1357374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income | 21372082 | 18810187 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20167561 |

---

As of April 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | |
|:---|:---|
|  Undistributed tax-exempt income | $2080565 |
|  Accumulated capital and other losses | $(14908373)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (35331653)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48159461)<sup>(c)</sup> |

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(a) As of April 30, 2025, the Fund had a net capital loss carryforward of $14,908,373.

(b) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of swaps.

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

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|:---|:---|
| 38 AB Impact Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2025, the Fund had a net short-term capital loss carryforward of $8,536,677 and a net long-term capital loss carryforward of $6,371,696, which may be carried forward for an indefinite period.

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 Fund's financial statements through this date.

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|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 39 |

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#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.49 | $9.54 | $9.54 | $9.76 | $10.91 | $9.91 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .20 | .38 | .35 | .31 | .28 | .31 |
|  Net realized and unrealized gain (loss) on investment transactions | .24 | (.06 | (.01 | (.20 | (1.16) | 1.00 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(b)</sup> |
|  Net increase (decrease) in net asset value from operations | .44 | .32 | .34 | .11 | (.88 | 1.31 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.37 | (.34 | (.33 | (.27 | (.31) |
|  Net asset value, end of period | **$9.73** | **$9.49** | **$9.54** | **$9.54** | **$9.76** | **$10.91** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.73 | 3.35 | 3.70 | 1.20 | (8.23) | 13.32% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $631346 | $611216 | $571404 | $542030 | $516931 | $458181 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.19 | 3.88 | 3.73 | 3.32 | 2.59 | 2.88% |
|  Portfolio turnover rate | 12 | 21 | 15 | 8 | 13 | 14% |

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(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment 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.

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|:---|:---|
| 40 AB Impact Municipal Income Shares | **ABFunds.com** |

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#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of AB Corporate Shares (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Impact Municipal Income Shares (the "Fund") at a meeting held in-person on August 5-6, 2025 (the "Meeting").

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

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

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

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

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| **ABFunds.com** | AB Impact Municipal Income Shares 41 |

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

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

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the

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|:---|:---|
| 42 AB Impact Municipal Income Shares | **ABFunds.com** |

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Adviser in which the Fund invests. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Fund against a large group of similar funds ("peer universe") selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts ("SMAs"). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors' request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

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

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm's length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser's fee arrangements with the Sponsors vary, the directors acknowledged the Adviser's view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the "implied fee") and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other

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|:---|:---|
| **ABFunds.com** | AB Impact Municipal Income Shares 43 |

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registered investment companies that invest in fixed income securities that are advised by the Adviser.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

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

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

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| | |
|:---|:---|
| 44 AB Impact Municipal Income Shares | **ABFunds.com** |

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![LOGO](g32584g28a43.jpg)

AB IMPACT MUNICIPAL INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

IMISH-0152-1025 ![LOGO](g32584g22c48.jpg)

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#### October 31, 2025
![LOGO](g839458g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB Municipal Income Shares

![LOGO](g839458g50e50.jpg)

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

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

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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#### PORTFOLIO OF INVESTMENTS
**October 31, 2025** (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 103.7% |  |  |  |
|  Long-Term Municipal Bonds – 103.4% |  |  |  |
|  **Alabama – 6.3%** |  |  |  |
|  Black Belt Energy Gas District<br>(Athene Annuity & Life Co.) <br>Series 2024-A <br>5.25%, 05/01/2055 | $— | 8000 | $8779452 |
|  Black Belt Energy Gas District<br>(BP PLC) <br>Series 2024-D <br>5.00%, 03/01/2055 |  | 53960 | 58511256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E <br>5.00%, 12/01/2055 |  | 35655 | 38611727 |
|  Black Belt Energy Gas District<br>(Forethought Life Insurance) <br>Series 2025-B <br>5.00%, 10/01/2035 |  | 7480 | 7788946 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group) <br>Series 2022-F <br>5.50%, 11/01/2053 |  | 15500 | 16381341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 <br>5.25%, 01/01/2054<sup>(a)(b)</sup> |  | 46865 | 50477846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C <br>5.50%, 10/01/2054 |  | 22390 | 24849293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D <br>4.738% (SOFR + 1.85%), 06/01/2049<sup>(c)</sup> |  | 20500 | 20920527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 10/01/2055 |  | 45305 | 49191802 |
|  Black Belt Energy Gas District<br>(Morgan Stanley) <br>Series 2022-2 <br>5.73%, 02/01/2053<sup>(a)(b)</sup> |  | 10000 | 10345206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.25%, 02/01/2053 |  | 47525 | 50666037 |
|  Black Belt Energy Gas District<br>(Nomura Holdings, Inc.) <br>Series 2022-A <br>4.00%, 12/01/2052 |  | 17325 | 17795717 |
|  Black Belt Energy Gas District<br>(Pacific Life Insurance) <br>Series 2024-C <br>5.00%, 05/01/2055 |  | 31900 | 34650578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D <br>5.00%, 12/01/2055 |  | 24850 | 26956741 |
|  Black Belt Energy Gas District<br>(Royal Bank of Canada) <br>Series 2023-2 <br>5.25%, 12/01/2053<sup>(a)(b)</sup> |  | 22380 | 24298564 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue) <br>Series 2024 <br>5.25%, 10/01/2041 | $— | 2250 | $2447302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 |  | 2665 | 2834378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2049 |  | 8500 | 8860159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 |  | 1110 | 1169561 |
|  Energy Southeast A Cooperative District<br>(Goldman Sachs Group) <br>Series 2025-A <br>5.00%, 11/01/2035 |  | 20830 | 22428084 |
|  Energy Southeast A Cooperative District<br>(Morgan Stanley) <br>Series 2023-A <br>4.938% (SOFR + 2.05%), 11/01/2053<sup>(c)</sup> |  | 16000 | 16232494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2053<sup>(b)</sup> |  | 17645 | 19466137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.088% (SOFR + 2.20%), 04/01/2054<sup>(c)</sup> |  | 10000 | 10202314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.25%, 07/01/2054 |  | 41865 | 45972982 |
|  Homewood Educational Building Authority<br>(CHF - Horizons II LLC) <br>Series 2024 <br>5.00%, 10/01/2056 |  | 1200 | 1156690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2049 |  | 4500 | 4608280 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile<br>(Infirmary Health System Obligated Group) <br>Series 2016 <br>5.00%, 02/01/2036 |  | 5000 | 5017026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2041 |  | 5000 | 5010433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 02/01/2041 |  | 3370 | 3197669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2046 |  | 11640 | 10509964 |
|  Jefferson County Board of Education/AL<br>(Jefferson County Board of Education/AL) <br>Series 2018 <br>5.00%, 02/01/2039 |  | 5000 | 5150447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2046 |  | 23280 | 23554834 |
|  Lower Alabama Gas District (The)<br>(Goldman Sachs Group) <br>Series 2016-A <br>5.00%, 09/01/2031 |  | 2235 | 2400701 |
|  Mobile County Industrial Development Authority (ArcelorMittal SA) <br>Series 2024 <br>4.75%, 12/01/2054 |  | 9980 | 9314839 |

---

---

| | |
|:---|:---|
| 2 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Southeast Alabama Gas Supply District (The) (Morgan Stanley) <br>Series 2024 <br>5.00%, 06/01/2049 | $— | 38405 | $41597224 |
|  Southeast Alabama Gas Supply District (The) (Pacific Life Insurance) <br>Series 2024-A <br>5.00%, 08/01/2054 |  | 50275 | 54242009 |
|  Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) <br>Series 2025-A <br>5.00%, 01/01/2056 |  | 89815 | 96148278 |
|  Southeast Energy Authority A Cooperative District (BP PLC) <br>Series 2025-F <br>5.25%, 11/01/2055 |  | 66545 | 73858209 |
|  Southeast Energy Authority A Cooperative District <br>(Deutsche Bank AG)<br>Series 2024-A <br>5.00%, 11/01/2035 |  | 32725 | 34893417 |
|  Southeast Energy Authority A Cooperative District<br>(Goldman Sachs Group) <br>Series 2022-B <br>5.00%, 05/01/2053 |  | 14520 | 15115719 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley) <br>Series 2021-B <br>4.00%, 12/01/2051 |  | 15000 | 15438470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>6.00%, 01/01/2053<sup>(a)(b)</sup> |  | 10000 | 10494306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.50%, 01/01/2053 |  | 7620 | 8258234 |
|  Southeast Energy Authority A Cooperative District<br>(New York Life Insurance) <br>Series 2025 <br>5.00%, 09/01/2035 |  | 29250 | 32403223 |
|  Southeast Energy Authority A Cooperative District<br>(Pacific Life Insurance) <br>Series 2024-C <br>5.00%, 10/01/2055 |  | 10000 | 10861018 |
|  Southeast Energy Authority A Cooperative District<br>(Royal Bank of Canada) <br>Series 2023-B <br>5.00%, 01/01/2054 |  | 28425 | 30307628 |
|  Southeast Energy Authority A Cooperative District<br>(Sumitomo Mitsui Financial Group) <br>Series 2023-A <br>5.25%, 01/01/2054 |  | 10000 | 10619621 |
|  |  |  | 1073996683 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Alaska – 0.1%** |  |  |  |
|  Municipality of Anchorage AK<br>(Municipality of Anchorage AK) <br>Series 2024-A <br>4.50%, 02/01/2060 | 15000 | $| 14177599 |
|  Municipality of Anchorage AK Solid Waste Services Revenue<br>(Municipality of Anchorage AK Solid Waste Services Revenue) <br>Series 2022-A <br>5.25%, 11/01/2062 | 3000 |  | 3105223 |
|  Northern Tobacco Securitization Corp.<br>(Northern Tobacco Securitization) <br>Series 2021-B <br>Zero Coupon, 06/01/2066 | 14575 |  | 1644464 |
|  |  |  | 18927286 |
|  **American Samoa – 0.1%** |  |  |  |
|  American Samoa Economic Development Authority<br>(Territory of American Samoa) <br>Series 2015-A <br>6.625%, 09/01/2035 | 3235 |  | 3241462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>7.125%, 09/01/2038<sup>(a)</sup> | 8315 |  | 8881481 |
|  |  |  | 12122943 |
|  **Arizona – 2.5%** | **Arizona – 2.5%** | **Arizona – 2.5%** | **Arizona – 2.5%** |
|  Arizona Industrial Development Authority<br>(AZIDA 2019-2) <br>Series 2019-2, Class A <br>3.625%, 05/20/2033 | 12447 |  | 12528922 |
|  Arizona Industrial Development Authority<br>(Benjamin Franklin Charter School Obligated Group) <br>Series 2023 <br>4.43%, 07/01/2033<sup>(a)</sup> | 520 |  | 522060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053<sup>(a)</sup> | 1000 |  | 941269 |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group) <br>Series 2020 <br>4.00%, 11/01/2045 | 1355 |  | 1235649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 11/01/2051<sup>(a)</sup> | 11325 |  | 9404056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 11/01/2054 | 8205 |  | 8289825 |
|  Arizona Industrial Development Authority<br>(Heritage Academy Laveen & Gateway Obligated Group) <br>Series 2021 <br>5.00%, 07/01/2051<sup>(a)</sup> | 10000 |  | 8605905 |

---

---

| | |
|:---|:---|
| 4 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Arizona Industrial Development Authority<br>(ISF Ativo Portfolio Obligated Group) <br>Series 2025 <br>6.75%, 03/01/2065<sup>(a)</sup> | $— | 13935 | $13665656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/01/2055<sup>(a)</sup> |  | 19875 | 20075674 |
|  Arizona Industrial Development Authority<br>(KIPP Nashville Obligated Group) <br>Series 2022-A <br>5.00%, 07/01/2047 |  | 750 | 752040 |
|  Arizona Industrial Development Authority<br>(KIPP NYC Public Charter Schools) <br>Series 2021-B <br>4.00%, 07/01/2051 |  | 1000 | 835101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2061 |  | 7980 | 6404191 |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.) <br>Series 2020 <br>6.75%, 07/01/2030<sup>(d)(e)(f)</sup> |  | 1500 | 45900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2050<sup>(d)(e)(f)</sup> |  | 33950 | 1038870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>6.00%, 07/01/2051<sup>(d)(e)(f)</sup> |  | 1425 | 43605 |
|  Arizona Industrial Development Authority<br>(North Carolina Central University Project) <br>BAM Series 2019 <br>5.00%, 06/01/2049 |  | 785 | 800247 |
|  Arizona Industrial Development Authority <br>(Pinecrest Academy of Nevada)<br>Series 2018<br>5.75%, 07/15/2048<sup>(a)</sup> |  | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>4.00%, 07/15/2030<sup>(a)</sup> |  | 1185 | 1182504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2040<sup>(a)</sup> |  | 4180 | 3787117 |
|  Arizona Industrial Development Authority<br>(San Tan Valley AH I LLLP) <br>Series 2024-A <br>5.68%, 01/01/2043<sup>(a)</sup> |  | 33000 | 31807400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.68%, 01/01/2043<sup>(a)</sup> |  | 7050 | 6794026 |
|  Chandler Industrial Development Authority<br>(Intel Corp.) <br>Series 2022 <br>5.00%, 09/01/2042 |  | 3900 | 3964663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 |  | 1500 | 1525101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>4.10%, 12/01/2037 |  | 6000 | 6011210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>4.00%, 06/01/2049 |  | 40000 | 40774316 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 5 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Glendale AZ<br>(City of Glendale AZ COP) <br>Series 2021 <br>2.442%, 07/01/2032 | $— | 5000 | $4414614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.542%, 07/01/2033 |  | 5000 | 4341252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642%, 07/01/2034 |  | 6795 | 5811555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 07/01/2035 |  | 10000 | 8435370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.842%, 07/01/2036 |  | 13000 | 10827094 |
|  City of Tempe AZ<br>(City of Tempe AZ COP) <br>Series 2021 <br>2.321%, 07/01/2034 |  | 10500 | 8938519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.421%, 07/01/2035 |  | 10325 | 8662938 |
|  Glendale Industrial Development Authority<br>(Beatitudes Campus Obligated Group) <br>Series 2017 <br>5.00%, 11/15/2036 |  | 1000 | 803531 |
|  Glendale Industrial Development Authority<br>(Royal Oaks Life Care Community) <br>Series 2016 <br>5.00%, 05/15/2039 |  | 3700 | 3644825 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(AZ GFF Tiyan LLC Lease) <br>Series 2014 <br>5.00%, 02/01/2029 |  | 14720 | 14625770 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(BASIS Schools Obligated Group) <br>Series 2015 <br>5.00%, 07/01/2035<sup>(a)</sup> |  | 2000 | 2000331 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(GreatHearts Arizona Obligated Group) <br>Series 2014 <br>5.00%, 07/01/2044 |  | 3875 | 3875238 |
|  Industrial Development Authority of the County of Pima (The)<br>(Edkey Obligated Group) <br>Series 2020 <br>5.00%, 07/01/2049<sup>(d)(e)(f)</sup> |  | 6890 | 5512000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055<sup>(d)(e)(f)</sup> |  | 3700 | 2960000 |
|  Industrial Development Authority of the County of Pima (The)<br>(La Posada at Park Centre Obligated Group) <br>Series 2022 <br>5.625%, 11/15/2030<sup>(a)</sup> |  | 2100 | 2101910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2052<sup>(a)</sup> |  | 6500 | 6975159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2057<sup>(a)</sup> |  | 2915 | 3135678 |

---

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| | |
|:---|:---|
| 6 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  La Paz County Industrial Development Authority (Harmony Public Schools) <br>Series 2016 <br>5.00%, 02/15/2036<sup>(a)</sup> | $— | 1000 | $1001666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2046<sup>(a)</sup> |  | 3500 | 3409498 |
|  Maricopa County Industrial Development Authority<br>(Arizona Autism Charter Schools Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2061<sup>(a)</sup> |  | 2875 | 2117189 |
|  Maricopa County Industrial Development Authority<br>(Benjamin Franklin Charter School) <br>Series 2018-A <br>6.00%, 07/01/2052<sup>(a)</sup> |  | 19500 | 19677781 |
|  Maricopa County Industrial Development Authority<br>(Commercial Metals Co.) <br>Series 2022 <br>4.00%, 10/15/2047<sup>(a)</sup> |  | 19510 | 16602520 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group) <br>Series 2024-D <br>5.00%, 12/01/2039 |  | 2725 | 2965955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 |  | 5750 | 6206973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 |  | 1525 | 1630540 |
|  Maricopa County Industrial Development Authority<br>(Legacy Traditional School Obligated Group) <br>Series 2025 <br>5.25%, 07/01/2045 |  | 1385 | 1396779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2050 |  | 2000 | 1987001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2055 |  | 3155 | 3114286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2060 |  | 2200 | 2212570 |
|  Maricopa County Industrial Development Authority<br>(Morrison Education Group Obligated Group) <br>Series 2024-A <br>6.50%, 07/01/2054<sup>(a)</sup> |  | 8500 | 8606136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/01/2059<sup>(a)</sup> |  | 5000 | 5076843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2063<sup>(a)</sup> |  | 5880 | 5990923 |
|  Maricopa County Industrial Development Authority<br>(Valley Christian Schools) <br>Series 2023 <br>6.25%, 07/01/2053<sup>(a)</sup> |  | 1650 | 1607339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/2058<sup>(a)</sup> |  | 4020 | 3944459 |
|  Salt River Project Agricultural Improvement & Power District<br>(Salt River Project Agricultural Improvement & Power District) <br>Series 2023-B <br>5.25%, 01/01/2053 |  | 10000 | 10662659 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Salt Verde Financial Corp.<br>(Citigroup, Inc.) <br>Series 2007 <br>5.00%, 12/01/2032 | 10945 | $| 11998434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 | 2915 |  | 3189667 |
|  Sierra Vista Industrial Development Authority<br>(American Leadership Academy) <br>Series 2023 <br>5.75%, 06/15/2058<sup>(a)</sup> | 10000 |  | 10045191 |
|  Sierra Vista Industrial Development Authority<br>(Wake Preparatory Academy) <br>Series 2025 <br>6.50%, 06/15/2055 | 5000 |  | 5073794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2060 | 7000 |  | 7080646 |
|  Tempe Industrial Development Authority<br>(Mirabella at ASU, Inc.) <br>Series 2017-A <br>6.125%, 10/01/2047<sup>(a)</sup> | 1065 |  | 709045 |
|  Yuma Industrial Development Authority<br>(Yuma Regional Medical Center Obligated Group) <br>Series 2024 <br>5.25%, 08/01/2054 | 10235 |  | 10668424 |
|  AG Series 2024 <br>4.00%, 08/01/2054 | 2500 |  | 2242193 |
|  |  |  | 429822942 |
|  **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
|  Arkansas Development Finance Authority<br>(Baptist Memorial Health Care Obligated Group) <br>Series 2020 <br>5.00%, 09/01/2044 | 21000 |  | 21110393 |
|  Arkansas Development Finance Authority<br>(Hybar LLC) <br>Series 2023 <br>6.875%, 07/01/2048<sup>(a)</sup> | 7185 |  | 7740691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>7.375%, 07/01/2048<sup>(a)</sup> | 34700 |  | 37716610 |
|  Arkansas Development Finance Authority<br>(United States Steel Corp.) <br>Series 2022 <br>5.45%, 09/01/2052 | 5000 |  | 5021629 |
|  |  |  | 71589323 |
|  **California – 14.0%** | **California – 14.0%** | **California – 14.0%** | **California – 14.0%** |
|  Alameda Corridor Transportation Authority (Alameda Corridor Transportation Authority) <br>Series 2022-A <br>0.00%, 10/01/2048<sup>(g)</sup> | 17000 |  | 9828672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/01/2049<sup>(g)</sup> | 10435 |  | 5992206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/01/2050<sup>(g)</sup> | 7345 |  | 4207771 |

---

---

| | |
|:---|:---|
| 8 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024 <br>Zero Coupon, 10/01/2049 | $— | 7250 | $2347423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2053 |  | 15000 | 3881175 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 1999-1 <br>Zero Coupon, 10/01/2031 |  | 3000 | 2528100 |
|  Align Affordable Housing Bond Fund LP<br>(Park Landing LP) <br>Series 2022-2 <br>5.66%, 08/01/2052 |  | 17900 | 16615756 |
|  Align Affordable Housing Bond Fund LP<br>(SHI - Lake Worth LLC) <br>Series 2021 <br>3.25%, 12/01/2051<sup>(a)</sup> |  | 26000 | 23303072 |
|  Align Capital Series Trust 2025-1<br>(Align Capital Series Trust 2025-1) <br>Series 2025-2 <br>5.75%, 01/01/2052<sup>(a)</sup> |  | 17000 | 17376159 |
|  ARC70 II Trust<br>(ARC70 II TRUST) <br>Series 2021 <br>4.00%, 12/01/2059 |  | 7860 | 6691723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 04/01/2065<sup>(a)</sup> |  | 70578 | 68329853 |
|  California Community Choice Financing Authority<br>(American General Life Insurance) <br>Series 2023-D <br>5.50%, 05/01/2054 |  | 51410 | 54768178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 08/01/2055 |  | 26635 | 28574401 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.) <br>Series 2025-2 <br>5.00%, 11/01/2055<sup>(a)(b)</sup> |  | 10225 | 10922419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)(b)</sup> |  | 15940 | 17090238 |
|  California Community Choice Financing Authority<br>(Bank of Nova Scotia (The)) <br>Series 2025 <br>5.00%, 10/01/2056 |  | 85315 | 93948776 |
|  California Community Choice Financing Authority<br>(Canadian Imperial Bank of Commerce) <br>Series 2025 <br>5.00%, 11/01/2033<sup>(h)</sup> |  | 36920 | 40367756 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG) <br>Series 2023 <br>5.25%, 01/01/2054 |  | 93825 | 100621073 |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group) <br>Series 2023 <br>5.25%, 11/01/2054 |  | 3800 | 4082410 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Morgan Stanley) <br>Series 2023 <br>5.00%, 02/01/2054 | $— | 48650 | $52522666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 <br>4.68%, 07/01/2053<sup>(a)(b)</sup> |  | 16800 | 16854492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2054 |  | 37820 | 41193763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E <br>5.00%, 02/01/2055 |  | 16180 | 17537955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>4.55%, 02/01/2054<sup>(a)(b)</sup> |  | 10000 | 10047262 |
|  California Community Choice Financing Authority<br>(New York Life Insurance) <br>Series 2025-2 <br>5.00%, 01/01/2056<sup>(a)(b)</sup> |  | 18405 | 20527058 |
|  California Community Choice Financing Authority<br>(Pacific Life Insurance) <br>Series 2025-2 <br>5.00%, 03/01/2056<sup>(a)(b)</sup> |  | 37835 | 41529527 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada) <br>Series 2025-2 <br>5.00%, 02/01/2055<sup>(a)(b)</sup> |  | 23330 | 25518858 |
|  California Community College Financing Authority<br>(NCCD-Orange Coast Properties) <br>Series 2018 <br>5.25%, 05/01/2043 |  | 5185 | 5319801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2048 |  | 6750 | 6900563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2053 |  | 5300 | 5401941 |
|  California Community Housing Agency<br>(California Community Housing Agency Aster Apartments) <br>Series 2021-A <br>4.00%, 02/01/2056<sup>(a)</sup> |  | 23800 | 19908081 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021 <br>4.00%, 02/01/2056<sup>(a)</sup> |  | 39200 | 32369259 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(a)</sup> |  | 17000 | 11405416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(a)</sup> |  | 7585 | 6390241 |

---

---

| | |
|:---|:---|
| 10 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>3.00%, 02/01/2057<sup>(a)</sup> | $— | 19715 | $13439286 |
|  California Community Housing Agency<br>(California Community Housing Agency Twin Creek Apartments) <br>Series 2022 <br>Zero Coupon, 08/01/2065<sup>(a)</sup> |  | 121230 | 4800805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2040<sup>(a)</sup> |  | 3775 | 3365546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.50%, 08/01/2052<sup>(a)</sup> |  | 21280 | 16631116 |
|  California Educational Facilities Authority<br>(Loma Linda University) <br>Series 2017-A <br>5.00%, 04/01/2031 |  | 1000 | 1022152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 |  | 1775 | 1785952 |
|  California Enterprise Development Authority<br>(Heights Christian Schools) <br>Series 2023 <br>6.25%, 06/01/2053<sup>(a)</sup> |  | 1920 | 1842103 |
|  California Enterprise Development Authority<br>(Real Journey Academies Obligated Group) <br>Series 2024-A <br>5.00%, 06/01/2054<sup>(a)</sup> |  | 2000 | 1869824 |
|  California Enterprise Development Authority<br>(Rocketship Education Obligated Group) <br>Series 2022 <br>4.00%, 06/01/2042<sup>(a)</sup> |  | 5000 | 4369151 |
|  California Health Facilities Financing Authority<br>(Adventist Health System/West Obligated Group)<br>Series 2025 <br>5.00%, 12/01/2032 |  | 6590 | 7279753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 |  | 7475 | 8460618 |
|  California Health Facilities Financing Authority<br>(Children's Hospital Los Angeles) <br>Series 2017-A <br>5.00%, 08/15/2037 |  | 1700 | 1728114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2047 |  | 4025 | 3978506 |
|  California Housing Finance Agency<br>(CAHFA 2019-2)<br>Series 2019-2, Class A <br>4.00%, 03/20/2033 |  | 13157 | 13507748 |
|  California Housing Finance Agency<br>(CAHFA 2021-1)<br>Series 2021-1, Class A <br>3.50%, 11/20/2035 |  | 8836 | 8783126 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class A <br>3.75%, 03/25/2035 | $— | 41907 | $42406659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.825%, 03/25/2035<sup>(i)</sup> |  | 21685 | 859246 |
|  California Housing Finance Agency<br>(CAHFA 2021-3)<br>Series 2021-3, Class A <br>3.25%, 08/20/2036 |  | 6702 | 6461096 |
|  California Housing Finance Agency<br>(CAHFA 2023-1)<br>Series 2023-1, Class A <br>4.375%, 09/20/2036 |  | 16132 | 16676984 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises) <br>Series 2025 <br>9.50%, 01/01/2065<sup>(a)</sup> |  | 106375 | 85100000 |
|  California Infrastructure & Economic Development Bank<br>(Equitable School Revolving Fund Obligated Group) <br>Series 2020-B <br>4.00%, 11/01/2045 |  | 850 | 785539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2050 |  | 860 | 764254 |
|  California Infrastructure & Economic Development Bank<br>(PIH Health Obligated Group) <br>Series 2024-A <br>5.00%, 12/01/2054<sup>(a)</sup> |  | 37000 | 37993250 |
|  California Infrastructure & Economic Development Bank<br>(Roseville Sustainable Energy Partner) <br>Series 2024 <br>5.25%, 07/01/2054 |  | 13000 | 13267276 |
|  California Infrastructure & Economic Development Bank<br>(WFCS Holdings II LLC) <br>Series 2021 <br>Zero Coupon, 01/01/2061<sup>(a)</sup> |  | 2920 | 253634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A1 <br>5.00%, 01/01/2056<sup>(a)</sup> |  | 3000 | 2589145 |
|  California Municipal Finance Authority<br>(Azusa Pacific University) <br>Series 2015-B <br>5.00%, 04/01/2041 |  | 2425 | 2301527 |

---

---

| | |
|:---|:---|
| 12 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Municipal Finance Authority<br>(BOLD Program) <br>Series 2023-B <br>5.75%, 09/01/2053 | $— | 2850 | $3024590 |
|  California Municipal Finance Authority<br>(California Baptist University) <br>Series 2016-A <br>5.00%, 11/01/2046<sup>(a)</sup> |  | 2000 | 1926064 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC) <br>Series 2019 <br>5.00%, 05/15/2039 |  | 2030 | 2099331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2040 |  | 1000 | 1027821 |
|  California Municipal Finance Authority<br>(Community Health Centers of The Central Coast) <br>Series 2021-A <br>5.00%, 12/01/2046<sup>(a)</sup> |  | 1490 | 1455273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.75%, 12/01/2055 |  | 4680 | 4889627 |
|  California Municipal Finance Authority<br>(Goodwill Industries of Sacramento Valley & Northern Nevada) <br>Series 2012-A <br>6.625%, 01/01/2032<sup>(a)</sup> |  | 630 | 617496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014 <br>5.00%, 01/01/2035 |  | 1085 | 938034 |
|  California Municipal Finance Authority<br>(LAX Integrated Express Solutions) <br>Series 2018 <br>4.00%, 12/31/2047 |  | 7040 | 6173027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 |  | 37050 | 37259051 |
|  California Municipal Finance Authority<br>(Samuel Merritt University) <br>Series 2022 <br>5.25%, 06/01/2053 |  | 5000 | 5168018 |
|  California Pollution Control Financing Authority (Channelside Water Resources) <br>Series 2012 <br>5.00%, 11/21/2045<sup>(a)</sup> |  | 13975 | 13975461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 11/21/2045<sup>(a)</sup> |  | 4890 | 4952895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 07/01/2027<sup>(a)</sup> |  | 2000 | 2041933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028<sup>(a)</sup> |  | 2350 | 2432491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(a)</sup> |  | 2300 | 2411741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030<sup>(a)</sup> |  | 2600 | 2761903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031<sup>(a)</sup> |  | 3000 | 3219445 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032<sup>(a)</sup> | $— | 5470 | $5935062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033<sup>(a)</sup> |  | 5865 | 6422594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034<sup>(a)</sup> |  | 3000 | 3287924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036<sup>(a)</sup> |  | 2650 | 2862381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(a)</sup> |  | 2250 | 2418198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038<sup>(a)</sup> |  | 3500 | 3740392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/21/2045<sup>(a)</sup> |  | 1100 | 1131192 |
|  California Public Finance Authority<br>(ISF Ativo Portfolio Obligated Group) <br>Series 2025 <br>6.625%, 03/01/2065<sup>(a)</sup> |  | 16155 | 16136777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2055<sup>(a)</sup> |  | 11505 | 11681835 |
|  California Public Finance Authority<br>(Kendal at Ventura)<br>Series 2023 <br>10.00%, 05/15/2028<sup>(a)</sup> |  | 800 | 1039266 |
|  California School Finance Authority<br>(Classical Academy Obligated Group) <br>Series 2021 <br>4.00%, 10/01/2046<sup>(a)</sup> |  | 2800 | 2430313 |
|  Series 2022 <br>5.00%, 10/01/2042<sup>(a)</sup> |  | 1000 | 1013328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052<sup>(a)</sup> |  | 1000 | 982978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2061<sup>(a)</sup> |  | 1500 | 1468897 |
|  California School Finance Authority<br>(Downtown College Prep Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2046<sup>(d)(e)(f)</sup> |  | 3630 | 2178000 |
|  California School Finance Authority<br>(Equitas Academy Obligated Group) <br>Series 2018-A <br>5.00%, 06/01/2056<sup>(a)</sup> |  | 8850 | 7823388 |
|  California School Finance Authority<br>(Hawking STEAM Charter Schools) <br>Series 2022 <br>5.25%, 07/01/2052<sup>(a)</sup> |  | 2250 | 2167784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2062<sup>(a)</sup> |  | 2775 | 2725110 |
|  California School Finance Authority<br>(KIPP SoCal Public Schools Obligated Group)<br>Series 2019-A<br>5.00%, 07/01/2039<sup>(a)</sup> |  | 2325 | 2393153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049<sup>(a)</sup> |  | 700 | 701037 |
|  California School Finance Authority<br>(Lighthouse Community Public Schools Obligated Group) <br>Series 2022 <br>6.375%, 06/01/2052<sup>(a)</sup> |  | 1225 | 1259645 |

---

---

| | |
|:---|:---|
| 14 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California School Finance Authority<br>(Rex & Margaret Fortune School of Education) <br>Series 2024 <br>5.00%, 06/01/2054<sup>(a)</sup> | $— | 5120 | $4629339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/01/2064<sup>(a)</sup> |  | 1300 | 1169765 |
|  California School Finance Authority<br>(Rocketship Education Obligated Group) <br>Series 2017-G <br>5.00%, 06/01/2047<sup>(a)</sup> |  | 2330 | 2159886 |
|  California State University<br>(California State University) <br>Series 2021-2 <br>2.37%, 11/01/2035<sup>(a)(b)</sup> |  | 10000 | 8281601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 11/01/2052<sup>(a)(b)</sup> |  | 5000 | 3401593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>2.97%, 11/01/2051<sup>(a)(b)</sup> |  | 5000 | 3474291 |
|  California Statewide Communities Development Authority<br>(California Baptist University) <br>Series 2017-A <br>5.00%, 11/01/2041<sup>(a)</sup> |  | 2875 | 2876372 |
|  California Statewide Communities Development Authority<br>(CHF-Irvine LLC) <br>BAM Series 2021 <br>3.00%, 05/15/2051 |  | 13000 | 9850495 |
|  California Statewide Communities Development Authority<br>(Enloe Medical Center Obligated Group) <br>AG Series 2022-A <br>5.25%, 08/15/2052 |  | 3000 | 3081751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/15/2057 |  | 3720 | 3841566 |
|  California Statewide Communities Development Authority<br>(Lancer Educational Housing) <br>Series 2016 <br>5.00%, 06/01/2036<sup>(a)</sup> |  | 5250 | 5266935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046<sup>(a)</sup> |  | 7000 | 6731462 |
|  California Statewide Communities Development Authority<br>(Loma Linda University Medical Center) <br>Series 2016-A <br>5.00%, 12/01/2041<sup>(a)</sup> |  | 15285 | 15321178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2056<sup>(a)</sup> |  | 14795 | 14698221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.25%, 12/01/2038<sup>(a)</sup> |  | 3000 | 3063908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2048<sup>(a)</sup> |  | 6440 | 6457525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 12/01/2033<sup>(a)</sup> |  | 1350 | 1394016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2058<sup>(a)</sup> |  | 19145 | 19215387 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Statewide Communities Development Authority<br>(NCCD-Hooper Street LLC) <br>Series 2019 <br>5.25%, 07/01/2049<sup>(a)</sup> | $— | 2825 | $2823866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052<sup>(a)</sup> |  | 2500 | 2463866 |
|  Central Valley Energy Authority<br>(Pacific Life Insurance)<br>Series 2025-2 <br>5.00%, 12/01/2055<sup>(a)(b)</sup> |  | 20650 | 22841314 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue) <br>Series 2025-A <br>5.00%, 06/01/2055 |  | 10000 | 10635271 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports) <br>Series 2022 <br>5.00%, 05/15/2047 |  | 10170 | 10453019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>5.00%, 05/15/2036<sup>(a)(b)</sup> |  | 10000 | 10674516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/15/2034 |  | 1255 | 1441241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.00%, 05/15/2044<sup>(a)(b)</sup> |  | 15415 | 15727058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2055<sup>(a)(b)</sup> |  | 10000 | 10303538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2044<sup>(a)(b)</sup> |  | 1675 | 1801762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2045<sup>(a)(b)</sup> |  | 5050 | 5409953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2055<sup>(a)(b)</sup> |  | 6660 | 7164701 |
|  City of Roseville CA<br>(HP Campus Oaks Community Facilities District No. 1) <br>Series 2016 <br>5.50%, 09/01/2046 |  | 850 | 856220 |
|  City of Vernon CA Electric System Revenue<br>(City of Vernon CA Electric System Revenue) <br>Series 2022-2 <br>5.00%, 08/01/2039 |  | 425 | 454647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 |  | 375 | 398556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2041 |  | 420 | 442770 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Enclave) <br>Series 2022-A <br>4.00%, 08/01/2058<sup>(a)</sup> |  | 15100 | 11452556 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Latitude33) <br>Series 2021-A <br>3.00%, 12/01/2056<sup>(a)</sup> |  | 18760 | 12386553 |

---

---

| | |
|:---|:---|
| 16 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Solana at Grand)<br>Series 2021-A <br>4.00%, 08/01/2045<sup>(a)</sup> | $— | 6925 | $6092599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2056<sup>(a)</sup> |  | 12525 | 10793866 |
|  CMFA Special Finance Agency VII<br>(CMFA Special Finance Agency VII The Breakwater Apartments) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(a)</sup> |  | 4120 | 2847028 |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>(CMFA Special Finance Agency VIII Elan Huntington Beach) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(a)</sup> |  | 12950 | 8778953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2047<sup>(a)</sup> |  | 3480 | 3182333 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>3.25%, 05/01/2057<sup>(a)</sup> |  | 23900 | 16431503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(a)</sup> |  | 15550 | 10984406 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) <br>Series 2021 <br>3.25%, 04/01/2057<sup>(a)</sup> |  | 13940 | 9971314 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(a)</sup> |  | 13215 | 10891560 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Altana Apartments) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(a)</sup> |  | 15200 | 11733289 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) <br>Series 2021-A2 <br>3.125%, 08/01/2056<sup>(a)</sup> |  | 3025 | 2277676 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.25%, 07/01/2056<sup>(a)</sup> |  | 23165 | 15053896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(a)</sup> |  | 17980 | 9871581 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Oceanaire Apartments) <br>Series 2021 <br>3.20%, 09/01/2046<sup>(a)</sup> | $— | 2500 | $1786975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2056<sup>(a)</sup> |  | 27065 | 19407048 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Park Crossing Apartments) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/2058<sup>(a)</sup> |  | 12700 | 8745892 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Pasadena Portfolio) <br>Series 2021 <br>3.00%, 12/01/2056<sup>(a)</sup> |  | 22570 | 16068253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(a)</sup> |  | 3400 | 2606524 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority The Crescent) <br>Series 2022 <br>4.30%, 07/01/2059<sup>(a)</sup> |  | 11500 | 9199624 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments) <br>Series 2021 <br>4.00%, 05/01/2057<sup>(a)</sup> |  | 5400 | 3803005 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A2 <br>4.00%, 07/01/2056<sup>(a)</sup> |  | 27100 | 22099820 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments) <br>Series 2021 <br>3.25%, 10/01/2058<sup>(a)</sup> |  | 8930 | 6317378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048<sup>(a)</sup> |  | 2000 | 1553051 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Waterscape Apartments) <br>Series 2021-A <br>3.00%, 09/01/2056<sup>(a)</sup> |  | 15405 | 10547246 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization Lease) <br>Series 2021-2 <br>2.75%, 06/01/2034<sup>(a)(b)</sup> |  | 13150 | 12007564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 06/01/2038<sup>(a)(b)</sup> |  | 16825 | 14872085 |

