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: 811-06068

AB FIXED-INCOME SHARES, INC.

(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

Alliance Capital Management 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, 2025

Date of reporting period: October 31, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

Advisor Class: AEYXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AEYXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Advisor Class	$11	0.21%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Advisor Class: AEYXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AEYXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AEYXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-ADV-0154-1024

Advisor Class: AEYXX

2

Class 1: AGRXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AGRXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Class 1	$14	0.27%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Class 1: AGRXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AGRXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AGRXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-1-0154-1024

Class 1: AGRXX

2

Class A: AEAXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AEAXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Class A	$11	0.21%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Class A: AEAXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AEAXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AEAXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-A-0154-1024

Class A: AEAXX

2

Class AB: MYMXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/MYMXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Class AB	$9	0.18%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Class AB: MYMXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/MYMXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/MYMXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-AB-0154-1024

Class AB: MYMXX

2

Class C: AECXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AECXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Class C	$11	0.21%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Class C: AECXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AECXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AECXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-C-0154-1024

Class C: AECXX

2

Class I: AIEXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AIEXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Class I	$10	0.20%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Class I: AIEXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AIEXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AIEXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-I-0154-1024

Class I: AIEXX

2

Institutional Class: GMOXX

October 31, 2024 

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Fund Information

AB Government Money Market Portfolio 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Government Money Market Portfolio (the “Portfolio”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/GMOXX-S. You can also request this information by contacting us at (800) 227 4618.

This report describes changes to the Fund that occurred during the reporting period.

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
Institutional Class	$9	0.18%

Key Fund Statistics

FUND STATISTICS	Fund Stats
Net Assets	$23,198,652,542
# of Portfolio Holdings	87
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$19,129,387

Material Fund Changes 

This is a summary of certain changes to the Fund during the reporting period.

AllianceBernstein L.P., the Adviser, discontinued a contractual agreement to waive 0.05% of the Portfolio's management fee upon the expiration of the term of the agreement on August 31, 2024. Effective September 1, 2024, the contractual management fee for the Portfolio is 0.20% of net assets.

Institutional Class: GMOXX

1

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/GMOXX-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.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/GMOXX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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

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Fund Information

FIS-Inst-0154-1024

Institutional Class: GMOXX

2

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 to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 1 of this Form N-CSR.

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

OCT^10.31.24

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB FIXED-INCOME SHARES, INC. GOVERNMENT MONEY MARKET PORTFOLIO

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

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

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

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

The Fund files a complete schedule of portfolio holdings with the Commission monthly on Form N-MFP. The Commission delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. The Form N-MFP filings (along with the Form N-CSR and N-CSRS filings) are available on the Commission’s website at www.sec.gov. The Fund’s complete holdings are also available on www.abfunds.com.

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS – 103.0%
Repurchase Agreements – 53.7%
Australia & New Zealand Banking Group Ltd. 4.88%, dated 10/31/2024 due 11/01/2024 in the amount of $2,000,271,111 (collateralized by $2,152,357,000, U.S. Treasury Bond and U.S. Treasury Note, 0.50% to 4.625% due 12/31/2025 to 08/15/2052, value $2,039,999,998)	$	2,000,000	$	2,000,000,000
Bank of America, NA 4.74%, dated 10/23/2024 due 11/25/2024 in the amount of $301,303,500 (collateralized by $373,848,600, U.S. Treasury Bond and U.S. Treasury Note, 1.50% to 4.875% due 02/15/2030 to 02/15/2053, value $306,000,032)		300,000		300,000,000
Bank of America, NA 4.85%, dated 10/31/2024 due 11/01/2024 in the amount of $250,033,681 (collateralized by $251,351,700, U.S. Treasury Bond and U.S. Treasury Note, 1.125% to 4.25% due 10/31/2026 to 02/15/2044, value $255,000,016)		250,000		250,000,000
Bank of America, NA 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $250,033,750 (collateralized by $320,443,918, Federal Home Loan Mortgage Corp., Federal National Mortgage Association and Government National Mortgage Association, 1.50% to 7.00% due 08/15/2028 to 10/15/2059, value $255,000,000)		250,000		250,000,000
Bank of America, NA 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $100,013,500 (collateralized by $104,501,900, Government National Mortgage Association and U.S. Treasury Note, 2.625% to 5.50% due 02/15/2029 to 09/20/2054, value $102,000,052)		100,000		100,000,000
BNP Paribas SA 4.85%, dated 10/31/2024 due 11/01/2024 in the amount of $300,040,417 (collateralized by $310,708,700, U.S. Treasury Bond and U.S. Treasury Note, 0.125% to 4.50% due 11/30/2025 to 05/15/2053, value $306,041,225)		300,000		300,000,000

