# EDGAR Filing Document

**Accession Number:** 0000003794
**File Stem:** 0001193125-25-156194
**Filing Date:** 2025-7
**Character Count:** 1104839
**Document Hash:** 24202261ba4b44f20968d577bba4b30d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156194.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001193125-25-156194

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 119

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000003794

**ORGANIZATION NAME:**
- **EIN:** 132754393
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02383
- **FILM NUMBER:** 251108208

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN BOND FUND INC
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AB Bond Inflation Strategy (Series ID: S000027378)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000082621 | Class A       | ABNAX           |
| C000082622 | Class C       | ABNCX           |
| C000082623 | Advisor Class | ABNYX           |
| C000085359 | Class 1       | ABNOX           |
| C000085437 | Class I       | ANBIX           |
| C000085438 | Class 2       | ABNTX           |
| C000152483 | Class Z       | ABNZX           |

### AB Municipal Bond Inflation Strategy (Series ID: S000027379)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000082624 | Class A       | AUNAX           |
| C000082625 | Class C       | AUNCX           |
| C000082626 | Advisor Class | AUNYX           |
| C000085360 | Class 1       | AUNOX           |
| C000085439 | Class 2       | AUNTX           |

### AB All Market Real Return Portfolio (Series ID: S000028085)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000085496 | Class A       | AMTAX           |
| C000085497 | Class C       | ACMTX           |
| C000085498 | Advisor Class | AMTYX           |
| C000085499 | Class 1       | AMTOX           |
| C000139941 | Class Z       | AMTZX           |

### AB Tax-Aware Fixed Income Opportunities Portfolio (Series ID: S000043269)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000133860 | Advisor Class | ATTYX           |
| C000133863 | Class A       | ATTAX           |
| C000133864 | Class C       | ATCCX           |

### AB Income Fund (Series ID: S000051302)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000161779 | Class A       | AKGAX           |
| C000161780 | Class C       | AKGCX           |
| C000161781 | Advisor Class | ACGYX           |
| C000161785 | Class Z       | ACGZX           |

?xml version='1.0' encoding='ASCII'? AB Bond Fund, Inc

### 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: 811-02383

## AB BOND FUND, 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

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

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

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

#### Date of fiscal year end: October 31, 2025

#### Date of reporting period: April 30, 2025

------

---

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

---

# Advisor Class: AMTYX
April 30, 2025

![Image](g935537ieedf77ec9f9c06617496.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTYX-S](g935537i574a27cd2aa40c2a2448.jpg)

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Fund Information

# AB All Market Real Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Real Return Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMTYX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i025d8872b1a0818ecce2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI All Country World Index (net)** | **33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $8504 | $9523 | $8745 |
| **10/16** | $8759 | $9718 | $9093 |
| **10/17** | $9711 | $11973 | $9836 |
| **10/18** | $9618 | $11911 | $9956 |
| **10/19** | $9921 | $13411 | $10390 |
| **10/20** | $8950 | $14067 | $8386 |
| **10/21** | $13033 | $19310 | $12683 |
| **10/22** | $12168 | $15456 | $12719 |
| **10/23** | $12016 | $17080 | $12521 |
| **10/24** | $14048 | $22680 | $13988 |
| **04/25** | $14167 | $22879 | $13907 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Advisor Class | 0.85% | 6.90% | 11.62% | 3.54% |
| MSCI All Country World Index (net) | 0.88% | 11.84% | 13.07% | 8.63% |
| 33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers | -0.58% | 2.26% | 11.74% | 3.35% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMTYX-S for the most recent performance information.

**Advisor Class:** AMTYX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $647310515 |
| # of Portfolio Holdings | 355 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $2349920 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Welltower, Inc. | $18167671 | 2.8% |
| Prologis, Inc. | $15591325 | 2.4% |
| VanEck Gold Miners ETF/USA | $14112919 | 2.2% |
| Equinix, Inc. | $13348511 | 2.1% |
| Ventas, Inc. | $11440700 | 1.8% |
| Digital Realty Trust, Inc. | $10333799 | 1.6% |
| FlexShares Morningstar Global Upstream Natural Resources Index Fund - Class N | $9618108 | 1.5% |
| VICI Properties, Inc. | $9085099 | 1.4% |
| Simon Property Group, Inc. | $8960745 | 1.4% |
| Mid-America Apartment Communities, Inc. | $8788253 | 1.3% |
| Total | $119447130 | 18.5% |

---

### Portfolio Breakdown

---

| | |
|:---|:---|
| Asset Type | % |
| Real Estate Stocks | 41.0% |
| Commodity Related Derivatives. | 27.0% |
| Inflation Sensitive Stocks | 18.0% |
| Commodity Related Stocks | 14.0% |
| Total | 100.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537id338704c751b5ac24661.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 48.6% |
| Japan | 5.6% |
| Australia | 3.9% |
| United Kingdom | 3.8% |
| Canada | 2.4% |
| Singapore | 1.6% |
| France | 1.6% |
| Germany | 1.5% |
| Switzerland | 1.1% |
| Italy | 1.1% |
| Hong Kong | 1.1% |
| China | 0.9% |
| Sweden | 0.8% |
| Spain | 0.7% |
| Others | 2.9% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537i812f1e711f0173dcb9ec.jpg)

---

| | |
|:---|:---|
| | |
| Common Stocks | 73.9% |
| Investment Companies | 3.7% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

**Advisor Class:** AMTYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AMTYX-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/AMTYX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTYX-S](g935537i574a27cd2aa40c2a2448.jpg)

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Fund Information

**Advisor Class:** AMTYX

AMRR-ADV-0154-0425

# Class 1: AMTOX
April 30, 2025

![Image](g935537ieedf77ec9f9c06617496.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTOX-S](g935537id2d1c9c3ed468bf9bcc7.jpg)

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Fund Information

# AB All Market Real Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Real Return Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMTOX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $55 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i4ebf0e8096aa83d83529.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **MSCI All Country World Index (net)** | **33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $8499 | $9523 | $8745 |
| **10/16** | $8750 | $9718 | $9093 |
| **10/17** | $9685 | $11973 | $9836 |
| **10/18** | $9596 | $11911 | $9956 |
| **10/19** | $9897 | $13411 | $10390 |
| **10/20** | $8913 | $14067 | $8386 |
| **10/21** | $12981 | $19310 | $12683 |
| **10/22** | $12092 | $15456 | $12719 |
| **10/23** | $11928 | $17080 | $12521 |
| **10/24** | $13909 | $22680 | $13988 |
| **04/25** | $14027 | $22879 | $13907 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class 1 | 0.85% | 6.68% | 11.46% | 3.44% |
| MSCI All Country World Index (net) | 0.88% | 11.84% | 13.07% | 8.63% |
| 33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers | -0.58% | 2.26% | 11.74% | 3.35% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMTOX-S for the most recent performance information.

**Class 1:** AMTOX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $647310515 |
| # of Portfolio Holdings | 355 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $2349920 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Welltower, Inc. | $18167671 | 2.8% |
| Prologis, Inc. | $15591325 | 2.4% |
| VanEck Gold Miners ETF/USA | $14112919 | 2.2% |
| Equinix, Inc. | $13348511 | 2.1% |
| Ventas, Inc. | $11440700 | 1.8% |
| Digital Realty Trust, Inc. | $10333799 | 1.6% |
| FlexShares Morningstar Global Upstream Natural Resources Index Fund - Class N | $9618108 | 1.5% |
| VICI Properties, Inc. | $9085099 | 1.4% |
| Simon Property Group, Inc. | $8960745 | 1.4% |
| Mid-America Apartment Communities, Inc. | $8788253 | 1.3% |
| Total | $119447130 | 18.5% |

---

### Portfolio Breakdown

---

| | |
|:---|:---|
| Asset Type | % |
| Real Estate Stocks | 41.0% |
| Commodity Related Derivatives. | 27.0% |
| Inflation Sensitive Stocks | 18.0% |
| Commodity Related Stocks | 14.0% |
| Total | 100.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537i93ca0b4411f9ac877341.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 48.6% |
| Japan | 5.6% |
| Australia | 3.9% |
| United Kingdom | 3.8% |
| Canada | 2.4% |
| Singapore | 1.6% |
| France | 1.6% |
| Germany | 1.5% |
| Switzerland | 1.1% |
| Italy | 1.1% |
| Hong Kong | 1.1% |
| China | 0.9% |
| Sweden | 0.8% |
| Spain | 0.7% |
| Others | 2.9% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537i5d97a31bd47eec8c3f61.jpg)

---

| | |
|:---|:---|
| | |
| Common Stocks | 73.9% |
| Investment Companies | 3.7% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

**Class 1:** AMTOX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AMTOX-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/AMTOX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTOX-S](g935537id2d1c9c3ed468bf9bcc7.jpg)

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Fund Information

**Class 1:** AMTOX

AMRR-1-0154-0425

# Class A: AMTAX
April 30, 2025

![Image](g935537ieedf77ec9f9c06617496.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTAX-S](g935537id25098918b6c036a9d07.jpg)

SCAN ME

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Fund Information

# AB All Market Real Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Real Return Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMTAX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 1.17%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537ic36ab6f24a9759028c46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (with sales charges)** | **MSCI All Country World Index (net)** | **33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers** |
| **04/15** | $9580 | $10000 | $10000 |
| **10/15** | $8138 | $9523 | $8745 |
| **10/16** | $8362 | $9718 | $9093 |
| **10/17** | $9236 | $11973 | $9836 |
| **10/18** | $9134 | $11911 | $9956 |
| **10/19** | $9405 | $13411 | $10390 |
| **10/20** | $8455 | $14067 | $8386 |
| **10/21** | $12284 | $19310 | $12683 |
| **10/22** | $11424 | $15456 | $12719 |
| **10/23** | $11268 | $17080 | $12521 |
| **10/24** | $13122 | $22680 | $13988 |
| **04/25** | $13217 | $22879 | $13907 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class A (without sales charges) | 0.72% | 6.63% | 11.30% | 3.27% |
| Class A (with sales charges) | -3.59% | 2.14% | 10.34% | 2.83% |
| MSCI All Country World Index (net) | 0.88% | 11.84% | 13.07% | 8.63% |
| 33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers | -0.58% | 2.26% | 11.74% | 3.35% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMTAX-S for the most recent performance information.

**Class A:** AMTAX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $647310515 |
| # of Portfolio Holdings | 355 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $2349920 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Welltower, Inc. | $18167671 | 2.8% |
| Prologis, Inc. | $15591325 | 2.4% |
| VanEck Gold Miners ETF/USA | $14112919 | 2.2% |
| Equinix, Inc. | $13348511 | 2.1% |
| Ventas, Inc. | $11440700 | 1.8% |
| Digital Realty Trust, Inc. | $10333799 | 1.6% |
| FlexShares Morningstar Global Upstream Natural Resources Index Fund - Class N | $9618108 | 1.5% |
| VICI Properties, Inc. | $9085099 | 1.4% |
| Simon Property Group, Inc. | $8960745 | 1.4% |
| Mid-America Apartment Communities, Inc. | $8788253 | 1.3% |
| Total | $119447130 | 18.5% |

---

### Portfolio Breakdown

---

| | |
|:---|:---|
| Asset Type | % |
| Real Estate Stocks | 41.0% |
| Commodity Related Derivatives. | 27.0% |
| Inflation Sensitive Stocks | 18.0% |
| Commodity Related Stocks | 14.0% |
| Total | 100.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537if4e176dfefbead40a4df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 48.6% |
| Japan | 5.6% |
| Australia | 3.9% |
| United Kingdom | 3.8% |
| Canada | 2.4% |
| Singapore | 1.6% |
| France | 1.6% |
| Germany | 1.5% |
| Switzerland | 1.1% |
| Italy | 1.1% |
| Hong Kong | 1.1% |
| China | 0.9% |
| Sweden | 0.8% |
| Spain | 0.7% |
| Others | 2.9% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537i9e6e8652599751af6967.jpg)

---

| | |
|:---|:---|
| | |
| Common Stocks | 73.9% |
| Investment Companies | 3.7% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

**Class A:** AMTAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AMTAX-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/AMTAX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTAX-S](g935537id25098918b6c036a9d07.jpg)

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Fund Information

**Class A:** AMTAX

AMRR-A-0154-0425

# Class C: ACMTX
April 30, 2025

![Image](g935537ieedf77ec9f9c06617496.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACMTX-S](g935537i1a7b2a6d660016e411a4.jpg)

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Fund Information

# AB All Market Real Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Real Return Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ACMTX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $97 | 1.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i3ce032c473a7852bb9ab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (with sales charges)** | **MSCI All Country World Index (net)** | **33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $8462 | $9523 | $8745 |
| **10/16** | $8626 | $9718 | $9093 |
| **10/17** | $9466 | $11973 | $9836 |
| **10/18** | $9294 | $11911 | $9956 |
| **10/19** | $9495 | $13411 | $10390 |
| **10/20** | $8465 | $14067 | $8386 |
| **10/21** | $12225 | $19310 | $12683 |
| **10/22** | $11282 | $15456 | $12719 |
| **10/23** | $11039 | $17080 | $12521 |
| **10/24** | $12768 | $22680 | $13988 |
| **04/25** | $12808 | $22879 | $13907 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class C (without sales charges) | 0.31% | 5.73% | 10.48% | 2.51% |
| Class C (with sales charges) | -0.69% | 4.73% | 10.48% | 2.51% |
| MSCI All Country World Index (net) | 0.88% | 11.84% | 13.07% | 8.63% |
| 33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers | -0.58% | 2.26% | 11.74% | 3.35% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ACMTX-S for the most recent performance information.

**Class C:** ACMTX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $647310515 |
| # of Portfolio Holdings | 355 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $2349920 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Welltower, Inc. | $18167671 | 2.8% |
| Prologis, Inc. | $15591325 | 2.4% |
| VanEck Gold Miners ETF/USA | $14112919 | 2.2% |
| Equinix, Inc. | $13348511 | 2.1% |
| Ventas, Inc. | $11440700 | 1.8% |
| Digital Realty Trust, Inc. | $10333799 | 1.6% |
| FlexShares Morningstar Global Upstream Natural Resources Index Fund - Class N | $9618108 | 1.5% |
| VICI Properties, Inc. | $9085099 | 1.4% |
| Simon Property Group, Inc. | $8960745 | 1.4% |
| Mid-America Apartment Communities, Inc. | $8788253 | 1.3% |
| Total | $119447130 | 18.5% |

---

### Portfolio Breakdown

---

| | |
|:---|:---|
| Asset Type | % |
| Real Estate Stocks | 41.0% |
| Commodity Related Derivatives. | 27.0% |
| Inflation Sensitive Stocks | 18.0% |
| Commodity Related Stocks | 14.0% |
| Total | 100.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537if04f102d7cc4813ab2f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 48.6% |
| Japan | 5.6% |
| Australia | 3.9% |
| United Kingdom | 3.8% |
| Canada | 2.4% |
| Singapore | 1.6% |
| France | 1.6% |
| Germany | 1.5% |
| Switzerland | 1.1% |
| Italy | 1.1% |
| Hong Kong | 1.1% |
| China | 0.9% |
| Sweden | 0.8% |
| Spain | 0.7% |
| Others | 2.9% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537icb1284d1b6a502896738.jpg)

---

| | |
|:---|:---|
| | |
| Common Stocks | 73.9% |
| Investment Companies | 3.7% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

**Class C:** ACMTX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ACMTX-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/ACMTX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACMTX-S](g935537i1a7b2a6d660016e411a4.jpg)

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Fund Information

**Class C:** ACMTX

AMRR-C-0154-0425

# Class Z: AMTZX
April 30, 2025

![Image](g935537ieedf77ec9f9c06617496.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTZX-S](g935537i437ec7efeeff3b406fef.jpg)

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Fund Information

# AB All Market Real Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Real Return Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AMTZX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537ie092c864670f9e515b93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **MSCI All Country World Index (net)** | **33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $8510 | $9523 | $8745 |
| **10/16** | $8773 | $9718 | $9093 |
| **10/17** | $9736 | $11973 | $9836 |
| **10/18** | $9670 | $11911 | $9956 |
| **10/19** | $9997 | $13411 | $10390 |
| **10/20** | $9022 | $14067 | $8386 |
| **10/21** | $13187 | $19310 | $12683 |
| **10/22** | $12311 | $15456 | $12719 |
| **10/23** | $12178 | $17080 | $12521 |
| **10/24** | $14244 | $22680 | $13988 |
| **04/25** | $14368 | $22879 | $13907 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class Z | 0.87% | 7.00% | 11.74% | 3.69% |
| MSCI All Country World Index (net) | 0.88% | 11.84% | 13.07% | 8.63% |
| 33% Bloomberg Commodity/33% FTSE EPRA Developed NAREIT/33% MSCI ACWI Commodity Producers | -0.58% | 2.26% | 11.74% | 3.35% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AMTZX-S for the most recent performance information.

**Class Z:** AMTZX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $647310515 |
| # of Portfolio Holdings | 355 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $2349920 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Welltower, Inc. | $18167671 | 2.8% |
| Prologis, Inc. | $15591325 | 2.4% |
| VanEck Gold Miners ETF/USA | $14112919 | 2.2% |
| Equinix, Inc. | $13348511 | 2.1% |
| Ventas, Inc. | $11440700 | 1.8% |
| Digital Realty Trust, Inc. | $10333799 | 1.6% |
| FlexShares Morningstar Global Upstream Natural Resources Index Fund - Class N | $9618108 | 1.5% |
| VICI Properties, Inc. | $9085099 | 1.4% |
| Simon Property Group, Inc. | $8960745 | 1.4% |
| Mid-America Apartment Communities, Inc. | $8788253 | 1.3% |
| Total | $119447130 | 18.5% |

---

### Portfolio Breakdown

---

| | |
|:---|:---|
| Asset Type | % |
| Real Estate Stocks | 41.0% |
| Commodity Related Derivatives. | 27.0% |
| Inflation Sensitive Stocks | 18.0% |
| Commodity Related Stocks | 14.0% |
| Total | 100.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537i0e2fabae75cbdc5f1161.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 48.6% |
| Japan | 5.6% |
| Australia | 3.9% |
| United Kingdom | 3.8% |
| Canada | 2.4% |
| Singapore | 1.6% |
| France | 1.6% |
| Germany | 1.5% |
| Switzerland | 1.1% |
| Italy | 1.1% |
| Hong Kong | 1.1% |
| China | 0.9% |
| Sweden | 0.8% |
| Spain | 0.7% |
| Others | 2.9% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537i9d521d005060654fad1d.jpg)

---

| | |
|:---|:---|
| | |
| Common Stocks | 73.9% |
| Investment Companies | 3.7% |
| Short-Term Investments | 20.7% |
| Other assets less liabilities | 1.7% |

---

**Class Z:** AMTZX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AMTZX-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/AMTZX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AMTZX-S](g935537i437ec7efeeff3b406fef.jpg)

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Fund Information

**Class Z:** AMTZX

AMRR-Z-0154-0425

# Advisor Class: ABNYX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNYX-S](g935537ibb090eb0ca8f57fb84d3.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABNYX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537if5cc82aad5062f980c6a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9755 | $9990 | $9817 |
| **10/16** | $10426 | $10427 | $10276 |
| **10/17** | $10545 | $10521 | $10291 |
| **10/18** | $10474 | $10305 | $10228 |
| **10/19** | $11229 | $11491 | $10930 |
| **10/20** | $12119 | $12202 | $11696 |
| **10/21** | $13086 | $12144 | $12520 |
| **10/22** | $11945 | $10239 | $11621 |
| **10/23** | $12176 | $10276 | $11724 |
| **10/24** | $13226 | $11359 | $12627 |
| **04/25** | $13773 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Advisor Class | 4.14% | 8.63% | 4.34% | 3.25% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ABNYX-S for the most recent performance information.

**Advisor Class:** ABNYX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537if26dd37c6518f145e957.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Advisor Class:** ABNYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABNYX-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/ABNYX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNYX-S](g935537ibb090eb0ca8f57fb84d3.jpg)

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Fund Information

**Advisor Class:** ABNYX

BIS-ADV-0154-0425

# Class 1: ABNOX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNOX-S](g935537i12bce99d3c94944fa7ab.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABNOX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537if7e04395f6f49de6e0d3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9749 | $9990 | $9817 |
| **10/16** | $10420 | $10427 | $10276 |
| **10/17** | $10525 | $10521 | $10291 |
| **10/18** | $10434 | $10305 | $10228 |
| **10/19** | $11183 | $11491 | $10930 |
| **10/20** | $12060 | $12202 | $11696 |
| **10/21** | $12997 | $12144 | $12520 |
| **10/22** | $11859 | $10239 | $11621 |
| **10/23** | $12078 | $10276 | $11724 |
| **10/24** | $13108 | $11359 | $12627 |
| **04/25** | $13644 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class 1 | 4.09% | 8.53% | 4.23% | 3.16% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ABNOX-S for the most recent performance information.

**Class 1:** ABNOX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537id291f001c864e7b41a51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Class 1:** ABNOX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABNOX-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/ABNOX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNOX-S](g935537i12bce99d3c94944fa7ab.jpg)

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Fund Information

**Class 1:** ABNOX

BIS-1-0154-0425

# Class 2: ABNTX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNTX-S](g935537i691723babfc47b91e5e0.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABNTX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i94493a9eb3703df6bdde.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9755 | $9990 | $9817 |
| **10/16** | $10430 | $10427 | $10276 |
| **10/17** | $10556 | $10521 | $10291 |
| **10/18** | $10474 | $10305 | $10228 |
| **10/19** | $11228 | $11491 | $10930 |
| **10/20** | $12121 | $12202 | $11696 |
| **10/21** | $13088 | $12144 | $12520 |
| **10/22** | $11941 | $10239 | $11621 |
| **10/23** | $12173 | $10276 | $11724 |
| **10/24** | $13238 | $11359 | $12627 |
| **04/25** | $13774 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class 2 | 4.05% | 8.66% | 4.33% | 3.25% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ABNTX-S for the most recent performance information.

**Class 2:** ABNTX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537id2a7d886a2caca5d2c81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Class 2:** ABNTX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABNTX-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/ABNTX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNTX-S](g935537i691723babfc47b91e5e0.jpg)

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Fund Information

**Class 2:** ABNTX

BIS-2-0154-0425

# Class A: ABNAX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNAX-S](g935537ifa919a36b8175ebb896b.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABNAX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i7ad2991d112061a9fb58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $9773 | $10000 | $10000 |
| **10/15** | $9519 | $9990 | $9817 |
| **10/16** | $10151 | $10427 | $10276 |
| **10/17** | $10243 | $10521 | $10291 |
| **10/18** | $10141 | $10305 | $10228 |
| **10/19** | $10851 | $11491 | $10930 |
| **10/20** | $11681 | $12202 | $11696 |
| **10/21** | $12572 | $12144 | $12520 |
| **10/22** | $11449 | $10239 | $11621 |
| **10/23** | $11644 | $10276 | $11724 |
| **10/24** | $12630 | $11359 | $12627 |
| **04/25** | $13122 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class A (without sales charges) | 3.89% | 8.34% | 4.07% | 2.99% |
| Class A (with sales charges) | 1.56% | 5.87% | 3.59% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ABNAX-S for the most recent performance information.

**Class A:** ABNAX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537i237226275536d938edfa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Class A:** ABNAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABNAX-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/ABNAX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNAX-S](g935537ifa919a36b8175ebb896b.jpg)

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Fund Information

**Class A:** ABNAX

BIS-A-0154-0425

# Class C: ABNCX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNCX-S](g935537i2403c82998238003638c.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABNCX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $81 | 1.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537iedbbb5037fc095d98aaa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (with sales charges)** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9705 | $9990 | $9817 |
| **10/16** | $10274 | $10427 | $10276 |
| **10/17** | $10291 | $10521 | $10291 |
| **10/18** | $10108 | $10305 | $10228 |
| **10/19** | $10733 | $11491 | $10930 |
| **10/20** | $11476 | $12202 | $11696 |
| **10/21** | $12264 | $12144 | $12520 |
| **10/22** | $11088 | $10239 | $11621 |
| **10/23** | $11183 | $10276 | $11724 |
| **10/24** | $12037 | $11359 | $12627 |
| **04/25** | $12459 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class C (without sales charges) | 3.50% | 7.56% | 3.28% | 2.22% |
| Class C (with sales charges) | 2.50% | 6.56% | 3.28% | 2.22% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ABNCX-S for the most recent performance information.

**Class C:** ABNCX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537ifeaebf686e2f603c6eb6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Class C:** ABNCX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABNCX-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/ABNCX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNCX-S](g935537i2403c82998238003638c.jpg)

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Fund Information

**Class C:** ABNCX

BIS-C-0154-0425

# Class I: ANBIX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ANBIX-S](g935537i019347d0298710fd5e77.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ANBIX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537ife81f5792f7009b23c4e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9754 | $9990 | $9817 |
| **10/16** | $10435 | $10427 | $10276 |
| **10/17** | $10554 | $10521 | $10291 |
| **10/18** | $10476 | $10305 | $10228 |
| **10/19** | $11234 | $11491 | $10930 |
| **10/20** | $12129 | $12202 | $11696 |
| **10/21** | $13085 | $12144 | $12520 |
| **10/22** | $11950 | $10239 | $11621 |
| **10/23** | $12175 | $10276 | $11724 |
| **10/24** | $13240 | $11359 | $12627 |
| **04/25** | $13782 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class I | 4.10% | 8.65% | 4.34% | 3.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ANBIX-S for the most recent performance information.

**Class I:** ANBIX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537i7847f3fdb837f6237ea0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Class I:** ANBIX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ANBIX-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/ANBIX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ANBIX-S](g935537i019347d0298710fd5e77.jpg)

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Fund Information

**Class I:** ANBIX

BIS-I-0154-0425

# Class Z: ABNZX
April 30, 2025

![Image](g935537i9c9c95b85f83b3c867b9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNZX-S](g935537ibd0a0753c9a8b2d16866.jpg)

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Fund Information

# AB Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABNZX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537id3a1c5ac82c95f1b25cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **12/14** | $10000 | $10000 | $10000 |
| **10/15** | $9766 | $9990 | $9817 |
| **10/16** | $10439 | $10427 | $10276 |
| **10/17** | $10563 | $10521 | $10291 |
| **10/18** | $10482 | $10305 | $10228 |
| **10/19** | $11243 | $11491 | $10930 |
| **10/20** | $12133 | $12202 | $11696 |
| **10/21** | $13096 | $12144 | $12520 |
| **10/22** | $11963 | $10239 | $11621 |
| **10/23** | $12182 | $10276 | $11724 |
| **10/24** | $13242 | $11359 | $12627 |
| **04/25** | $13790 | $11651 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class Z | 4.13% | 8.61% | 4.34% | 3.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ABNZX-S for the most recent performance information.

**Class Z:** ABNZX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $689496005 |
| # of Portfolio Holdings | 275 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $1084820 |

---

## Graphical Representation of Holdings

#### Inflation Protection Breakdown

---

| | |
|:---|:---|
| U.S. Inflation - Protected Exposure | 71.9% |
| Non-Inflation Exposure | 28.1% |
| Total | 100.0% |

---

### Security Type Breakdown
![Group By Sector Chart](g935537ib07acb3a6de784c05683.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Inflation-Linked Securities | 71.9% |
| Corporates - Investment Grade | 10.6% |
| Short-Term Investments | 7.2% |
| Asset-Backed Securities | 5.9% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Corporates - Non-Investment Grade | 0.7% |
| Emerging Markets - Corporate Bonds | 0.4% |
| Collateralized Loan Obligations | 0.3% |
| Governments - Sovereign Bonds | 0.2% |
| Other | 0.3% |
| Other Assets and Liabilities | -2.5% |

---

**Class Z:** ABNZX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABNZX-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/ABNZX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABNZX-S](g935537ibd0a0753c9a8b2d16866.jpg)

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Fund Information

**Class Z:** ABNZX

BIS-Z-0154-0425

# Advisor Class: ACGYX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACGYX-S](g935537i855d69234dee341d28b5.jpg)

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Fund Information

# AB Income Fund

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ACGYX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537if1d5f939d93bf43c4ea2.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **04/15** | $10000 | $10000 |
| **10/15** | $9931 | $9990 |
| **10/16** | $10433 | $10427 |
| **10/17** | $11002 | $10521 |
| **10/18** | $10731 | $10305 |
| **10/19** | $11993 | $11491 |
| **10/20** | $12407 | $12202 |
| **10/21** | $12789 | $12144 |
| **10/22** | $10410 | $10239 |
| **10/23** | $10620 | $10276 |
| **10/24** | $11930 | $11359 |
| **04/25** | $12284 | $11651 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Advisor Class | 2.97% | 9.19% | 1.22% | 2.08% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.54% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ACGYX-S for the most recent performance information.

**Advisor Class:** ACGYX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2318071791 |
| # of Portfolio Holdings | 547 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $4728425 |

---

## Graphical Representation of Holdings

### Security Type Breakdown
![Group By Sector Chart](g935537i3d0723e777fcdaf4b81d.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 48.1% |
| Mortgage Pass-Throughs | 30.5% |
| Corporates - Investment Grade | 15.9% |
| Collateralized Loan Obligations | 7.1% |
| Corporates - Non-Investment Grade | 5.2% |
| Emerging Markets - Corporate Bonds | 2.8% |
| Asset-Backed Securities | 1.9% |
| Collateralized Mortgage Obligations | 1.5% |
| Quasi-Sovereigns | 1.5% |
| Others | 5.1% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537i086077857dc730981383.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 103.3% |
| Mexico | 2.0% |
| United Kingdom | 2.0% |
| Brazil | 1.2% |
| France | 1.2% |
| India | 0.8% |
| Spain | 0.7% |
| Chile | 0.6% |
| China | 0.6% |
| Colombia | 0.6% |
| Germany | 0.5% |
| South Africa | 0.5% |
| Italy | 0.5% |
| Israel | 0.5% |
| Others | 4.6% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

**Advisor Class:** ACGYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ACGYX-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/ACGYX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACGYX-S](g935537i855d69234dee341d28b5.jpg)

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Fund Information

**Advisor Class:** ACGYX

IF-ADV-0154-0425

# Class A: AKGAX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AKGAX-S](g935537i8bf5f019bc93480724b0.jpg)

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Fund Information

# AB Income Fund

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AKGAX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537iebf418a002e9d2a5f676.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **04/16** | $9580 | $10000 |
| **10/16** | $9881 | $10186 |
| **10/17** | $10392 | $10278 |
| **10/18** | $10111 | $10067 |
| **10/19** | $11273 | $11226 |
| **10/20** | $11637 | $11920 |
| **10/21** | $11963 | $11863 |
| **10/22** | $9711 | $10003 |
| **10/23** | $9882 | $10038 |
| **10/24** | $11092 | $11097 |
| **04/25** | $11390 | $11382 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | Since Inception 4/21/2016 |
| Class A (without sales charges) | 2.69% | 8.93% | 0.97% | 1.94% |
| Class A (with sales charges) | -1.62% | 4.37% | 0.08% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.44% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AKGAX-S for the most recent performance information.

**Class A:** AKGAX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2318071791 |
| # of Portfolio Holdings | 547 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $4728425 |

---

## Graphical Representation of Holdings

### Security Type Breakdown
![Group By Sector Chart](g935537ia97fe61cb52de5a63336.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 48.1% |
| Mortgage Pass-Throughs | 30.5% |
| Corporates - Investment Grade | 15.9% |
| Collateralized Loan Obligations | 7.1% |
| Corporates - Non-Investment Grade | 5.2% |
| Emerging Markets - Corporate Bonds | 2.8% |
| Asset-Backed Securities | 1.9% |
| Collateralized Mortgage Obligations | 1.5% |
| Quasi-Sovereigns | 1.5% |
| Others | 5.1% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537i8c411462b5f7ae04f6f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 103.3% |
| Mexico | 2.0% |
| United Kingdom | 2.0% |
| Brazil | 1.2% |
| France | 1.2% |
| India | 0.8% |
| Spain | 0.7% |
| Chile | 0.6% |
| China | 0.6% |
| Colombia | 0.6% |
| Germany | 0.5% |
| South Africa | 0.5% |
| Italy | 0.5% |
| Israel | 0.5% |
| Others | 4.6% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

**Class A:** AKGAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AKGAX-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/AKGAX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AKGAX-S](g935537i8bf5f019bc93480724b0.jpg)

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Fund Information

**Class A:** AKGAX

IF-A-0154-0425

# Class C: AKGCX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AKGCX-S](g935537i2374e8f1a9b66cd88c85.jpg)

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Fund Information

# AB Income Fund

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AKGCX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537idafdf331cda00b554582.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (with sales charges)** | **Bloomberg U.S. Aggregate Bond Index** |
| **04/16** | $10000 | $10000 |
| **10/16** | $10285 | $10186 |
| **10/17** | $10734 | $10278 |
| **10/18** | $10366 | $10067 |
| **10/19** | $11470 | $11226 |
| **10/20** | $11759 | $11920 |
| **10/21** | $11990 | $11863 |
| **10/22** | $9662 | $10003 |
| **10/23** | $9759 | $10038 |
| **10/24** | $10870 | $11097 |
| **04/25** | $11121 | $11382 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | Since Inception 4/21/2016 |
| Class C (without sales charges) | 2.30% | 8.10% | 0.21% | 1.18% |
| Class C (with sales charges) | 1.30% | 7.10% | 0.21% | 1.18% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 1.44% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AKGCX-S for the most recent performance information.

**Class C:** AKGCX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2318071791 |
| # of Portfolio Holdings | 547 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $4728425 |

---

## Graphical Representation of Holdings

### Security Type Breakdown
![Group By Sector Chart](g935537ia83b8a0796affc882d8e.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 48.1% |
| Mortgage Pass-Throughs | 30.5% |
| Corporates - Investment Grade | 15.9% |
| Collateralized Loan Obligations | 7.1% |
| Corporates - Non-Investment Grade | 5.2% |
| Emerging Markets - Corporate Bonds | 2.8% |
| Asset-Backed Securities | 1.9% |
| Collateralized Mortgage Obligations | 1.5% |
| Quasi-Sovereigns | 1.5% |
| Others | 5.1% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537ib57c5f7667d46c910dff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 103.3% |
| Mexico | 2.0% |
| United Kingdom | 2.0% |
| Brazil | 1.2% |
| France | 1.2% |
| India | 0.8% |
| Spain | 0.7% |
| Chile | 0.6% |
| China | 0.6% |
| Colombia | 0.6% |
| Germany | 0.5% |
| South Africa | 0.5% |
| Italy | 0.5% |
| Israel | 0.5% |
| Others | 4.6% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

**Class C:** AKGCX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AKGCX-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/AKGCX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AKGCX-S](g935537i2374e8f1a9b66cd88c85.jpg)

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Fund Information

**Class C:** AKGCX

IF-C-0154-0425

# Class Z: ACGZX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACGZX-S](g935537i4ac8bcf331fc34ca213b.jpg)

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Fund Information

# AB Income Fund

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ACGZX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $27 | 0.54%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537ic95eb0931a9847b036f4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Z** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/19** | $10000 | $10000 |
| **10/20** | $10354 | $10626 |
| **10/21** | $10678 | $10575 |
| **10/22** | $8695 | $8917 |
| **10/23** | $8871 | $8948 |
| **10/24** | $9980 | $9892 |
| **04/25** | $10261 | $10146 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | Since Inception 11/20/2019 |
| Class Z | 2.81% | 9.19% | 1.24% | 0.47% |
| Bloomberg U.S. Aggregate Bond Index | 2.57% | 8.02% | -0.67% | 0.27% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ACGZX-S for the most recent performance information.

**Class Z:** ACGZX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2318071791 |
| # of Portfolio Holdings | 547 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $4728425 |

---

## Graphical Representation of Holdings

### Security Type Breakdown
![Group By Sector Chart](g935537i4c416ab5629b166e884c.jpg)

---

| | |
|:---|:---|
| | |
| Governments - Treasuries | 48.1% |
| Mortgage Pass-Throughs | 30.5% |
| Corporates - Investment Grade | 15.9% |
| Collateralized Loan Obligations | 7.1% |
| Corporates - Non-Investment Grade | 5.2% |
| Emerging Markets - Corporate Bonds | 2.8% |
| Asset-Backed Securities | 1.9% |
| Collateralized Mortgage Obligations | 1.5% |
| Quasi-Sovereigns | 1.5% |
| Others | 5.1% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

### **Country Breakdown**![Group By Country Chart](g935537ib9ae9a515084b3043695.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 103.3% |
| Mexico | 2.0% |
| United Kingdom | 2.0% |
| Brazil | 1.2% |
| France | 1.2% |
| India | 0.8% |
| Spain | 0.7% |
| Chile | 0.6% |
| China | 0.6% |
| Colombia | 0.6% |
| Germany | 0.5% |
| South Africa | 0.5% |
| Italy | 0.5% |
| Israel | 0.5% |
| Others | 4.6% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | -20.0% |

---

**Class Z:** ACGZX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ACGZX-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/ACGZX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ACGZX-S](g935537i4ac8bcf331fc34ca213b.jpg)

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Fund Information

**Class Z:** ACGZX

IF-Z-0154-0425

# Advisor Class: ATTYX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATTYX-S](g935537i267a5dd1c266600b2445.jpg)

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Fund Information

# AB Tax-Aware Fixed Income Opportunities Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Aware Fixed Income Opportunities Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ATTYX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i1447cbe6f8c73a4f6376.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Municipal Bond Index** |
| **04/15** | $10000 | $10000 |
| **10/15** | $10154 | $10168 |
| **10/16** | $10677 | $10581 |
| **10/17** | $10820 | $10813 |
| **10/18** | $10788 | $10757 |
| **10/19** | $11804 | $11771 |
| **10/20** | $11886 | $12194 |
| **10/21** | $13015 | $12515 |
| **10/22** | $11360 | $11016 |
| **10/23** | $11678 | $11307 |
| **10/24** | $13245 | $12404 |
| **04/25** | $13222 | $12306 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Advisor Class | -0.17% | 4.21% | 4.45% | 2.83% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ATTYX-S for the most recent performance information.

**Advisor Class:** ATTYX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $781264620 |
| # of Portfolio Holdings | 747 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $1378493 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g935537i02052beca047e457376f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 4.6% |
| AA | 37.0% |
| A | 28.3% |
| BBB | 8.2% |
| BB | 4.3% |
| B | 0.2% |
| CCC | 0.1% |
| D | 0.1% |
| A-1+ | 0.6% |
| Not Rated | 16.6% |

---

---

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

---

### State Breakdown
![Group By Country Chart](g935537i6b1b7f2ee02cf2593fc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 13.7% |
| New York | 7.2% |
| Florida | 6.3% |
| Alabama | 5.9% |
| Illinois | 5.3% |
| Texas | 5.2% |
| Pennsylvania | 4.7% |
| Ohio | 3.9% |
| District of Columbia | 3.4% |
| Wisconsin | 3.3% |
| Georgia | 3.3% |
| New Jersey | 3.1% |
| Massachusetts | 2.8% |
| Puerto Rico | 2.5% |
| Others | 36.9% |
| Other assets less liabilities | -7.5% |

---

**Advisor Class:** ATTYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ATTYX-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/ATTYX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATTYX-S](g935537i267a5dd1c266600b2445.jpg)

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Fund Information

**Advisor Class:** ATTYX

TAFIO-ADV-0154-0425

# Class A: ATTAX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATTAX-S](g935537i129d91c32ed805c58b5d.jpg)

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Fund Information

# AB Tax-Aware Fixed Income Opportunities Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Aware Fixed Income Opportunities Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ATTAX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537idfc3d67b28cfdb196dc5.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg Municipal Bond Index** |
| **04/15** | $9696 | $10000 |
| **10/15** | $9844 | $10168 |
| **10/16** | $10323 | $10581 |
| **10/17** | $10436 | $10813 |
| **10/18** | $10379 | $10757 |
| **10/19** | $11328 | $11771 |
| **10/20** | $11371 | $12194 |
| **10/21** | $12428 | $12515 |
| **10/22** | $10821 | $11016 |
| **10/23** | $11084 | $11307 |
| **10/24** | $12553 | $12404 |
| **04/25** | $12504 | $12306 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class A (without sales charges) | -0.39% | 3.84% | 4.17% | 2.58% |
| Class A (with sales charges) | -3.39% | 0.75% | 3.55% | 2.26% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ATTAX-S for the most recent performance information.