---

---

| | |
|:---|:---|
| 18 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/01/2042<sup>(a)(b)</sup> | $— | 6850 | $5763434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>2.75%, 06/01/2034<sup>(a)(b)</sup> |  | 1630 | 1488390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 06/01/2038<sup>(a)(b)</sup> |  | 12500 | 11049098 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) <br>Series 2021 <br>3.85%, 06/01/2050 |  | 13230 | 12136275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.214%, 06/01/2050 |  | 2900 | 2146920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>Zero Coupon, 06/01/2066 |  | 230600 | 24423215 |
|  Hastings Campus Housing Finance Authority<br>(Hastings Campus Housing Finance Authority) <br>Series 2020-A <br>5.00%, 07/01/2061<sup>(a)</sup> |  | 14340 | 12966099 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2021-B <br>5.00%, 07/01/2041 |  | 7950 | 8410593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 07/01/2031 |  | 3365 | 3761762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D <br>5.00%, 07/01/2031 |  | 1375 | 1537124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 |  | 1255 | 1358245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E <br>5.00%, 07/01/2048 |  | 4750 | 4957205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 07/01/2039 |  | 1050 | 1163010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 |  | 1680 | 1843992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 07/01/2038 |  | 1000 | 1114606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 07/01/2035 |  | 1135 | 1294768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 1555 | 1759711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 |  | 7035 | 7351204 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025-A <br>5.00%, 07/01/2055 |  | 4000 | 4187468 |
|  Los Angeles Department of Water & Power Power System Revenue<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2019-D <br>5.00%, 07/01/2049 |  | 1935 | 1977740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 07/01/2051 |  | 10000 | 10295647 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Los Angeles Dept. of Water & Power Water System Revenue) <br>Series 2018-A <br>5.00%, 07/01/2043 | $— | 7015 | $7160100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D <br>5.00%, 07/01/2047 |  | 4210 | 4381765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2052 |  | 4000 | 4138655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 07/01/2049 |  | 4440 | 4635117 |
|  M-S-R Energy Authority<br>(Citigroup, Inc.) <br>Series 2009-A <br>6.50%, 11/01/2039 |  | 3390 | 4257682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-B <br>6.50%, 11/01/2039 |  | 3865 | 4854260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/2034 |  | 2225 | 2731399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-C <br>7.00%, 11/01/2034 |  | 5660 | 6948188 |
|  River Islands Public Financing Authority<br>(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 2) <br>Series 2022 <br>5.75%, 09/01/2052 |  | 1600 | 1664751 |
|  Sacramento County Water Financing Authority <br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.54% (CME Term SOFR 3 Month + 0.57%), 06/01/2039<sup>(c)</sup> |  | 33680 | 30750530 |
|  San Diego County Regional Airport Authority<br>(San Diego County Regional Airport Authority) <br>Series 2023 <br>5.00%, 07/01/2053<sup>(b)</sup> |  | 18595 | 19162627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2058 |  | 20735 | 21714476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.00%, 07/01/2048<sup>(a)(b)</sup> |  | 7270 | 7529556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039<sup>(a)(b)</sup> |  | 6000 | 6784022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040<sup>(a)(b)</sup> |  | 4000 | 4469314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2055<sup>(a)(b)</sup> |  | 16000 | 17224733 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport) <br>Series 2019-E <br>5.00%, 05/01/2050 |  | 7000 | 7070755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>3.05%, 05/01/2034<sup>(a)(b)</sup> |  | 3500 | 3180837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 05/01/2035<sup>(a)(b)</sup> |  | 5500 | 4970172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 05/01/2037<sup>(a)(b)</sup> |  | 2250 | 1995490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044<sup>(a)(b)</sup> |  | 14000 | 14280715 |

---

---

| | |
|:---|:---|
| 20 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 05/01/2052 | $— | 9760 | $9958853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.00%, 05/01/2033<sup>(a)(b)</sup> |  | 5000 | 5642784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037<sup>(a)(b)</sup> |  | 8525 | 9055131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038<sup>(a)(b)</sup> |  | 11000 | 11632375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043<sup>(a)(b)</sup> |  | 11000 | 11146791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042<sup>(a)(b)</sup> |  | 20000 | 21551580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044<sup>(a)(b)</sup> |  | 7100 | 7536862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2040<sup>(a)(b)</sup> |  | 10000 | 11039434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2048<sup>(a)(b)</sup> |  | 10000 | 10758694 |
|  San Joaquin Hills Transportation Corridor Agency<br>(San Joaquin Hills Transportation Corridor Agency) <br>Series 2014-B <br>5.25%, 01/15/2044 |  | 315 | 315140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 01/15/2044 |  | 1429 | 1351643 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group) <br>Series 2025 <br>5.50%, 01/01/2056 |  | 31910 | 36891151 |
|  San Jose Evergreen Community College District<br>(San Jose Evergreen Community College District)<br>Series 2012 <br>5.102% (CME Term SOFR 3 Month + 1.00%), 07/01/2043<sup>(c)</sup> |  | 3925 | 3905151 |
|  Southern California Logistics Airport Authority<br>(Prerefunded - US Treasuries) <br>AG Series 2006 <br>5.00%, 12/01/2036 |  | 100 | 100403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 |  | 1585 | 1591380 |
|  Southern California Public Power Authority <br>(American General Life Insurance)<br>Series 2024-A <br>5.00%, 04/01/2055 |  | 40490 | 43759304 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue) <br>Series 2023 <br>5.00%, 07/01/2039 |  | 2475 | 2737641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 |  | 1270 | 1374479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 |  | 7145 | 7456680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 |  | 10270 | 10829756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 07/01/2042 |  | 2000 | 2162330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 |  | 3000 | 3193909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 |  | 5175 | 5419390 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 5545 | $| 5772758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2046 | 5030 |  | 5397287 |
|  Southern California Public Power Authority<br>(Southern California Public Power Authority) <br>Series 2025 <br>5.00%, 07/01/2053 | 10000 |  | 10448964 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2025 <br>5.25%, 07/01/2050 | 7250 |  | 7793568 |
|  State of California<br>(State of California) <br>Series 2023 <br>6.00%, 03/01/2033 | 10000 |  | 11046227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>4.00%, 08/01/2049 | 11300 |  | 10943310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2054 | 3600 |  | 3436986 |
|  Tobacco Securitization Authority of Northern California<br>(Sacramento County Tobacco Securitization) <br>Series 2021 <br>Zero Coupon, 06/01/2060 | 23050 |  | 3613915 |
|  Tobacco Securitization Authority of Southern California<br>(San Diego County Tobacco Asset Securitization)<br>Series 2006 <br>Zero Coupon, 06/01/2046 | 8485 |  | 1665794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>Zero Coupon, 06/01/2054 | 10480 |  | 2149318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 | 1555 |  | 1599247 |
|  |  |  | 2378140961 |
|  **Colorado – 2.7%** | **Colorado – 2.7%** | **Colorado – 2.7%** | **Colorado – 2.7%** |
|  Aurora Highlands Community Authority Board<br>(Aurora Highlands Community Authority Board) <br>Series 2021-A <br>5.75%, 12/01/2051 | 15000 |  | 14474314 |
|  Centerra Metropolitan District No. 1<br>(Centerra Metropolitan District No. 1) <br>Series 2017 <br>5.00%, 12/01/2037<sup>(a)</sup> | 5000 |  | 5001547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>6.50%, 12/01/2053 | 4350 |  | 4564833 |
|  City & County of Denver CO <br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 645 |  | 645004 |
|  City & County of Denver CO Airport System Revenue<br>(City & County of Denver CO Airport System Revenue) <br>Series 2025-2 <br>5.00%, 11/15/2033<sup>(a)(b)</sup> | 9000 |  | 10050267 |

---

---

| | |
|:---|:---|
| 22 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2047<sup>(a)(b)</sup> | $— | 34470 | $36309426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2053<sup>(a)(b)</sup> |  | 10475 | 11053138 |
|  Colorado Educational & Cultural Facilities Authority<br>(Ascent Classical Academy Charter Schools) <br>Series 2024 <br>5.75%, 04/01/2059<sup>(a)</sup> |  | 2250 | 2192637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/2054<sup>(a)</sup> |  | 3725 | 3688891 |
|  Colorado Educational & Cultural Facilities Authority<br>(James Irwin Educational Foundation Obligated Group) <br>Series 2022 <br>5.00%, 09/01/2052 |  | 850 | 837972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2057 |  | 2100 | 2048681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2062 |  | 2000 | 1932439 |
|  Colorado Educational & Cultural Facilities Authority<br>(STEAD School/The) <br>Series 2023-A <br>7.00%, 07/01/2034<sup>(f)</sup> |  | 18215 | 18759953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>8.125%, 07/01/2028<sup>(f)</sup> |  | 465 | 469853 |
|  Colorado Educational & Cultural Facilities Authority<br>(Vega Collegiate Academy) <br>Series 2021 <br>5.00%, 02/01/2051<sup>(a)</sup> |  | 3500 | 3109570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2061<sup>(a)</sup> |  | 2870 | 2467408 |
|  Colorado Health Facilities Authority<br>(Aberdeen Ridge Obligated Group) <br>Series 2021-A <br>5.00%, 05/15/2049 |  | 1300 | 961905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2058 |  | 3000 | 2095878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.125%, 05/15/2028 |  | 1370 | 1323523 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2019-A <br>4.00%, 08/01/2038 |  | 6600 | 6603547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2039 |  | 1000 | 1042289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 |  | 93310 | 94887909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 11/01/2047 |  | 2500 | 2634881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>5.00%, 11/01/2040<sup>(a)(b)</sup> |  | 4650 | 4951931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2041<sup>(a)(b)</sup> |  | 5075 | 5361349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042<sup>(a)(b)</sup> |  | 3800 | 3983067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2052<sup>(a)(b)</sup> |  | 10000 | 10322179 |
|  Colorado Health Facilities Authority <br>(Frasier Meadows Manor Obligated Group) Series 2023-2<br>4.00%, 05/15/2048 |  | 2100 | 1784844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.25%, 05/15/2048 |  | 1250 | 1265768 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Colorado Health Facilities Authority<br>(Intermountain Healthcare Obligated Group) <br>Series 2024-A <br>5.00%, 05/15/2054 | $— | 10000 | $10228812 |
|  Colorado Health Facilities Authority<br>(Sanford Obligated Group) <br>Series 2019-A <br>5.00%, 11/01/2044 |  | 7050 | 7199239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>3.696%, 11/01/2039 |  | 1525 | 1351196 |
|  Colorado High Performance Transportation Enterprise<br>(Colorado High Performance Transportation Enterprise C-470 Express Lanes System) <br>Series 2017 <br>5.00%, 12/31/2051 |  | 5000 | 4947743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2056 |  | 8000 | 7934664 |
|  Denver Health & Hospital Authority<br>(Denver Health & Hospital Authority) <br>Series 2025-A <br>6.00%, 12/01/2055 |  | 6330 | 6852659 |
|  Douglas County Housing Partnership<br>(Bridgewater Castle Rock ALF) <br>Series 2021 <br>5.375%, 01/01/2041<sup>(d)(e)(f)</sup> |  | 19590 | 14888400 |
|  Johnstown Plaza Metropolitan District<br>(Johnstown Plaza Metropolitan District) <br>Series 2022 <br>4.25%, 12/01/2046 |  | 11993 | 10585409 |
|  Longs Peak Metropolitan District<br>(Longs Peak Metropolitan District) <br>Series 2021 <br>5.25%, 12/01/2051<sup>(a)</sup> |  | 5000 | 4903530 |
|  Meridian Ranch Metropolitan District 2018 Subdistrict<br>(Meridian Ranch Metropolitan District 2018 Subdistrict) <br>Series 2022 <br>6.25%, 12/01/2037 |  | 1435 | 1477200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2042 |  | 1105 | 1128703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 |  | 1925 | 1953791 |
|  Platte River Metropolitan District<br>(Platte River Metropolitan District) <br>Series 2023-A <br>6.50%, 08/01/2053<sup>(a)</sup> |  | 2206 | 2252044 |
|  Plaza Metropolitan District No. 1<br>(Plaza Metropolitan District No. 1) <br>Series 2013 <br>5.00%, 12/01/2040<sup>(a)</sup> |  | 1500 | 1500415 |

---

---

| | |
|:---|:---|
| 24 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Public Authority for Colorado Energy<br>(Bank of America Corp.) <br>Series 2008 <br>6.50%, 11/15/2038 | $— | 16535 | $20172817 |
|  Pueblo Urban Renewal Authority <br>(Pueblo Urban Renewal Authority)<br>Series 2021 <br>4.75%, 12/01/2045<sup>(f)</sup> |  | 7910 | 7518558 |
|  Redtail Ridge Metropolitan District<br>(Redtail Ridge Metropolitan District) <br>Series 2025 <br>Zero Coupon, 12/01/2032 |  | 19620 | 12190522 |
|  Regional Transportation District<br>(Denver Transit Partners) <br>Series 2020 <br>4.00%, 07/15/2039 |  | 1410 | 1389429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 |  | 2300 | 2480324 |
|  Riverwalk Metropolitan District No. 2<br>(Riverwalk Metropolitan District No. 2) <br>Series 2022-A <br>5.00%, 12/01/2042 |  | 4000 | 3642885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 |  | 1500 | 1289878 |
|  Sagebrush Farm Metropolitan District No. 1<br>(Sagebrush Farm Metropolitan District No. 1) <br>Series 2022-A <br>6.75%, 12/01/2052 |  | 3500 | 3629221 |
|  Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado<br>(Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado) <br>Series 2025-A <br>5.00%, 04/01/2035<sup>(a)</sup> |  | 20000 | 21874104 |
|  Spring Hill Metropolitan District No. 3<br>(Spring Hill Metropolitan District No. 3) <br>Series 2022-A <br>6.75%, 12/01/2052<sup>(a)</sup> |  | 667 | 676400 |
|  St. Vrain Lakes Metropolitan District No. 4<br>(St. Vrain Lakes Metropolitan District No. 4) <br>Series 2024-A <br>0.00%, 09/20/2054<sup>(a)(g)</sup> |  | 1500 | 1052359 |
|  Sterling Ranch Community Authority Board<br>(Sterling Ranch Metropolitan District No. 3) <br>Series 2022 <br>6.50%, 12/01/2042 |  | 2215 | 2344087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2053 |  | 11000 | 11601116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>8.375%, 12/15/2054 |  | 2500 | 2509842 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Town of Vail CO<br>(Town of Vail CO COP) <br>Series 2025 <br>5.375%, 12/01/2055 | 1500 | $| 1605180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.50%, 12/01/2064<sup>(a)(b)</sup> | 13415 |  | 14485162 |
|  Vail Home Partners Corp.<br>(Vail Home Partners Corp.) <br>Series 2025 <br>5.875%, 10/01/2055<sup>(a)</sup> | 2500 |  | 2550527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2064<sup>(a)</sup> | 3250 |  | 3321053 |
|  Vauxmont Metropolitan District<br>(Vauxmont Metropolitan District) <br>AG Series 2019 <br>3.25%, 12/15/2050 | 521 |  | 410757 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020<br>5.00%, 12/01/2033 | 370 |  | 397039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 | 435 |  | 440904 |
|  Verve Metropolitan District No. 1<br>(Verve Metropolitan District No. 1) <br>Series 2023 <br>6.50%, 12/01/2043 | 3365 |  | 3424618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 | 4000 |  | 4064933 |
|  |  |  | 455100523 |
|  **Connecticut – 0.5%** | **Connecticut – 0.5%** | **Connecticut – 0.5%** | **Connecticut – 0.5%** |
|  City of New Haven CT<br>(City of New Haven CT) <br>AG Series 2019-A <br>5.00%, 08/01/2039 | 1650 |  | 1722501 |
|  Connecticut State Health & Educational Facilities Authority<br>(Quinnipiac University) <br>Series 2015-L <br>5.00%, 07/01/2045 | 5750 |  | 5752057 |
|  Connecticut State Health & Educational Facilities Authority<br>(Sacred Heart University) <br>Series 2017-I1 <br>5.00%, 07/01/2035 | 1000 |  | 1027169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1095 |  | 1120769 |
|  Connecticut State Health & Educational Facilities Authority<br>(Seabury Retirement Community) <br>Series 2016-A <br>5.00%, 09/01/2046<sup>(a)</sup> | 2000 |  | 1919460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2053<sup>(a)</sup> | 4825 |  | 4495311 |

---

---

| | |
|:---|:---|
| 26 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Connecticut State Health & Educational Facilities Authority<br>(University of Hartford/The) <br>Series 2019 <br>4.00%, 07/01/2044 | $— | 7710 | $6139851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2049 |  | 3325 | 2506792 |
|  Connecticut State Health & Educational Facilities Authority<br>(University of New Haven) <br>Series 2018 <br>5.00%, 07/01/2034 |  | 1000 | 1022155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K1 <br>5.00%, 07/01/2028 |  | 765 | 788390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 1055 | 1075107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 2205 | 2241577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 1980 | 2002732 |
|  Stamford Housing Authority<br>(TJH Senior Living Obligated Group) <br>Series 2025 <br>4.75%, 10/01/2032 |  | 6900 | 7127469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2060 |  | 6150 | 6152799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2045 |  | 2050 | 2107611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2055 |  | 4810 | 4906847 |
|  State of Connecticut<br>(State of Connecticut) <br>Series 2016-E <br>5.00%, 10/15/2034 |  | 4595 | 4685096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 04/15/2032 |  | 6700 | 6917508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 |  | 10985 | 11332111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034 |  | 4855 | 5002919 |
|  Town of Hamden CT<br>(Whitney Center Obligated Group) <br>Series 2022-A <br>7.00%, 01/01/2053 |  | 3900 | 4127583 |
|  |  |  | 84173814 |
|  **Delaware – 0.1%** |  |  |  |
|  Affordable Housing Tax-Exempt Bond Pass-Thru Trust<br>(Affordable Housing Tax-Exempt Bond Pass-Thru Trust) <br>Series 2023-2 <br>6.00%, 10/05/2040<sup>(a)</sup> |  | 16889 | 17098980 |
|  Delaware River & Bay Authority<br>(Delaware River & Bay Authority) <br>Series 2021 <br>4.00%, 01/01/2042 |  | 550 | 552739 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Delaware State Economic Development Authority<br>(Newark Charter School) <br>Series 2020 <br>5.00%, 09/01/2050 | $— | 1125 | $1125544 |
|  |  |  | 18777263 |
|  **District of Columbia – 1.3%** |  |  |  |
|  District of Columbia<br>(Catholic University of America) <br>Series 2025 <br>5.75%, 10/01/2055 |  | 17030 | 18200969 |
|  District of Columbia<br>(District of Columbia Intl School Obligated Group)<br>Series 2019 <br>5.00%, 07/01/2039 |  | 1000 | 1021470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 |  | 2075 | 2045621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 |  | 3565 | 3465991 |
|  District of Columbia<br>(District of Columbia Union Market TIF Area) <br>Series 2024 <br>0.00%, 06/01/2041<sup>(a)(g)</sup> |  | 1500 | 946284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/01/2049<sup>(a)(g)</sup> |  | 2400 | 1469294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.125%, 06/01/2034<sup>(a)</sup> |  | 9310 | 9599314 |
|  District of Columbia<br>(KIPP DC Obligated Group) <br>Series 2017-A <br>5.00%, 07/01/2042 |  | 3230 | 3254729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 |  | 5350 | 5354182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 07/01/2037 |  | 1465 | 1496612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 |  | 2000 | 2015312 |
|  District of Columbia<br>(Rocketship DC Obligated Group) <br>Series 2024 <br>5.625%, 06/01/2044 |  | 1000 | 1010986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2058 |  | 1000 | 1014314 |
|  District of Columbia Income Tax Revenue<br>(District of Columbia Income Tax Revenue) <br>Series 2025-A <br>5.00%, 06/01/2050 |  | 14870 | 15705979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2050 |  | 10000 | 10805935 |
|  District of Columbia Tobacco Settlement Financing Corp.<br>(District of Columbia Tobacco Settlement Financing) <br>Series 2006 <br>Zero Coupon, 06/15/2055 |  | 182000 | 16868801 |

---

---

| | |
|:---|:---|
| 28 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue) <br>Series 2025-2 <br>5.00%, 10/01/2034<sup>(a)(b)</sup> | 7000 | $| 7853634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035<sup>(a)(b)</sup> | 2000 |  | 2274613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036<sup>(a)(b)</sup> | 4500 |  | 5070697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037<sup>(a)(b)</sup> | 10990 |  | 12271878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2046<sup>(a)(b)</sup> | 12400 |  | 12696635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2054<sup>(a)(b)</sup> | 10000 |  | 10581979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 10/01/2050 | 6200 |  | 6393887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055 | 2000 |  | 2154633 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>(Metropolitan Washington Airports Authority Dulles Toll Road Revenue) <br>Series 2009 <br>Zero Coupon, 10/01/2037 | 10000 |  | 6211137 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority State Lease) <br>Series 2023 <br>5.25%, 07/15/2053 | 10000 |  | 10526071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 07/15/2054 | 7585 |  | 7895135 |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue<br>(Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) <br>Series 2025-A <br>5.25%, 07/15/2055 | 20000 |  | 21300596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2060 | 17430 |  | 18947207 |
|  |  |  | 218453895 |
|  **Florida – 6.3%** | **Florida – 6.3%** | **Florida – 6.3%** | **Florida – 6.3%** |
|  Alachua County Housing Finance Authority<br>(Woodland Park II LLC) <br>Series 2025-A <br>6.30%, 07/01/2055<sup>(a)</sup> | 1000 |  | 1047509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>4.90%, 07/01/2029<sup>(a)</sup> | 1000 |  | 1004632 |
|  Bexley Community Development District<br>(Bexley Community Development District) <br>Series 2016 <br>4.875%, 05/01/2047 | 985 |  | 959029 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Cape Coral Health Facilities Authority<br>(Gulf Care Obligated Group) <br>Series 2015 <br>5.875%, 07/01/2040<sup>(a)</sup> | $— | 1400 | $948528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2045<sup>(a)</sup> |  | 1215 | 781839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2050<sup>(a)</sup> |  | 2895 | 1828093 |
|  Capital Projects Finance Authority/FL<br>(CAPFA Capital Corp. 2000F) <br>Series 2020-A <br>5.00%, 10/01/2026 |  | 2000 | 2025049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 |  | 1650 | 1740655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 |  | 1000 | 1062486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 |  | 3050 | 3227631 |
|  Capital Projects Finance Authority/FL<br>(IDEA Lakeland) <br>Series 2023 <br>7.00%, 06/15/2030<sup>(a)</sup> |  | 12790 | 13196145 |
|  Capital Projects Finance Authority/FL<br>(Imagine School At North Port) <br>Series 2025 <br>6.50%, 06/15/2055<sup>(a)</sup> |  | 3000 | 3024399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2065<sup>(a)</sup> |  | 6555 | 6594060 |
|  Capital Projects Finance Authority/FL<br>(Navigator Academy of Leadership Obligated Group)<br>Series 2024 <br>5.00%, 06/15/2054<sup>(a)</sup> |  | 1200 | 1105490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2064<sup>(a)</sup> |  | 4975 | 4464858 |
|  Capital Projects Finance Authority/FL<br>(PRG - UnionWest Properties) <br>Series 2024 <br>0.00%, 06/01/2062<sup>(a)(g)</sup> |  | 32745 | 4359090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2049<sup>(a)</sup> |  | 6140 | 5877241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2054<sup>(a)</sup> |  | 1500 | 1408709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2058<sup>(a)</sup> |  | 9730 | 9044708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2034<sup>(a)</sup> |  | 1500 | 1599341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2039<sup>(a)</sup> |  | 2950 | 3058571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044<sup>(a)</sup> |  | 4160 | 4167637 |
|  Capital Trust Agency, Inc.<br>(Aviva Senior Life) <br>Series 2017 <br>5.00%, 07/01/2046<sup>(a)</sup> |  | 1300 | 957823 |
|  Capital Trust Agency, Inc.<br>(Educational Growth Fund) <br>Series 2021 <br>Zero Coupon, 07/01/2061<sup>(a)</sup> |  | 83000 | 7332610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 07/01/2031<sup>(a)</sup> |  | 1065 | 1032069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056<sup>(a)</sup> |  | 45885 | 40734487 |

---

---

| | |
|:---|:---|
| 30 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Capital Trust Agency, Inc. <br>(Southeastern University Obligated Group)<br>Series 2023 <br>6.00%, 05/01/2043<sup>(a)</sup> | $— | 2000 | $2041857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/2048<sup>(a)</sup> |  | 2500 | 2546071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/2053<sup>(a)</sup> |  | 4500 | 4573782 |
|  Capital Trust Agency, Inc.<br>(Team Success A School of Excellence) <br>Series 2020 <br>5.00%, 06/01/2045<sup>(a)</sup> |  | 1615 | 1402714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055<sup>(a)</sup> |  | 3250 | 2637656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 06/01/2057<sup>(a)</sup> |  | 4000 | 3487253 |
|  Capital Trust Authority<br>(IDEA Florida, Inc.) <br>Series 2023-A <br>6.25%, 06/15/2053<sup>(a)</sup> |  | 6250 | 6361431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/15/2058<sup>(a)</sup> |  | 4000 | 4082649 |
|  Capital Trust Authority<br>(Madrone Florida Tech Student Housing I) <br>Series 2025 <br>5.25%, 07/01/2055<sup>(a)</sup> |  | 1200 | 1164523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2065<sup>(a)</sup> |  | 1750 | 1705094 |
|  Capital Trust Authority<br>(Mason Classical Academy) <br>Series 2024 <br>5.00%, 06/01/2064<sup>(a)</sup> |  | 12000 | 10210656 |
|  City of Jacksonville FL<br>(Genesis Health Obligated Group) <br>Series 2020 <br>4.00%, 11/01/2039 |  | 1650 | 1607997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2045 |  | 2500 | 2277636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2050 |  | 8625 | 8657765 |
|  City of Palmetto FL<br>(Renaissance Arts & Education) <br>Series 2022 <br>5.25%, 06/01/2052 |  | 2955 | 2975538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/01/2057 |  | 1000 | 1011601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/01/2062 |  | 7965 | 8134545 |
|  City of South Miami Health Facilities Authority, Inc.<br>(Baptist Health South Florida Obligated Group) <br>Series 2017 <br>5.00%, 08/15/2037 |  | 8405 | 8628754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2047 |  | 6125 | 6182558 |
|  City of Tallahassee FL<br>(Tallahassee Memorial HealthCare) <br>Series 2016 <br>5.00%, 12/01/2055 |  | 3535 | 3489978 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Tampa FL<br>(State of Florida Cigarette Tax Revenue) <br>Series 2020-A <br>Zero Coupon, 09/01/2036 | $— | 700 | $460052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2037 |  | 700 | 436713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2040 |  | 980 | 515049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2041 |  | 1000 | 492774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2045 |  | 1850 | 704728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/01/2049 |  | 1350 | 409727 |
|  City of Venice FL<br>(Southwest Florida Retirement Center Obligated Group) <br>Series 2024 <br>5.50%, 01/01/2055<sup>(a)</sup> |  | 1000 | 975249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/01/2060<sup>(a)</sup> |  | 2050 | 2026126 |
|  Collier County Industrial Development Authority<br>(NCH Healthcare System Obligated Group) <br>Series 2024 <br>5.00%, 10/01/2054 |  | 6500 | 6987264 |
|  County of Lake FL<br>(Waterman Communities) <br>Series 2020 <br>5.75%, 08/15/2050 |  | 5000 | 4842543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2055 |  | 3905 | 3728152 |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue) <br>Series 2025-A <br>5.50%, 10/01/2055 |  | 10965 | 11635833 |
|  County of Miami-Dade Seaport Department<br>(County of Miami-Dade Seaport Dept.) <br>Series 2021-B <br>4.00%, 10/01/2046 |  | 5500 | 4981573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.25%, 10/01/2052 |  | 18065 | 18456494 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue) <br>Series 2020-A <br>Zero Coupon, 10/01/2035 |  | 1000 | 660597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2036 |  | 860 | 540972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2037 |  | 1390 | 831712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2038 |  | 1185 | 670040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2039 |  | 1610 | 857466 |
|  County of Palm Beach FL<br>(Palm Beach Atlantic University) <br>Series 2025 <br>5.50%, 10/01/2045<sup>(a)</sup> |  | 6000 | 6139788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2055<sup>(a)</sup> |  | 10535 | 10876499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2065<sup>(a)</sup> |  | 23050 | 23688503 |

---

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| | |
|:---|:---|
| 32 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Palm Beach FL<br>(Provident Group - LU Properties II) <br>Series 2024 <br>8.50%, 06/01/2033 | $— | 650 | $667788 |
|  County of Palm Beach FL<br>(Provident Group - LU Properties) <br>Series 2024 <br>6.00%, 06/01/2044 |  | 4000 | 3963322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/01/2054 |  | 5000 | 4870853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2059 |  | 4000 | 3930884 |
|  County of Palm Beach FL<br>(Provident Group-PBAU Properties) <br>Series 2019 <br>5.00%, 04/01/2039<sup>(a)</sup> |  | 1435 | 1442006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2051<sup>(a)</sup> |  | 14145 | 13342567 |
|  County of Pasco FL <br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 <br>5.00%, 07/01/2030<sup>(a)(b)</sup> |  | 52000 | 56048564 |
|  Escambia County Housing Finance Authority<br>(4900 S. Rio Grande Ave) <br>Series 2023-A <br>6.88%, 11/01/2053<sup>(a)</sup> |  | 2780 | 2947926 |
|  Florida Development Finance Corp.<br>(Assistance Unlimited) <br>Series 2022 <br>5.00%, 08/15/2032<sup>(a)</sup> |  | 460 | 459425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2037<sup>(a)</sup> |  | 1390 | 1344014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2042<sup>(a)</sup> |  | 1520 | 1444767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/15/2052<sup>(a)</sup> |  | 5000 | 4632796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/2057<sup>(a)</sup> |  | 1000 | 934846 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida) <br>AG Series 2024 <br>5.00%, 07/01/2044 |  | 10000 | 9955867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 |  | 17900 | 17833833 |
|  Florida Development Finance Corp.<br>(Cornerstone Charter Academy Obligated Group)<br>Series 2022 <br>5.00%, 10/01/2032<sup>(a)</sup> |  | 925 | 951805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042<sup>(a)</sup> |  | 4815 | 4677081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2052<sup>(a)</sup> |  | 4120 | 3803667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2056<sup>(a)</sup> |  | 4825 | 4487313 |
|  Florida Development Finance Corp.<br>(Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding) <br>Series 2021 <br>4.00%, 07/01/2051<sup>(a)</sup> |  | 1000 | 804478 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 33 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp.<br>(GFL Solid Waste Southeast) <br>Series 2024 <br>4.375%, 10/01/2054<sup>(a)</sup> | $— | 18800 | $19081695 |
|  Florida Development Finance Corp.<br>(Mater Academy, Inc.) <br>Series 2020-A <br>5.00%, 06/15/2040 |  | 3150 | 3163809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 06/15/2042 |  | 1000 | 878641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2047 |  | 2470 | 2399198 |
|  Florida Development Finance Corp.<br>(Mayflower Retirement Center Obligated Group) <br>Series 2020 <br>5.25%, 06/01/2050<sup>(a)</sup> |  | 5000 | 4724497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055<sup>(a)</sup> |  | 5500 | 5097585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 06/01/2041<sup>(a)</sup> |  | 2900 | 2454627 |
|  Florida Development Finance Corp.<br>(Parrish Charter Academy) <br>Series 2023 <br>6.25%, 04/23/2058<sup>(a)</sup> |  | 7635 | 7600676 |
|  Florida Development Finance Corp.<br>(Renaissance Charter School Series 2020A/B Obligated Group) <br>Series 2021 <br>5.375%, 06/15/2040 |  | 1000 | 986117 |
|  Florida Development Finance Corp.<br>(Renaissance Charter School Series 2025 Obligated Group)<br>Series 2025 <br>6.00%, 06/15/2055<sup>(a)</sup> |  | 3200 | 3250669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2050<sup>(a)</sup> |  | 2600 | 2682168 |
|  Florida Development Finance Corp.<br>(Renaissance Charter School) <br>Series 2023 <br>6.75%, 06/15/2053<sup>(a)</sup> |  | 5750 | 6041506 |
|  Florida Development Finance Corp.<br>(River City Education Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2035 |  | 925 | 910182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 07/01/2042 |  | 2225 | 2236038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051 |  | 1045 | 1013071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2057 |  | 1725 | 1657292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2057 |  | 740 | 710809 |

---

---

| | |
|:---|:---|
| 34 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp.<br>(Seaside School Consortium) <br>Series 2022 <br>6.00%, 06/15/2057 | $— | 7000 | $7287169 |
|  Florida Development Finance Corp.<br>(SFP - Tampa I LLC) <br>Series 2024 <br>5.00%, 06/01/2044<sup>(a)</sup> |  | 4000 | 3913408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2054<sup>(a)</sup> |  | 16780 | 16246416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2059<sup>(a)</sup> |  | 11900 | 11402269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2059<sup>(a)</sup> |  | 9800 | 9821693 |
|  Florida Development Finance Corp.<br>(United Cerebral Palsy of Central Florida) <br>Series 2020 <br>5.00%, 06/01/2050 |  | 1950 | 1680501 |
|  Florida Higher Educational Facilities Financing Authority<br>(Florida Institute of Technology) <br>Series 2019 <br>4.00%, 10/01/2037 |  | 1000 | 971822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 |  | 1235 | 1301454 |
|  Florida Higher Educational Facilities Financing Authority<br>(Ringling College of Art & Design) <br>Series 2017 <br>5.00%, 03/01/2032 |  | 265 | 268888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 |  | 2395 | 2425565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 |  | 2785 | 2786909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2047 |  | 1950 | 1904286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 03/01/2044 |  | 1065 | 1053728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2049 |  | 10425 | 10098848 |
|  Florida Housing Finance Corp.<br>(Bayside Breeze Redevelopment LLLP) <br>Series 2025 <br>3.625%, 08/01/2029 |  | 6600 | 6602043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19%, 08/01/2055 |  | 7680 | 7894217 |
|  Florida Local Government Finance Commission<br>(BridgePrep Academy Series 2025 Obligated Group) <br>Series 2025 <br>6.125%, 06/15/2065<sup>(a)</sup> |  | 13815 | 13932749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/2055<sup>(a)</sup> |  | 7000 | 7162135 |
|  Florida Local Government Finance Commission<br>(Ponte Vedra Pine Obligated Group) <br>Series 2025 <br>4.20%, 11/15/2030<sup>(a)</sup> |  | 4000 | 4018625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/2055<sup>(a)</sup> |  | 2670 | 2775938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2064<sup>(a)</sup> |  | 6030 | 6279225 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 35 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Municipal Power Agency<br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2021 <br>1.425%, 10/01/2026 | $— | 2700 | $2637112 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority) <br>Series 2019-A <br>5.00%, 10/01/2044<sup>(b)</sup> |  | 27000 | 27444364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2049 |  | 4500 | 4542854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2054 |  | 7000 | 7045880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>5.00%, 10/01/2031<sup>(a)(b)</sup> |  | 4350 | 4499597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032<sup>(a)(b)</sup> |  | 1500 | 1550310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034<sup>(a)(b)</sup> |  | 2150 | 2215493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035<sup>(a)(b)</sup> |  | 3500 | 3598785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036<sup>(a)(b)</sup> |  | 4000 | 4104192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.00%, 10/01/2034<sup>(a)(b)</sup> |  | 2000 | 2117731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035<sup>(a)(b)</sup> |  | 4250 | 4783012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036<sup>(a)(b)</sup> |  | 5000 | 5250117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038<sup>(a)(b)</sup> |  | 11320 | 12430645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044<sup>(a)(b)</sup> |  | 6315 | 6757435 |
|  Halifax Hospital Medical Center<br>(Halifax Hospital Medical Center Obligated Group) <br>Series 2024 <br>4.25%, 06/01/2054 |  | 2755 | 2540798 |
|  Highlands County Health Facilities Authority<br>(Highlands County Health Facilities Authority) <br>6.00%, 04/01/2038<sup>(d)(e)(j)(k)</sup> |  | 1215 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>6.25%, 04/01/2049<sup>(d)(e)(j)(k)</sup> |  | 1445 | 17120 |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority) <br>Series 2025-2 <br>5.00%, 10/01/2047<sup>(a)(b)</sup> |  | 10220 | 10414050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2042<sup>(a)(b)</sup> |  | 4500 | 4891070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044<sup>(a)(b)</sup> |  | 11475 | 12278950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2034<sup>(a)(b)</sup> |  | 27000 | 29026123 |
|  Hillsborough County Industrial Development Authority<br>(BayCare Obligated Group) <br>Series 2024 <br>4.125%, 11/15/2051 |  | 17530 | 16387281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.50%, 11/15/2054<sup>(a)(b)</sup> |  | 30565 | 32871903 |

---

---

| | |
|:---|:---|
| 36 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lakewood Ranch Stewardship District<br>(Lakewood Ranch Stewardship Dist Series 2019 Assmnt Northeast Sector Phase 1B) <br>Series 2018 <br>5.30%, 05/01/2039 | $— | 1000 | $1020510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/01/2048 |  | 1525 | 1545370 |
|  Lakewood Ranch Stewardship District<br>(Lakewood Ranch Stewardship District Series 2023 Assessment) <br>Series 2023 <br>6.125%, 05/01/2043 |  | 2220 | 2370205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 05/01/2054 |  | 4160 | 4389387 |
|  Lee County Industrial Development Authority/FL<br>(Cypress Cove at Healthpark Florida Obligated Group) <br>Series 2022 <br>5.25%, 10/01/2052 |  | 1350 | 1264781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2057 |  | 3650 | 3378289 |
|  Lee County Industrial Development Authority/FL<br>(Shell Point Obligated Group) <br>Series 2024 <br>5.25%, 11/15/2044 |  | 2525 | 2597237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2054 |  | 1000 | 1004569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 11/15/2054 |  | 5000 | 4827133 |
|  Marshall Creek Community Development District<br>(Marshall Creek Community Development District 2015A) <br>Series 2015-A <br>5.00%, 05/01/2032 |  | 1055 | 1055875 |
|  Miami Beach Health Facilities Authority<br>(Mount Sinai Medical Center of Florida Obligated Group) <br>Series 2014 <br>5.00%, 11/15/2039 |  | 2000 | 2001439 |
|  Miami-Dade County Educational Facilities Authority<br>(University of Miami) <br>Series 2024-A <br>5.25%, 04/01/2048 |  | 10000 | 10662846 |
|  Miami-Dade County Expressway Authority<br>(Miami-Dade County Expressway Authority) <br>Series 2014-A <br>5.00%, 07/01/2034 |  | 4000 | 4002468 |
|  Miami-Dade County Housing Finance Authority<br>(Wynwood Works LLC) <br>Series 2023-A <br>5.70%, 06/01/2052<sup>(a)</sup> |  | 6875 | 6699287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.78%, 06/01/2027<sup>(a)</sup> |  | 3640 | 3642913 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 37 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Miami-Dade County Industrial Development Authority<br>(AcadeMir Charter School Middle & Preparatory Academy Obligated Group) <br>Series 2022 <br>5.00%, 07/01/2037<sup>(a)</sup> | $— | 525 | $524430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042<sup>(a)</sup> |  | 770 | 743285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052<sup>(a)</sup> |  | 2435 | 2189600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2061<sup>(a)</sup> |  | 4375 | 3985558 |
|  Middleton Community Development District A<br>(Middleton Community Development District A Series 2022 Phase I Special Assmnt) <br>Series 2022 <br>6.20%, 05/01/2053 |  | 3465 | 3627190 |
|  North Broward Hospital District<br>(North Broward Hospital District) <br>Series 2017-B <br>5.00%, 01/01/2037 |  | 4070 | 4152844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 |  | 10510 | 10593477 |
|  Orange County Health Facilities Authority<br>(Orlando Health Obligated Group) <br>Series 2025 <br>5.25%, 10/01/2056 |  | 14250 | 14979650 |
|  Orange County Health Facilities Authority<br>(Presbyterian Retirement Communities Obligated Group) <br>Series 2023 <br>4.00%, 08/01/2042 |  | 6020 | 5607734 |
|  Palm Beach County Educational Facilities Authority<br>(Palm Beach Atlantic University Obligated Group)<br>Series 2021 <br>4.00%, 10/01/2041 |  | 1030 | 928602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2051 |  | 4330 | 3537991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 10/01/2043 |  | 2260 | 2282636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2053 |  | 2850 | 2854287 |
|  Palm Beach County Health Facilities Authority<br>(Federation CCRC Operations Obligated Group) <br>Series 2020 <br>5.00%, 06/01/2055 |  | 3490 | 3213374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.25%, 06/01/2056 |  | 5825 | 4707293 |
|  Palm Beach County Health Facilities Authority<br>(Green Cay Life Plan Village) <br>Series 2022 <br>11.50%, 07/01/2027<sup>(a)</sup> |  | 1800 | 2557687 |
|  Palm Beach County Health Facilities Authority<br>(Jupiter Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 11/01/2038 |  | 400 | 419813 |