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 1

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
BNP Paribas SA 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $250,033,750 (collateralized by $510,412,269, Federal Farm Credit Bank, Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association, U.S. Treasury Bond and U.S. Treasury Note, 0.00% to 7.605% due 05/15/2026 to 07/20/2064, value $257,177,445)	$	250,000	$	250,000,000
Credit Agricole Corporate & Investment Bank 4.85%, dated 10/31/2024 due 11/01/2024 in the amount of $100,013,472 (collateralized by $102,424,300, U.S. Treasury Note, 2.25% to 4.50% due 02/15/2027 to 05/15/2027, value $102,000,071)		100,000		100,000,000
Credit Agricole Corporate & Investment Bank 4.85%, dated 10/03/2024 due 11/04/2024 in the amount of $251,077,778 (collateralized by $267,066,000, U.S. Treasury Note, 0.75% to 3.50% due 11/15/2025 to 01/31/2028, value $255,000,033)		250,000		250,000,000
Federal Reserve Bank of New York 4.80%, dated 10/31/2024 due 11/01/2024 in the amount of $2,100,280,000 (collateralized by $2,414,963,100, U.S. Treasury Note, 1.125% to 2.875% due 05/15/2029 to 05/15/2032, value $2,100,280,037)		2,100,000		2,100,000,000
Fixed Income Clearing Corp. (FICC)/State Street Bank & Trust Co. 4.85%, dated 10/31/2024 due 11/01/2024 in the amount of $537,072,346 (collateralized by $542,736,700, U.S. Treasury Note, 4.875% due 04/30/2026, value $547,740,108)		537,000		537,000,000
Goldman Sachs & Co. LLC 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $400,054,000 (collateralized by $523,363,680, Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association and U.S. Treasury Note, 1.50% to 7.00% due 04/01/2028 to 07/15/2066, value $408,000,001)		400,000		400,000,000

2 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
HSBC USA, Inc. 4.90%, dated 10/31/2024 due 11/01/2024 in the amount of $500,068,056 (collateralized by $539,684,000, U.S. Treasury Note, 1.25% due 12/31/2026, value $509,999,998)	$	500,000	$	500,000,000
JPMorgan Securities LLC 4.87%, dated 10/31/2024 due 11/01/2024 in the amount of $2,000,270,556 (collateralized by $1,985,415,000, U.S. Treasury Note, 4.375% due 05/15/2034, value $2,039,999,995)		2,000,000		2,000,000,000
JPMorgan Securities LLC 4.90%, dated 10/31/2024 due 11/01/2024 in the amount of $250,034,028 (collateralized by $254,426,000, U.S. Treasury Note, 4.00% due 07/31/2029, value $255,000,000)		250,000		250,000,000
Mizuho Securities USA LLC 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $800,108,000 (collateralized by $1,263,820,889, Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association, U.S. Treasury Bond and U.S. Treasury Note, 1.45% to 7.50% due 06/15/2026 to 12/01/2062, value $823,386,191)		800,000		800,000,000
Mizuho Securities USA LLC 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $125,016,875 (collateralized by $135,065,717, Federal Home Loan Mortgage Corp., 2.00% to 7.50% due 10/01/2040 to 11/01/2054, value $127,500,000)		125,000		125,000,000
Mizuho Securities USA LLC 4.86%, dated 10/30/2024 due 11/05/2024 in the amount of $500,337,500 (collateralized by $775,695,678, Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association, U.S. Treasury Bill and U.S. Treasury Note, 0.00% to 7.00% due 08/07/2025 to 11/01/2054, value $514,988,575)		500,000		500,000,000

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 3

PORTFOLIO OF INVESTMENTS (continued)

	Yield*			Principal Amount (000)		U.S. $ Value
Mizuho Securities USA LLC 4.86%, dated 10/30/2024 due 11/06/2024 in the amount of $550,519,750 (collateralized by $565,457,762, Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association, U.S. Treasury Bill and U.S. Treasury Note, 0.00% to 7.00% due 01/30/2025 to 10/01/2054, value $561,491,339)				$	550,000	$	550,000,000
Standard Chartered Bank 4.85%, dated 10/31/2024 due 11/01/2024 in the amount of $250,033,681 (collateralized by $250,307,000, U.S. Treasury Note, 4.625% due 04/30/2029, value $255,000,001)					250,000		250,000,000
Sumitomo Mitsui Banking Corp. 4.86%, dated 10/31/2024 due 11/01/2024 in the amount of $250,033,750 (collateralized by $259,513,500, U.S. Treasury Note, 1.125% to 4.50% due 05/31/2025 to 05/15/2034, value $255,034,513)					250,000		250,000,000
Toronto Dominion Bank 4.88%, dated 10/31/2024 due 11/01/2024 in the amount of $400,054,222 (collateralized by $404,741,000, Federal Farm Credit Bank and Federal Home Loan Bank, 0.375% to 6.03% due 11/22/2024 to 07/15/2036, value $408,004,115)					400,000		400,000,000
							12,462,000,000
U.S. Government & Government Sponsored Agency Obligations – 49.3%
Federal Farm Credit Banks Funding Corp.
12/20/2024		4.250	%		9,750		9,737,899
(SOFR + 0.14%), 04/25/2025(a)		4.950	%		99,700		99,681,354