**Class A:** ATTAX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $781264620 |
| # of Portfolio Holdings | 747 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $1378493 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g935537i860a6789e3abd661a603.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 4.6% |
| AA | 37.0% |
| A | 28.3% |
| BBB | 8.2% |
| BB | 4.3% |
| B | 0.2% |
| CCC | 0.1% |
| D | 0.1% |
| A-1+ | 0.6% |
| Not Rated | 16.6% |

---

---

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

---

### State Breakdown
![Group By Country Chart](g935537i192b0598c2819779f0e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 13.7% |
| New York | 7.2% |
| Florida | 6.3% |
| Alabama | 5.9% |
| Illinois | 5.3% |
| Texas | 5.2% |
| Pennsylvania | 4.7% |
| Ohio | 3.9% |
| District of Columbia | 3.4% |
| Wisconsin | 3.3% |
| Georgia | 3.3% |
| New Jersey | 3.1% |
| Massachusetts | 2.8% |
| Puerto Rico | 2.5% |
| Others | 36.9% |
| Other assets less liabilities | -7.5% |

---

**Class A:** ATTAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ATTAX-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/ATTAX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATTAX-S](g935537i129d91c32ed805c58b5d.jpg)

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Fund Information

**Class A:** ATTAX

TAFIO-A-0154-0425

# Class C: ATCCX
April 30, 2025

![Image](g935537ia2a03955603fbbb949f7.jpg)

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Fund Information

# AB Tax-Aware Fixed Income Opportunities Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Aware Fixed Income Opportunities Portfolio (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ATCCX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $88 | 1.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537iadfc1fdf49e8b73b49de.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (with sales charges)** | **Bloomberg Municipal Bond Index** |
| **04/15** | $10000 | $10000 |
| **10/15** | $10112 | $10168 |
| **10/16** | $10518 | $10581 |
| **10/17** | $10552 | $10813 |
| **10/18** | $10417 | $10757 |
| **10/19** | $11285 | $11771 |
| **10/20** | $11250 | $12194 |
| **10/21** | $12197 | $12515 |
| **10/22** | $10540 | $11016 |
| **10/23** | $10715 | $11307 |
| **10/24** | $12045 | $12404 |
| **04/25** | $11953 | $12306 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class C (without sales charges) | -0.76% | 3.07% | 3.39% | 1.80% |
| Class C (with sales charges) | -1.74% | 2.07% | 3.39% | 1.80% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/ATCCX-S for the most recent performance information.

**Class C:** ATCCX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $781264620 |
| # of Portfolio Holdings | 747 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $1378493 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Sector Chart](g935537ied46fcc0e6d819f5baff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 4.6% |
| AA | 37.0% |
| A | 28.3% |
| BBB | 8.2% |
| BB | 4.3% |
| B | 0.2% |
| CCC | 0.1% |
| D | 0.1% |
| A-1+ | 0.6% |
| Not Rated | 16.6% |

---

---

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

---

### State Breakdown
![Group By Country Chart](g935537i24a5f5479523b8a69ee2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 13.7% |
| New York | 7.2% |
| Florida | 6.3% |
| Alabama | 5.9% |
| Illinois | 5.3% |
| Texas | 5.2% |
| Pennsylvania | 4.7% |
| Ohio | 3.9% |
| District of Columbia | 3.4% |
| Wisconsin | 3.3% |
| Georgia | 3.3% |
| New Jersey | 3.1% |
| Massachusetts | 2.8% |
| Puerto Rico | 2.5% |
| Others | 36.9% |
| Other assets less liabilities | -7.5% |

---

**Class C:** ATCCX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ATCCX-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/ATCCX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATCCX-S](g935537i682bde21ee4c00de10ba.jpg)

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Fund Information

**Class C:** ATCCX

TAFIO-C-0154-0425

# Advisor Class: AUNYX
April 30, 2025

![Image](g935537i346596851216daeb7b3e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNYX-S](g935537i00c177ceab047d1c9faf.jpg)

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# Fund Information

# AB Municipal Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Municipal Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AUNYX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $25 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537iac094eb84ab1522356f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Bloomberg Municipal Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9971 | $10168 | $9817 |
| **10/16** | $10344 | $10581 | $10276 |
| **10/17** | $10550 | $10813 | $10291 |
| **10/18** | $10533 | $10757 | $10228 |
| **10/19** | $11034 | $11771 | $10930 |
| **10/20** | $11385 | $12194 | $11696 |
| **10/21** | $12426 | $12515 | $12520 |
| **10/22** | $11703 | $11016 | $11621 |
| **10/23** | $12037 | $11307 | $11724 |
| **10/24** | $12935 | $12404 | $12627 |
| **04/25** | $12969 | $12306 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Advisor Class | 0.27% | 1.92% | 4.37% | 2.63% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AUNYX-S for the most recent performance information.

**Advisor Class:** AUNYX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1445558711 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3039712 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Country Chart](g935537id59b7131e3b37b0fca5c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.6% |
| AA | 43.8% |
| A | 32.1% |
| BBB | 5.5% |
| BB | 1.5% |
| B | 0.4% |
| A-1+ | 1.9% |
| Not Rated | 6.2% |

---

---

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

---

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

**Advisor Class:** AUNYX

## 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/AUNYX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNYX-S](g935537i00c177ceab047d1c9faf.jpg)

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Fund Information

**Advisor Class:** AUNYX

MBIS-ADV-0154-0425

# Class 1: AUNOX
April 30, 2025

![Image](g935537i346596851216daeb7b3e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNOX-S](g935537i6b466061c49cd79e3124.jpg)

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# Fund Information

# AB Municipal Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Municipal Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AUNOX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $30 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537iaeb8856d862e6f76bda8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **Bloomberg Municipal Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9978 | $10168 | $9817 |
| **10/16** | $10335 | $10581 | $10276 |
| **10/17** | $10535 | $10813 | $10291 |
| **10/18** | $10501 | $10757 | $10228 |
| **10/19** | $10997 | $11771 | $10930 |
| **10/20** | $11332 | $12194 | $11696 |
| **10/21** | $12353 | $12515 | $12520 |
| **10/22** | $11621 | $11016 | $11621 |
| **10/23** | $11935 | $11307 | $11724 |
| **10/24** | $12819 | $12404 | $12627 |
| **04/25** | $12860 | $12306 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class 1 | 0.32% | 1.83% | 4.27% | 2.55% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AUNOX-S for the most recent performance information.

**Class 1:** AUNOX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1445558711 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3039712 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Country Chart](g935537i258a3b8ffe9d2b98d0c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.6% |
| AA | 43.8% |
| A | 32.1% |
| BBB | 5.5% |
| BB | 1.5% |
| B | 0.4% |
| A-1+ | 1.9% |
| Not Rated | 6.2% |

---

---

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

---

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

**Class 1:** AUNOX

## 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/AUNOX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNOX-S](g935537i6b466061c49cd79e3124.jpg)

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Fund Information

**Class 1:** AUNOX

MBIS-1-0154-0425

# Class 2: AUNTX
April 30, 2025

![Image](g935537i346596851216daeb7b3e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNTX-S](g935537i9c3dcb4f4442eb878a49.jpg)

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# Fund Information

# AB Municipal Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Municipal Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AUNTX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $25 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i40f39cee334fc3ef773f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Bloomberg Municipal Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9983 | $10168 | $9817 |
| **10/16** | $10340 | $10581 | $10276 |
| **10/17** | $10551 | $10813 | $10291 |
| **10/18** | $10538 | $10757 | $10228 |
| **10/19** | $11036 | $11771 | $10930 |
| **10/20** | $11382 | $12194 | $11696 |
| **10/21** | $12431 | $12515 | $12520 |
| **10/22** | $11707 | $11016 | $11621 |
| **10/23** | $12035 | $11307 | $11724 |
| **10/24** | $12939 | $12404 | $12627 |
| **04/25** | $12974 | $12306 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class 2 | 0.27% | 1.83% | 4.38% | 2.64% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AUNTX-S for the most recent performance information.

**Class 2:** AUNTX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1445558711 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3039712 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Country Chart](g935537ib3f5f7d3cb5ad35bfc28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.6% |
| AA | 43.8% |
| A | 32.1% |
| BBB | 5.5% |
| BB | 1.5% |
| B | 0.4% |
| A-1+ | 1.9% |
| Not Rated | 6.2% |

---

---

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

---

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

**Class 2:** AUNTX

## 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/AUNTX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNTX-S](g935537i9c3dcb4f4442eb878a49.jpg)

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Fund Information

**Class 2:** AUNTX

MBIS-2-0154-0425

# Class A: AUNAX
April 30, 2025

![Image](g935537i346596851216daeb7b3e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNAX-S](g935537i339c3c0b3649104999a3.jpg)

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# Fund Information

# AB Municipal Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Municipal Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AUNAX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537i7f06eacce1a61e2a1ff3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (with sales charges)** | **Bloomberg Municipal Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $9697 | $10000 | $10000 |
| **10/15** | $9666 | $10168 | $9817 |
| **10/16** | $9993 | $10581 | $10276 |
| **10/17** | $10168 | $10813 | $10291 |
| **10/18** | $10126 | $10757 | $10228 |
| **10/19** | $10589 | $11771 | $10930 |
| **10/20** | $10891 | $12194 | $11696 |
| **10/21** | $11858 | $12515 | $12520 |
| **10/22** | $11140 | $11016 | $11621 |
| **10/23** | $11429 | $11307 | $11724 |
| **10/24** | $12262 | $12404 | $12627 |
| **04/25** | $12279 | $12306 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class A (without sales charges) | 0.14% | 1.66% | 4.11% | 2.39% |
| Class A (with sales charges) | -2.84% | -1.37% | 3.47% | 2.07% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AUNAX-S for the most recent performance information.

**Class A:** AUNAX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1445558711 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3039712 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Country Chart](g935537icaa34ccb46f5d1b2d17c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.6% |
| AA | 43.8% |
| A | 32.1% |
| BBB | 5.5% |
| BB | 1.5% |
| B | 0.4% |
| A-1+ | 1.9% |
| Not Rated | 6.2% |

---

---

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

---

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

**Class A:** AUNAX

## 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/AUNAX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNAX-S](g935537i339c3c0b3649104999a3.jpg)

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Fund Information

**Class A:** AUNAX

MBIS-A-0154-0425

# Class C: AUNCX
April 30, 2025

![Image](g935537i346596851216daeb7b3e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNCX-S](g935537ibb3e6accccb07e58e7ee.jpg)

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# Fund Information

# AB Municipal Bond Inflation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Municipal Bond Inflation Strategy (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AUNCX-S. You can also request this information by contacting us at (800) 227 4618.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Fund Performance
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.

![Growth of 10K Chart](g935537ie6c2d98cfd94098fae34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (with sales charges)** | **Bloomberg Municipal Bond Index** | **Bloomberg US TIPS 1-10 Year Index** |
| **04/15** | $10000 | $10000 | $10000 |
| **10/15** | $9930 | $10168 | $9817 |
| **10/16** | $10189 | $10581 | $10276 |
| **10/17** | $10290 | $10813 | $10291 |
| **10/18** | $10177 | $10757 | $10228 |
| **10/19** | $10547 | $11771 | $10930 |
| **10/20** | $10774 | $12194 | $11696 |
| **10/21** | $11649 | $12515 | $12520 |
| **10/22** | $10863 | $11016 | $11621 |
| **10/23** | $11062 | $11307 | $11724 |
| **10/24** | $11767 | $12404 | $12627 |
| **04/25** | $11739 | $12306 | $13154 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;AATR | 6 Months | 1 Year | 5 Years | 10 Years |
| Class C (without sales charges) | -0.24% | 0.88% | 3.32% | 1.62% |
| Class C (with sales charges) | -1.23% | -0.11% | 3.32% | 1.62% |
| Bloomberg Municipal Bond Index | -0.78% | 1.66% | 1.17% | 2.10% |
| Bloomberg US TIPS 1-10 Year Index | 4.18% | 8.70% | 3.15% | 2.78% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.

Visit https://www.abfunds.com/link/AB/AUNCX-S for the most recent performance information.

**Class C:** AUNCX

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1445558711 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $3039712 |

---

## Graphical Representation of Holdings

### Credit Rating Breakdown<sup>**Footnote Reference \***</sup>
![Group By Country Chart](g935537i9755934302169c6fe152.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 8.6% |
| AA | 43.8% |
| A | 32.1% |
| BBB | 5.5% |
| BB | 1.5% |
| B | 0.4% |
| A-1+ | 1.9% |
| Not Rated | 6.2% |

---

---

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

---

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

**Class C:** AUNCX

## 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/AUNCX-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AUNCX-S](g935537ibb3e6accccb07e58e7ee.jpg)

SCAN ME

Please scan QR code for

Fund Information

**Class C:** AUNCX

MBIS-C-0154-0425

------

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

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

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

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

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

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

------

#### April 30, 2025
![LOGO](g879066g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB ALL MARKET REAL RETURN PORTFOLIO

![LOGO](g879066g50e50.jpg)

------

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

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

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

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

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

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

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

------

#### CONSOLIDATED PORTFOLIO OF INVESTMENTS
**April 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 73.9% |  |  |
|  Real Estate – 43.6% |  |  |
|  **Diversified REITs – 3.5%** |  |  |
|  British Land Co. PLC (The) | 391944 | $2061962 |
|  Broadstone Net Lease, Inc. | 80724 | 1306114 |
|  Charter Hall Group | 142520 | 1540918 |
|  Essential Properties Realty Trust, Inc. | 144700 | 4654999 |
|  GPT Group (The) | 560960 | 1662883 |
|  KDX Realty Investment Corp.<sup>(a)</sup> | 663 | 690426 |
|  LondonMetric Property PLC | 711960 | 1826683 |
|  Merlin Properties Socimi SA<sup>(b)</sup> | 118120 | 1339513 |
|  Stockland | 1764090 | 6199428 |
|  United Urban Investment Corp. | 941 | 990221 |
|  |  | 22273147 |
|  **Health Care REITs – 5.5%** |  |  |
|  Aedifica SA<sup>(c)</sup> | 18560 | 1487884 |
|  American Healthcare REIT, Inc. | 144040 | 4649611 |
|  Ventas, Inc. | 163252 | 11440700 |
|  Welltower, Inc. | 119062 | 18167671 |
|  |  | 35745866 |
|  **Hotel & Resort REITs – 0.8%** |  |  |
|  Japan Hotel REIT Investment Corp. | 2242 | 1108692 |
|  Ryman Hospitality Properties, Inc. | 39695 | 3491175 |
|  Xenia Hotels & Resorts, Inc. | 62050 | 662694 |
|  |  | 5262561 |
|  **Industrial REITs – 5.7%** |  |  |
|  CapitaLand Ascendas REIT<sup>(b)</sup> | 1594100 | 3248231 |
|  Dream Industrial Real Estate Investment Trust | 78404 | 602845 |
|  GLP J-REIT | 2407 | 2076149 |
|  Goodman Group | 246500 | 4718956 |
|  Japan Logistics Fund, Inc. | 2591 | 1694434 |
|  Lineage, Inc. | 25929 | 1250556 |
|  Prologis, Inc. | 152557 | 15591325 |
|  Rexford Industrial Realty, Inc. | 106683 | 3531207 |
|  Segro PLC | 94070 | 855722 |
|  STAG Industrial, Inc. | 50060 | 1653482 |
|  Tritax Big Box REIT PLC | 947136 | 1811764 |
|  |  | 37034671 |
|  **Office REITs – 2.0%** |  |  |
|  COPT Defense Properties | 160070 | 4179428 |
|  Cousins Properties, Inc. | 82370 | 2268470 |
|  Daiwa Office Investment Corp. | 1392 | 2982352 |
|  Gecina SA | 11765 | 1207778 |
|  Nippon Building Fund, Inc. | 2274 | 2110748 |
|  |  | 12748776 |
|  **Real Estate Management & Development – 6.4%** |  |  |
|  Azrieli Group Ltd. | 12900 | 939176 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 1 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  CapitaLand Investment Ltd./Singapore | 459400 | $968228 |
|  Castellum AB | 174780 | 2127109 |
|  Catena AB<sup>(a)</sup> | 34043 | 1602619 |
|  CTP NV<sup>(a)</sup> | 23645 | 444125 |
|  Fastighets AB Balder – Class B<sup>(b)</sup> | 120618 | 867055 |
|  Katitas Co., Ltd. | 135500 | 1963268 |
|  LEG Immobilien SE | 19840 | 1681821 |
|  Mitsubishi Estate Co., Ltd. | 135800 | 2385460 |
|  Mitsui Fudosan Co., Ltd. | 598600 | 5932513 |
|  Nomura Real Estate Holdings, Inc. | 122500 | 728562 |
|  Pandox AB | 28316 | 472251 |
|  PSP Swiss Property AG (REG) | 24392 | 4343496 |
|  Shurgard Self Storage Ltd. | 18460 | 765925 |
|  Sumitomo Realty & Development Co., Ltd. | 97600 | 3635236 |
|  Sun Hung Kai Properties Ltd. – Class H | 334500 | 3173205 |
|  Swire Properties Ltd. – Class H | 842800 | 1862564 |
|  TAG Immobilien AG | 73230 | 1192253 |
|  Unibail-Rodamco-Westfield | 20700 | 1752359 |
|  VGP NV<sup>(b)</sup> | 9409 | 870580 |
|  Vonovia SE | 119194 | 3953676 |
|  |  | 41661481 |
|  **Residential REITs – 5.5%** |  |  |
|  Comforia Residential REIT, Inc. | 707 | 1374420 |
|  Equity LifeStyle Properties, Inc. | 13624 | 882563 |
|  Independence Realty Trust, Inc. | 291970 | 5672977 |
|  Invitation Homes, Inc. | 119989 | 4102424 |
|  Killam Apartment Real Estate Investment Trust | 130920 | 1654306 |
|  Mid-America Apartment Communities, Inc. | 55047 | 8788253 |
|  Sun Communities, Inc. | 16789 | 2089055 |
|  UDR, Inc. | 153242 | 6417775 |
|  UMH Properties, Inc. | 158022 | 2792249 |
|  UNITE Group PLC (The) | 167880 | 1928778 |
|  |  | 35702800 |
|  **Retail REITs – 6.4%** |  |  |
|  Acadia Realty Trust | 158680 | 3030788 |
|  Brixmor Property Group, Inc. | 213770 | 5325011 |
|  CapitaLand Integrated Commercial Trust<sup>(b)</sup> | 2121976 | 3492136 |
|  Frasers Centrepoint Trust<sup>(a)</sup> | 764061 | 1323660 |
|  Hammerson PLC | 401560 | 1354830 |
|  Klepierre SA<sup>(b)</sup> | 34390 | 1258783 |
|  Link REIT – Class H | 377960 | 1769554 |
|  NETSTREIT Corp. | 251939 | 4099047 |
|  Phillips Edison & Co., Inc. | 37370 | 1296739 |
|  Realty Income Corp. | 88703 | 5132356 |
|  Scentre Group | 1462550 | 3388353 |
|  Simon Property Group, Inc. | 56937 | 8960745 |
|  Supermarket Income Reit PLC<sup>(a)</sup> | 950645 | 983134 |
|  |  | 41415136 |

---

---

| | |
|:---|:---|
| 2 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Specialized REITs – 7.8%** |  |  |
|  Digital Realty Trust, Inc. | 64369 | $10333799 |
|  Equinix, Inc. | 15508 | 13348511 |
|  Extra Space Storage, Inc. | 31290 | 4584611 |
|  Iron Mountain, Inc. | 45338 | 4065459 |
|  Public Storage | 29230 | 8781569 |
|  VICI Properties, Inc. | 283732 | 9085099 |
|  |  | 50199048 |
|  |  | 282043486 |
|  Information Technology – 5.0% |  |  |
|  **Communications Equipment – 0.2%** |  |  |
|  Motorola Solutions, Inc. | 2917 | 1284618 |
|  **Electronic Equipment, Instruments & Components – 0.2%** |  |  |
|  Celestica, Inc.<sup>(b)</sup> | 12095 | 1032014 |
|  TDK Corp. | 12600 | 134460 |
|  |  | 1166474 |
|  **IT Services – 0.5%** |  |  |
|  Gartner, Inc.<sup>(b)</sup> | 1891 | 796262 |
|  GoDaddy, Inc. – Class A<sup>(b)</sup> | 5826 | 1097210 |
|  VeriSign, Inc. | 4697 | 1325118 |
|  |  | 3218590 |
|  **Semiconductors & Semiconductor Equipment – 1.4%** |  |  |
|  Broadcom, Inc. | 1945 | 374354 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 6841 | 305040 |
|  First Solar, Inc.<sup>(b)</sup> | 3047 | 383374 |
|  GCL Technology Holdings Ltd. – Class H<sup>(a)(b)</sup> | 211000 | 21445 |
|  Jinko Solar Co., Ltd. – Class A<sup>(b)</sup> | 319712 | 241338 |
|  KLA Corp. | 162 | 113836 |
|  LONGi Green Energy Technology Co., Ltd. – Class A<sup>(b)</sup> | 69900 | 141530 |
|  Monolithic Power Systems, Inc. | 100 | 59310 |
|  NAURA Technology Group Co., Ltd. – Class A<sup>(b)</sup> | 3500 | 217654 |
|  NVIDIA Corp. | 44142 | 4807947 |
|  QUALCOMM, Inc. | 8722 | 1294868 |
|  SUMCO Corp. | 135200 | 932351 |
|  Xinyi Solar Holdings Ltd. – Class H<sup>(a)(b)</sup> | 132000 | 43898 |
|  |  | 8936945 |
|  **Software – 1.8%** |  |  |
|  Adobe, Inc.<sup>(b)</sup> | 712 | 266986 |
|  AppLovin Corp. – Class A<sup>(b)</sup> | 2125 | 572284 |
|  Autodesk, Inc.<sup>(b)</sup> | 4483 | 1229463 |
|  Docusign, Inc.<sup>(b)</sup> | 1383 | 113060 |
|  Dropbox, Inc. – Class A<sup>(b)</sup> | 35601 | 1016408 |
|  Fortinet, Inc.<sup>(b)</sup> | 12172 | 1262967 |
|  Microsoft Corp. | 11290 | 4462485 |
|  Oracle Corp. | 3058 | 430322 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 3 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Sage Group PLC (The) | 54301 | $900237 |
|  Zoom Communications, Inc.<sup>(b)</sup> | 14548 | 1128052 |
|  |  | 11382264 |
|  **Technology Hardware, Storage & Peripherals – 0.9%** |  |  |
|  Apple, Inc. | 27772 | 5901550 |
|  Logitech International SA (REG) | 3127 | 237621 |
|  |  | 6139171 |
|  |  | 32128062 |
|  Energy – 4.9% |  |  |
|  **Energy Equipment & Services – 0.4%** |  |  |
|  Saipem SpA | 445172 | 1028334 |
|  TechnipFMC PLC | 21380 | 602275 |
|  Vallourec SACA | 59875 | 1106654 |
|  |  | 2737263 |
|  **Oil, Gas & Consumable Fuels – 4.5%** |  |  |
|  Cameco Corp. (New York) | 11051 | 498953 |
|  Cameco Corp. (Toronto) | 8874 | 400572 |
|  Cheniere Energy, Inc. | 4652 | 1075124 |
|  Chevron Corp. | 22639 | 3080262 |
|  ConocoPhillips | 25117 | 2238427 |
|  Coterra Energy, Inc. | 18006 | 442227 |
|  Denison Mines Corp.<sup>(b)</sup> | 253996 | 364799 |
|  EOG Resources, Inc. | 16683 | 1840636 |
|  Equinor ASA | 62361 | 1411580 |
|  Exxon Mobil Corp. | 51318 | 5420720 |
|  Gazprom PJSC<sup>(b)(c)(d)(e)</sup> | 818956 | – 0 |
|  Hess Corp. | 7290 | 940775 |
|  Imperial Oil Ltd. | 1722 | 116153 |
|  Inpex Corp. | 81200 | 1015771 |
|  LUKOIL PJSC<sup>(c)(d)(e)</sup> | 20541 | – 0 |
|  NexGen Energy Ltd.<sup>(b)</sup> | 66540 | 348483 |
|  Shell PLC | 178376 | 5756505 |
|  Targa Resources Corp. | 724 | 123732 |
|  TotalEnergies SE | 56739 | 3231581 |
|  Uranium Energy Corp.<sup>(b)</sup> | 51176 | 268674 |
|  Woodside Energy Group Ltd.<sup>(d)</sup> | 34675 | 451993 |
|  |  | 29026967 |
|  |  | 31764230 |
|  Financials – 3.7% |  |  |
|  **Banks – 1.3%** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 88252 | 1211174 |
|  Banco Santander SA<sup>(a)</sup> | 185428 | 1305573 |
|  BPER Banca SpA<sup>(a)</sup> | 9566 | 77696 |
|  Canadian Imperial Bank of Commerce | 10261 | 647174 |
|  Citigroup, Inc. | 17211 | 1176888 |
|  Danske Bank A/S | 14128 | 495717 |
|  DBS Group Holdings Ltd. | 2400 | 77974 |

---

---

| | |
|:---|:---|
| 4 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  DNB Bank ASA | 13353 | $333800 |
|  Japan Post Bank Co., Ltd. | 73500 | 755723 |
|  JPMorgan Chase & Co. | 521 | 127447 |
|  NatWest Group PLC | 201896 | 1298653 |
|  Societe Generale SA | 7881 | 410907 |
|  United Overseas Bank Ltd. | 18800 | 499306 |
|  |  | 8418032 |
|  **Capital Markets – 1.0%** |  |  |
|  Ameriprise Financial, Inc. | 2242 | 1056027 |
|  Blackstone, Inc. | 8357 | 1100700 |
|  Goldman Sachs Group, Inc. (The) | 2296 | 1257175 |
|  Moody's Corp. | 2633 | 1193065 |
|  Singapore Exchange Ltd. | 35000 | 385030 |
|  TMX Group Ltd. | 31301 | 1268524 |
|  |  | 6260521 |
|  **Consumer Finance – 0.2%** |  |  |
|  Synchrony Financial | 18620 | 967309 |
|  **Financial Services – 0.4%** |  |  |
|  Berkshire Hathaway, Inc. – Class B<sup>(b)</sup> | 236 | 125847 |
|  EXOR NV<sup>(d)</sup> | 4208 | 397297 |
|  HA Sustainable Infrastructure Capital, Inc. | 18113 | 452463 |
|  Mastercard, Inc. – Class A | 3492 | 1913825 |
|  |  | 2889432 |
|  **Insurance – 0.8%** |  |  |
|  iA Financial Corp., Inc. | 8235 | 799965 |
|  Japan Post Holdings Co., Ltd. | 108600 | 1055620 |
|  Poste Italiane SpA | 63844 | 1295854 |
|  Suncorp Group Ltd.<sup>(b)</sup> | 94523 | 1229185 |
|  T&D Holdings, Inc. | 15900 | 338330 |
|  Talanx AG | 6767 | 776636 |
|  |  | 5495590 |
|  |  | 24030884 |
|  Materials – 3.5% |  |  |
|  **Chemicals – 1.0%** |  |  |
|  Air Liquide SA | 820 | 168492 |
|  Air Products & Chemicals, Inc. | 1069 | 289795 |
|  Albemarle Corp. | 2864 | 167687 |
|  Arkema SA | 5974 | 454176 |
|  CF Industries Holdings, Inc. | 5253 | 411678 |
|  Corteva, Inc. | 9352 | 579730 |
|  Ganfeng Lithium Group Co., Ltd. – Class A<sup>(b)</sup> | 18500 | 76188 |
|  Linde PLC | 790 | 358052 |
|  Mitsubishi Chemical Group Corp. | 215800 | 1049124 |
|  Nippon Sanso Holdings Corp. | 6100 | 195220 |
|  Nutrien Ltd. | 10157 | 579457 |
|  Sociedad Quimica y Minera de Chile SA (Preference Shares) | 3384 | 116506 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 5 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Sociedad Quimica y Minera de Chile SA (Sponsored ADR) | 481 | $16450 |
|  SOL SpA | 6700 | 305501 |
|  Sumitomo Chemical Co., Ltd. | 453900 | 1097216 |
|  Tianqi Lithium Corp. – Class A<sup>(b)</sup> | 37800 | 149526 |
|  Toray Industries, Inc. | 23800 | 151999 |
|  Umicore SA<sup>(a)</sup> | 14004 | 127297 |
|  Yara International ASA | 16772 | 544311 |
|  |  | 6838405 |
|  **Metals & Mining – 2.5%** |  |  |
|  Agnico Eagle Mines Ltd. | 13236 | 1555657 |
|  Anglo American PLC | 36255 | 989703 |
|  Anglogold Ashanti PLC | 9140 | 380516 |
|  Antofagasta PLC | 36685 | 805072 |
|  ArcelorMittal SA | 33312 | 985093 |
|  China Hongqiao Group Ltd. – Class H | 545000 | 978283 |
|  CMOC Group Ltd. – Class A<sup>(b)</sup> | 264300 | 257577 |
|  Endeavour Mining PLC<sup>(a)</sup> | 44209 | 1187133 |
|  Glencore PLC<sup>(b)</sup> | 273779 | 897649 |
|  Hudbay Minerals, Inc. | 74152 | 539493 |
|  Lundin Mining Corp. | 127641 | 1044386 |
|  Lynas Rare Earths Ltd.<sup>(a)(b)</sup> | 13067 | 71434 |
|  MMC Norilsk Nickel PJSC (ADR)<sup>(b)(c)(d)</sup> | 66074 | – 0 |
|  Newmont Corp. | 26951 | 1419779 |
|  Pilbara Minerals Ltd.<sup>(a)(b)</sup> | 182781 | 176098 |
|  Rio Tinto PLC | 55175 | 3287847 |
|  Teck Resources Ltd. – Class B | 33398 | 1135198 |
|  Vale SA (Sponsored ADR) | 49710 | 462800 |
|  |  | 16173718 |
|  |  | 23012123 |
|  Industrials – 3.4% |  |  |
|  **Aerospace & Defense – 0.3%** |  |  |
|  HEICO Corp. – Class A | 3150 | 632929 |
|  Leonardo SpA | 3767 | 195840 |
|  Rheinmetall AG | 208 | 354235 |
|  Thales SA | 2158 | 604504 |
|  |  | 1787508 |
|  **Building Products – 0.2%** |  |  |
|  AGC, Inc. | 15700 | 490184 |
|  Johnson Controls International PLC | 4694 | 393827 |
|  Owens Corning | 3135 | 455860 |
|  |  | 1339871 |
|  **Commercial Services & Supplies – 0.2%** |  |  |
|  Aker Carbon Capture ASA | 96390 | 23809 |
|  Cintas Corp. | 5942 | 1257803 |
|  |  | 1281612 |

---

---

| | |
|:---|:---|
| 6 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Construction & Engineering – 0.3%** |  |  |
|  Arcosa, Inc. | 4374 | $350226 |
|  Cadeler A/S<sup>(b)</sup> | 16134 | 84365 |
|  Kumagai Gumi Co., Ltd. | 30300 | 902951 |
|  Quanta Services, Inc. | 1534 | 448986 |
|  |  | 1786528 |
|  **Electrical Equipment – 1.0%** |  |  |
|  ABB Ltd. (REG) | 3369 | 177919 |
|  Acuity, Inc. | 1998 | 486733 |
|  Bloom Energy Corp. – Class A<sup>(b)</sup> | 13014 | 238416 |
|  BWX Technologies, Inc. | 5076 | 553893 |
|  Contemporary Amperex Technology Co., Ltd. – Class A | 8200 | 262184 |
|  Eaton Corp. PLC | 1530 | 450386 |
|  Ecopro BM Co., Ltd.<sup>(b)</sup> | 519 | 36968 |
|  Eve Energy Co., Ltd. – Class A<sup>(b)</sup> | 29500 | 166962 |
|  GE Vernova, Inc. | 1373 | 509136 |
|  Hubbell, Inc. | 1327 | 481940 |
|  NARI Technology Co., Ltd. – Class A<sup>(b)</sup> | 56200 | 171472 |
|  NEXTracker, Inc. – Class A<sup>(b)</sup> | 10216 | 414872 |
|  Nordex SE<sup>(b)</sup> | 19396 | 363158 |
|  NuScale Power Corp.<sup>(a)(b)</sup> | 7264 | 120364 |
|  nVent Electric PLC | 7074 | 388433 |
|  Prysmian SpA | 2709 | 148811 |
|  Schneider Electric SE | 738 | 172431 |
|  Siemens Energy AG<sup>(b)</sup> | 9226 | 712096 |
|  Sungrow Power Supply Co., Ltd. – Class A<sup>(b)</sup> | 27300 | 227926 |
|  Sunrun, Inc.<sup>(b)</sup> | 54476 | 375340 |
|  Sunwoda Electronic Co., Ltd. – Class A<sup>(b)</sup> | 63238 | 165386 |
|  Vestas Wind Systems A/S | 10803 | 144028 |
|  |  | 6768854 |
|  **Ground Transportation – 0.2%** |  |  |
|  Uber Technologies, Inc.<sup>(b)</sup> | 18223 | 1476245 |
|  **Industrial Conglomerates – 0.0%** |  |  |
|  Hitachi Ltd. | 2900 | 71675 |
|  Siemens AG (REG) | 959 | 220821 |
|  |  | 292496 |
|  **Machinery – 0.3%** |  |  |
|  AGCO Corp. | 5655 | 479714 |
|  Cummins, Inc. | 3293 | 967615 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 106700 | 182773 |
|  |  | 1630102 |
|  **Passenger Airlines – 0.3%** |  |  |
|  Qantas Airways Ltd. | 182196 | 1030121 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 9328 | 641953 |
|  |  | 1672074 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 7 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Professional Services – 0.6%** |  |  |
|  Automatic Data Processing, Inc. | 480 | $144288 |
|  Booz Allen Hamilton Holding Corp. | 9998 | 1199960 |
|  Broadridge Financial Solutions, Inc. | 4935 | 1196244 |
|  Robert Half, Inc. | 13031 | 577273 |
|  Verisk Analytics, Inc. | 2287 | 677936 |
|  |  | 3795701 |
|  |  | 21830991 |
|  Health Care – 2.7% |  |  |
|  **Biotechnology – 0.6%** |  |  |
|  AbbVie, Inc. | 5698 | 1111680 |
|  Amgen, Inc. | 2597 | 755519 |
|  Biogen, Inc.<sup>(b)</sup> | 1685 | 204020 |
|  Genmab A/S<sup>(b)</sup> | 2659 | 563811 |
|  Gilead Sciences, Inc. | 6789 | 723300 |
|  Incyte Corp.<sup>(b)</sup> | 8360 | 523837 |
|  United Therapeutics Corp.<sup>(b)</sup> | 1441 | 436753 |
|  |  | 4318920 |
|  **Health Care Equipment & Supplies – 0.6%** |  |  |
|  Dexcom, Inc.<sup>(b)</sup> | 16074 | 1147362 |
|  Edwards Lifesciences Corp.<sup>(b)</sup> | 15442 | 1165717 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup> | 2766 | 1196710 |
|  Insulet Corp.<sup>(b)</sup> | 1525 | 384742 |
|  |  | 3894531 |
|  **Health Care Providers & Services – 0.9%** |  |  |
|  Cencora, Inc. | 4488 | 1313503 |
|  Centene Corp.<sup>(b)</sup> | 8383 | 501722 |
|  Chartwell Retirement Residences | 231218 | 2903223 |
|  McKesson Corp. | 897 | 639373 |
|  Universal Health Services, Inc. – Class B | 3114 | 551396 |
|  |  | 5909217 |
|  **Health Care Technology – 0.1%** |  |  |
|  Pro Medicus Ltd. | 2291 | 335930 |
|  **Pharmaceuticals – 0.5%** |  |  |
|  Eli Lilly & Co. | 1818 | 1634291 |
|  Merck & Co., Inc. | 1416 | 120643 |
|  Roche Holding AG | 4542 | 1485172 |
|  |  | 3240106 |
|  |  | 17698704 |
|  Consumer Discretionary – 2.6% |  |  |
|  **Automobiles – 0.7%** |  |  |
|  BYD Co., Ltd. – Class A<sup>(b)</sup> | 6200 | 301745 |
|  BYD Co., Ltd. – Class H<sup>(b)</sup> | 6500 | 308725 |
|  Geely Automobile Holdings Ltd. – Class H | 127000 | 266611 |
|  General Motors Co. | 23202 | 1049659 |
|  Li Auto, Inc. – Class H<sup>(b)</sup> | 16800 | 204703 |