---

---

| | |
|:---|:---|
| 38 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 | $— | 685 | $714029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2040 |  | 650 | 672951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2041 |  | 3130 | 3228008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042 |  | 500 | 512849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2047 |  | 14335 | 14488025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 |  | 11915 | 11650656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 11/01/2031 |  | 2115 | 2312482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 |  | 1015 | 1117340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 |  | 1345 | 1494140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 |  | 1000 | 1091564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2043 |  | 1620 | 1663748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044 |  | 2000 | 2041826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2045 |  | 1700 | 1730889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2038 |  | 1515 | 1662418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2039 |  | 1595 | 1739775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2040 |  | 1685 | 1818509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2042 |  | 1500 | 1586458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2055 |  | 32220 | 32915043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2050 |  | 3830 | 4074565 |
|  Pinellas County Industrial Development Authority<br>(Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding) <br>Series 2019 <br>5.00%, 07/01/2029 |  | 855 | 869348 |
|  Pinellas County Industrial Development Authority<br>(Pinellas County Industrial Development Authority) <br>Series 2019 <br>5.00%, 07/01/2039 |  | 6620 | 6632463 |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC) <br>Series 2020 <br>5.875%, 01/01/2033<sup>(d)(e)(f)(j)(k)</sup> |  | 3805 | 761000 |
|  St. Johns County Industrial Development Authority<br>(Presbyterian Retirement Communities Obligated Group) <br>Series 2020 <br>4.00%, 08/01/2055 |  | 5300 | 4391140 |
|  Village Community Development District No. 13<br>(Village Community Development Dist No. 13 Phase II Series 2020 Special Assmnts) <br>Series 2020 <br>3.50%, 05/01/2051<sup>(a)</sup> |  | 4780 | 3735560 |
|  Village Community Development District No. 13<br>(Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) <br>Series 2019 <br>3.00%, 05/01/2029 |  | 765 | 753767 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 39 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/01/2034 | 1415 | $| 1377326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/2039 | 2455 |  | 2273409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/2050 | 9395 |  | 7665777 |
|  Village Community Development District No. 14<br>(Village Community Development District No. 14 Series 2022 Phase I Special Asmnt) <br>Series 2022 <br>5.50%, 05/01/2053 | 2110 |  | 2148110 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15 Series 2023 Phase I Special Assmnt) <br>Series 2023 <br>5.00%, 05/01/2043<sup>(a)</sup> | 1225 |  | 1241420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2054<sup>(a)</sup> | 2095 |  | 2101366 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15 Series 2024 Special Assessment) <br>Series 2024 <br>4.80%, 05/01/2055<sup>(a)</sup> | 995 |  | 947463 |
|  |  |  | 1066141157 |
|  **Georgia – 3.9%** | **Georgia – 3.9%** | **Georgia – 3.9%** | **Georgia – 3.9%** |
|  Atlanta Development Authority (The)<br>(City of Atlanta GA Westside Tax Allocation District Gulch Area) <br>Series 2024 <br>0.00%, 12/15/2048<sup>(a)(g)</sup> | 39450 |  | 35162235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 04/01/2034<sup>(a)</sup> | 3250 |  | 3317542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2039<sup>(a)</sup> | 10500 |  | 10787463 |
|  Atlanta Development Authority (The)<br>(PRG - CAU Properties LLC) <br>Series 2025 <br>5.00%, 07/01/2035<sup>(a)</sup> | 1600 |  | 1666677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040<sup>(a)</sup> | 1850 |  | 1893629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2055<sup>(a)</sup> | 1185 |  | 1224210 |
|  Augusta Development Authority<br>(WellStar Health System Obligated Group) <br>Series 2018 <br>5.00%, 07/01/2027 | 1635 |  | 1684701 |
|  City of Atlanta GA Department of Aviation<br>(City of Atlanta GA Dept. of Aviation) <br>Series 2019-B <br>5.00%, 07/01/2044 | 9000 |  | 9187899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.00%, 07/01/2047<sup>(a)(b)</sup> | 10000 |  | 10239121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 07/01/2036 | 4930 |  | 5518468 |

---

---

| | |
|:---|:---|
| 40 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | $— | 5550 | $6114524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 |  | 3750 | 4098544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 |  | 3935 | 4254020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 |  | 1670 | 1796258 |
|  Clarke County Hospital Authority<br>(Piedmont Healthcare Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2031 |  | 2500 | 2531529 |
|  Development Authority for Fulton County<br>(Piedmont Healthcare Obligated Group) <br>Series 2016-A <br>5.00%, 07/01/2032 |  | 2000 | 2024781 |
|  Development Authority of Burke County (The)<br>(Oglethorpe Power Corp.) <br>Series 2018 <br>4.125%, 11/01/2045 |  | 1000 | 918559 |
|  Development Authority of Cobb County (The)<br>(MT Bethel Christian Academy) <br>Series 2025 <br>6.00%, 06/01/2045<sup>(a)</sup> |  | 1720 | 1776553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2055<sup>(a)</sup> |  | 1660 | 1714391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2064<sup>(a)</sup> |  | 3150 | 3230912 |
|  Development Authority of Gwinnett County<br>(Board of Regents of the University System of Georgia Lease) <br>Series 2017A <br>5.00%, 07/01/2032 |  | 1205 | 1244378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 2370 | 2444899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 4945 | 5085089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 |  | 2335 | 2390369 |
|  Fayette County Development Authority<br>(United States Soccer Federation) <br>Series 2024 <br>5.00%, 10/01/2032 |  | 750 | 830209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 |  | 750 | 840785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 |  | 825 | 918184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 |  | 900 | 994645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 |  | 2000 | 2068638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2049 |  | 14595 | 15193278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2054 |  | 21085 | 21818362 |
|  Fayette County Hospital Authority/GA<br>(Piedmont Healthcare Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2034 |  | 1620 | 1638732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 6355 | 6423787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 2735 | 2762366 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 41 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  George L Smith II Congress Center Authority<br>(George L Smith II Congress Center Authority) <br>Series 2021 <br>4.00%, 01/01/2054 | $— | 1885 | $1610115 |
|  Georgia Ports Authority<br>(Georgia Ports Authority) <br>Series 2022 <br>5.25%, 07/01/2052 |  | 10000 | 10522780 |
|  Glynn-Brunswick Memorial Hospital Authority<br>(Southeast Georgia Health System Obligated Group) <br>Series 2017 <br>5.00%, 08/01/2043 |  | 10880 | 10928042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2047 |  | 1800 | 1803782 |
|  Main Street Natural Gas, Inc.<br>(Citadel LP) <br>Series 2022-C <br>4.00%, 08/01/2052<sup>(a)</sup> |  | 24500 | 24639025 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.) <br>Series 2022-B <br>5.00%, 12/01/2052 |  | 12195 | 12809285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 06/01/2053 |  | 6750 | 7155984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D <br>5.00%, 05/01/2054 |  | 55235 | 58836250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 12/01/2054 |  | 23805 | 25614356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E <br>5.00%, 05/01/2055 |  | 26820 | 29126563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 12/01/2055 |  | 35900 | 39368917 |
|  Main Street Natural Gas, Inc. <br>(Macquarie Group Ltd.) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 05/15/2033 |  | 5000 | 5249066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2043 |  | 15500 | 15786846 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada) <br>Series 2023 <br>4.561% (SOFR + 1.70%), 12/01/2053<sup>(c)</sup> |  | 25000 | 25892845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.00%, 07/01/2053 |  | 11720 | 12560694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C <br>5.00%, 09/01/2053 |  | 24815 | 26547387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 05/01/2054 |  | 35000 | 37847156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 12/01/2054 |  | 44070 | 47940822 |

---

---

| | |
|:---|:---|
| 42 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Main Street Natural Gas, Inc.<br>(Toronto-Dominion Bank) <br>Series 2024-D <br>5.00%, 04/01/2054 | 26300 | $| 28540955 |
|  Municipal Electric Authority of Georgia<br>(JEA Electric System Revenue) <br>Series 2019 <br>5.00%, 01/01/2049 | 5000 |  | 5010584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.50%, 07/01/2063 | 15000 |  | 14638278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2052 | 12000 |  | 12164780 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023 <br>5.00%, 07/01/2048 | 1570 |  | 1608201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2064 | 6055 |  | 6158217 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) <br>Series 2019 <br>5.00%, 01/01/2056 | 4655 |  | 4659773 |
|  Municipal Electric Authority of Georgia<br>(PowerSouth Energy Cooperative) <br>Series 2019 <br>5.00%, 01/01/2039 | 695 |  | 712548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 | 2460 |  | 2467343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2059 | 6270 |  | 6233688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.50%, 07/01/2064 | 10200 |  | 10462549 |
|  Savannah Georgia Convention Center Authority<br>(Savannah Georgia Convention Center Authority) <br>Series 2025 <br>5.125%, 06/01/2050 | 2250 |  | 2259117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2061 | 2250 |  | 2240933 |
|  |  |  | 665192618 |
|  **Guam – 0.5%** | **Guam – 0.5%** | **Guam – 0.5%** | **Guam – 0.5%** |
|  Guam Education Financing Foundation<br>(Guam Education Financing Foundation COP) <br>Series 2016-B <br>5.00%, 10/01/2026<sup>(a)</sup> | 3370 |  | 3367351 |
|  Guam Government Waterworks Authority<br>(Guam Govt Waterworks Authority) <br>Series 2020-A <br>5.00%, 01/01/2050 | 3790 |  | 3816995 |
|  Guam Government Waterworks Authority<br>(Guam Waterworks Authority Water And Wastewater System) <br>Series 2025-A <br>5.25%, 07/01/2050 | 2300 |  | 2375011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2055 | 12210 |  | 12786278 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 43 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Guam Power Authority<br>(Guam Power Authority) <br>Series 2022-A <br>5.00%, 10/01/2043 | 3300 | $| 3395117 |
|  Territory of Guam<br>(Guam Section 30 Income Tax) <br>Series 2016-A <br>5.00%, 12/01/2029 | 1310 |  | 1332067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 4160 |  | 4230997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 3545 |  | 3602628 |
|  Territory of Guam<br>(Prerefunded - US Treasuries) <br>Series 2015 <br>5.00%, 11/15/2029 | 13375 |  | 13384112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D <br>5.00%, 11/15/2033 | 3570 |  | 3572432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 | 8945 |  | 8951094 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>4.00%, 01/01/2036 | 4050 |  | 4096330 |
|  Territory of Guam<br>(Territory of Guam) <br>Series 2019 <br>5.00%, 11/15/2031 | 1325 |  | 1400646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G <br>5.00%, 01/01/2035 | 3000 |  | 3327878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 2650 |  | 2909035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2037 | 2000 |  | 2213395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2038 | 2250 |  | 2474940 |
|  |  |  | 77236306 |
|  **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** | **Hawaii – 0.1%** |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue) <br>Series 2025-2 <br>5.00%, 07/01/2040<sup>(a)(b)</sup> | 4700 |  | 5105586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041<sup>(a)(b)</sup> | 7560 |  | 8077582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042<sup>(a)(b)</sup> | 4650 |  | 4998643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043<sup>(a)(b)</sup> | 3000 |  | 3157411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.50%, 07/01/2054 | 1220 |  | 1317345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C <br>5.00%, 07/01/2044 | 1925 |  | 2011156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 | 1500 |  | 1560622 |
|  |  |  | 26228345 |

---

---

| | |
|:---|:---|
| 44 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** |
|  Idaho Health Facilities Authority <br>(North Canyon Medical Center)<br>Series 2023<br>7.00%, 11/01/2048 | $— | 4500 | $4813602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/01/2057 |  | 7495 | 8033929 |
|  Idaho Housing & Finance Association<br>(Battelle Energy Alliance) <br>Series 2010-A <br>7.00%, 02/01/2036 |  | 200 | 200392 |
|  |  |  | 13047923 |
|  **Illinois – 6.0%** | **Illinois – 6.0%** | **Illinois – 6.0%** | **Illinois – 6.0%** |
|  Bellwood Municipal Housing Corp.<br>(Village of Bellwood IL) <br>Series 2024 <br>6.375%, 12/01/2059<sup>(a)</sup> |  | 6450 | 6074878 |
|  Chicago Board of Education<br>(Chicago Board of Education) <br>Series 2012-A <br>5.00%, 12/01/2042 |  | 7220 | 6818586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C <br>5.25%, 12/01/2035 |  | 2135 | 2134962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2039 |  | 8080 | 7960658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-E <br>5.125%, 12/01/2032 |  | 1000 | 1000065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>7.00%, 12/01/2044 |  | 5850 | 5864905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>6.50%, 12/01/2046 |  | 1900 | 1913896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>7.00%, 12/01/2046<sup>(a)</sup> |  | 4000 | 4154662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>7.00%, 12/01/2042<sup>(a)</sup> |  | 5000 | 5196161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-G <br>5.00%, 12/01/2034 |  | 4150 | 4150103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H <br>5.00%, 12/01/2036 |  | 10360 | 10303816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 |  | 3620 | 3284718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 12/01/2026 |  | 5430 | 5475031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 |  | 6300 | 6377014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 12/01/2029 |  | 2950 | 3024226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 |  | 2000 | 2044382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 12/01/2032 |  | 2400 | 2445681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 4510 | 4574259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 |  | 1210 | 1205466 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 45 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | $— | 7730 | $7609805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 |  | 2000 | 1956298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 |  | 1750 | 1692490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 |  | 7765 | 7470842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 12/01/2036 |  | 1000 | 996253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 04/01/2045 |  | 1500 | 1500862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2033 |  | 1250 | 1385402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2034 |  | 1000 | 1103373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2042 |  | 5000 | 5288812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.875%, 12/01/2047 |  | 19500 | 19593972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2049 |  | 36165 | 36763690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>6.00%, 12/01/2039<sup>(h)</sup> |  | 2000 | 2143278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2041<sup>(h)</sup> |  | 31365 | 33173321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2042<sup>(h)</sup> |  | 42995 | 45056133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2043<sup>(h)</sup> |  | 19060 | 19868405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2044<sup>(h)</sup> |  | 18500 | 19150815 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport) <br>Series 2022-2 <br>5.50%, 01/01/2055<sup>(a)(b)</sup> |  | 19000 | 19811038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.25%, 01/01/2041 |  | 2150 | 2323990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 |  | 2450 | 2624898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 |  | 2625 | 2789592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2044 |  | 2625 | 2840682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 |  | 21080 | 22411729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 01/01/2033 |  | 11000 | 12226394 |
|  Chicago O'Hare International Airport<br>(TrIPs Obligated Group) <br>Series 2018 <br>5.00%, 07/01/2033 |  | 1395 | 1441126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 1500 | 1525912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 |  | 5000 | 5000111 |
|  Chicago Transit Authority Sales Tax Receipts Fund<br>(Chicago Transit Authority Sales Tax Receipts Fund) <br>Series 2020-A <br>5.00%, 12/01/2045 |  | 5000 | 5142311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 |  | 6000 | 6041639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 12/01/2049 |  | 18500 | 19062492 |
|  City of Chicago IL<br>(City of Chicago IL) <br>Series 2019-A <br>5.50%, 01/01/2049 |  | 17670 | 17381438 |

---

---

| | |
|:---|:---|
| 46 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>6.00%, 01/01/2050 | $— | 20150 | $21137016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.50%, 01/01/2040 |  | 10400 | 11003984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2041 |  | 7000 | 7336949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E <br>6.00%, 01/01/2042 |  | 1500 | 1631367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2044 |  | 1500 | 1607360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2045 |  | 3130 | 3340062 |
|  City of Chicago IL<br>(Goldblatts Supportive Living Project) <br>Series 2013 <br>6.375%, 12/01/2052<sup>(d)(e)</sup> |  | 1050 | 642796 |
|  Eastern Illinois Economic Development Authority<br>(City of Mattoon IL Sales & Hotel Tax) <br>Series 2023 <br>5.00%, 11/01/2033 |  | 755 | 753178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2046 |  | 3580 | 3508216 |
|  Eastern Illinois Economic Development Authority<br>(Eastern Illinois Economic Development Authority)<br>Series 2025 <br>6.50%, 02/15/2040 |  | 2620 | 2611928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2056 |  | 8355 | 8073500 |
|  Illinois Finance Authority<br>(Acero Charter Schools Obligated Group) <br>Series 2021 <br>4.00%, 10/01/2035<sup>(a)</sup> |  | 1280 | 1226115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2042<sup>(a)</sup> |  | 4150 | 3565818 |
|  Illinois Finance Authority<br>(Ascension Health Credit Group) <br>Series 2016-C <br>5.00%, 02/15/2041 |  | 1475 | 1494788 |
|  Illinois Finance Authority<br>(Board of Trustees of the University of Illinois/The)<br>Series 2020 <br>4.00%, 10/01/2050 |  | 3615 | 3158005 |
|  Illinois Finance Authority<br>(Bradley University) <br>Series 2021-A <br>4.00%, 08/01/2046 |  | 2000 | 1660180 |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad) <br>Series 2024 <br>4.125%, 12/01/2043<sup>(a)</sup> |  | 24150 | 24116151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>4.80%, 12/01/2043<sup>(a)</sup> |  | 31325 | 32369002 |
|  Illinois Finance Authority<br>(DePaul College Prep) <br>Series 2023 <br>4.30%, 08/01/2028<sup>(a)</sup> |  | 935 | 943030 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 47 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2033<sup>(a)</sup> | $— | 1275 | $1321655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2038<sup>(a)</sup> |  | 3895 | 4136799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2043<sup>(a)</sup> |  | 4485 | 4692635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2053<sup>(a)</sup> |  | 7250 | 7429059 |
|  Illinois Finance Authority<br>(Illinois Institute of Technology) <br>Series 2019 <br>4.00%, 09/01/2039 |  | 2000 | 1772156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 |  | 6625 | 5685072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 |  | 2095 | 2099622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 |  | 5930 | 5940287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 |  | 2285 | 2238425 |
|  Illinois Finance Authority<br>(Lake Forest College) <br>Series 2022-A <br>5.25%, 10/01/2052 |  | 1500 | 1494168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2042 |  | 1045 | 1078207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2047 |  | 1000 | 1021115 |
|  Illinois Finance Authority<br>(LRS Holdings LLC) <br>Series 2023 <br>7.375%, 09/01/2042<sup>(a)</sup> |  | 20000 | 22754484 |
|  Illinois Finance Authority <br>(Park Place of Elmhurst Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>5.125%, 05/15/2060 |  | 4391 | 3225641 |
|  Illinois Finance Authority<br>(Plymouth Place Obligated Group) <br>Series 2022 <br>6.50%, 05/15/2042 |  | 2000 | 2142232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2047 |  | 2000 | 2106834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/15/2052 |  | 1910 | 2006877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2058 |  | 1765 | 1850068 |
|  Illinois Finance Authority<br>(Prerefunded - US Treasuries) <br>Series 2016-C <br>5.00%, 02/15/2041 |  | 1360 | 1400807 |
|  Illinois Finance Authority<br>(Rosalind Franklin University of Medicine & Science) <br>Series 2017-A <br>5.00%, 08/01/2042 |  | 1000 | 1003059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2047 |  | 2475 | 2451382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 08/01/2046 |  | 2900 | 2885944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 08/01/2035<sup>(a)</sup> |  | 2595 | 2654389 |

---

---

| | |
|:---|:---|
| 48 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Illinois Finance Authority<br>(Washington & Jane Smith Community - Orland Park) <br>Series 2022 <br>4.00%, 10/15/2044 | $— | 10890 | $8538111 |
|  Illinois Housing Development Authority<br>(Circle Park Preservation) <br>Series 2024-H <br>4.00%, 01/01/2042 |  | 14245 | 13784696 |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East) <br>Series 2022 <br>7.17%, 11/01/2038 |  | 1675 | 1721530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.67%, 11/01/2038<sup>(f)</sup> |  | 16210 | 16033914 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority) <br>Series 2015-A <br>5.00%, 01/01/2031 |  | 1500 | 1502350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 |  | 1625 | 1627536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 01/01/2036 |  | 2850 | 2857389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 01/01/2041 |  | 3450 | 3468075 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority) <br>Series 2012 <br>Zero Coupon, 12/15/2041 |  | 9400 | 4667308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2051 |  | 11385 | 3141315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 12/15/2045 |  | 13300 | 13301298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>0.00%, 12/15/2042<sup>(g)</sup> |  | 1400 | 1065625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 06/15/2057 |  | 4000 | 3982401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>Zero Coupon, 12/15/2054 |  | 9850 | 2324316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 06/15/2042 |  | 2675 | 2734073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2050 |  | 38345 | 38403453 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2017 <br>Zero Coupon, 12/15/2056 |  | 23000 | 5112861 |
|  Regional Transportation Authority<br>(Regional Transportation Authority) <br>Series 2025-A <br>5.00%, 06/01/2050 |  | 13755 | 14241578 |
|  State of Illinois<br>(State of Illinois) <br>Series 2010 <br>7.35%, 07/01/2035 |  | 9189 | 10142712 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 49 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.00%, 02/01/2029 | $— | 5945 | $6087953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 |  | 5245 | 5346699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 |  | 8000 | 8123760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 12/01/2028 |  | 2700 | 2806173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 2585 | 2667756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/01/2029 |  | 4335 | 4499188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2029 |  | 1030 | 1090593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 |  | 2185 | 2294927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>4.00%, 11/01/2036 |  | 6375 | 6376839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2037 |  | 16920 | 16851909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.50%, 05/01/2030 |  | 2750 | 2954265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2045 |  | 2500 | 2635281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>5.00%, 10/01/2030 |  | 2000 | 2187245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.25%, 03/01/2037 |  | 2500 | 2737031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2042 |  | 12610 | 13600423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2047 |  | 4500 | 4732223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>5.25%, 10/01/2037 |  | 13000 | 14274477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.50%, 10/01/2045 |  | 19000 | 20154244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.00%, 05/01/2036 |  | 5000 | 5443455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2041 |  | 2750 | 2937002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 |  | 5000 | 5301386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 |  | 2500 | 2631434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2047 |  | 5000 | 5261953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C <br>5.00%, 12/01/2045 |  | 5625 | 5794723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D <br>5.00%, 07/01/2036 |  | 5000 | 5447276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.257%, 05/01/2030 |  | 10000 | 10393844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277%, 05/01/2031 |  | 2000 | 2086656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>4.25%, 05/01/2046 |  | 4750 | 4480063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 |  | 16075 | 17597556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 |  | 3000 | 3254636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 |  | 5000 | 5381991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 |  | 3085 | 3288739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-E <br>5.00%, 09/01/2043 |  | 10755 | 11237853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2045 |  | 15000 | 15476797 |

---

---

| | |
|:---|:---|
| 50 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Illinois Sales Tax Revenue<br>(State of Illinois Sales Tax Revenue) <br>Series 2024-C <br>5.00%, 06/15/2040 | 1525 | $| 1652634 |
|  Upper Illinois River Valley Development Authority<br>(High Point Residence Fox Valley Obligated Group) <br>Series 2025 <br>7.00%, 11/01/2060 | 6000 |  | 5853124 |
|  Village of Antioch IL Special Service Areas No. 1 & 2<br>(Village of Antioch IL Special Service Areas No. 1 & 2) <br>Series 2016-A <br>4.50%, 03/01/2033 | 2671 |  | 2671213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>7.00%, 03/01/2033 | 1269 |  | 1269197 |
|  Village of Pingree Grove IL Special Service Area No. 7<br>(Prerefunded - US Treasuries) <br>Series 2015 <br>5.00%, 03/01/2036 | 2957 |  | 2960529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>6.00%, 03/01/2036 | 746 |  | 747306 |
|  |  |  | 1012191828 |
|  **Indiana – 1.5%** | **Indiana – 1.5%** | **Indiana – 1.5%** | **Indiana – 1.5%** |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group) <br>10.75%, 12/01/2029<sup>(d)(e)</sup> | 1243 |  | 124 |
|  City of Valparaiso IN<br>(Pratt Paper IN LLC) <br>Series 2024 <br>4.50%, 01/01/2034<sup>(a)</sup> | 1675 |  | 1733013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/01/2044<sup>(a)</sup> | 1550 |  | 1562878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2054<sup>(a)</sup> | 8000 |  | 7894002 |
|  City of Whiting IN<br>(BP PLC) <br>Series 2023 <br>4.40%, 11/01/2045 | 10000 |  | 10571215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>4.20%, 06/01/2044 | 21560 |  | 22572762 |
|  Indiana Finance Authority<br>(Baptist Healthcare System Obligated Group) <br>Series 2017 <br>5.00%, 08/15/2051 | 3905 |  | 3940658 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana) <br>Series 2019 <br>7.00%, 03/01/2039<sup>(d)(e)(f)</sup> | 30305 |  | 1515250 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 51 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(CWA Authority, Inc.) <br>Series 2024 <br>5.00%, 10/01/2038 | $— | 1220 | $1369928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 |  | 1000 | 1100214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 |  | 1500 | 1634153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 |  | 1435 | 1548372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 |  | 1550 | 1657750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 |  | 1600 | 1699422 |
|  Indiana Finance Authority<br>(Good Samaritan Hospital Obligated Group) <br>Series 2022 <br>4.00%, 04/01/2037 |  | 2620 | 2553463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 |  | 1630 | 1554177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2041 |  | 2305 | 2104987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2042 |  | 2400 | 2156765 |
|  Indiana Finance Authority<br>(Greencroft Goshen Obligated Group) <br>Series 2021 <br>4.00%, 11/15/2043 |  | 6700 | 5814354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 <br>4.00%, 11/15/2025 |  | 985 | 984900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2028 |  | 1000 | 1003494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 |  | 1000 | 1005548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2037 |  | 1800 | 1732465 |
|  Indiana Finance Authority<br>(Indiana University Health Obligated Group) <br>Series 2025-C <br>5.25%, 10/01/2046 |  | 2000 | 2157748 |
|  Indiana Finance Authority<br>(Ohio Valley Electric) <br>Series 2020 <br>3.00%, 11/01/2030 |  | 11725 | 11343489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>3.00%, 11/01/2030 |  | 7290 | 7052796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>2.50%, 11/01/2030 |  | 5065 | 4785731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.25%, 11/01/2030 |  | 3000 | 3067755 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group) <br>Series 2024-A <br>5.00%, 11/01/2054 |  | 10000 | 10169660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>3.699% (SOFR + 0.71%), 11/01/2046<sup>(c)(f)</sup> |  | 31100 | 31077098 |
|  Indiana Finance Authority<br>(SFP-PUFW I LLC) <br>Series 2024 <br>4.25%, 07/01/2044 |  | 1300 | 1209691 |

---

---

| | |
|:---|:---|
| 52 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 | 3000 | $| 3032922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 | 1400 |  | 1407069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2059 | 3035 |  | 3039738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2064 | 2835 |  | 2872863 |
|  Indiana Finance Authority<br>(University of Evansville) <br>Series 2022 <br>5.00%, 09/01/2029 | 1755 |  | 1820627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1845 |  | 1928388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1935 |  | 2034258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 2035 |  | 2144762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2037 | 3415 |  | 3556781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2044 | 10000 |  | 9894469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2057 | 5995 |  | 5790879 |
|  Indiana Housing & Community Development Authority<br>(Vita of Marion LLC) <br>Series 2021-A <br>5.00%, 04/01/2031<sup>(a)</sup> | 573 |  | 552264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2041<sup>(a)</sup> | 5325 |  | 4643018 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel) <br>Series 2023 <br>5.75%, 03/01/2043 | 6670 |  | 7047554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2053 | 9200 |  | 9615284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2057 | 10930 |  | 11494478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F <br>7.75%, 03/01/2067 | 10750 |  | 11894574 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023 <br>5.25%, 03/01/2067 | 20060 |  | 20867479 |
|  |  |  | 252211269 |
|  **Iowa – 0.5%** | **Iowa – 0.5%** | **Iowa – 0.5%** | **Iowa – 0.5%** |
|  Iowa Finance Authority<br>(Prerefunded - US Treasuries) <br>Series 2022 <br>5.00%, 12/01/2050 | 35950 |  | 41378889 |
|  Iowa Finance Authority<br>(Wesley Retirement Services Obligated Group) <br>Series 2021 <br>4.00%, 12/01/2031 | 3630 |  | 3574720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 | 7810 |  | 6731863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 | 5225 |  | 4129453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 | 9340 |  | 7029094 |
|  Iowa Higher Education Loan Authority<br>(Des Moines University Osteopathic Medical Center) <br>Series 2022 <br>5.375%, 10/01/2052 | 1600 |  | 1630865 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 53 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Iowa Higher Education Loan Authority<br>(Simpson College) <br>Series 2020 <br>5.50%, 11/01/2051 | 7160 | $| 6272106 |
|  Iowa Tobacco Settlement Authority<br>(Iowa Tobacco Settlement Authority) <br>Series 2021-A <br>4.00%, 06/01/2049 | 4000 |  | 3394409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>Zero Coupon, 06/01/2065 | 68850 |  | 10174226 |
|  |  |  | 84315625 |
|  **Kansas – 0.4%** | **Kansas – 0.4%** | **Kansas – 0.4%** | **Kansas – 0.4%** |
|  City of Colby KS<br>(Citizens Medical Center) <br>Series 2024 <br>5.50%, 07/01/2026 | 18800 |  | 18810859 |
|  City of Overland Park KS Sales Tax Revenue<br>(City of Overland Park KS Sales Tax Revenue) <br>Series 2022 <br>6.00%, 11/15/2034<sup>(a)</sup> | 1185 |  | 1249260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2042<sup>(a)</sup> | 13650 |  | 14354983 |
|  City of Topeka KS<br>(Congregational Home Obligated Group) <br>Series 2022-A <br>5.75%, 12/01/2033 | 3125 |  | 3251243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/2042 | 2920 |  | 3012851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2052 | 6000 |  | 6103767 |
|  Kansas Development Finance Authority<br>(State of Kansas Lease) <br>Series 2021-K <br>2.39%, 05/01/2036 | 8000 |  | 6497391 |
|  Overland Park Development Corp.<br>(City of Overland Park KS) <br>Series 2019 <br>5.00%, 03/01/2035 | 2085 |  | 2160787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 | 2070 |  | 2129873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 | 2325 |  | 2376194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 | 2670 |  | 2675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2049 | 5875 |  | 5752553 |
|  Wyandotte County-Kansas City Unified Government<br>(Wyandotte County-Kansas City Unified Govt Sales Tax) <br>Series 2018 <br>4.50%, 06/01/2040 | 1055 |  | 1055606 |
|  |  |  | 69430367 |
|  **Kentucky – 1.6%** | **Kentucky – 1.6%** | **Kentucky – 1.6%** | **Kentucky – 1.6%** |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group) <br>Series 2019 <br>4.00%, 02/01/2035 | 930 |  | 921679 |

---

---

| | |
|:---|:---|
| 54 AB Municipal Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Henderson KY<br>(Pratt Paper KY LLC) <br>Series 2022 <br>4.45%, 01/01/2042<sup>(a)</sup> | $— | 9000 | $8886086 |
|  County of Trimble KY<br>(Louisville Gas & Electric) <br>Series 2020 <br>1.30%, 09/01/2044 |  | 8500 | 7938755 |
|  Kenton County Airport Board<br>(Cincinnati/Northern Kentucky Intl Airport) <br>Series 2024-A <br>5.25%, 01/01/2038 |  | 3000 | 3343232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2049 |  | 15000 | 15688182 |
|  Kentucky Economic Development Finance Authority<br>(Baptist Healthcare System Obligated Group) <br>Series 2017-B <br>5.00%, 08/15/2034 |  | 1500 | 1544926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 |  | 3085 | 3171984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 |  | 1550 | 1588503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 |  | 6905 | 7037974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2046 |  | 2740 | 2772361 |
|  Kentucky Economic Development Finance Authority<br>(Carmel Manor, Inc.) <br>Series 2022 <br>4.50%, 10/01/2027 |  | 4000 | 4000755 |
|  Kentucky Economic Development Finance Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2019-A <br>5.00%, 08/01/2044 |  | 9040 | 9161775 |
|  Kentucky Economic Development Finance Authority<br>(Masonic Homes of Kentucky Obligated Group) <br>Series 2012 <br>5.375%, 11/15/2042 |  | 1685 | 1446212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 |  | 710 | 595444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.00%, 05/15/2031 |  | 2000 | 1976103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 05/15/2046 |  | 3600 | 2963241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2051 |  | 2000 | 1580073 |
|  Kentucky Economic Development Finance Authority<br>(Owensboro Health Obligated Group) <br>Series 2015 <br>5.25%, 06/01/2050 |  | 24090 | 24089680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 06/01/2031 |  | 2000 | 2038339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 |  | 3500 | 3565250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 |  | 4325 | 4370400 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 55 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041 | $— | 3300 | $3314579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2041 |  | 7625 | 7695417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 06/01/2040 |  | 5000 | 5025549 |
|  Kentucky Economic Development Finance Authority<br>(Rosedale Green) <br>Series 2015 <br>5.50%, 11/15/2035 |  | 2265 | 2141459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2045 |  | 5265 | 4425110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2050 |  | 1100 | 887464 |
|  Kentucky Housing Corp.<br>(Churchill Park LLLP) <br>Series 2022-A <br>5.75%, 11/01/2040<sup>(a)</sup> |  | 12370 | 12526155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>6.75%, 11/01/2040<sup>(a)</sup> |  | 2050 | 2074906 |
|  Kentucky Public Energy Authority<br>(BP PLC) <br>Series 2024-B <br>5.00%, 01/01/2055 |  | 68890 | 74830640 |
|  Kentucky Public Energy Authority<br>(Goldman Sachs Group) <br>Series 2024-A <br>5.00%, 05/01/2055 |  | 14815 | 15742779 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley)<br>Series 2023-A<br>4.868% (SOFR + 1.98%), 04/01/2054<sup>(c)</sup> |  | 25000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2054 |  | 10000 | 11026161 |
|  Louisville/Jefferson County Metropolitan Government<br>(Norton Healthcare Obligated Group) <br>Series 2020 <br>5.00%, 10/01/2047 |  | 1965 | 2100251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 10/01/2038 |  | 965 | 1013195 |
|  |  |  | 276484619 |
|  **Louisiana – 1.3%** |  |  |  |
|  Jefferson Sales Tax District<br>(Jefferson Sales Tax District) <br>AG Series 2017-B <br>5.00%, 12/01/2034 |  | 1000 | 1038522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 |  | 2400 | 2480778 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Louisiana Utilities Restoration ELL System Restoration Revenue) <br>Series 2022 <br>4.475%, 08/01/2039 |  | 10000 | 9741810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.048%, 12/01/2034 |  | 10000 | 10324001 |

---

---

| | |
|:---|:---|
| 56 AB Municipal Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(St. James Place of Baton Rouge) <br>Series 2015-A <br>6.00%, 11/15/2035 | $— | 2100 | $2100661 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Woman's Hospital Foundation) <br>Series 2020-2 <br>5.00%, 10/01/2036<sup>(a)(b)</sup> |  | 8985 | 9215171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/2036<sup>(a)(b)</sup> |  | 8460 | 8636097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037<sup>(a)(b)</sup> |  | 5000 | 5091722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044<sup>(a)(b)</sup> |  | 5155 | 5201663 |
|  Louisiana Public Facilities Authority<br>(Acadiana Renaissance Charter Academy) <br>Series 2025 <br>5.00%, 06/15/2035<sup>(a)</sup> |  | 1000 | 1032230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2040<sup>(a)</sup> |  | 3500 | 3595460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2045<sup>(a)</sup> |  | 1000 | 1019612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2059<sup>(a)</sup> |  | 2200 | 2209265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 06/15/2055<sup>(a)</sup> |  | 4850 | 4933224 |
|  Louisiana Public Facilities Authority<br>(Calcasieu Bridge Partners) <br>Series 2024 <br>5.00%, 09/01/2066 |  | 5035 | 4830395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2064 |  | 61485 | 63753237 |
|  Louisiana Public Facilities Authority<br>(Geo Prep Mid-City of Greater Baton Rouge) <br>Series 2022 <br>5.625%, 06/01/2037<sup>(a)</sup> |  | 310 | 319145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2062<sup>(a)</sup> |  | 1425 | 1441210 |
|  Louisiana Public Facilities Authority<br>(Louisiana Pellets, Inc.) <br>Series 2013-B <br>10.50%, 07/01/2039<sup>(d)(e)</sup> |  | 2750 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A <br>7.50%, 07/01/2023<sup>(d)(l)</sup> |  | 1250 | 13 |
|  Louisiana Public Facilities Authority<br>(Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) <br>Series 2019 <br>5.00%, 07/01/2059 |  | 10270 | 10287789 |
|  Louisiana Public Facilities Authority<br>(Louisiana State University & Agricultural & Mechanical College Lease) <br>Series 2017 <br>5.00%, 07/01/2042 |  | 1500 | 1515162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2047 |  | 6515 | 6530959 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 57 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2052 | $— | 7300 | $7306887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2057 |  | 2250 | 2251776 |
|  Louisiana Public Facilities Authority<br>(Prerefunded - US Govt Agencies) <br>Series 2016 <br>5.00%, 05/15/2047 |  | 10 | 10118 |
|  New Orleans Aviation Board<br>(New Orleans Aviation Board) <br>Series 2017-B <br>5.00%, 01/01/2043 |  | 1000 | 1003749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 01/01/2035 |  | 6120 | 6758321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2040 |  | 8500 | 9283980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 |  | 3460 | 3747497 |
|  Parish of St. James LA<br>(NuStar Logistics LP) <br>Series 2020-2 <br>6.35%, 07/01/2040<sup>(a)</sup> |  | 10945 | 11910958 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.) <br>Series 2019 <br>2.20%, 06/01/2037 |  | 3700 | 3682563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>3.30%, 06/01/2037 |  | 17400 | 17611648 |
|  |  |  | 218865650 |
|  **Maine – 0.1%** |  |  |  |
|  Finance Authority of Maine<br>(Casella Waste Systems) <br>Series 2024 <br>4.625%, 12/01/2047<sup>(a)</sup> |  | 4150 | 4190531 |
|  Maine Health & Higher Educational Facilities Authority<br>(Maine Medical Center) <br>Series 2018-A <br>5.00%, 07/01/2048 |  | 6250 | 6329272 |
|  |  |  | 10519803 |
|  **Maryland – 1.1%** |  |  |  |
|  City of Baltimore MD<br>(City of Baltimore MD Harbor Point Special Taxing District) <br>Series 2019 <br>3.625%, 06/01/2046<sup>(a)</sup> |  | 1750 | 1474639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>3.875%, 06/01/2046<sup>(a)</sup> |  | 300 | 262498 |
|  Maryland Economic Development Corp.<br>(Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg) <br>Series 2020 <br>4.25%, 07/01/2050 |  | 1130 | 1009674 |