4 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Yield*			Principal Amount (000)		U.S. $ Value
(SOFR + 0.14%), 10/23/2026(a)		4.950	%	$	39,750	$	39,750,000
(SOFR + 0.14%), 11/04/2026(a)		4.960	%		30,000		30,000,000
(SOFR + 0.15%), 01/03/2025(a)		4.960	%		1,500		1,499,945
(SOFR + 0.16%), 05/02/2025(a)		4.965	%		160,000		160,000,000
(SOFR + 0.16%), 01/30/2025(a)		4.970	%		2,000		1,999,946
(SOFR + 0.16%), 07/21/2025(a)		4.970	%		30,000		30,000,000
(SOFR + 0.17%), 01/23/2025(a)		4.980	%		2,000		1,999,998
(PRIME - 3.02%), 05/23/2025(a)		4.980	%		14,220		14,217,566
(SOFR + 0.18%), 12/19/2024(a)		4.990	%		1,040		1,040,216
(EFFR + 0.18%), 05/23/2025(a)		5.005	%		62,500		62,500,000
(EFFR + 0.18%), 06/02/2025(a)		5.005	%		50,000		50,000,000
(PRIME - 2.98%), 01/09/2025(a)		5.020	%		50,000		50,000,000
Federal Farm Credit Discount Notes
04/02/2025		5.183	%		49,750		48,699,722
Federal Home Loan Bank Discount Notes
11/01/2024		0.000	%		1,790		1,790,000
03/28/2025		4.466	%		99,750		97,974,117
01/17/2025		4.654	%		4,062		4,022,669
02/03/2025		4.864	%		199,500		197,067,321
02/10/2025		4.959	%		199,500		196,835,789
02/07/2025		4.965	%		150,000		148,054,293
03/07/2025		4.994	%		61,000		59,960,255
02/05/2025		4.998	%		149,250		147,341,560
01/23/2025		5.074	%		599,000		592,204,126
05/19/2025		5.126	%		100,000		97,274,806
05/21/2025		5.126	%		100,000		97,247,416
Federal Home Loan Banks
(SOFR + 0.02%), 06/02/2025(a)		4.850	%		149,500		149,500,000
01/14/2025		4.900	%		3,880		3,878,560
(SOFR + 0.13%), 01/27/2025(a)		4.940	%		50,000		50,000,000

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 5

PORTFOLIO OF INVESTMENTS (continued)

	Yield*			Principal Amount (000)		U.S. $ Value
(SOFR + 0.16%), 08/21/2025(a)		4.965	%	$	100,000	$	100,000,000
(SOFR + 0.16%), 07/25/2025(a)		4.970	%		100,000		100,000,000
Series 1 (SOFR + 0.00%), 02/21/2025(a)		4.815	%		249,000		249,000,000
(SOFR + 0.00%), 03/11/2025(a)		4.815	%		449,000		449,000,000
(SOFR + 0.02%), 06/06/2025(a)		4.840	%		399,500		399,500,000
(SOFR + 0.09%), 05/19/2025(a)		4.900	%		69,500		69,524,368
(SOFR + 0.16%), 09/02/2025(a)		4.970	%		100,000		100,000,000
Series 2 (SOFR + 0.00%), 11/15/2024(a)		4.810	%		498,900		498,900,000
Series 3 (SOFR + 0.00%), 02/03/2025(a)		4.810	%		98,500		98,500,000
Federal Home Loan Mortgage Corp.
(SOFR + 0.10%), 02/09/2026(a)		4.910	%		50,000		50,000,000
(SOFR + 0.14%), 09/23/2026(a)		4.950	%		119,750		119,750,000
(SOFR + 0.14%), 10/16/2026(a)		4.950	%		94,000		94,000,000
(SOFR + 0.14%), 10/29/2026(a)		4.950	%		79,750		79,750,000
Federal National Mortgage Association
(SOFR + 0.10%), 06/18/2026(a)		4.910	%		200,000		200,000,000
(SOFR + 0.12%), 07/29/2026(a)		4.930	%		37,000		37,000,000
(SOFR + 0.14%), 10/23/2026(a)		4.950	%		72,000		72,000,000
U.S. Treasury Bill
04/10/2025		4.443	%		250,000		245,216,665
03/13/2025		4.638	%		499,250		490,957,457
01/21/2025		4.796	%		499,000		493,767,985
01/07/2025		4.910	%		300,000		297,335,446
03/20/2025		5.071	%		200,000		196,189,470
01/30/2025		5.083	%		481,400		475,469,870
01/16/2025		5.147	%		500,000		494,730,456
01/09/2025		5.185	%		200,000		198,071,546

6 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Yield*			Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes
06/30/2025		0.250	%	$	100,000	$	97,005,102
04/30/2025		0.375	%		200,000		195,449,830
02/28/2025		1.125	%		200,000		197,506,068
03/15/2025		1.750	%		100,000		98,822,980
01/31/2025		2.500	%		100,000		99,380,046
02/28/2025		2.750	%		300,000		297,773,206
05/15/2025		2.750	%		200,000		197,463,728
(US TBILL 3 Month + 0.12%), 07/31/2025(a)		4.687	%		400,000		399,823,316
(US TBILL 3 Month + 0.17%), 04/30/2025(a)		4.731	%		445,540		445,499,132
(US TBILL 3 Month + 0.17%), 10/31/2025(a)		4.732	%		400,000		399,775,864
(US TBILL 3 Month + 0.18%), 07/31/2026(a)		4.744	%		200,000		199,738,256
(US TBILL 3 Month + 0.20%), 01/31/2025(a)		4.762	%		564,500		564,500,761
(US TBILL 3 Month + 0.24%), 01/31/2026(a)		4.807	%		185,374		185,490,756
							11,431,169,866
Total Investments – 103.0% (cost $23,893,169,866)							23,893,169,866
Other assets less liabilities – (3.0)%							(694,517,324	)
Net Assets – 100.0%						$	23,198,652,542

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

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2024.