---

---

| | |
|:---|:---|
| 8 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  NIO, Inc. (ADR)<sup>(a)(b)</sup> | 11156 | $45182 |
|  NIO, Inc. – Class H<sup>(b)</sup> | 21810 | 87359 |
|  Rivian Automotive, Inc. – Class A<sup>(a)(b)</sup> | 16544 | 225991 |
|  Seres Group Co., Ltd. – Class A<sup>(b)</sup> | 15700 | 282201 |
|  Tesla, Inc.<sup>(b)</sup> | 4659 | 1314583 |
|  XPeng, Inc. – Class H<sup>(a)(b)</sup> | 21600 | 201075 |
|  Zhejiang Leapmotor Technology Co., Ltd. – Class H<sup>(b)(f)</sup> | 15100 | 108060 |
|  |  | 4395894 |
|  **Broadline Retail – 0.7%** |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 11370 | 2096855 |
|  Cie Financiere Richemont SA (REG) – Class A | 5696 | 1006513 |
|  MercadoLibre, Inc.<sup>(b)</sup> | 599 | 1396179 |
|  |  | 4499547 |
|  **Hotels, Restaurants & Leisure – 0.7%** |  |  |
|  Aristocrat Leisure Ltd. | 24424 | 1043126 |
|  Booking Holdings, Inc. | 290 | 1478791 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 4340 | 219257 |
|  Expedia Group, Inc. | 6528 | 1024439 |
|  Yum! Brands, Inc. | 6610 | 994408 |
|  |  | 4760021 |
|  **Household Durables – 0.0%** |  |  |
|  Desarrolladora Homex SAB de CV<sup>(b)</sup> | 1590 | – 0 |
|  Panasonic Holdings Corp. | 17000 | 194922 |
|  |  | 194922 |
|  **Specialty Retail – 0.3%** |  |  |
|  Home Depot, Inc. (The) | 4847 | 1747295 |
|  **Textiles, Apparel & Luxury Goods – 0.2%** |  |  |
|  Lululemon Athletica, Inc.<sup>(b)</sup> | 705 | 190893 |
|  Pandora A/S | 7168 | 1067049 |
|  |  | 1257942 |
|  |  | 16855621 |
|  Utilities – 1.8% |  |  |
|  **Electric Utilities – 0.9%** |  |  |
|  Alliant Energy Corp. | 5393 | 329189 |
|  CEZ AS | 5180 | 262934 |
|  Constellation Energy Corp. | 1485 | 331808 |
|  Edison International | 20340 | 1088393 |
|  EDP SA | 45518 | 179417 |
|  Endesa SA | 11506 | 345555 |
|  Enel SpA | 187878 | 1628709 |
|  Equatorial Energia SA | 13900 | 90158 |
|  Fortum Oyj | 3571 | 59873 |
|  Iberdrola SA | 11392 | 205351 |
|  NextEra Energy, Inc. | 6146 | 411044 |
|  Oklo, Inc.<sup>(a)(b)</sup> | 5332 | 126582 |
|  PG&E Corp. | 32377 | 534868 |
|  SSE PLC | 8606 | 194032 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 9 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Terna – Rete Elettrica Nazionale | 18899 | $187928 |
|  |  | 5975841 |
|  **Independent Power and Renewable Electricity Producers – 0.6%** |  |  |
|  AES Corp. (The) | 49993 | 499930 |
|  Boralex, Inc. – Class A | 19621 | 435801 |
|  China Longyuan Power Group Corp., Ltd. – Class H | 178000 | 140616 |
|  China Resources Power Holdings Co., Ltd. – Class H<sup>(a)</sup> | 80000 | 192993 |
|  China Yangtze Power Co., Ltd. – Class A<sup>(b)</sup> | 41200 | 167302 |
|  Clearway Energy, Inc. – Class C | 14688 | 430946 |
|  Encavis AG<sup>(b)</sup> | 3306 | 66740 |
|  ERG SpA<sup>(a)</sup> | 7523 | 153904 |
|  Meridian Energy Ltd. | 26617 | 86642 |
|  Northland Power, Inc.<sup>(a)</sup> | 29836 | 405359 |
|  Orsted AS<sup>(b)</sup> | 1622 | 64544 |
|  ReNew Energy Global PLC – Class A<sup>(b)</sup> | 30299 | 193308 |
|  RWE AG | 7377 | 286479 |
|  Vistra Corp. | 2895 | 375279 |
|  |  | 3499843 |
|  **Multi-Utilities – 0.3%** |  |  |
|  Centrica PLC | 599962 | 1284538 |
|  Engie SA | 13805 | 285326 |
|  National Grid PLC | 12324 | 177886 |
|  Public Service Enterprise Group, Inc. | 5626 | 449686 |
|  |  | 2197436 |
|  |  | 11673120 |
|  Communication Services – 1.6% |  |  |
|  **Diversified Telecommunication Services – 0.1%** |  |  |
|  Infrastrutture Wireless Italiane SpA | 54160 | 646786 |
|  Telenor ASA | 20054 | 301211 |
|  |  | 947997 |
|  **Entertainment – 0.5%** |  |  |
|  Netflix, Inc.<sup>(b)</sup> | 1897 | 2146873 |
|  Sea Ltd. (ADR)<sup>(b)</sup> | 3919 | 525342 |
|  Spotify Technology SA<sup>(b)</sup> | 177 | 108674 |
|  Walt Disney Co. (The) | 2839 | 258207 |
|  |  | 3039096 |
|  **Interactive Media & Services – 0.8%** |  |  |
|  Alphabet, Inc. – Class A | 10084 | 1601339 |
|  Alphabet, Inc. – Class C | 2708 | 435690 |
|  LY Corp. | 80500 | 304453 |
|  Meta Platforms, Inc. – Class A | 4063 | 2230587 |
|  Pinterest, Inc. – Class A<sup>(b)</sup> | 21295 | 539190 |
|  |  | 5111259 |

---

---

| | |
|:---|:---|
| 10 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Media – 0.2%** |  |  |
|  Fox Corp. – Class B | 22297 | $1031013 |
|  |  | 10129365 |
|  Consumer Staples – 1.1% |  |  |
|  **Beverages – 0.4%** |  |  |
|  Coca-Cola HBC AG<sup>(b)</sup> | 25729 | 1339805 |
|  Heineken Holding NV | 3972 | 310570 |
|  Molson Coors Beverage Co. – Class B | 19248 | 1107337 |
|  |  | 2757712 |
|  **Consumer Staples Distribution & Retail – 0.5%** |  |  |
|  Costco Wholesale Corp. | 1092 | 1085994 |
|  George Weston Ltd. | 2890 | 563074 |
|  Koninklijke Ahold Delhaize NV | 32253 | 1324278 |
|  |  | 2973346 |
|  **Tobacco – 0.2%** |  |  |
|  Imperial Brands PLC<sup>(b)</sup> | 33587 | 1378177 |
|  |  | 7109235 |
|  Total Common Stocks <br>(cost $436,975,589) |  | 478275821 |
|  INVESTMENT COMPANIES – 3.7% |  |  |
|  **Funds and Investment Trusts – 3.7%<sup>(g)</sup>** |  |  |
|  FlexShares Morningstar Global Upstream Natural Resources Index Fund – Class N | 254380 | 9618108 |
|  VanEck Gold Miners ETF/USA | 287960 | 14112919 |
|  Total Investment Companies <br>(cost $21,779,720) |  | 23731027 |
|  RIGHTS – 0.0% |  |  |
|  Health Care – 0.0% |  |  |
|  **Health Care Providers & Services – 0.0%** |  |  |
|  ABIOMED, Inc. (CVR)<sup>(b)(c)(d)</sup> <sup></sup>(cost $1,347) | 1321 | 3336 |
|  WARRANTS – 0.0% |  |  |
|  Information Technology – 0.0% |  |  |
|  **Software – 0.0%** |  |  |
|  Constellation Software, Inc./Canada, expiring 03/31/2040<sup>(a)(b)(c)(d)</sup> <sup></sup>(cost $0) | 421 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 11 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 20.5% |  |  |
|  **Investment Companies – 20.5%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.17%<sup>(g)(h)(i)</sup> <br>(cost $132,808,128) | 132808128 | $132808128 |
|  Total Investments Before Security Lending Collateral for Securities Loaned – 98.1% <br>(cost $591,564,784) |  | 634818312 |
|  INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2% |  |  |
|  **Investment Companies – 0.2%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.17%<sup>(g)(h)(i)</sup> <br>(cost $1,290,368) | 1290368 | 1290368 |
|  Total Investments – 98.3% <br>(cost $592,855,152) |  | 636108680 |
|  Other assets less liabilities – 1.7% |  | 11201835 |
|  **Net Assets – 100.0%** |  | $**647310515** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  Brent Crude Oil Futures | 170 | September 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10252700 | $(1146392) |
|  Coffee Robusta Futures | 16 | July 2025 | 859040 | 62999 |
|  Coffee 'C' Futures | 45 | September 2025 | 6637781 | 371525 |
|  Copper Futures | 107 | July 2025 | 12329075 | (416311) |
|  Corn Futures | 378 | December 2025 | 8434125 | 85910 |
|  Cotton No. 2 Futures | 77 | December 2025 | 2609915 | (12637) |
|  Euro STOXX 50 Index Futures | 46 | June 2025 | 2661315 | 55283 |
|  FTSE 100 Index Futures | 10 | June 2025 | 1127998 | 14587 |
|  Gasoline RBOB Futures | 44 | August 2025 | 3550932 | (184538) |
|  Gold 100 OZ Futures | 156 | June 2025 | 51777960 | 3863711 |
|  Hang Seng Index Futures | 2 | May 2025 | 284775 | 2178 |
|  KC HRW Wheat Futures | 107 | December 2025 | 3040137 | (206401) |
|  Lean Hogs Futures | 60 | August 2025 | 2331600 | 25896 |
|  Live Cattle Futures | 90 | October 2025 | 7270200 | 314798 |
|  LME Lead Futures | 29 | May 2025 | 1419347 | (65761) |
|  LME Nickel Futures | 43 | May 2025 | 3939655 | (250253) |
|  LME Primary Aluminum Futures | 206 | May 2025 | 12294029 | (1624319) |
|  LME Zinc Futures | 68 | May 2025 | 4369408 | (597528) |
|  Low SU Gasoil Futures | 63 | September 2025 | 3737475 | (269443) |
|  MSCI Emerging Markets Index Futures | 199 | June 2025 | 11044500 | (404307) |
|  Natural Gas Futures | 451 | August 2025 | 16768180 | (3764032) |
|  NY Harbor ULSD Futures | 24 | August 2025 | 2013178 | (132846) |

---

---

| | |
|:---|:---|
| 12 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  OMXS 30 Index Futures | 12 | May 2025 | $299767 | $10257 |
|  S&P 500 E-Mini Futures | 68 | June 2025 | 18995800 | 486488 |
|  S&P/TSX 60 Index Futures | 5 | June 2025 | 1084433 | 23304 |
|  Silver Futures | 70 | July 2025 | 11489800 | 8593 |
|  Soybean Futures | 214 | November 2025 | 10895275 | 107000 |
|  Soybean Meal Futures | 171 | December 2025 | 5194980 | (185465) |
|  Soybean Oil Futures | 241 | December 2025 | 7017438 | 806174 |
|  SPI 200 Futures | 5 | June 2025 | 651920 | 18647 |
|  Sugar 11 (World) Futures | 308 | September 2025 | 6009203 | (158000) |
|  TOPIX Index Futures | 8 | June 2025 | 1490838 | 42278 |
|  Wheat (CBT) Futures | 156 | December 2025 | 4432350 | (239817) |
|  WTI Crude Futures | 169 | August 2025 | 9612720 | (1223213) |
|  **Sold Contracts** |  |  |  |  |
|  Bloomberg Commodity Index Futures | 5036 | June 2025 | 50828348 | 1995666 |
|  LME Nickel Futures | 5 | May 2025 | 458099 | 37545 |
|  LME Primary Aluminum Futures | 70 | May 2025 | 4177583 | 164015 |
|  LME Zinc Futures | 27 | May 2025 | 1734912 | 248997 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2135412) |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | BRL | 46679 | USD | 8204 | 05/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21466) |
|  Bank of America NA | USD | 8246 | BRL | 46679 | 05/05/2025 | (20851) |
|  Bank of America NA | CHF | 1825 | USD | 2212 | 05/09/2025 | (401) |
|  Bank of America NA | EUR | 11420 | USD | 12416 | 05/09/2025 | (523294) |
|  Bank of America NA | SGD | 2502 | USD | 1851 | 05/09/2025 | (64875) |
|  Bank of America NA | USD | 1437 | CHF | 1255 | 05/09/2025 | 84144 |
|  Bank of America NA | USD | 1091 | EUR | 1000 | 05/09/2025 | 42158 |
|  Bank of America NA | CLP | 4784155 | USD | 5121 | 05/15/2025 | 69485 |
|  Bank of America NA | COP | 1439700 | USD | 329 | 05/15/2025 | (11276) |
|  Bank of America NA | PEN | 6403 | USD | 1759 | 05/15/2025 | 12806 |
|  Bank of America NA | PEN | 2132 | USD | 570 | 05/15/2025 | (11301) |
|  Bank of America NA | GBP | 7813 | USD | 10111 | 05/16/2025 | (300148) |
|  Bank of America NA | INR | 202445 | USD | 2332 | 05/22/2025 | (57454) |
|  Bank of America NA | USD | 2554 | INR | 223008 | 05/22/2025 | 79248 |
|  Bank of America NA | TWD | 65950 | USD | 2025 | 05/23/2025 | (40063) |
|  Bank of America NA | USD | 5425 | TWD | 176078 | 05/23/2025 | 89138 |
|  Bank of America NA | USD | 8147 | BRL | 46679 | 06/03/2025 | 17184 |
|  Bank of America NA | CNH | 19890 | USD | 2761 | 06/05/2025 | 18842 |
|  Bank of America NA | CNH | 30451 | USD | 4184 | 06/05/2025 | (14452) |
|  Bank of America NA | USD | 3908 | ZAR | 75357 | 06/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133109 |
|  Bank of America NA | USD | 3075 | NZD | 5298 | 06/12/2025 | 76135 |
|  Bank of America NA | JPY | 148922 | USD | 1066 | 06/25/2025 | 17619 |
|  Barclays Capital, Inc. | EUR | 1509 | USD | 1576 | 05/09/2025 | (133750) |
|  Barclays Capital, Inc. | USD | 665 | EUR | 584 | 05/09/2025 | (3021) |
|  Barclays Capital, Inc. | COP | 2598315 | USD | 606 | 05/15/2025 | (7741) |
|  Barclays Capital, Inc. | USD | 971 | COP | 4202061 | 05/15/2025 | 21869 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 13 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Barclays Capital, Inc. | USD | 573 | PEN | 2109 | 05/15/2025 | $1807 |
|  Barclays Capital, Inc. | GBP | 583 | USD | 754 | 05/16/2025 | (23041) |
|  Barclays Capital, Inc. | INR | 280377 | USD | 3215 | 05/22/2025 | (95528) |
|  Barclays Capital, Inc. | USD | 8498 | INR | 730985 | 05/22/2025 | 131887 |
|  Barclays Capital, Inc. | PLN | 2719 | USD | 722 | 05/23/2025 | 2879 |
|  Barclays Capital, Inc. | TWD | 24207 | USD | 741 | 05/23/2025 | (17293) |
|  Barclays Capital, Inc. | NZD | 6041 | USD | 3580 | 06/12/2025 | (12768) |
|  Barclays Capital, Inc. | MYR | 19866 | USD | 4512 | 06/18/2025 | (100462) |
|  Barclays Capital, Inc. | USD | 1191 | CAD | 1643 | 06/18/2025 | 3751 |
|  Barclays Capital, Inc. | USD | 4752 | MYR | 20991 | 06/18/2025 | 121231 |
|  Barclays Capital, Inc. | KRW | 2476157 | USD | 1726 | 07/17/2025 | (20094) |
|  Barclays Capital, Inc. | USD | 5284 | PHP | 299670 | 07/29/2025 | 78294 |
|  Citibank NA | BRL | 13079 | USD | 2310 | 05/05/2025 | 5842 |
|  Citibank NA | USD | 2219 | BRL | 13079 | 05/05/2025 | 85949 |
|  Citibank NA | CHF | 1288 | USD | 1480 | 05/09/2025 | (81065) |
|  Citibank NA | USD | 610 | CHF | 535 | 05/09/2025 | 38558 |
|  Citibank NA | USD | 4787 | EUR | 4419 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220311 |
|  Citibank NA | PEN | 2827 | USD | 772 | 05/15/2025 | 842 |
|  Citibank NA | PEN | 2095 | USD | 562 | 05/15/2025 | (9015) |
|  Citibank NA | USD | 8380 | GBP | 6531 | 05/16/2025 | 324612 |
|  Citibank NA | PLN | 2779 | USD | 711 | 05/23/2025 | (23522) |
|  Citibank NA | TWD | 166397 | USD | 5089 | 05/23/2025 | (122353) |
|  Citibank NA | USD | 3893 | TWD | 126898 | 05/23/2025 | 81954 |
|  Citibank NA | USD | 939 | AUD | 1472 | 06/12/2025 | 4037 |
|  Citibank NA | CAD | 4233 | USD | 3033 | 06/18/2025 | (45273) |
|  Citibank NA | USD | 566 | CAD | 783 | 06/18/2025 | 3412 |
|  Citibank NA | SEK | 32529 | USD | 3342 | 06/26/2025 | (34572) |
|  Citibank NA | USD | 2045 | NOK | 21203 | 06/26/2025 | (6966) |
|  Citibank NA | USD | 1114 | SEK | 10848 | 06/26/2025 | 11529 |
|  Citibank NA | KRW | 1113207 | USD | 790 | 07/17/2025 | 5400 |
|  Citibank NA | KRW | 6629400 | USD | 4656 | 07/17/2025 | (19076) |
|  Citibank NA | USD | 3403 | IDR | 57417818 | 07/24/2025 | 55222 |
|  Deutsche Bank AG | CHF | 4594 | USD | 5627 | 05/09/2025 | 57902 |
|  Deutsche Bank AG | USD | 583 | CHF | 483 | 05/09/2025 | 2094 |
|  Deutsche Bank AG | CLP | 1735957 | USD | 1791 | 05/15/2025 | (42253) |
|  Deutsche Bank AG | COP | 11521063 | USD | 2715 | 05/15/2025 | (7966) |
|  Deutsche Bank AG | USD | 2531 | PEN | 9329 | 05/15/2025 | 14074 |
|  Deutsche Bank AG | USD | 344 | PEN | 1256 | 05/15/2025 | (1699) |
|  Deutsche Bank AG | INR | 54437 | USD | 631 | 05/22/2025 | (11522) |
|  Deutsche Bank AG | USD | 6030 | INR | 521893 | 05/22/2025 | 131646 |
|  Deutsche Bank AG | TWD | 157996 | USD | 4849 | 05/23/2025 | (99807) |
|  Deutsche Bank AG | USD | 1716 | TWD | 55820 | 05/23/2025 | 32629 |
|  Deutsche Bank AG | CNH | 19680 | USD | 2724 | 06/05/2025 | 10333 |
|  Deutsche Bank AG | CNH | 5146 | USD | 706 | 06/05/2025 | (3344) |
|  Deutsche Bank AG | USD | 2043 | CNH | 14682 | 06/05/2025 | (18629) |
|  Deutsche Bank AG | NZD | 9584 | USD | 5754 | 06/12/2025 | 53261 |
|  Deutsche Bank AG | NZD | 2219 | USD | 1302 | 06/12/2025 | (17348) |
|  Deutsche Bank AG | USD | 1370 | AUD | 2214 | 06/12/2025 | 48393 |
|  Deutsche Bank AG | USD | 3160 | NZD | 5661 | 06/12/2025 | 206771 |
|  Deutsche Bank AG | USD | 903 | NZD | 1514 | 06/12/2025 | (2625) |
|  Deutsche Bank AG | USD | 4575 | CAD | 6303 | 06/18/2025 | 8590 |
|  Deutsche Bank AG | JPY | 141361 | USD | 1012 | 06/25/2025 | 17131 |

---

---

| | |
|:---|:---|
| 14 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Goldman Sachs Bank USA | BRL | 7165 | USD | 1266 | 05/05/2025 | $3200 |
|  Goldman Sachs Bank USA | BRL | 2013 | USD | 343 | 05/05/2025 | (11500) |
|  Goldman Sachs Bank USA | USD | 1628 | BRL | 9178 | 05/05/2025 | (10685) |
|  Goldman Sachs Bank USA | CHF | 3924 | USD | 4577 | 05/09/2025 | (179855) |
|  Goldman Sachs Bank USA | USD | 3264 | EUR | 2983 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115868 |
|  Goldman Sachs Bank USA | USD | 723 | EUR | 636 | 05/09/2025 | (1920) |
|  Goldman Sachs Bank USA | USD | 1585 | SGD | 2110 | 05/09/2025 | 30878 |
|  Goldman Sachs Bank USA | CLP | 2869192 | USD | 3076 | 05/15/2025 | 46381 |
|  Goldman Sachs Bank USA | PEN | 11202 | USD | 3064 | 05/15/2025 | 10447 |
|  Goldman Sachs Bank USA | GBP | 794 | USD | 1027 | 05/16/2025 | (31285) |
|  Goldman Sachs Bank USA | USD | 554 | GBP | 428 | 05/16/2025 | 16770 |
|  Goldman Sachs Bank USA | PLN | 3384 | USD | 896 | 05/23/2025 | 1536 |
|  Goldman Sachs Bank USA | USD | 2967 | HUF | 1103692 | 05/23/2025 | 122088 |
|  Goldman Sachs Bank USA | USD | 590 | ZAR | 11147 | 06/05/2025 | 7693 |
|  Goldman Sachs Bank USA | USD | 1228 | AUD | 1926 | 06/12/2025 | 6660 |
|  Goldman Sachs Bank USA | USD | 582 | MXN | 11419 | 06/13/2025 | (3067) |
|  Goldman Sachs Bank USA | USD | 567 | SEK | 5531 | 06/26/2025 | 7337 |
|  HSBC Bank USA | EUR | 760 | USD | 855 | 05/09/2025 | (5880) |
|  JPMorgan Chase Bank | CHF | 468 | USD | 523 | 05/09/2025 | (44415) |
|  JPMorgan Chase Bank | EUR | 1645 | USD | 1767 | 05/09/2025 | (97031) |
|  JPMorgan Chase Bank | USD | 7004 | EUR | 6304 | 05/09/2025 | 139325 |
|  JPMorgan Chase Bank | USD | 3110 | EUR | 2738 | 05/09/2025 | (7738) |
|  JPMorgan Chase Bank | USD | 722 | COP | 2975158 | 05/15/2025 | (18928) |
|  JPMorgan Chase Bank | GBP | 3695 | USD | 4847 | 05/16/2025 | (78174) |
|  JPMorgan Chase Bank | USD | 1611 | GBP | 1244 | 05/16/2025 | 46926 |
|  JPMorgan Chase Bank | USD | 1036 | GBP | 776 | 05/16/2025 | (1573) |
|  JPMorgan Chase Bank | HUF | 454739 | USD | 1263 | 05/23/2025 | (9237) |
|  JPMorgan Chase Bank | PLN | 7973 | USD | 2113 | 05/23/2025 | 5226 |
|  JPMorgan Chase Bank | PLN | 6975 | USD | 1840 | 05/23/2025 | (4737) |
|  JPMorgan Chase Bank | TWD | 54215 | USD | 1674 | 05/23/2025 | (24231) |
|  JPMorgan Chase Bank | USD | 1504 | TWD | 48368 | 05/23/2025 | 10985 |
|  JPMorgan Chase Bank | CNH | 22361 | USD | 3102 | 06/05/2025 | 19109 |
|  JPMorgan Chase Bank | AUD | 6424 | USD | 3877 | 06/12/2025 | (239808) |
|  JPMorgan Chase Bank | NZD | 2946 | USD | 1743 | 06/12/2025 | (9461) |
|  JPMorgan Chase Bank | USD | 1922 | MXN | 37868 | 06/13/2025 | (1230) |
|  JPMorgan Chase Bank | USD | 1334 | CAD | 1847 | 06/18/2025 | 9063 |
|  JPMorgan Chase Bank | DKK | 8244 | USD | 1261 | 06/26/2025 | 4868 |
|  JPMorgan Chase Bank | USD | 2270 | KRW | 3215051 | 07/17/2025 | (3152) |
|  JPMorgan Chase Bank | USD | 1710 | IDR | 28828572 | 07/24/2025 | 26003 |
|  Morgan Stanley & Co., Inc. | EUR | 12863 | USD | 13556 | 05/09/2025 | (1019107) |
|  Morgan Stanley Capital Services, Inc. | BRL | 28448 | USD | 5025 | 05/05/2025 | 12707 |
|  Morgan Stanley Capital Services, Inc. | USD | 4906 | BRL | 28448 | 05/05/2025 | 107100 |
|  Morgan Stanley Capital Services, Inc. | EUR | 1688 | USD | 1779 | 05/09/2025 | (133736) |
|  Morgan Stanley Capital Services, Inc. | USD | 5994 | CHF | 5089 | 05/09/2025 | 175294 |
|  Morgan Stanley Capital Services, Inc. | USD | 7428 | EUR | 7021 | 05/09/2025 | 527430 |
|  Morgan Stanley Capital Services, Inc. | COP | 4006994 | USD | 935 | 05/15/2025 | (11859) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 15 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services, Inc. | USD | 1841 | CLP | 1727137 | 05/15/2025 | $(16942) |
|  Morgan Stanley Capital Services, Inc. | USD | 747 | COP | 3119240 | 05/15/2025 | (10097) |
|  Morgan Stanley Capital Services, Inc. | USD | 2170 | INR | 186911 | 05/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36396 |
|  Morgan Stanley Capital Services, Inc. | USD | 2190 | PLN | 8513 | 05/23/2025 | 61246 |
|  Morgan Stanley Capital Services, Inc. | ZAR | 30156 | USD | 1541 | 06/05/2025 | (75991) |
|  Morgan Stanley Capital Services, Inc. | USD | 2517 | MYR | 11129 | 06/18/2025 | 66910 |
|  Morgan Stanley Capital Services, Inc. | JPY | 457864 | USD | 3204 | 06/25/2025 | (17904) |
|  Morgan Stanley Capital Services, Inc. | NOK | 45774 | USD | 4317 | 06/26/2025 | (82696) |
|  NatWest Markets PLC | USD | 1417 | EUR | 1312 | 05/09/2025 | 69656 |
|  Standard Chartered Bank | PHP | 129401 | USD | 2278 | 07/29/2025 | (37495) |
|  State Street Bank & Trust Co. | CHF | 1270 | USD | 1433 | 05/09/2025 | (106316) |
|  State Street Bank & Trust Co. | EUR | 415 | USD | 434 | 05/09/2025 | (36164) |
|  State Street Bank & Trust Co. | USD | 292 | CHF | 259 | 05/09/2025 | 21606 |
|  State Street Bank & Trust Co. | USD | 1584 | EUR | 1454 | 05/09/2025 | 63811 |
|  State Street Bank & Trust Co. | THB | 15915 | USD | 481 | 05/15/2025 | 4360 |
|  State Street Bank & Trust Co. | THB | 160486 | USD | 4773 | 05/15/2025 | (34857) |
|  State Street Bank & Trust Co. | USD | 3400 | THB | 114639 | 05/15/2025 | 33354 |
|  State Street Bank & Trust Co. | GBP | 779 | USD | 1006 | 05/16/2025 | (32580) |
|  State Street Bank & Trust Co. | USD | 483 | GBP | 369 | 05/16/2025 | 8775 |
|  State Street Bank & Trust Co. | CZK | 8425 | USD | 374 | 05/23/2025 | (8780) |
|  State Street Bank & Trust Co. | HUF | 119855 | USD | 331 | 05/23/2025 | (4603) |
|  State Street Bank & Trust Co. | PLN | 3126 | USD | 823 | 05/23/2025 | (3219) |
|  State Street Bank & Trust Co. | CNH | 6209 | USD | 862 | 06/05/2025 | 5739 |
|  State Street Bank & Trust Co. | USD | 462 | ZAR | 8628 | 06/05/2025 | 925 |
|  State Street Bank & Trust Co. | AUD | 535 | USD | 337 | 06/12/2025 | (6128) |
|  State Street Bank & Trust Co. | NZD | 1704 | USD | 963 | 06/12/2025 | (50616) |
|  State Street Bank & Trust Co. | USD | 550 | NZD | 981 | 06/12/2025 | 33833 |
|  State Street Bank & Trust Co. | USD | 432 | MXN | 8517 | 06/13/2025 | (130) |
|  State Street Bank & Trust Co. | CAD | 800 | USD | 566 | 06/18/2025 | (15823) |
|  State Street Bank & Trust Co. | USD | 363 | CAD | 503 | 06/18/2025 | 2338 |
|  State Street Bank & Trust Co. | JPY | 61721 | USD | 435 | 06/25/2025 | 1102 |
|  State Street Bank & Trust Co. | NOK | 857 | USD | 81 | 06/26/2025 | (1463) |
|  State Street Bank & Trust Co. | USD | 721 | SEK | 6951 | 06/26/2025 | 89 |
|  State Street Bank & Trust Co. | USD | 348 | SEK | 3354 | 06/26/2025 | (369) |
|  State Street Bank & Trust Co. | USD | 815 | HKD | 6310 | 07/11/2025 | (412) |
|  UBS | CHF | 1108 | USD | 1367 | 05/09/2025 | 23676 |
|  UBS | CHF | 3530 | USD | 4138 | 05/09/2025 | (141019) |
|  UBS | USD | 13991 | EUR | 12863 | 05/09/2025 | 584144 |
|  UBS | USD | 5472 | EUR | 4805 | 05/09/2025 | (26968) |
|  UBS | USD | 1598 | COP | 6635705 | 05/15/2025 | (29672) |
|  UBS | USD | 1516 | GBP | 1187 | 05/16/2025 | 65821 |
|  UBS | USD | 984 | INR | 84095 | 05/22/2025 | 8625 |
|  UBS | CZK | 49311 | USD | 2244 | 05/23/2025 | 4558 |
|  UBS | CZK | 93882 | USD | 4079 | 05/23/2025 | (184783) |

---

---

| | |
|:---|:---|
| 16 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  UBS | TWD | 112973 | USD | 3448 | 05/23/2025 | $(91437) |
|  UBS | USD | 1349 | CZK | 29628 | 05/23/2025 | (3874) |
|  UBS | USD | 2452 | HUF | 883899 | 05/23/2025 | 21474 |
|  UBS | CNH | 100011 | USD | 13876 | 06/05/2025 | 87333 |
|  UBS | ZAR | 23796 | USD | 1235 | 06/05/2025 | (40772) |
|  UBS | AUD | 3372 | USD | 2034 | 06/12/2025 | (126905) |
|  UBS | NZD | 1243 | USD | 694 | 06/12/2025 | (45642) |
|  UBS | USD | 10959 | AUD | 18034 | 06/12/2025 | 598055 |
|  UBS | MXN | 14681 | USD | 707 | 06/13/2025 | (37466) |
|  UBS | USD | 1211 | NOK | 12616 | 06/26/2025 | 1255 |
|  UBS | KRW | 2358627 | USD | 1654 | 07/17/2025 | (9354) |
|  UBS | USD | 1344 | IDR | 22697426 | 07/24/2025 | 23199 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447852 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | **Rate Type** |  | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | | **Payments<br>received<br>by the<br>Fund** | |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 42000 | 11/14/2026 | CPI | <sup>#</sup> | 2.630 | % | Maturity | $(441344) | $– 0 | $(441344) |
|  USD | 42000 | 11/14/2034 | 2.584 | % | CPI | <sup>#</sup> | Maturity | (478898) | – 0 | (478898) |
|  |  |  |  |  |  |  |  | $(920242) | $– 0 | $(920242) |

---

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

#### INFLATION (CPI) SWAPS (see Note D)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** |  | | | | |
| **Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  Goldman Sachs International | USD | 110190 | 04/25/2030 | 1.900% | CPI | <sup>#</sup> | Maturity | $2872607 | $– 0 | $2872607 |
|  Goldman Sachs International | USD | 46980 | 03/16/2031 | 2.289% | CPI | <sup>#</sup> | Maturity | (156748) | – 0 | (156748) |
|  |  |  |  |  |  |  |  | $2715859 | $– 0 | $2715859 |

---

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 17 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

#### TOTAL RETURN SWAPS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Receive Total Return on Reference Obligation** |  |  |  |  |  |  |
|  Bank of America NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABGLIN<sup>(1)</sup> | SOFR plus 0.47% | Quarterly | USD | 29787 | 04/15/2026 | $737356 |
|  Citibank NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Commodity Index | 0.00% | Maturity | USD | 15022 | 06/16/2025 | (730365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Commodity Index | 0.00% | Maturity | USD | 23206 | 06/16/2025 | (1128266) |
|  **Pay Total Return on Reference Obligation** |  |  |  |  |  |  |
|  UBS AG |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.70% | Quarterly | USD | 28308 | 10/15/2025 | 91678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.70% | Quarterly | USD | 15375 | 10/15/2025 | 49793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.69% | Quarterly | USD | 6371 | 10/15/2025 | (217683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.71% | Quarterly | USD | 10846 | 10/15/2025 | (370524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.85% | Quarterly | USD | 14451 | 01/15/2026 | (492793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.51% | Quarterly | USD | 15957 | 01/15/2026 | (546462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.85% | Quarterly | USD | 25291 | 01/15/2026 | (862439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR plus 0.40% | Quarterly | USD | 16323 | 04/15/2026 | (563897) |
|  |  |  |  |  |  | $(4033602) |

---

(a) Represents entire or partial securities out on loan. See Note E for securities lending information.

(b) Non-income producing security.

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

(d) Fair valued by the Adviser.

(e) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted &**<br> **Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Gazprom PJSC | 09/28/2021 - 01/11/2022 | $3987579 | $– 0 – | 0.00% |
|  LUKOIL PJSC | 01/07/2021 - 01/11/2022 | 1631127 | – 0 – | 0.00% |

---

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2025, the market value of this security amounted to $108,060 or 0.0% of net assets.

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

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

(i) Affiliated investments.

---

| | |
|:---|:---|
| 18 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

Currency Abbreviation:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CVR – Contingent Value Right

EPRA – European Public Real Estate Association

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

KC HRW – Kansas City Hard Red Winter

LME – London Metal Exchange

MSCI – Morgan Stanley Capital International

NAREIT – National Association of Real Estate Investment Trusts

OBFR – Overnight Bank Funding Rate

OMXS – Stockholm Stock Exchange

PJSC – Public Joint Stock Company

RBOB – Reformulated Gasoline Blend-Stock for Oxygen Blending (Unleaded Gas)

REG – Registered Shares

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

ULSD – Ultra-Low Sulfur Diesel

WTI – West Texas Intermediate

(1) The following table represents the 50 largest equity basket holdings underlying the total return swap in MLABGLIN as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Enbridge, Inc. | 47577 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220566 | 7.5% |
|  National Grid PLC | 1032 |  | 1493134 | 5.0% |
|  American Tower Corp. | 6570 |  | 1480940 | 5.0% |
|  Vinci SA | 10539 |  | 1468721 | 4.9% |
|  TC Energy Corp. | 21978 |  | 1108216 | 3.7% |
|  Williams Cos., Inc. (The) | 18797 |  | 1100912 | 3.7% |
|  ONEOK, Inc. | 11810 |  | 970299 | 3.3% |
|  Energy Transfer LP | 55937 |  | 925196 | 3.1% |
|  Kinder Morgan, Inc. | 30946 |  | 813884 | 2.7% |
|  Cheniere Energy, Inc. | 3463 |  | 800330 | 2.7% |
|  Enterprise Products Partners LP | 25243 |  | 754762 | 2.5% |
|  Sempra | 9460 |  | 702557 | 2.4% |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 19 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Exelon Corp. | 14647 | USD | 686936 | 2.3% |
|  Targa Resources Corp. | 3979 |  | 680074 | 2.3% |
|  Transurban Group | 69761 |  | 629820 | 2.1% |
|  Crown Castle, Inc. | 5941 |  | 628312 | 2.1% |
|  PG&E Corp. | 33162 |  | 547829 | 1.8% |
|  Consolidated Edison, Inc. | 4836 |  | 545238 | 1.8% |
|  Ferrovial SE | 11149 |  | 543451 | 1.8% |
|  Fortis, Inc./Canada | 10966 |  | 541985 | 1.8% |
|  Pembina Pipeline Corp. | 14094 |  | 537728 | 1.8% |
|  Cellnex Telecom SA | 12935 |  | 524063 | 1.8% |
|  American Water Works Co., Inc. | 2807 |  | 412689 | 1.4% |
|  Aena SME SA | 1611 |  | 405521 | 1.4% |
|  Atmos Energy Corp. | 2280 |  | 366290 | 1.2% |
|  SBA Communications Corp. | 1483 |  | 360897 | 1.2% |
|  Eversource Energy | 6042 |  | 359394 | 1.2% |
|  CenterPoint Energy, Inc. | 8961 |  | 347513 | 1.2% |
|  Edison International | 6162 |  | 329705 | 1.1% |
|  MPLX LP | 6253 |  | 318454 | 1.1% |
|  NiSource, Inc. | 7578 |  | 296359 | 1.0% |
|  Terna – Rete Elettrica Naziona | 29401 |  | 293040 | 1.0% |
|  Tokyo Gas Co., Ltd. | 7788 |  | 258958 | 0.9% |
|  Hydro One Ltd. | 6561 |  | 251939 | 0.8% |
|  Snam SpA | 41193 |  | 236937 | 0.8% |
|  United Utilities Group PLC | 140 |  | 210719 | 0.7% |
|  Severn Trent PLC | 56 |  | 208680 | 0.7% |
|  Hong Kong & China Gas Co., Ltd. | 226624 |  | 204276 | 0.7% |
|  Grupo Aeroportuario del Pacifico SAB de CV | 951 |  | 195450 | 0.7% |
|  Auckland International Airport Ltd. | 42996 |  | 191880 | 0.6% |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 9177 |  | 186568 | 0.6% |
|  Redeia Corporacion SA | 8600 |  | 180852 | 0.6% |
|  Brookfield Infrastructure Partners Corp. | 5730 |  | 171944 | 0.6% |
|  China Tower Corp., Ltd. | 113562 |  | 164601 | 0.6% |
|  Keyera Corp. | 5145 |  | 159618 | 0.5% |
|  Essential Utilities, Inc. | 3620 |  | 148875 | 0.5% |
|  Plains All American Pipeline LP | 8414 |  | 146914 | 0.5% |
|  DT Midstream, Inc. | 1504 |  | 146223 | 0.5% |
|  APA Group | 26490 |  | 139324 | 0.5% |
|  South Bow Corp. | 5368 |  | 132334 | 0.4% |
|  Other Long | 737125 |  | 3273998 | 10.9% |

---

See notes to consolidated financial statements.

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| | |
|:---|:---|
| 20 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

#### CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES
**April 30, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $458,756,656) | $502010184 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $134,098,496—including investment of cash collateral for securities loaned of $1,290,368) | 134098496 |
|  Cash | 250735 |
|  Cash collateral due from broker | 22035828 |
|  Foreign currencies, at value (cost $1,835,780) | 1810483 |
|  Unrealized appreciation on forward currency exchange contracts | 5703252 |
|  Unrealized appreciation on inflation swaps | 2872607 |
|  Unaffiliated dividends receivable | 1155936 |
|  Unrealized appreciation on total return swaps | 878827 |
|  Affiliated dividends receivable | 410640 |
|  Receivable for capital stock sold | 78644 |
|  Receivable for variation margin on centrally cleared swaps | 50465 |
|  Receivable due from Adviser | 22415 |
|  Receivable for investment securities sold and foreign currency transactions | 525 |
|  Total assets | 671379037 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased and foreign currency transactions | 6727772 |
|  Unrealized depreciation on forward currency exchange contracts | 5255400 |
|  Unrealized depreciation on total return swaps | 4912429 |
|  Cash collateral due to broker | 2610000 |
|  Payable for variation margin on futures | 1913078 |
|  Payable for collateral received on securities loaned | 1290368 |
|  Advisory fee payable | 390607 |
|  Payable for capital stock redeemed | 279970 |
|  Unrealized depreciation on inflation swaps | 156748 |
|  Distribution fee payable | 108387 |
|  Administrative fee payable | 24689 |
|  Transfer Agent fee payable | 11440 |
|  Directors' fees payable | 4400 |
|  Accrued expenses | 383234 |
|  Total liabilities | 24068522 |
|  Net Assets | $**647310515** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $71724 |
|  Additional paid-in capital | 799677640 |
|  Accumulated loss | (152438849) |
|  Net Assets | $**647310515** |

---

(a) Includes securities on loan with a value of $7,471,421 (see Note E).