---

---

| | |
|:---|:---|
| 58 AB Municipal Income Shares | **ABFunds.com** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.75%, 07/01/2053 | 2860 | $| 3005327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2058 | 10000 |  | 10619945 |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners) <br>Series 2022 <br>5.00%, 12/31/2036 | 3200 |  | 3364875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2037 | 2400 |  | 2515507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2037 | 2605 |  | 2721781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2038 | 2920 |  | 3041784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2038 | 1015 |  | 1054072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2047 | 1350 |  | 1355947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2052 | 52190 |  | 51926759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2055 | 25655 |  | 25293506 |
|  Maryland Health & Higher Educational Facilities Authority<br>(TidalHealth Obligated Group) <br>Series 2020 <br>4.00%, 07/01/2037 | 2575 |  | 2556009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 | 1555 |  | 1529884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 1645 |  | 1603831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 | 22040 |  | 22300409 |
|  Maryland Stadium Authority<br>(Baltimore City Public School Construction Financing Fund) <br>Series 2022-2 <br>5.00%, 05/01/2050<sup>(a)(b)</sup> | 29840 |  | 32607195 |
|  State of Maryland Department of Transportation<br>(Maryland Aviation Administration) <br>AG Series 2025-2 <br>5.00%, 08/01/2034<sup>(a)(b)</sup> | 1550 |  | 1758215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038<sup>(a)(b)</sup> | 2200 |  | 2413692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2039<sup>(a)(b)</sup> | 1270 |  | 1382105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2040<sup>(a)(b)</sup> | 1600 |  | 1772672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2041<sup>(a)(b)</sup> | 1700 |  | 1865439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2042<sup>(a)(b)</sup> | 1805 |  | 1962134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2043<sup>(a)(b)</sup> | 1520 |  | 1638129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2044<sup>(a)(b)</sup> | 1100 |  | 1177501 |
|  |  |  | 182213529 |
|  **Massachusetts – 1.3%** | **Massachusetts – 1.3%** | **Massachusetts – 1.3%** | **Massachusetts – 1.3%** |
|  Commonwealth of Massachusetts <br>(Commonwealth of Massachusetts)<br>Series 2022-E <br>5.00%, 11/01/2052 | 10000 |  | 10387061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 01/01/2054 | 10000 |  | 10454555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 05/01/2054 | 12780 |  | 13381336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 04/01/2055 | 10000 |  | 10519418 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 59 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br>(Massachusetts Bay Transportation Authority Sales Tax Revenue) <br>Series 2023-A <br>5.25%, 07/01/2048 | $— | 10000 | $10723762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 07/01/2043 |  | 3000 | 3260674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2052 |  | 5500 | 5888179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.25%, 07/01/2055 |  | 11000 | 11849341 |
|  Massachusetts Development Finance Agency<br>(Boston Medical Center Obligated Group) <br>Series 2023 <br>5.25%, 07/01/2052 |  | 2000 | 2013180 |
|  Massachusetts Development Finance Agency<br>(Care Communities Obligated Group) <br>Series 2025 <br>6.375%, 07/15/2045<sup>(a)</sup> |  | 1200 | 1214179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2060<sup>(a)</sup> |  | 17370 | 17362522 |
|  Massachusetts Development Finance Agency<br>(Emerson College) <br>Series 2016-A <br>5.00%, 01/01/2047 |  | 8170 | 7948614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 01/01/2040 |  | 940 | 947558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 01/01/2030 |  | 1120 | 1186175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 |  | 1200 | 1284657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 |  | 1230 | 1339065 |
|  Massachusetts Development Finance Agency<br>(Emmanuel College/MA) <br>Series 2016-A <br>5.00%, 10/01/2043 |  | 3405 | 3248639 |
|  Massachusetts Development Finance Agency<br>(GingerCare Living Obligated Group) <br>Series 2024-A <br>5.50%, 12/01/2044<sup>(a)</sup> |  | 3685 | 3394972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/01/2060<sup>(a)</sup> |  | 1285 | 1182354 |
|  Massachusetts Development Finance Agency<br>(Lasell University) <br>Series 2021 <br>4.00%, 07/01/2027 |  | 250 | 248715 |
|  Massachusetts Development Finance Agency<br>(Lifespan Obligated Group) <br>Series 2025 <br>5.25%, 08/15/2045 |  | 1500 | 1566478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2050 |  | 7000 | 7287996 |

---

---

| | |
|:---|:---|
| 60 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency <br>(Merrimack College)<br>Series 2017 <br>5.00%, 07/01/2047 | $— | 3665 | $3583022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 07/01/2052 |  | 1150 | 1119066 |
|  Massachusetts Development Finance Agency<br>(PRG Medford Properties) <br>Series 2025 <br>5.25%, 06/01/2055 |  | 1380 | 1444917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2060 |  | 4150 | 4309426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2065 |  | 8035 | 8331144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2050 |  | 3900 | 4208407 |
|  Massachusetts Development Finance Agency<br>(Salem Community Obligated Group) <br>Series 2022 <br>5.25%, 01/01/2050 |  | 2680 | 2484980 |
|  Massachusetts Development Finance Agency<br>(Simmons University)<br>Series 2018-L <br>5.00%, 10/01/2034 |  | 1360 | 1327489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 10/01/2043 |  | 1100 | 975930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2036 |  | 415 | 411400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2037 |  | 500 | 489980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2038 |  | 515 | 498683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2039 |  | 520 | 497094 |
|  Massachusetts Development Finance Agency<br>(South Shore Hospital Obligated Group) <br>Series 2016-I <br>4.00%, 07/01/2036 |  | 2000 | 1956232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 |  | 1350 | 1361054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 |  | 2500 | 2503318 |
|  Massachusetts Development Finance Agency<br>(Southcoast Health System Obligated Group) <br>Series 2021-G <br>5.00%, 07/01/2050 |  | 1000 | 1003210 |
|  Massachusetts Development Finance Agency<br>(Springfield College) <br>Series 2021 <br>4.00%, 06/01/2056 |  | 4000 | 3033103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 |  | 420 | 422652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 |  | 445 | 448914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 |  | 1850 | 1877681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 06/01/2050 |  | 1700 | 1339330 |
|  Massachusetts Development Finance Agency<br>(Suffolk University) <br>Series 2025 <br>5.25%, 07/01/2055 |  | 6670 | 6701313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2050 |  | 3000 | 3232906 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 61 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency<br>(Tufts Medicine Obligated Group) <br>Series 2013-G <br>5.00%, 07/01/2037 | $— | 3050 | $3028006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>8.50%, 10/01/2026 |  | 16305 | 16324105 |
|  Massachusetts Development Finance Agency<br>(UMass Memorial Health Care Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2041 |  | 1480 | 1484930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 |  | 2500 | 2489397 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority) <br>Series 2021-E <br>5.00%, 07/01/2051 |  | 2260 | 2293674 |
|  Massachusetts School Building Authority<br>(Massachusetts School Building Authority Sales Tax) <br>Series 2009 <br>5.715%, 08/15/2039 |  | 10255 | 10828779 |
|  |  |  | 216699572 |
|  **Michigan – 0.8%** |  |  |  |
|  City of Detroit MI<br>(City of Detroit MI) <br>4.813%, 06/15/2049<sup>(d)(e)</sup> |  | 8435 | 9120468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B <br>4.00%, 04/01/2044<sup>(g)</sup> |  | 9943 | 7917253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 04/01/2033 |  | 1000 | 1037840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 |  | 2250 | 2330791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 |  | 2135 | 2189196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.50%, 04/01/2045 |  | 1690 | 1749549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2050 |  | 2170 | 2230642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 04/01/2050 |  | 1000 | 1004730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.25%, 05/01/2027 |  | 300 | 308357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2029 |  | 700 | 747120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>6.844%, 05/01/2028 |  | 445 | 456849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C <br>6.00%, 05/01/2043 |  | 1500 | 1653999 |
|  Detroit Downtown Development Authority<br>(Detroit Downtown Development Authority Catalyst Development Area) <br>Series 2024 <br>5.00%, 07/01/2048 |  | 1720 | 1790004 |

---

---

| | |
|:---|:---|
| 62 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Grand Rapids Economic Development Corp.<br>(Beacon Hill at Eastgate) <br>Series 2017-A <br>5.00%, 11/01/2032 | $— | 1055 | $1055395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 |  | 600 | 579520 |
|  Great Lakes Water Authority Water Supply System Revenue<br>(Great Lakes Water Authority Water Supply System Revenue) <br>Series 2016-A <br>5.00%, 07/01/2046 |  | 1025 | 1030861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>5.00%, 07/01/2036 |  | 25210 | 25549226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C <br>5.25%, 07/01/2050 |  | 9000 | 9712002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2055 |  | 7000 | 7520982 |
|  Kalamazoo Economic Development Corp. <br>(Heritage Community of Kalamazoo Obligated Group)<br>Series 2019 <br>5.00%, 05/15/2037 |  | 1100 | 1114791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 05/15/2055 |  | 6860 | 6252426 |
|  Kalamazoo Hospital Finance Authority<br>(Prerefunded - US Treasuries) <br>Series 2016 <br>4.00%, 05/15/2031 |  | 10 | 10057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2032 |  | 20 | 20114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2033 |  | 30 | 30171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2036 |  | 65 | 65371 |
|  Michigan Finance Authority<br>(Albion College) <br>Series 2022 <br>4.00%, 12/01/2046 |  | 1895 | 1190110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 |  | 1935 | 1172996 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A <br>3.267%, 06/01/2039 |  | 4340 | 4134297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 |  | 5000 | 4323167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>Zero Coupon, 06/01/2065 |  | 7575 | 764298 |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund - I 75 Improvement Project) <br>Series 2018 <br>5.00%, 12/31/2033 |  | 2000 | 2072410 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 63 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 | 5000 | $| 5005419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2048 | 8600 |  | 8455834 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2018 <br>4.25%, 12/31/2038 | 3630 |  | 3632229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/2048 | 4000 |  | 3758595 |
|  Michigan Tobacco Settlement Finance Authority<br>(Tobacco Settlement Financing Corp/MI) <br>Series 2008-C <br>Zero Coupon, 06/01/2058 | 263800 |  | 6670104 |
|  Wayne State University<br>(Wayne State University) <br>Series 2018-A <br>5.00%, 11/15/2043 | 4000 |  | 4104683 |
|  |  |  | 130761856 |
|  **Minnesota – 0.9%** | **Minnesota – 0.9%** | **Minnesota – 0.9%** | **Minnesota – 0.9%** |
|  City of Bloomington MN<br>(City of Bloomington MN) <br>Series 2024-A <br>6.18%, 07/01/2041<sup>(a)</sup> | 10670 |  | 10496207 |
|  City of Brooklyn Park MN<br> (Brooklyn Park AH I LLLP) <br>Series 2023 <br>6.205%, 01/01/2042<sup>(a)(g)</sup> | 23500 |  | 24235745 |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH II LLLP) <br>Series 2024 <br>6.26%, 07/01/2041<sup>(a)</sup> | 25045 |  | 24785161 |
|  City of Columbus MN<br>(Adalyn Avenue LLLP) <br>Series 2023 <br>5.98%, 12/01/2041<sup>(a)</sup> | 19500 |  | 19624911 |
|  City of Fridley MN<br>(Roers Fridley Apartments Owner II) <br>Series 2023-A <br>5.75%, 06/01/2041<sup>(a)</sup> | 6775 |  | 7022106 |
|  City of St. Cloud MN<br>(CentraCare Health System Obligated Group) <br>Series 2024 <br>5.00%, 05/01/2041 | 1000 |  | 1080608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 | 1000 |  | 1070932 |
|  City of Woodbury MN<br>(Math & Science Academy/MN) <br>Series 2025 <br>5.25%, 06/01/2045<sup>(a)</sup> | 1000 |  | 943351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2055<sup>(a)</sup> | 3460 |  | 3257331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2063<sup>(a)</sup> | 1855 |  | 1720794 |

---

---

| | |
|:---|:---|
| 64 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Dakota County Community Development Agency<br>(Rosemont AH I LLLP) <br>Series 2023 <br>5.66%, 07/01/2041<sup>(a)</sup> | 19240 | $| 18819389 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota<br>(Minnesota Math & Science Academy) <br>Series 2021 <br>3.00%, 06/01/2031<sup>(f)</sup> | 700 |  | 329000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041<sup>(f)</sup> | 1220 |  | 573400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(f)</sup> | 1250 |  | 587500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2056<sup>(f)</sup> | 2180 |  | 1024600 |
|  Minneapolis-St. Paul Metropolitan Airports Commission<br>(Minneapolis-St Paul Metropolitan Airports Commission) <br>Series 2024 <br>5.25%, 01/01/2044 | 10000 |  | 10608677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2049 | 1000 |  | 1047267 |
|  Minnesota Health & Education Facilities Authority<br>(College of St. Scholastica) <br>Series 2019 <br>4.00%, 12/01/2040 | 6900 |  | 6146964 |
|  Minnesota Health & Education Facilities Authority<br>(St. Catherine University) <br>Series 2018-A <br>5.00%, 10/01/2045 | 1900 |  | 1861602 |
|  Washington County Community Development Agency<br>(Raymie Johnson Estates) <br>Series 2025 <br>4.66%, 07/01/2027 | 2150 |  | 2151793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08%, 07/01/2042 | 7350 |  | 7553657 |
|  Western Minnesota Municipal Power Agency <br>(Western Minnesota Municipal Power Agency)<br>Series 2019-A<br>3.156%, 01/01/2039 | 2000 |  | 1727423 |
|  |  |  | 146668418 |
|  **Mississippi – 0.4%** | **Mississippi – 0.4%** | **Mississippi – 0.4%** | **Mississippi – 0.4%** |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group) <br>Series 2025 <br>5.25%, 07/01/2036 | 1000 |  | 1126024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 | 1000 |  | 1119552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 | 1000 |  | 1112804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 | 1350 |  | 1490494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 | 1315 |  | 1434801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2041 | 1040 |  | 1121330 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 65 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 | 1065 | $| 1138446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 | 1500 |  | 1580666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 | 1645 |  | 1726327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2050 | 6750 |  | 7083188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2055 | 6225 |  | 6502739 |
|  Mississippi Business Finance Corp.<br>(Alden Group Renewable Energy Mississippi) <br>Series 2022 <br>8.00%, 12/01/2029<sup>(d)(e)(f)</sup> | 14500 |  | 9860000 |
|  Mississippi Development Bank<br>(Magnolia Regional Health Center) <br>Series 2021 <br>4.00%, 10/01/2041<sup>(a)</sup> | 2500 |  | 2083868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026<sup>(a)</sup> | 1700 |  | 1711154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> | 900 |  | 911653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> | 1900 |  | 1938695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033<sup>(a)</sup> | 2270 |  | 2340396 |
|  Mississippi Hospital Equipment & Facilities Authority<br>(Baptist Memorial Health Care Obligated Group) <br>Series 2016-A <br>5.00%, 09/01/2036 | 1645 |  | 1657152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2041 | 16350 |  | 16382553 |
|  Mississippi Hospital Equipment & Facilities Authority<br>(Forrest County General Hospital) <br>Series 2019 <br>4.00%, 01/01/2037 | 720 |  | 720860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 1230 |  | 1303798 |
|  |  |  | 64346500 |
|  **Missouri – 0.6%** | **Missouri – 0.6%** | **Missouri – 0.6%** | **Missouri – 0.6%** |
|  Cape Girardeau County Industrial Development Authority<br>(Mercy Health/MO) <br>Series 2017-A <br>5.00%, 03/01/2036 | 2810 |  | 2862281 |
|  Health & Educational Facilities Authority of the State of Missouri<br>(BJC Healthcare Obligated Group) <br>Series 2025-A <br>5.00%, 04/01/2038 | 5000 |  | 5768069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040 | 2000 |  | 2273963 |
|  Health & Educational Facilities Authority of the State of Missouri<br>(Lutheran Senior Services Obligated Group) <br>Series 2016-A <br>5.00%, 02/01/2046 | 1000 |  | 975764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>4.00%, 02/01/2042 | 18770 |  | 16953107 |

---

---

| | |
|:---|:---|
| 66 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2048 | 21850 | $| 18279666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 | 620 |  | 623685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2048 | 2600 |  | 2513861 |
|  Kansas City Industrial Development Authority<br>(Kingswood Senior Living Community) <br>Series 2021 <br>2.00%, 11/15/2046<sup>(d)(e)</sup> | 2319 |  | 107836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046<sup>(d)(e)</sup> | 5196 |  | 3515540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>10.00%, 11/15/2046<sup>(d)(e)</sup> | 1536 |  | 1308388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>7.50%, 11/15/2037<sup>(d)(e)</sup> | 1279 |  | 984428 |
|  Kansas City Industrial Development Authority<br>(Platte Purchase Project) <br>Series 2019 <br>5.00%, 07/01/2040<sup>(a)</sup> | 2455 |  | 2436660 |
|  Lee's Summit Industrial Development Authority<br>(John Knox Village Obligated Group) <br>Series 2016-A <br>5.00%, 08/15/2036 | 1300 |  | 1303298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2046 | 1760 |  | 1611146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2051 | 1000 |  | 887687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 08/15/2042 | 6940 |  | 6653433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 08/15/2056 | 9825 |  | 8585364 |
|  St. Louis County Industrial Development Authority<br>(Friendship Village St. Louis Obligated Group) <br>Series 2018 <br>5.25%, 09/01/2053 | 7560 |  | 7460438 |
|  St. Louis County Industrial Development Authority<br>(St. Andrews Resources for Seniors Obligated Group) <br>Series 2015-A <br>5.00%, 12/01/2035 | 2000 |  | 1993516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2045 | 4500 |  | 4090836 |
|  Taney County Industrial Development Authority<br>(Taney County Industrial Development Authority Lease) <br>Series 2023 <br>5.00%, 10/01/2033<sup>(a)</sup> | 1000 |  | 1009358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2049<sup>(a)</sup> | 2475 |  | 2476774 |
|  |  |  | 94675098 |
|  **Montana – 0.1%** | **Montana – 0.1%** | **Montana – 0.1%** | **Montana – 0.1%** |
|  County of Gallatin MT<br> (Bozeman Fiber, Inc.) <br>Series 2025 <br>0.00%, 10/15/2055<sup>(a)(g)</sup> | 19115 |  | 15966262 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 67 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Montana Facility Finance Authority<br>(Benefis Health System Obligated Group) <br>Series 2016 <br>5.00%, 02/15/2034 | $— | 1085 | $1108549 |
|  |  |  | 17074811 |
|  **Nebraska – 0.5%** |  |  |  |
|  Central Plains Energy Project<br>(Bank of Montreal) <br>Series 2023-A <br>5.00%, 05/01/2054 |  | 11255 | 12066368 |
|  Central Plains Energy Project<br>(Goldman Sachs Group) <br>Series 2017-A <br>5.00%, 09/01/2031 |  | 2050 | 2198641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 |  | 1510 | 1660080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 |  | 5000 | 5493174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 |  | 8715 | 9538032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 <br>5.00%, 05/01/2053 |  | 5000 | 5273457 |
|  Central Plains Energy Project<br>(Royal Bank of Canada) <br>Series 2025-A <br>5.00%, 08/01/2055 |  | 40500 | 43743503 |
|  |  |  | 79973255 |
|  **Nevada – 0.4%** |  |  |  |
|  City of Reno NV<br>(County of Washoe NV Sales Tax Revenue) <br>Series 2018-C <br>Zero Coupon, 07/01/2058<sup>(a)</sup> |  | 21000 | 3400322 |
|  Clark County School District<br>(Clark County School District) <br>AG Series 2019-B <br>3.00%, 06/15/2037 |  | 5185 | 4744424 |
|  Las Vegas Redevelopment Agency<br>(Las Vegas Redevelopment Agency Redevelopment Area 1) <br>Series 2016 <br>5.00%, 06/15/2040 |  | 1800 | 1805185 |
|  Reno-Tahoe Airport Authority<br>(Reno-Tahoe Airport Authority) <br>Series 2024 <br>5.25%, 07/01/2040 |  | 2415 | 2645522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 |  | 1500 | 1598820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 |  | 1155 | 1222878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2054 |  | 8970 | 9347639 |
|  Sparks Tourism Improvement District No. 1<br>(Sparks Tourism Improvement District No. 1) <br>Series 2019-A <br>2.75%, 06/15/2028<sup>(a)</sup> |  | 965 | 945516 |

---

---

| | |
|:---|:---|
| 68 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  State of Nevada Department of Business & Industry<br>(Desertxpress Enterprises) <br>Series 2025 <br>9.50%, 01/01/2065<sup>(a)</sup> | $— | 41900 | $33520000 |
|  State of Nevada Department of Business & Industry<br>(Fulcrum Sierra Holdings) <br>Series 2018 <br>6.95%, 02/15/2038<sup>(d)(e)(f)</sup> |  | 1693 | 17 |
|  Tahoe-Douglas Visitors Authority<br>(Tahoe-Douglas Visitors Authority) <br>Series 2020 <br>5.00%, 07/01/2040 |  | 4200 | 4322891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 |  | 2800 | 2818371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051 |  | 9000 | 8962864 |
|  |  |  | 75334449 |
|  **New Hampshire – 2.5%** |  |  |  |
|  National Finance Authority<br>(NFA 2024-3) <br>Series 2024-3, Class A <br>4.034%, 10/20/2051 |  | 19042 | 18743637 |
|  New Hampshire Business Finance Authority<br>(ARC70 2025-1) <br>Series 2025-1, Class A1 <br>4.75%, 06/20/2041 |  | 12939 | 13423442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2 <br>5.15%, 06/20/2041 |  | 3695 | 3856207 |
|  New Hampshire Business Finance Authority<br>(ARC70 II TRUST) <br>Series 2024 <br>4.15%, 10/20/2040 |  | 13621 | 13589245 |
|  New Hampshire Business Finance Authority<br>(Brazoria-Fort Bend County Municipal Utility District No. 3) <br>Series 2024 <br>4.875%, 12/01/2033<sup>(a)</sup> |  | 2132 | 2132219 |
|  New Hampshire Business Finance Authority<br>(Bridgeland Water & Utility Districts 490, 491 & 158) <br>Series 2024 <br>5.375%, 12/15/2035<sup>(a)</sup> |  | 19579 | 19591431 |
|  New Hampshire Business Finance Authority<br>(Collin County Municipal Utility District No. 4) <br>Series 2025 <br>5.50%, 12/01/2030<sup>(a)</sup> |  | 8609 | 8688230 |
|  New Hampshire Business Finance Authority<br>(Emberly & Canterra Creek Projects) <br>Series 2024 <br>5.375%, 12/01/2031<sup>(a)</sup> |  | 3346 | 3355000 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 69 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(Greater Raleigh Area Christian Education) <br>Series 2025 <br>5.75%, 08/01/2055 | $— | 3000 | $2979970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2065 |  | 5410 | 5450417 |
|  New Hampshire Business Finance Authority<br>(Lakes Fresh Water Supply District of Denton County) <br>Series 2024 <br>5.00%, 12/01/2028<sup>(a)</sup> |  | 4485 | 4487391 |
|  New Hampshire Business Finance Authority<br>(New Hampshire Business Finance Authority) <br>Series 2025 <br>4.086%, 01/20/2041<sup>(a)</sup> |  | 1585 | 1218851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.15%, 09/28/2037 |  | 18455 | 18667653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>Zero Coupon, 02/01/2035<sup>(a)</sup> |  | 25383 | 14110120 |
|  New Hampshire Business Finance Authority<br>(NFA 2020-1) <br>Series 2020-1, Class A <br>4.125%, 01/20/2034 |  | 19871 | 20270585 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-1) <br>Series 2022-1, Class A <br>4.375%, 09/20/2036 |  | 39668 | 40430737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X <br>0.334%, 09/20/2036<sup>(i)</sup> |  | 23927 | 461540 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-2) <br>Series 2022-2, Class A <br>4.00%, 10/20/2036 |  | 25875 | 25655169 |
|  New Hampshire Business Finance Authority<br>(NFA 2023-2) <br>Series 2023-2, Class A <br>3.875%, 01/20/2038 |  | 1946 | 1877026 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-1) <br>Series 2024-1, Class A <br>4.25%, 07/01/2051 |  | 13453 | 13411514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class X <br>0.495%, 07/01/2051<sup>(i)</sup> |  | 17419 | 634518 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2) <br>Series 2024-2, Class A <br>3.625%, 08/20/2039 |  | 7823 | 7483571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class X <br>0.506%, 08/20/2039<sup>(i)</sup> |  | 39611 | 1563593 |

---

---

| | |
|:---|:---|
| 70 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1) <br>Series 2025 <br>5.75%, 04/28/2042 | $— | 13420 | $14009946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/15/2033<sup>(a)</sup> |  | 38650 | 38931376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1 <br>4.086%, 01/20/2041 |  | 8457 | 8425270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2 <br>4.086%, 01/20/2041 |  | 995 | 930067 |
|  New Hampshire Business Finance Authority<br>(Novant Health Obligated Group) <br>Series 2025 <br>5.00%, 06/01/2055 |  | 17000 | 17146528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044 |  | 6500 | 6858080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 |  | 6625 | 6952359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2055 |  | 10400 | 10940481 |
|  New Hampshire Business Finance Authority <br>(Reworld Holding Corp.)<br>Series 2018 4.625%, 11/01/2042<sup>(a)</sup> |  | 10000 | 8920554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/01/2042<sup>(a)</sup> |  | 12520 | 11254857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>3.625%, 07/01/2043<sup>(a)</sup> |  | 4800 | 4001332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>3.75%, 07/01/2045<sup>(a)</sup> |  | 4785 | 3966221 |
|  New Hampshire Business Finance Authority<br>(Tamarron Project) <br>Series 2024 <br>5.25%, 12/01/2035<sup>(a)</sup> |  | 8207 | 8208472 |
|  New Hampshire Business Finance Authority<br>(The Highlands Project) <br>Series 2024 <br>5.125%, 12/15/2030 |  | 4708 | 4720735 |
|  New Hampshire Business Finance Authority<br>(Valencia Project) <br>Series 2024 <br>5.30%, 12/01/2032<sup>(a)</sup> |  | 5500 | 5517928 |
|  New Hampshire Health & Education Facilities Authority Act<br>(Dartmouth Health Obligated Group) <br>Series 2020-A <br>5.00%, 08/01/2059 |  | 24445 | 25365838 |
|  |  |  | 418232110 |
|  **New Jersey – 2.7%** |  |  |  |
|  Camden County Improvement Authority (The)<br>(KIPP Cooper Norcross Obligated Group) <br>Series 2022 <br>6.00%, 06/15/2047 |  | 1030 | 1081027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2062 |  | 5360 | 5572880 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 71 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Essex County Improvement Authority<br>(North Star Academy Charter School of Newark) <br>Series 2020 <br>4.00%, 07/15/2050<sup>(a)</sup> | $— | 1260 | $1071694 |
|  New Jersey Economic Development Authority<br>(DRP Urban Renewal 4 LLC) <br>Series 2025 <br>6.375%, 01/01/2035<sup>(a)</sup> |  | 7300 | 7582304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2045<sup>(a)</sup> |  | 14670 | 15248718 |
|  New Jersey Economic Development Authority<br>(Lutheran Social Ministries at Crane's Mill) <br>Series 2018 <br>5.00%, 01/01/2034 |  | 1500 | 1530140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 2500 | 2514555 |
|  New Jersey Economic Development Authority<br>(New Jersey Economic Development Authority State Lease) <br>Series 2018-A <br>5.00%, 06/15/2042 |  | 4385 | 4489563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2047 |  | 1500 | 1522080 |
|  New Jersey Economic Development Authority<br>(North Star Academy Charter School of Newark) <br>Series 2017 <br>5.00%, 07/15/2047 |  | 1000 | 1000210 |
|  New Jersey Economic Development Authority<br>(NYNJ Link Borrower LLC) <br>Series 2013 <br>5.125%, 01/01/2034 |  | 6045 | 6055294 |
|  New Jersey Economic Development Authority<br>(Port Newark Container Terminal) <br>Series 2017 <br>5.00%, 10/01/2037 |  | 8895 | 9033404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047 |  | 13560 | 13567267 |
|  New Jersey Economic Development Authority<br>(State of New Jersey Lease) <br>Series 2018-C <br>5.00%, 06/15/2042 |  | 7085 | 7258298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 06/15/2035 |  | 2750 | 2962738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-S <br>5.00%, 06/15/2035 |  | 1500 | 1727728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2036 |  | 3000 | 3486425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2037 |  | 3065 | 3537835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2039 |  | 3000 | 3401145 |
|  New Jersey Economic Development Authority<br>(State of New Jersey Motor Vehicle Surcharge Revenue Lease) <br>Series 2017-A <br>5.00%, 07/01/2033 |  | 1640 | 1674048 |

---

---

| | |
|:---|:---|
| 72 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Economic Development Authority<br>(UMM Energy Partners LLC) <br>Series 2012-A <br>5.125%, 06/15/2043 | $— | 735 | $734945 |
|  New Jersey Economic Development Authority<br>(United Airlines, Inc.) <br>Series 2012 <br>5.25%, 09/15/2029 |  | 5840 | 5840035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B <br>5.625%, 11/15/2030 |  | 1475 | 1475009 |
|  New Jersey Educational Facilities Authority<br>(Stevens Institute of Technology Intl) <br>Series 2020-A <br>5.00%, 07/01/2045 |  | 4460 | 4533193 |
|  New Jersey Health Care Facilities Financing Authority<br>(Hackensack Meridian Health Obligated Group) <br>Series 2017-A <br>5.00%, 07/01/2035 |  | 1300 | 1343037 |
|  New Jersey Health Care Facilities Financing Authority<br>(Inspira Health Obligated Group) <br>Series 2017-A <br>5.00%, 07/01/2036 |  | 1000 | 1022293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 |  | 7645 | 7729721 |
|  New Jersey Health Care Facilities Financing Authority<br>(New Jersey Health Care Facilities Financing Authority State Lease) <br>Series 2017 <br>5.00%, 10/01/2035 |  | 1070 | 1118088 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant) Series 2016<br>5.00%, 06/15/2027 |  | 1000 | 1012783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 |  | 21660 | 21943666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 |  | 13435 | 13609565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 |  | 6000 | 6076406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 06/15/2029 |  | 1910 | 1934817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 |  | 24975 | 25291503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 |  | 12000 | 12153109 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease) <br>AG Series 2006-C <br>Zero Coupon, 12/15/2033 |  | 5170 | 3997668 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 73 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority<br>(Prerefunded - US Treasuries) <br>Series 2019 <br>5.00%, 06/15/2046 | $— | 810 | $870267 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease) <br>Series 2018-A <br>5.00%, 12/15/2033 |  | 22085 | 23502429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 06/15/2046 |  | 1515 | 1547559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.00%, 06/15/2039 |  | 5085 | 5600609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040 |  | 4000 | 4370084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.00%, 06/15/2042 |  | 9040 | 9748927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2050 |  | 20000 | 21151206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>4.00%, 06/15/2042 |  | 6200 | 6114904 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority) <br>Series 2019-A <br>5.00%, 01/01/2048 |  | 11320 | 11608869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>4.00%, 01/01/2035 |  | 8000 | 8620482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 |  | 9000 | 10346818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 01/01/2043 |  | 3500 | 3770519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.25%, 01/01/2055 |  | 24000 | 25808122 |
|  Passaic County Improvement Authority (The)<br>(Paterson Arts & Science Charter School) <br>Series 2023 <br>4.25%, 07/01/2033 |  | 520 | 533703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 |  | 1020 | 1047897 |
|  South Jersey Transportation Authority<br>(South Jersey Transportation Authority) <br>Series 2022 <br>4.625%, 11/01/2047 |  | 5000 | 5063860 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ) <br>Series 2018-A <br>5.00%, 06/01/2031 |  | 1425 | 1491475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2046 |  | 4200 | 4154755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 06/01/2046 |  | 117880 | 114772436 |
|  |  |  | 464258112 |

---

---

| | |
|:---|:---|
| 74 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** |
|  City of Santa Fe NM<br>(El Castillo Retirement Residences Obligated Group) <br>Series 2019 <br>5.00%, 05/15/2039 | $— | 480 | $482547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2044 |  | 500 | 485566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2049 |  | 1200 | 1118831 |
|  New Mexico Hospital Equipment Loan Council<br>(Haverland Carter Lifestyle Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2049 |  | 12925 | 11526329 |
|  New Mexico Municipal Energy Acquisition Authority<br>(Royal Bank of Canada) <br>Series 2025 <br>5.00%, 06/01/2054 |  | 10580 | 11355914 |
|  |  |  | 24969187 |
|  **New York – 8.0%** | **New York – 8.0%** | **New York – 8.0%** | **New York – 8.0%** |
|  Brookhaven Local Development Corp.<br>(Jefferson's Ferry) <br>Series 2020 <br>4.00%, 11/01/2045 |  | 2250 | 2007391 |
|  Build NYC Resource Corp.<br>(Albert Einstein College of Medicine) <br>Series 2016 <br>5.50%, 09/01/2045<sup>(a)</sup> |  | 33340 | 32905300 |
|  Build NYC Resource Corp.<br>(Global Community Charter School) <br>Series 2022 <br>5.00%, 06/15/2057 |  | 1050 | 871716 |
|  Build NYC Resource Corp.<br>(KIPP NYC Public Charter Schools) <br>Series 2023 <br>5.25%, 07/01/2052 |  | 2000 | 2019220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2062 |  | 4500 | 4518073 |
|  Build NYC Resource Corp.<br>(Metropolitan College of New York) <br>Series 2014 <br>5.00%, 11/01/2039<sup>(d)(e)</sup> |  | 1560 | 1092000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2034<sup>(d)(e)</sup> |  | 2240 | 1568000 |
|  Build NYC Resource Corp.<br>(Metropolitan Lighthouse Charter School) <br>Series 2017 <br>5.00%, 06/01/2052<sup>(f)</sup> |  | 1250 | 1110345 |
|  Build NYC Resource Corp.<br>(South Bronx Charter School For Intl Cultures & The Arts) <br>Series 2023 <br>7.00%, 04/15/2053<sup>(a)</sup> |  | 4360 | 4460981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/2058<sup>(a)</sup> |  | 11305 | 11516910 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 75 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Build NYC Resource Corp. <br>(TrIPs Obligated Group)<br>Series 2025 <br>5.50%, 07/01/2055 | $— | 6620 | $6879034 |
|  Build NYC Resource Corp.<br>(Zeta Charter Schools Obligated Group) <br>Series 2025 <br>5.375%, 10/15/2055<sup>(a)</sup> |  | 6000 | 5955402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/15/2061<sup>(a)</sup> |  | 16000 | 15624658 |
|  City of New York NY<br>(City of New York NY) <br>Series 2022-2 <br>5.00%, 03/01/2037<sup>(a)(b)</sup> |  | 7500 | 7809813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038<sup>(a)(b)</sup> |  | 10000 | 10387622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-G <br>5.25%, 02/01/2048 |  | 15000 | 16093843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2050 |  | 16740 | 17879890 |
|  County of Nassau NY<br>(County of Nassau NY) <br>Series 2025-A <br>5.00%, 04/01/2055 |  | 10000 | 10472524 |
|  Dutchess County Local Development Corp.<br>(Bard College) <br>Series 2020-A <br>5.00%, 07/01/2045 |  | 9600 | 9571635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2051 |  | 15520 | 15261390 |
|  Hempstead Town Local Development Corp.<br>(Evergreen Charter School) <br>Series 2022-A <br>5.25%, 06/15/2052 |  | 17470 | 17047661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2057 |  | 7350 | 7359322 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority) <br>Series 2016-A <br>5.00%, 11/15/2032 |  | 4740 | 4791901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D <br>5.00%, 11/15/2029 |  | 1750 | 1788403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2028 |  | 12930 | 13606377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 |  | 16435 | 17313533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 |  | 6810 | 7125601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C <br>5.00%, 11/15/2038 |  | 380 | 396149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 11/15/2045 |  | 4740 | 5134735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>4.75%, 11/15/2045 |  | 23880 | 23956566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2050 |  | 8750 | 8897339 |

---

---

| | |
|:---|:---|
| 76 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2055 | $— | 15885 | $16346227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>4.00%, 11/15/2048 |  | 7150 | 6539594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2049 |  | 6425 | 5850143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043 |  | 5000 | 5156840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 11/15/2041 |  | 2000 | 1950306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 11/15/2042 |  | 2500 | 2688296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043 |  | 4150 | 4419520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2045 |  | 5840 | 6260507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2055 |  | 5840 | 6193249 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020-A <br>4.00%, 11/15/2043 |  | 2020 | 1904569 |
|  Metropolitan Transportation Authority<br>(Prerefunded - US Treasuries) <br>Series 2015-C <br>5.00%, 11/15/2027 |  | 1110 | 1110779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2030 |  | 4000 | 4003136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-D <br>5.00%, 11/15/2031 |  | 1350 | 1350947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 |  | 5135 | 5138603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 |  | 5430 | 5433810 |
|  Monroe County Industrial Development Corp./NY<br>(Academy of Health Sciences Charter School) <br>Series 2022 <br>5.875%, 07/01/2052<sup>(a)</sup> |  | 4675 | 4632532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2057<sup>(a)</sup> |  | 1615 | 1615222 |
|  Monroe County Industrial Development Corp./NY<br>(Eugenio Maria de Hostos Charter School) <br>Series 2024 <br>5.00%, 07/01/2054<sup>(a)</sup> |  | 2000 | 1794857 |
|  Monroe County Industrial Development Corp./NY<br>(St. Ann's of Greater Rochester Obligated Group)<br>Series 2019 <br>5.00%, 01/01/2050 |  | 6520 | 5630995 |
|  Monroe County Industrial Development Corp./NY<br>(True North Rochester Prep Charter School) <br>Series 2020 <br>5.00%, 06/01/2059<sup>(a)</sup> |  | 1620 | 1532762 |
|  Nassau County Industrial Development Agency<br>(Amsterdam House Continuing Care Retirement Community) <br>5.00%, 01/01/2058<sup>(j)(k)</sup> |  | 525 | 37552 |
|  New York City Housing Development Corp.<br>(8 Spruce NY Owner LLC) <br>Series 2024 <br>4.00%, 12/15/2031 |  | 665 | 681833 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 77 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2031 | $— | 1275 | $1304217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2031 |  | 3115 | 3211505 |
|  New York City Housing Development Corp.<br>(New York City Housing Development) <br>Series 2020 <br>2.55%, 08/01/2040 |  | 3645 | 2819033 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>(New York City Transitional Finance Authority Future Tax Secured Revenue) <br>Series 2022-F <br>3.75%, 02/01/2033 |  | 13000 | 12505043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/2034 |  | 3955 | 3788870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-F <br>4.25%, 02/01/2054 |  | 6500 | 6297194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 05/01/2046 |  | 6955 | 7380060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2050 |  | 18870 | 19723096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H <br>5.00%, 11/01/2044 |  | 4495 | 4816401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2045 |  | 14470 | 15710584 |
|  New York Counties Tobacco Trust V<br>(New York Counties Tobacco Trust V) <br>Series 2005 <br>Zero Coupon, 06/01/2050 |  | 30000 | 4512114 |
|  NEW York Energy Finance Development Corp.<br>(Athene Annuity & Life Co.) <br>Series 2025 <br>5.00%, 07/01/2056 |  | 28715 | 30868444 |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC) <br>Series 2014 <br>5.00%, 11/15/2044<sup>(a)</sup> |  | 13560 | 13559723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/2040<sup>(a)</sup> |  | 3395 | 3395625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2044<sup>(a)</sup> |  | 9665 | 9671921 |
|  New York Power Authority<br>(New York Power Authority SFP Transmission Project) <br>AG Series 2023 <br>5.00%, 11/15/2048 |  | 5250 | 5534973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2053 |  | 7000 | 7312827 |
|  New York State Dormitory Authority<br>(Garnet Health Medical Center Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2030<sup>(a)</sup> |  | 1200 | 1212311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(a)</sup> |  | 1000 | 1009532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034<sup>(a)</sup> |  | 2000 | 2008409 |