Glossary:

EFFR – Federal Funds Effective Rate

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

SOFR – Secured Overnight Financing Rate

US TBILL 3 Month – U.S. Treasury 3 Month Bill Money Market Yield

See notes to financial statements.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 7

STATEMENT OF ASSETS & LIABILITIES

October 31, 2024 (unaudited)

Assets
Investments in securities, at value (cost $11,431,169,866)	$	11,431,169,866
Repurchase agreements, at value (cost $12,462,000,000)		12,462,000,000
Cash		977,742
Receivable for capital stock sold		31,839,293
Interest receivable		23,767,217
Receivable due from Adviser		1,343,529
Total assets		23,951,097,647
Liabilities
Payable for investment securities purchased		677,500,000
Payable for capital stock redeemed		66,957,012
Advisory fee payable		5,392,653
Distribution fee payable		1,830,223
Dividends payable		134,552
Administrative fee payable		67,984
Transfer Agent fee payable		49,868
Directors’ fees payable		33,734
Accrued expenses		479,079
Total liabilities		752,445,105
Net Assets	$	23,198,652,542
Composition of Net Assets
Capital stock, at par	$	11,600,430
Additional paid-in capital		23,189,212,007
Accumulated loss		(2,159,895	)
Net Assets	$	23,198,652,542

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	6,390,552,518		6,390,742,484	$	1.00
C	$	15,198,100		15,200,496	$	1.00
Advisor	$	735,783,799		735,810,125	$	1.00
I	$	83,003,969		83,008,351	$	1.00
1	$	5,790,669,170		5,791,430,570	$	1.00
AB	$	7,859,955,238		7,860,886,148	$	1.00
Institutional	$	2,323,489,748		2,323,782,116	$	1.00

See notes to financial statements.

8 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended October 31, 2024 (unaudited)

Investment Income
Interest	$	602,241,731
Other income		643,714
Total investment income				$	602,885,445
Expenses
Advisory fee (see Note B)	$	22,930,786
Distribution fee—Class A		7,229,974
Distribution fee—Class C		46,038
Distribution fee—Class K		2,181
Distribution fee—Class 1		3,031,984
Transfer agency—Class A		853,920
Transfer agency—Class C		1,948
Transfer agency—Advisor Class		99,525
Transfer agency—Class K		436
Transfer agency—Class I		7,937
Transfer agency—Class 1		119,922
Transfer agency—Class AB		9,049
Transfer agency—Institutional Class		30,164
Registration fees		255,693
Custody and accounting		179,977
Directors’ fees		170,206
Legal		106,204
Printing		64,867
Administrative		57,689
Audit and tax		23,503
Miscellaneous		89,630
Total expenses		35,311,633
Less: expenses waived and reimbursed by the Adviser (see Note B)		(3,801,399	)
Less: expenses waived and reimbursed by the Distributor (see Note C)		(7,603,873	)
Net expenses					23,906,361
Net investment income					578,979,084
Realized Loss on Investment Transactions
Net realized loss on investment transactions					(15,013	)
Net Increase in Net Assets from Operations				$	578,964,071

See notes to financial statements.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 9

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income	$	578,979,084		$	1,088,128,672
Net realized loss on investment transactions		(15,013	)		(52,999	)
Net increase in net assets from operations		578,964,071			1,088,075,673
Distributions to Shareholders
Class A		(145,915,074	)		(179,888,764	)
Class C		(308,759	)		(440,037	)
Advisor Class		(16,997,092	)		(20,089,716	)
Class K		(45,221	)		(2,285,582	)
Class I		(2,006,238	)		(3,091,461	)
Class 1		(151,586,506	)		(326,847,742	)
Class AB		(212,034,203	)		(439,465,664	)
Institutional Class		(50,067,339	)		(116,017,700	)
Premium Class		– 0	–		(41	)
Select Class		– 0	–		(41	)
Investor Class		– 0	–		(41	)
Capital Stock Transactions
Net increase		510,711,449			5,249,738,639
Total increase		510,715,088			5,249,687,523
Net Assets
Beginning of period		22,687,937,454			17,438,249,931
End of period	$	23,198,652,542		$	22,687,937,454

See notes to financial statements.

10 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

NOTES TO FINANCIAL STATEMENTS

October 31, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Fixed-Income Shares, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end investment company. The Fund operates as a series company currently consisting of the AB Government Money Market Portfolio (the “Portfolio”). The investment objective of the Portfolio is maximum current income to the extent consistent with safety of principal and liquidity. The Fund offers Class A, Class C, Advisor Class, Class I, Class 1, Class AB and Institutional Class shares. Class B, Class R and Class Z shares have been authorized but currently are not offered. Effective May 30, 2023, Premium Class, Select Class and Investor Class shares of the Portfolio were liquidated. Effective May 20, 2024, Class K was liquidated. All 14 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. Class A shares are sold for cash without an initial sales charge at the time of purchase. However, on cash purchases of $1,000,000 or more, a contingent deferred sales charge (“CDSC”) equal to 1% of the lesser of net asset value at the time of redemption or original cost if redeemed within one year may be charged. Class A shares may be exchanged for Class A shares of other AB mutual funds, subject, in the case of Class A shares of the Portfolio that were purchased for cash, to any applicable initial sales charge at the time of exchange. Class A shares of the Portfolio also are offered in exchange for Class A shares of other AB mutual funds without any sales charge at the time of purchase, but on Class A shares of the Portfolio that were received in exchange for another AB mutual fund Class A shares that were not subject to an initial sales charge when originally purchased for cash because the purchase was of $1,000,000 or more, a 1% CDSC may be assessed if shares of the Portfolio are redeemed within one year of the AB mutual fund Class A shares originally purchased for cash. Class C shares are sold for cash or in exchange for Class C shares of another AB mutual fund without an initial sales charge at the time of purchase. Class C shares are subject to a CDSC of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class shares are sold for cash or in exchange for Advisor Class shares of another AB mutual fund without an initial sales charge or CDSC and are not subject to ongoing distribution expenses. Class I and Class 1 shares are sold for cash or in exchange of the same class of shares of another AB mutual fund without an initial sales charge or CDSC. Class I shares are not subject to ongoing distribution expenses. Class I shares are also available for the investment of cash collateral related to the AB funds’ securities