See notes to consolidated financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 21 |

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**CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES** (continued)

Net Asset Value Per Share—33 billion shares of capital stock authorized, $.001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $2820738 | 304507 | $9.26 \* |
| C | $40331 | 4200 | $9.60 |
| Advisor | $11198106 | 1214555 | $9.22 |
| 1 | $535923039 | 59501663 | $9.01 |
| Z | $97328301 | 10699567 | $9.10 |

---

\* The maximum offering price per share for Class A shares was $9.67 which reflects a sales charge of 4.25%. 

See notes to consolidated financial statements.

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| | |
|:---|:---|
| 22 AB All Market Real Return Portfolio | **ABFunds.com** |

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#### CONSOLIDATED STATEMENT OF OPERATIONS
**Six Months Ended April 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $291,601) | 7228615 |  |
|  Interest  | 490960 |  |
|  Securities lending income, net | 53986 | $10943599 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 2493468 |  |
|  Distribution fee—Class A | 3668 |  |
|  Distribution fee—Class C | 216 |  |
|  Distribution fee—Class 1 | 675207 |  |
|  Transfer agency—Class A | 1380 |  |
|  Transfer agency—Class C | 27 |  |
|  Transfer agency—Advisor Class | 5377 |  |
|  Transfer agency—Class 1 | 48948 |  |
|  Transfer agency—Class Z | 15038 |  |
|  Custody and accounting | 130193 |  |
|  Registration fees | 65504 |  |
|  Audit and tax | 58715 |  |
|  Administrative | 46810 |  |
|  Legal | 23937 |  |
|  Printing | 18485 |  |
|  Directors' fees | 14809 |  |
|  Miscellaneous | 41345 |  |
|  Total expenses | 3643127 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (143548) |  |
|  Net expenses |  | 3499579 |
|  Net investment income |  | 7444020 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 6113300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 1007829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 10723115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 13293027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 68649 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (20581494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (710025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (1556687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (10099109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 63232 |
|  Net loss on investment and foreign currency transactions |  | (1678163) |
|  Contributions from Affiliates (see Note B) |  | 12397 |
|  Net Increase in Net Assets from Operations |  | $**5778254** |

---

See notes to consolidated financial statements.

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|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 23 |

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#### CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(unaudited)** | **Year Ended<br>October 31,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $7444020 | $17654767 |
|  Net realized gain on investment and foreign currency transactions | 31205920 | 20879532 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (32884083) | 78805021 |
|  Contributions from Affiliates (see Note B) | 12397 | 1183 |
|  Net increase in net assets from operations | 5778254 | 117340503 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (65072) | (107810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | (7769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (276887) | (891686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | – 0 | (2408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | – 0 | (25534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | – 0 | (348776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (12556163) | (22465107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (3078460) | (7372835) |
| Capital Stock Transactions |  |  |
|  Net decrease | (38438420) | (172410180) |
|  Total decrease | (48636748) | (86291602) |
| Net Assets |  |  |
|  Beginning of period | 695947263 | 782238865 |
|  End of period | $**647310515** | $**695947263** |

---

See notes to consolidated financial statements.

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|:---|:---|
| 24 AB All Market Real Return Portfolio | **ABFunds.com** |

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#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**April 30, 2025** (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of six portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB All Market Real Return Portfolio (the "Fund"), a diversified portfolio. As part of the Fund's investment strategy, the Fund seeks to gain exposure to commodities and commodities-related instruments and derivatives primarily through investments in AllianceBernstein Cayman Inflation Strategy, Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of April 30, 2025, consolidated net assets of the Fund were $647,310,515, of which $114,761,909, or 18%, represented the Fund's ownership of all issued shares and voting rights of the Subsidiary. This report presents the consolidated financial statements of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. The Fund offers Class A, Class C, Advisor Class, Class 1 and Class Z shares. Class B, Class R, Class K, Class I, Class 2 and Class T shares have been authorized but currently are not offered. Effective May 20, 2024, Class R and Class K were liquidated. Effective August 30, 2024, Class I shares of the Fund were liquidated. Effective December 1, 2023, Class 2 shares of the Fund were liquidated. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge 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, Class I, and Class 2 shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 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. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles

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|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 25 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee

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| | |
|:---|:---|
| 26 AB All Market Real Return Portfolio | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

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

2. Fair Value Measurements

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

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|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 27 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

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

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

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|:---|:---|
| 28 AB All Market Real Return Portfolio | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in**<br> **Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $185348998 | $95206604 | $1487884 |  | $282043486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 29257528 | 2870534 | – 0 |  | 32128062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 17761812 | 14002418 | 0 | <sup>(a)</sup> | 31764230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 12086409 | 11944475 | – 0 |  | 24030884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 8982169 | 14029954 | 0 | <sup>(a)</sup> | 23012123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 14920372 | 6910619 | – 0 |  | 21830991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 15313791 | 2384913 | – 0 |  | 17698704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 11783532 | 5072089 | – 0 |  | 16855621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 5855733 | 5817387 | – 0 |  | 11673120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 8876915 | 1252450 | – 0 |  | 10129365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2756405 | 4352830 | – 0 |  | 7109235 |
|  Investment Companies | 23731027 | – 0 | – 0 |  | 23731027 |
|  Rights | – 0 | – 0 | 3336 |  | 3336 |
|  Warrants | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |
|  Short-Term Investments | 132808128 | – 0 | – 0 |  | 132808128 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 1290368 | – 0 | – 0 |  | 1290368 |
|  Total Investments in Securities | 470773187 | 163844273 | 1491220 | <sup>(a)</sup> | 636108680 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 8745851 | – 0 | – 0 |  | 8745851 |
|  Forward Currency Exchange Contracts | – 0 | 5703252 | – 0 |  | 5703252 |
|  Inflation (CPI) Swaps | – 0 | 2872607 | – 0 |  | 2872607 |
|  Total Return Swaps | – 0 | 878827 | – 0 |  | 878827 |
|  **Liabilities:** |  |  |  |  |  |
|  Futures | (10881263) | – 0 | – 0 |  | (10881263) |
|  Forward Currency Exchange Contracts | – 0 | (5255400) | – 0 |  | (5255400) |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (920242) | – 0 |  | (920242) |
|  Inflation (CPI) Swaps | – 0 | (156748) | – 0 |  | (156748) |
|  Total Return Swaps | – 0 | (4912429) | – 0 |  | (4912429) |
|  **Total** | $**468637775** | $**162054140** | $**1491220** | **<sup>(a)</sup>** | $**632183135** |

---

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

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

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

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|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 29 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention.

If, during a taxable year, the Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for federal income tax purposes. Note that the loss from the Subsidiary's contemplated activities also cannot be carried forward to reduce future Subsidiary's income in subsequent years. However, if the Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as income for federal income tax purposes.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions taken or

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|:---|:---|
| 30 AB All Market Real Return Portfolio | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's consolidated financial statements.

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

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.

9. Segment Information

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

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| **ABFunds.com** | AB All Market Real Return Portfolio 31 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .75% of the Fund's average daily net assets. The Adviser agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding extraordinary expenses, interest expense, and acquired fund fees and expenses other than the advisory fees of any AB mutual Funds in which the Fund may invest) on an annual basis (the "Expense Caps") to 1.30%, 2.05%, 1.05%, 1.30% and 1.05%, of daily average net assets for Class A, Class C, Advisor Class, Class 1 and Class Z shares, respectively. This fee waiver and/or expense reimbursement agreement will remain in effect until January 31, 2026. For the six months ended April 30, 2025, such reimbursement amounted to $– 0 –.

The Subsidiary has entered into a separate agreement with the Adviser for the management of the Subsidiary's portfolio. The Adviser receives no compensation from the Subsidiary for its services under the agreement.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2025, the reimbursement for such services amounted to $46,810.

The Fund 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 Fund. 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 $42,830 for the six months ended April 30, 2025.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $42 from the sale of Class A shares and received $– 0 – and $2 in contingent deferred sales

---

| | |
|:---|:---|
| 32 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2025.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2025, such waiver amounted to $141,392.

A summary of the Fund's transactions in AB mutual funds for the six months ended April 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>4/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 |
|  AB Government Money Market Portfolio\* | 4823 | 28893 | 32426 | 1290 | 13 |
|  Total |  |  |  | $134098 | $3183 |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

During the six months ended April 30, 2025 and the year ended October 31, 2024, the Adviser reimbursed the Fund $12,397 and $1,183, respectively, for trading losses incurred due to a trade entry error.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the "Distributor") at an annual rate of up to .30% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares, .50% of the Fund's average daily net assets attributable to Class R shares, .25% of the Fund's average daily net assets attributable to Class K shares and .25% of the Fund's average daily net assets attributable to Class 1 shares. There are no distribution and servicing fees on the

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 33 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

Advisor Class, Class I, Class 2 and Class Z shares. Payments under the Plan in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund's operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $160,814, $17,207, $19,724 and $1,960,000 for Class C, Class R, Class K and Class 1 shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, and the share class is active, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282107040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275717695 |
|  U.S. government securities | – 0 | – 0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81256773 |
|  Gross unrealized depreciation | (41928790) |
|  Net unrealized appreciation | $39327983 |

---

1. Derivative Financial Instruments

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

---

| | |
|:---|:---|
| 34 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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

**•** **Futures** 

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under "Currency Transactions".

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

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

During the six months ended April 30, 2025, the Fund held futures for hedging and non-hedging purposes.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 35 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

**•** **Forward Currency Exchange Contracts** 

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2025, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

**•** **Swaps** 

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under "Currency Transactions" or in order to take a "long" or "short" position with respect to an underlying referenced asset described below under "Total Return Swaps". A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

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

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| | |
|:---|:---|
| 36 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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

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

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 37 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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

During the six months ended April 30, 2025, the Fund held inflation (CPI) swaps for hedging and non-hedging purposes.

#### Total Return Swaps:
The Fund may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended April 30, 2025, the Fund held total return swaps for hedging and non-hedging purposes.

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

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

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| | |
|:---|:---|
| 38 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

During the six months ended April 30, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Equity contracts | Receivable for variation margin on futures | $653022 \* | Payable for variation margin on futures | $404307 \* |
|  Commodity contracts | Receivable for variation margin on futures | 8092829 \* | Payable for variation margin on futures | 10476956 \* |
|  Interest rate contracts |  |  | Payable for variation margin on centrally cleared swaps | 920242 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 5703252 | Unrealized depreciation on forward currency exchange contracts | 5255400 |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 2872607 | Unrealized depreciation on inflation swaps | 156748 |
|  Commodity contracts |  |  | Unrealized depreciation on total return swaps | 1858631 |
|  Equity contracts | Unrealized appreciation on total return swaps | 878827 | Unrealized depreciation on total return swaps | 3053798 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200537 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22126082 |

---

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

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 39 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain**<br> **or (Loss) on**<br> **Derivatives Within<br>Consolidated<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080898 |
|  Commodity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 10584625 | (2637585) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 1007829 | (710025) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | – 0 | (1988827) |
|  Commodity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 3258152 | (2430831) |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 10034875 | (5679451) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25023971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12365821) |

---

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| | |
|:---|:---|
| 40 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended April 30, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260185444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $51899779 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $287157012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $316861721 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $157170000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $84000000 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $185081916 |

---

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of April 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

#### AB All Market Real Return Portfolio

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |  |
|  Bank of America NA | $1377224 | $(1065581) | $– 0 | $(311643) | $– 0 |  |
|  Barclays Capital, Inc. | 361718 | (361718) | – 0 | – 0 | – 0 |  |
|  Citibank NA | 837668 | (341842) | – 0 | – 0 | 495826 |  |
|  Deutsche Bank AG | 582824 | (205193) | – 0 | – 0 | 377631 |  |
|  Goldman Sachs Bank USA/Goldman Sachs International | 3241465 | (395060) | (2610000) | – 0 | 236405 |  |
|  JPMorgan Chase Bank | 261505 | (261505) | – 0 | – 0 | – 0 |  |
|  Morgan Stanley Capital Services, Inc. | 987083 | (349225) | – 0 | – 0 | 637858 |  |
|  NatWest Markets PLC | 69656 | – 0 | – 0 | – 0 | 69656 |  |
|  State Street Bank & Trust Co. | 175932 | (175932) | – 0 | – 0 | – 0 |  |
|  UBS/UBS AG | 888134 | (888134) | – 0 | – 0 | – 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8783209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4044190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2610000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817376 | <sup>^</sup> |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 41 |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |  |
|  Bank of America NA | $1065581 | $(1065581) | $– 0 | $– 0 – $| – 0 |  |
|  Barclays Capital, Inc. | 413698 | (361718) | – 0 | – 0 – | 51980 |  |
|  Citibank NA | 341842 | (341842) | – 0 | – 0 – | – 0 |  |
|  Deutsche Bank AG | 205193 | (205193) | – 0 | – 0 – | – 0 |  |
|  Goldman Sachs Bank USA/Goldman Sachs International | 395060 | (395060) | – 0 | – 0 – | – 0 |  |
|  HSBC Bank USA | 5880 | – 0 | – 0 | – 0 – | 5880 |  |
|  JPMorgan Chase Bank | 539715 | (261505) | (278210) | – 0 – | – 0 |  |
|  Morgan Stanley Capital Services, Inc. | 349225 | (349225) | – 0 | – 0 – | – 0 |  |
|  Standard Chartered Bank | 37495 | – 0 | – 0 | – 0 – | 37495 |  |
|  State Street Bank & Trust Co. | 301460 | (175932) | – 0 | – 0 – | 125528 |  |
|  UBS/UBS AG | 3791690 | (888134) | (1700000) | – 0 – | 1203556 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4044190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1978210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424439 | <sup>^</sup> |

---

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

---

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

---

#### AllianceBernstein Cayman Inflation Strategy, Ltd.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |  |
|  UBS | $671477 | $– 0 – $| – 0 – $| – 0 – $| 671477 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671477 | <sup>^</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |  |
|  Morgan Stanley & Co., Inc. | $1019107 | $– 0 – $| – 0 | $– 0 – $| 1019107 |  |
|  Citibank NA | 1858631 | – 0 – | (1858631) | – 0 – | – 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1858631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019107 | <sup>^</sup> |

---

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

---

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

---

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related

---

| | |
|:---|:---|
| 42 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund's securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a "negative rebate" or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the consolidated statement of operations. When the

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 43 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund's transactions surrounding securities lending for the six months ended April 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
| **Market<br>Value of<br>Securities**<br> **on Loan\*** |<br>**Cash<br>Collateral\*** |<br>**Market<br>Value of<br>Non-Cash<br>Collateral\*** |<br>**Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $7471421 | $1290368 | $6966521 | $40507 | $13479 | $2156 |

---

\* As of April 30, 2025.

NOTE F

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 25307 | 12451 | $237215 | $111857 |
|  Shares issued in reinvestment of dividends | 6288 | 11479 | 58666 | 97344 |
|  Shares converted from Class C | 5 | 22537 | 44 | 200236 |
|  Shares redeemed | (63516) | (380798) | (582810) | (3340741) |
|  **Net decrease** | **(31916)** | **(334331)** | $**(286885)** | $**(2931304)** |

---

---

| | |
|:---|:---|
| 44 AB All Market Real Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 45 | 85 | $430 | $780 |
|  Shares issued in reinvestment of dividends | – 0 | 694 | – 0 | 6047 |
|  Shares converted to Class A | (5) | (22032) | (44) | (200236) |
|  Shares redeemed | (1552) | (10066) | (14919) | (90724) |
|  **Net decrease** | **(1512** | **(31319)** | $**(14533** | $**(284133)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 56817 | 307241 | $523441 | $2699889 |
|  Shares issued in reinvestment of dividends | 21542 | 90701 | 199913 | 764605 |
|  Shares redeemed | (133305) | (1770041) | (1231711) | (15706280) |
|  **Net decrease** | **(54946** | **(1372099)** | $**(508357** | $**(12241786)** |
| **Class R** |  |  |  |  |
|  Shares sold | – 0 | 375 | $– 0 | $3286 |
|  Shares issued in reinvestment of dividends and distributions | – 0 | 283 | – 0 | 2408 |
|  Shares redeemed | – 0 | (8875) | – 0 | (80667) |
|  **Net increase (decrease)** | **– 0** | **(8217)** | $**– 0** | $**(74973)** |
| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  Shares sold | – 0 | 5871 | $– 0 | $50243 |
|  Shares issued in reinvestment of dividends | – 0 | 3058 | – 0 | 25533 |
|  Shares redeemed | – 0 | (93033) | – 0 | (815671) |
|  **Net increase (decrease)** | **– 0** | **(84104)** | $**– 0** | $**(739895)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  Shares sold | – 0 | 44013 | $– 0 | $376472 |
|  Shares issued in reinvestment of dividends | – 0 | 41920 | – 0 | 348776 |
|  Shares redeemed | – 0 | (1136558) | – 0 | (9842986) |
|  **Net increase (decrease)** | **– 0** | **(1050625)** | $**– 0** | $**(9117738)** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 45 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 |
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  Shares sold | 3354349 | 7146929 | $30166951 | $60977115 |
|  Shares issued in reinvestment of dividends | 1010890 | 2043896 | 9168771 | 16862141 |
|  Shares redeemed | (5893770) | (18045840) | (53184551) | (156154394) |
|  **Net decrease** | **(1528531** | **(8855015)** | $**(13848829** | $**(78315138)** |
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  Shares redeemed | – 0 | (1000) | – 0 | (8911) |
|  **Net increase (decrease)** | **– 0** | **(1000)** | $**– 0** | $**(8911)** |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  Shares sold | 1 | 99 | $10 | $849 |
|  Shares issued in reinvestment of dividends | 336444 | 885094 | 3078459 | 7372835 |
|  Shares redeemed | (2917550) | (8894321) | (26858285) | (76069986) |
|  **Net decrease** | **(2581105** | **(8009128)** | $**(23779816** | $**(68696302)** |

---

At April 30, 2025, certain AB mutual funds owned approximately 15% of the Fund's outstanding shares. Significant transactions by such shareholder, if any, may impact the Fund's performance.

NOTE G

Risks Involved in Investing in the Fund

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

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

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| | |
|:---|:---|
| 46 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

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

**Commodity Risk**—Investing in commodities and commodity-linked derivative instruments, either directly or through the Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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

**Real Estate Risk**—The Fund's investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs, may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes.

**Investment in Other Investment Companies Risk**—As with other investments, investments in other investment companies, are subject to market and selection risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 47 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns. Emerging market currencies may be more volatile and less liquid, and subject to significantly greater risk of currency controls and convertibility restrictions, than currencies of developed countries.

**Subsidiary Risk**—By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are

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| | |
|:---|:---|
| 48 AB All Market Real Return Portfolio | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and, unless otherwise noted in the Fund's Prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by the Adviser, making it unlikely the Subsidiary will take actions contrary to the interests of the Fund or its shareholders.

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

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

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the consolidated statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2025.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $31221925 | $81468768 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31221925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81468768 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 49 |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $13198405 |
|  Accumulated capital and other losses | (39375057)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (278314807)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304491459) |

---

(a) As of October 31, 2024, the Fund had a net capital loss carryforward of $39,375,057. During the fiscal year, the Fund utilized $10,961,637 of capital loss carry forwards to offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of earnings from the Subsidiary, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

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 October 31, 2024, the Fund had a net short-term capital loss carryforward of $29,803,785 and a net long-term capital loss carryforward of $9,571,272, which may be carried forward for an indefinite period.

NOTE J

Subsequent Events

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

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| | |
|:---|:---|
| 50 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

#### CONSOLIDATED FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.39 | $8.34 | $9.14 | $10.81 | $7.65 | $8.66 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .10 | .20 | .20 | .14 | .27 | .09 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.03 | 1.14 | (.29 | (.86) | 3.14 | (.96) |
|  Contributions from Affiliates | .00 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .07 | 1.34 | (.09 | (.72) | 3.41 | (.87) |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.29) | (.71 | (.95) | (.25 | (.14) |
|  Net asset value, end of period | **$9.26** | **$9.39** | **$8.34** | **$9.14** | **$10.81** | **$7.65** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | .72 | 16.46% | (1.37) | (7.01)% | 45.48 | (10.11)% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2821 | $3160 | $5592 | $6690 | $5306 | $6926 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.17 | 1.17% | 1.18 | 1.16% | 1.29 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.21 | 1.21% | 1.21 | 1.18% | 1.39 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.13 | 2.20% | 2.29 | 1.46% | 2.86 | 1.10% |
|  Portfolio turnover rate | 54 | 90% | 69 | 79% | 65 | 88% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | .04% | .06 | .03% | .03 | .04% |

---

See footnote summary on page 56.

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 51 |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.57 | $8.48 | $9.31 | $10.86 | $7.66 | $8.63 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .06 | .13 | .14 | .07 | (.49 | .03 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.03 | 1.18 | (.30 | (.89) | 3.86 | (.95 |
|  Contributions from Affiliates | .00 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | .00 |
|  Net increase (decrease) in net asset value from operations | .03 | 1.31 | (.16 | (.82) | 3.37 | (.92 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.22) | (.67 | (.73) | (.17 | (.05 |
|  Net asset value, end of period | **$9.60** | **$9.57** | **$8.48** | **$9.31** | **$10.86** | **$7.66** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | .31 | 15.66% | (2.15) | (7.71)% | 44.41 | (10.74) |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $40 | $55 | $314 | $574 | $199 | $508 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.96 | 1.95% | 1.93 | 1.94% | 2.04 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 2.00 | 1.99% | 1.97 | 1.96% | 2.19 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.32 | 1.48% | 1.54 | .72% | (5.20) | .34 |
|  Portfolio turnover rate | 54 | 90% | 69 | 79% | 65 | 88 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | .04% | .06 | .03% | .03 | .04 |

---

See footnote summary on page 56.

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| 52 AB All Market Real Return Portfolio | **ABFunds.com** |

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.36 | $8.33 | $9.14 | $10.79 | $7.63 | $8.63 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .22 | .22 | .17 | .16 | .11 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.03 | 1.15 | (.30 | (.87) | 3.27 | (.95) |
|  Contributions from Affiliates | .00 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .08 | 1.37 | (.08 | (.70) | 3.43 | (.84) |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.22 | (.34) | (.73 | (.95) | (.27 | (.16) |
|  Net asset value, end of period | **$9.22** | **$9.36** | **$8.33** | **$9.14** | **$10.79** | **$7.63** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | .85 | 16.91% | (1.25) | (6.64)% | 45.82 | (9.79)% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $11199 | $11879 | $22010 | $31703 | $18096 | $11761 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .92 | .93% | .93 | .91% | 1.04 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .96 | .97% | .96 | .93% | 1.17 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.38 | 2.45% | 2.53 | 1.75% | 1.60 | 1.33% |
|  Portfolio turnover rate | 54 | 90% | 69 | 79% | 65 | 88% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | .04% | .06 | .03% | .03 | .04% |

---

See footnote summary on page 56.

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.14 | $8.15 | $8.95 | $10.61 | $7.52 | $8.51 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .10 | .20 | .20 | .15 | .13 | .10 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.02 | 1.12 | (.29 | (.85) | 3.23 | (.93) |
|  Contributions from Affiliates | .00 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .08 | 1.32 | (.09 | (.70) | 3.36 | (.83) |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.21 | (.33) | (.71 | (.96) | (.27 | (.16) |
|  Net asset value, end of period | **$9.01** | **$9.14** | **$8.15** | **$8.95** | **$10.61** | **$7.52** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | .85 | 16.61% | (1.36) | (6.85)% | 45.63 | (9.94)% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $535923 | $558067 | $569541 | $638229 | $678946 | $470635 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.10 | 1.08% | 1.09 | 1.08% | 1.08 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.14 | 1.12% | 1.12 | 1.10% | 1.10 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.21 | 2.26% | 2.38 | 1.50% | 1.33 | 1.26% |
|  Portfolio turnover rate | 54 | 90% | 69 | 79% | 65 | 88% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | .04% | .06 | .03% | .03 | .04% |

---

See footnote summary on page 56.

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.25 | $8.24 | $9.04 | $10.70 | $7.58 | $8.58 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .22 | .23 | .17 | .14 | .12 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.03 | 1.14 | (.29 | (.85) | 3.27 | (.94) |
|  Contributions from Affiliates | .00 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .08 | 1.36 | (.06 | (.68) | 3.41 | (.82) |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.23 | (.35) | (.74 | (.98) | (.29 | (.18) |
|  Net asset value, end of period | **$9.10** | **$9.25** | **$8.24** | **$9.04** | **$10.70** | **$7.58** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | .87 | 16.96% | (1.08) | (6.64)% | 46.17 | (9.75)% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $97328 | $122786 | $175368 | $324086 | $601545 | $415967 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .85 | .84% | .85 | .83% | .84 | .85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .90 | .88% | .88 | .85% | .85 | .86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.39 | 2.54% | 2.66 | 1.76% | 1.44 | 1.51% |
|  Portfolio turnover rate | 54 | 90% | 69 | 79% | 65 | 88% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | .04% | .06 | .03% | .03 | .04% |

---

See footnote summary on page 56.

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| **ABFunds.com** | AB All Market Real Return Portfolio 55 |

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) 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 investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Fund's investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund's pro rata share of certain acquired fund fees and expenses, and for the six months ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, such waiver amounted to .04% (annualized), .04%, .03%, .02%, .01% and .01%, respectively.

(f) The expense ratios presented below exclude interest/bank overdraft expense:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.17 | %<sup>^</sup> | 1.17% | 1.18% | 1.16% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.21 | %<sup>^</sup> | 1.21% | 1.21% | 1.18% | 1.39% | 1.40% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.96 | %<sup>^</sup> | 1.95% | 1.93% | 1.94% | 2.04% | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 2.00 | %<sup>^</sup> | 1.99% | 1.97% | 1.96% | 2.19% | 2.15% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .92 | %<sup>^</sup> | .93% | .93% | .91% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .96 | %<sup>^</sup> | .97% | .96% | .93% | 1.17% | 1.14% |
|  **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.10 | %<sup>^</sup> | 1.08% | 1.09% | 1.08% | 1.08% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.14 | %<sup>^</sup> | 1.12% | 1.12% | 1.10% | 1.10% | 1.11% |
|  **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .85 | %<sup>^</sup> | .84% | .85% | .83% | .84% | .85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .90 | %<sup>^</sup> | .88% | .88% | .85% | .85% | .86% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the year ended October 31, 2020 by .02%. 

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| + | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.  |

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^ Annualized.

See notes to consolidated financial statements.

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| 56 AB All Market Real Return Portfolio | **ABFunds.com** |

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#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Bond Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB All Market Real Return Portfolio (the "Fund") at a meeting held in-person on November 5-7, 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 and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment

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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, distribution and brokerage 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.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute transactions for their clients); 12b-1

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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; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; 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 Advisor Class 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 Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5-, and 10-year periods ended July 31, 2024 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors discussed with the Adviser the reasons for the Fund's underperformance in the periods reviewed and determined to continue to monitor the Fund's performance closely.

#### 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 payable by other funds. The directors compared the Fund's contractual advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser's 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 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.

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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 Advisor Class 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 Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year. The Adviser had agreed to cap the Fund's expenses, but the directors noted that the Fund's expense ratio was currently below the level of the Adviser's cap. 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 expense ratio was above the medians. After reviewing and discussing the Adviser's explanation of the reasons for this, the directors concluded that the Fund's expense ratio was acceptable.

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

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| | |
|:---|:---|
| 60 AB All Market Real Return Portfolio | **ABFunds.com** |

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------

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 level (which was well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 61 |

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#### NOTES

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| | |
|:---|:---|
| 62 AB All Market Real Return Portfolio | **ABFunds.com** |

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| | |
|:---|:---|
| **ABFunds.com** | AB All Market Real Return Portfolio 63 |

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| | |
|:---|:---|
| 64 AB All Market Real Return Portfolio | **ABFunds.com** |

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![LOGO](g879066g28a43.jpg)

AB ALL MARKET REAL RETURN PORTFOLIO

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

AMRR-0152-0425 ![LOGO](g879066g22c48.jpg)

------

#### April 30, 2025
![LOGO](g935537g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB BOND INFLATION STRATEGY

![LOGO](g935537g50e50.jpg)

------

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

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

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

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

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

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

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

------

#### PORTFOLIO OF INVESTMENTS
**April 30, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  INFLATION-LINKED SECURITIES – 71.9% |  |  |  |
|  **United States – 71.9%** |  |  |  |
|  U.S. Treasury Inflation Index <br>0.125%, 07/15/2026 (TIPS) | U.S.$| 41941 | $41800231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2030 (TIPS) |  | 246952 | 231479041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2031 (TIPS) |  | 11864 | 10869108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/2029 (TIPS) |  | 53003 | 50915849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/15/2027 (TIPS) |  | 6913 | 6860300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 07/15/2027 (TIPS) |  | 24567 | 24379310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 07/15/2032 (TIPS) |  | 3172 | 2943286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 07/15/2033 (TIPS)<sup>(a)</sup> |  | 79730 | 77126359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 (TIPS) |  | 32918 | 32543634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 07/15/2034 (TIPS) |  | 17063 | 17052831 |
|  Total Inflation-Linked Securities <br>(cost $491,287,607) |  |  | 495969949 |
|  CORPORATES - INVESTMENT GRADE – 10.6% |  |  |  |
|  Industrial – 4.9% |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  Glencore Funding LLC <br>4.907%, 04/01/2028<sup>(b)</sup> |  | 206 | 207928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(b)</sup> |  | 89 | 90104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(b)</sup> |  | 111 | 112558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033<sup>(b)</sup> |  | 543 | 577578 |
|  OCP SA <br>6.10%, 04/30/2030<sup>(b)</sup> |  | 555 | 552170 |
|  |  |  | 1540338 |
|  **Capital Goods – 0.5%** |  |  |  |
|  Boeing Co. (The) <br>3.25%, 02/01/2028 |  | 454 | 437134 |
|  Caterpillar Financial Services Corp. <br>4.45%, 10/16/2026 |  | 911 | 917541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 01/08/2030 |  | 45 | 46070 |
|  Republic Services, Inc. <br>4.75%, 07/15/2030 |  | 1022 | 1037892 |
|  Waste Management, Inc. <br>4.50%, 03/15/2028 |  | 971 | 983137 |
|  |  |  | 3421774 |
|  **Communications - Media – 0.2%** |  |  |  |
|  Prosus NV <br>3.257%, 01/19/2027<sup>(b)</sup> |  | 593 | 577990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030<sup>(b)</sup> |  | 205 | 188856 |
|  Warnermedia Holdings, Inc. <br>3.755%, 03/15/2027 |  | 939 | 913835 |
|  |  |  | 1680681 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 1.1%** |  |  |  |
|  American Honda Finance Corp. <br>4.80%, 03/05/2030 | U.S.$| 495 | $498950 |
|  BMW US Capital LLC <br>4.65%, 03/19/2027<sup>(b)</sup> |  | 1022 | 1027519 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 532 | 434857 |
|  Ford Motor Credit Co. LLC <br>6.125%, 03/08/2034 |  | 511 | 482501 |
|  General Motors Financial Co., Inc. <br>5.75%, 02/08/2031 |  | 999 | 1008351 |
|  Harley-Davidson Financial Services, Inc. <br>3.05%, 02/14/2027<sup>(b)</sup> |  | 1942 | 1860475 |
|  Hyundai Capital America <br>5.25%, 01/08/2027<sup>(b)</sup> |  | 252 | 253787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%, 06/24/2027<sup>(b)</sup> |  | 151 | 152318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028<sup>(b)</sup> |  | 486 | 502130 |
|  Volkswagen Group of America Finance LLC <br>5.05%, 03/27/2028<sup>(b)</sup> |  | 1022 | 1024718 |
|  |  |  | 7245606 |
|  **Consumer Cyclical - Other – 0.4%** |  |  |  |
|  DR Horton, Inc. <br>4.85%, 10/15/2030 |  | 788 | 791869 |
|  Las Vegas Sands Corp. <br>5.625%, 06/15/2028 |  | 420 | 419832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 211 | 211378 |
|  Marriott International, Inc./MD <br>5.10%, 04/15/2032 |  | 20 | 19965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 |  | 910 | 895158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037 |  | 64 | 62428 |
|  |  |  | 2400630 |
|  **Consumer Non-Cyclical – 0.9%** |  |  |  |
|  Cargill, Inc. <br>5.125%, 10/11/2032<sup>(b)</sup> |  | 632 | 638156 |
|  Cencosud SA <br>5.95%, 05/28/2031<sup>(b)</sup> |  | 308 | 312774 |
|  General Mills, Inc. <br>4.70%, 01/30/2027 |  | 278 | 279590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/30/2030 |  | 686 | 693793 |
|  Imperial Brands Finance PLC <br>5.875%, 07/01/2034<sup>(b)</sup> |  | 914 | 924675 |
|  Ochsner LSU Health System of North Louisiana <br>Series 2021 <br>2.51%, 05/15/2031 |  | 1190 | 959902 |
|  Philip Morris International, Inc. <br>4.375%, 04/30/2030 |  | 1032 | 1027108 |

---

---

| | |
|:---|:---|
| 2 AB Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Roche Holdings, Inc. <br>4.203%, 09/09/2029<sup>(b)</sup> | U.S.$| 914 | $916303 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 |  | 517 | 447376 |
|  |  |  | 6199677 |
|  **Energy – 0.9%** |  |  |  |
|  Continental Resources, Inc./OK <br>2.875%, 04/01/2032<sup>(b)</sup> |  | 1803 | 1453362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(b)</sup> |  | 796 | 784546 |
|  Devon Energy Corp. <br>5.20%, 09/15/2034 |  | 911 | 853616 |
|  Occidental Petroleum Corp. <br>5.20%, 08/01/2029 |  | 283 | 279242 |
|  Raizen Fuels Finance SA <br>6.70%, 02/25/2037<sup>(b)</sup> |  | 975 | 955305 |
|  Var Energi ASA <br>7.50%, 01/15/2028<sup>(b)</sup> |  | 867 | 912647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032<sup>(b)</sup> |  | 680 | 744784 |
|  |  |  | 5983502 |
|  **Services – 0.2%** |  |  |  |
|  Mastercard, Inc. <br>4.55%, 01/15/2035 |  | 656 | 640551 |
|  Moody's Corp. <br>5.00%, 08/05/2034 |  | 472 | 469286 |
|  |  |  | 1109837 |
|  **Technology – 0.4%** |  |  |  |
|  Broadcom, Inc. <br>4.15%, 02/15/2028 |  | 138 | 137509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 346 | 351484 |
|  Dell International LLC/EMC Corp. <br>5.30%, 04/01/2032 |  | 340 | 340802 |
|  Hewlett Packard Enterprise Co. <br>4.40%, 09/25/2027 |  | 373 | 372765 |
|  Oracle Corp. <br>5.50%, 08/03/2035 |  | 825 | 828539 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 1009 | 1000424 |
|  |  |  | 3031523 |
|  **Transportation - Airlines – 0.0%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(b)</sup> |  | 114 | 110494 |
|  **Transportation - Railroads – 0.1%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd. <br>4.35%, 04/05/2036<sup>(b)</sup> |  | 191 | 176432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(b)</sup> |  | 239 | 238560 |
|  |  |  | 414992 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 3 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Services – 0.0%** |  |  |  |
|  ENA Master Trust <br>4.00%, 05/19/2048<sup>(b)</sup> | U.S.$| 303 | $222705 |
|  |  |  | 33361759 |
|  Financial Institutions – 4.5% |  |  |  |
|  **Banking – 3.8%** |  |  |  |
|  Ally Financial, Inc. <br>6.992%, 06/13/2029 |  | 575 | 597471 |
|  American Express Co. <br>5.098%, 02/16/2028 |  | 987 | 999298 |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 03/13/2029 |  | 200 | 205246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.883%, 11/15/2034 |  | 200 | 223926 |
|  Banco Santander SA <br>6.35%, 03/14/2034 |  | 200 | 203992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 800 | 852520 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(b)</sup> |  | 301 | 308582 |
|  Barclays PLC <br>5.335%, 09/10/2035 |  | 569 | 552294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, 03/12/2028 |  | 329 | 335550 |
|  BNP Paribas SA <br>4.625%, 02/25/2031<sup>(b)(c)</sup> |  | 489 | 412961 |
|  CaixaBank SA <br>6.037%, 06/15/2035<sup>(b)</sup> |  | 955 | 989332 |
|  Capital One Financial Corp. <br>6.377%, 06/08/2034 |  | 949 | 990955 |
|  Citigroup, Inc. <br>4.542%, 09/19/2030 |  | 917 | 907784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 01/24/2036 |  | 85 | 85203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA <br>7.625%, 11/15/2028<sup>(c)</sup> |  | 43 | 44184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y <br>4.15%, 11/15/2026<sup>(c)</sup> |  | 480 | 457872 |
|  Credit Agricole SA <br>6.251%, 01/10/2035<sup>(b)</sup> |  | 677 | 687879 |
|  Danske Bank A/S <br>4.613%, 10/02/2030<sup>(b)</sup> |  | 419 | 415258 |
|  Deutsche Bank AG/New York NY <br>4.999%, 09/11/2030 |  | 261 | 261300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, 01/10/2029 |  | 258 | 261377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 233 | 239049 |
|  Discover Bank <br>5.974%, 08/09/2028 |  | 327 | 334969 |
|  Goldman Sachs Group, Inc. (The) <br>Series V <br>4.125%, 11/10/2026<sup>(c)</sup> |  | 775 | 740978 |