---

---

| | |
|:---|:---|
| 78 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York State Dormitory Authority<br>(Montefiore Obligated Group) <br>Series 2018 <br>5.00%, 08/01/2035 | $— | 2085 | $2126647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.50%, 11/01/2047 |  | 1000 | 1048533 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020 <br>3.00%, 09/01/2050 |  | 14890 | 10968714 |
|  New York State Dormitory Authority<br>(Northwell Health Obligated Group) <br>Series 2025 <br>5.00%, 05/01/2042 |  | 5000 | 5299233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 |  | 4000 | 4202094 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax) <br>Series 2021 <br>2.252%, 03/15/2032 |  | 13000 | 11607762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 <br>2.20%, 03/15/2034<sup>(a)(b)</sup> |  | 13000 | 11104054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C <br>5.00%, 03/15/2055 |  | 7750 | 8092107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2050 |  | 4000 | 4288764 |
|  New York State Dormitory Authority<br>(Trustees of Columbia University in the City of New York) <br>Series 2018-A <br>5.00%, 10/01/2048 |  | 11000 | 12333107 |
|  New York State Dormitory Authority<br>(Wagner College) <br>Series 2022 <br>5.00%, 07/01/2057 |  | 17245 | 14339726 |
|  New York State Dormitory Authority<br>(White Plains Hospital Obligated Group) <br>Series 2024 <br>5.25%, 10/01/2049 |  | 4500 | 4583378 |
|  New York State Thruway Authority<br>(New York State Thruway Authority Gen Toll Road) <br>Series 2016-A <br>5.00%, 01/01/2041 |  | 3800 | 3803967 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax) <br>Series 2025 <br>5.00%, 03/15/2055 |  | 20335 | 21298891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 03/15/2045 |  | 8940 | 9558443 |
|  New York Transportation Development Corp.<br>(Delta Air Lines, Inc.) <br>Series 2018 <br>5.00%, 01/01/2028 |  | 15300 | 15857827 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 79 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | $— | 18660 | $19333307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 10/01/2030 |  | 13980 | 14247615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/01/2045 |  | 40110 | 37493649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.625%, 04/01/2040 |  | 11250 | 11812992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2035 |  | 13875 | 15316576 |
|  New York Transportation Development Corp.<br>(Empire State Thruway Partners) <br>Series 2021 <br>4.00%, 04/30/2053 |  | 15475 | 13227530 |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal) <br>Series 2020 <br>5.00%, 12/01/2030 |  | 1000 | 1080358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 |  | 1100 | 1161434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 12/01/2039 |  | 1510 | 1580163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 |  | 2500 | 2596637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 |  | 11500 | 11834993 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners) <br>Series 2024 <br>5.50%, 12/31/2054 |  | 9465 | 9742858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/31/2060 |  | 49415 | 50466907 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024 <br>0.00%, 12/31/2054<sup>(g)</sup> |  | 12740 | 8277783 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC) <br>Series 2023 <br>5.375%, 06/30/2060 |  | 35900 | 36073070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/30/2054 |  | 31580 | 32953149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 06/30/2060 |  | 63160 | 61000913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2049 |  | 2250 | 2273917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2054 |  | 4390 | 4487607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/30/2060 |  | 59040 | 60278110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.00%, 06/30/2059 |  | 56410 | 59989288 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023 <br>5.00%, 06/30/2049 |  | 5000 | 5031588 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners) <br>Series 2016-A <br>5.00%, 07/01/2041 |  | 15840 | 15840938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 |  | 6895 | 6864923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2050 |  | 29285 | 29284485 |

---

---

| | |
|:---|:---|
| 80 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Niagara Area Development Corp.<br>(Reworld Holding Corp.) <br>Series 2018-A <br>4.75%, 11/01/2042<sup>(a)</sup> | $— | 6045 | $5353292 |
|  Onondaga Civic Development Corp.<br>(Syracuse University) <br>Series 2025 <br>5.50%, 12/01/2056 |  | 20500 | 22424343 |
|  Port Authority of New York & New Jersey<br>(Port Authority of New York & New Jersey) <br>Series 2021 <br>3.175%, 07/15/2060 |  | 10000 | 6656914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 <br>5.00%, 09/01/2037 |  | 3000 | 3300775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 |  | 3000 | 3275377 |
|  Suffolk Regional Off-Track Betting Corp.<br>(Suffolk Regional Off-Track Betting) <br>Series 2024 <br>5.00%, 12/01/2034 |  | 5500 | 5668227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2053 |  | 12400 | 12579737 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021-A <br>2.591%, 05/15/2036 |  | 4000 | 3342176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.917%, 05/15/2040 |  | 10000 | 7913414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 05/15/2052 |  | 4000 | 4486805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>5.25%, 05/15/2052<sup>(a)(b)</sup> |  | 10000 | 10496725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2057<sup>(a)(b)</sup> |  | 10000 | 10424969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.00%, 05/15/2047 |  | 10000 | 10385196 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2020-A <br>5.00%, 11/15/2049 |  | 2060 | 2122796 |
|  Triborough Bridge & Tunnel Authority Sales Tax Revenue<br>(Triborough Bridge & Tunnel Authority Sales Tax Revenue) <br>Series 2024-A <br>5.25%, 05/15/2064 |  | 19000 | 20066536 |
|  TSASC, Inc./NY<br>(TSASC, Inc./NY) <br>Series 2016 <br>5.00%, 06/01/2045 |  | 10200 | 9034895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2048 |  | 19765 | 17339192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 06/01/2041 |  | 1560 | 1564344 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 81 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Ulster County Capital Resource Corp.<br>(Woodland Pond at New Paltz) <br>Series 2017 <br>5.00%, 09/15/2037 | 860 | $| 859602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2042 | 365 |  | 354328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2047 | 625 |  | 581722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2053 | 1340 |  | 1214485 |
|  Ulster County Capital Resource Corp.<br>(Woodland Pond Obligated Group) <br>Series 2025 <br>5.875%, 09/15/2059<sup>(a)(h)</sup> | 3000 |  | 2966143 |
|  Western Regional Off-Track Betting Corp.<br>(Western Regional Off-Track Betting) <br>Series 2021 <br>3.00%, 12/01/2026<sup>(a)</sup> | 270 |  | 266122 |
|  |  |  | 1347779647 |
|  **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** |
|  City of Charlotte NC Airport Revenue<br>(City of Charlotte NC Airport Revenue) <br>Series 2022 <br>4.50%, 07/01/2047 | 13170 |  | 13046290 |
|  Fayetteville State University<br>(Fayetteville State University) <br>Series 2023 <br>5.00%, 04/01/2027<sup>(a)</sup> | 415 |  | 424763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028<sup>(a)</sup> | 455 |  | 473123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029<sup>(a)</sup> | 500 |  | 528227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030<sup>(a)</sup> | 545 |  | 583387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031<sup>(a)</sup> | 600 |  | 650862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034<sup>(a)</sup> | 770 |  | 858569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036<sup>(a)</sup> | 900 |  | 991274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037<sup>(a)</sup> | 970 |  | 1061094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040<sup>(a)</sup> | 1205 |  | 1291269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042<sup>(a)</sup> | 1380 |  | 1459830 |
|  Greater Asheville Regional Airport Authority<br>(Greater Asheville Regional Airport Authority) <br>AG Series 2022-A <br>5.50%, 07/01/2047 | 2880 |  | 3023980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2052 | 5000 |  | 5216556 |
|  Nash Health Care Systems<br>(Nash Health Care Systems) <br>Series 2025 <br>5.25%, 02/01/2055 | 14800 |  | 15427766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2050 | 12000 |  | 13067420 |
|  North Carolina Medical Care Commission<br>(Aldersgate United Methodist Retirement Community Obligated Group) <br>Series 2017 <br>5.00%, 07/01/2047 | 2950 |  | 2416948 |

---

---

| | |
|:---|:---|
| 82 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  North Carolina Medical Care Commission<br>(Aldersgate United Methodist Retirement Community) <br>Series 2015 <br>4.875%, 07/01/2040 | 5000 | $| 4334442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 | 4650 |  | 3869533 |
|  North Carolina Medical Care Commission<br>(Duke University Health System Obligated Group)<br>Series 2025-A <br>5.00%, 06/01/2041 | 6000 |  | 6555393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 | 3110 |  | 3355699 |
|  North Carolina Medical Care Commission<br>(Pennybyrn at Maryfield) <br>Series 2025 <br>5.00%, 10/01/2036 | 245 |  | 256128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2037 | 430 |  | 452091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2039 | 1440 |  | 1494673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2040 | 760 |  | 783591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/01/2055 | 360 |  | 363539 |
|  North Carolina Medical Care Commission<br>(Sharon Towers) <br>Series 2019-A <br>5.00%, 07/01/2044 | 1000 |  | 972889 |
|  North Carolina Medical Care Commission<br>(United Methodist Retirement Homes Obligated Group) <br>Series 2024 <br>5.00%, 10/01/2049 | 510 |  | 511633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/01/2054 | 2000 |  | 2014445 |
|  North Carolina Turnpike Authority<br>(North Carolina Turnpike Authority) <br>AG Series 2024 <br>Zero Coupon, 01/01/2050 | 11750 |  | 3709226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/2051 | 7490 |  | 2238253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/2052 | 6435 |  | 1820852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/01/2053 | 1750 |  | 469474 |
|  |  |  | 93723219 |
|  **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
|  City of Grand Forks ND<br>(Altru Health System Obligated Group) <br>Series 2021 <br>4.00%, 12/01/2035 | 4000 |  | 3944669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 | 3625 |  | 3543854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 | 1190 |  | 1152368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 | 1875 |  | 1742396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 | 1865 |  | 1700456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 7545 |  | 7990952 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 83 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>5.42%, 12/01/2053 | 5270 | $| 5392981 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2021 <br>3.00%, 12/01/2051 | 4000 |  | 2867626 |
|  County of Ward ND<br>(Trinity Health Obligated Group) <br>Series 2017-C <br>5.00%, 06/01/2048 | 10500 |  | 10016535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 | 5230 |  | 4893738 |
|  |  |  | 43245575 |
|  **Ohio – 3.1%** | **Ohio – 3.1%** | **Ohio – 3.1%** | **Ohio – 3.1%** |
|  Akron Bath Copley Joint Township Hospital District <br>(Prerefunded - US Treasuries)<br>Series 2020 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2040 | 4500 |  | 4542628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2037 | 800 |  | 845666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2038 | 750 |  | 792812 |
|  American Municipal Power, Inc.<br>(Prerefunded - US Govt Agencies) <br>Series 2016-A <br>5.00%, 02/15/2041 | 6000 |  | 6035653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2046 | 4000 |  | 4023769 |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority) <br>Series 2020-A <br>4.00%, 06/01/2048 | 10000 |  | 8657574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>Zero Coupon, 06/01/2057 | 113000 |  | 10677935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 | 145385 |  | 121838329 |
|  City of Chillicothe OH<br>(Adena Health System Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2037 | 3765 |  | 3836984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2047 | 3735 |  | 3750078 |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority) <br>Series 2025 <br>5.00%, 01/01/2037 | 1325 |  | 1451837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 | 1655 |  | 1784144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 | 16450 |  | 17216813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2050 | 10425 |  | 11076850 |
|  County of Cuyahoga OH<br>(MetroHealth System/The) <br>Series 2017 <br>5.00%, 02/15/2042 | 12600 |  | 12605772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2052 | 5680 |  | 5299858 |

---

---

| | |
|:---|:---|
| 84 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2047 | $— | 12860 | $12829917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2057 |  | 9370 | 9323622 |
|  County of Franklin OH<br>(First Community Village Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2049 |  | 3715 | 3436395 |
|  County of Hamilton OH<br>(Christ Hospital Obligated Group) <br>Series 2024-2 <br>5.00%, 06/01/2034<sup>(a)(b)</sup> |  | 8075 | 8840059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038<sup>(a)(b)</sup> |  | 7440 | 7995871 |
|  County of Hamilton OH<br>(UC Health Obligated Group) <br>Series 2020 <br>5.00%, 09/15/2050 |  | 23425 | 23087853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.50%, 08/01/2044 |  | 1000 | 1047950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2045 |  | 1900 | 1982954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2051 |  | 5000 | 5161866 |
|  County of Marion OH<br>(United Church Homes Obligated Group) <br>Series 2019 <br>5.125%, 12/01/2049 |  | 2210 | 1674452 |
|  County of Montgomery OH<br>(County of Montgomery OH) <br>6.00%, 04/01/2038<sup>(d)(e)(f)(j)(k)</sup> |  | 1588 | 18667 |
|  County of Montgomery OH<br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049<sup>(d)(e)(f)(j)(k)</sup> |  | 8021 | 95052 |
|  County of Ross OH<br>(Adena Health System Obligated Group) <br>Series 2019 <br>5.00%, 12/01/2049 |  | 6000 | 6032010 |
|  County of Washington OH<br>(Marietta Area Health Care Obligated Group) <br>Series 2022 <br>6.375%, 12/01/2037 |  | 1000 | 1080521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/01/2042 |  | 21540 | 22857451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 |  | 29085 | 30133613 |
|  Jefferson County Port Authority/OH<br>(JSW Steel USA Ohio, Inc.) <br>Series 2021 <br>3.50%, 12/01/2051<sup>(a)</sup> |  | 7500 | 5881755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.00%, 12/01/2053<sup>(a)</sup> |  | 16000 | 16407030 |
|  Lancaster Port Authority<br>(Royal Bank of Canada) <br>Series 2024-A <br>5.00%, 02/01/2055 |  | 10900 | 11670759 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 85 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Ohio Air Quality Development Authority<br>(American Electric Power) <br>Series 2019 <br>2.40%, 12/01/2038 | $— | 1030 | $977410 |
|  Ohio Air Quality Development Authority<br>(Duke Energy Corp.) <br>Series 2022 <br>4.25%, 11/01/2039 |  | 7100 | 7213535 |
|  Ohio Air Quality Development Authority<br>(Ohio Valley Electric) <br>Series 2019 <br>3.25%, 09/01/2029 |  | 1780 | 1753114 |
|  Ohio Higher Educational Facility Commission<br>(Ashtabula County Medical Center Obligated Group) <br>Series 2022 <br>5.25%, 01/01/2047 |  | 2750 | 2781756 |
|  Ohio Higher Educational Facility Commission<br>(John Carroll University) <br>Series 2022 <br>4.00%, 10/01/2047 |  | 1750 | 1446750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052 |  | 11900 | 9440285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.375%, 10/01/2045 |  | 3000 | 3020867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2050 |  | 4000 | 4012828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2057 |  | 4000 | 3995818 |
|  Ohio Higher Educational Facility Commission<br>(Xavier University) <br>Series 2024 <br>5.00%, 05/01/2039 |  | 880 | 942643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 |  | 785 | 831827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 |  | 815 | 855275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 |  | 435 | 452433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2049 |  | 5630 | 5773452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2054 |  | 6825 | 6959948 |
|  Ohio Housing Finance Agency<br>(Havens Edge Apartments) <br>Series 2025 <br>5.70%, 08/01/2043<sup>(a)</sup> |  | 2250 | 2328434 |
|  Port of Greater Cincinnati Development Authority<br>(Duke Energy Convention Center Project) <br>Series 2024 <br>5.00%, 12/01/2053 |  | 1275 | 1303528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2063 |  | 13605 | 13832737 |
|  Port of Greater Cincinnati Development Authority<br>(IDEA Greater Cincinnati) <br>Series 2021 <br>4.375%, 06/15/2056 |  | 3480 | 3454617 |

---

---

| | |
|:---|:---|
| 86 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Port of Greater Cincinnati Development Authority<br>(Port of Greater Cincinnati Development Authority) <br>Series 2025-A <br>6.50%, 01/01/2045<sup>(a)</sup> | 2500 | $| 2585332 |
|  State of Ohio<br>(Cleveland Clinic Health System Obligated Group) <br>Series 2019 <br>3.276%, 01/01/2042 | 1635 |  | 1363778 |
|  Toledo-Lucas County Port Authority<br>(ParkUToledo, Inc.) <br>Series 2021 <br>4.00%, 01/01/2041 | 3000 |  | 2827943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2043 | 2000 |  | 1827125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2046 | 2000 |  | 1751758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2051 | 8500 |  | 7130865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 | 7500 |  | 6112733 |
|  University of Toledo<br>(University of Toledo) <br>Series 2023-2 <br>4.63%, 06/01/2036<sup>(a)(b)</sup> | 48190 |  | 47550692 |
|  |  |  | 526521982 |
|  **Oklahoma – 1.1%** | **Oklahoma – 1.1%** | **Oklahoma – 1.1%** | **Oklahoma – 1.1%** |
|  Oklahoma Capitol Improvement Authority<br>(State of Oklahoma State Lease) <br>Series 2025 <br>5.25%, 07/01/2055 | 10610 |  | 11391969 |
|  Oklahoma Development Finance Authority<br>(Oklahoma City University Obligated Group) <br>Series 2019 <br>5.00%, 08/01/2044 | 7650 |  | 7531555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049 | 12780 |  | 12275745 |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group) <br>Series 2018-B <br>5.00%, 08/15/2038 | 1000 |  | 1014607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2043 | 11545 |  | 11624501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2052 | 8390 |  | 8422761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2057 | 23625 |  | 23669025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.50%, 08/15/2037 | 10000 |  | 10538797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2041 | 11995 |  | 12353774 |
|  Oklahoma Turnpike Authority <br>(Oklahoma Turnpike Authority) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.50%, 01/01/2054 | 14710 |  | 16012450 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 87 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 01/01/2037 | 1455 | $| 1694225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 | 5275 |  | 6086116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 4765 |  | 5449829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 | 5000 |  | 5616500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 | 2750 |  | 3055377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 | 3750 |  | 4162068 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2025-A <br>4.25%, 01/01/2055 | 10000 |  | 9756764 |
|  Tulsa Municipal Airport Trust Trustees/OK<br>(American Airlines, Inc.) <br>Series 2025 <br>6.25%, 12/01/2035 | 23975 |  | 27647941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/2040 | 6500 |  | 7289441 |
|  |  |  | 185593445 |
|  **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
|  Astoria Hospital Facilities Authority<br>(Columbia Lutheran Charities Obligated Group) <br>Series 2024 <br>5.00%, 08/01/2034 | 13250 |  | 14808721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1660 |  | 1842041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2037 | 1960 |  | 2165051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2038 | 2185 |  | 2391209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2039 | 1205 |  | 1306025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2040 | 1000 |  | 1071183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2041 | 1725 |  | 1827351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2054 | 13250 |  | 13360452 |
|  Clackamas County Hospital Facility Authority<br>(Rose Villa Obligated Group) <br>Series 2020-A <br>5.125%, 11/15/2040 | 750 |  | 753866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/2055 | 2940 |  | 2885268 |
|  Medford Hospital Facilities Authority<br>(Asante Health System Obligated Group) <br>Series 2022-2 <br>5.00%, 08/15/2045<sup>(a)(b)</sup> | 4500 |  | 4613267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2050<sup>(a)(b)</sup> | 5500 |  | 5586749 |
|  Multnomah County School District No. 40<br>(Multnomah County School District No. 40) <br>Series 2023-A <br>Zero Coupon, 06/15/2043 | 6430 |  | 2766453 |
|  Oregon State Facilities Authority<br>(Legacy Health Obligated Group) <br>Series 2022 <br>5.00%, 06/01/2030 | 1630 |  | 1767831 |
|  Oregon State Facilities Authority<br>(Samaritan Health Services Obligated Group) <br>Series 2020 <br>5.00%, 10/01/2040 | 1750 |  | 1794471 |

---

---

| | |
|:---|:---|
| 88 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue) <br>Series 2022-2 <br>5.00%, 07/01/2052 | 10000 | $| 10150350 |
|  Umatilla County School District No. 6R Umatilla <br>(Umatilla County School District No. 6R Umatilla)<br>Series 2023-B <br>Zero Coupon, 06/15/2043 | 2350 |  | 1031374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/15/2053 | 10500 |  | 2634813 |
|  |  |  | 72756475 |
|  **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** |
|  Allegheny County Hospital Development Authority<br>(Allegheny Health Network Obligated Group) <br>Series 2018-A <br>5.00%, 04/01/2034 | 10135 |  | 10526558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 | 12500 |  | 12949002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 | 10900 |  | 11256983 |
|  Allentown Neighborhood Improvement Zone Development Authority<br>(Allentown Neighborhood Improvement Zone Center City Investment Revenue) <br>Series 2018 <br>5.00%, 05/01/2033<sup>(a)</sup> | 2000 |  | 2059103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/2042<sup>(a)</sup> | 2500 |  | 2527574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.25%, 05/01/2042<sup>(a)</sup> | 14690 |  | 14973241 |
|  Allentown Neighborhood Improvement Zone Development Authority<br>(Allentown Neighborhood Improvement Zone Development Authority) <br>Series 2025 <br>5.50%, 05/01/2032<sup>(a)</sup> | 2015 |  | 2183546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2042<sup>(a)</sup> | 2050 |  | 2208318 |
|  Berks County Municipal Authority (The)<br>(Tower Health Obligated Group) <br>Series 2024 <br>5.00%, 06/30/2039 | 23002 |  | 20832412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/2039 | 7800 |  | 6256044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/2034 | 3135 |  | 3119488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>6.00%, 06/30/2034 | 1483 |  | 1596641 |
|  Bucks County Industrial Development Authority<br>(Grand View Hospital/Sellersville PA Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2046 | 11850 |  | 10427400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2051 | 8300 |  | 7029327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1275 |  | 1354439 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 89 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | $— | 2300 | $2469960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 1170 | 1250118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 |  | 1300 | 1383059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 1555 | 1645197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 1225 | 1288539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 1000 | 1040357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 |  | 1500 | 1540207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 |  | 3630 | 3702576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 |  | 14300 | 13952451 |
|  Chambersburg Area Municipal Authority<br>(Wilson College) <br>Series 2018 <br>5.75%, 10/01/2043 |  | 1350 | 1279366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2048 |  | 9000 | 8484925 |
|  Chester County Industrial Development Authority<br>(Collegium Charter School) <br>Series 2017-A <br>5.125%, 10/15/2037 |  | 1500 | 1468143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2047 |  | 2700 | 2433573 |
|  City of Philadelphia PA<br>(City of Philadelphia PA) <br>Series 2025-A <br>5.25%, 08/01/2043 |  | 5000 | 5541608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2044 |  | 7250 | 7978210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2045 |  | 5555 | 6073219 |
|  City of Philadelphia PA Water & Wastewater Revenue<br>(City of Philadelphia PA Water & Wastewater Revenue) <br>Series 2021-B <br>2.926%, 07/01/2045 |  | 5000 | 3769643 |
|  County of Lehigh PA<br>(Thomas Jefferson University Obligated Group) <br>Series 2016-A <br>4.00%, 07/01/2035 |  | 10000 | 9965236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 07/01/2044 |  | 6885 | 7035924 |
|  Crawford County Hospital Authority<br>(Meadville Medical Center Obligated Group) <br>Series 2016-A <br>6.00%, 06/01/2046 |  | 1175 | 1178874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2051 |  | 2200 | 2204275 |
|  Cumberland County Municipal Authority<br>(Asbury Pennsylvania Obligated Group) <br>Series 2019 <br>5.00%, 01/01/2045 |  | 1815 | 1699105 |
|  Delaware County Authority<br>(Elwyn Obligated Group) <br>Series 2017 <br>5.00%, 06/01/2032 |  | 1750 | 1765358 |

---

---

| | |
|:---|:---|
| 90 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lancaster County Hospital Authority/PA<br>(St. Anne's Retirement Community Obligated Group) <br>Series 2020 <br>5.00%, 03/01/2040 | $— | 2000 | $1872536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2050 |  | 500 | 413703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 03/01/2029 |  | 2170 | 2163539 |
|  Lancaster Municipal Authority<br>(Garden Spot Village Obligated Group) <br>Series 2024 <br>5.00%, 05/01/2049 |  | 1000 | 999227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 |  | 800 | 783637 |
|  Montgomery County Higher Education & Health Authority<br>(HumanGood Pennsylvania Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2047 |  | 5500 | 5328704 |
|  Montgomery County Higher Education & Health Authority<br>(Thomas Jefferson University Obligated Group) <br>Series 2018 <br>5.00%, 09/01/2035 |  | 3600 | 3766896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 09/01/2051 |  | 2300 | 2335115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 05/01/2052 |  | 5900 | 5205325 |
|  Montgomery County Industrial Development Authority/PA<br>(Whitemarsh Continuing Care Retirement Community) <br>Series 2015 <br>5.25%, 01/01/2040 |  | 4745 | 4745011 |
|  Northeastern Pennsylvania Hospital & Education Authority<br>(Wilkes University) <br>Series 2016-A <br>5.00%, 03/01/2037 |  | 2675 | 2675692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.25%, 03/01/2031 |  | 1640 | 1651959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2037 |  | 1170 | 1173596 |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation) <br>Series 2022 <br>5.75%, 06/30/2048 |  | 11000 | 11468624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/30/2061 |  | 24600 | 26014815 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2022 <br>5.75%, 12/31/2062 |  | 12850 | 13619666 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 91 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pennsylvania Economic Development Financing Authority<br>(Iron Cumberland LLC) <br>Series 2022 <br>7.00%, 12/01/2029 | $— | 20160 | $20167437 |
|  Pennsylvania Economic Development Financing Authority<br>(Noble Environmental, Inc.) <br>Series 2025 <br>6.875%, 09/01/2047<sup>(a)</sup> |  | 5750 | 5982496 |
|  Pennsylvania Economic Development Financing Authority<br>(Pennsylvania Economic Development Finance Authority Sewage) <br>Series 2020 <br>4.00%, 01/01/2027 |  | 1530 | 1540260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2029 |  | 450 | 458101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2030 |  | 1575 | 1613728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2032 |  | 800 | 826770 |
|  Pennsylvania Economic Development Financing Authority<br>(Reworld Holding Corp.) <br>Series 2019 <br>3.25%, 08/01/2039<sup>(a)</sup> |  | 2110 | 1701511 |
|  Pennsylvania Economic Development Financing Authority<br>(UPMC Obligated Group) <br>Series 2025-B <br>5.00%, 03/15/2050 |  | 8000 | 8263665 |
|  Pennsylvania Higher Educational Facilities Authority<br>(Drexel University) <br>Series 2016 <br>5.00%, 05/01/2032 |  | 1000 | 1005722 |
|  Pennsylvania Higher Educational Facilities Authority<br>(Thomas Jefferson University Obligated Group) <br>Series 2024 <br>4.00%, 11/01/2042 |  | 2000 | 1914684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/01/2054 |  | 4750 | 4363426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 |  | 1500 | 1608132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2054 |  | 1700 | 1807299 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024 <br>4.375%, 11/01/2054 |  | 4000 | 3721213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2048 |  | 3050 | 3244314 |
|  Pennsylvania Higher Educational Facilities Authority<br>(University of Pennsylvania Health System Obligated Group) <br>Series 2025 <br>5.00%, 08/15/2055 |  | 27330 | 28323918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.50%, 08/15/2055<sup>(a)(b)</sup> |  | 16000 | 17392829 |

---

---

| | |
|:---|:---|
| 92 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission) <br>Series 2018-A <br>5.00%, 12/01/2043 | $— | 10000 | $10311959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.25%, 12/01/2054 |  | 11250 | 12099606 |
|  Pennsylvania Turnpike Commission<br>(Prerefunded - US Treasuries) <br>Series 2016 <br>5.00%, 06/01/2037 |  | 4000 | 4006531 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue<br>(Pennsylvania Turnpike Commission Oil Franchise Tax Revenue) <br>Series 2022-2 <br>5.00%, 12/01/2046<sup>(a)(b)</sup> |  | 26610 | 27852195 |
|  Philadelphia Authority for Industrial Development<br>(MaST Community Charter School III) <br>Series 2021 <br>5.00%, 08/01/2050 |  | 5000 | 4776258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2054 |  | 3560 | 3379509 |
|  Philadelphia Authority for Industrial Development<br>(Philadelphia Electrical & Technology Charter High School) <br>Series 2021 <br>4.00%, 06/01/2056 |  | 2550 | 1921093 |
|  Philadelphia Authority for Industrial Development<br>(Philadelphia Performing Arts Charter School) <br>Series 2020 <br>5.00%, 06/15/2040<sup>(a)</sup> |  | 3285 | 3249947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2050<sup>(a)</sup> |  | 4585 | 4223815 |
|  Philadelphia Authority for Industrial Development <br>(St. Joseph's University)<br>Series 2022 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2060 |  | 10000 | 10462097 |
|  Philadelphia Gas Works Co.<br>(Philadelphia Gas Works) <br>Series 2017 <br>5.00%, 08/01/2042 |  | 5000 | 5080418 |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority) <br>AG Series 2023-2 <br>4.53%, 09/01/2040<sup>(a)(b)</sup> |  | 46555 | 46104483 |
|  School District of Philadelphia (The)<br>(School District of Philadelphia/The) <br>Series 2016-F <br>5.00%, 09/01/2033 |  | 3000 | 3032672 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 93 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 1000 | $| 1008201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 09/01/2034 | 1000 |  | 1046743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 | 1000 |  | 1044559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 | 1000 |  | 1042552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 | 1000 |  | 1039338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 09/01/2043 | 3000 |  | 3069361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 09/01/2044 | 17900 |  | 18289196 |
|  Scranton-Lackawanna Health & Welfare Authority<br>(Community Development Properties Scranton) <br>Series 2025 <br>6.25%, 08/01/2053<sup>(a)</sup> | 11630 |  | 11813600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/01/2060<sup>(a)</sup> | 2290 |  | 2417365 |
|  State Public School Building Authority<br>(Harrisburg School District) <br>AG Series 2016 <br>5.00%, 12/01/2030 | 7160 |  | 7297704 |
|  Union County Hospital Authority<br>(WellSpan Evangelical Community Hospital Obligated Group) <br>Series 2018 <br>5.00%, 08/01/2038 | 2685 |  | 2761145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2043 | 5750 |  | 5824948 |
|  |  |  | 579758844 |
|  **Puerto Rico – 2.4%** | **Puerto Rico – 2.4%** | **Puerto Rico – 2.4%** | **Puerto Rico – 2.4%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico) <br>Series 2021-A <br>Zero Coupon, 07/01/2033 | 6410 |  | 4623826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 12000 |  | 11863039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 4200 |  | 4125402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 1631 |  | 1560285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 2217 |  | 2034503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 2542 |  | 2714681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 3784 |  | 4195579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>Zero Coupon, 11/01/2051 | 12233 |  | 7247814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/2051 | 41000 |  | 12050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%, 11/01/2051 | 40540 |  | 27364418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>Zero Coupon, 11/01/2043 | 84608 |  | 54043206 |
|  GDB Debt Recovery Authority of Puerto Rico<br>(GDB Debt Recovery Authority of Puerto Rico) <br>Series 2018 <br>7.50%, 08/20/2040 | 4392 |  | 4275427 |

---

---

| | |
|:---|:---|
| 94 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority) <br>Series 2020-A <br>5.00%, 07/01/2030<sup>(a)</sup> | $— | 5500 | $5727924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(a)</sup> |  | 9455 | 9781137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 07/01/2042<sup>(a)</sup> |  | 2500 | 2280562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 07/01/2042<sup>(a)</sup> |  | 4000 | 3648900 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority) <br>Series 2007-T <br>5.00%, 07/01/2032<sup>(d)(e)</sup> |  | 7315 | 4827900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(d)(e)</sup> |  | 15260 | 10071600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W <br>5.25%, 07/01/2033<sup>(d)(e)</sup> |  | 1000 | 660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2038<sup>(d)(e)</sup> |  | 10490 | 6923400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A <br>5.25%, 07/01/2029<sup>(d)(e)</sup> |  | 2950 | 1947000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030<sup>(d)(e)</sup> |  | 1040 | 686400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C <br>5.00%, 07/01/2024<sup>(d)(l)</sup> |  | 1735 | 1145100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2027<sup>(d)(e)</sup> |  | 3360 | 2217600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028<sup>(d)(e)</sup> |  | 500 | 330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-X <br>5.25%, 07/01/2040<sup>(d)(e)</sup> |  | 20585 | 13586100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2036<sup>(d)(e)</sup> |  | 7375 | 4867500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010DDD <br>5.00%, 07/01/2021<sup>(d)(l)</sup> |  | 1050 | 693000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2022<sup>(d)(l)</sup> |  | 950 | 627000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010ZZ <br>5.25%, 07/01/2018<sup>(d)(l)</sup> |  | 3500 | 2310000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2024<sup>(d)(l)</sup> |  | 2565 | 1692900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2025<sup>(d)(l)</sup> |  | 620 | 409200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A <br>5.00%, 07/01/2029<sup>(d)(e)</sup> |  | 2510 | 1656600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042<sup>(d)(e)</sup> |  | 2125 | 1402500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/01/2042<sup>(d)(e)</sup> |  | 2585 | 1706100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A <br>7.00%, 07/01/2033<sup>(d)(e)</sup> |  | 1700 | 1122000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/01/2040<sup>(d)(e)</sup> |  | 750 | 495000 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2007-V <br>5.25%, 07/01/2031 |  | 25380 | 25854365 |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 2007-V <br>5.25%, 07/01/2029 |  | 5965 | 6010509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2033 |  | 9250 | 9379804 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 95 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(AES Puerto Rico LP) <br>Series 2023-A <br>6.625%, 01/01/2027 | 1972 | $| 1959411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 | 15042 |  | 14926327 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC) <br>Series 2024 <br>6.50%, 01/01/2042 | 3250 |  | 3682851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/01/2045 | 3500 |  | 3953884 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax Revenue) <br>Series 2018-A <br>Zero Coupon, 07/01/2027 | 384 |  | 363216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2046 | 123224 |  | 42885957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2051 | 58864 |  | 14541121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>4.329%, 07/01/2040 | 15975 |  | 15487678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2040 | 1198 |  | 1188169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/01/2053 | 2000 |  | 1891004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 52251 |  | 50748298 |
|  |  |  | 409786197 |
|  **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** |
|  Rhode Island Health & Educational Building Corp.<br>(City of Woonsocket RI Lease) <br>AG Series 2017-A <br>5.00%, 05/15/2029 | 1000 |  | 1033230 |
|  **South Carolina – 2.5%** | **South Carolina – 2.5%** | **South Carolina – 2.5%** | **South Carolina – 2.5%** |
|  Charleston County Airport District<br>(Charleston County Airport District) <br>Series 2024-A <br>5.25%, 07/01/2044 | 1000 |  | 1058031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2054 | 4000 |  | 4159723 |
|  Columbia Housing Authority/SC<br>(Garden Lakes Apartments) <br>Series 2022 <br>5.26%, 11/01/2032 | 620 |  | 620704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 | 12570 |  | 12214387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 | 525 |  | 510913 |
|  Greenville Housing Authority/SC<br>(Victor Verdae Apartments) <br>Series 2023 <br>6.16%, 05/01/2063<sup>(a)</sup> | 16500 |  | 15020346 |

---

---

| | |
|:---|:---|
| 96 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Last Step Recycling LLC<br>(Last Step Recycling LLC) <br>9.50%, 12/15/2028<sup>(f)(j)(k)(m)</sup> | $— | 6622 | $6621718 |
|  Patriots Energy Group Financing Agency<br>(Sumitomo Mitsui Financial Group) <br>Series 2023-2 <br>5.25%, 10/01/2054<sup>(a)(b)</sup> |  | 30000 | 32726661 |
|  South Carolina Jobs-Economic Development Authority<br>(Beaufort Memorial Hospital Obligated Group) <br>Series 2024 <br>5.00%, 11/15/2035 |  | 1225 | 1296667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2039 |  | 1000 | 1069938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2044 |  | 1000 | 1021032 |
|  South Carolina Jobs-Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2020 <br>5.00%, 12/01/2046 |  | 10595 | 10830340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 11/01/2043 |  | 6500 | 7096643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 |  | 3600 | 3897964 |
|  South Carolina Jobs-Economic Development Authority<br>(Connexion Communities Obligated Group) <br>Series 2025 <br>6.75%, 10/15/2060<sup>(a)</sup> |  | 31110 | 31215118 |
|  South Carolina Jobs-Economic Development Authority<br>(FAH Pelham LLC) <br>Series 2023 <br>10.00%, 08/01/2039<sup>(a)</sup> |  | 580 | 549321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A <br>6.50%, 02/01/2056<sup>(a)</sup> |  | 16895 | 17298001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>7.50%, 08/01/2047<sup>(a)</sup> |  | 7000 | 6989790 |
|  South Carolina Jobs-Economic Development Authority<br>(International Paper Co.) <br>Series 2023 <br>4.00%, 04/01/2033 |  | 6000 | 6025116 |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC) <br>Series 2021 <br>6.00%, 06/01/2031<sup>(d)(e)(f)</sup> |  | 2470 | 271700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2040<sup>(d)(e)(f)</sup> |  | 6100 | 671000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2051<sup>(d)(e)(f)</sup> |  | 9070 | 997700 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 97 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group) <br>Series 2024 <br>5.00%, 11/01/2038 | $— | 6590 | $7301737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2041 |  | 4000 | 4400622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 |  | 3000 | 3208264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2048 |  | 9355 | 10018801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2050 |  | 3965 | 4226485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2054 |  | 48175 | 51282856 |
|  South Carolina Jobs-Economic Development Authority<br>(PSG Patriot's Place Apartments) <br>Series 2022 <br>0.00%, 06/01/2052<sup>(g)</sup> |  | 15800 | 11756616 |
|  South Carolina Jobs-Economic Development Authority<br>(Rolling Green Village) <br>Series 2025 <br>4.00%, 12/01/2030<sup>(h)</sup> |  | 2510 | 2510373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2031<sup>(h)</sup> |  | 8000 | 8000538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/2032<sup>(h)</sup> |  | 6480 | 6479983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035<sup>(h)</sup> |  | 1750 | 1801497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040<sup>(h)</sup> |  | 1370 | 1356952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2045<sup>(h)</sup> |  | 1270 | 1262380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2060<sup>(h)</sup> |  | 1045 | 1015513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 12/01/2050<sup>(h)</sup> |  | 1220 | 1220516 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority) <br>Series 2015-A <br>5.00%, 12/01/2050 |  | 14525 | 14527259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 12/01/2034 |  | 3815 | 3856955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 |  | 1000 | 1009634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 12/01/2037 |  | 2000 | 2032215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 |  | 10500 | 10600960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 12/01/2035 |  | 1000 | 1025916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/01/2038 |  | 550 | 553191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049 |  | 5166 | 4716389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 |  | 447 | 488875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 |  | 1742 | 1871130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 12/01/2052 |  | 14000 | 12574576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 |  | 10000 | 10198475 |