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 11

NOTES TO FINANCIAL STATEMENTS (continued)

lending programs. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

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

2. Fair Value Measurements

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

• 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 Portfolio’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

12 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of October 31, 2024:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Short-Term Investments:
Repurchase Agreements	$	12,462,000,000		$	– 0	–	$	– 0	–	$	12,462,000,000
U.S. Government & Government Sponsored Agency Obligations		– 0	–		11,431,169,866			– 0	–		11,431,169,866
Total	$	12,462,000,000		$	11,431,169,866		$	– 0	–	$	23,893,169,866

3. Taxes

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

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income

abfunds.com AB FIXED-INCOME SHARES, INC. ^| 13

NOTES TO FINANCIAL STATEMENTS (continued)

tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

4. Investment Income and Investment Transactions

Interest income is accrued daily and includes amortization of premiums and accretions of discounts as adjustments to interest income. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio accounts for distributions received from 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

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

6. Class Allocations

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

7. Repurchase Agreements

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

8. Cash and Short-Term Investments

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

The Portfolio pays the AllianceBernstein L.P. (the “Adviser”) an advisory fee at the annual rate of .20% on average daily assets. The Adviser had

14 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

contractually agreed to waive .10% of the advisory fee until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee (resulting in a net advisory fee of .15%) until August 31, 2024. For the six months ended October 31, 2024, such reimbursements/waivers amounted to $3,801,399. The Adviser serves as investment manager and adviser of the Portfolio and continuously furnishes an investment program for the Portfolio and manages, supervises and conducts the affairs of the Portfolio, subject to the supervision of the Board. Pursuant to the Advisory Agreement, the Portfolio paid $57,689 to the Adviser representing the cost of certain legal and accounting services provided to the Portfolio by the Adviser.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $238,325 for the six months ended October 31, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Portfolio’s shares. The Distributor has advised the Portfolio that it has received $5 and $1,167 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended October 31, 2024.

NOTE C

Distribution Services Agreement

The Portfolio has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940 for Class A, Class C, Class K, Class 1, Premium Class, Select Class and Investor Class. Under the Agreement, the Portfolio pays distribution and servicing fees to the Distributor at an annual rate of .25% of the Portfolio’s average daily net assets attributable to Class A shares, .75% of the Portfolio’s average daily net assets attributable to Class C shares, .25% of the Portfolio’s average daily net assets attributable to Class K shares, .10% of the Portfolio’s average daily net assets attributable to Class 1 shares, .05% of the Portfolio’s average daily net assets attributable to Premium Class shares, .10% of the Portfolio’s average daily net assets attributable to Select Class shares and .15% of the Portfolio’s average daily net assets attributable to Investor Class shares. There are no distribution and servicing fees on the Advisor Class, Class I, Class AB and Institutional Class shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their

abfunds.com AB FIXED-INCOME SHARES, INC. ^| 15

NOTES TO FINANCIAL STATEMENTS (continued)

entirety for distribution assistance and promotional activities. For the six months ended October 31, 2024, the Distributor has voluntarily agreed to waive all of the distribution fees in the amount of $7,229,974, $46,038, $2,181, for Class A, Class C, Class K, respectively, limiting the effective annual rate to 0.00% for the Class A, Class C, Class K shares. From May 5, 2023, to June 6, 2024, the Adviser is voluntarily waiving 0.05% of the Rule 12b-1 distribution fees on Class 1 shares. Prior thereto, the Adviser had been voluntarily waiving these fees in their entirety. For the six months ended October 31, 2024, such waivers amounted to $325,680 for Class 1 shares.

NOTE D

Investment Transactions, Income Taxes and Distributions to Shareholders

The tax character of distributions to be paid for the year ending April 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended April 30, 2024 and April 30, 2023 were as follows:

	2024		2023
Distributions paid from:
Ordinary income	$	1,088,126,789	$	405,704,452
Total taxable distributions paid	$	1,088,126,789	$	405,704,452

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

Undistributed ordinary income	$	1,321,880
Accumulated capital and other losses		(2,165,406	)(a)
Unrealized appreciation (depreciation)		– 0	–
Total accumulated earnings (deficit)	$	(843,526	)(b)

(a) As of April 30, 2024, the Fund had a net capital loss carryforward of $2,165,406.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of April 30, 2024, the Fund had a net short-term capital loss carryforward of $2,165,406, which may be carried forward for an indefinite period.