---

---

| | |
|:---|:---|
| 4 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  HSBC Holdings PLC <br>7.399%, 11/13/2034 | U.S.$| 1352 | $1488025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.113%, 11/03/2033 |  | 591 | 673125 |
|  Intesa Sanpaolo SpA <br>7.20%, 11/28/2033<sup>(b)</sup> |  | 357 | 396109 |
|  Lloyds Banking Group PLC <br>7.50%, 09/27/2025<sup>(c)</sup> |  | 1010 | 1008526 |
|  Mizuho Financial Group, Inc. <br>5.376%, 05/26/2030 |  | 344 | 352060 |
|  Morgan Stanley <br>0.406%, 10/29/2027 | EUR | 1030 | 1127525 |
|  NatWest Group PLC <br>3.032%, 11/28/2035 | U.S.$| 270 | 238650 |
|  Santander Holdings USA, Inc. <br>5.473%, 03/20/2029 |  | 14 | 14055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 03/20/2031 |  | 496 | 500886 |
|  Santander UK Group Holdings PLC <br>4.858%, 09/11/2030 |  | 517 | 512662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%, 04/15/2031 |  | 223 | 228622 |
|  Societe Generale SA <br>5.519%, 01/19/2028<sup>(b)</sup> |  | 812 | 819365 |
|  Standard Chartered PLC <br>5.545%, 01/21/2029<sup>(b)</sup> |  | 314 | 319903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051% (CME Term SOFR 3 Month + 1.77%),<br>01/30/2027<sup>(b)(c)(d)</sup> |  | 400 | 374588 |
|  Sumitomo Mitsui Financial Group, Inc. <br>5.316%, 07/09/2029 |  | 564 | 579014 |
|  Sumitomo Mitsui Trust Bank Ltd. <br>4.45%, 09/10/2027<sup>(b)</sup> |  | 236 | 236656 |
|  Svenska Handelsbanken AB <br>4.75%, 03/01/2031<sup>(b)(c)</sup> |  | 1400 | 1238888 |
|  Synchrony Financial <br>5.45%, 03/06/2031 |  | 321 | 320063 |
|  Toronto-Dominion Bank (The) <br>5.146%, 09/10/2034 |  | 317 | 315291 |
|  UBS Group AG <br>4.194%, 04/01/2031<sup>(b)</sup> |  | 614 | 595249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, 07/15/2026<sup>(b)</sup> |  | 1025 | 1027706 |
|  UniCredit SpA <br>1.982%, 06/03/2027<sup>(b)</sup> |  | 204 | 197592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026<sup>(b)</sup> |  | 1071 | 1061072 |
|  Wells Fargo & Co. <br>3.35%, 03/02/2033 |  | 1506 | 1353247 |
|  |  |  | 26086859 |
|  **Brokerage – 0.2%** |  |  |  |
|  Charles Schwab Corp. (The) <br>Series I <br>4.00%, 06/01/2026<sup>(c)</sup> |  | 1366 | 1320280 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 5 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 0.1%** |  |  |  |
|  Aviation Capital Group LLC <br>4.125%, 08/01/2025<sup>(b)</sup> | U.S.$| 7 | $6978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027<sup>(b)</sup> |  | 202 | 201853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(b)</sup> |  | 246 | 245688 |
|  |  |  | 454519 |
|  **Insurance – 0.2%** |  |  |  |
|  Athene Global Funding <br>1.985%, 08/19/2028<sup>(b)</sup> |  | 308 | 282587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/19/2030<sup>(b)</sup> |  | 65 | 57216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.717%, 01/07/2029<sup>(b)</sup> |  | 117 | 108390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 07/11/2031<sup>(b)</sup> |  | 22 | 22295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/2029<sup>(b)</sup> |  | 49 | 50146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 05/08/2026<sup>(b)</sup> |  | 387 | 390816 |
|  Principal Life Global Funding II <br>5.10%, 01/25/2029<sup>(b)</sup> |  | 639 | 651505 |
|  |  |  | 1562955 |
|  **REITs – 0.2%** |  |  |  |
|  American Tower Corp. <br>5.20%, 02/15/2029 |  | 432 | 441530 |
|  GLP Capital LP/GLP Financing II, Inc. <br>3.25%, 01/15/2032 |  | 949 | 818019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 |  | 414 | 384242 |
|  |  |  | 1643791 |
|  |  |  | 31068404 |
|  Utility – 1.2% |  |  |  |
|  **Electric – 1.2%** |  |  |  |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(b)</sup> |  | 339 | 296609 |
|  Alexander Funding Trust II <br>7.467%, 07/31/2028<sup>(b)</sup> |  | 656 | 696200 |
|  American Electric Power Co., Inc. <br>6.95%, 12/15/2054 |  | 565 | 571000 |
|  CenterPoint Energy Houston Electric LLC <br>4.95%, 04/01/2033 |  | 79 | 78879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/2035 |  | 892 | 885756 |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2043 |  | 1183 | 916849 |
|  Electricite de France SA <br>9.125%, 03/15/2033<sup>(b)(c)</sup> |  | 415 | 462767 |
|  Engie Energia Chile SA <br>3.40%, 01/28/2030<sup>(b)</sup> |  | 751 | 679655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/17/2034<sup>(b)</sup> |  | 240 | 246780 |

---

---

| | |
|:---|:---|
| 6 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <br>7.25%, 01/31/2041<sup>(b)</sup> | U.S.$| 396 | $391853 |
|  Israel Electric Corp., Ltd. <br>Series G <br>4.25%, 08/14/2028<sup>(b)</sup> |  | 503 | 487648 |
|  Kallpa Generacion SA <br>5.875%, 01/30/2032<sup>(b)</sup> |  | 407 | 410460 |
|  LG Energy Solution Ltd. <br>5.375%, 04/02/2030<sup>(b)</sup> |  | 1712 | 1698732 |
|  Pacific Gas & Electric Co. <br>5.55%, 05/15/2029 |  | 151 | 153398 |
|  Vistra Operations Co. LLC <br>6.95%, 10/15/2033<sup>(b)</sup> |  | 272 | 292052 |
|  |  |  | 8268638 |
|  Total Corporates - Investment Grade <br>(cost $72,959,038) |  |  | 72698801 |
|  ASSET-BACKED SECURITIES – 5.9% |  |  |  |
|  **Autos - Fixed Rate – 2.8%** |  |  |  |
|  ACM Auto Trust <br>Series 2024-1A, Class A <br>7.71%, 01/21/2031<sup>(b)</sup> |  | 43 | 43374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A<br>6.06%, 02/20/2029<sup>(b)</sup> |  | 803 | 802979 |
|  Arivo Acceptance Auto Loan Receivables Trust <br>Series 2024-1A, Class A <br>6.46%, 04/17/2028<sup>(b)</sup> |  | 124 | 124445 |
|  Avis Budget Rental Car Funding AESOP LLC <br>Series 2023-3A, Class A <br>5.44%, 02/22/2028<sup>(b)</sup> |  | 1294 | 1310245 |
|  Carvana Auto Receivables Trust <br>Series 2021-N3, Class C <br>1.02%, 06/12/2028 |  | 91 | 88031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D <br>2.30%, 09/11/2028 |  | 199 | 193404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D <br>2.61%, 09/11/2028 |  | 1206 | 1142082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A2 <br>4.62%, 02/10/2028 |  | 793 | 792341 |
|  CPS Auto Receivables Trust <br>Series 2021-C, Class D <br>1.69%, 06/15/2027<sup>(b)</sup> |  | 399 | 395032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C <br>2.17%, 04/16/2029<sup>(b)</sup> |  | 15 | 15075 |
|  FHF Trust <br>Series 2021-2A, Class A <br>0.83%, 12/15/2026<sup>(b)</sup> |  | 10 | 9539 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 7 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Flagship Credit Auto Trust <br>Series 2024-3, Class A <br>4.88%, 11/15/2028<sup>(b)</sup> | U.S.$| 464 | $465419 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033<sup>(b)</sup> |  | 1000 | 971196 |
|  GLS Auto Receivables Issuer Trust <br>Series 2024-3A, Class A2 <br>5.35%, 08/16/2027<sup>(b)</sup> |  | 694 | 695325 |
|  Hertz Vehicle Financing III LLC <br>Series 2022-1A, Class C <br>2.63%, 06/25/2026<sup>(b)</sup> |  | 553 | 551136 |
|  LAD Auto Receivables Trust <br>Series 2022-1A, Class A <br>5.21%, 06/15/2027<sup>(b)</sup> |  | 210 | 209776 |
|  Lendbuzz Securitization Trust <br>Series 2023-2A, Class A2 <br>7.09%, 10/16/2028<sup>(b)</sup> |  | 541 | 550412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2 <br>5.10%, 10/15/2030<sup>(b)</sup> |  | 1419 | 1425047 |
|  Lobel Automobile Receivables Trust <br>Series 2025-1, Class A <br>5.06%, 11/15/2027<sup>(b)</sup> |  | 1563 | 1563617 |
|  Octane Receivables Trust <br>Series 2021-2A, Class B <br>2.02%, 09/20/2028<sup>(b)</sup> |  | 1508 | 1488544 |
|  Prestige Auto Receivables Trust <br>Series 2025-1A, Class A2 <br>4.87%, 12/15/2027<sup>(b)</sup> |  | 1380 | 1380502 |
|  Research-Driven Pagaya Motor Asset Trust VII <br>Series 2022-3A, Class A <br>5.38%, 11/25/2030<sup>(b)</sup> |  | 304 | 303633 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(b)</sup> |  | 408 | 412242 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2022-A, Class B <br>5.281%, 05/15/2032<sup>(b)</sup> |  | 39 | 39021 |
|  Santander Drive Auto Receivables Trust <br>Series 2024-4, Class A2 <br>5.41%, 07/15/2027 |  | 531 | 531772 |
|  Tesla Auto Lease Trust <br>Series 2024-A, Class A3 <br>5.30%, 06/21/2027<sup>(b)</sup> |  | 517 | 519531 |
|  Tricolor Auto Securitization Trust <br>Series 2024-2A, Class A <br>6.36%, 12/15/2027<sup>(b)</sup> |  | 230 | 230406 |

---

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| | |
|:---|:---|
| 8 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A <br>4.94%, 02/15/2029<sup>(b)</sup> | U.S.$| 1360 | $1360299 |
|  United Auto Credit Securitization Trust <br>Series 2024-1, Class A <br>6.17%, 08/10/2026<sup>(b)</sup> |  | 12 | 11711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A <br>4.80%, 06/10/2027<sup>(b)</sup> |  | 1472 | 1471478 |
|  |  |  | 19097614 |
|  **Other ABS - Fixed Rate – 2.3%** |  |  |  |
|  AB Issuer LLC <br>Series 2021-1, Class A2 <br>3.734%, 07/30/2051<sup>(b)</sup> |  | 1420 | 1323928 |
|  Affirm Asset Securitization Trust <br>Series 2021-Z2, Class A <br>1.17%, 11/16/2026<sup>(b)</sup> |  | 5 | 5284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X1, Class A <br>6.27%, 05/15/2029<sup>(b)</sup> |  | 150 | 150441 |
|  Amur Equipment Finance Receivables XI LLC <br>Series 2022-2A, Class A2 <br>5.30%, 06/21/2028<sup>(b)</sup> |  | 260 | 260251 |
|  Atalaya Equipment Leasing Trust 21-1 <br>Series 2021-1A, Class B <br>2.08%, 02/15/2027<sup>(b)</sup> |  | 27 | 26885 |
|  BHG Securitization Trust <br>Series 2022-A, Class D <br>3.56%, 02/20/2035<sup>(b)</sup> |  | 1350 | 1287758 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051<sup>(b)</sup> |  | 450 | 435447 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class B <br>2.72%, 07/26/2055<sup>(b)</sup> |  | 437 | 397385 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(b)</sup> |  | 892 | 894982 |
|  Diamond Issuer LLC <br>Series 2021-1A, Class A <br>2.305%, 11/20/2051<sup>(b)</sup> |  | 2152 | 2015283 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(b)</sup> |  | 686 | 685328 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046<sup>(b)</sup> |  | 382 | 348091 |
|  Marlette Funding Trust <br>Series 2024-1A, Class A <br>5.95%, 07/17/2034<sup>(b)</sup> |  | 143 | 143303 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MVW LLC <br>Series 2021-2A, Class B <br>1.83%, 05/20/2039<sup>(b)</sup> | U.S.$| 365 | $342296 |
|  Neighborly Issuer LLC <br>Series 2022-1A, Class A2 <br>3.695%, 01/30/2052<sup>(b)</sup> |  | 1611 | 1475207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2 <br>7.308%, 01/30/2053<sup>(b)</sup> |  | 1921 | 1953248 |
|  Nelnet Student Loan Trust <br>Series 2021-CA, Class B <br>2.53%, 04/20/2062<sup>(b)</sup> |  | 758 | 652149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B <br>2.90%, 04/20/2062<sup>(b)</sup> |  | 793 | 698967 |
|  NMEF Funding LLC <br>Series 2022-B, Class A2 <br>6.07%, 06/15/2029<sup>(b)</sup> |  | 170 | 170445 |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(b)</sup> |  | 588 | 588085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A <br>4.96%, 08/16/2032<sup>(b)</sup> |  | 897 | 895633 |
|  Pagaya AI Debt Grantor Trust <br>Series 2024-5, Class A <br>6.278%, 10/15/2031<sup>(b)</sup> |  | 368 | 371000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2 <br>5.365%, 12/15/2032<sup>(b)</sup> |  | 433 | 434122 |
|  Pagaya AI Debt Trust <br>Series 2024-2, Class A <br>6.319%, 08/15/2031<sup>(b)</sup> |  | 338 | 340945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A <br>6.258%, 10/15/2031<sup>(b)</sup> |  | 396 | 399337 |
|  |  |  | 16295800 |
|  **Credit Cards - Fixed Rate – 0.6%** |  |  |  |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(b)</sup> |  | 987 | 996293 |
|  Mission Lane Credit Card Master Trust<br>Series 2024-B, Class A <br>5.88%, 01/15/2030<sup>(b)</sup> |  | 1624 | 1633805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A <br>5.80%, 05/15/2030<sup>(b)</sup> |  | 1308 | 1314624 |
|  |  |  | 3944722 |
|  **Other ABS - Floating Rate – 0.2%** |  |  |  |
|  Pagaya AI Debt Grantor Trust <br>Series 2025-1, Class A <br>4.939%, 07/15/2032<sup>(b)</sup> |  | 1237 | 1237099 |
|  Total Asset-Backed Securities <br>(cost $41,287,312) |  |  | 40575235 |

---

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| | |
|:---|:---|
| 10 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 4.2% |  |  |  |
|  **Risk Share Floating Rate – 4.0%** |  |  |  |
|  Bellemeade Re Ltd. <br>Series 2021-3A, Class A2 <br>5.354% (CME Term SOFR + 1.00%), 09/25/2031<sup>(b)(d)</sup> | U.S.$| 1187 | $1187233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B <br>6.504% (CME Term SOFR + 2.15%), 01/26/2032<sup>(b)(d)</sup> |  | 687 | 688824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A <br>8.354% (CME Term SOFR + 4.00%), 09/27/2032<sup>(b)(d)</sup> |  | 1075 | 1084446 |
|  Connecticut Avenue Securities Trust <br>Series 2022-R01, Class 1M2 <br>6.254% (CME Term SOFR + 1.90%), 12/25/2041<sup>(b)(d)</sup> |  | 2899 | 2911489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2 <br>7.854% (CME Term SOFR + 3.50%), 03/25/2042<sup>(b)(d)</sup> |  | 2283 | 2358457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2 <br>7.454% (CME Term SOFR + 3.10%), 03/25/2042<sup>(b)(d)</sup> |  | 573 | 588455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1 <br>6.654% (CME Term SOFR + 2.30%), 01/25/2043<sup>(b)(d)</sup> |  | 754 | 768215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2M1 <br>5.954% (CME Term SOFR + 1.60%), 03/25/2045<sup>(b)(d)</sup> |  | 1413 | 1417301 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2015-HQA2, Class M3 <br>9.268% (CME Term SOFR + 4.91%), 05/25/2028<sup>(d)</sup> |  | 48 | 49120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2 <br>6.004% (CME Term SOFR + 1.65%), 01/25/2034<sup>(b)(d)</sup> |  | 219 | 219481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2 <br>5.854% (CME Term SOFR + 1.50%), 10/25/2041<sup>(b)(d)</sup> |  | 2460 | 2455946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>6.704% (CME Term SOFR + 2.35%), 12/25/2041<sup>(b)(d)</sup> |  | 1765 | 1775299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B <br>6.754% (CME Term SOFR + 2.40%), 02/25/2042<sup>(b)(d)</sup> |  | 2468 | 2519169 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 11 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B <br>7.254% (CME Term SOFR + 2.90%), 04/25/2042<sup>(b)(d)</sup> | U.S.$| 1069 | $1096734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B <br>7.704% (CME Term SOFR + 3.35%), 05/25/2042<sup>(b)(d)</sup> |  | 2051 | 2125717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B <br>8.854% (CME Term SOFR + 4.50%), 06/25/2042<sup>(b)(d)</sup> |  | 3681 | 3893148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1 <br>5.704% (CME Term SOFR + 1.35%), 02/25/2044<sup>(b)(d)</sup> |  | 870 | 869613 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2015-C04, Class 1M2 <br>10.168% (CME Term SOFR + 5.81%), 04/25/2028<sup>(d)</sup> |  | 257 | 261466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2 <br>6.354% (CME Term SOFR + 2.00%), 11/25/2041<sup>(b)(d)</sup> |  | 1221 | 1222095 |
|  |  |  | 27492208 |
|  **Agency Floating Rate – 0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 3955, Class SD <br>2.141% (6.49% - CME Term SOFR), 11/15/2041<sup>(d)(e)</sup> |  | 1348 | 151122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL <br>1.691% (6.04% - CME Term SOFR), 06/15/2047<sup>(d)(e)</sup> |  | 881 | 114625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL <br>1.582% (5.94% - CME Term SOFR), 02/25/2050<sup>(d)(e)</sup> |  | 1050 | 124314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS <br>1.632% (5.99% - CME Term SOFR), 06/25/2050<sup>(d)(e)</sup> |  | 2151 | 252087 |
|  Federal National Mortgage Association REMICS <br>Series 2014-78, Class SE <br>1.632% (5.99% - CME Term SOFR), 12/25/2044<sup>(d)(e)</sup> |  | 579 | 60182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-77, Class DS <br>1.532% (5.89% - CME Term SOFR), 10/25/2046<sup>(d)(e)</sup> |  | 664 | 76691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS <br>1.682% (6.04% - CME Term SOFR), 08/25/2047<sup>(d)(e)</sup> |  | 722 | 82714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS <br>1.732% (6.09% - CME Term SOFR), 12/25/2047<sup>(d)(e)</sup> |  | 1034 | 129180 |

---

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| | |
|:---|:---|
| 12 AB Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Government National Mortgage Association <br>Series 2017-122, Class SA <br>1.767% (6.09% - CME Term SOFR 1 Month), 08/20/2047<sup>(d)(e)</sup> | U.S.$| 569 | $79805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS <br>1.767% (6.09% - CME Term SOFR 1 Month), 09/20/2047<sup>(d)(e)</sup> |  | 644 | 87961 |
|  |  |  | 1158681 |
|  **Non-Agency Floating Rate – 0.0%** |  |  |  |
|  JPMorgan Chase Bank NA - CHASE <br>Series 2019-CL1, Class M3 <br>6.541% (CME Term SOFR 1 Month + 2.21%), 04/25/2047<sup>(b)(d)</sup> |  | 117 | 117254 |
|  Total Collateralized Mortgage Obligations <br>(cost $27,965,574) |  |  | 28768143 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8% |  |  |  |
|  **Non-Agency Floating Rate CMBS – 0.4%** |  |  |  |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>6.576% (CME Term SOFR 1 Month + 2.25%), 10/15/2037<sup>(b)(d)</sup> |  | 1383 | 1384729 |
|  BX Commercial Mortgage Trust <br>Series 2019-IMC, Class D <br>6.268% (CME Term SOFR 1 Month + 1.95%), 04/15/2034<sup>(b)(d)</sup> |  | 185 | 182007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E <br>6.518% (CME Term SOFR 1 Month + 2.20%), 04/15/2034<sup>(b)(d)</sup> |  | 895 | 873916 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk <br>Series 2021-MN1, Class M1 <br>6.354% (CME Term SOFR + 2.00%), 01/25/2051<sup>(b)(d)</sup> |  | 82 | 81470 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A <br>5.901% (CME Term SOFR 1 Month + 1.58%), 07/15/2036<sup>(b)(d)</sup> |  | 391 | 369537 |
|  |  |  | 2891659 |
|  **Non-Agency Fixed Rate CMBS – 0.4%** |  |  |  |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class D <br>5.295%, 08/10/2044<sup>(b)</sup> |  | 19 | 13358 |
|  GSF 2021-1 LLC <br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026<sup>(f)</sup> |  | 478 | 471191 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 13 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2 <br>2.435%, 08/15/2026<sup>(f)</sup> | U.S.$| 1421 | $1409856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS <br>2.638%, 08/15/2026<sup>(f)</sup> |  | 40 | 39332 |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035<sup>(f)</sup> |  | 11 | 11190 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2014-C22, Class XA <br>0.549%, 09/15/2047<sup>(g)</sup> |  | 1333 | 14 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2015-C25, Class XA <br>1.132%, 10/15/2048<sup>(g)</sup> |  | 7016 | 7182 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-LC25, Class C <br>4.473%, 12/15/2059 |  | 330 | 308273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class C <br>4.541%, 11/15/2049 |  | 525 | 500151 |
|  |  |  | 2760547 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $5,740,633) |  |  | 5652206 |
|  CORPORATES - NON-INVESTMENT GRADE – 0.7% |  |  |  |
|  Industrial – 0.6% |  |  |  |
|  **Capital Goods – 0.2%** |  |  |  |
|  Axon Enterprise, Inc. <br>6.125%, 03/15/2030<sup>(b)</sup> |  | 535 | 545684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(b)</sup> |  | 389 | 396955 |
|  Quikrete Holdings, Inc. <br>6.375%, 03/01/2032<sup>(b)</sup> |  | 460 | 463087 |
|  |  |  | 1405726 |
|  **Communications - Media – 0.2%** |  |  |  |
|  DISH DBS Corp. <br>5.75%, 12/01/2028<sup>(b)</sup> |  | 1067 | 896675 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029<sup>(b)</sup> | EUR | 561 | 576043 |
|  |  |  | 1472718 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Hilton Domestic Operating Co., Inc. <br>5.875%, 04/01/2029<sup>(b)</sup> | U.S.$| 383 | 387136 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/2028<sup>(b)</sup> | EUR | 550 | 593198 |
|  |  |  | 3858778 |

---

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| | |
|:---|:---|
| 14 AB Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Utility – 0.1% |  |  |  |  |
|  **Electric – 0.1%** |  |  |  |  |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(b)(c)</sup> | U.S.$| 751 | $| 758893 |
|  Total Corporates - Non-Investment Grade <br>(cost $4,837,583) |  |  |  | 4617671 |
|  EMERGING MARKETS - CORPORATE BONDS – 0.4% |  |  |  |  |
|  Industrial – 0.3% |  |  |  |  |
|  **Basic – 0.1%** |  |  |  |  |
|  Braskem Netherlands Finance BV <br>8.00%, 10/15/2034<sup>(b)</sup> |  | 364 |  | 322777 |
|  Volcan Cia Minera SAA <br>8.75%, 01/24/2030<sup>(b)</sup> |  | 126 |  | 118637 |
|  |  |  |  | 441414 |
|  **Communications - Media – 0.0%** | **Communications - Media – 0.0%** | **Communications - Media – 0.0%** | **Communications - Media – 0.0%** | **Communications - Media – 0.0%** |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030<sup>(b)</sup> |  | 232 |  | 216412 |
|  **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028<sup>(b)</sup> |  | 483 |  | 459787 |
|  **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025<sup>(f)(h)(i)(j)(k)</sup> |  | 650 |  | 65 |
|  **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
|  Ecopetrol SA <br>8.625%, 01/19/2029 |  | 1134 |  | 1182195 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(b)</sup> |  | 229 |  | 221415 |
|  |  |  |  | 1403610 |
|  |  |  |  | 2521288 |
|  Utility – 0.1% | Utility – 0.1% | Utility – 0.1% | Utility – 0.1% | Utility – 0.1% |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(b)</sup> |  | 42 |  | 41070 |
|  **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** | **Other Utility – 0.1%** |
|  Aegea Finance SARL <br>6.75%, 05/20/2029<sup>(b)</sup> |  | 374 |  | 369839 |
|  |  |  |  | 410909 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $3,300,639) |  |  |  | 2932197 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COLLATERALIZED LOAN OBLIGATIONS – 0.3% | COLLATERALIZED LOAN OBLIGATIONS – 0.3% | COLLATERALIZED LOAN OBLIGATIONS – 0.3% | COLLATERALIZED LOAN OBLIGATIONS – 0.3% |
|  **CLO - Floating Rate – 0.3%** | **CLO - Floating Rate – 0.3%** | **CLO - Floating Rate – 0.3%** | **CLO - Floating Rate – 0.3%** |
|  Ballyrock CLO 27 Ltd. <br>Series 2024-27A, Class A1A <br>5.632% (CME Term SOFR 3 Month + 1.35%), 10/25/2037<sup>(b)(d)</sup> | U.S.$| 580 | $579687 |
|  Dryden 98 CLO Ltd. <br>Series 2022-98A, Class D <br>7.369% (CME Term SOFR 3 Month + 3.10%), 04/20/2035<sup>(b)(d)</sup> |  | 500 | 471620 |
|  New Mountain CLO 3 Ltd. <br>Series CLO-3A, Class A <br>5.711% (CME Term SOFR 3 Month + 1.44%), 10/20/2034<sup>(b)(d)</sup> |  | 500 | 499880 |
|  OCP CLO Ltd. <br>Series 2024-34A, Class A1 <br>5.616% (CME Term SOFR 3 Month + 1.36%), 10/15/2037<sup>(b)(d)</sup> |  | 456 | 455390 |
|  Total Collateralized Loan Obligations <br>(cost $2,035,932) |  |  | 2006577 |
|  GOVERNMENTS - SOVEREIGN BONDS – 0.2% |  |  |  |
|  **Chile – 0.1%** |  |  |  |
|  Chile Electricity Lux MPC II SARL <br>5.58%, 10/20/2035<sup>(b)</sup> |  | 683 | 677127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672%, 10/20/2035<sup>(b)</sup> |  | 287 | 287825 |
|  |  |  | 964952 |
|  **Colombia – 0.0%** |  |  |  |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 |  | 248 | 199702 |
|  **Israel – 0.1%** |  |  |  |
|  Israel Government International Bond <br>Series 5Y <br>5.375%, 02/19/2030 |  | 380 | 382876 |
|  Total Governments - Sovereign Bonds <br>(cost $1,594,910) |  |  | 1547530 |
|  LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.1% |  |  |  |
|  **United States – 0.1%** |  |  |  |
|  University of California<br> (University of California) <br>Series 2021-B <br>3.071%, 05/15/2051 <br>(cost $1,451,747) |  | 1465 | 979021 |

---

---

| | |
|:---|:---|
| 16 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  QUASI-SOVEREIGNS – 0.1% | QUASI-SOVEREIGNS – 0.1% | QUASI-SOVEREIGNS – 0.1% | QUASI-SOVEREIGNS – 0.1% |
|  Quasi-Sovereign Bonds – 0.1% | Quasi-Sovereign Bonds – 0.1% | Quasi-Sovereign Bonds – 0.1% | Quasi-Sovereign Bonds – 0.1% |
|  **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** |
|  Comision Federal de Electricidad <br>4.688%, 05/15/2029<sup>(b)</sup> <br>(cost $1,015,868) | U.S.$| 1016 | $975563 |
|  EMERGING MARKETS - SOVEREIGNS – 0.1% | EMERGING MARKETS - SOVEREIGNS – 0.1% | EMERGING MARKETS - SOVEREIGNS – 0.1% | EMERGING MARKETS - SOVEREIGNS – 0.1% |
|  **Dominican Republic – 0.1%** | **Dominican Republic – 0.1%** | **Dominican Republic – 0.1%** | **Dominican Republic – 0.1%** |
|  Dominican Republic International Bond <br>4.875%, 09/23/2032<sup>(b)</sup> <br>(cost $922,000) |  | 922 | 828933 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 7.2% |  |  |  |
|  **Investment Companies – 7.2%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.17%<sup>(l)(m)(n)</sup> <br>(cost $49,246,498) |  | 49246498 | 49246498 |
|  Total Investments – 102.5% <br>(cost $703,645,341) |  |  | 706798324 |
|  Other assets less liabilities – (2.5)% |  |  | (17302319) |
|  **Net Assets – 100.0%** |  |  | $**689496005** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  U.S. T-Note 2 Yr (CBT) Futures | 1411 | June 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293697446 | $3018849 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 254 | June 2025 | 29142531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475869) |
|  U.S. T-Note 5 Yr (CBT) Futures | 156 | June 2025 | 17034469 | 99494 |
|  U.S. Ultra Bond (CBT) Futures | 43 | June 2025 | 5204344 | 20090 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662564 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services, Inc. | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 | 05/09/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294471) |
|  State Street Bank & Trust Co. | USD | 9 | EUR | 8 | 05/09/2025 | (155) |
|  |  |  |  |  |  | $(294626) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Australia Series 43, 5 Year Index, 06/20/2030\* | (1.00)% | Quarterly | 0.92% | USD 21,540 | $(104606) | $(250532) | $145926 |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 44, 5 Year Index, 06/20/2030\* | 1.00 | Quarterly | 0.68 | USD 21,540 | 342595 | 420659 | (78064) |
|  |  |  |  |  | $237989 | $170127 | $67862 |

---

\* Termination date

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** |  | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 27630 | 04/15/2026 | 2.583% | CPI | # | Maturity | $309330 | $– 0 | $309330 |
|  USD | 27280 | 04/15/2026 | 2.430% | CPI | # | Maturity | 388228 | – 0 | 388228 |
|  USD | 4940 | 04/15/2026 | 2.530% | CPI | # | Maturity | 60486 | – 0 | 60486 |
|  USD | 61010 | 05/13/2027 | 3.263% | CPI | # | Maturity | 666599 | – 0 | 666599 |
|  USD | 29760 | 07/08/2027 | 2.778% | CPI | # | Maturity | 779078 | – 0 | 779078 |
|  USD | 29760 | 07/08/2027 | 2.770% | CPI | # | Maturity | 790650 | – 0 | 790650 |
|  |  |  |  |  |  |  | $2994371 | $– 0 | $2994371 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 1160 | 06/09/2025 | 2.000% | 1 Day SOFR | Annual | $32209 | $3365 | $28844 |
|  USD | 2106 | 08/04/2025 | 1.970% | 1 Day SOFR | Annual | 55490 | 14699 | 40791 |
|  USD | 5400 | 10/04/2026 | 1.170% | 1 Day SOFR | Annual | 281596 | 227164 | 54432 |
|  USD | 1080 | 11/08/2026 | 1.451% | 1 Day SOFR | Annual | 48322 | 43567 | 4755 |
|  USD | 1080 | 11/09/2026 | 1.47% | 1 Day SOFR | Annual | 47817 | 43613 | 4204 |
|  USD | 7030 | 04/04/2027 | 2.235% | 1 Day SOFR | Annual | 162700 | 250092 | (87392) |
|  USD | 20920 | 06/05/2027 | 0.345% | 1 Day SOFR | Annual | 2128043 | 1540371 | 587672 |
|  USD | 715 | 07/12/2027 | 2.000% | 1 Day SOFR | Annual | 36323 | 30846 | 5477 |
|  USD | 5395 | 06/04/2029 | 1.985% | 1 Day SOFR | Annual | 414837 | 375882 | 38955 |

---

---

| | |
|:---|:---|
| 18 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 3170 | 09/27/2029 | 1.300% | 1 Day SOFR | Annual | $325917 | $316754 | $9163 |
|  USD | 40300 | 05/21/2031 | 1.394% | 1 Day SOFR | Annual | 5815489 | 4909232 | 906257 |
|  USD | 1490 | 11/10/2035 | 2.410% | 1 Day SOFR | Annual | 178637 | 151175 | 27462 |
|  USD | 595 | 03/06/2042 | 3.500% | 1 Day SOFR | Annual | 26416 | – 0 | 26416 |
|  |  |  |  |  |  | $9553796 | $7906760 | $1647036 |

---

#### REVERSE REPURCHASE AGREEMENTS (see Note D)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal<br>Amount<br>(000)** | **Interest<br>Rate** | **Maturity** | **U.S. $Value at<br>April 30,<br>2025** |
|  HSBC Securities (USA), Inc.<sup>†</sup> | USD | 15131 | 4.48% | – $| 15225997 |

---

<sup>†</sup> The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on April 30, 2025.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight<br>and<br>Continuous** | **Up to 30 Days** | **31-90 Days** | **Greater than<br>90 Days** | **Total** |
|  Inflation-Linked Securities | $15225997 | $– 0 – $| – 0 – $| – 0 – $| 15225997 |

---

(a) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2025, the aggregate market value of these securities amounted to $111,455,375 or 16.2% of net assets.

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

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2025.

(e) Inverse interest only security.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.28% of net assets as of April 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br> Series 2021-1, Class A1<br> 1.433%, 08/15/2026 | 04/01/2021 -<br>08/03/2023 | $460107 | $471191 | 0.07% |
|  GSF<br> Series 2021-1, Class A2<br> 2.435%, 08/15/2026 | 02/25/2021 -<br>09/06/2022 | 1433514 | 1409856 | 0.20% |
|  GSF<br> Series 2021-1, Class AS<br> 2.638%, 08/15/2026 | 02/25/2021 -<br>04/01/2021 | 40292 | 39332 | 0.01% |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  HFX Funding <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | $11848 | $11190 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025 | 01/24/2014 -<br>01/27/2014 | 360620 | 65 | 0.00% |

---

(g) IO – Interest Only.

(h) Defaulted matured security.

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

(j) Non-income producing security.

(k) Fair valued by the Adviser.

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

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

(n) Affiliated investments.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

---

| | |
|:---|:---|
| 20 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**April 30, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $654,398,843) | $657551826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $49,246,498) | 49246498 |
|  Cash | 731 |
|  Cash collateral due from broker | 7726144 |
|  Foreign currencies, at value (cost $8,999) | 8957 |
|  Receivable for investment securities sold | 2753620 |
|  Interest receivable | 1880792 |
|  Receivable for capital stock sold | 383827 |
|  Receivable for variation margin on futures | 221544 |
|  Affiliated dividends receivable | 124827 |
|  Receivable due from Adviser | 96540 |
|  Total assets | 719995306 |
| Liabilities |  |
|  Payable for reverse repurchase agreements | 15225997 |
|  Payable for investment securities purchased | 13634188 |
|  Payable for capital stock redeemed | 614267 |
|  Unrealized depreciation on forward currency exchange contracts | 294626 |
|  Advisory fee payable | 281115 |
|  Payable for variation margin on centrally cleared swaps | 67528 |
|  Distribution fee payable | 40307 |
|  Administrative fee payable | 34480 |
|  Transfer Agent fee payable | 18057 |
|  Foreign capital gains tax payable | 5886 |
|  Directors' fees payable | 4025 |
|  Accrued expenses | 278825 |
|  Total liabilities | 30499301 |
|  Net Assets | $**689496005** |
| Composition of Net Assets |  |
|  Capital stock, at par | $65835 |
|  Additional paid-in capital | 799162653 |
|  Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109732483) |
|  **Net Assets** | $**689496005** |

---

Net Asset Value Per Share—33 billion shares of capital stock authorized, $.001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $33645900 | 3161195 | $10.64 \* |
| C | $4034207 | 393040 | $10.26 |
| Advisor | $201674954 | 18922101 | $10.66 |
| I | $7064603 | 672338 | $10.51 |
| 1 | $370534524 | 35708079 | $10.38 |
| 2 | $37273447 | 3593823 | $10.37 |
| Z | $35268370 | 3384923 | $10.42 |

---

\* The maximum offering price per share for Class A shares was $10.88 which reflects a sales charge of 2.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 21 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended April 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15538602 |  |
|  Dividends—Affiliated issuers | 289736 | $15828338 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1641839 |  |
|  Distribution fee—Class A | 42291 |  |
|  Distribution fee—Class C | 20353 |  |
|  Distribution fee—Class 1 | 174597 |  |
|  Transfer agency—Class A | 23221 |  |
|  Transfer agency—Class C | 2801 |  |
|  Transfer agency—Advisor Class | 132639 |  |
|  Transfer agency—Class I | 3821 |  |
|  Transfer agency—Class 1 | 23807 |  |
|  Transfer agency—Class 2 | 2502 |  |
|  Transfer agency—Class Z | 4066 |  |
|  Registration fees | 79102 |  |
|  Custody and accounting | 67505 |  |
|  Administrative | 64965 |  |
|  Audit and tax | 58182 |  |
|  Printing | 34281 |  |
|  Legal | 20386 |  |
|  Directors' fees | 14363 |  |
|  Miscellaneous | 12210 |  |
|  Total expenses before interest expense | 2422931 |  |
|  Interest expense | 334428 |  |
|  Total expenses | 2757359 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (557019) |  |
|  Net expenses |  | 2200340 |
|  Net investment income |  | 13627998 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 200926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 3927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (2073258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 14408175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 372825 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(a)</sup> |  | 8989174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (258090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 4014383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12324453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (4908) |
|  Net gain on investment and foreign currency transactions |  | 13328701 |
|  Net Increase in Net Assets from Operations |  | $**26956699** |

---

(a) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $4,559.

See notes to financial statements.

---

| | |
|:---|:---|
| 22 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(unaudited)** | **Year Ended<br>October 31,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $13627998 | $25144836 |
|  Net realized gain (loss) on investment and foreign currency transactions | 12912595 | (3124497) |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 416106 | 31431152 |
|  Net increase in net assets from operations | 26956699 | 53451491 |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (596241) | (1699586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (56209) | (231627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3654365) | (9013026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | – 0 | (53398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | – 0 | (82429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (126756) | (283517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (6609450) | (13769656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (703959) | (1677452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (651625) | (1132164) |
| Capital Stock Transactions | Capital Stock Transactions | Capital Stock Transactions |
|  Net increase (decrease) | 28264741 | (63470113) |
|  Total increase (decrease) | 42822835 | (37961477) |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 646673170 | 684634647 |
|  End of period | $**689496005** | $**646673170** |

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See notes to financial statements.

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| **ABFunds.com** | AB Bond Inflation Strategy 23 |

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#### NOTES TO FINANCIAL STATEMENTS
**April 30, 2025** (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of six portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Bond Inflation Strategy (the "Fund"), a diversified portfolio. The Fund offers Class A, Class C, Advisor Class, Class I, Class 1, Class 2 and Class Z shares. Class B, Class R, Class K, and Class T shares have been authorized but currently are not offered. Effective May 20, 2024, Class R and Class K were liquidated. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. Class A shares are sold with a maximum sales charge of 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a 1%, 18-month contingent deferred sales charge, which may be subject to waiver in certain circumstances. Class C shares are subject to a contingent deferred sales charge 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. Class R, Class K, and Class 1 shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I, Class 2 and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 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. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Company's Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the

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| 24 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may

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|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 25 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

2. Fair Value Measurements

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

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

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

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

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

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| 26 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

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

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|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 27 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of April 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Inflation-Linked Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $495969949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $495969949 |
|  Corporates – Investment Grade | – 0 | 72698801 | – 0 | 72698801 |
|  Asset-Backed Securities | – 0 | 40575235 | – 0 | 40575235 |
|  Collateralized Mortgage Obligations | – 0 | 28768143 | – 0 | 28768143 |
|  Commercial Mortgage-Backed Securities | – 0 | 5652206 | – 0 | 5652206 |
|  Corporates – Non-Investment Grade | – 0 | 4617671 | – 0 | 4617671 |
|  Emerging Markets – Corporate Bonds | – 0 | 2932132 | 65 | 2932197 |
|  Collateralized Loan Obligations | – 0 | 2006577 | – 0 | 2006577 |
|  Governments – Sovereign Bonds | – 0 | 1547530 | – 0 | 1547530 |
|  Local Governments – US Municipal Bonds | – 0 | 979021 | – 0 | 979021 |
|  Quasi-Sovereigns | – 0 | 975563 | – 0 | 975563 |
|  Emerging Markets – Sovereigns | – 0 | 828933 | – 0 | 828933 |
|  Short-Term Investments | 49246498 | – 0 | – 0 | 49246498 |
|  Total Investments in Securities | 49246498 | 657551761 | 65 | 706798324 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 3138433 | – 0 | – 0 | 3138433 <sup>(b)</sup> |
|  Centrally Cleared Credit Default Swaps | – 0 | 342595 | – 0 | 342595 <sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 2994371 | – 0 | 2994371 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 9553796 | – 0 | 9553796 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (475869) | – 0 | – 0 | (475869)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (294626) | – 0 | (294626) |
|  Centrally Cleared Credit Default Swaps | – 0 | (104606) | – 0 | (104606)<sup>(b)</sup> |
|  **Total** | $**51909062** | $**670043291** | $**65** | $**721952418** |

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

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

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| 28 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income.