---

---

| | |
|:---|:---|
| 98 AB Municipal Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>5.00%, 12/01/2039 | 1310 | $| 1438689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 2000 |  | 2179412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 | 3000 |  | 3236852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 | 3135 |  | 3344805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.00%, 12/01/2043 | 2965 |  | 3135256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 12/01/2045 | 3250 |  | 3405741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 | 24625 |  | 25369276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2050 | 8375 |  | 8855588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B <br>5.00%, 12/01/2044 | 3695 |  | 3888134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 | 2375 |  | 2488810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2047 | 5000 |  | 5184491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2048 | 2250 |  | 2328463 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2024-B <br>5.00%, 12/01/2054 | 12000 |  | 12510131 |
|  |  |  | 418827169 |
|  **South Dakota – 0.2%** | **South Dakota – 0.2%** | **South Dakota – 0.2%** | **South Dakota – 0.2%** |
|  County of Lincoln SD <br>(Augustana College Association/SD)<br>Series 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2051 | 7970 |  | 6458804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2056 | 2415 |  | 1908393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2061 | 6350 |  | 4901908 |
|  South Dakota Health & Educational Facilities Authority<br>(Monument Health Obligated Group) <br>Series 2017 <br>5.00%, 09/01/2033 | 3260 |  | 3343407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 | 15035 |  | 15257343 |
|  South Dakota Housing Development Authority<br>(Schuett Spearfish LP) <br>Series 2023 <br>6.15%, 09/01/2039 | 5360 |  | 5511739 |
|  |  |  | 37381594 |
|  **Tennessee – 1.7%** | **Tennessee – 1.7%** | **Tennessee – 1.7%** | **Tennessee – 1.7%** |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(a)</sup> | 9080 |  | 8718346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2042<sup>(a)</sup> | 31490 |  | 29758292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>Zero Coupon, 12/01/2031<sup>(a)</sup> | 3800 |  | 2723576 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 99 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC) <br>Series 2022 <br>8.75%, 11/01/2032<sup>(f)</sup> | $— | 2000 | $2005761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/01/2042<sup>(f)</sup> |  | 5450 | 5413483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2052<sup>(f)</sup> |  | 15765 | 15252251 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Trevecca Nazarene University) <br>Series 2021 <br>4.00%, 10/01/2051 |  | 2000 | 1600654 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Vanderbilt University Medical Center Obligated Group) <br>Series 2016 <br>5.00%, 07/01/2040 |  | 2435 | 2451069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 07/01/2048 |  | 2335 | 2350127 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049<sup>(d)(e)(f)(j)(k)</sup> |  | 4001 | 47409 |
|  Metropolitan Government of Nashville & Davidson County Industrial Development Board<br>(Nashville & Davidson County TN South Nashville Central Business Improvement Dist) <br>Series 2021 <br>Zero Coupon, 06/01/2043<sup>(a)</sup> |  | 6940 | 2957334 |
|  Metropolitan Nashville Airport Authority (The) <br>(Metropolitan Nashville Airport Authority/The)<br>Series 2022-B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2047 |  | 12500 | 12983814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2052 |  | 13000 | 13631137 |
|  Shelby County Health & Educational Facilities Board<br>(Madrone Memphis Student Housing I) <br>Series 2024 <br>5.25%, 06/01/2056<sup>(a)</sup> |  | 5000 | 4755554 |
|  Tennergy Corp./TN<br>(Nomura Holdings, Inc.) <br>Series 2022-A <br>5.50%, 10/01/2053 |  | 27000 | 29277963 |
|  Tennergy Corp./TN<br>(Royal Bank of Canada) <br>Series 2024 <br>5.00%, 10/01/2054 |  | 41975 | 44785508 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group) <br>Series 2021 <br>5.00%, 05/01/2052 |  | 27820 | 30008758 |

---

---

| | |
|:---|:---|
| 100 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Tennessee Energy Acquisition Corp.<br>(Pacific Life Insurance) <br>Series 2025-A <br>5.00%, 12/01/2035 | 61585 | $| 67027500 |
|  Wilson County Health & Educational Facilities Board<br>(Limestone Trail Apartments) <br>Series 2021 <br>4.00%, 12/01/2039 | 9875 |  | 7832807 |
|  |  |  | 283581343 |
|  **Texas – 6.5%** | **Texas – 6.5%** | **Texas – 6.5%** | **Texas – 6.5%** |
|  Arlington Higher Education Finance Corp.<br>(BASIS Texas Charter Schools) <br>Series 2024 <br>4.25%, 06/15/2039<sup>(a)</sup> | 1095 |  | 1044968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/2044<sup>(a)</sup> | 830 |  | 757704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2049<sup>(a)</sup> | 1830 |  | 1664904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/15/2059<sup>(a)</sup> | 1000 |  | 898231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2064<sup>(a)</sup> | 1700 |  | 1528118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.75%, 06/15/2055<sup>(a)</sup> | 5800 |  | 5866551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2065<sup>(a)</sup> | 6550 |  | 6637428 |
|  Arlington Higher Education Finance Corp.<br>(Cypress Christian School) <br>Series 2024-2 <br>6.00%, 06/01/2053<sup>(a)</sup> | 5080 |  | 5101185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2063<sup>(a)</sup> | 9155 |  | 9234107 |
|  Arlington Higher Education Finance Corp.<br>(Magellan School/The) <br>Series 2022 <br>6.25%, 06/01/2052<sup>(a)</sup> | 6015 |  | 6075916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/01/2062<sup>(a)</sup> | 9785 |  | 9889508 |
|  Baytown Municipal Development District <br>(Baytown Municipal Development District Baytown Convention Center Hotel Revenue) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 10/01/2045 | 8545 |  | 7810468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2050 | 3815 |  | 3341865 |
|  Beaumont Housing Authority<br>(Beaumont Housing Authority) <br>Series 2025 <br>6.50%, 07/01/2055<sup>(a)</sup> | 17640 |  | 17517400 |
|  Board of Managers Joint Guadalupe County-City of Seguin Hospital<br>(Board of Managers Joint Guadalupe County-City of Seguin Hospital) <br>Series 2015 <br>5.00%, 12/01/2040 | 8380 |  | 8355223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 | 9660 |  | 9145703 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 101 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Brazoria County Industrial Development Corp.<br>(Brazoria County Industrial Development) <br>10.00%, 06/01/2042<sup>(d)(e)(f)(j)(k)</sup> | $— | 9374 | $937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 06/01/2043<sup>(d)(e)(f)(j)(k)</sup> |  | 2343 | 234 |
|  Central Texas Regional Mobility Authority<br>(Central Texas Regional Mobility Authority) <br>Series 2020-A <br>5.00%, 01/01/2044 |  | 2230 | 2290806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049 |  | 3940 | 4018176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 01/01/2046 |  | 4600 | 4729214 |
|  Central Texas Turnpike System<br>(Central Texas Turnpike System) <br>Series 2024-A <br>5.00%, 08/15/2038 |  | 8100 | 9000001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C <br>5.00%, 08/15/2041 |  | 3500 | 3781736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 |  | 1850 | 1984270 |
|  City of Dallas Housing Finance Corp.<br>(DHFC The Briscoe Apartments) <br>Series 2022 <br>Zero Coupon, 12/01/2062<sup>(a)</sup> |  | 183265 | 11777232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2062 |  | 20940 | 19407399 |
|  City of Dallas Housing Finance Corp.<br>(DHFC The Dylan Apartments) <br>Series 2022 <br>6.00%, 12/01/2062<sup>(a)</sup> |  | 10025 | 9136418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/2054<sup>(a)</sup> |  | 4070 | 3545362 |
|  City of Houston TX<br>(City of Houston TX Hotel Occupancy Tax) <br>Series 2015 <br>5.00%, 09/01/2030 |  | 1965 | 1967851 |
|  City of Houston TX<br>(City of Houston TX) <br>Series 2021-B <br>2.047%, 03/01/2033 |  | 2495 | 2149362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.147%, 03/01/2034 |  | 7405 | 6269072 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue) <br>Series 2025-A <br>5.25%, 07/01/2036 |  | 1250 | 1420594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 |  | 4000 | 4512776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 |  | 5350 | 5933999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 |  | 4000 | 4384485 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2023 <br>5.25%, 07/01/2042 |  | 5000 | 5338364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 |  | 5000 | 5297275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2048 |  | 5000 | 5229176 |

---

---

| | |
|:---|:---|
| 102 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2014 <br>5.00%, 07/01/2029 | $— | 13920 | $13920085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 07/15/2030 |  | 1960 | 1960012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 |  | 1000 | 1000006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 07/15/2028 |  | 22875 | 23535415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 07/01/2027 |  | 1750 | 1784141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 2500 | 2549996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B <br>5.25%, 07/15/2033 |  | 1350 | 1462355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2034 |  | 1000 | 1083810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 |  | 17505 | 19242279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2037 |  | 49350 | 53912250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038 |  | 16940 | 18392271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2039 |  | 14980 | 16147051 |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>(City of San Antonio TX Electric & Gas Systems Revenue) <br>Series 2024-E <br>5.25%, 02/01/2049 |  | 10000 | 10762579 |
|  Clifton Higher Education Finance Corp.<br>(Valor Texas Education Foundation) <br>Series 2023-A <br>5.50%, 06/15/2033<sup>(a)</sup> |  | 975 | 996385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2043<sup>(a)</sup> |  | 3365 | 3317317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2048<sup>(a)</sup> |  | 5125 | 4859788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/2053<sup>(a)</sup> |  | 5800 | 5577031 |
|  Conroe Local Government Corp.<br>(Conroe Local Govt Conroe Convention Center Hotel) <br>Series 2021 <br>4.00%, 10/01/2050 |  | 1525 | 1349199 |
|  County of Denton TX<br>(County of Denton TX) <br>Series 2024 <br>4.00%, 07/15/2044 |  | 1000 | 987877 |
|  County of Harris TX Toll Road Revenue<br>(County of Harris TX Toll Road Revenue) <br>Series 2021 <br>4.00%, 08/15/2050 |  | 23100 | 21846402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A <br>4.00%, 08/15/2054 |  | 5500 | 5061081 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 103 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dallas County Flood Control District No. 1<br>(Dallas County Flood Control District No. 1) <br>Series 2015 <br>5.00%, 04/01/2028<sup>(a)</sup> | $— | 1255 | $1254966 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport) <br>Series 2022-A <br>4.507%, 11/01/2051 |  | 2000 | 1778996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>5.00%, 11/01/2033 |  | 8825 | 9928424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 |  | 3560 | 3998360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 |  | 8780 | 9777481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2037 |  | 13800 | 15626910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2038 |  | 12400 | 13933775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2039 |  | 3520 | 3922188 |
|  Grand Parkway Transportation Corp.<br>(Grand Parkway Transportation) <br>Series 2018-A <br>5.00%, 10/01/2043 |  | 10000 | 10266166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 10/01/2045 |  | 14600 | 13775204 |
|  Harris County Industrial Development Corp.<br>(Energy Transfer LP) <br>Series 2023 <br>4.05%, 11/01/2050 |  | 24195 | 25040869 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority) <br>Series 2022-A <br>Zero Coupon, 12/01/2042 |  | 2000 | 884551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2051 |  | 11540 | 2845431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2054 |  | 3340 | 695134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2056 |  | 17105 | 3186078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>Zero Coupon, 12/01/2042 |  | 1395 | 592785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2043 |  | 2000 | 791093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2044 |  | 5640 | 2081833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2046 |  | 1665 | 541425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2055 |  | 2895 | 544757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2056 |  | 5000 | 890031 |
|  Irving Hospital Authority<br>(Baylor Medical Center at Irving) <br>Series 2017-A <br>5.00%, 10/15/2044 |  | 8505 | 8522350 |
|  Lamar Consolidated Independent School District<br>(Lamar Consolidated Independent School District) <br>Series 2023-A <br>5.00%, 02/15/2058 |  | 10185 | 10544527 |

---

---

| | |
|:---|:---|
| 104 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Mission Economic Development Corp.<br>(Natgasoline LLC) <br>Series 2018 <br>4.625%, 10/01/2031<sup>(a)</sup> | $— | 23905 | $23987444 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Army Retirement Residence Obligated Group) <br>Series 2022 <br>5.75%, 07/15/2052 |  | 4490 | 4447485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/15/2057 |  | 10300 | 10369086 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Bella Vida Forefront Living Obligated Group) <br>Series 2025 <br>4.25%, 10/01/2030 |  | 3000 | 3009390 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Brazos Presbyterian Homes Obligated Group) <br>Series 2025 <br>5.375%, 01/01/2060<sup>(h)</sup> |  | 2500 | 2436089 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(BSPV - Plano LLC) <br>Series 2023 <br>0.00%, 12/31/2030<sup>(d)(e)</sup> |  | 1388 | 927790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/31/2030<sup>(d)(e)</sup> |  | 7820 | 7686138 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Buckingham Senior Living Community Obligated Group) <br>Series 2021 <br>2.00%, 11/16/2061<sup>(d)(e)(g)</sup> |  | 214 | 56302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036<sup>(d)(e)</sup> |  | 50 | 41482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037<sup>(d)(e)</sup> |  | 10 | 7963 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development) <br>Series 2023 <br>8.50%, 09/01/2027<sup>(f)</sup> |  | 20030 | 20026222 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Legacy at Midtown Park Obligated Group) <br>Series 2018-A <br>5.50%, 07/01/2054 |  | 10200 | 8514616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 07/01/2032 |  | 2150 | 2172318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2044 |  | 5795 | 5930991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/2056 |  | 2890 | 2944661 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 105 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2040 | $— | 790 | $758700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055 |  | 3010 | 2534574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 01/01/2047 |  | 4575 | 3469025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/01/2057 |  | 1380 | 996981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2057 |  | 2950 | 2449153 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(New Hope Cultural Education Facilities Finance) <br>Series 2025-A <br>6.50%, 10/01/2060 |  | 1125 | 1161213 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Outlook at Windhaven Forefront Living Obligated Group) <br>Series 2022 <br>6.875%, 10/01/2057 |  | 500 | 505775 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(SLF CHP LLC)<br>Series 2025 <br>6.25%, 07/01/2045<sup>(a)</sup> |  | 9645 | 9217172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2056<sup>(a)</sup> |  | 19490 | 18375807 |
|  Newark Higher Education Finance Corp.<br>(Abilene Christian University) <br>Series 2022 <br>4.00%, 04/01/2057 |  | 10000 | 8422064 |
|  North East Texas Regional Mobility Authority<br>(Prerefunded - US Treasuries) <br>Series 2016 <br>5.00%, 01/01/2046 |  | 4940 | 4955678 |
|  North Texas Municipal Water District<br>(North Texas Municipal Water District Buffalo Creek Wastewater Interceptor System) <br>Series 2025 <br>5.25%, 06/01/2055 |  | 11950 | 12523777 |
|  North Texas Tollway Authority<br>(North Texas Tollway System) <br>Series 2017-B <br>5.00%, 01/01/2033 |  | 1400 | 1434119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 |  | 6000 | 6058166 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group) <br>Series 2024 <br>5.00%, 01/01/2039<sup>(a)</sup> |  | 28120 | 27691865 |

---

---

| | |
|:---|:---|
| 106 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/01/2044<sup>(a)</sup> | $— | 4175 | $4095346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054<sup>(a)</sup> |  | 2900 | 2785479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 07/01/2026<sup>(a)</sup> |  | 4000 | 4014467 |
|  Port of Beaumont Navigation District<br>(Jefferson Railport Terminal II) <br>Series 2020 <br>4.00%, 01/01/2050<sup>(a)</sup> |  | 2900 | 2233034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.125%, 01/01/2028<sup>(a)</sup> |  | 540 | 516715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/01/2029<sup>(a)</sup> |  | 800 | 751681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2030<sup>(a)</sup> |  | 905 | 843913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 01/01/2031<sup>(a)</sup> |  | 500 | 461427 |
|  Rockwall Independent School District<br>(Rockwall Independent School District) <br>Series 2024 <br>5.00%, 02/15/2054 |  | 10000 | 10440429 |
|  San Antonio Water System<br>(San Antonio Water System) <br>Series 2022-B <br>5.25%, 05/15/2052 |  | 10000 | 10534617 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Cumberland Rest Obligated Group) <br>Series 2024 <br>5.00%, 10/01/2044 |  | 1175 | 1187143 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Edgemere Retirement Senior Quality Lifestyles) <br>5.00%, 11/15/2030<sup>(d)(e)(j)(k)</sup> |  | 3273 | – 0 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Stayton at Museum Way) <br>Series 2024-A <br>5.75%, 12/01/2054 |  | 4679 | 4031809 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Tarrant County Cultural Education Facilities Finance) <br>5.00%, 11/15/2045<sup>(d)(e)(j)(k)</sup> |  | 2896 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2047<sup>(d)(e)(j)(k)</sup> |  | 894 | – 0 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Texas Health Resources Obligated Group) <br>Series 2025-A <br>5.00%, 11/15/2039 |  | 2000 | 2227069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2055 |  | 12000 | 12475320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2052 |  | 9795 | 10690337 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 107 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. III<br>(Macquarie Group Ltd.) <br>Series 2021 <br>5.00%, 12/15/2029 | $— | 4710 | $4993902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 |  | 4775 | 5167007 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC) <br>Series 2023-A <br>5.50%, 01/01/2054 |  | 1660 | 1779535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B <br>5.50%, 01/01/2054 |  | 46605 | 52850932 |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.) <br>Series 2024 <br>5.00%, 01/01/2055 |  | 60170 | 66227007 |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners LLC) <br>Series 2019 <br>4.00%, 12/31/2037 |  | 4000 | 4001394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2031 |  | 5000 | 5365367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.50%, 12/31/2058 |  | 45420 | 47247696 |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners Segments 3) <br>Series 2019 <br>5.00%, 06/30/2058 |  | 40345 | 40137114 |
|  Texas Transportation Commission State Highway 249 System<br>(Texas Transportation Commission State Highway 249 System) <br>Series 2019 <br>5.00%, 08/01/2057 |  | 56130 | 56956570 |
|  Uptown Development Authority <br>(City of Houston TX Reinvestment Zone No. 16)<br>Series 2017-A<br>5.00%, 09/01/2035 |  | 1015 | 1022186 |
|  |  |  | 1104364224 |
|  **Utah – 1.4%** |  |  |  |
|  Black Desert Public Infrastructure District<br>(Black Desert Public Infrastructure District Black Desert Assessment Area No. 1) <br>Series 2024 <br>5.625%, 12/01/2053<sup>(a)</sup> |  | 10200 | 10303360 |
|  City of Salt Lake City UT Airport Revenue<br>(City of Salt Lake City UT Airport Revenue) <br>Series 2025-A <br>5.00%, 07/01/2035 |  | 1695 | 1912359 |

---

---

| | |
|:---|:---|
| 108 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | $— | 2155 | $2426046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 |  | 3320 | 3704347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 4400 | 4868158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 |  | 9000 | 9871055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 |  | 3750 | 4064185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2041 |  | 7900 | 8629066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 |  | 5890 | 6368572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 |  | 6525 | 6989710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2050 |  | 10000 | 10700647 |
|  Downtown Revitalization Public Infrastructure District<br>(City of Salt Lake City UT Revitalization Sales Tax Revenue) <br>AG Series 2025 <br>5.50%, 06/01/2055 |  | 23000 | 24775439 |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Assessment Area No. 1) <br>Series 2024-A <br>5.25%, 12/01/2044<sup>(a)</sup> |  | 12300 | 12060406 |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Residential Facilities Fee Revenue) <br>Series 2024-A <br>6.00%, 03/01/2055<sup>(a)</sup> |  | 16200 | 15241673 |
|  Intermountain Power Agency<br>(Intermountain Power Agency) <br>Series 2023 <br>5.00%, 07/01/2035 |  | 4485 | 4986650 |
|  MIDA Mountain Veterans Program Public Infrastructure District<br>(MIDA Mountain Veterans Program Public Infrastructure District) <br>Series 2024 <br>5.00%, 06/01/2044<sup>(a)</sup> |  | 1000 | 1003004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/2054<sup>(a)</sup> |  | 4435 | 4367534 |
|  Mida Mountain Village Public Infrastructure District<br>(Military Installation Development Auth Military Recreation Fac Project Area) <br>Series 2024-1 <br>5.125%, 06/15/2054<sup>(a)</sup> |  | 4000 | 3976534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2 <br>6.00%, 06/15/2054<sup>(a)</sup> |  | 4000 | 4117141 |
|  Military Installation Development Authority<br>(Military Installation Development Auth Military Recreation Fac Project Area) <br>Series 2021-A <br>4.00%, 06/01/2052 |  | 5000 | 4135448 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 109 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Point Phase 1 Public Infrastructure District No. 1<br>(Point Phase 1 Public Infrastructure District No. 1) Series 2025 <br>8.50%, 03/15/2055 | $— | 11402 | $11548930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A <br>0.00%, 03/01/2055<sup>(g)</sup> |  | 1000 | 800148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/01/2035 |  | 3000 | 3133918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2045 |  | 3345 | 3454081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2055 |  | 12330 | 12853328 |
|  Utah Housing Corp. (255 State 4 LLC) <br>Series 2020 <br>4.58%, 01/01/2040<sup>(a)(g)</sup> |  | 14021 | 12152577 |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency) <br>Series 2022 <br>5.00%, 10/15/2032 |  | 1000 | 1075456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2037 |  | 1410 | 1472757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2046 |  | 3570 | 3532333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>5.625%, 10/15/2038 |  | 1000 | 1091631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2047 |  | 2765 | 3003290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 10/15/2028 |  | 490 | 510461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 |  | 515 | 542873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 |  | 540 | 576051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 |  | 570 | 614509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2032 |  | 595 | 646556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2033 |  | 625 | 680357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 |  | 660 | 719801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2036 |  | 535 | 585607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2039 |  | 500 | 532301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2044 |  | 1050 | 1089622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2048 |  | 1280 | 1312265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 10/15/2037 |  | 5870 | 6349344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2040 |  | 1335 | 1408987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2049 |  | 1780 | 1789954 |
|  Wakara Ridge Public Infrastructure District<br>(Wakara Ridge Public Infrastructure District Wakara Ridge Assessment Area) <br>Series 2025 <br>5.625%, 12/01/2054<sup>(a)</sup> |  | 2000 | 2046479 |
|  Wohali Public Infrastructure District No. 1<br>(Wohali Public Infrastructure District No. 1 Assessment Area No. 1) <br>Series 2023 <br>7.00%, 12/01/2042<sup>(a)</sup> |  | 6443 | 5270150 |

---

---

| | |
|:---|:---|
| 110 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wolf Creek Infrastructure Financing District No. 1 <br>(Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1)<br>Series 2025<br>5.75%, 12/01/2044 | $— | 8900 | $9099399 |
|  |  |  | 232394499 |
|  **Vermont – 0.1%** |  |  |  |
|  Vermont Economic Development Authority<br>(Casella Waste Systems) <br>Series 2018 <br>4.625%, 04/01/2036<sup>(a)</sup> |  | 1100 | 1116431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 06/01/2052<sup>(a)</sup> |  | 3750 | 3798416 |
|  Vermont Educational & Health Buildings Financing Agency<br>(St. Michael's College) <br>Series 2023 <br>5.25%, 10/01/2052<sup>(a)</sup> |  | 3000 | 2503934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2043<sup>(a)</sup> |  | 2500 | 2291191 |
|  |  |  | 9709972 |
|  **Virginia – 1.6%** |  |  |  |
|  Atlantic Park Community Development Authority<br>(Atlantic Park Community Development Authority District) <br>Series 2023 <br>6.25%, 08/01/2045<sup>(a)</sup> |  | 19060 | 18170782 |
|  Cherry Hill Community Development Authority<br>(Potomac Shores Project) <br>Series 2015 <br>5.15%, 03/01/2035<sup>(a)</sup> |  | 1000 | 1001318 |
|  Fairfax County Industrial Development Authority<br>(Inova Health System Obligated Group) <br>Series 2022 <br>4.00%, 05/15/2042 |  | 10065 | 10031271 |
|  Henrico County Economic Development Authority<br>(Bon Secours Mercy Health) <br>Series 2025 <br>5.00%, 11/01/2048 |  | 11900 | 12389120 |
|  Henrico County Economic Development Authority<br>(Westminster-Canterbury Obligated Group) <br>Series 2022 <br>5.00%, 10/01/2052 |  | 4500 | 4524325 |
|  James City County Economic Development Authority<br>(Williamsburg Landing Obligated Group) <br>Series 2024-A <br>6.875%, 12/01/2058 |  | 2100 | 2272933 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 111 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Tobacco Settlement Financing Corp./VA<br>(Tobacco Settlement Financing Corp./VA) <br>Series 2007-B1 <br>5.00%, 06/01/2047 | $— | 7490 | $6276657 |
|  US Bank Trust Co. NA<br>(Park Landing LP) <br>Series 2022-B <br>5.90%, 08/01/2052 |  | 16440 | 14771850 |
|  Virginia Beach Development Authority <br>(Westminster-Canterbury on Chesapeake Bay Obligated Group)<br>Series 2023<br>5.375%, 09/01/2029 |  | 3000 | 3023017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2053 |  | 3665 | 4032099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2059 |  | 7050 | 7720708 |
|  Virginia College Building Authority<br>(Marymount University) <br>Series 2015 <br>5.00%, 07/01/2045<sup>(a)</sup> |  | 1500 | 1138830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2035<sup>(a)</sup> |  | 1200 | 1045796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A <br>5.00%, 07/01/2035<sup>(a)</sup> |  | 1500 | 1281364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(a)</sup> |  | 1610 | 1222344 |
|  Virginia College Building Authority<br>(Regent University Obligated Group) <br>Series 2021 <br>4.00%, 06/01/2036 |  | 1700 | 1680986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.00%, 06/01/2050 |  | 1245 | 1329307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2055 |  | 4075 | 4331999 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC) <br>Series 2022 <br>4.00%, 01/01/2040 |  | 3000 | 2877495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 1325 | 1269527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2048 |  | 3435 | 3038655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 4250 | 4450820 |
|  Virginia Small Business Financing Authority<br>(Bon Secours Mercy Health) <br>Series 2022 <br>5.00%, 10/01/2040 |  | 10000 | 10767955 |
|  Virginia Small Business Financing Authority<br>(Elizabeth River Crossings OpCo) <br>Series 2022 <br>4.00%, 01/01/2030 |  | 3070 | 3125282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2033 |  | 7500 | 7658262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 |  | 5250 | 5324758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 |  | 2550 | 2576287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 5750 | 5790110 |

---

---

| | |
|:---|:---|
| 112 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Virginia Small Business Financing Authority<br>(I-66 Express Mobility Partners) <br>Series 2017 <br>5.00%, 12/31/2056 | $— | 57210 | $55692098 |
|  Virginia Small Business Financing Authority<br>(LifeSpire of Virginia Obligated Group) <br>Series 2024 <br>4.50%, 12/01/2044 |  | 3750 | 3606129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 |  | 5000 | 5436880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 |  | 3000 | 3183407 |
|  Virginia Small Business Financing Authority<br>(National Senior Communities Obligated Group) <br>Series 2020 <br>4.00%, 01/01/2051 |  | 18500 | 15995372 |
|  Virginia Small Business Financing Authority<br>(P3 VB Holdings LLC) <br>Series 2023 <br>8.50%, 12/01/2052<sup>(a)</sup> |  | 13290 | 12791095 |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>8.50%, 06/01/2042<sup>(d)(e)(f)</sup> |  | 24285 | 19428000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.552% (SOFR + 5.50%), 06/01/2029<sup>(c)(d)(e)(f)</sup> |  | 20870 | 16696000 |
|  |  |  | 275952838 |
|  **Washington – 1.9%** |  |  |  |
|  Central Puget Sound Regional Transit Authority<br>(Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax) <br>Series 2016-S <br>5.00%, 11/01/2046 |  | 10170 | 11656811 |
|  Grays Harbor County Public Hospital District No. 1<br>(Grays Harbor County Public Hospital District No. 1)<br>Series 2023 <br>6.875%, 12/01/2049 |  | 3000 | 3344756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/01/2053 |  | 1155 | 1279316 |
|  King County Public Hospital District No. 4<br>(King County Public Hospital District No. 4) <br>Series 2015-A <br>5.00%, 12/01/2030 |  | 2235 | 2236378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.625%, 12/01/2045 |  | 4000 | 4027671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2060 |  | 29545 | 30155627 |
|  Pend Oreille County Public Utility District No. 1 Box Canyon<br>(Pend Oreille County Public Utility District No. 1 Box Canyon) <br>Series 2018 <br>5.00%, 01/01/2048 |  | 9000 | 9090366 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 113 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Port of Seattle WA<br>(Port of Seattle WA) <br>Series 2019 <br>5.00%, 04/01/2044 | $— | 15295 | $15587405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 08/01/2047 |  | 4275 | 4524248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2 <br>5.00%, 08/01/2046<sup>(a)(b)</sup> |  | 12550 | 12828607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2049<sup>(a)(b)</sup> |  | 17485 | 18414763 |
|  Vancouver Housing Authority<br>(Vancouver Housing Authority) <br>Series 2025 <br>4.25%, 02/01/2038 |  | 18260 | 18774735 |
|  Washington Health Care Facilities Authority<br>(CommonSpirit Health Obligated Group) <br>Series 2017 <br>5.00%, 08/15/2033 |  | 6710 | 6886946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 |  | 5750 | 5877042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 |  | 3565 | 3625740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 08/01/2037 |  | 2000 | 2092698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2039 |  | 2690 | 2798035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.00%, 09/01/2044 |  | 1850 | 1936400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2055 |  | 5000 | 5310056 |
|  Washington Health Care Facilities Authority<br>(Fred Hutchinson Cancer Center Obligated Group) <br>Series 2025 <br>4.00%, 03/01/2041 |  | 1125 | 1122681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2042 |  | 1445 | 1420657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2043 |  | 2015 | 2013586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2045 |  | 4200 | 4064744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 |  | 1475 | 1609729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 |  | 2670 | 2872753 |
|  Washington Health Care Facilities Authority<br>(Overlake Hospital Medical Center Obligated Group) <br>Series 2017 <br>4.00%, 07/01/2042 |  | 3500 | 3305646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 07/01/2035 |  | 2350 | 2400075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 07/01/2034 |  | 1855 | 1898490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017A <br>5.00%, 07/01/2036 |  | 2965 | 3022137 |

---

---

| | |
|:---|:---|
| 114 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Washington State Convention Center Public Facilities District<br>(Washington State Convention Center Public Facilities Dist Lodging Tax Revenue) <br>Series 2021 <br>4.00%, 07/01/2043 | $— | 8070 | $7381645 |
|  Washington State Housing Finance Commission<br>(Josephine Caring Community Obligated Group) <br>Series 2025 <br>4.20%, 07/01/2030<sup>(a)</sup> |  | 5155 | 5130177 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2013 <br>5.00%, 01/01/2028<sup>(a)</sup> |  | 650 | 642637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043<sup>(a)</sup> |  | 2870 | 2579225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015 <br>6.00%, 01/01/2045<sup>(a)</sup> |  | 2920 | 2888735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>4.00%, 01/01/2026<sup>(a)</sup> |  | 920 | 919398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031<sup>(a)</sup> |  | 5305 | 5354445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036<sup>(a)</sup> |  | 1075 | 1081406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2046<sup>(a)</sup> |  | 1140 | 1077766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 01/01/2034<sup>(a)</sup> |  | 1000 | 1023719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044<sup>(a)</sup> |  | 1330 | 1284389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049<sup>(a)</sup> |  | 5430 | 5044808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> |  | 12670 | 11491819 |
|  Washington State Housing Finance Commission<br>(Seattle Academy of Arts & Sciences) <br>Series 2023 <br>5.625%, 07/01/2038<sup>(a)</sup> |  | 1215 | 1330915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/01/2053<sup>(a)</sup> |  | 5805 | 6247549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2059<sup>(a)</sup> |  | 9845 | 10629219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/2063<sup>(a)</sup> |  | 6500 | 7042716 |
|  Washington State Housing Finance Commission<br>(Spokane United Methodist Homes Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2051<sup>(a)</sup> |  | 2000 | 1783313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)</sup> |  | 2500 | 2190098 |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1) <br>Series 2021-1, Class A <br>3.50%, 12/20/2035 |  | 18298 | 17795655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X <br>0.727%, 12/20/2035<sup>(i)</sup> |  | 13982 | 536874 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 115 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission<br>(WSHFC 2023-1) <br>Series 2023-1, Class A <br>3.375%, 04/20/2037 | 30893 | $| 29188519 |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1) <br>Series 2024-1, Class A <br>4.084%, 03/01/2050 | 11027 |  | 10784966 |
|  |  |  | 317608091 |
|  **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
|  City of South Charleston WV<br>(City of South Charleston WV South Charleston Park Place Excise Tax District) <br>Series 2022 <br>4.50%, 06/01/2050<sup>(a)</sup> | 1000 |  | 797213 |
|  Monongalia County Commission Excise Tax District<br>(Monongalia County Commission Excise Tax District) <br>Series 2023 <br>0.00%, 06/01/2053<sup>(a)(g)</sup> | 12670 |  | 2821810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/2043<sup>(a)</sup> | 900 |  | 942690 |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV) <br>Series 2020 <br>4.006%, 06/01/2040 | 2150 |  | 1728529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2049 | 5535 |  | 5076775 |
|  West Virginia Economic Development Authority<br>(Appalachian Power Co.) <br>Series 2024 <br>3.375%, 03/01/2040 | 6300 |  | 6364089 |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC) <br>Series 2023 <br>9.00%, 06/01/2038<sup>(f)</sup> | 31250 |  | 28125000 |
|  West Virginia Hospital Finance Authority<br>(West Virginia United Health System Obligated Group) <br>Series 2023 <br>4.375%, 06/01/2053 | 25775 |  | 24243772 |
|  |  |  | 70099878 |
|  **Wisconsin – 6.2%** | **Wisconsin – 6.2%** | **Wisconsin – 6.2%** | **Wisconsin – 6.2%** |
|  KDC Agribusiness LLC<br>(KDC Agribusiness LLC) <br>12.00%, 09/14/2023<sup>(d)(j)(k)(l)</sup> | 9807 |  | – 0 |
|  St. Croix Chippewa Indians of Wisconsin<br>(St. Croix Chippewa Indians of Wisconsin) <br>Series 2021 <br>5.00%, 09/30/2041<sup>(a)</sup> | 8850 |  | 8073975 |

---

---

| | |
|:---|:---|
| 116 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Center District<br>(Wisconsin Center District Ded Tax) <br>Series 2022 <br>5.25%, 12/15/2061<sup>(a)</sup> | $— | 6995 | $6977998 |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group) <br>Series 2024 <br>5.00%, 07/01/2035 |  | 1340 | 1368277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/01/2055 |  | 2325 | 2333553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2060 |  | 7000 | 7059382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>6.625%, 07/01/2060 |  | 7750 | 8076794 |
|  Wisconsin Health & Educational Facilities Authority<br>(Forensic Science & Protective Medicine Collaboration) <br>Series 2024 <br>5.00%, 08/01/2027<sup>(a)</sup> |  | 10200 | 10307335 |
|  Wisconsin Health & Educational Facilities Authority<br>(Oakwood Lutheran Senior Ministries Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2037 |  | 1550 | 1498839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 |  | 11815 | 9168409 |
|  Wisconsin Health & Educational Facilities Authority<br>(Sanford Obligated Group) <br>Series 2024 <br>5.50%, 02/15/2054 |  | 10000 | 10568549 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Series 2020 <br>3.00%, 02/15/2038 |  | 1035 | 954460 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2024 <br>4.50%, 02/15/2054 |  | 2000 | 1970614 |
|  Wisconsin Housing & Economic Development Authority<br>(Roers Sun Prairie Apartments Owner) <br>Series 2022 <br>4.625%, 03/15/2040<sup>(a)</sup> |  | 2510 | 2232912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>3.875%, 12/01/2039<sup>(a)</sup> |  | 11525 | 10218207 |
|  Wisconsin Public Finance Authority<br>(21st Century Public Academy) <br>Series 2020 <br>5.00%, 06/01/2049<sup>(a)</sup> |  | 1340 | 1117285 |
|  Wisconsin Public Finance Authority<br>(Absolute Awakenings) <br>Series 2025-A <br>7.00%, 01/01/2045<sup>(a)</sup> |  | 7160 | 7694760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/01/2061<sup>(a)</sup> |  | 12430 | 13359468 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 117 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties) <br>Series 2024 <br>Zero Coupon, 12/15/2038<sup>(a)</sup> | $— | 23900 | $10965454 |
|  Wisconsin Public Finance Authority<br>(Bancroft Neurohealth Obligated Group) <br>Series 2016 <br>5.125%, 06/01/2048<sup>(a)</sup> |  | 3335 | 3066881 |
|  Wisconsin Public Finance Authority<br>(Blue Ridge Healthcare Obligated Group) <br>Series 2020 <br>4.00%, 01/01/2045 |  | 1500 | 1401849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 |  | 550 | 576477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 700 | 731885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 |  | 500 | 519662 |
|  Wisconsin Public Finance Authority<br>(Carmelite System Obligated Group) <br>Series 2020 <br>5.00%, 01/01/2045 |  | 2030 | 2018824 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(f)</sup> |  | 57000 | 53126405 |
|  Wisconsin Public Finance Authority<br>(Celanese US Holdings LLC) <br>Series 2016-B <br>5.00%, 12/01/2025 |  | 1000 | 1000203 |
|  Wisconsin Public Finance Authority<br>(CFC-SA LLC) <br>Series 2022 <br>5.00%, 02/01/2052 |  | 17600 | 17610141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2062 |  | 21165 | 21075737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2042<sup>(a)</sup> |  | 5950 | 6155325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2052<sup>(a)</sup> |  | 16500 | 16820628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2062<sup>(a)</sup> |  | 20960 | 21544520 |
|  Wisconsin Public Finance Authority<br>(Crossroads Health Project) <br>Series 2023 <br>8.00%, 07/01/2053<sup>(f)</sup> |  | 14895 | 14952758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/01/2058<sup>(f)</sup> |  | 14900 | 14979147 |
|  Wisconsin Public Finance Authority<br>(FAH Tree House LLC) <br>Series 2023 <br>6.50%, 08/01/2053<sup>(a)</sup> |  | 18100 | 17437774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/01/2046<sup>(a)</sup> |  | 12500 | 10880713 |