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE E

Capital Stock

The Portfolio has allocated 110,000,000,000 of authorized shares of which 5,000,000,000 each are allocated to Class C, Advisor Class, Class K and Class I, 15,000,000,000 each to Class A and Class 1 and 20,000,000,000 each to Class AB and Institutional Class. Transactions, all at $1.00 per share, were as follows:

	Shares
	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Class A
Shares sold		3,794,749,888			6,622,183,661
Shares issued in reinvestment of dividends		145,158,269			178,854,107
Shares converted from Class C		269,435			1,459,897
Shares redeemed		(2,635,473,248	)		(3,400,855,964	)
Net increase		1,304,704,344			3,401,641,701
Class C
Shares sold		6,211,251			7,903,986
Shares issued in reinvestment of dividends		307,493			438,539
Shares converted to Class A		(269,435	)		(1,459,897	)
Shares redeemed		(1,364,973	)		(3,922,341	)
Net increase		4,884,336			2,960,287
Advisor Class
Shares sold		512,590,616			749,375,281
Shares issued in reinvestment of dividends		16,898,548			19,964,251
Shares redeemed		(343,542,303	)		(459,510,453	)
Net increase		185,946,861			309,829,079
Class K
Shares sold		616,154			22,425,962
Shares issued in reinvestment of dividends		43,460			2,289,415
Shares redeemed		(34,019,257	)		(40,967,746	)
Net decrease		(33,359,643	)		(16,252,369	)
Class I
Shares sold		55,007,857			97,175,649
Shares issued in reinvestment of dividends		2,006,171			3,089,891
Shares redeemed		(41,021,840	)		(84,336,661	)
Net increase		15,992,188			15,928,879
Class 1
Shares sold		4,791,561,395			10,834,524,308
Shares issued in reinvestment of dividends		151,585,959			326,848,516
Shares redeemed		(5,430,150,847	)		(10,657,788,614	)
Net increase (decrease)		(487,003,493	)		503,584,210

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NOTES TO FINANCIAL STATEMENTS (continued)

	Shares
	Six Months Ended October 31, 2024 (unaudited)			Year Ended April 30, 2024
Class AB
Shares sold		46,831,821,127			90,885,943,338
Shares issued on reinvestment of dividends and distributions		212,024,530			439,434,314
Shares redeemed		(47,796,935,374	)		(90,464,188,589	)
Net increase (decrease)		(753,089,717	)		861,189,063
Institutional Class
Shares sold		4,846,837,289			15,561,971,955
Shares issued on reinvestment of dividends		50,064,252			116,010,617
Shares redeemed		(4,624,264,968	)		(15,507,094,720	)
Net increase		272,636,573			170,887,852
Premium Class
Shares issued on reinvestment of dividends		– 0	–		41
Shares redeemed		– 0	–		(10,062	)
Net increase (decrease)		– 0	–		(10,021	)
Select Class
Shares issued on reinvestment of dividends		– 0	–		41
Shares redeemed		– 0	–		(10,062	)
Net increase (decrease)		– 0	–		(10,021	)
Investor Class
Shares issued on reinvestment of dividends		– 0	–		41
Shares redeemed		– 0	–		(10,062	)
Net increase (decrease)		– 0	–		(10,021	)

NOTE F

Risks Involved in Investing in the Portfolio

Money Market Fund Risk—Money market funds are sometimes unable to maintain an NAV at $1.00 per share and, as it is generally referred to, “break the buck”. In that event, an investor in a money market fund would, upon redemption, receive less than $1.00 per share. The Portfolio’s shareholders should not rely on or expect an affiliate of the Portfolio to purchase distressed assets from the Portfolio, make capital infusions, enter into credit support agreements or take other actions to prevent the Portfolio from breaking the buck. In addition, you should be aware that significant redemptions by large investors in the Portfolio could have a material adverse effect on the Portfolio’s other shareholders. The Portfolio’s NAV could be affected by forced selling during periods of high redemption pressures and/or illiquid markets. Money market funds are also subject to regulatory risk.

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NOTES TO FINANCIAL STATEMENTS (continued)

On July 12, 2023, the SEC adopted amendments to Rule 2a-7 (“Money Market Fund Reforms”) that, among other things, removed the provisions in Rule 2a-7 that permitted a money market fund to suspend redemptions. The Money Market Fund Reforms also removed the link between liquidity fees and impaired liquidity of the Portfolio’s investments, permitting a government money market fund, such as the Portfolio, to impose a discretionary liquidity fee if the fund’s board of directors determines that a liquidity fee is in the best interests of the fund. These changes under the Money Market Fund Reforms became effective on October 2, 2023. The Portfolio’s Board of Directors previously determined not to impose liquidity fees on, or suspend, redemptions.

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

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

abfunds.com AB FIXED-INCOME SHARES, INC. ^| 19

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

NOTE G

Recent Accounting Pronouncements

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

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, ASU 2023-07, “Segment Reporting (Topic 280)”. ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280 it, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses

20 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

the reported measure(s) of segment profit and loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-07 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-07.