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| **ABFunds.com** | AB Bond Inflation Strategy 29 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund accounts for distributions received from real estate investment trust ("REIT") investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

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

7. Dividends and Distributions

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

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.

9. Segment Information

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

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| 30 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding extraordinary expenses, interest expense, and acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest), on an annual basis ("Expense Caps") to .75%, 1.50%, .50%, .50%, .60%, .50% and .50% of the daily average net assets for the Class A, Class C, Advisor Class, Class I, Class 1, Class 2, and Class Z shares, respectively. This fee waiver and/or expense reimbursement agreement will remain in effect until January 31, 2026 and then may be extended for additional one-year terms. For the six months ended April 30, 2025, such reimbursement amounted to $543,848.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2025, the reimbursement for such services amounted to $64,965.

The Fund 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 Fund. 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 $60,376 for the six months ended April 30, 2025.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $519 from the sale of Class A shares and received $510 and $-0- in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2025.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund

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| **ABFunds.com** | AB Bond Inflation Strategy 31 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2025, such waiver amounted to $13,171.

A summary of the Fund's transactions in AB mutual funds for the six months ended April 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>4/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |

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NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares, .50% of the Fund's average daily net assets attributable to Class R shares, .25% of the Fund's average daily net assets attributable to Class K shares and .10% of the Fund's average daily net assets attributable to Class 1 shares. There are no distribution and servicing fees on the Advisor Class, Class I, Class 2 and Class Z shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund's operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $308,052, $65,634, $62,361 and $1,596,471 for Class C, Class R, Class K and Class 1 shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, and the share class is active, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

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| 32 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $32851594 | $31132136 |
|  U.S. government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118409195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118999371 |

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

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| | |
|:---|:---|
|  Gross unrealized appreciation | $15174695 |
|  Gross unrealized depreciation | (4944505) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10230190 |

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1. Derivative Financial Instruments

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

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

**•** **Futures** 

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under "Currency Transactions".

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments

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| **ABFunds.com** | AB Bond Inflation Strategy 33 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

During the six months ended April 30, 2025, the Fund held futures for hedging and non-hedging purposes.

**•** **Forward Currency Exchange Contracts** 

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2025, the Fund held forward currency exchange contracts for hedging purposes.

**•** **Swaps** 

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market

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| 34 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

exposures, making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

During the six months ended April 30, 2025, the Fund held interest rate swaps for hedging and non-hedging purposes.

#### Inflation (CPI) Swaps:
Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price

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| 36 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended April 30, 2025, the Fund held inflation (CPI) swaps for hedging and non-hedging purposes.

#### Credit Default Swaps:
The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and

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**NOTES TO FINANCIAL STATEMENTS** (continued)

typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2025, the Fund held credit default swaps for hedging and non-hedging purposes.

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

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

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| 38 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended April 30, 2025, the Fund had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $3138433 \* | Payable for variation margin on futures | $475869 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 145926 \* | Payable for variation margin on centrally cleared swaps | 78064 \* |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 4728799 \* | Payable for variation margin on centrally cleared swaps | 87392 \* |
|  Foreign currency contracts |  |  | Unrealized depreciation on forward currency exchange contracts | 294626 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013158 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935951 |

---

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

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within**<br>**Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(2073258) | $4014383 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 3927 | (258090) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 14270761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12384730) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 137414 | 60277 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12338844 | $(8568160) |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended April 30, 2025:

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| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $277396804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $36978620 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $45821 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $4120796 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $90441000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208440000 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $30634286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $30634286 |

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(a) Positions were open for two months during the period.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of April 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Morgan Stanley Capital Services, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294471 |
|  State Street Bank & Trust Co. | 155 | – 0 – | – 0 – | – 0 – | 155 |
|  Total | $294626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| 294626 |

---

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

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

---

See Note D.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by

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| 40 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions ("RVP") in accordance with the terms of a Master Repurchase Agreement ("MRA"), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other master agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended April 30, 2025, the average amount of reverse repurchase agreements outstanding was $14,980,836 and the daily weighted average interest rate was 4.42%. At April 30, 2025, the Fund had reverse repurchase agreements outstanding in the amount of $15,225,997 as reported on the statement of assets and liabilities.

The following table presents the Fund's RVP liabilities by counterparty net of the related collateral pledged by the Fund as of April 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities<br>Subject to a<br>MRA** | **Securities<br>Collateral<br>Pledged<sup>†</sup>\*** | **Net Amount of<br>RVP Liabilities** |
|  HSBC Securities (USA), Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15225997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15225997) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

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<sup>†</sup> Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

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| **ABFunds.com** | AB Bond Inflation Strategy 41 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 445973 | 886608 | $4669373 | $9161416 |
|  Shares issued in reinvestment of dividends | 39466 | 116127 | 412840 | 1193753 |
|  Shares converted from Class C | 13061 | 39076 | 136774 | 404222 |
|  Shares redeemed | (803957) | (2254698) | (8375548) | (23324374) |
|  **Net decrease** | **(305457** | **(1212887)** | $**(3156561** | $**(12564983)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 27262 | 2682 | $274311 | $26763 |
|  Shares issued in reinvestment of dividends | 4447 | 19246 | 44921 | 190962 |
|  Shares converted to Class A | (13549) | (40485) | (136774) | (404222) |
|  Shares redeemed | (55918) | (374575) | (561275) | (3752011) |
|  **Net decrease** | **(37758** | **(393132)** | $**(378817** | $**(3938508)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 3763403 | 6655568 | $39219164 | $68892877 |
|  Shares issued in reinvestment of dividends | 282916 | 640266 | 2964435 | 6599131 |
|  Shares redeemed | (3340721) | (11102736) | (34963051) | (114822897) |
|  **Net increase (decrease)** | **705598** | **(3806902)** | $**7220548** | $**(39330889)** |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  Shares sold | – 0 | 64431 | $– 0 | $669013 |
|  Shares issued in reinvestment of dividends and distributions | – 0 | 5201 | – 0 | 53397 |
|  Shares redeemed | – 0 | (309251) | – 0 | (3193722) |
|  **Net increase (decrease)** | **– 0** | **(239619)** | $**– 0** | $**(2471312)** |

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| 42 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 |
| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  Shares sold | – 0 | 72121 | $– 0 | $744293 |
|  Shares issued in reinvestment of dividends and distributions | – 0 | 8080 | – 0 | 82429 |
|  Shares redeemed | – 0 | (535829) | – 0 | (5498942) |
|  **Net increase (decrease)** | **– 0** | **(455628)** | $**– 0** | $**(4672220)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  Shares sold | 229700 | 330434 | $2385893 | $3370446 |
|  Shares issued in reinvestment of dividends and distributions | 12273 | 27868 | 126756 | 283511 |
|  Shares redeemed | (182299) | (305121) | (1881027) | (3113419) |
|  **Net increase** | **59674** | **53181** | $**631622** | $**540538** |
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  Shares sold | 4243979 | 8901070 | $43207476 | $90409953 |
|  Shares issued in reinvestment of dividends and distributions | 444775 | 961987 | 4537210 | 9656661 |
|  Shares redeemed | (2687336) | (10973081) | (27416774) | (110551411) |
|  **Net increase (decrease)** | **2001418** | **(1110024)** | $**20327912** | $**(10484797)** |
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  Shares sold | 444415 | 592429 | $4498958 | $5980619 |
|  Share issued in reinvestment of dividends and distributions | 57217 | 147533 | 583176 | 1480571 |
|  Shares redeemed | (429120) | (1471879) | (4384105) | (14806373) |
|  **Net increase (decrease)** | **72512** | **(731917)** | $**698029** | $**(7345183)** |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  Shares sold | 852434 | 2401771 | $8702355 | $24254662 |
|  Share issued in reinvestment of dividends and distributions | 63472 | 111148 | 650020 | 1123294 |
|  Shares redeemed | (628404) | (844397) | (6430367) | (8580715) |
|  **Net increase** | **287502** | **1668522** | $**2922008** | $**16797241** |

---

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| **ABFunds.com** | AB Bond Inflation Strategy 43 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE F

Risks Involved in Investing in the Fund

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

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

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

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

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer maturities. Although the Fund invests principally in inflation-indexed securities, the value of its securities may be vulnerable to changes in expectations of inflation or interest rates.

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| 44 AB Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Mortgage-Related and/or Other Asset-Backed Securities Risk**—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and "prepayment risk", which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

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

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

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $27942855 | $38249959 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38249959 |

---

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| | |
|:---|:---|
| 46 AB Bond Inflation Strategy | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1028016 |
|  Accumulated capital and other losses | (134067547)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 9036459 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124003072)<sup>(c)</sup> |

---

(a) As of October 31, 2024, the Fund had a net capital loss carryforward of $134,067,547.

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

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

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 October 31, 2024, the Fund had a net short-term capital loss carryforward of $57,034,851 and a net long-term capital loss carryforward of $77,032,696, which may be carried forward for an indefinite period.

NOTE I

Subsequent Events

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

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 47 |

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#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.42 | $10.02 | $10.29 | $11.97 | $11.56 | $10.95 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .20 | .39 | .43 | .64 | .51 | .25 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .20 | .44 | (.26 | (1.66) | .35 | .59 |
|  Net increase (decrease) in net asset value from operations | .40 | .83 | .17 | (1.02) | .86 | .84 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.18 | (.43 | (.44 | (.62) | (.45 | (.23 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.18 | (.43 | (.44 | (.66) | (.45 | (.23 |
|  Net asset value, end of period | **$10.64** | **$10.42** | **$10.02** | **$10.29** | **$11.97** | **$11.56** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 3.89 | 8.46 | 1.70 | (8.93)% | 7.63 | 7.64 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $33646 | $36111 | $46881 | $63936 | $54687 | $31248 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | .85 | .84 | .86 | .84% | .78 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | 1.10 | 1.08 | 1.09 | 1.04% | 1.00 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.91 | 3.76 | 4.16 | 5.69% | 4.29 | 2.26 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

---

| | |
|:---|:---|
| 48 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.05 | $9.68 | $9.96 | $11.63 | $11.25 | $10.67 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .31 | .33 | .54 | .44 | .18 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .19 | .42 | (.24 | (1.62) | .31 | .56 |
|  Net increase (decrease) in net asset value from operations | .35 | .73 | .09 | (1.08) | .75 | .74 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.14 | (.36 | (.37 | (.55) | (.37 | (.16 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.14 | (.36 | (.37 | (.59) | (.37 | (.16 |
|  Net asset value, end of period | **$10.26** | **$10.05** | **$9.68** | **$9.96** | **$11.63** | **$11.25** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 3.50 | 7.64 | .85 | (9.58)% | 6.87 | 6.92 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $4034 | $4328 | $7973 | $15480 | $12915 | $3823 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | 1.60 | 1.59 | 1.62 | 1.59% | 1.53 | 1.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | 1.85 | 1.83 | 1.85 | 1.78% | 1.75 | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.17 | 3.06 | 3.33 | 4.91% | 3.79 | 1.62 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 49 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.43 | $10.03 | $10.30 | $11.99 | $11.57 | $10.96 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .22 | .42 | .44 | .67 | .57 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .21 | .44 | (.25 | (1.67) | .33 | .60 |
|  Net increase (decrease) in net asset value from operations | .43 | .86 | .19 | (1.00) | .90 | .87 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.46 | (.46 | (.65) | (.48 | (.26 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.20 | (.46 | (.46 | (.69) | (.48 | (.26 |
|  Net asset value, end of period | **$10.66** | **$10.43** | **$10.03** | **$10.30** | **$11.99** | **$11.57** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.14 | 8.63 | 1.93 | (8.72)% | 7.98 | 7.93 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $201675 | $190047 | $220987 | $506033 | $475604 | $135677 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | .60 | .59 | .62 | .59% | .53 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | .85 | .83 | .85 | .78% | .74 | .92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.23 | 4.07 | 4.23 | 5.95% | 4.76 | 2.44 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

---

| | |
|:---|:---|
| 50 AB Bond Inflation Strategy | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.29 | $9.90 | $10.17 | $11.84 | $11.44 | $10.84 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .22 | .43 | .46 | .66 | .51 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .20 | .42 | (.26 | (1.64) | .37 | .59 |
|  Net increase (decrease) in net asset value from operations | .42 | .85 | .20 | (.98) | .88 | .86 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.46 | (.47 | (.65) | (.48 | (.26 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.20 | (.46 | (.47 | (.69) | (.48 | (.26 |
|  Net asset value, end of period | **$10.51** | **$10.29** | **$9.90** | **$10.17** | **$11.84** | **$11.44** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.10 | 8.74 | 1.88 | (8.67)% | 7.88 | 7.97 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $7065 | $6303 | $5539 | $6414 | $6093 | $8297 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | .60 | .59 | .61 | .59% | .53 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | .83 | .82 | .83 | .78% | .74 | .88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.28 | 4.19 | 4.50 | 5.92% | 4.31 | 2.42 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

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| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 51 |

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------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.16 | $9.78 | $10.06 | $11.73 | $11.35 | $10.77 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .21 | .40 | .44 | .64 | .52 | .26 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .20 | .43 | (.26 | (1.62) | .34 | .59 |
|  Net increase (decrease) in net asset value from operations | .41 | .83 | .18 | (.98) | .86 | .85 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.45 | (.46 | (.65) | (.48 | (.27 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.19 | (.45 | (.46 | (.69) | (.48 | (.27 |
|  Net asset value, end of period | **$10.38** | **$10.16** | **$9.78** | **$10.06** | **$11.73** | **$11.35** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.09 | 8.53 | 1.84 | (8.75)% | 7.77 | 7.84 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $370535 | $342511 | $340649 | $390055 | $377333 | $312381 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | .70 | .69 | .71 | .69% | .63 | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | .82 | .81 | .83 | .78% | .75 | .88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.13 | 3.92 | 4.34 | 5.76% | 4.44 | 2.42 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

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| | |
|:---|:---|
| 52 AB Bond Inflation Strategy | **ABFunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.16 | $9.78 | $10.06 | $11.73 | $11.34 | $10.76 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .21 | .41 | .44 | .64 | .53 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .20 | .43 | (.25 | (1.61) | .35 | .58 |
|  Net increase (decrease) in net asset value from operations | .41 | .84 | .19 | (.97) | .88 | .86 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.46 | (.47 | (.66) | (.49 | (.28 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.20 | (.46 | (.47 | (.70) | (.49 | (.28 |
|  Net asset value, end of period | **$10.37** | **$10.16** | **$9.78** | **$10.06** | **$11.73** | **$11.34** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.05 | 8.75 | 1.94 | (8.77)% | 7.98 | 7.96 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $37273 | $35768 | $41599 | $59262 | $66348 | $60289 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | .60 | .59 | .61 | .58% | .53 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | .72 | .72 | .73 | .67% | .65 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.17 | 4.09 | 4.38 | 5.75% | 4.51 | 2.53 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

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|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 53 |

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**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.20 | $9.82 | $10.10 | $11.77 | $11.38 | $10.80 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .21 | .42 | .46 | .67 | .56 | .24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .21 | .42 | (.27 | (1.65) | .32 | .62 |
|  Net increase (decrease) in net asset value from operations | .42 | .84 | .19 | (.98) | .88 | .86 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.46 | (.47 | (.65) | (.49 | (.28 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.04) | – 0 | – 0 |
|  Total dividends and distributions | (.20 | (.46 | (.47 | (.69) | (.49 | (.28 |
|  Net asset value, end of period | **$10.42** | **$10.20** | **$9.82** | **$10.10** | **$11.77** | **$11.38** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(c)</sup> | 4.13 | 8.71 | 1.83 | (8.65)% | 7.94 | 7.92 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $35268 | $31605 | $14036 | $10320 | $20910 | $11016 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(d)</sup> | .60 | .59 | .60 | .58% | .53 | .67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(d)</sup> | .73 | .73 | .74 | .68% | .65 | .81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.24 | 4.15 | 4.53 | 6.02% | 4.81 | 2.16 |
|  Portfolio turnover rate | 23 | 50 | 125 | 79% | 62 | 48 |

---

See footnote summary on page 55.

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| | |
|:---|:---|
| 54 AB Bond Inflation Strategy | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

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

(d) The expense ratios presented below exclude interest/bank overdraft expense:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br>**(unaudited)** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .99 | %<sup>^</sup> | .99% | .98% | .95% | .97% | 1.01% |
|  **Class C** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.74 | %<sup>^</sup> | 1.74% | 1.73% | 1.69% | 1.72% | 1.77% |
|  **Advisor Class** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .74 | %<sup>^</sup> | .74% | .73% | .69% | .72% | .77% |
|  **Class I** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .73 | %<sup>^</sup> | .73% | .72% | .69% | .71% | .73% |
|  **Class 1** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .60 | %<sup>^</sup> | .60% | .60% | .60% | .60% | .60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .72 | %<sup>^</sup> | .72% | .72% | .69% | .72% | .73% |
|  **Class 2** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .62 | %<sup>^</sup> | .62% | .62% | .59% | .62% | .63% |
|  **Class Z** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .63 | %<sup>^</sup> | .63% | .63% | .60% | .62% | .63% |

---

^ Annualized.

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 55 |

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#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Bond Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Bond Inflation Strategy (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 and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment

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|:---|:---|
| 56 AB Bond Inflation Strategy | **ABFunds.com** |

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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.

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

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|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 57 |

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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 Advisor Class 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 Advisor Class 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 payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median. The directors also noted the Adviser's total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, 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, offshore fund and

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|:---|:---|
| 58 AB Bond Inflation Strategy | **ABFunds.com** |

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sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory 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, offshore fund and sub-advised fund 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 Advisor Class 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 Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. 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 expense ratio was equal to the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. 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

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|:---|:---|
| **ABFunds.com** | AB Bond Inflation Strategy 59 |

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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. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

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|:---|:---|
| 60 AB Bond Inflation Strategy | **ABFunds.com** |

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![LOGO](g935537g28a43.jpg)

AB BOND INFLATION STRATEGY

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

BIS-0152-0425 ![LOGO](g935537g22c48.jpg)

------

#### April 30, 2025
![LOGO](g948826g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB INCOME FUND

![LOGO](g948826g50e50.jpg)

------

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

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

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

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

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

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

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

------

#### PORTFOLIO OF INVESTMENTS
**April 30, 2025** (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  GOVERNMENTS - TREASURIES – 48.1% |  |  |  |  |
|  **United States – 48.1%** |  |  |  |  |
|  U.S. Treasury Bonds <br>3.00%, 08/15/2052 | U.S.$| 21049 |  | $15418392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 |  | 93128 |  | 86379672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 |  | 4985 |  | 4630598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 |  | 76723 |  | 74975753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2044 |  | 16913 |  | 16781528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2055 |  | 1575 |  | 1561034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 |  | 3600 |  | 3625031 |
|  U.S. Treasury Notes <br>3.50%, 09/30/2029 |  | 23028 |  | 22822709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 |  | 20321 |  | 20397204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 |  | 13399 |  | 13433544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2034 |  | 3267 |  | 3195407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 |  | 28040 |  | 28357640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 |  | 36500 |  | 36922031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 |  | 33270 |  | 33636490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/30/2027<sup>(a)(b)(c)</sup> |  | 255609 |  | 258674109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/31/2028 |  | 88642 |  | 89944335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 15230 |  | 15467969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/2029 |  | 10148 |  | 10314491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/29/2032 |  | 26128 |  | 26389280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2032 |  | 23299 |  | 23537451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 |  | 19500 |  | 19669863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 1039 |  | 1060511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 |  | 3262 |  | 3356650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 |  | 6175 |  | 6386783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2035 |  | 29200 |  | 30245953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/31/2025 |  | 102185 |  | 102257149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 36260 |  | 37687737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/31/2025 |  | 126545 |  | 126767442 |
|  Total Governments - Treasuries <br>(cost $1,112,218,928) |  |  |  | 1113896756 |
|  MORTGAGE PASS-THROUGHS – 30.5% |  |  |  |  |
|  **Agency Fixed Rate 30-Year – 30.5%** |  |  |  |  |
|  Federal Home Loan Mortgage Corp. <br>Series 2023 <br>6.00%, 10/01/2053 |  | 3924 |  | 3987301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2053 |  | 3941 |  | 4004275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 |  | 6739 |  | 6945578 |
|  Federal National Mortgage Association <br>Series 1998 <br>8.00%, 06/01/2028 |  | 0 | \*\* | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999 <br>7.50%, 11/01/2029 |  | 3 |  | 2902 |

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|:---|:---|
| **ABFunds.com** | AB Income Fund 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>2.50%, 12/01/2050 | U.S.$| 78492 | $65295398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>3.00%, 03/01/2052 |  | 18918 | 16481941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2052 |  | 12432 | 10794271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>3.00%, 07/01/2052 |  | 9143 | 7939918 |
|  Government National Mortgage Association <br>Series 2023 <br>5.00%, 05/20/2053 |  | 6909 | 6805895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2053 |  | 738 | 726411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/2053 |  | 35171 | 35276100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/20/2053 |  | 28727 | 28840313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024 <br>5.00%, 04/20/2054 |  | 3050 | 2993826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 <br>2.00%, 05/01/2055, TBA |  | 29150 | 23770808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2055, TBA |  | 29325 | 24988264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2055, TBA |  | 44936 | 42984205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2055, TBA |  | 47600 | 47551381 |
|  Uniform Mortgage-Backed Security <br>Series 2025 <br>2.00%, 05/01/2055, TBA |  | 26325 | 20887242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2055, TBA |  | 91074 | 78992576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2055, TBA |  | 54481 | 49154517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2055, TBA |  | 38432 | 35800145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2055, TBA |  | 3230 | 3089537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055, TBA |  | 69852 | 68381518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2055, TBA |  | 9700 | 9677644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2055, TBA |  | 93125 | 94445484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2055, TBA |  | 16150 | 16631346 |
|  Total Mortgage Pass-Throughs <br>(cost $691,621,749) |  |  | 706448915 |
|  CORPORATES - INVESTMENT GRADE – 15.9% |  |  |  |
|  Industrial – 7.1% |  |  |  |
|  **Basic – 1.2%** |  |  |  |
|  Alpek SAB de CV <br>3.25%, 02/25/2031<sup>(d)</sup> |  | 1366 | 1161441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/18/2029<sup>(d)</sup> |  | 1746 | 1626731 |
|  Anglo American Capital PLC <br>2.625%, 09/10/2030<sup>(d)</sup> |  | 707 | 625879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/17/2031<sup>(d)</sup> |  | 3700 | 3279717 |
|  Celulosa Arauco y Constitucion SA <br>4.25%, 04/30/2029<sup>(d)</sup> |  | 1355 | 1280096 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027<sup>(d)</sup> |  | 964 | 960501 |

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|:---|:---|
| 2 AB Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Glencore Funding LLC <br>5.186%, 04/01/2030<sup>(d)</sup> | U.S.$| 3022 | $3059473 |
|  Inversiones CMPC SA <br>6.125%, 02/26/2034<sup>(d)</sup> |  | 429 | 429922 |
|  Nexa Resources SA <br>6.75%, 04/09/2034<sup>(d)</sup> |  | 2066 | 2109902 |
|  OCP SA <br>6.10%, 04/30/2030<sup>(d)</sup> |  | 629 | 625792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 03/01/2036<sup>(d)</sup> |  | 612 | 605807 |
|  Orbia Advance Corp. SAB de CV <br>1.875%, 05/11/2026<sup>(d)</sup> |  | 529 | 513294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/11/2031<sup>(d)</sup> |  | 3275 | 2667324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/04/2027<sup>(d)</sup> |  | 1287 | 1235520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/13/2035<sup>(d)</sup> |  | 1376 | 1366767 |
|  Sociedad Quimica y Minera de Chile SA <br>4.25%, 05/07/2029<sup>(d)</sup> |  | 704 | 681120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/10/2034<sup>(d)</sup> |  | 800 | 770600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/07/2033<sup>(d)</sup> |  | 1016 | 1052220 |
|  Suzano Austria GmbH <br>6.00%, 01/15/2029 |  | 4752 | 4836942 |
|  |  |  | 28889048 |
|  **Capital Goods – 0.1%** |  |  |  |
|  Boeing Co. (The) <br>3.25%, 02/01/2028 |  | 1267 | 1219931 |
|  St. Marys Cement, Inc. Canada <br>5.75%, 04/02/2034<sup>(d)</sup> |  | 579 | 569446 |
|  |  |  | 1789377 |
|  **Communications - Media – 0.9%** |  |  |  |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(d)</sup> |  | 2691 | 2601686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(d)</sup> |  | 3147 | 2989681 |
|  Grupo Televisa SAB <br>4.625%, 01/30/2026<sup>(e)</sup> |  | 1290 | 1273553 |
|  Paramount Global <br>4.20%, 06/01/2029 |  | 379 | 365481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/30/2036 |  | 764 | 766261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/30/2030 |  | 734 | 804413 |
|  Prosus NV <br>3.061%, 07/13/2031<sup>(d)</sup> |  | 3143 | 2697888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030<sup>(d)</sup> |  | 5224 | 4812610 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032 |  | 905 | 775006 |
|  Weibo Corp. <br>3.375%, 07/08/2030 |  | 3312 | 3038727 |
|  |  |  | 20125306 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 1.8%** |  |  |  |
|  Ford Motor Co. <br>3.25%, 02/12/2032 | U.S.$| 9159 | $7486567 |
|  Ford Motor Credit Co. LLC <br>6.05%, 03/05/2031 |  | 3380 | 3300807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/08/2034 |  | 1474 | 1391795 |
|  General Motors Financial Co., Inc. <br>2.35%, 01/08/2031 |  | 1660 | 1410386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 5419 | 4646142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/2030 |  | 832 | 765598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 01/09/2033 |  | 6354 | 6551546 |
|  Harley-Davidson Financial Services, Inc. <br>5.95%, 06/11/2029<sup>(d)</sup> |  | 4748 | 4731667 |
|  Hyundai Capital America <br>4.55%, 09/26/2029<sup>(d)</sup> |  | 2007 | 1964090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(d)</sup> |  | 949 | 955728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/24/2029<sup>(d)</sup> |  | 2780 | 2799710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/19/2029<sup>(d)</sup> |  | 4737 | 4776033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/16/2029<sup>(d)</sup> |  | 1536 | 1604444 |
|  |  |  | 42384513 |
|  **Consumer Cyclical - Entertainment – 0.2%** |  |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(d)</sup> |  | 2838 | 2709467 |
|  Hasbro, Inc. <br>6.05%, 05/14/2034 |  | 954 | 969283 |
|  Royal Caribbean Cruises Ltd. <br>5.50%, 08/31/2026<sup>(d)</sup> |  | 82 | 82104 |
|  |  |  | 3760854 |
|  **Consumer Cyclical - Other – 0.5%** |  |  |  |
|  Flutter Treasury DAC <br>5.00%, 04/29/2029<sup>(d)</sup> | EUR | 179 | 209772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/29/2029<sup>(d)</sup> | U.S.$| 347 | 353926 |
|  GENM Capital Labuan Ltd. <br>3.882%, 04/19/2031<sup>(d)</sup> |  | 1673 | 1477677 |
|  Las Vegas Sands Corp. <br>5.625%, 06/15/2028 |  | 3548 | 3546581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 1183 | 1185118 |
|  Marriott International, Inc./MD <br>5.10%, 04/15/2032 |  | 1163 | 1160988 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(d)</sup> |  | 1100 | 951247 |
|  Sands China Ltd. <br>2.85%, 03/08/2029<sup>(f)</sup> |  | 318 | 283020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 08/08/2025<sup>(f)</sup> |  | 2880 | 2874240 |
|  |  |  | 12042569 |

---

---

| | |
|:---|:---|
| 4 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Zhongsheng Group Holdings Ltd. <br>5.98%, 01/30/2028<sup>(d)</sup> | U.S.$| 2313 | $2243818 |
|  **Consumer Non-Cyclical – 0.4%** |  |  |  |
|  Altria Group, Inc. <br>5.625%, 02/06/2035 |  | 4764 | 4811449 |
|  Cencosud SA <br>5.95%, 05/28/2031<sup>(d)</sup> |  | 1289 | 1308980 |
|  Viatris, Inc. <br>2.70%, 06/22/2030 |  | 3560 | 3080575 |
|  |  |  | 9201004 |
|  **Energy – 0.9%** |  |  |  |
|  Continental Resources, Inc./OK <br>2.875%, 04/01/2032<sup>(d)</sup> |  | 865 | 697259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(d)</sup> |  | 5823 | 5739207 |
|  Harbour Energy PLC <br>6.327%, 04/01/2035<sup>(d)</sup> |  | 3175 | 3032125 |
|  KazMunayGas National Co. JSC <br>5.375%, 04/24/2030<sup>(d)</sup> |  | 2425 | 2357706 |
|  Occidental Petroleum Corp. <br>5.20%, 08/01/2029 |  | 3682 | 3633103 |
|  Raizen Fuels Finance SA <br>6.45%, 03/05/2034<sup>(d)</sup> |  | 1554 | 1539626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/25/2037<sup>(d)</sup> |  | 3175 | 3110865 |
|  Var Energi ASA <br>8.00%, 11/15/2032<sup>(d)</sup> |  | 1436 | 1572808 |
|  |  |  | 21682699 |
|  **Technology – 0.5%** |  |  |  |
|  Baidu, Inc. <br>3.425%, 04/07/2030 |  | 225 | 213328 |
|  Dell International LLC/EMC Corp. <br>5.30%, 04/01/2032 |  | 1985 | 1989685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2035 |  | 3970 | 3893736 |
|  Entegris, Inc. <br>4.75%, 04/15/2029<sup>(d)</sup> |  | 1706 | 1662139 |
|  Lenovo Group Ltd. <br>3.421%, 11/02/2030<sup>(d)</sup> |  | 509 | 466997 |
|  SK Hynix, Inc. <br>5.50%, 01/16/2029<sup>(d)</sup> |  | 2000 | 2044380 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 |  | 185 | 168829 |
|  |  |  | 10439094 |
|  **Transportation - Airlines – 0.2%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(d)</sup> |  | 1881 | 1823159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.308%, 10/20/2031<sup>(d)</sup> |  | 4101 | 3921787 |
|  |  |  | 5744946 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Railroads – 0.1%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd. <br>4.35%, 04/05/2036<sup>(d)</sup> | U.S.$| 466 | $430464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(d)</sup> |  | 1329 | 1328381 |
|  |  |  | 1758845 |
|  **Transportation - Services – 0.2%** |  |  |  |
|  Adani Ports & Special Economic Zone Ltd. <br>4.00%, 07/30/2027<sup>(d)</sup> |  | 4585 | 4309900 |
|  |  |  | 164371973 |
|  Financial Institutions – 6.9% |  |  |  |
|  **Banking – 5.3%** |  |  |  |
|  Ally Financial, Inc. <br>6.848%, 01/03/2030 |  | 2409 | 2500181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.992%, 06/13/2029 |  | 4859 | 5048890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 75 | 83057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B <br>4.70%, 05/15/2026<sup>(g)</sup> |  | 3727 | 3428393 |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand <br>5.621%, 12/10/2029<sup>(d)</sup> |  | 1560 | 1579500 |
|  Banco Santander SA <br>3.225%, 11/22/2032 |  | 200 | 173298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%, 03/24/2028 |  | 2800 | 2775500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.552%, 03/14/2028 |  | 800 | 812320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.921%, 08/08/2033 |  | 5400 | 5754510 |
|  Bank Leumi Le-Israel BM <br>7.129%, 07/18/2033<sup>(d)</sup> |  | 1300 | 1329250 |
|  Bank of Ireland Group PLC <br>5.601%, 03/20/2030<sup>(d)</sup> |  | 2576 | 2640889 |
|  Barclays PLC <br>4.942%, 09/10/2030 |  | 2380 | 2378310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, 03/12/2028 |  | 1312 | 1338122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.785%, 02/25/2036 |  | 1348 | 1348687 |
|  BPCE SA <br>5.876%, 01/14/2031<sup>(d)</sup> |  | 2640 | 2719728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%, 01/14/2036<sup>(d)</sup> |  | 2064 | 2137974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E <br>4.125%, 03/08/2033<sup>(d)</sup> | EUR | 400 | 463300 |
|  CaixaBank SA <br>5.673%, 03/15/2030<sup>(d)</sup> | U.S.$| 3239 | 3343134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 09/13/2034<sup>(d)</sup> |  | 3893 | 4230601 |
|  Capital One Financial Corp. <br>7.624%, 10/30/2031 |  | 3035 | 3381506 |
|  Citigroup, Inc. <br>5.592%, 11/19/2034 |  | 1814 | 1822199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%, 02/13/2035 |  | 691 | 685292 |

---

---

| | |
|:---|:---|
| 6 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Credit Agricole SA <br>5.862%, 01/09/2036<sup>(d)</sup> | U.S.$| 2177 | $2225569 |
|  Deutsche Bank AG/New York NY <br>3.729%, 01/14/2032 |  | 9101 | 8181708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%, 01/10/2029 |  | 1855 | 1879282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%, 07/13/2027 |  | 962 | 986974 |
|  Discover Financial Services <br>7.964%, 11/02/2034 |  | 2530 | 2901556 |
|  HSBC Holdings PLC <br>5.546%, 03/04/2030 |  | 7485 | 7671900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.399%, 11/13/2034 |  | 4230 | 4655580 |
|  Lloyds Banking Group PLC <br>5.462%, 01/05/2028 |  | 1262 | 1279390 |
|  NatWest Group PLC <br>3.032%, 11/28/2035 |  | 723 | 639052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%, 08/15/2030 |  | 3835 | 3853255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.475%, 06/01/2034 |  | 982 | 1016458 |
|  Santander Holdings USA, Inc. <br>5.473%, 03/20/2029 |  | 72 | 72284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.741%, 03/20/2031 |  | 2882 | 2910388 |
|  Santander UK Group Holdings PLC <br>5.694%, 04/15/2031 |  | 2923 | 2996689 |
|  Societe Generale SA <br>5.519%, 01/19/2028<sup>(d)</sup> |  | 10276 | 10369203 |
|  Standard Chartered PLC <br>5.545%, 01/21/2029<sup>(d)</sup> |  | 3051 | 3108359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051% (CME Term SOFR 3 Month + 1.77%), 01/30/2027<sup>(d)(g)(h)</sup> |  | 7500 | 7023525 |
|  Synchrony Financial <br>5.45%, 03/06/2031 |  | 2885 | 2876576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030 |  | 2476 | 2508163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 350 | 358008 |
|  Toronto-Dominion Bank (The) <br>5.146%, 09/10/2034 |  | 1362 | 1354659 |
|  UBS Group AG <br>6.373%, 07/15/2026<sup>(d)</sup> |  | 1114 | 1116941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/10/2034<sup>(d)(g)</sup> |  | 2041 | 1962544 |
|  |  |  | 121922704 |
|  **Finance – 0.2%** |  |  |  |
|  Aviation Capital Group LLC <br>4.125%, 08/01/2025<sup>(d)</sup> |  | 1592 | 1587096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(d)</sup> |  | 1315 | 1313330 |
|  CFAMC II Co., Ltd. <br>Series E <br>4.875%, 11/22/2026<sup>(d)</sup> |  | 498 | 494579 |
|  Huarong Finance II Co., Ltd. <br>Series E <br>4.625%, 06/03/2026<sup>(d)</sup> |  | 630 | 625401 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 7 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  REC Ltd. <br>5.625%, 04/11/2028<sup>(d)</sup> | U.S.$| 648 | $659839 |
|  |  |  | 4680245 |
|  **Insurance – 1.2%** |  |  |  |
|  Athene Global Funding <br>1.985%, 08/19/2028<sup>(d)</sup> |  | 2152 | 1974439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/19/2030<sup>(d)</sup> |  | 1860 | 1637265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.717%, 01/07/2029<sup>(d)</sup> |  | 2165 | 2005678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.583%, 01/09/2029<sup>(d)</sup> |  | 4595 | 4702431 |
|  Generali <br>Series E <br>5.50%, 10/27/2047<sup>(d)</sup> | EUR | 6630 | 7861628 |
|  Hartford Insurance Group, Inc. (The) <br>Series ICON <br>6.71% (CME Term SOFR 3 Month + 2.39%), 02/12/2047<sup>(d)(h)</sup> | U.S.$| 3275 | 2979824 |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2067<sup>(d)</sup> |  | 4117 | 4463281 |
|  Swiss RE Subordinated Finance PLC <br>5.698%, 04/05/2035<sup>(d)</sup> |  | 2600 | 2599012 |
|  |  |  | 28223558 |
|  **REITs – 0.2%** |  |  |  |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 2276 | 2381197 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030<sup>(d)</sup> |  | 3412 | 3168042 |
|  |  |  | 5549239 |
|  |  |  | 160375746 |
|  Utility – 1.9% |  |  |  |
|  **Electric – 1.9%** |  |  |  |
|  Adani Transmission Step-One Ltd. <br>4.00%, 08/03/2026<sup>(d)</sup> |  | 3064 | 2944320 |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(d)</sup> |  | 1308 | 1143355 |
|  Alexander Funding Trust II <br>7.467%, 07/31/2028<sup>(d)</sup> |  | 2973 | 3155185 |
|  American Electric Power Co., Inc. <br>6.95%, 12/15/2054 |  | 1582 | 1598801 |
|  Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy <br>7.875%, 02/15/2039<sup>(d)</sup> |  | 1081 | 1095529 |
|  Chile Electricity PEC SpA <br>Zero Coupon, 01/25/2028<sup>(i)</sup> |  | 3087 | 2677136 |
|  ComEd Financing III <br>6.35%, 03/15/2033 |  | 3462 | 3448948 |
|  Cometa Energia SA de CV <br>6.375%, 04/24/2035<sup>(d)</sup> |  | 1302 | 1291696 |