---

---

| | |
|:---|:---|
| 118 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Foundation Academy Charter School A NJ Nonprofit) <br>Series 2024 <br>5.00%, 07/01/2035<sup>(a)</sup> | $— | 700 | $733366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055<sup>(a)</sup> |  | 4500 | 4085673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2060<sup>(a)</sup> |  | 3550 | 3173132 |
|  Wisconsin Public Finance Authority <br>(Gannon University)<br>Series 2017 <br>5.00%, 05/01/2042 |  | 3450 | 3385198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2047 |  | 2750 | 2580394 |
|  Wisconsin Public Finance Authority<br>(Heritage Bend Project) <br>Series 2025 <br>Zero Coupon, 12/15/2042<sup>(a)</sup> |  | 72163 | 21888893 |
|  Wisconsin Public Finance Authority<br>(Inperium Obligated Group) <br>Series 2024 <br>5.00%, 12/01/2034<sup>(a)</sup> |  | 2525 | 2647165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2044<sup>(a)</sup> |  | 5000 | 5037826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2054<sup>(a)</sup> |  | 4350 | 4366004 |
|  Wisconsin Public Finance Authority<br>(Kaiser Obligated Group) <br>Series 2022-A <br>5.00%, 10/01/2052 |  | 10000 | 10225698 |
|  Wisconsin Public Finance Authority<br>(KDC Agribusiness LLC) <br>Series 2022 <br>15.00%, 04/30/2023<sup>(d)(f)(j)(k)(l)</sup> |  | 21900 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023 <br>15.00%, 04/30/2023<sup>(d)(f)(j)(k)(l)</sup> |  | 4895 | 49 |
|  Wisconsin Public Finance Authority<br>(KSU Bixby Real Estate Foundation) <br>Series 2025 <br>5.25%, 06/15/2045 |  | 550 | 563638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2055 |  | 1000 | 1026017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2055 |  | 750 | 770432 |
|  Wisconsin Public Finance Authority<br>(Lackland Project) <br>Series 2024 <br>Zero Coupon, 02/01/2031 |  | 9845 | 6862858 |
|  Wisconsin Public Finance Authority<br>(Lehigh Valley Health Network) <br>Series 2023 <br>6.625%, 12/01/2032<sup>(a)</sup> |  | 1040 | 1044701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/01/2042<sup>(a)</sup> |  | 7775 | 7799530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/2052<sup>(a)</sup> |  | 5400 | 5461129 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 119 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(McLemore Resort Manager) <br>Series 2021 <br>4.50%, 06/01/2056<sup>(a)</sup> | $— | 13735 | $10026550 |
|  Wisconsin Public Finance Authority<br>(Montgomery County Municipal Utility District Nos 123 & 153) <br>Series 2024 <br>Zero Coupon, 12/15/2034<sup>(a)</sup> |  | 9962 | 5797808 |
|  Wisconsin Public Finance Authority<br>(National Senior Communities Obligated Group) <br>Series 2022 <br>4.00%, 01/01/2047 |  | 1400 | 1253701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2052 |  | 2350 | 2025576 |
|  Wisconsin Public Finance Authority <br>(NC A&T Real Estate Foundation)<br>Series 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2054 |  | 1000 | 1013969 |
|  Wisconsin Public Finance Authority<br>(North San Gabriel Municipal Utility District No. 1) Series 2023 <br>Zero Coupon, 09/01/2029<sup>(a)</sup> |  | 2717 | 2058373 |
|  Wisconsin Public Finance Authority<br>(Pinecrest Academy of Nevada) <br>Series 2024 <br>4.25%, 07/15/2044<sup>(a)</sup> |  | 2350 | 2083265 |
|  Wisconsin Public Finance Authority<br>(Prerefunded - US Treasuries) <br>Series 2020 <br>5.00%, 04/01/2030<sup>(a)</sup> |  | 25 | 26247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040<sup>(a)</sup> |  | 80 | 87332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2050<sup>(a)</sup> |  | 335 | 365701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 04/01/2032<sup>(a)</sup> |  | 15 | 15457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052<sup>(a)</sup> |  | 40 | 42770 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC) <br>Series 2024 <br>5.50%, 07/01/2044 |  | 3800 | 3940656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2049 |  | 19030 | 19873769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2054 |  | 13230 | 13751504 |
|  Wisconsin Public Finance Authority<br>(QCF Behavioral Hospitals I Obligated Group) <br>Series 2024 <br>7.50%, 07/01/2059<sup>(a)</sup> |  | 15500 | 17459789 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte) <br>Series 2022 <br>5.25%, 03/01/2042 |  | 13000 | 13229496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2047 |  | 5440 | 5459228 |

---

---

| | |
|:---|:---|
| 120 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(RBS Evolution LLC) <br>Series 2023 <br>10.00%, 11/01/2038<sup>(a)</sup> | $— | 19500 | $21851304 |
|  Wisconsin Public Finance Authority<br>(Roseman University of Health Sciences) <br>Series 2020 <br>5.00%, 04/01/2030<sup>(a)</sup> |  | 475 | 486167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040<sup>(a)</sup> |  | 1320 | 1321716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2050<sup>(a)</sup> |  | 3050 | 2829435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 04/01/2052<sup>(a)</sup> |  | 2615 | 2075498 |
|  Wisconsin Public Finance Authority<br>(Samaritan Housing Foundation Obligated Group) <br>Series 2021 <br>4.00%, 06/01/2056<sup>(a)</sup> |  | 29090 | 20507865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 06/01/2049<sup>(a)</sup> |  | 3870 | 2869355 |
|  Wisconsin Public Finance Authority<br>(Seabury Retirement Community) <br>Series 2015-A <br>5.00%, 09/01/2030<sup>(a)</sup> |  | 545 | 545283 |
|  Wisconsin Public Finance Authority<br>(Signorelli Projects) <br>Series 2024 <br>5.375%, 12/15/2032<sup>(a)</sup> |  | 7268 | 7269325 |
|  Wisconsin Public Finance Authority<br>(Southeast Overtown Park West Community Redevelopment Agency) <br>Series 2024 <br>5.00%, 06/01/2041<sup>(a)</sup> |  | 11060 | 11240113 |
|  Wisconsin Public Finance Authority<br>(Southeastern Regional Medical Center Obligated Group) <br>Series 2021 <br>4.00%, 02/01/2046 |  | 8000 | 6442015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2051 |  | 11500 | 8921048 |
|  Wisconsin Public Finance Authority<br>(SR 400 Peach Partners LLC) <br>Series 2025 <br>5.75%, 06/30/2060 |  | 103650 | 107038101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2065 |  | 141800 | 146868712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 |  | 25065 | 27628721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2065<sup>(b)</sup> |  | 99680 | 109477368 |
|  Wisconsin Public Finance Authority<br>(Triad Math & Science Academy) <br>Series 2021 <br>4.00%, 06/15/2051 |  | 6415 | 5178683 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 121 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 06/15/2042 | $— | 1140 | $1136039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2052 |  | 1610 | 1574478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/15/2057 |  | 2320 | 2298375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2050 |  | 640 | 640608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2062 |  | 4025 | 4020517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>5.25%, 06/15/2045 |  | 2275 | 2260190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2065 |  | 2075 | 1979788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2055 |  | 1200 | 1205098 |
|  Wisconsin Public Finance Authority<br>(TrIPs Obligated Group) <br>Series 2012-B <br>5.00%, 07/01/2042 |  | 5000 | 5000901 |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.) <br>Series 2019 <br>5.00%, 10/01/2039<sup>(a)</sup> |  | 5035 | 5087704 |
|  Wisconsin Public Finance Authority<br>(UNC Health Appalachian Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2046 |  | 1100 | 890376 |
|  Wisconsin Public Finance Authority<br>(Uwharrie Charter Academy) <br>Series 2022 <br>5.00%, 06/15/2052<sup>(a)</sup> |  | 4315 | 3991116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2057<sup>(a)</sup> |  | 6105 | 5576646 |
|  Wisconsin Public Finance Authority<br>(Washoe Barton Medical Clinic) <br>Series 2021 <br>4.00%, 12/01/2031<sup>(a)</sup> |  | 2450 | 2445238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041<sup>(a)</sup> |  | 2770 | 2531433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051<sup>(a)</sup> |  | 6475 | 5369835 |
|  Wisconsin Public Finance Authority<br>(Waterstone Projects) <br>Series 2024 <br>5.50%, 12/15/2038<sup>(a)</sup> |  | 14700 | 14757443 |
|  Wisconsin Public Finance Authority<br>(WFCS Holdings II LLC) <br>Series 2021-A1 <br>5.00%, 01/01/2056<sup>(a)</sup> |  | 4915 | 4151849 |
|  |  |  | 1045476437 |
|  Total Long-Term Municipal Bonds <br>(cost $17,758,750,810) |  |  | 17503772699 |

---

---

| | |
|:---|:---|
| 122 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Short-Term Municipal Notes – 0.3% | Short-Term Municipal Notes – 0.3% | Short-Term Municipal Notes – 0.3% | Short-Term Municipal Notes – 0.3% |
|  **New York – 0.3%** | **New York – 0.3%** | **New York – 0.3%** | **New York – 0.3%** |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority) <br>Series 2025 <br>4.20% (MUNIPSA + 0.98%), 05/01/2026<sup>(c)</sup> | $— | 52700 | $52700000 |
|  **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** |
|  Scranton-Lackawanna Health & Welfare Authority<br>(Community Development Properties Scranton) <br>Series 2025 <br>6.25%, 08/01/2026<sup>(a)</sup> |  | 175 | 175177 |
|  Total Short-Term Municipal Notes <br>(cost $52,843,629) |  |  | 52875177 |
|  Total Municipal Obligations <br>(cost $17,811,594,439) |  |  | 17556647876 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1% |  |  |  |
|  **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates <br>Series 2022-ML13, Class AUS <br>3.125%, 09/25/2036 |  | 3797 | 3547717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA <br>0.958%, 07/25/2036<sup>(i)</sup> |  | 16563 | 893989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS <br>0.985%, 09/25/2036<sup>(i)</sup> |  | 29618 | 1999689 |
|  |  |  | 6441395 |
|  **Non-Agency Fixed Rate CMBS – 0.1%** | **Non-Agency Fixed Rate CMBS – 0.1%** | **Non-Agency Fixed Rate CMBS – 0.1%** | **Non-Agency Fixed Rate CMBS – 0.1%** |
|  California Housing Finance Agency <br>Series 2021-3, Class X <br>0.769%, 08/20/2036<sup>(i)</sup> |  | 19497 | 872261 |
|  New Hampshire Business Finance Authority <br>Series 2022-2, Class X <br>0.675%, 10/01/2036<sup>(i)</sup> |  | 23958 | 1010005 |
|  Washington State Housing Finance Commission<br>Series 2023-1, Class X |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.451%, 04/20/2037<sup>(i)</sup> |  | 68038 | 6651461 |
|  |  |  | 8533727 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $14,682,908) |  |  | 14975122 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 123 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT GRADE – 0.0% |  |  |  |
|  Financial Institutions – 0.0% | Financial Institutions – 0.0% | Financial Institutions – 0.0% | Financial Institutions – 0.0% |
|  **REITs – 0.0%** | **REITs – 0.0%** | **REITs – 0.0%** | **REITs – 0.0%** |
|  Bridgewater Castle Rock ALF LLC <br>9.50%, 12/31/2025<sup>(j)(k)</sup> <br>(cost $4,990,000) | $— | 4990 | $4990000 |
|  | **Shares** | **Shares** |  |
|  PREFERRED STOCKS – 0.0% | PREFERRED STOCKS – 0.0% | PREFERRED STOCKS – 0.0% | PREFERRED STOCKS – 0.0% |
|  Utility – 0.0% | Utility – 0.0% | Utility – 0.0% | Utility – 0.0% |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  AES Guayama Holdings <br>0.00%<sup>(d)(j)(k)</sup> <br>(cost $5,885,339) |  | 330842 | 962750 |
|  SHORT-TERM INVESTMENTS – 1.3% | SHORT-TERM INVESTMENTS – 1.3% | SHORT-TERM INVESTMENTS – 1.3% | SHORT-TERM INVESTMENTS – 1.3% |
|  **Investment Companies – 1.3%** | **Investment Companies – 1.3%** | **Investment Companies – 1.3%** | **Investment Companies – 1.3%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.96%<sup>(n)(o)(p)</sup> <br>(cost $208,803,025) |  | 208803025 | 208803025 |
|  Total Investments – 105.1% <br>(cost $18,045,955,711) |  |  | 17786378773 |
|  Other assets less liabilities – (5.1)% |  |  | (858927506) |
|  **Net Assets – 100.0%** |  |  | $**16927451267** |

---

---

| | |
|:---|:---|
| 124 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 219860 | 01/15/2028 | 1.230% | CPI# | Maturity | $46379689 | $– 0 | $46379689 |
| USD | 572220 | 10/15/2028 | CPI# | 2.565% | Maturity | (2058556) | – 0 | (2058556) |
| USD | 265880 | 01/15/2029 | CPI# | 3.390% | Maturity | (9753252) | – 0 | (9753252) |
| USD | 113220 | 01/15/2029 | CPI# | 3.735% | Maturity | (567361) | – 0 | (567361) |
| USD | 79070 | 01/15/2029 | CPI# | 3.331% | Maturity | (3322965) | – 0 | (3322965) |
| USD | 960000 | 10/15/2029 | 2.485% | CPI# | Maturity | 5851142 | – 0 | 5851142 |
| USD | 742122 | 10/15/2029 | 2.516% | CPI# | Maturity | 3411379 | – 0 | 3411379 |
| USD | 741440 | 10/15/2029 | 2.451% | CPI# | Maturity | 5726831 | – 0 | 5726831 |
| USD | 741438 | 10/15/2029 | 2.499% | CPI# | Maturity | 4017541 | – 0 | 4017541 |
| USD | 67450 | 01/15/2030 | 1.572% | CPI# | Maturity | 13276266 | – 0 | 13276266 |
| USD | 67450 | 01/15/2030 | 1.587% | CPI# | Maturity | 13175158 | – 0 | 13175158 |
| USD | 609780 | 10/15/2030 | CPI# | 2.531% | Maturity | (1841639) | – 0 | (1841639) |
| USD | 93000 | 01/15/2031 | 2.782% | CPI# | Maturity | 7573347 | – 0 | 7573347 |
| USD | 85000 | 01/15/2031 | 2.680% | CPI# | Maturity | 7846904 | – 0 | 7846904 |
| USD | 52820 | 01/15/2031 | 2.989% | CPI# | Maturity | 3121770 | – 0 | 3121770 |
| USD | 75410 | 01/15/2032 | CPI# | 3.064% | Maturity | (3242320) | – 0 | (3242320) |
| USD | 52000 | 04/15/2032 | CPI# | 2.909% | Maturity | (2946652) | – 0 | (2946652) |
|  |  |  |  |  |  | $86647282 | $– 0 | $86647282 |

---

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

#### CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 258455 | 10/15/2029 | 1 Day SOFR | 3.814% | Annual | $4194063 | $– 0 | $4194063 |
| USD | 414000 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | 12912061 | – 0 | 12912061 |
| USD | 350550 | 09/15/2031 | 1 Day SOFR | 3.942% | Annual | 8789041 | (68571) | 8857612 |
| USD | 240000 | 12/03/2031 | 1 Day SOFR | 4.178% | Annual | 9001349 | – 0 | 9001349 |
| USD | 237460 | 12/03/2031 | 1 Day SOFR | 4.057% | Annual | 7072068 | – 0 | 7072068 |
| USD | 150000 | 03/12/2032 | 1 Day SOFR | 3.837% | Annual | 2526510 | – 0 | 2526510 |
| USD | 318800 | 08/20/2035 | 3.804% | 1 Day SOFR | Annual | (3259324) | – 0 | (3259324) |
| USD | 815900 | 09/25/2035 | 3.587% | 1 Day SOFR | Annual | 6271549 | – 0 | 6271549 |
| USD | 211500 | 09/25/2035 | 3.510% | 1 Day SOFR | Annual | 3008273 | – 0 | 3008273 |
| USD | 99600 | 10/25/2035 | 3.521% | 1 Day SOFR | Annual | 1293278 | – 0 | 1293278 |
|  |  |  |  |  |  | $51808868 | $(68571) | $51877439 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 125 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### INTEREST RATE SWAPS (see Note C)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Bank of America NA | USD | 10000 | 05/06/2026 | MMD 10 Year^ | 3.660% | Maturity | $782642 | $– 0 | $782642 |
| Bank of America NA | USD | 5000 | 06/25/2026 | MMD 10 Year^ | 3.570% | Maturity | 324807 | – 0 | 324807 |
| Bank of America NA | USD | 10000 | 08/10/2026 | MMD 10 Year^ | 3.580% | Maturity | 617186 | – 0 | 617186 |
| Bank of America NA | USD | 20000 | 09/18/2026 | MMD 5 Year^ | 2.480% | Maturity | (88011) | – 0 | (88011) |
| Citibank NA | USD | 52610 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | 2796420 | – 0 | 2796420 |
| JPMorgan Chase Bank NA | USD | 10000 | 04/23/2026 | MMD 10 Year^ | 3.840% | Maturity | 971006 | – 0 | 971006 |
| JPMorgan Chase Bank NA | USD | 8000 | 06/04/2026 | MMD 10 Year^ | 3.690% | Maturity | 628498 | – 0 | 628498 |
| Morgan Stanley Capital Services LLC | USD | 10000 | 04/13/2026 | MMD 10 Year^ | 3.890% | Maturity | 1028090 | – 0 | 1028090 |
| Morgan Stanley Capital Services LLC | USD | 10000 | 05/29/2026 | MMD 10 Year^ | 3.660% | Maturity | 761704 | – 0 | 761704 |
| Morgan Stanley Capital Services LLC | USD | 10000 | 07/13/2026 | MMD 5 Year^ | 2.930% | Maturity | 194950 | – 0 | 194950 |
| Royal Bank of Canada | USD | 2000 | 09/18/2026 | MMD 5 Year^ | 2.480% | Maturity | (8801) | – 0 | (8801) |
| Royal Bank of Canada | USD | 10000 | 10/13/2026 | MMD 5 Year^ | 2.610% | Maturity | 10123 | – 0 | 10123 |
|  |  |  |  |  |  |  | $8018614 | $– 0 | $8018614 |

---

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

^ Variable interest rate based on the Municipal Market Data AAA General Obligation Scale.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2025, the aggregate market value of these securities amounted to $4,563,880,270 or 27.0% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2025.

(d) Non-income producing security.

(e) Defaulted.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.84% of net assets as of October 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>6.75%, 07/01/2030 | 05/16/2022 | $1555637 | $45900 | 0.00% |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>7.75%, 07/01/2050 | 08/12/2020 -<br>07/20/2022 | 35639422 | &nbsp;&nbsp;&nbsp;&nbsp;1038870 | 0.01% |

---

---

| | |
|:---|:---|
| 126 AB Municipal Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2021-A <br>6.00%, 07/01/2051 | 07/21/2022 | $1324222 | $43605 | 0.00% |
|  Brazoria County Industrial Development Corp. <br>(Brazoria County Industrial Development) <br>10.00%, 06/01/2042 | 06/08/2022 | 9187032 | 937 | 0.00% |
|  Brazoria County Industrial Development Corp. <br>(Brazoria County Industrial Development) <br>12.00%, 06/01/2043 | 06/05/2023 | 2343422 | 234 | 0.00% |
|  Build NYC Resource Corp. <br>(Metropolitan Lighthouse Charter School) <br>Series 2017 <br>5.00%, 06/01/2052 | 09/21/2023 | 1154944 | 1110345 | 0.01% |
|  California School Finance Authority <br>(Downtown College Prep Obligated Group) <br>Series 2016 <br>5.00%, 06/01/2046 | 01/10/2023 | 3375497 | 2178000 | 0.01% |
|  Colorado Educational & Cultural Facilities Authority <br>(STEAD School/The) <br>Series 2023-A <br>7.00%, 07/01/2034 | 12/20/2023 | 18215000 | 18759953 | 0.11% |
|  Colorado Educational & Cultural Facilities Authority <br>(STEAD School/The) <br>Series 2023-B <br>8.125%, 07/01/2028 | 12/20/2023 | 465000 | 469853 | 0.00% |
|  County of Montgomery OH <br>(County of Montgomery OH) <br>6.00%, 04/01/2038 | 09/15/2020 | 809671 | 18667 | 0.00% |
|  County of Montgomery OH <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049 | 08/29/2018 -<br>10/05/2020 | 4854561 | 95052 | 0.00% |
|  Douglas County Housing Partnership <br>(Bridgewater Castle Rock ALF) <br>Series 2021 <br>5.375%, 01/01/2041 | 01/14/2021 | 19316163 | 14888400 | 0.09% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>3.00%, 06/01/2031 | 04/27/2023 | 621599 | 329000 | 0.00% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>4.00%, 06/01/2041 | 11/14/2023 -<br>03/07/2025 | 864339 | 573400 | 0.00% |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 127 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>4.00%, 06/01/2051 | 05/09/2023 | $888308 | $587500 | 0.00% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>4.00%, 06/01/2056 | 04/17/2023 -<br>11/14/2023 | 1440562 | 1024600 | 0.01% |
|  Illinois Housing Development Authority <br>(Drexel Court & Lake Park East) <br>Series 2024 <br>5.67%, 11/01/2038 | 10/19/2022 | 16210000 | 16033914 | 0.09% |
|  Indiana Finance Authority <br>(Brightmark Plastics Renewal Indiana) <br>Series 2019 <br>7.00%, 03/01/2039 | 03/28/2019 -<br>06/09/2022 | 29065730 | 1515250 | 0.01% |
|  Indiana Finance Authority <br>(Parkview Health System Obligated Group) <br>Series 2024-B <br>3.699%, 11/01/2046 | 06/24/2024 | 31100000 | 31077098 | 0.18% |
|  Industrial Development Authority of the County of Pima (The) <br>(Edkey Obligated Group) Series 2020 <br>5.00%, 07/01/2049 | 10/29/2020 | 6890000 | 5512000 | 0.03% |
|  Industrial Development Authority of the County of Pima (The) <br>(Edkey Obligated Group) Series 2020 <br>5.00%, 07/01/2055 | 10/29/2020 | 3628674 | 2960000 | 0.02% |
|  Knox County Industrial Development Board <br>(Tompaul Knoxville LLC) Series 2022 <br>8.75%, 11/01/2032 | 11/25/2022 | 2000000 | 2005761 | 0.01% |
|  Knox County Industrial Development Board <br>(Tompaul Knoxville LLC) Series 2022 <br>9.25%, 11/01/2042 | 11/25/2022 -<br>07/26/2024 | 5451602 | 5413483 | 0.03% |
|  Knox County Industrial Development Board <br>(Tompaul Knoxville LLC) Series 2022 <br>9.50%, 11/01/2052 | 11/25/2022 -<br>06/13/2025 | 15750549 | 15252251 | 0.09% |
|  Last Step Recycling LLC <br>(Last Step Recycling LLC) <br>9.50%, 12/15/2028 | 03/26/2025 -<br>06/23/2025 | 6621718 | 6621718 | 0.04% |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049 | 08/29/2018 | 3973604 | 47409 | 0.00% |

---

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| | |
|:---|:---|
| 128 AB Municipal Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Mississippi Business Finance Corp. <br>(Alden Group Renewable Energy Mississippi) <br>Series 2022 <br>8.00%, 12/01/2029 | 12/13/2022 | $14345914 | $9860000 | 0.06% |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Dwyer Workforce Development) <br>Series 2023 <br>8.50%, 09/01/2027 | 02/03/2023 -<br>07/30/2024 | 20029755 | 20026222 | 0.12% |
|  Polk County Industrial Development Authority/FL <br>(Mineral Development LLC) Series 2020 <br>5.875%, 01/01/2033 | 10/23/2020 | 3805000 | 761000 | 0.00% |
|  Pueblo Urban Renewal Authority <br>(Pueblo Urban Renewal Authority) <br>Series 2021 <br>4.75%, 12/01/2045 | 03/24/2021 -<br>03/30/2021 | 8050665 | 7518558 | 0.04% |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) Series 2021 <br>6.00%, 06/01/2031 | 10/04/2022 -<br>04/17/2023 | 2079453 | 271700 | 0.00% |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) Series 2021 <br>6.25%, 06/01/2040 | 06/16/2021 -<br>07/20/2022 | 5930103 | 671000 | 0.00% |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) Series 2021 <br>6.50%, 06/01/2051 | 06/16/2021 -<br>10/20/2022 | 7844598 | 997700 | 0.01% |
|  State of Nevada Department of Business & Industry <br>(Fulcrum Sierra Holdings) Series 2018 <br>6.95%, 02/15/2038 | 08/24/2018 | 1693166 | 17 | 0.00% |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake) <br>Series 2022 <br>8.50%, 06/01/2042 | 06/08/2022 -<br>07/29/2024 | 24194460 | 19428000 | 0.11% |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake) <br>Series 2022 <br>8.552%, 06/01/2029 | 06/08/2022 -<br>07/29/2024 | 20795556 | 16696000 | 0.10% |
|  West Virginia Economic Development Authority <br>(Wyoming County Coal LLC) Series 2023 <br>9.00%, 06/01/2038 | 05/31/2023 -<br>10/22/2024 | 31199442 | 28125000 | 0.17% |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago/The) <br>Series 2021 <br>5.75%, 07/25/2041 | 08/03/2021 | 57000000 | 53126405 | 0.31% |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 129 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Wisconsin Public Finance Authority <br>(Crossroads Health Project) Series 2023 <br>8.00%, 07/01/2053 | 07/10/2023 | $14895000 | $14952758 | 0.09% |
|  Wisconsin Public Finance Authority <br>(Crossroads Health Project) Series 2023 <br>8.125%, 07/01/2058 | 07/10/2023 | 14900000 | 14979147 | 0.09% |
|  Wisconsin Public Finance Authority <br>(KDC Agribusiness LLC) Series 2022 <br>15.00%, 04/30/2023 | 11/10/2022 | 21900000 | – 0 | 0.00% |
|  Wisconsin Public Finance Authority <br>(KDC Agribusiness LLC) Series 2023 <br>15.00%, 04/30/2023 | 03/16/2023 | 4895000 | 49 | 0.00% |

---

(g) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at October 31, 2025.

(h) When-Issued or delayed delivery security.

(i) IO – Interest Only.

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

(k) Fair valued by the Adviser.

(l) Defaulted matured security.

(m) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at October 31, 2025.

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

(o) Affiliated investments.

(p) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

As of October 31, 2025, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.4% and 0.0%, respectively.

Glossary:

AG – Assured Guaranty Inc.

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CHF – Collegiate Housing Foundation

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MMD – Municipal Market Data

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.

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| | |
|:---|:---|
| 130 AB Municipal Income Shares | **ABFunds.com** |

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#### STATEMENT OF ASSETS & LIABILITIES
**October 31, 2025** (unaudited)

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| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $17,837,152,686) | $17577575748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $208,803,025) | 208803025 |
|  Cash | 154704 |
|  Cash collateral due from broker | 87432771 |
|  Interest receivable | 260737456 |
|  Receivable for investment securities sold | 20438309 |
|  Receivable for shares of beneficial interest sold | 15183141 |
|  Unrealized appreciation on interest rate swaps | 8115426 |
|  Receivable for variation margin on centrally cleared swaps | 2613523 |
|  Affiliated dividends receivable | 808866 |
|  Receivable due from Adviser | 40856 |
|  Total assets | 18181903825 |
| Liabilities | Liabilities |
|  Payable for floating rate notes issued\* | 975315000 |
|  Payable for investment securities purchased | 189118471 |
|  Dividends payable | 72966218 |
|  Payable for shares of beneficial interest redeemed | 7706845 |
|  Cash collateral due to broker | 6310000 |
|  Unrealized depreciation on interest rate swaps | 96812 |
|  Accrued expenses and other liabilities | 2939212 |
|  Total liabilities | 1254452558 |
|  Net Assets | $**16927451267** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $15084 |
|  Additional paid-in capital | 17145529525 |
|  Accumulated loss | (218093342) |
|  **Net Assets** | $**16927451267** |
|  Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value<br>(based on 1,508,403,259 common shares outstanding) | $**11.22** |

---

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

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 131 |

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#### STATEMENT OF OPERATIONS
**Six Months Ended October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397435034 |  |
|  Dividends—Affiliated issuers | 3333425 |  |
|  Other income<sup>(a)</sup> | 162750 | $400931209 |
| Expenses |  |  |
|  Interest and investment expense | 15467820 |  |
|  Total expenses |  | 15467820 |
|  Net investment income |  | 385463389 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (55960976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 70422899 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 463151984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (85343610) |
|  Net gain on investment transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392270297 |
|  **Net Increase in Net Assets from Operations** |  | $**777733686** |

---

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

See notes to financial statements.

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| | |
|:---|:---|
| 132 AB Municipal Income Shares | **ABFunds.com** |

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#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended<br>April 30, 2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $385463389 | $634260750 |
|  Net realized gain (loss) on investment transactions | 14461923 | (94297145) |
|  Net change in unrealized appreciation (depreciation) of investments | 377808374 | 97661463 |
|  Contributions from Affiliates (see Note B) | – 0 | 837 |
|  Net increase in net assets from operations | 777733686 | 637625905 |
|  Distribution to Shareholders | (388505512) | (612346997) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net increase | 1641662384 | 2734152833 |
|  Total increase | 2030890558 | 2759431741 |
| Net Assets |  |  |
|  Beginning of period | 14896560709 | 12137128968 |
|  End of period | $**16927451267** | $**14896560709** |

---

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 133 |

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#### NOTES TO FINANCIAL STATEMENTS
**October 31, 2025** (unaudited)

NOTE A

Significant Accounting Policies

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

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

1. Security Valuation

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

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

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| | |
|:---|:---|
| 134 AB Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 135 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

2. Fair Value Measurements

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

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

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

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

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

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

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| | |
|:---|:---|
| 136 AB Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $17496158681 | $7614018 | <sup>(a)</sup> | $17503772699 |
|  Short-Term Municipal Notes | – 0 | 52875177 | – 0 |  | 52875177 |
|  Commercial Mortgage-Backed Securities | – 0 | 14975122 | – 0 |  | 14975122 |
|  Corporates—Non-Investment Grade | – 0 | – 0 | 4990000 |  | 4990000 |
|  Preferred Stocks | – 0 | – 0 | 962750 |  | 962750 |
|  Short-Term Investments | 208803025 | – 0 | – 0 |  | 208803025 |
|  Total Investments in Securities | 208803025 | 17564008980 | 13566768 | <sup>(a)</sup> | 17786378773 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 110380027 | – 0 |  | 110380027 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 55068192 | – 0 |  | 55068192 <sup>(c)</sup> |
|  Interest Rate Swaps | – 0 | 8115426 | – 0 |  | 8115426 |
|  **Liabilities:** |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (23732745) | – 0 |  | (23732745)<sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (3259324) | – 0 |  | (3259324)<sup>(c)</sup> |
|  Interest Rate Swaps | – 0 | (96812) | – 0 |  | (96812) |
|  **Total** | $**208803025** | $**17710483744** | $**13566768** | **<sup>(a)</sup>** | $**17932853537** |

---

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

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

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 137 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

3. Taxes

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

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

4. Investment Income and Investment Transactions

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

5. Dividends and Distributions

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

6. Cash and Short-Term Investments

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

7. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating

---

| | |
|:---|:---|
| 138 AB Municipal Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

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

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

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

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 139 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to reimburse the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended October 31, 2025, such reimbursement amounted to $162,750.

A summary of the Fund's transactions in AB mutual funds for the six months ended October 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>4/30/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $187362 | $1890538 | $1869097 | $208803 | $3333 |

---

During the year ended April 30, 2025, the Adviser reimbursed the Fund $837 for trading losses incurred due to a trade entry error.

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592952476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411683756 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $572673345 |
|  Gross unrealized depreciation | (685706948) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113033603) |

---

1. Derivative Financial Instruments

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

---

| | |
|:---|:---|
| 140 AB Municipal Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

**•** **Swaps** 

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

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

Certain standardized swaps, including certain interest rate, inflation and credit default swaps, are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 141 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

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

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

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

During the six months ended October 31, 2025, the Fund held interest rate swaps for hedging purposes.

---

| | |
|:---|:---|
| 142 AB Municipal Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

During the six months ended October 31, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

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

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 143 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended October 31, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for<br>variation margin on<br>centrally cleared<br>swaps | $165516790 \* | Payable for<br>variation margin on<br>centrally cleared<br>swaps | $26992069 \* |
|  Interest rate contracts | Unrealized<br>appreciation on<br>interest rate swaps | 8115426 | Unrealized<br>depreciation on<br>interest rate swaps | 96812 |
|  Total |  | $173632216 |  | $27088881 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $70422899 | $(85343610) |
|  Total |  | $70422899 | $(85343610) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended October 31, 2025:

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $139610000.0 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $3776151857.0 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $5648960000.0 |

---

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the

---

| | |
|:---|:---|
| 144 AB Municipal Income Shares | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund as of October 31, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $1724635 | $(88011) | $(1530000) | $– 0 | $106624 |
|  Citibank NA | 2796420 | – 0 | (2660000) | – 0 | 136420 |
|  JPMorgan Chase Bank NA | 1599504 | – 0 | (320000) | (951512) | 327992 |
|  Morgan Stanley Capital Services LLC | 1984744 | – 0 | (1800000) | – 0 | 184744 |
|  Royal Bank of Canada | 10123 | (8801) | – 0 | – 0 | 1322 |
|  Total | $8115426 | $(96812) | $(6310000) | $(951512) | $757102 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $88011 | $(88011) | $– 0 | $– 0 | $– 0 |
|  Royal Bank of Canada | 8801 | (8801) | – 0 | – 0 | – 0 |
|  Total | $96812 | $(96812) | $– 0 | $– 0 | $– 0 |

---

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

---

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

---

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br>April 30,<br>2025 |
|  Shares sold | 270618728 | 436539505 | $2963910545 | $4893605949 |
|  Shares redeemed | (120770405) | (193211087) | (1322248161) | (2159453116) |
|  **Net increase** | **149848323** | **243328418** | $**1641662384** | $**2734152833** |

---

NOTE E

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 145 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

---

| | |
|:---|:---|
| 146 AB Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

levels of cash to meet the redemptions, which would negatively affect the Fund's yield. The U.S. federal income tax treatment of payments in respect of certain derivative contracts is unclear.

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

**Interest Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

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

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 147 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the Adviser. The Fund did not utilize the Facility during the six months ended October 31, 2025.

---

| | |
|:---|:---|
| 148 AB Municipal Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended April 30, 2025 and April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $28158739 | $31837803 |
|  Total taxable distributions | 28158739 | 31837803 |
|  Tax-exempt income | 584188258 | 431142946 |
|  Total distributions paid | $612346997 | $462980749 |

---

As of April 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $61622693 |
|  Accumulated capital and other losses | (108422807)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (502947297)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $(549747411)<sup>(c)</sup> |

---

(a) As of April 30, 2025, the Fund had a net capital loss carryforward of $108,422,807.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of tender option bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the tax treatment of defaulted securities and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2025, the Fund had a net short-term capital loss carryforward of $60,333,008 and a net long-term capital loss carryforward of $48,089,799, which may be carried forward for an indefinite period.

NOTE H

Floating Rate Notes Issued in Connection with Securities Held

The Fund may engage in tender option bond ("TOB") transactions in which the Fund transfers a fixed rate bond ("Fixed Rate Bond") into a Special Purpose Vehicle (the "SPV", which is generally organized as a trust). The Fund buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation ("Inverse Floater"). The SPV also issues floating rate notes ("Floating Rate Notes") which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 149 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Fund, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its statement of assets and liabilities. Interest expense related to the Fund's liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Fund's expense ratio. At October 31, 2025, the amount of the Fund's Floating Rate Notes outstanding was $975,315,000 and the related interest rate was 2.60% to 4.30%. For the six months ended October 31, 2025, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were $851,396,304 and 3.55%, respectively.

The Fund may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the Fund's portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Fund's financial statements as a secured borrowing.

NOTE I

Subsequent Events

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

---

| | |
|:---|:---|
| 150 AB Municipal Income Shares | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $10.97 | $10.88 | $11.04 | $11.36 | $12.70 | $10.80 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .27 | .51 | .50 | .45 | .43 | .44 |
|  Net realized and unrealized gain (loss) on investment transactions | .25 | .08 | (.18 | (.30 | (1.35) | 1.91 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .52 | .59 | .32 | .15 | (.92 | 2.35 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.27 | (.50 | (.48 | (.47 | (.42 | (.45 |
|  Net asset value, end of period | **$11.22** | **$10.97** | **$10.88** | **$11.04** | **$11.36** | **$12.70** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.91 | 5.39 | 2.99 | 1.44 | (7.52) | 22.01 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $16927451 | $14896561 | $12137129 | $9368786 | $7305688 | $6349716 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses<sup>(d)</sup> | .19 | .15 | .22 | .21 | .07 | .07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.83 | 4.60 | 4.65 | 4.10 | 3.38 | 3.62 |
|  Portfolio turnover rate | 9 | 16 | 17 | 18 | 6 | 10 |

---

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment 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.

(d) The expense ratios, excluding interest expense are .00%, .00%, .00%, .00%, .00% and .00%, respectively.

---

| | |
|:---|:---|
| + | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.  |

---

^ Annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 151 |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of AB Corporate Shares (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Municipal Income Shares (the "Fund") at a meeting held in-person on August 5-6, 2025 (the "Meeting").