NOTE H

Subsequent Events

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

abfunds.com AB FIXED-INCOME SHARES, INC. ^| 21

FINANCIAL HIGHLIGHTS

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

	Class A
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0254			.0519			.0326			.0003			.0005			.0140
Net realized and unrealized gain (loss) on investment transactions		.0001			(.0002	)		(.0040	)		.0000	(d)		(.0001	)(c)		.0026	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		.0000	(d)		– 0	–
Net increase in net asset value from operations		.0255			.0517			.0286			.0003			.0004			.0166
Less: Dividends and Distributions
Dividends from net investment income		(.0255	)		(.0517	)		(.0286	)		(.0003	)		(.0004	)		(.0166	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.0000	)(d)		– 0	–		– 0	–
Total dividends and distributions		(.0255	)		(.0517	)		(.0286	)		(.0003	)		(.0004	)		(.0166	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.58	%		5.29	%		2.89	%		.03	%		.04	%		1.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,390,553			$5,085,850			$1,684,218			$572,827			$832,020			$1,286,186
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.21	%^		.19	%		.16	%		.07	%		.13	%		.17	%
Expenses, before waivers/reimbursements		.49	%^		.50	%		.51	%		.52	%		.52	%		.52	%
Net investment income(b)		5.05	%^		5.19	%		3.26	%		.03	%		.05	%		1.41	%

See footnote summary on page 29.

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FINANCIAL HIGHLIGHTS (continued)

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

	Class C
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0254			.0517			.0269			.0004			.0005			.0157
Net realized and unrealized gain (loss) on investment transactions		.0001			(.0001	)		.0016	(c)		(.0001	)(c)		(.0001	)(c)		.0009	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		.0000	(d)		– 0	–
Net increase in net asset value from operations		.0255			.0516			.0285			.0003			.0004			.0166
Less: Dividends and Distributions
Dividends from net investment income		(.0255	)		(.0516	)		(.0285	)		(.0003	)		(.0004	)		(.0166	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.0000	)(d)		– 0	–		– 0	–
Total dividends and distributions		(.0255	)		(.0516	)		(.0285	)		(.0003	)		(.0004	)		(.0166	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.58	%		5.29	%		2.89	%		.03	%		.04	%		1.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,198			$10,314			$7,354			$8,933			$5,673			$11,024
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.21	%^		.19	%		.17	%		.08	%		.14	%		.18	%
Expenses, before waivers/reimbursements		.99	%^		1.00	%		1.02	%		1.02	%		1.02	%		1.03	%
Net investment income(b)		5.03	%^		5.17	%		2.69	%		.04	%		.05	%		1.57	%

See footnote summary on page 29.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 23

FINANCIAL HIGHLIGHTS (continued)

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

	Advisor Class
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0254			.0518			.0330			.0003			.0004			.0125
Net realized and unrealized gain (loss) on investment transactions		.0001			(.0001	)		(.0044	)		.0000	(d)		.0000	(d)		.0041	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		.0000	(d)		– 0	–
Net increase in net asset value from operations		.0255			.0517			.0286			.0003			.0004			.0166
Less: Dividends and Distributions
Dividends from net investment income		(.0255	)		(.0517	)		(.0286	)		(.0003	)		(.0004	)		(.0166	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.0000	)(d)		– 0	–		– 0	–
Total dividends and distributions		(.0255	)		(.0517	)		(.0286	)		(.0003	)		(.0004	)		(.0166	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.58	%		5.29	%		2.89	%		.03	%		.04	%		1.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$735,784			$549,837			$240,009			$63,926			$76,535			$95,556
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.21	%^		.19	%		.16	%		.07	%		.13	%		.17	%
Expenses, before waivers/reimbursements		.24	%^		.25	%		.26	%		.27	%		.27	%		.27	%
Net investment income(b)		5.04	%^		5.18	%		3.30	%		.03	%		.04	%		1.27	%

See footnote summary on page 29.

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FINANCIAL HIGHLIGHTS (continued)

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

	Class I
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0255			.0519			.0315			.0003			.0004			.0158
Net realized and unrealized gain (loss) on investment transactions		– 0	–		(.0001	)		(.0026	)		.0000	(d)		.0000	(d)		.0012	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		.0000	(d)		– 0	–
Net increase in net asset value from operations		.0255			.0518			.0289			.0003			.0004			.0170
Less: Dividends and Distributions
Dividends from net investment income		(.0255	)		(.0518	)		(.0289	)		(.0003	)		(.0004	)		(.0170	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		.0000	(d)		– 0	–		– 0	–
Total dividends		(.0255	)		(.0518	)		(.0289	)		(.0003	)		(.0004	)		(.0170	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.58	%		5.31	%		2.92	%		.03	%		.04	%		1.71	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$83,004			$67,012			$51,083			$27,447			$22,228			$18,418
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.20	%^		.17	%		.13	%		.07	%		.13	%		.14	%
Expenses, before waivers/reimbursements		.23	%^		.24	%		.23	%		.23	%		.24	%		.24	%
Net investment income(b)		5.06	%^		5.19	%		3.15	%		.03	%		.04	%		1.58	%

See footnote summary on page 29.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 25

FINANCIAL HIGHLIGHTS (continued)