---

---

| | |
|:---|:---|
| 8 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Empresa Electrica Cochrane SpA <br>5.50%, 05/14/2027<sup>(d)</sup> | U.S.$| 163 | $160245 |
|  Engie Energia Chile SA <br>6.375%, 04/17/2034<sup>(d)</sup> |  | 2633 | 2707382 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <br>7.25%, 01/31/2041<sup>(d)</sup> |  | 417 | 412529 |
|  Israel Electric Corp., Ltd. <br>Series G <br>4.25%, 08/14/2028<sup>(d)</sup> |  | 3850 | 3732498 |
|  Kallpa Generacion SA <br>4.125%, 08/16/2027<sup>(d)</sup> |  | 992 | 973648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/30/2032<sup>(d)</sup> |  | 543 | 547615 |
|  LG Energy Solution Ltd. <br>5.375%, 04/02/2030<sup>(d)(e)</sup> |  | 1190 | 1180777 |
|  LLPL Capital Pte. Ltd. <br>6.875%, 02/04/2039<sup>(d)</sup> |  | 2538 | 2490342 |
|  Minejesa Capital BV <br>4.625%, 08/10/2030<sup>(d)</sup> |  | 3257 | 3169124 |
|  Niagara Energy SAC <br>5.746%, 10/03/2034<sup>(d)</sup> |  | 1325 | 1303879 |
|  Oncor Electric Delivery Co. LLC <br>5.35%, 04/01/2035<sup>(d)</sup> |  | 1644 | 1665882 |
|  Pacific Gas & Electric Co. <br>5.55%, 05/15/2029 |  | 1512 | 1536011 |
|  Vistra Operations Co. LLC <br>5.05%, 12/30/2026<sup>(d)</sup> |  | 81 | 81435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(d)</sup> |  | 3770 | 4047924 |
|  Xcel Energy, Inc. <br>5.60%, 04/15/2035 |  | 2374 | 2401135 |
|  |  |  | 43765396 |
|  **Other Utility – 0.0%** |  |  |  |
|  Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy <br>7.875%, 02/15/2039<sup>(d)</sup> |  | 667 | 675964 |
|  |  |  | 44441360 |
|  Total Corporates - Investment Grade <br>(cost $367,772,071) |  |  | 369189079 |
|  COLLATERALIZED LOAN OBLIGATIONS – 7.1% |  |  |  |
|  **CLO - Floating Rate – 7.1%** |  |  |  |
|  AIMCO CLO <br>Series 2017-AA, Class AR2 <br>5.409% (CME Term SOFR 3 Month + 1.14%), 01/20/2038<sup>(d)(h)</sup> |  | 5000 | 4959880 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  AIMCO CLO 23 Ltd. <br>Series 2025-23A, Class A <br>5.394% (CME Term SOFR 3 Month + 1.13%), 04/20/2038<sup>(d)(h)</sup> | U.S.$| 3600 | $3561055 |
|  Allegro CLO XI Ltd. <br>Series 2019-2A, Class A1AR <br>5.519% (CME Term SOFR 3 Month + 1.25%), 01/19/2033<sup>(d)(h)</sup> |  | 3850 | 3849415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BR <br>6.169% (CME Term SOFR 3 Month + 1.90%), 01/19/2033<sup>(d)(h)</sup> |  | 2479 | 2462892 |
|  Apidos CLO Lii <br>Series 2025-52A, Class A1 <br>5.394% (CME Term SOFR 3 Month + 1.13%), 04/20/2038<sup>(d)(h)</sup> |  | 4800 | 4771642 |
|  Apidos CLO XXX <br>Series XXXA, Class A1AR <br>5.349% (CME Term SOFR 3 Month + 1.08%), 10/18/2031<sup>(d)(h)</sup> |  | 3042 | 3039782 |
|  Apidos Loan Fund Ltd. <br>Series 2024-1A, Class A1 <br>5.552% (CME Term SOFR 3 Month + 1.27%), 04/25/2035<sup>(d)(h)</sup> |  | 5135 | 5128561 |
|  Ares XXXIV CLO Ltd. <br>Series 2015-2A, Class CR <br>6.541% (CME Term SOFR 3 Month + 2.26%), 04/17/2033<sup>(d)(h)</sup> |  | 9437 | 9433518 |
|  Bain Capital Credit CLO Ltd. <br>Series 2020-1A, Class A1R <br>5.519% (CME Term SOFR 3 Month + 1.25%), 04/18/2033<sup>(d)(h)</sup> |  | 5200 | 5200354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1R <br>5.469% (CME Term SOFR 3 Month + 1.20%), 10/20/2034<sup>(d)(h)</sup> |  | 5176 | 5145622 |
|  Balboa Bay Loan Funding Ltd. <br>Series 2021-1A, Class D <br>7.581% (CME Term SOFR 3 Month + 3.31%), 07/20/2034<sup>(d)(h)</sup> |  | 2750 | 2682526 |
|  Black Diamond CLO Ltd. <br>Series 2016-1A, Class A2AR <br>6.294% (CME Term SOFR 3 Month + 2.01%), 04/26/2031<sup>(d)(h)</sup> |  | 5300 | 5297769 |
|  CBAM Ltd. <br>Series 2018-7A, Class B1 <br>6.131% (CME Term SOFR 3 Month + 1.86%), 07/20/2031<sup>(d)(h)</sup> |  | 1996 | 1996998 |

---

---

| | |
|:---|:---|
| 10 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dryden 113 CLO Ltd. <br>Series 2022-113A, Class AR2 <br>5.506% (CME Term SOFR 3 Month + 1.25%), 10/15/2037<sup>(d)(h)</sup> | U.S.$| 5250 | $5225509 |
|  Goldentree Loan Management US CLO 8 Ltd. <br>Series 2020-8A, Class ARR <br>5.419% (CME Term SOFR 3 Month + 1.15%), 10/20/2034<sup>(d)(h)</sup> |  | 4950 | 4923428 |
|  Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class ARR <br>5.369% (CME Term SOFR 3 Month + 1.10%), 04/20/2034<sup>(d)(h)</sup> |  | 4500 | 4481410 |
|  GREYWOLF CLO VI Ltd. <br>Series 2018-1A, Class A2 <br>6.174% (CME Term SOFR 3 Month + 1.89%), 04/26/2031<sup>(d)(h)</sup> |  | 5300 | 5300790 |
|  Halcyon Loan Advisors Funding Ltd. <br>Series 2018-1A, Class A2 <br>6.331% (CME Term SOFR 3 Month + 2.06%), 07/21/2031<sup>(d)(h)</sup> |  | 1826 | 1822125 |
|  Hartwick Park CLO Ltd. <br>Series 2023-1A, Class AR <br>5.429% (CME Term SOFR 3 Month + 1.16%), 01/20/2037<sup>(d)(h)</sup> |  | 5000 | 4966395 |
|  MidOcean Credit CLO XI Ltd. <br>Series 2022-11A, Class A1R2 <br>5.479% (CME Term SOFR 3 Month + 1.21%), 01/18/2036<sup>(d)(h)</sup> |  | 5000 | 4960860 |
|  Neuberger Berman Loan Advisers CLO 59 Ltd. <br>Series 2024-59A, Class A1 <br>5.587% (CME Term SOFR 3 Month + 1.29%), 01/23/2039<sup>(d)(h)</sup> |  | 5000 | 4985325 |
|  Oaktree CLO Ltd. <br>Series 2024-28A, Class A <br>5.674% (CME Term SOFR 3 Month + 1.34%), 01/15/2038<sup>(d)(h)</sup> |  | 5000 | 4979065 |
|  OCP CLO Ltd. <br>Series 2025-40A, Class A <br>5.457% (CME Term SOFR 3 Month + 1.14%), 04/16/2038<sup>(d)(h)</sup> |  | 5000 | 4939995 |
|  OZLM XVIII Ltd. <br>Series 2018-18A, Class B <br>6.068% (CME Term SOFR 3 Month + 1.81%), 04/15/2031<sup>(d)(h)</sup> |  | 5450 | 5431857 |
|  Pikes Peak CLO 12 Ltd. <br>Series 2023-12A, Class AR <br>5.489% (CME Term SOFR 3 Month + 1.22%), 04/20/2038<sup>(d)(h)</sup> |  | 3600 | 3579829 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 11 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pikes Peak CLO 17 Ltd. <br>Series 2024-17A, Class A1 <br>5.636% (CME Term SOFR 3 Month + 1.38%), 01/15/2038<sup>(d)(h)</sup> | U.S.$| 3000 | $2987442 |
|  PPM CLO 8 Ltd. <br>Series 2025-8A, Class A1 <br>5.581% (CME Term SOFR 3 Month + 1.27%), 04/20/2038<sup>(d)(h)</sup> |  | 5000 | 4963165 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class D <br>7.572% (CME Term SOFR 3 Month + 3.30%), 04/20/2035<sup>(d)(h)</sup> |  | 4423 | 4424847 |
|  Regatta XVI Funding Ltd. <br>Series 2019-2A, Class A1R <br>5.456% (CME Term SOFR 3 Month + 1.20%), 01/15/2033<sup>(d)(h)</sup> |  | 6328 | 6328080 |
|  Rockford Tower CLO Ltd. <br>Series 2021-2A, Class D <br>7.781% (CME Term SOFR 3 Month + 3.51%), 07/20/2034<sup>(d)(h)</sup> |  | 950 | 941259 |
|  Silver Point CLO 1 Ltd. <br>Series 2022-1A, Class A1R <br>5.589% (CME Term SOFR 3 Month + 1.32%), 01/20/2038<sup>(d)(h)</sup> |  | 6060 | 6030718 |
|  Silver Point CLO 8 Ltd. <br>Series 2025-8A, Class A1 <br>5.432% (CME Term SOFR 3 Month + 1.21%), 04/15/2038<sup>(d)(h)</sup> |  | 5000 | 4941925 |
|  Sixth Street CLO 27 Ltd. <br>Series 2024-27A, Class A <br>5.697% (CME Term SOFR 3 Month + 1.34%), 01/17/2038<sup>(d)(h)</sup> |  | 5000 | 4992540 |
|  Venture 41 CLO Ltd. <br>Series 2021-41A, Class A1NR <br>5.699% (CME Term SOFR 3 Month + 1.43%), 01/20/2034<sup>(d)(h)</sup> |  | 2650 | 2648675 |
|  VERDE CLO Ltd. <br>Series 2019-1A, Class ARR <br>5.366% (CME Term SOFR 3 Month + 1.11%), 04/15/2032<sup>(d)(h)</sup> |  | 5009 | 5003552 |
|  Voya CLO Ltd. <br>Series 2018-3A, Class A1R2 <br>5.456% (CME Term SOFR 3 Month + 1.20%), 10/15/2031<sup>(d)(h)</sup> |  | 3375 | 3373029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7A, Class A1 <br>5.596% (CME Term SOFR 3 Month + 1.31%), 01/20/2038<sup>(d)(h)</sup> |  | 5000 | 4982525 |
|  Total Collateralized Loan Obligations <br>(cost $165,436,233) |  |  | 164744359 |

---

---

| | |
|:---|:---|
| 12 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CORPORATES - NON-INVESTMENT GRADE – 5.2% |  |  |  |  |
|  Industrial – 4.7% |  |  |  |  |
|  **Basic – 0.1%** |  |  |  |  |
|  ASP Unifrax Holdings, Inc. <br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029<sup>(d)(j)</sup> | U.S.$| 488 | $| 195344 |
|  Cleveland-Cliffs, Inc. <br>7.50%, 09/15/2031<sup>(d)</sup> |  | 1385 |  | 1341788 |
|  ERP Iron Ore LLC <br>9.039%, 12/31/2019<sup>(j)(k)(l)(m)(n)</sup> |  | 118 |  | – 0 |
|  Graphic Packaging International LLC <br>4.75%, 07/15/2027<sup>(d)</sup> |  | 32 |  | 31384 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2023<sup>(i)(k)(l)(m)(n)</sup> |  | 1407 |  | – 0 |
|  |  |  |  | 1568516 |
|  **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <br>2.125%, 08/15/2026<sup>(d)</sup> | EUR | 729 |  | 730562 |
|  Bombardier, Inc. <br>6.00%, 02/15/2028<sup>(d)</sup> | U.S.$| 7 |  | 6917 |
|  Efesto Bidco S.p.A Efesto US LLC <br>Series XR <br>7.50%, 02/15/2032<sup>(d)</sup> |  | 2346 |  | 2334035 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(d)(f)</sup> |  | 1402 |  | 1315104 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(d)</sup> |  | 1163 |  | 1198797 |
|  Trivium Packaging Finance BV <br>3.75%, 08/15/2026<sup>(d)(f)</sup> | EUR | 100 |  | 111683 |
|  |  |  |  | 5697098 |
|  **Communications - Media – 0.7%** | **Communications - Media – 0.7%** | **Communications - Media – 0.7%** | **Communications - Media – 0.7%** | **Communications - Media – 0.7%** |
|  AMC Networks, Inc. <br>10.25%, 01/15/2029<sup>(d)</sup> | U.S.$| 2206 |  | 2280916 |
|  Banijay Entertainment SAS <br>7.00%, 05/01/2029<sup>(d)</sup> | EUR | 1730 |  | 2038303 |
|  CSC Holdings LLC <br>11.75%, 01/31/2029<sup>(d)</sup> | U.S.$| 1298 |  | 1225507 |
|  LCPR Senior Secured Financing DAC <br>6.75%, 10/15/2027<sup>(d)</sup> |  | 2841 |  | 2334450 |
|  Neptune Bidco US, Inc. <br>9.29%, 04/15/2029<sup>(d)</sup> |  | 2309 |  | 2054040 |
|  Paramount Global <br>6.375%, 03/30/2062 |  | 1669 |  | 1604460 |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030<sup>(d)</sup> |  | 391 |  | 279381 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Univision Communications, Inc. <br>8.00%, 08/15/2028<sup>(d)</sup> | U.S.$| 3712 | $3609400 |
|  |  |  | 15426457 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  Altice France SA <br>5.125%, 07/15/2029<sup>(d)</sup> |  | 1984 | 1620611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(d)</sup> |  | 878 | 726404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(d)</sup> |  | 1528 | 1248941 |
|  Fibercop SpA <br>6.00%, 09/30/2034<sup>(d)</sup> |  | 1080 | 1004357 |
|  |  |  | 4600313 |
|  **Consumer Cyclical - Automotive – 0.3%** |  |  |  |
|  Aston Martin Capital Holdings Ltd. <br>10.00%, 03/31/2029<sup>(d)</sup> |  | 3987 | 3427385 |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024<sup>(i)(l)(m)(n)(o)</sup> |  | 2273 | – 0 |
|  Exide Technologies (First Lien) <br>11.00%, 10/31/2024<sup>(i)(l)(m)(n)(o)</sup> |  | 933 | – 0 |
|  IHO Verwaltungs GmbH <br>8.75% (8.75% Cash or 9.50% PIK), 05/15/2028<sup>(d)(j)</sup> | EUR | 506 | 596850 |
|  Tenneco, Inc. <br>8.00%, 11/17/2028<sup>(d)</sup> | U.S.$| 3028 | 2887470 |
|  |  |  | 6911705 |
|  **Consumer Cyclical - Other – 0.2%** |  |  |  |
|  Hilton Domestic Operating Co., Inc. <br>5.875%, 04/01/2029<sup>(d)</sup> |  | 2099 | 2121669 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. <br>5.00%, 06/01/2029<sup>(d)</sup> |  | 1864 | 1723436 |
|  |  |  | 3845105 |
|  **Consumer Cyclical - Restaurants – 0.1%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. <br>6.125%, 06/15/2029<sup>(d)</sup> |  | 2338 | 2378868 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(d)</sup> |  | 845 | 676042 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd. <br>8.375%, 01/15/2029<sup>(d)</sup> |  | 1033 | 911550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/15/2032<sup>(d)</sup> |  | 500 | 400585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(d)</sup> |  | 200 | 189422 |
|  |  |  | 2177599 |

---

---

| | |
|:---|:---|
| 14 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.8%** |  |  |  |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(d)</sup> | U.S.$| 7165 | $7472737 |
|  CHS/Community Health Systems, Inc. <br>6.875%, 04/15/2029<sup>(d)</sup> |  | 2079 | 1520705 |
|  CVS Health Corp. <br>7.00%, 03/10/2055 |  | 3261 | 3299284 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(d)</sup> |  | 652 | 586820 |
|  MPH Acquisition Holdings LLC <br>5.75%, 12/31/2030<sup>(d)</sup> |  | 266 | 205239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031<sup>(d)(f)(j)</sup> |  | 2286 | 1515649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(d)(f)(j)</sup> |  | 408 | 380131 |
|  Neogen Food Safety Corp. <br>8.625%, 07/20/2030<sup>(d)</sup> |  | 1594 | 1611550 |
|  Opal Bidco SAS <br>5.50%, 03/31/2032<sup>(d)</sup> | EUR | 1126 | 1266023 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>5.125%, 04/30/2031<sup>(d)</sup> | U.S.$| 904 | 758384 |
|  Owens & Minor, Inc. <br>6.625%, 04/01/2030<sup>(d)(e)</sup> |  | 892 | 759609 |
|  |  |  | 19376131 |
|  **Energy – 1.4%** |  |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.00%, 07/15/2029<sup>(d)</sup> |  | 619 | 630433 |
|  CITGO Petroleum Corp. <br>8.375%, 01/15/2029<sup>(d)</sup> |  | 6469 | 6485367 |
|  Civitas Resources, Inc. <br>8.375%, 07/01/2028<sup>(d)</sup> |  | 2280 | 2239963 |
|  CNX Resources Corp. <br>6.00%, 01/15/2029<sup>(d)</sup> |  | 437 | 423204 |
|  Murphy Oil Corp. <br>6.00%, 10/01/2032 |  | 358 | 326077 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(d)</sup> |  | 13356 | 9194622 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>8.125%, 02/15/2029<sup>(d)</sup> |  | 2055 | 1932954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 02/15/2032<sup>(d)</sup> |  | 1082 | 985691 |
|  Sunoco LP <br>7.00%, 05/01/2029<sup>(d)</sup> |  | 350 | 359846 |
|  Venture Global LNG, Inc. <br>8.125%, 06/01/2028<sup>(d)</sup> |  | 1342 | 1333478 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/01/2031<sup>(d)</sup> | U.S.$| 689 | $664182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(d)(g)</sup> |  | 2265 | 1941286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(d)</sup> |  | 2886 | 2990387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(d)</sup> |  | 2881 | 2929919 |
|  |  |  | 32437409 |
|  **Other Industrial – 0.0%** |  |  |  |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(d)</sup> |  | 457 | 462502 |
|  **Services – 0.1%** |  |  |  |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(d)</sup> |  | 696 | 711110 |
|  Belron UK Finance PLC <br>4.625%, 10/15/2029<sup>(d)</sup> | EUR | 368 | 422584 |
|  Monitronics International, Inc. <br>9.125%, 04/01/2020<sup>(l)(m)(n)(o)</sup> | U.S.$| 1835 | – 0 |
|  |  |  | 1133694 |
|  **Technology – 0.0%** |  |  |  |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(d)</sup> |  | 405 | 421961 |
|  **Transportation - Airlines – 0.0%** |  |  |  |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>11.00% (11.00% Cash or 8.00% Cash and 4.00% PIK), 03/06/2030<sup>(d)(f)(j)</sup> |  | 1052 | 832796 |
|  **Transportation - Services – 0.5%** |  |  |  |
|  Hertz Corp. (The) <br>12.625%, 07/15/2029<sup>(d)</sup> |  | 3744 | 3642463 |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(d)</sup> | EUR | 2338 | 2666535 |
|  NAC Aviation 29 DAC <br>4.75%, 06/30/2026 | U.S.$| 4620 | 4608150 |
|  |  |  | 10917148 |
|  |  |  | 108187302 |
|  Financial Institutions – 0.5% |  |  |  |
|  **Banking – 0.1%** |  |  |  |
|  Bread Financial Holdings, Inc. <br>9.75%, 03/15/2029<sup>(d)</sup> |  | 2704 | 2847609 |
|  **Finance – 0.2%** |  |  |  |
|  Curo SPV LLC <br>13.00%, 08/02/2027<sup>(m)(n)</sup> |  | 1112 | 1153376 |
|  Enova International, Inc. <br>11.25%, 12/15/2028<sup>(d)</sup> |  | 3510 | 3736992 |
|  Rfna LP <br>7.875%, 02/15/2030<sup>(d)</sup> |  | 397 | 390140 |
|  |  |  | 5280508 |

---

---

| | |
|:---|:---|
| 16 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Insurance – 0.1%** |  |  |  |
|  Ardonagh Finco Ltd. <br>6.875%, 02/15/2031<sup>(d)</sup> | EUR | 1099 | $1256332 |
|  **REITs – 0.1%** |  |  |  |
|  Crossgates, Inc. <br>11.00%, 07/25/2025<sup>(m)(n)</sup> | U.S.$| 1966 | 1930666 |
|  |  |  | 11315115 |
|  Utility – 0.0% |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  NRG Energy, Inc. <br>5.75%, 07/15/2029<sup>(d)</sup> |  | 937 | 933224 |
|  Total Corporates - Non-Investment Grade <br>(cost $127,685,368) |  |  | 120435641 |
|  EMERGING MARKETS - CORPORATE BONDS – 2.8% |  |  |  |
|  Industrial – 2.5% |  |  |  |
|  **Basic – 1.1%** |  |  |  |
|  Braskem Idesa SAPI <br>6.99%, 02/20/2032<sup>(d)(e)</sup> |  | 912 | 654360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(d)(e)</sup> |  | 3551 | 2745385 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/10/2028<sup>(d)</sup> |  | 4810 | 4312165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2034<sup>(d)</sup> |  | 595 | 527616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/12/2031<sup>(d)</sup> |  | 1952 | 1865526 |
|  CSN Inova Ventures <br>6.75%, 01/28/2028<sup>(d)</sup> |  | 1286 | 1197909 |
|  CSN Resources SA <br>4.625%, 06/10/2031<sup>(d)</sup> |  | 2693 | 2039947 |
|  Eregli Demir ve Celik Fabrikalari TAS <br>8.375%, 07/23/2029<sup>(d)</sup> |  | 1415 | 1418538 |
|  Indika Energy Tbk PT <br>8.75%, 05/07/2029<sup>(d)</sup> |  | 1041 | 970087 |
|  JSW Steel Ltd. <br>5.05%, 04/05/2032<sup>(d)</sup> |  | 456 | 405521 |
|  Periama Holdings LLC/DE <br>5.95%, 04/19/2026<sup>(d)</sup> |  | 400 | 397500 |
|  Sasol Financing USA LLC <br>8.75%, 05/03/2029<sup>(d)</sup> |  | 2570 | 2445509 |
|  Stillwater Mining Co. <br>4.00%, 11/16/2026<sup>(d)</sup> |  | 3347 | 3200569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/16/2029<sup>(d)</sup> |  | 891 | 746630 |
|  UPL Corp., Ltd. <br>4.50%, 03/08/2028<sup>(d)</sup> |  | 756 | 695520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/16/2030<sup>(d)</sup> |  | 2029 | 1765859 |
|  Volcan Cia Minera SAA <br>8.75%, 01/24/2030<sup>(d)</sup> |  | 1580 | 1487669 |
|  |  |  | 26876310 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
|  Ambipar Lux SARL <br>10.875%, 02/05/2033<sup>(d)</sup> | U.S.$| 3545 | $3463110 |
|  IRB Infrastructure Developers Ltd. <br>7.11%, 03/11/2032<sup>(d)</sup> |  | 1180 | 1152341 |
|  |  |  | 4615451 |
|  **Communications - Media – 0.0%** | **Communications - Media – 0.0%** | **Communications - Media – 0.0%** | **Communications - Media – 0.0%** |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030<sup>(d)</sup> |  | 427 | 398310 |
|  **Communications - Telecommunications – 0.0%** |  |  |  |
|  CT Trust <br>5.125%, 02/03/2032<sup>(d)</sup> |  | 617 | 556657 |
|  Digicel Group Holdings Ltd. <br>Zero Coupon, 12/31/2030<sup>(i)(m)(n)</sup> |  | 89 | 889 |
|  |  |  | 557546 |
|  **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** | **Consumer Cyclical - Other – 0.1%** |
|  MGM China Holdings Ltd. <br>5.25%, 06/18/2025<sup>(d)</sup> |  | 895 | 893434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/15/2026<sup>(d)</sup> |  | 598 | 593712 |
|  Studio City Co., Ltd. <br>7.00%, 02/15/2027<sup>(d)</sup> |  | 336 | 334824 |
|  |  |  | 1821970 |
|  **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** | **Consumer Non-Cyclical – 0.2%** |
|  Anadolu Efes Biracilik Ve Malt Sanayii AS <br>3.375%, 06/29/2028<sup>(d)</sup> |  | 840 | 740779 |
|  Biocon Biologics Global PLC <br>6.67%, 10/09/2029<sup>(d)</sup> |  | 2435 | 2173237 |
|  Natura &Co Luxembourg Holdings SARL <br>4.125%, 05/03/2028<sup>(d)</sup> |  | 1949 | 1768718 |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025<sup>(i)(k)(l)(m)(n)</sup> |  | 4705 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/13/2020<sup>(i)(k)(l)(m)(n)</sup> |  | 750 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 02/09/2025<sup>(i)(k)(l)(m)(n)</sup> |  | 1678 | 168 |
|  |  |  | 4683448 |
|  **Energy – 0.8%** | **Energy – 0.8%** | **Energy – 0.8%** | **Energy – 0.8%** |
|  Acu Petroleo Luxembourg SARL <br>7.50%, 07/13/2035<sup>(d)</sup> |  | 2057 | 2050292 |
|  Canacol Energy Ltd. <br>5.75%, 11/24/2028<sup>(d)(e)</sup> |  | 1797 | 826620 |
|  Ecopetrol SA <br>4.625%, 11/02/2031 |  | 1138 | 925194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/2030 |  | 3520 | 3408240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 01/19/2029 |  | 770 | 802725 |
|  Gran Tierra Energy, Inc. <br>9.50%, 10/15/2029<sup>(d)</sup> |  | 2675 | 2093188 |

---

---

| | |
|:---|:---|
| 18 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Greenko Wind Projects Mauritius Ltd. <br>7.25%, 09/27/2028<sup>(d)</sup> | U.S.$| 1906 | $1834525 |
|  Leviathan Bond Ltd. <br>6.125%, 06/30/2025<sup>(d)</sup> |  | 5071 | 5057746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2027<sup>(d)</sup> |  | 850 | 836188 |
|  SierraCol Energy Andina LLC <br>6.00%, 06/15/2028<sup>(d)</sup> |  | 602 | 553238 |
|  |  |  | 18387956 |
|  **Transportation - Services – 0.1%** |  |  |  |
|  Kingston Airport Revenue Finance Ltd. <br>6.75%, 12/15/2036<sup>(d)</sup> |  | 1315 | 1294946 |
|  |  |  | 58635937 |
|  Utility – 0.3% |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  AES Andes SA <br>8.15%, 06/10/2055<sup>(d)</sup> |  | 1930 | 1972460 |
|  India Clean Energy Holdings <br>4.50%, 04/18/2027<sup>(d)</sup> |  | 2686 | 2510067 |
|  Limak Yenilenebilir Enerji AS <br>9.625%, 08/12/2030<sup>(d)</sup> |  | 553 | 531571 |
|  Saavi Energia SARL <br>8.875%, 02/10/2035<sup>(d)</sup> |  | 1190 | 1191488 |
|  |  |  | 6205586 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $73,912,677) |  |  | 64841523 |
|  ASSET-BACKED SECURITIES – 1.9% |  |  |  |
|  **Other ABS - Fixed Rate – 1.0%** |  |  |  |
|  Affirm Asset Securitization Trust <br>Series 2022-Z1, Class A <br>4.55%, 06/15/2027<sup>(d)</sup> |  | 28 | 27681 |
|  Avant Loans Funding Trust <br>Series 2024-REV1, Class A <br>5.92%, 10/15/2033<sup>(d)</sup> |  | 5275 | 5326723 |
|  BHG Securitization Trust <br>Series 2023-A, Class A <br>5.55%, 04/17/2036<sup>(d)</sup> |  | 1608 | 1609403 |
|  Cherry Securitization Trust <br>Series 2024-1A, Class A <br>5.70%, 04/15/2032<sup>(d)</sup> |  | 5250 | 5264239 |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I <br>Series 2019-36, Class PT <br>0.00%, 10/17/2044<sup>(i)</sup> |  | 1 | 1294 |
|  Republic Finance Issuance Trust <br>Series 2024-A, Class A <br>5.91%, 08/20/2032<sup>(d)</sup> |  | 5840 | 5933487 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A <br>5.42%, 11/20/2037<sup>(d)</sup> | U.S.$| 3800 | $| 3845816 |
|  Theorem Funding Trust <br>Series 2022-3A <br>7.60%, 04/15/2029<sup>(d)</sup> |  | 701 |  | 703785 |
|  |  |  |  | 22712428 |
|  **Autos - Fixed Rate – 0.4%** | **Autos - Fixed Rate – 0.4%** | **Autos - Fixed Rate – 0.4%** | **Autos - Fixed Rate – 0.4%** | **Autos - Fixed Rate – 0.4%** |
|  ACM Auto Trust <br>Series 2025-1A, Class A <br>5.38%, 06/20/2029<sup>(d)</sup> |  | 1633 |  | 1632998 |
|  Flagship Credit Auto Trust <br>Series 2019-4, Class E <br>4.11%, 03/15/2027<sup>(d)</sup> |  | 2453 |  | 2450921 |
|  Hertz Vehicle Financing III LLC <br>Series 2024-1A, Class A <br>5.44%, 01/25/2029<sup>(d)</sup> |  | 3486 |  | 3543801 |
|  Lendbuzz Securitization Trust <br>Series 2023-1A, Class A2 <br>6.92%, 08/15/2028<sup>(d)</sup> |  | 2456 |  | 2493431 |
|  |  |  |  | 10121151 |
|  **Other ABS - Floating Rate – 0.3%** |  |  |  |  |
|  Capital Street Master Trust <br>Series 2024-1, Class A <br>5.697% (CME Term SOFR + 1.35%), 10/16/2028<sup>(d)(h)</sup> |  | 1749 |  | 1747900 |
|  Pagaya AI Debt <br>Series 2024-S1, Class ABC <br>7.283%, 09/15/2031<sup>(d)(n)</sup> |  | 4385 |  | 4456328 |
|  |  |  |  | 6204228 |
|  **Credit Cards - Fixed Rate – 0.2%** |  |  |  |  |
|  Continental Finance Credit Card ABS Master Trust Series 2024-A, Class A <br>5.78%, 12/15/2032<sup>(d)</sup> |  | 5050 |  | 5096612 |
|  Total Asset-Backed Securities <br>(cost $43,710,923) |  |  |  | 44134419 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 1.5% |  |  |  |  |
|  **Risk Share Floating Rate – 1.1%** |  |  |  |  |
|  Connecticut Avenue Securities Trust <br>Series 2022-R03, Class 1M2 <br>7.854% (CME Term SOFR + 3.50%), 03/25/2042<sup>(d)(h)</sup> |  | 2657 |  | 2745088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M1 <br>6.253% (CME Term SOFR + 1.90%), 06/25/2043<sup>(d)(h)</sup> |  | 3566 |  | 3592739 |

---

---

| | |
|:---|:---|
| 20 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07, Class 2M1 <br>6.303% (CME Term SOFR + 1.95%), 09/25/2043<sup>(d)(h)</sup> | U.S.$| 2229 | $2242094 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2015-DNA2, Class B <br>12.018% (CME Term SOFR + 7.66%), 12/25/2027<sup>(h)</sup> |  | 1115 | 1122733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA3, Class B <br>13.818% (CME Term SOFR + 9.46%), 04/25/2028<sup>(h)</sup> |  | 2449 | 2521998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQA1, Class B <br>13.268% (CME Term SOFR + 8.91%), 03/25/2028<sup>(h)</sup> |  | 1573 | 1579127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DNA1, Class B <br>14.468% (CME Term SOFR + 10.11%), 07/25/2028<sup>(h)</sup> |  | 2210 | 2337737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1A<br>6.354% (CME Term SOFR + 2.00%), 06/25/2043<sup>(d)(h)</sup> |  | 1832 | 1841165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class A1 <br>6.204% (CME Term SOFR + 1.85%), 11/25/2043<sup>(d)(h)</sup> |  | 1748 | 1762644 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2016-C01, Class 2M2 <br>11.418% (CME Term SOFR + 7.06%), 08/25/2028<sup>(h)</sup> |  | 156 | 160355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2 <br>10.468% (CME Term SOFR + 6.11%), 09/25/2028<sup>(h)</sup> |  | 557 | 567917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C05, Class 2B <br>15.218% (CME Term SOFR + 10.86%), 01/25/2029<sup>(h)</sup> |  | 2719 | 2954143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class 2B <br>13.968% (CME Term SOFR + 9.61%), 05/25/2029<sup>(h)</sup> |  | 1181 | 1265038 |
|  JP Morgan Madison Avenue Securities Trust <br>Series 2015-CH1, Class M2 <br>9.968% (CME Term SOFR + 5.61%), 10/25/2025<sup>(d)(h)</sup> |  | 513 | 529792 |
|  Wells Fargo Credit Risk Transfer Securities Trust <br>Series 2015-WF1, Class 1M2 <br>9.718% (CME Term SOFR + 5.36%), 11/25/2025<sup>(d)(h)</sup> |  | 182 | 189653 |
|  |  |  | 25412223 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Agency Floating Rate – 0.4%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 3119, Class PI <br>2.741% (7.09% - CME Term SOFR), 02/15/2036<sup>(h)(p)</sup> | U.S.$| 601 | $69712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3856, Class KS <br>2.091% (6.44% - CME Term SOFR), 05/15/2041<sup>(h)(p)</sup> |  | 3354 | 364163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4248, Class SL <br>1.591% (5.94% - CME Term SOFR), 05/15/2041<sup>(h)(p)</sup> |  | 341 | 26103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4372, Class JS <br>1.641% (5.99% - CME Term SOFR), 08/15/2044<sup>(h)(p)</sup> |  | 2050 | 226133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4570, Class ST <br>1.541% (5.89% - CME Term SOFR), 04/15/2046<sup>(h)(p)</sup> |  | 952 | 106455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4735, Class SA <br>1.741% (6.09% - CME Term SOFR), 12/15/2047<sup>(h)(p)</sup> |  | 4672 | 605770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4763, Class SB <br>2.541% (6.89% - CME Term SOFR), 03/15/2048<sup>(h)(p)</sup> |  | 6777 | 1149716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774, Class BS <br>1.741% (6.09% - CME Term SOFR), 02/15/2048<sup>(h)(p)</sup> |  | 3197 | 412880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774, Class SL <br>1.741% (6.09% - CME Term SOFR), 04/15/2048<sup>(h)(p)</sup> |  | 4504 | 552475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4927, Class SJ <br>1.582% (5.94% - CME Term SOFR), 11/25/2049<sup>(h)(p)</sup> |  | 1850 | 188606 |
|  Federal National Mortgage Association REMICS <br>Series 2013-4, Class ST <br>1.682% (6.04% - CME Term SOFR), 02/25/2043<sup>(h)(p)</sup> |  | 1482 | 166887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-88, Class BS <br>1.682% (6.04% - CME Term SOFR), 01/25/2045<sup>(h)(p)</sup> |  | 1155 | 133380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-90, Class SA <br>1.682% (6.04% - CME Term SOFR), 12/25/2045<sup>(h)(p)</sup> |  | 9926 | 1084968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-69, Class DS <br>1.632% (5.99% - CME Term SOFR), 10/25/2046<sup>(h)(p)</sup> |  | 11993 | 915093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49, Class SP <br>1.682% (6.04% - CME Term SOFR), 07/25/2047<sup>(h)(p)</sup> |  | 1317 | 173834 |

---

---

| | |
|:---|:---|
| 22 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32, Class SB <br>1.732% (6.09% - CME Term SOFR), 05/25/2048<sup>(h)(p)</sup> | U.S.$| 2467 | $322904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-45, Class SL <br>1.732% (6.09% - CME Term SOFR), 06/25/2048<sup>(h)(p)</sup> |  | 1826 | 225982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-57, Class SL <br>1.732% (6.09% - CME Term SOFR), 08/25/2048<sup>(h)(p)</sup> |  | 4895 | 643722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-58, Class SA <br>1.732% (6.09% - CME Term SOFR), 08/25/2048<sup>(h)(p)</sup> |  | 2472 | 316316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-59, Class HS <br>1.732% (6.09% - CME Term SOFR), 08/25/2048<sup>(h)(p)</sup> |  | 5852 | 759924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-25, Class SA <br>1.582% (5.94% - CME Term SOFR), 06/25/2049<sup>(h)(p)</sup> |  | 2275 | 263187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-60, Class SJ <br>1.582% (5.94% - CME Term SOFR), 10/25/2049<sup>(h)(p)</sup> |  | 2147 | 253598 |
|  |  |  | 8961808 |
|  **Non-Agency Fixed Rate – 0.0%** |  |  |  |
|  Alternative Loan Trust <br>Series 2006-24CB, Class A15 <br>5.75%, 08/25/2036 |  | 782 | 385718 |
|  CHL Mortgage Pass-Through Trust<br>Series 2007-3, Class A30<br>5.75%, 04/25/2037 |  | 437 | 196009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY4, Class 1A1 <br>4.863%, 09/25/2047 |  | 127 | 113961 |
|  Citigroup Mortgage Loan Trust <br>Series 2007-AR4, Class 1A1A <br>4.748%, 03/25/2037 |  | 71 | 58540 |
|  Wells Fargo Mortgage Backed Securities Trust <br>Series 2007-AR7, Class A1 <br>6.68%, 12/28/2037 |  | 363 | 318597 |
|  |  |  | 1072825 |
|  **Non-Agency Floating Rate – 0.0%** |  |  |  |
|  First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 <br>4.691% (CME Term SOFR 1 Month + 0.36%), 04/25/2037<sup>(h)</sup> |  | 319 | 73728 |
|  Lehman XS Trust <br>Series 2007-10H, Class 2AIO <br>2.562% (6.89% - CME Term SOFR 1 Month), 07/25/2037<sup>(h)(p)</sup> |  | 143 | 18912 |
|  |  |  | 92640 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Agency Fixed Rate – 0.0%** |  |  |  |
|  Federal National Mortgage Association REMICS <br>Series 2016-26, Class IO <br>5.00%, 05/25/2046<sup>(q)</sup> | U.S.$| 237 | $32489 |
|  Total Collateralized Mortgage Obligations <br>(cost $34,491,560) |  |  | 35571985 |
|  QUASI-SOVEREIGNS – 1.5% |  |  |  |
|  Quasi-Sovereign Bonds – 1.5% |  |  |  |
|  **Azerbaijan – 0.1%** |  |  |  |
|  Southern Gas Corridor CJSC <br>6.875%, 03/24/2026<sup>(d)</sup> |  | 1955 | 1966769 |
|  **Chile – 0.1%** |  |  |  |
|  Corp. Nacional del Cobre de Chile <br>5.125%, 02/02/2033<sup>(d)</sup> |  | 480 | 463051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/08/2034<sup>(d)</sup> |  | 832 | 842816 |
|  |  |  | 1305867 |
|  **Hungary – 0.0%** |  |  |  |
|  MFB Magyar Fejlesztesi Bank Zrt <br>6.50%, 06/29/2028<sup>(d)</sup> |  | 280 | 287876 |
|  **Indonesia – 0.1%** |  |  |  |
|  Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT <br>4.75%, 05/15/2025<sup>(d)</sup> |  | 2044 | 2040934 |
|  **Kazakhstan – 0.1%** |  |  |  |
|  Development Bank of Kazakhstan JSC<br>5.25%, 10/23/2029<sup>(d)</sup> |  | 974 | 962205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/07/2030<sup>(d)</sup> |  | 1190 | 1179885 |
|  |  |  | 2142090 |
|  **Mexico – 0.9%** |  |  |  |
|  Comision Federal de Electricidad <br>4.688%, 05/15/2029<sup>(d)</sup> |  | 3231 | 3102406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/23/2027<sup>(d)</sup> |  | 2180 | 2174550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/24/2030<sup>(d)</sup> |  | 1320 | 1294260 |
|  Petroleos Mexicanos <br>5.50%, 06/27/2044 |  | 1713 | 1063773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/23/2046 |  | 2696 | 1678260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/12/2048 |  | 2419 | 1533888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/23/2045 |  | 3602 | 2355348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027 |  | 1455 | 1423499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 |  | 587 | 542975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | 8647 | 8486195 |
|  |  |  | 23655154 |