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

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

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

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the

---

| | |
|:---|:---|
| 152 AB Municipal Income Shares | **ABFunds.com** |

---

------

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

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

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying fund advised by the Adviser

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 153 |

---

------

in which the Fund invests. The directors noted that the Adviser is compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Fund against a large group of similar funds ("peer universe") selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts ("SMAs"). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors' request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

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

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm's length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser's fee arrangements with the Sponsors vary, the directors acknowledged the Adviser's view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the "implied fee") and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

---

| | |
|:---|:---|
| 154 AB Municipal Income Shares | **ABFunds.com** |

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------

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Income Shares 155 |

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------

#### NOTES

---

| | |
|:---|:---|
| 156 AB Municipal Income Shares | **ABFunds.com** |

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------

![LOGO](g839458g28a43.jpg)

AB MUNICIPAL INCOME SHARES

66 Hudson Boulevard East

New York, NY 10001

MIS-0152-1025 ![LOGO](g839458g22c48.jpg)

------

#### October 31, 2025
![LOGO](g35775g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAXABLE MULTI-SECTOR INCOME SHARES

![LOGO](g35775g50e50.jpg)

------

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

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

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS
**October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CORPORATES - INVESTMENT GRADE – 61.8% |  |  |
| Industrial – 35.7% |  |  |
|  **Basic – 1.3%** |  |  |
|  AngloGold Ashanti Holdings PLC<br>3.375%, 11/01/2028 | $2000 | $1939600 |
|  Westlake Corp.<br>3.60%, 08/15/2026 | 1000 | 994090 |
|  WRKCo, Inc.<br>4.00%, 03/15/2028 | 3000 | 2986980 |
|  |  | 5920670 |
|  **Capital Goods – 6.3%** |  |  |
|  Boeing Co. (The)<br>3.25%, 03/01/2028 | 3000 | 2932740 |
|  Caterpillar Financial Services Corp.<br>4.375%, 08/16/2029 | 2000 | 2029580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/15/2029 | 1000 | 1025190 |
|  CNH Industrial Capital LLC<br>4.50%, 10/08/2027 | 2000 | 2013160 |
|  CRH SMW Finance DAC<br>5.20%, 05/21/2029 | 2000 | 2061680 |
|  John Deere Capital Corp.<br>4.50%, 01/16/2029 | 1000 | 1014480 |
|  Northrop Grumman Corp.<br>3.20%, 02/01/2027 | 1000 | 990250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2028 | 3000 | 2951820 |
|  Parker-Hannifin Corp.<br>3.25%, 06/14/2029 | 2000 | 1943720 |
|  Republic Services, Inc.<br>2.30%, 03/01/2030 | 4000 | 3705120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/01/2029 | 1000 | 1024960 |
|  RTX Corp.<br>3.125%, 05/04/2027 | 2000 | 1972160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/16/2028 | 2000 | 2001840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 | 1000 | 1016200 |
|  Trane Technologies Financing Ltd.<br>3.80%, 03/21/2029 | 1000 | 990400 |
|  Westinghouse Air Brake Technologies Corp.<br>4.70%, 09/15/2028<sup>(a)</sup> | 2000 | 2023260 |
|  |  | 29696560 |
|  **Communications - Telecommunications – 1.3%** |  |  |
|  AT&T, Inc.<br>1.65%, 02/01/2028 | 1000 | 947410 |
|  T-Mobile USA, Inc.<br>2.625%, 04/15/2026 | 3402 | 3378458 |
|  TELUS Corp.<br>2.80%, 02/16/2027 | 2000 | 1963720 |
|  |  | 6289588 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 2.4%** |  |  |
|  American Honda Finance Corp.<br>2.00%, 03/24/2028 | $1000 | $952870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/2029 | 2000 | 1885920 |
|  Aptiv Swiss Holdings Ltd.<br>4.65%, 09/13/2029 | 2000 | 2031300 |
|  Ford Motor Credit Co. LLC<br>2.90%, 02/16/2028 | 2000 | 1912000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 | 2000 | 1863800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 | 779 | 779701 |
|  General Motors Financial Co., Inc.<br>4.30%, 04/06/2029 | 1000 | 996000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/06/2029 | 1000 | 1014620 |
|  |  | 11436211 |
|  **Consumer Cyclical - Other – 0.7%** |  |  |
|  Las Vegas Sands Corp.<br>3.50%, 08/18/2026 | 1000 | 991950 |
|  Marriott International, Inc./MD<br>5.55%, 10/15/2028 | 2000 | 2077000 |
|  |  | 3068950 |
|  **Consumer Cyclical - Restaurants – 1.2%** |  |  |
|  McDonald's Corp.<br>2.125%, 03/01/2030 | 3000 | 2753730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2027 | 1000 | 992820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2027 | 1000 | 992370 |
|  Starbucks Corp.<br>4.50%, 05/15/2028 | 1000 | 1008690 |
|  |  | 5747610 |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |
|  Ross Stores, Inc.<br>0.875%, 04/15/2026 | 1000 | 984700 |
|  **Consumer Non-Cyclical – 7.4%** |  |  |
|  Altria Group, Inc.<br>3.40%, 05/06/2030 | 1000 | 959410 |
|  Archer-Daniels-Midland Co.<br>2.50%, 08/11/2026 | 1000 | 988690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/2030 | 4000 | 3848640 |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 | 2275 | 2273203 |
|  Bunge Ltd. Finance Corp.<br>3.25%, 08/15/2026 | 1000 | 992860 |
|  CVS Health Corp.<br>2.875%, 06/01/2026 | 2000 | 1981980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 | 1000 | 961380 |

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| | |
|:---|:---|
| 2 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  General Mills, Inc.<br>2.875%, 04/15/2030 | $1000 | $942160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/2028 | 2000 | 2001300 |
|  Gilead Sciences, Inc.<br>4.80%, 11/15/2029 | 1000 | 1026930 |
|  Haleon US Capital LLC<br>3.375%, 03/24/2027 | 1000 | 991160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/24/2029 | 2000 | 1948120 |
|  HCA, Inc.<br>4.125%, 06/15/2029 | 1000 | 992490 |
|  Hershey Co. (The)<br>4.55%, 02/24/2028 | 1000 | 1016200 |
|  IQVIA, Inc.<br>5.70%, 05/15/2028 | 2000 | 2061140 |
|  Kellanova<br>3.40%, 11/15/2027 | 1000 | 988470 |
|  Kraft Heinz Foods Co.<br>3.875%, 05/15/2027 | 4000 | 3981320 |
|  Mondelez International, Inc.<br>2.625%, 03/17/2027 | 2000 | 1961920 |
|  Sysco Corp.<br>2.40%, 02/15/2030 | 1000 | 926820 |
|  Takeda Pharmaceutical Co., Ltd.<br>5.00%, 11/26/2028 | 2000 | 2043280 |
|  Tyson Foods, Inc.<br>4.35%, 03/01/2029 | 2000 | 2001980 |
|  |  | 34889453 |
|  **Energy – 5.0%** |  |  |
|  BP Capital Markets America, Inc.<br>3.937%, 09/21/2028 | 1000 | 998160 |
|  ConocoPhillips Co.<br>4.70%, 01/15/2030 | 1000 | 1020240 |
|  Continental Resources, Inc./OK<br>4.375%, 01/15/2028 | 4000 | 3980160 |
|  Diamondback Energy, Inc.<br>3.25%, 12/01/2026 | 2000 | 1982040 |
|  Eastern Gas Transmission & Storage, Inc.<br>3.00%, 11/15/2029 | 1000 | 955230 |
|  EQT Corp.<br>3.90%, 10/01/2027 | 747 | 741577 |
|  Kinder Morgan, Inc.<br>5.00%, 02/01/2029 | 1000 | 1022040 |
|  MPLX LP<br>4.125%, 03/01/2027 | 1000 | 998190 |
|  Occidental Petroleum Corp.<br>5.20%, 08/01/2029 | 1000 | 1021020 |
|  ONEOK, Inc.<br>4.35%, 03/15/2029 | 4000 | 3995160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/2028 | 1000 | 1006960 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Targa Resources Corp.<br>6.15%, 03/01/2029 | $2000 | $2103840 |
|  Tennessee Gas Pipeline Co. LLC<br>2.90%, 03/01/2030<sup>(b)</sup> | 2000 | 1876400 |
|  Transcontinental Gas Pipe Line Co. LLC<br>4.00%, 03/15/2028 | 1000 | 996020 |
|  Williams Cos., Inc. (The)<br>3.75%, 06/15/2027 | 1000 | 994020 |
|  |  | 23691057 |
|  **Services – 1.3%** |  |  |
|  Expedia Group, Inc.<br>3.80%, 02/15/2028 | 1000 | 991680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2027 | 1000 | 1006220 |
|  Mastercard, Inc.<br>3.35%, 03/26/2030 | 1000 | 973760 |
|  Moody's Corp.<br>3.25%, 01/15/2028 | 1000 | 982940 |
|  PayPal Holdings, Inc.<br>2.85%, 10/01/2029 | 1000 | 953340 |
|  S&P Global, Inc.<br>2.70%, 03/01/2029 | 1000 | 957470 |
|  |  | 5865410 |
|  **Technology – 7.7%** |  |  |
|  Analog Devices, Inc.<br>1.70%, 10/01/2028 | 1000 | 938220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/2027 | 1000 | 992160 |
|  Autodesk, Inc.<br>2.85%, 01/15/2030 | 3000 | 2838990 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd.<br>3.50%, 01/15/2028 | 1000 | 989920 |
|  Broadcom, Inc.<br>1.95%, 02/15/2028 | 1000 | 954850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029<sup>(b)</sup>  | 1000 | 995440 |
|  CDW LLC/CDW Finance Corp.<br>2.67%, 12/01/2026 | 4000 | 3928440 |
|  Cisco Systems, Inc.<br>4.55%, 02/24/2028 | 1000 | 1014420 |
|  Dell International LLC/EMC Corp.<br>4.90%, 10/01/2026 | 2000 | 2011360 |
|  Fidelity National Information Services, Inc.<br>1.15%, 03/01/2026 | 3000 | 2969340 |
|  Fiserv, Inc.<br>4.20%, 10/01/2028 | 1000 | 990480 |
|  International Business Machines Corp.<br>3.30%, 05/15/2026 | 2000 | 1992220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2029 | 2000 | 1960600 |

---

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| | |
|:---|:---|
| 4 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Jabil, Inc.<br>3.95%, 01/12/2028 | $1000 | $994690 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc.<br>4.30%, 06/18/2029 | 2000 | 1993960 |
|  Oracle Corp.<br>2.30%, 03/25/2028 | 2000 | 1913160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 | 2000 | 1979940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 | 1000 | 935160 |
|  Salesforce, Inc.<br>1.50%, 07/15/2028 | 1000 | 940210 |
|  VMware LLC<br>1.40%, 08/15/2026 | 5000 | 4897400 |
|  |  | 36230960 |
|  **Transportation - Airlines – 0.2%** |  |  |
|  Southwest Airlines Co.<br>2.625%, 02/10/2030 | 1000 | 921420 |
|  **Transportation - Services – 0.7%** |  |  |
|  Ryder System, Inc.<br>5.25%, 06/01/2028 | 3000 | 3078000 |
|  |  | 167820589 |
| Financial Institutions – 21.5% |  |  |
|  **Banking – 14.4%** |  |  |
|  Ally Financial, Inc.<br>6.992%, 06/13/2029 | 2000 | 2101600 |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 03/13/2029 | 1000 | 1034220 |
|  Banco Santander SA<br>3.80%, 02/23/2028 | 3000 | 2970600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%, 03/24/2028 | 1000 | 998360 |
|  Bank of America Corp.<br>1.734%, 07/22/2027 | 1000 | 982310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 12/20/2028 | 2000 | 1969860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>3.593%, 07/21/2028 | 2000 | 1982320 |
|  Barclays PLC<br>4.942%, 09/10/2030 | 2000 | 2031800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.086%, 02/25/2029 | 1000 | 1016870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.501%, 08/09/2028 | 1000 | 1020220 |
|  Capital One NA<br>3.45%, 07/27/2026 | 1000 | 994290 |
|  Citigroup, Inc.<br>1.122%, 01/28/2027 | 1000 | 992210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/2028 | 2000 | 1974500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%, 07/24/2028 | 1000 | 991310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 | 2000 | 1992200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/2030 | 3000 | 2965890 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 5 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Deutsche Bank AG/New York NY<br>2.311%, 11/16/2027 | $| 1000 | $| 979600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%, 09/11/2030 |  | 2000 |  | 2026960 |
|  Goldman Sachs Group, Inc. (The)<br>1.948%, 10/21/2027 |  | 1000 |  | 978260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/2028 |  | 1000 |  | 980240 |
|  HSBC Holdings PLC<br>2.013%, 09/22/2028 |  | 2000 |  | 1920920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%, 08/17/2029 |  | 3000 |  | 2834640 |
|  ING Groep NV<br>5.132% (SOFR + 1.01%), 04/01/2027<sup>(c)</sup> |  | 1350 |  | 1353186 |
|  JPMorgan Chase & Co.<br>2.182%, 06/01/2028 |  | 6500 |  | 6310330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/2028 |  | 1000 |  | 991390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%, 07/23/2029 |  | 2500 |  | 2503100 |
|  Lloyds Banking Group PLC<br>3.574%, 11/07/2028 |  | 1000 |  | 987460 |
|  Mizuho Financial Group, Inc.<br>4.254%, 09/11/2029 |  | 1000 |  | 1001160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%, 09/13/2028 |  | 1000 |  | 1023270 |
|  Morgan Stanley<br>5.164%, 04/20/2029 |  | 2000 |  | 2043800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>3.772%, 01/24/2029 |  | 6000 |  | 5946060 |
|  Santander Holdings USA, Inc.<br>2.49%, 01/06/2028 |  | 2000 |  | 1953080 |
|  Santander UK Group Holdings PLC<br>3.823%, 11/03/2028 |  | 1000 |  | 990060 |
|  Synchrony Bank<br>5.625%, 08/23/2027 |  | 1000 |  | 1020700 |
|  Synchrony Financial<br>3.95%, 12/01/2027 |  | 1000 |  | 991630 |
|  Toronto-Dominion Bank (The)<br>1.25%, 09/10/2026 |  | 1000 |  | 977470 |
|  UBS AG/Stamford CT<br>1.25%, 08/07/2026 |  | 1000 |  | 979460 |
|  Wells Fargo & Co.<br>2.393%, 06/02/2028 |  | 3000 |  | 2919750 |
|  |  |  |  | 67731086 |
|  **Brokerage – 0.6%** | **Brokerage – 0.6%** | **Brokerage – 0.6%** | **Brokerage – 0.6%** | **Brokerage – 0.6%** |
|  Charles Schwab Corp. (The)<br>5.643%, 05/19/2029 |  | 1000 |  | 1037410 |
|  Nomura Holdings, Inc.<br>2.329%, 01/22/2027 |  | 2000 |  | 1954900 |
|  |  |  |  | 2992310 |
|  **REITs – 6.5%** | **REITs – 6.5%** | **REITs – 6.5%** | **REITs – 6.5%** | **REITs – 6.5%** |
|  American Homes 4 Rent LP<br>4.25%, 02/15/2028 |  | 1000 |  | 1001300 |

---

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| | |
|:---|:---|
| 6 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  American Tower Corp.<br>1.50%, 01/31/2028 | $1000 | $943570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 | 2000 | 1985540 |
|  Boston Properties LP<br>4.50%, 12/01/2028 | 1000 | 1001790 |
|  Brixmor Operating Partnership LP<br>4.125%, 05/15/2029 | 1000 | 990990 |
|  Crown Castle, Inc.<br>1.05%, 07/15/2026 | 2000 | 1955460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 2000 | 1978320 |
|  Digital Realty Trust LP<br>3.60%, 07/01/2029 | 1000 | 976460 |
|  EPR Properties<br>4.50%, 06/01/2027 | 1000 | 1000450 |
|  Equinix, Inc.<br>1.45%, 05/15/2026 | 3000 | 2955390 |
|  ERP Operating LP<br>2.50%, 02/15/2030 | 2000 | 1870460 |
|  GLP Capital LP/GLP Financing II, Inc.<br>5.30%, 01/15/2029 | 3000 | 3057510 |
|  Realty Income Corp.<br>3.10%, 12/15/2029 | 1000 | 960640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/2030 | 1000 | 969000 |
|  Simon Property Group LP<br>1.375%, 01/15/2027 | 1000 | 968520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/2029 | 4000 | 3760640 |
|  Ventas Realty LP<br>4.00%, 03/01/2028 | 1000 | 995680 |
|  Welltower OP LLC<br>3.10%, 01/15/2030 | 1000 | 957250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/15/2029 | 1000 | 999200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2028 | 1000 | 1005770 |
|  |  | 30333940 |
|  |  | 101057336 |
| Utility – 4.6% |  |  |
|  **Electric – 4.6%** |  |  |
|  AEP Texas, Inc.<br>3.95%, 06/01/2028 | 2000 | 1988680 |
|  Commonwealth Edison Co.<br>2.20%, 03/01/2030 | 2000 | 1848240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122<br>2.95%, 08/15/2027 | 1000 | 983410 |
|  Consumers Energy Co.<br>4.60%, 05/30/2029 | 1000 | 1016320 |
|  Dominion Energy, Inc.<br>Series C<br>3.375%, 04/01/2030 | 2000 | 1922000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br>2.85%, 08/15/2026 | 1000 | 990250 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 7 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Entergy Mississippi LLC<br>2.85%, 06/01/2028 | $3000 | $2916030 |
|  National Rural Utilities Cooperative Finance Corp.<br>3.40%, 02/07/2028 | 2000 | 1973100 |
|  NextEra Energy Capital Holdings, Inc.<br>1.875%, 01/15/2027 | 1000 | 974900 |
|  Pacific Gas & Electric Co.<br>3.00%, 06/15/2028 | 2000 | 1928740 |
|  PacifiCorp<br>5.10%, 02/15/2029 | 2000 | 2051780 |
|  Southern California Edison Co.<br>5.85%, 11/01/2027 | 1000 | 1025450 |
|  Xcel Energy, Inc.<br>1.75%, 03/15/2027 | 1000 | 967810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028 | 1000 | 1012820 |
|  |  | 21599530 |
|  Total Corporates - Investment Grade<br>(cost $287,862,452) |  | 290477455 |
|  LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 10.8% |  |  |
|  **United States – 10.8%** |  |  |
|  California Earthquake Authority<br>(California Earthquake Authority) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.603%, 07/01/2027 | 1355 | 1372210 |
|  California State Public Works Board<br>(State of California Lease) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.917%, 04/01/2027 | 3900 | 3953117 |
|  City of Detroit MI<br>(City of Detroit MI) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>6.844%, 05/01/2028 | 590 | 605710 |
|  City of San Antonio TX<br>(City of San Antonio TX) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.635%, 02/01/2026 | 3000 | 3007883 |
|  County of Broward FL Airport System Revenue<br>(County of Broward FL Airport System Revenue) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C<br>2.384%, 10/01/2026 | 1000 | 985283 |
|  Dallas Fort Worth International Airport<br>(Dallas Fort Worth Intl Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.738%, 11/01/2026 | 1125 | 1135271 |

---

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| | |
|:---|:---|
| 8 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  District of Columbia Income Tax Revenue<br>(District of Columbia Income Tax Revenue) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>4.053%, 06/01/2028 | $1040 | $1045365 |
|  Florida Municipal Power Agency<br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.425%, 10/01/2026 | 1000 | 976708 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>3.85%, 06/01/2050 | 8100 | 7430372 |
|  Guam Government Waterworks Authority<br>(Guam Govt Waterworks Authority) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>2.75%, 07/01/2030 | 1200 | 1120375 |
|  Inland Empire Tobacco Securitization Corp.<br>(Inland Empire Tobacco Securitization) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.678%, 06/01/2038 | 2925 | 2828399 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-B<br>6.202%, 07/01/2031 | 2955 | 3136060 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>1.897%, 01/01/2027 | 385 | 375628 |
|  New Jersey Economic Development Authority<br>(New Jersey Economic Development Authority State Lease) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL Series 1997-A<br>7.425%, 02/15/2029 | 3000 | 3145913 |
|  New Jersey Economic Development Authority<br>(State of New Jersey Lease) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.927%, 03/01/2026 | 1050 | 1052232 |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>2.556%, 12/01/2025 | 760 | 759098 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue<br>(San Francisco City & County Public Utilities Commission Wastewater Revenue) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.655%, 10/01/2027 | 3000 | 3042488 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 9 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  San Jose Evergreen Community College District<br>(San Jose Evergreen Community College District) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>5.102% (CME Term SOFR 3 Month + 1.00%), 07/01/2043<sup>(c)</sup>  | $980 | $975044 |
|  State of California<br>(State of California) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.10%, 03/01/2029 | 2000 | 2081373 |
|  State of Hawaii<br>(State of Hawaii) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-G<br>4.588%, 10/01/2026 | 2000 | 2013719 |
|  State of Illinois<br>(State of Illinois) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.256%, 05/01/2026 | 5000 | 5027408 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.75%, 05/01/2028 | 2000 | 2043690 |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.875%, 06/01/2049 | 2740 | 2513164 |
|  Total Local Governments - US Municipal Bonds<br>(cost $50,355,684) |  | 50626510 |
|  ASSET-BACKED SECURITIES – 3.4% |  |  |
|  **Autos - Fixed Rate – 1.9%** |  |  |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2023-3A, Class A<br>5.44%, 02/22/2028<sup>(b)</sup> | 3000 | 3036512 |
|  Carvana Auto Receivables Trust<br>Series 2021-N1, Class C<br>1.30%, 01/10/2028 | 108 | 106454 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(b)</sup>  | 934 | 943491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2<br>5.10%, 10/15/2030<sup>(b)</sup>  | 3392 | 3386136 |
|  Santander Bank Auto Credit-Linked Notes<br>Series 2023-A, Class B<br>6.493%, 06/15/2033<sup>(b)</sup> | 33 | 32991 |
|  Tricolor Auto Securitization Trust<br>Series 2025-2A, Class A<br>5.12%, 01/16/2029<sup>(d)(e)(f)</sup> | 1822 | 1266153 |

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| | |
|:---|:---|
| 10 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  US Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B<br>6.789%, 08/25/2032<sup>(b)</sup> | $257 | $259413 |
|  |  | 9031150 |
|  **Other ABS - Fixed Rate – 1.5%** |  |  |
|  Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>4.11%, 07/15/2031 | 396 | 396569 |
|  Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A2<br>5.99%, 03/15/2032<sup>(b)</sup> | 530 | 532215 |
|  Domino's Pizza Master Issuer LLC<br>Series 2021-1A, Class A2I<br>2.662%, 04/25/2051<sup>(b)</sup> | 778 | 738728 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>Series 2023-ELL, Class A1<br>5.081%, 06/01/2031 | 2075 | 2110293 |
|  Oklahoma Development Finance Authority<br>Series 2022-ONG, Class A1<br>3.877%, 05/01/2037 | 1312 | 1292095 |
|  Pagaya AI Debt Trust<br>Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(b)</sup> | 65 | 65121 |
|  Texas Natural Gas Securitization Finance Corp.<br>Series 2023-1, Class A1<br>5.102%, 04/01/2035 | 1675 | 1728247 |
|  Theorem Funding Trust<br>Series 2023-1A, Class A<br>7.58%, 04/15/2029<sup>(b)</sup> | 3 | 2903 |
|  |  | 6866171 |
|  Total Asset-Backed Securities<br>(cost $16,377,850) |  | 15897321 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 2.9% |  |  |
|  **Risk Share Floating Rate – 2.9%** |  |  |
|  Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1<br>6.683% (CME Term SOFR + 2.50%),<br>04/25/2043<sup>(b)(c)</sup> | 457 | 463041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1<br>6.483% (CME Term SOFR + 2.30%),<br>05/25/2043<sup>(b)(c)</sup> | 1182 | 1207369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M1<br>6.083% (CME Term SOFR + 1.90%),<br>06/25/2043<sup>(b)(c)</sup> | 1297 | 1309235 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M1<br>5.883% (CME Term SOFR + 1.70%),<br>07/25/2043<sup>(b)(c)</sup> | $402 | $403499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07, Class 2M1<br>6.133% (CME Term SOFR + 1.95%),<br>09/25/2043<sup>(b)(c)</sup> | 491 | 493941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M1<br>5.333% (CME Term SOFR + 1.15%),<br>03/25/2044<sup>(b)(c)</sup> | 1090 | 1090069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M1<br>5.283% (CME Term SOFR + 1.10%),<br>05/25/2044<sup>(b)(c)</sup> | 925 | 924972 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A<br>6.287% (CME Term SOFR + 2.10%),<br>03/25/2043<sup>(b)(c)</sup> | 220 | 223565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A<br>6.287% (CME Term SOFR + 2.10%),<br>04/25/2043<sup>(b)(c)</sup> | 918 | 931287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1A<br>6.183% (CME Term SOFR + 2.00%),<br>05/25/2043<sup>(b)(c)</sup> | 1165 | 1175251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1A<br>6.183% (CME Term SOFR + 2.00%),<br>06/25/2043<sup>(b)(c)</sup> | 497 | 497702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA2, Class M1<br>5.383% (CME Term SOFR + 1.20%),<br>08/25/2044<sup>(b)(c)</sup> | 1795 | 1798984 |
|  Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes 2025-DNA4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA4, Class M1<br>5.287% (CME Term SOFR + 1.10%),<br>10/25/2045<sup>(b)(c)</sup> | 3100 | 3101938 |
|  Federal National Mortgage Association Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>11.047% (CME Term SOFR + 6.86%),<br>08/25/2028<sup>(c)</sup>  | 51 | 51708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>10.297% (CME Term SOFR + 6.11%),<br>09/25/2028<sup>(c)</sup>  | 20 | 20558 |
|  |  | 13693119 |
|  **Agency Fixed Rate – 0.0%** |  |  |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4459, Class CA<br>5.00%, 12/15/2034 | 6 | 5856 |
|  Total Collateralized Mortgage Obligations<br>(cost $13,620,018) |  | 13698975 |

---

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| | |
|:---|:---|
| 12 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COMMERCIAL MORTGAGE-BACKED<br>SECURITIES – 2.5% | COMMERCIAL MORTGAGE-BACKED<br>SECURITIES – 2.5% |  |
|  **Non-Agency Fixed Rate CMBS – 2.1%** |  |  |
|  BANK<br>Series 2019-BN16, Class AS<br>4.267%, 02/15/2052 | $2639 | $2569005 |
|  MAD Commercial Mortgage Trust<br>Series 2025-11MD, Class A<br>4.754%, 10/15/2042<sup>(b)</sup> | 4000 | 3994619 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2016-C29, Class AS<br>3.604%, 05/15/2049 | 3552 | 3466287 |
|  |  | 10029911 |
|  **Non-Agency Floating Rate CMBS – 0.4%** |  |  |
|  DBC Mortgage Trust<br>Series 2025-DBC, Class B<br>5.65% (CME Term SOFR 1 Month + 1.60%),<br>06/15/2038<sup>(b)(c)</sup> | 1650 | 1652062 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $11,678,599) |  | 11681973 |
|  CORPORATES - NON-INVESTMENT GRADE – 1.0% | CORPORATES - NON-INVESTMENT GRADE – 1.0% |  |
|  Industrial – 0.8% |  |  |
|  **Communications - Media – 0.6%** |  |  |
|  Discovery Communications LLC<br>3.95%, 03/20/2028 | 1604 | 1573412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/2029 | 1000 | 968450 |
|  Warnermedia Holdings, Inc.<br>3.755%, 03/15/2027 | 316 | 312502 |
|  |  | 2854364 |
|  **Consumer Non-Cyclical – 0.2%** |  |  |
|  YMCA of Greater New York<br>2.303%, 08/01/2026 | 875 | 860772 |
|  |  | 3715136 |
|  Utility – 0.2% |  |  |
|  **Other Utility – 0.2%** |  |  |
|  YMCA of Greater New York<br>2.303%, 08/01/2026 | 890 | 873237 |
|  Total Corporates - Non-Investment Grade<br>(cost $4,564,247) |  | 4588373 |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 17.0% |  |  |
|  **Investment Companies – 16.4%** |  |  |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.96%<sup>(g)(h)(i)</sup><br>(cost $77,361,847) | 77361847 | 77361847 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Short-Term Municipal Notes – 0.6% |  |  |
|  **Other – 0.6%** |  |  |
|  Taxable Municipal Funding Trust<br>(Taxable Municipal Funding Trust)<br>Series 2024-B<br>4.35%, 06/30/2028<sup>(b)</sup>(cost $3,000,000) | $3000 | $3000000 |
|  Total Short-Term Investments<br>(cost $80,361,847) |  | 80361847 |
|  Total Investments – 99.4%<br>(cost $464,820,697) |  | 467332454 |
|  Other assets less liabilities – 0.6% |  | 2935075 |
|  **Net Assets – 100.0%** |  | $**470267529** |

---

#### CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 60000 | 06/06/2027 | 1 Day<br>SOFR | 3.663% | Annual | $21892 | $– 0 | $21892 |
| USD | 30000 | 08/28/2027 | 1 Day<br>SOFR | 3.436% | Annual | (39859) | – 0 | (39859) |
| USD | 25000 | 06/06/2030 | 3.591% | 1 Day<br>SOFR | Annual | (132181) | – 0 | (132181) |
| USD | 11000 | 08/28/2030 | 3.395% | 1 Day<br>SOFR | Annual | 21117 | – 0 | 21117 |
|  |  |  |  |  |  | $(129031) | $– 0 | $(129031) |

---

(a) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at October 31, 2025.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2025, the aggregate market value of these securities amounted to $34,136,884 or 7.3% of net assets.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2025.

(d) Non-income producing security.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.27% of net assets as of October 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid**<br> **Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Tricolor Auto Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A 5.12%, 01/16/2029 | 06/10/2025 | $1821743 | $1266153 | 0.27% |

---

(f) Defaulted.

---

| | |
|:---|:---|
| 14 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(g) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

(i) Affiliated investments.

Glossary:

ABS – Asset-Backed Securities

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

NATL – National Interstate Corporation

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 15 |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**October 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $387,458,850) | $389970607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $77,361,847) | 77361847 |
|  Cash | 768 |
|  Cash collateral due from broker | 476375 |
|  Interest receivable | 3694081 |
|  Receivable for shares of beneficial interest sold | 588428 |
|  Affiliated dividends receivable | 278164 |
|  Receivable for variation margin on centrally cleared swaps | 22288 |
|  Receivable due from Adviser | 14040 |
|  Total assets | 472406598 |
| Liabilities |  |
|  Dividends payable | 1863439 |
|  Payable for shares of beneficial interest redeemed | 275630 |
|  Total liabilities | 2139069 |
|  Net Assets | $**470267529** |
| Composition of Net Assets |  |
|  Shares of beneficial interest, at par | $477 |
|  Additional paid-in capital | 469560695 |
|  Distributable earnings | 706357 |
|  **Net Assets** | $**470267529** |
|  **Net Asset Value Per Share—unlimited shares of beneficial interest authorized, $.00001 par value**(based on 47,653,473 common shares outstanding) | $**9.87** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 16 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended October 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494297 |  |
|  Dividends—Affiliated issuers | 1121009 |  |
|  Other income<sup>(a)</sup> | 113645 |  |
|  Total investment income |  | $10728951 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 462828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (1403) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 765068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (129031) |
|  Net gain on investment transactions |  | 1097462 |
|  Contributions from Affiliates (see Note B) |  | 58863 |
|  **Net Increase in Net Assets from Operations** |  | $**11885276** |

---

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

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 17 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>October 31, 2025<br>(unaudited)** | **Year Ended**<br>**April 30,**<br>**2025** |
| Increase in Net Assets from Operations |  |  |
|  Net investment income | $10728951 | $19814790 |
|  Net realized gain on investment transactions | 461425 | 1806769 |
|  Net change in unrealized appreciation (depreciation) of investments | 636037 | 7061764 |
|  Contributions from Affiliates (see Note B) | 58863 | – 0 |
|  Net increase in net assets from operations | 11885276 | 28683323 |
|  Distribution to Shareholders | (10614046) | (19676455) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net increase | 19967526 | 38677428 |
|  Total increase | 21238756 | 47684296 |
| Net Assets |  |  |
|  Beginning of period | 449028773 | 401344477 |
|  End of period | $**470267529** | $**449028773** |

---

See notes to financial statements.

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| | |
|:---|:---|
| 18 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**October 31, 2025** (unaudited)

NOTE A

Significant Accounting Policies

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

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

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer

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| | |
|:---|:---|
| 20 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 21 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates – Investment Grade | $– 0 | $290477455 | $– 0 | $290477455 |
|  Local Governments – US Municipal Bonds | – 0 | 50626510 | – 0 | 50626510 |
|  Asset-Backed Securities | – 0 | 15897321 | – 0 | 15897321 |
|  Collateralized Mortgage Obligations | – 0 | 13698975 | – 0 | 13698975 |
|  Commercial Mortgage-Backed Securities | – 0 | 11681973 | – 0 | 11681973 |
|  Corporates – Non-Investment Grade | – 0 | 4588373 | – 0 | 4588373 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 77361847 | – 0 | – 0 | 77361847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Municipal Notes | – 0 | 3000000 | – 0 | 3000000 |
|  Total Investments in Securities | 77361847 | 389970607 | – 0 | 467332454 |
|  **Other Financial Instruments<sup>(a)</sup> :** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Interest Rate Swaps | – 0 | 43009 | – 0 | 43009 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Centrally Cleared Interest Rate Swaps | – 0 | (172040) | – 0 | (172040)<sup>(b)</sup> |
|  **Total** | $**77361847** | $**389841576** | $**– 0** | $**467203423** |

---

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

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

3. Taxes

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

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| | |
|:---|:---|
| 22 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

4. Investment Income and Investment Transactions

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

5. Dividends and Distributions

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

6. Cash and Short-Term Investments

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

7. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 23 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

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

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

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

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to reimburse the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended October 31, 2025, such reimbursement amounted to $54,818.

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| | |
|:---|:---|
| 24 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Fund's transactions in AB mutual funds for the six months ended October 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>4/30/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 |

---

During the six months ended October 31, 2025, the Adviser reimbursed the Fund $58,863, for trading losses incurred due to a trade entry error.

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141718061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136518924 |
|  U.S. government securities | 3100000 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492422 |
|  Gross unrealized depreciation | (1109696) |
|  Net unrealized appreciation | $2382726 |

---

1. Derivative Financial Instruments

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

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

**•** **Swaps** 

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 25 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount

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| | |
|:---|:---|
| 26 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

During the six months ended October 31, 2025, the Fund held interest rate swaps for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 27 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

During the six months ended October 31, 2025, the Fund had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of**<br>**Assets and**<br>**Liabilities**<br>**Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation<br>margin on centrally<br>cleared swaps | $43009 \* | Payable for variation<br>margin on centrally<br>cleared swaps | $172040 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43009 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172040 |

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\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. <br>

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of**<br> **Gain or (Loss)**<br> **on Derivatives**<br> **Within Statement**<br> **of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(1403) | $(129031) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129031) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended October 31, 2025:

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| | |
|:---|:---|
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109600000 <sup>(a)</sup> |

---

(a) Positions were open for five months during the period.

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

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| | |
|:---|:---|
| 28 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

2. Currency Transactions

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

NOTE D

Shares of Beneficial Interest

Transactions in shares of beneficial interest were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br> April 30,<br> 2025 | Six Months Ended<br>October 31, 2025<br>(unaudited) | Year Ended<br> April 30,<br> 2025 |
|  Shares sold | 9147455 | 15578493 | $90189112 | $152361234 |
|  Shares redeemed | (7123383) | (11623597) | (70221586) | (113683806) |
|  **Net increase** | **2024072** | **3954896** | $**19967526** | $**38677428** |

---

NOTE E

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market.

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

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|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 29 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

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

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

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

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

**Emerging-Market Risk**—Investments in emerging-market countries may have more risk than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation, and increased economic, political, regulatory or other uncertainties.

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

**Mortgage-Related and/or Other Asset-Backed Securities Risk**—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes

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| | |
|:---|:---|
| 30 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and "prepayment risk", which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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

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

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

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

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|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 31 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

NOTE F

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the Adviser. The Fund did not utilize the Facility during the year ended April 30, 2025.

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended April 30, 2025 and April 30, 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $19676455 | $14094957 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19676455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14094957 |

---

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| | |
|:---|:---|
| 32 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

As of April 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1708596 |
|  Accumulated capital and other losses | (2244086)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 1718670 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183180 <sup>(c)</sup> |

---

(a) As of April 30, 2025, the Fund had a net capital loss carryforward of $2,244,086. During the fiscal year, the Fund utilized $1,974,384 of capital loss carry forwards to offset current year net realized gains.

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

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2025, the Fund had a net short-term capital loss carryforward of $2,244,086, which may be carried forward for an indefinite period.

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 Fund's financial statements through this date.

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 33 |

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#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six Months<br>Ended<br>October 31,<br>2025**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $9.84 | $9.63 | $9.57 | $9.59 | $10.04 | $9.89 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)</sup> | .23 | .44 | .39 | .23 | .10 | .14 |
|  Net realized and unrealized gain (loss) on investment transactions | .03 | .21 | .03 | (.02 | (.39 | .16 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .26 | .65 | .42 | .21 | (.29 | .30 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.23 | (.44 | (.36 | (.22 | (.12 | (.15 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.01 | (.04 | – 0 |
|  Total dividends and distributions | (.23 | (.44 | (.36 | (.23 | (.16 | (.15 |
|  Net asset value, end of period | **$9.87** | **$9.84** | **$9.63** | **$9.57** | **$9.59** | **$10.04** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(b)\*</sup> | 2.64 | 6.85 | 4.41 | 2.21 | (2.98) | 3.02 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $470268 | $449029 | $401344 | $371863 | $297166 | $305872 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.62 | 4.51 | 4.09 | 2.44 | 1.03 | 1.36 |
|  Portfolio turnover rate | 35 | 67 | 40 | 56 | 45 | 74 |

---

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total investment 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.

\* Includes the impact of proceeds received by the Fund in connection with a trade-error reimbursement from the Adviser, which enhanced performance by .01%, for the six months ended October 31, 2025. 

^ Annualized.

See notes to financial statements.

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|:---|:---|
| 34 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of AB Corporate Shares (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Taxable Multi-Sector Income Shares (the "Fund") at a meeting held in-person on August 5-6, 2025 (the "Meeting").

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

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

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

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the

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|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 35 |

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

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

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors noted that the Adviser is

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|:---|:---|
| 36 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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compensated by the Sponsors. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Fund against a large group of similar funds ("peer universe") selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors were cognizant that the Fund was neither designed nor offered as a standalone investment and was intended to serve solely as a component of certain separately managed accounts ("SMAs"). The Adviser had explained that this attribute made it difficult to select an appropriate benchmark for the Fund. At the directors' request, the Adviser provided information showing the weighting of the Fund in a current SMA and the overall performance of the SMA versus its stated benchmark. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

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

The directors noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Sponsors for its services to the Fund. The directors reviewed the fee arrangements between the Adviser and each of the current Sponsors and noted that such fees were negotiated on an arm's length basis and were within the range of fees paid by wrap fee sponsors to other advisers of similar funds. While the Adviser's fee arrangements with the Sponsors vary, the directors acknowledged the Adviser's view that a portion of such fees (less the expenses of the Fund paid by the Adviser) may reasonably be viewed as compensating the Adviser for advisory services it provides to the Fund (the "implied fee") and that the Adviser believes that while the Sponsors pay the Adviser different fee rates, the rate of fee attributable to Fund management at the Fund level is the same for all Sponsors. The directors also considered the fee rate schedules used by other registered investment companies that invest in fixed income securities that are advised by the Adviser.

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|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 37 |

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

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

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

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

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| | |
|:---|:---|
| 38 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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#### NOTES

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| | |
|:---|:---|
| **ABFunds.com** | AB Taxable Multi-Sector Income Shares 39 |

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| | |
|:---|:---|
| 40 AB Taxable Multi-Sector Income Shares | **ABFunds.com** |

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![LOGO](g35775g28a43.jpg)

AB Taxable Multi-Sector Income Shares

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

TMSIS-0152-1025 ![LOGO](g35775g22c48.jpg)

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#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no disagreements with accountants during the reporting period.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
There were no shareholder meetings during the reporting period.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

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#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable to the registrant.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant

#### ITEM 15. 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 16. 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-2(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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant

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#### ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d939316dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d939316dex99cert.htm#a) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d939316dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Corporate Shares

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | December 26, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | December 26, 2025 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | December 26, 2025 |

---

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Corporate Shares, certify that:

1. I have reviewed this report on Form N-CSR of AB Corporate Shares;

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

------

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: December 26, 2025

---

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

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AB Corporate Shares, certify that:

1. I have reviewed this report on Form N-CSR of AB Corporate Shares;

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

------

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: December 26, 2025

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| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(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 Corporate Shares (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended October 31, 2025 (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: December 26, 2025 |  |  |
|  | By: | /s/ Onur Erzan |
|  |  | Onur Erzan |
|  |  | President |
|  | By: | /s/ Stephen M. Woetzel |
|  |  | Stephen M. Woetzel |
|  |  | 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.