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

	Class 1
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0252			.0515			.0326			.0004			.0006			.0154
Net realized and unrealized gain (loss) on investment transactions		– 0	–		.0000	(c)		(.0036	)		(.0001	)(c)		.0001			.0017	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		.0000	(d)		– 0	–
Net increase in net asset value from operations		.0252			.0515			.0290			.0003			.0007			.0171
Less: Dividends and Distributions
Dividends from net investment income		(.0252	)		(.0515	)		(.0290	)		(.0003	)		(.0007	)		(.0171	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		.0000	(d)		– 0	–		– 0	–
Total distributions		(.0252	)		(.0515	)		(.0290	)		(.0003	)		(.0007	)		(.0171	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.54	%		5.27	%		2.94	%		.03	%		.07	%		1.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$5,790,669			$6,277,677			$5,774,108			$2,791,781			$2,809,312			$2,221,009
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.27	%^		.20	%		.12	%		.07	%		.10	%		.12	%
Expenses, before waivers/reimbursements		.31	%^		.32	%		.32	%		.31	%		.32	%		.32	%
Net investment income(b)		5.00	%^		5.15	%		3.26	%		.04	%		.06	%		1.54	%

See footnote summary on page 29.

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FINANCIAL HIGHLIGHTS (continued)

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

	Class AB
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0256			.0520			.0280			.0003			.0007			.0171
Net realized and unrealized gain (loss) on investment transactions		– 0	–		.0000	(c)		.0010	(c)		.0000	(d)		.0000	(d)		.0001	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		– 0	–		– 0	–
Net increase in net asset value from operations		.0256			.0520			.0290			.0003			.0007			.0172
Less: Dividends and Distributions
Dividends from net investment income		(.0256	)		(.0520	)		(.0290	)		(.0003	)		(.0007	)		(.0172	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.0000	)(d)		– 0	–		– 0	–
Total dividends and distributions		(.0256	)		(.0520	)		(.0290	)		(.0003	)		(.0007	)		(.0172	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.59	%		5.33	%		2.94	%		.03	%		.07	%		1.73	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$7,860			$8,613			$7,752			$6,778			$8,146			$6,919
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.18	%^		.15	%		.11	%		.07	%		.10	%		.12	%
Expenses, before waivers/reimbursements		.21	%^		.22	%		.21	%		.21	%		.22	%		.22	%
Net investment income(b)		5.08	%^		5.20	%		2.80	%		.03	%		.07	%		1.71	%

See footnote summary on page 29.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 27

FINANCIAL HIGHLIGHTS (continued)

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

	Institutional Class
	Six Months Ended October 31, 2024			Year Ended April 30,
				2024			2023			2022			2021			2020
Net asset value, beginning of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Income From Investment Operations
Net investment income(a)(b)		.0256			.0521			.0275			.0003			.0008			.0153
Net realized and unrealized gain (loss) on investment transactions		– 0	–		(.0001	)		.0015	(c)		.0000	(d)		(.0001	)(c)		.0018	(c)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.0000	(d)		.0000	(d)		– 0	–
Net increase in net asset value from operations		.0256			.0520			.0290			.0003			.0007			.0171
Less: Dividends and Distributions
Dividends from net investment income		(.0256	)		(.0520	)		(.0290	)		(.0003	)		(.0007	)		(.0171	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		– 0	–		(.0000	)(d)		– 0	–		– 0	–
Total dividends and distributions		(.0256	)		(.0520	)		(.0290	)		(.0003	)		(.0007	)		(.0171	)
Net asset value, end of period		$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00			$ 1.00
Total Return
Total investment return based on net asset value(e)		2.59	%		5.32	%		2.94	%		.03	%		.07	%		1.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,323,490			$2,050,854			$1,879,973			$1,913,742			$1,742,450			$2,037,196
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.18	%^		.15	%		.11	%		.07	%		.11	%		.12	%
Expenses, before waivers/reimbursements		.21	%^		.22	%		.21	%		.21	%		.22	%		.22	%
Net investment income(b)		5.07	%^		5.21	%		2.75	%		.03	%		.08	%		1.53	%

See footnote summary on page 29.

28 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

FINANCIAL HIGHLIGHTS (continued)

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

(a) Based on average shares outstanding.

(b) Net of fees waived and expenses reimbursed.

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

(d) Amount is less than $.00005.

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

^ Annualized.

See notes to financial statements.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 29

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

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

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

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

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

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

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

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

30 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or their ability to timely meet redemptions during the Program Reporting Period.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 31

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

The disinterested directors (the “directors”) of AB Fixed-Income Shares, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Government Money Market Portfolio (the “Fund”) at a meeting held in-person on July 30-31, 2024 (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 considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the

32 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

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 directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 33

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class AB Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class AB shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s pro forma contractual advisory fee rate (reflecting the expiration on August 31, 2024 of the Adviser’s agreement to waive a portion of its advisory fee) with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s pro forma total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

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

34 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

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

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class AB shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class AB expense ratio of the Fund was based on the Fund’s latest fiscal year. The information provided included a pro forma expense ratio for the Fund’s latest fiscal year adjusted to reflect the expiration on August 31, 2024 of the Adviser’s agreement to waive a portion of its advisory fee. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s pro forma expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference

abfunds.com AB FIXED-INCOME SHARES, INC.  ^| 35

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

36 ^| AB FIXED-INCOME SHARES, INC. abfunds.com

AB FIXED-INCOME SHARES, INC.

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

FIS-0152-1024    

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 1 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 1 of this Form N-CSR.

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

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
19(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Fixed-Income Shares, Inc

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	December 27, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	December 27, 2024
By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer
Date:	December 27, 2024