---

---

| | |
|:---|:---|
| 24 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
|  Transnet SOC Ltd. <br>8.25%, 02/06/2028<sup>(d)</sup> | U.S.$| 1294 | $1301279 |
|  **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
|  TC Ziraat Bankasi AS <br>7.25%, 02/04/2030<sup>(d)</sup> |  | 1901 | 1873683 |
|  Total Quasi-Sovereigns <br>(cost $35,070,117) |  |  | 34573652 |
|  AGENCIES – 1.3% | AGENCIES – 1.3% | AGENCIES – 1.3% | AGENCIES – 1.3% |
|  **Agency Debentures – 1.3%** | **Agency Debentures – 1.3%** | **Agency Debentures – 1.3%** | **Agency Debentures – 1.3%** |
|  Federal Home Loan Banks <br>5.50%, 07/15/2036 |  | 8695 | 9470594 |
|  Federal Home Loan Mortgage Corp. <br>6.25%, 07/15/2032<sup>(e)</sup> |  | 10400 | 11830276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 |  | 4000 | 4587354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GDIF <br>6.75%, 09/15/2029 |  | 4606 | 5156559 |
|  Total Agencies <br>(cost $33,362,752) |  |  | 31044783 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.1% |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 1.1%** |  |  |  |
|  BANK <br>Series 2020-BN25, Class XA <br>0.984%, 01/15/2063<sup>(q)</sup> |  | 61851 | 2017178 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust <br>Series 2016-UB10, Class C <br>4.984%, 07/15/2049 |  | 372 | 354914 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class XA <br>1.468%, 05/15/2052<sup>(q)</sup> |  | 10251 | 426842 |
|  CD Mortgage Trust <br>Series 2017-CD3, Class XA <br>1.079%, 02/10/2050<sup>(q)</sup> |  | 12434 | 156607 |
|  CFCRE Commercial Mortgage Trust <br>Series 2016-C4, Class XA <br>1.727%, 05/10/2058<sup>(q)</sup> |  | 10012 | 72961 |
|  Citigroup Commercial Mortgage Trust <br>Series 2016-GC36, Class A5 <br>3.616%, 02/10/2049 |  | 4350 | 4279881 |
|  Commercial Mortgage Trust <br>Series 2015-CR27, Class XA <br>1.046%, 10/10/2048<sup>(q)</sup> |  | 5801 | 2757 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSAIL Commercial Mortgage Trust <br>Series 2019-C15, Class B <br>4.476%, 03/15/2052 | U.S.$| 960 | $904627 |
|  GS Mortgage Securities Trust <br>Series 2011-GC5, Class C <br>5.295%, 08/10/2044<sup>(d)</sup> |  | 375 | 325500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D <br>5.295%, 08/10/2044<sup>(d)</sup> |  | 4025 | 2872707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA <br>1.306%, 10/10/2049<sup>(q)</sup> |  | 28597 | 288253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XA <br>1.239%, 05/10/2052<sup>(q)</sup> |  | 11991 | 452570 |
|  JP Morgan Chase Commercial Mortgage Securities Trust <br>Series 2012-LC9, Class E <br>3.69%, 12/15/2047<sup>(d)</sup> |  | 5650 | 5173705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9, Class G <br>3.69%, 12/15/2047<sup>(d)</sup> |  | 831 | 485390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2, Class XA <br>1.936%, 08/15/2049<sup>(q)</sup> |  | 12698 | 139122 |
|  JPMDB Commercial Mortgage Securities Trust <br>Series 2019-COR6, Class XA <br>1.039%, 11/13/2052<sup>(q)</sup> |  | 35448 | 1100442 |
|  LCCM <br>Series 2017-LC26, Class XA <br>1.679%, 07/12/2050<sup>(d)(q)</sup> |  | 30686 | 719841 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2013-C9, Class D <br>3.929%, 05/15/2046<sup>(d)</sup> |  | 680 | 610296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class XA <br>0.877%, 04/15/2048<sup>(q)</sup> |  | 2511 | 43 |
|  UBS Commercial Mortgage Trust <br>Series 2017-C1, Class XA <br>1.631%, 06/15/2050<sup>(q)</sup> |  | 5842 | 127757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA <br>1.685%, 04/15/2052<sup>(q)</sup> |  | 13747 | 577488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA <br>1.111%, 12/15/2052<sup>(q)</sup> |  | 41281 | 1348380 |
|  UBS-Barclays Commercial Mortgage Trust<br>Series 2013-C5, Class B<br>3.649%, 03/10/2046<sup>(d)</sup> |  | 1033 | 974510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5, Class C <br>3.844%, 03/10/2046<sup>(d)</sup> |  | 782 | 700960 |
|  Wells Fargo Commercial Mortgage Trust <br>Series 2016-C36, Class XA <br>1.294%, 11/15/2059<sup>(q)</sup> |  | 39705 | 445899 |

---

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| | |
|:---|:---|
| 26 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class XA <br>1.747%, 10/15/2049<sup>(q)</sup> | U.S.$| 24854 | $| 389258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class XA <br>0.959%, 12/15/2059<sup>(q)</sup> |  | 15870 |  | 149028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA <br>1.704%, 08/15/2052<sup>(q)</sup> |  | 16835 |  | 870454 |
|  WFRBS Commercial Mortgage Trust <br>Series 2011-C4, Class E <br>5.149%, 06/15/2044<sup>(d)</sup> |  | 489 |  | 445353 |
|  |  |  |  | 26412723 |
|  **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** | **Agency CMBS – 0.0%** |
|  Government National Mortgage Association <br>Series 2006-32, Class XM <br>0.122%, 11/16/2045<sup>(q)</sup> |  | 81 |  | – 0 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $28,699,733) |  |  |  | 26412723 |
|  EMERGING MARKETS - SOVEREIGNS – 1.1% |  |  |  |  |
|  **Angola – 0.2%** |  |  |  |  |
|  Angolan Government International Bond <br>8.00%, 11/26/2029<sup>(d)</sup> |  | 6169 |  | 4917865 |
|  **Dominican Republic – 0.3%** | **Dominican Republic – 0.3%** | **Dominican Republic – 0.3%** | **Dominican Republic – 0.3%** | **Dominican Republic – 0.3%** |
|  Dominican Republic International Bond <br>4.50%, 01/30/2030<sup>(d)</sup> |  | 5298 |  | 4934425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/20/2027<sup>(d)</sup> |  | 549 |  | 567461 |
|  |  |  |  | 5501886 |
|  **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** | **El Salvador – 0.1%** |
|  El Salvador Government International Bond <br>7.125%, 01/20/2050<sup>(d)</sup> |  | 403 |  | 321594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/28/2029<sup>(d)</sup> |  | 1330 |  | 1349950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.65%, 11/21/2054<sup>(d)</sup> |  | 1249 |  | 1239008 |
|  |  |  |  | 2910552 |
|  **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
|  Guatemala Government Bond <br>6.05%, 08/06/2031<sup>(d)</sup> |  | 1285 |  | 1278575 |
|  **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
|  Ivory Coast Government International Bond <br>4.875%, 01/30/2032<sup>(d)</sup> | EUR | 353 |  | 343483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2032<sup>(d)(f)</sup> | U.S.$| 1307 |  | 1192917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/03/2028<sup>(d)</sup> |  | 1073 |  | 1053890 |
|  |  |  |  | 2590290 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Nigeria – 0.0%** | **Nigeria – 0.0%** | **Nigeria – 0.0%** | **Nigeria – 0.0%** |
|  Nigeria Government International Bond <br>6.125%, 09/28/2028<sup>(d)</sup> | U.S.$| 233 | $207195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.143%, 02/23/2030<sup>(d)</sup> |  | 211 | 182258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 02/16/2032<sup>(d)</sup> |  | 226 | 192721 |
|  |  |  | 582174 |
|  **Senegal – 0.1%** | **Senegal – 0.1%** | **Senegal – 0.1%** | **Senegal – 0.1%** |
|  Senegal Government International Bond <br>4.75%, 03/13/2028<sup>(d)</sup> | EUR | 1465 | 1389937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/23/2033<sup>(d)</sup> | U.S.$| 1185 | 821797 |
|  |  |  | 2211734 |
|  **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
|  Turkiye Government International Bond <br>Series 10Y <br>5.25%, 03/13/2030 |  | 3084 | 2846532 |
|  **Ukraine – 0.1%** |  |  |  |
|  Ukraine Government International Bond <br>0.00%, 02/01/2030<sup>(d)(f)</sup> |  | 214 | 104059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/01/2034<sup>(d)(f)</sup> |  | 617 | 231430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/2035<sup>(d)(f)</sup> |  | 1549 | 754520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/2036<sup>(d)(f)</sup> |  | 1242 | 597626 |
|  |  |  | 1687635 |
|  Total Emerging Markets - Sovereigns <br>(cost $26,484,693) |  |  | 24527243 |
|  GOVERNMENTS - SOVEREIGN BONDS – 0.7% |  |  |  |
|  **Chile – 0.0%** | **Chile – 0.0%** | **Chile – 0.0%** | **Chile – 0.0%** |
|  Chile Electricity Lux Mpc II SARL <br>5.672%, 10/20/2035<sup>(d)</sup> |  | 638 | 639835 |
|  **Colombia – 0.3%** | **Colombia – 0.3%** | **Colombia – 0.3%** | **Colombia – 0.3%** |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 |  | 864 | 695736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2045 |  | 1350 | 880875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 04/25/2030 |  | 2059 | 2089885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/2035 |  | 2009 | 1976856 |
|  |  |  | 5643352 |
|  **Panama – 0.2%** | **Panama – 0.2%** | **Panama – 0.2%** | **Panama – 0.2%** |
|  Panama Government International Bond <br>6.875%, 01/31/2036 |  | 677 | 656054 |
|  Panama Notas del Tesoro <br>3.75%, 04/17/2026 |  | 5027 | 4960542 |
|  |  |  | 5616596 |

---

---

| | |
|:---|:---|
| 28 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Romania – 0.2%** | **Romania – 0.2%** | **Romania – 0.2%** | **Romania – 0.2%** |
|  Romanian Government International Bond <br>5.75%, 03/24/2035<sup>(d)</sup> | U.S.$| 5280 | $4671163 |
|  **Trinidad & Tobago – 0.0%** | **Trinidad & Tobago – 0.0%** | **Trinidad & Tobago – 0.0%** | **Trinidad & Tobago – 0.0%** |
|  Trinidad & Tobago Government International Bond 4.50%, 08/04/2026<sup>(d)</sup> |  | 484 | 476135 |
|  Total Governments - Sovereign Bonds <br>(cost $17,906,374) |  |  | 17047081 |
|  LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4% |  |  |  |
|  **United States – 0.4%** |  |  |  |
|  Texas Department of Transportation State Highway Fund<br>(Texas Dept. of Transportation State Highway Fund) <br>Series 2010-B <br>5.178%, 04/01/2030 |  | 2560 | 2618938 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(i)</sup> |  | 6915 | 6234820 |
|  Total Local Governments - US Municipal Bonds <br>(cost $9,475,000) |  |  | 8853758 |
|  BANK LOANS – 0.2% |  |  |  |
|  Industrial – 0.2% |  |  |  |
|  **Technology – 0.2%** |  |  |  |
|  Broadcom, Inc. <br>5.452% (CME Term SOFR 1 Month + 1.13%), 08/15/2028<sup>(n)(r)</sup> |  | 2876 | 2872655 |
|  Clover Holdings SPV III LLC <br>15.000%, 12/09/2027<sup>(n)</sup> |  | 27 | 26500 |
|  Loyalty Ventures, Inc. <br>14.000% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(l)(m)(n)(r)(s)</sup> |  | 4133 | 31000 |
|  Peraton Corp. <br>8.172% (CME Term SOFR 1 Month + 3.750%), 02/01/2028<sup>(r)</sup> |  | 1559 | 1403662 |
|  Veritas US, Inc.<br>4.500%, 12/09/2029 |  | 31 | 29897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.299% (CME Term SOFR 3 Month + 8.00%), 12/09/2029<sup>(r)</sup> |  | 31 | 29897 |
|  Total Bank Loans <br>(cost $8,615,357) |  |  | 4393611 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **<br>Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 0.2% |  |  |
|  Financials – 0.1% |  |  |
|  **Financial Services – 0.1%** |  |  |
|  Curo Group Holdings LLC<sup>(l)(n)</sup> | 135587 | $610142 |
|  Nordic Aviation Capital DAC<sup>(l)(m)(n)</sup> | 103735 | 1945031 |
|  |  | 2555173 |
|  Industrials – 0.1% |  |  |
|  **Consumer Non-Cyclical – 0.0%** |  |  |
|  AG Tracker<sup>(l)(n)</sup> | 53417 | – 0 |
|  **Transportation Infrastructure – 0.1%** |  |  |
|  Spirit Airlines LLC<sup>(l)(n)</sup> | 53842 | 637112 |
|  |  | 637112 |
|  Energy – 0.0% |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |
|  New Fortress Energy, Inc.<sup>(l)(m)</sup> | 106620 | 578947 |
|  Communication Services – 0.0% |  |  |
|  **Diversified Telecommunication Services – 0.0%** |  |  |
|  Paysafe Ltd.<sup>(l)</sup> | 8409 | 128069 |
|  Consumer Discretionary – 0.0% |  |  |
|  **Automobile Components – 0.0%** |  |  |
|  Energy Technology<sup>(l)(n)</sup> | 497 | 105861 |
|  **Broadline Retail – 0.0%** |  |  |
|  ATD New Holdings, Inc.<sup>(l)(n)</sup> | 29486 | – 0 |
|  |  | 105861 |
|  Consumer Staples – 0.0% |  |  |
|  **Household Products – 0.0%** |  |  |
|  Southeastern Grocers, Inc.<sup>(l)(m)(n)(o)</sup> | 71086 | 12795 |
|  Total Common Stocks <br>(cost $6,771,716) |  | 4017957 |
|  PREFERRED STOCKS – 0.1% |  |  |
|  Industrials – 0.1% |  |  |
|  **Auto Components – 0.1%** |  |  |
|  Energy Technology <br>0.00%<sup>(l)(n)</sup> | 3093 | 3133209 |
|  **Technology – 0.0%** |  |  |
|  Veritas US, Inc. <br>0.00%<sup>(i)(l)(n)</sup> | 1336 | 29363 |
|  Total Preferred Stocks <br>(cost $2,346,857) |  | 3162572 |

---

---

| | |
|:---|:---|
| 30 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS - SOVEREIGN AGENCIES – 0.0% |  |  |  |
|  **Kazakhstan – 0.0%** |  |  |  |
|  Baiterek National Managing Holding JSC <br>5.45%, 05/08/2028<sup>(d)</sup> <br>(cost $1,025,381) | U.S.$| 1031 | $1032206 |
|  |  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.4% |  |  |  |
|  **Investment Companies – 0.4%** |  |  |  |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.17%<sup>(t)(u)(v)</sup> <br>(cost $8,050,935) |  | 8050935 | 8050935 |
|  Total Investments – 120.0% <br>(cost $2,794,658,424) |  |  | 2782379198 |
|  Other assets less liabilities – (20.0)% |  |  | (464307407) |
|  **Net Assets – 100.0%** |  |  | $**2318071791** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  Long Gilt Futures | 11 | June 2025 | $1370976 | $15674 |
|  U.S. T-Note 5 Yr (CBT) Futures | 784 | June 2025 | 85609125 | 1961520 |
|  U.S. T-Note 10 Yr (CBT) Futures | 2962 | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332391938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020141 |
|  U.S. Ultra Bond (CBT) Futures | 189 | June 2025 | 22874906 | 260606 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 37 | June 2025 | 4245172 | (16491) |
|  U.S. Long Bond (CBT) Futures | 33 | June 2025 | 3848625 | (108331) |
|  U.S. T-Note 2 Yr (CBT) Futures | 841 | June 2025 | 175052836 | (1702305) |
|  |  |  |  | $7430814 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  JPMorgan Chase Bank | CAD | 2911 | USD | 2060 | 06/18/2025 | $(56671) |
|  Morgan Stanley Capital Services, Inc. | EUR | 16712 | USD | 17613 | 05/09/2025 | (1324041) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1380712) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Australia Series 43, 5 Year Index, 06/20/2030\* | (1.00)% | Quarterly | 0.92% | USD | 69843 | $(339175) | $(812570) | $473395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Mexican States, 4.150%, 03/28/2027, 06/20/2030\* | (1.00) | Quarterly | 1.40 | USD | 6000 | 103072 | 102063 | 1009 |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | 5.00 | Quarterly | 4.12 | USD | 170800 | 7147576 | 6497508 | 650068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 44, 5 Year Index, 06/20/2030\* | 1.00 | Quarterly | 0.68 | USD | 69515 | 1104237 | 1032627 | 71610 |
|  |  |  |  |  |  | $8015710 | $6819628 | $1196082 |

---

\* Termination date

#### TOTAL RETURN SWAPS (see Note D)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 822 | 03/25/2026 | $10374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 795 | 03/25/2026 | (16871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 125 | 03/19/2026 | (63775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 712 | 03/25/2026 | (347623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 709 | 03/26/2026 | (350278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 698 | 03/30/2026 | (361778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSVLSUT3 | FedFundEffective minus 1.20% | Maturity | USD 696 | 03/27/2026 | (363235) |
|  |  |  |  |  | $(1493186) |

---

---

| | |
|:---|:---|
| 32 AB Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### REVERSE REPURCHASE AGREEMENTS (see Note D)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal**<br> **Amount**<br> (000) | **Interest<br>Rate** | **Maturity** | **U.S. $Value at<br>April 30,<br>2025** |
|  Barclay Capital, Inc.<sup>†</sup> | USD | 988 | 2.00% |  | $990272 |
|  Barclay Capital, Inc.<sup>†</sup> | USD | 778 | 2.25% |  | 779729 |
|  HSBC Securities (USA), Inc.<sup>†</sup> | USD | 10673 | 4.10% |  | 10834666 |
|  Jefferies LLC<sup>†</sup> | USD | 109 | 2.25% |  | 109120 |
|  Nomura UK<sup>†</sup> | USD | 227 | 0.50% |  | 227460 |
|  Nomura UK<sup>†</sup> | USD | 2901 | 1.00% |  | 2909078 |
|  Nomura UK<sup>†</sup> | USD | 723 | 2.25% |  | 724442 |
|  Nomura UK<sup>†</sup> | USD | 553 | 2.25% |  | 553160 |
|  Standard Chartered Bank<sup>†</sup> | USD | 982 | 3.00% |  | 982229 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18110156 |

---

<sup>†</sup> The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on April 30, 2025.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight<br>and<br>Continuous** | **Up to 30 Days** | **31-90 Days** | **Greater than<br>90 Days** | **Total** |
|  Agencies | $10834666 | $– 0 – $| – 0 – $| – 0 – $| 10834666 |
|  Corporates – Investment Grade | 1209689 | – 0 – | – 0 – | – 0 – | 1209689 |
|  Corporates – Non-Investment Grade | 779729 | – 0 – | – 0 – | – 0 – | 779729 |
|  Emerging Markets – Corporate Bonds | 5286072 | – 0 – | – 0 – | – 0 – | 5286072 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18110156 | $– 0 – $| – 0 – $| – 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18110156 |

---

\*\* Principal amount less than 500. 

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(c) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2025, the aggregate market value of these securities amounted to $658,326,648 or 28.4% of net assets.

(e) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(f) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2025.

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

(h) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2025.

(i) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.39% of net assets as of April 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 33 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Chile Electricity PEC SpA <br>Zero Coupon, 01/25/2028 | 08/31/2021 -<br>10/27/2021 | $2834093 | $2677136 | 0.12% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT <br>0.00%, 10/17/2044 | 09/04/2019 | 1335 | 1294 | 0.00% |
|  Digicel Group Holdings Ltd. <br>Zero Coupon, 12/31/2030 | 11/16/2023 | 11610 | 889 | 0.00% |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024 | 10/26/2020 | – 0 | – 0 | 0.00% |
|  Exide Technologies (First Lien) <br>11.00%, 10/31/2024 | 06/21/2019 -<br>12/01/2019 | 692006 | – 0 | 0.00% |
|  Magnetation LLC/Mag Finance Corp.<br>11.00%, 05/15/2023 | 02/19/2015 | 861787 | – 0 | 0.00% |
|  Veritas US, Inc. <br>0.00% | 12/09/2024 | 20921 | 29363 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2025 | 06/13/2013 -<br>01/27/2014 | 3480601 | 471 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.875%, 01/13/2020 | 06/09/2014 | 745965 | 75 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>11.75%, 02/09/2025 | 01/29/2014 -<br>02/03/2014 | 909735 | 168 | 0.00% |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago/The) <br>Series 2021 <br>5.75%, 07/25/2041 | 08/03/2021 | 6915000 | 6234820 | 0.27% |

---

(j) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2025.

(k) Defaulted matured security.

(l) Non-income producing security.

(m) Fair valued by the Adviser.

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

(o) Escrow shares.

(p) Inverse interest only security.

(q) IO – Interest Only.

(r) The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at April 30, 2025.

(s) Defaulted.

(t) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

(v) Affiliated investments.

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

USD – United States Dollar

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|:---|:---|
| 34 AB Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

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

CJSC – Closed Joint Stock Company

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Merchantile Exchange

FedFundEffective – Federal Funds Effective Rate

JSC – Joint Stock Company

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 35 |

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#### STATEMENT OF ASSETS & LIABILITIES
**April 30, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $2,786,607,489) | $2774328263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $8,050,935) | 8050935 |
|  Cash collateral due from broker | 1241145 |
|  Foreign currencies, at value (cost $3,801,086) | 3997797 |
|  Receivable for investment securities sold | 65254775 |
|  Unaffiliated interest and dividends receivable | 21283869 |
|  Receivable for capital stock sold | 1006168 |
|  Receivable for variation margin on centrally cleared swaps | 294937 |
|  Receivable due from Adviser | 118185 |
|  Affiliated dividends receivable | 46435 |
|  Receivable for variation margin on futures | 40284 |
|  Unrealized appreciation on total return swaps | 10374 |
|  Total assets | 2875673167 |
| Liabilities |  |
|  Due to custodian | 167163 |
|  Payable for investment securities purchased | 518634155 |
|  Payable for reverse repurchase agreements | 18110156 |
|  Payable for capital stock redeemed | 8278588 |
|  Cash collateral due to broker | 5662000 |
|  Unrealized depreciation on total return swaps | 1503560 |
|  Unrealized depreciation on forward currency exchange contracts | 1380712 |
|  Dividends payable | 1006477 |
|  Advisory fee payable | 864677 |
|  Foreign capital gains tax payable | 313809 |
|  Distribution fee payable | 77023 |
|  Transfer Agent fee payable | 59599 |
|  Administrative fee payable | 30671 |
|  Directors' fees payable | 8473 |
|  Payable for newly entered centrally cleared interest rate swaps | 885021 |
|  Accrued expenses | 619292 |
|  Total liabilities | 557601376 |
|  Net Assets | $**2318071791** |
| Composition of Net Assets |  |
|  Capital stock, at par | $361166 |
|  Additional paid-in capital | 3099920284 |
|  Accumulated loss | (782209659) |
|  **Net Assets** | $**2318071791** |

---

Net Asset Value Per Share—33 billion shares of capital stock authorized, $.001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $110426106 | 17226547 | $6.41 \* |
| C | $65870370 | 10261912 | $6.42 |
| Advisor | $2124792613 | 331032745 | $6.42 |
| Z | $16982702 | 2644589 | $6.42 |

---

\* The maximum offering price per share for Class A shares was $6.69 which reflects a sales charge of 4.25%. 

See notes to financial statements.

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| | |
|:---|:---|
| 36 AB Income Fund | **ABFunds.com** |

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#### STATEMENT OF OPERATIONS
**Six Months Ended April 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income | Investment Income | Investment Income |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66959248 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 28705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 395765 |  |
|  Other income | 38497 | $67422215 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 5366910 |  |
|  Distribution fee—Class A | 139858 |  |
|  Distribution fee—Class C | 352863 |  |
|  Transfer agency—Class A | 45114 |  |
|  Transfer agency—Class C | 28437 |  |
|  Transfer agency—Advisor Class | 881018 |  |
|  Transfer agency—Class Z | 1566 |  |
|  Custody and accounting | 120035 |  |
|  Printing | 94131 |  |
|  Audit and tax | 71579 |  |
|  Registration fees | 53873 |  |
|  Administrative | 50209 |  |
|  Legal | 35888 |  |
|  Directors' fees | 26811 |  |
|  Miscellaneous | 32477 |  |
|  Total expenses before interest expense/bank overdraft | 7300769 |  |
|  Interest expense/bank overdraft | 305780 |  |
|  Total expenses | 7606549 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (638485) |  |
|  Net expenses |  | 6968064 |
|  Net investment income |  | 60454151 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | (13415513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 4732709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (9279867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (1322980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written |  | (301438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (7138470) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | 19711001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (8136483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 21523611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (317695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 210178 |
|  Net gain on investment and foreign currency transactions |  | 6265053 |
|  Net Increase in Net Assets from Operations |  | $**66719204** |

---

(a) Net of foreign realized capital gains taxes of $4,223.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $26,005.

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 37 |

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------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(unaudited)** | **Year Ended<br>October 31,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $60454151 | $132041839 |
|  Net realized gain (loss) on investment and foreign currency transactions | (26725559) | 17640381 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 32990612 | 142750137 |
|  Net increase in net assets from operations | 66719204 | 292432357 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2827536) | (6427266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1515384) | (3587037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (57935933) | (125347943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (386109) | (774369) |
| Capital Stock Transactions |  |  |
|  Net decrease | (199674954) | (44698442) |
|  Total increase (decrease) | (195620712) | 111597300 |
| Net Assets |  |  |
|  Beginning of period | 2513692503 | 2402095203 |
|  End of period | $**2318071791** | $**2513692503** |

---

See notes to financial statements.

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| | |
|:---|:---|
| 38 AB Income Fund | **ABFunds.com** |

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#### NOTES TO FINANCIAL STATEMENTS
**April 30, 2025** (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of six portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Income Fund (the "Fund"), a diversified portfolio. The Fund offers Class A, Class C, Advisor Class and Class Z shares. Class B, Class R, Class K, Class I, Class T, Class 1 and Class 2 shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge 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 and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 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. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

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

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|:---|:---|
| **ABFunds.com** | AB Income Fund 39 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the

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|:---|:---|
| 40 AB Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

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

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable

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|:---|:---|
| **ABFunds.com** | AB Income Fund 41 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

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

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|:---|:---|
| 42 AB Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments – Treasuries | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113896756 | $– 0 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113896756 |
|  Mortgage Pass-Throughs | – 0 | 706448915 | – 0 |  | 706448915 |
|  Corporates – Investment Grade | – 0 | 369189079 | – 0 |  | 369189079 |
|  Collateralized Loan Obligations | – 0 | 164744359 | – 0 |  | 164744359 |
|  Corporates – Non-Investment Grade | – 0 | 117351599 | 3084042 | <sup>(a)</sup> | 120435641 |
|  Emerging Markets – Corporate Bonds | – 0 | 64839920 | 1603 |  | 64841523 |
|  Asset-Backed Securities | – 0 | 39678091 | 4456328 |  | 44134419 |
|  Collateralized Mortgage Obligations | – 0 | 35571985 | – 0 |  | 35571985 |
|  Quasi-Sovereigns | – 0 | 34573652 | – 0 |  | 34573652 |
|  Agencies | – 0 | 31044783 | – 0 |  | 31044783 |
|  Commercial Mortgage-Backed Securities | – 0 | 26412723 | – 0 |  | 26412723 |
|  Emerging Markets – Sovereigns | – 0 | 24527243 | – 0 |  | 24527243 |
|  Governments – Sovereign Bonds | – 0 | 17047081 | – 0 |  | 17047081 |
|  Local Governments – US Municipal Bonds | – 0 | 8853758 | – 0 |  | 8853758 |
|  Bank Loans | – 0 | 1463456 | 2930155 |  | 4393611 |
|  Common Stocks | 707016 | – 0 | 3310941 | <sup>(a)</sup> | 4017957 |
|  Preferred Stocks | – 0 | – 0 | 3162572 |  | 3162572 |
|  Governments – Sovereign Agencies | – 0 | 1032206 | – 0 |  | 1032206 |
|  Short-Term Investments | 8050935 | – 0 | – 0 |  | 8050935 |
|  Total Investments in Securities | 8757951 | 2756675606 | 16945641 | <sup>(a)</sup> | 2782379198 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 9257941 | – 0 | – 0 |  | 9257941 <sup>(c)</sup> |
|  Centrally Cleared Credit Default Swaps | – 0 | 8354885 | – 0 |  | 8354885 <sup>(c)</sup> |
|  Total Return Swaps | – 0 | 10374 | – 0 |  | 10374 |

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|:---|:---|
| **ABFunds.com** | AB Income Fund 43 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Futures | $(1827127) | $– 0 | $– 0 |  | $(1827127)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (1380712) | – 0 |  | (1380712) |
|  Centrally Cleared Credit Default Swaps | – 0 | (339175) | – 0 |  | (339175)<sup>(c)</sup> |
|  Total Return Swaps | – 0 | (1503560) | – 0 |  | (1503560) |
|  **Total** | $**16188765** | $**2761817418** | $**16945641** | **<sup>(a)</sup>** | $**2794951824** |

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<sup>(a)</sup> The Fund held securities with zero market value at period end.

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

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

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|:---|:---|
| 44 AB Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

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.

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|:---|:---|
| **ABFunds.com** | AB Income Fund 45 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

9. Segment Information

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion of the Fund's average daily net assets, .40% of the excess over $2.5 billion up to $5 billion and .35% in excess of $5 billion, of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the "Expense Caps") to .77%, 1.52%, .52%, and .52% of daily average net assets for Class A, Class C, Advisor Class, and Class Z shares, respectively. For the six months ended April 30, 2025, such reimbursement/waivers amounted to $619,962. The Expense Caps may not be terminated by the Adviser before January 31, 2026.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2025, the reimbursement for such services amounted to $50,209.

The Fund 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 Fund. 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 $206,982 for the six months ended April 30, 2025.

---

| | |
|:---|:---|
| 46 AB Income Fund | **ABFunds.com** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $1,313 from the sale of Class A shares and received $475 and $8,777 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2025.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2025, such waiver amounted to $18,523.

A summary of the Fund's transactions in AB mutual funds for the six months ended April 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>4/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375938 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |

---

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .25% of the Fund's average daily net assets attributable to Class A shares and 1% of the Fund's average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class and Class Z shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund's operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $1,238,067 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, and the share class is active, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 47 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $287139852 | $420899069 |
|  U.S. government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525010077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538533341 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $49662991 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56189219) |
|  Net unrealized depreciation | $(6526228) |

---

1. Derivative Financial Instruments

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

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

**•** **Futures** 

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under "Currency Transactions".

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is

---

| | |
|:---|:---|
| 48 AB Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

During the six months ended April 30, 2025, the Fund held futures for hedging and non-hedging purposes.

**•** **Forward Currency Exchange Contracts** 

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 49 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended April 30, 2025, the Fund held forward currency exchange contracts for hedging purposes.

**•** **Option Transactions** 

The Fund may also invest in options on swap agreements, also called "swaptions". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based "premium". A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Fund's maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the six months ended April 30, 2025, the Fund held written swaptions for hedging purposes.

**•** **Swaps** 

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

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the

---

| | |
|:---|:---|
| 50 AB Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

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

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

#### Credit Default Swaps:
The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund,

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 51 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2025, the Fund held credit default swaps for hedging purposes.

---

| | |
|:---|:---|
| 52 AB Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

#### Total Return Swaps:
The Fund may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended April 30, 2025, the Fund held total return swaps for non-hedging purposes.

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

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

During the six months ended April 30, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257941<br> \*  | Payable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827127<br> \*  |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 53 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | $1196082 \* |  |  |
|  Foreign currency contracts |  |  | Unrealized depreciation on forward currency exchange contracts | $1380712 |
|  Equity contracts | Unrealized appreciation on total return swaps | 10374 | Unrealized depreciation on total return swaps | 1503560 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10464397 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711399 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9279867) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21523611 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 4732709 | (8136483) |
|  Interest rate contracts | Net realized gain (loss) on swaptions written; Net change in unrealized appreciation (depreciation) of swaptions written | (301438) | – 0 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (885021) | – 0 |

---

---

| | |
|:---|:---|
| 54 AB Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(437959) | $1175491 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | – 0 | (1493186) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6171576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13069433 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended April 30, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $787959145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $283416984 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $2053403 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $82474233 |
|  Swaptions Written: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000000 <sup>(a)</sup> |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126599714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $101947857 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $5222343 <sup>(b)</sup> |

---

(a) Positions were open for one month during the period.

(b) Positions were open for two months during the period.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of April 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 55 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |  |
|  Goldman Sachs International | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |  |
|  Goldman Sachs International | $1503560 | $(10374) | $(1169144) | $(324042) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  |
|  JPMorgan Chase Bank | 56671 | – 0 | (56671) | – 0 | – 0 |  |
|  Morgan Stanley Capital Services, Inc. | 1324041 | – 0 | – 0 | – 0 | 1324041 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1225815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324041 | <sup>^</sup> |

---

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

---

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

---

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Fund may invest in TBA mortgage-backed securities. A TBA, or "To Be Announced", trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

---

| | |
|:---|:---|
| 56 AB Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Fund of securities for delivery in the current month and the Fund's simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended April 30, 2025, the Fund earned drop income of $1,259,682 which is included in interest income in the accompanying statement of operations.

4. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions ("RVP") in accordance with the terms of a Master Repurchase Agreement ("MRA"), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other master agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as a Level 1 investment. For the six months ended April 30, 2025, the average amount of reverse repurchase agreements outstanding was $17,294,817 and the daily weighted average interest rate was 3.36%. At April 30, 2025, the Fund had reverse repurchase agreements outstanding in the amount of $18,110,156 as reported on the statement of assets and liabilities.

The following table presents the Fund's RVP liabilities by counterparty net of the related collateral pledged by the Fund as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities<br>Subject to a<br>MRA** | **Securities<br>Collateral<br>Pledged<sup>†</sup><sup>\*</sup>** | **Net Amount of<br>RVP Liabilities** |
|  Barclays Capital, Inc. | $1770001 | $(1636172) | $133829 |
|  HSBC Securities (USA), Inc. | 10834666 | (10834666) | – 0 |
|  Jefferies LLC | 109120 | (108190) | 930 |
|  Nomura UK | 4414140 | (4295682) | 118458 |
|  Standard Chartered Bank | 982229 | (982229) | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18110156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17856939) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253217 |

---

<sup>†</sup> Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 57 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br>2024 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 1941432 | 3408640 | $12351495 | $21914241 |
|  Shares issued in reinvestment of dividends | 284667 | 679162 | 1820063 | 4345765 |
|  Shares converted from Class C | 415644 | 801475 | 2655418 | 5125116 |
|  Shares redeemed | (4116545) | (7204997) | (26172805) | (45970707) |
|  **Net decrease** | **(1474802)** | **(2315720)** | $**(9345829)** | $**(14585585)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 357288 | 1518113 | $2282519 | $9786895 |
|  Shares issued in reinvestment of dividends | 157210 | 344130 | 1006284 | 2204980 |
|  Shares converted to Class A | (414994) | (800319) | (2655418) | (5125116) |
|  Shares redeemed | (1931693) | (3188371) | (12317033) | (20367778) |
|  **Net decrease** | **(1832189)** | **(2126447)** | $**(11683648)** | $**(13501019)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 39860589 | 128466875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253831717 | $823329350 |
|  Shares issued in reinvestment of dividends | 6335302 | 13353017 | 40557538 | 85558562 |
|  Shares redeemed | (74898847) | (143652624) | (477377138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(917813910) |
|  **Net decrease** | **(28702956)** | **(1832732)** | $**(182987883)** | $**(8925998)** |
| **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  Shares sold | 812434 | 999232 | $5156403 | $6307515 |
|  Shares issued in reinvestment of dividends | 59059 | 100708 | 378479 | 645244 |
|  Shares redeemed | (187277) | (2280291) | (1192476) | (14638599) |
|  **Net increase (decrease)** | **684216** | **(1180351)** | $**4342406** | $**(7685840)** |

---

NOTE F

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic

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| | |
|:---|:---|
| 58 AB Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market.

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

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

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

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

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 59 |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

**Emerging Market Risk**—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Mortgage-Related and/or Other Asset-Backed Securities Risk**—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and "prepayment risk", which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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| | |
|:---|:---|
| 60 AB Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

**Active Trading Risk**—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund's return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

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

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

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2025.

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 61 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136136615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109459669 |
|  Total taxable distributions paid | $136136615 | $109459669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | – 0 | 22008796 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136136615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131468465 |

---

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Accumulated capital and other losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(740730113)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (39642026)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(780372139)<sup>(c)</sup> |

---

(a) As of October 31, 2024, the Fund had a net capital loss carryforward of $737,334,616. During the fiscal year, the Fund utilized $51,271,983 of capital loss carry forwards to offset current year net realized gains. As of October 31, 2024, the cumulative deferred loss on straddles was $3,395,497.

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

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2024, the Fund had a net short-term capital loss carryforward of $188,828,393 and a net long-term capital loss carryforward of $548,506,223, which may be carried forward for an indefinite period.

NOTE I

Subsequent Events

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

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| | |
|:---|:---|
| 62 AB Income Fund | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $6.40 | $6.00 | $6.19 | $7.89 | $7.96 | $7.98 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .15 | .32 | .28 | .23 | .24 | .26 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .02 | .41 | (.16 | (1.69) | (.04 | .02 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | .17 | .73 | .12 | (1.46) | .20 | .28 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.16 | (.33 | (.26 | (.24 | (.27 | (.30 |
|  Return of capital | – 0 | – 0 | (.05 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.16 | (.33 | (.31 | (.24 | (.27 | (.30 |
|  Net asset value, end of period | **$6.41** | **$6.40** | **$6.00** | **$6.19** | **$7.89** | **$7.96** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | 2.69 | 12.24 | 1.76 | (18.83) | 2.48 | 3.55 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $110426 | $119623 | $126078 | $159887 | $265990 | $289619 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .79 | .80 | 1.81 | 1.04 | .79 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .85 | .85 | 1.86 | 1.08 | .80 | .80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.87 | 4.95 | 4.30 | 3.15 | 3.04 | 3.24 |
|  Portfolio turnover rate\*\* | 134 | 278 | 231 | 167 | 166 | 246 |

---

See footnote summary on page 66-67.

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 63 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $6.41 | $6.01 | $6.20 | $7.90 | $7.97 | $7.99 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .13 | .27 | .23 | .17 | .18 | .20 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .02 | .41 | (.16 | (1.68) | (.04 | .02 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | .15 | .68 | .07 | (1.51) | .14 | .22 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.14 | (.28 | (.22 | (.19 | (.21 | (.24 |
|  Return of capital | – 0 | – 0 | (.04 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.14 | (.28 | (.26 | (.19 | (.21 | (.24 |
|  Net asset value, end of period | **$6.42** | **$6.41** | **$6.01** | **$6.20** | **$7.90** | **$7.97** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | 2.30 | 11.38 | 1.00 | (19.41) | 1.71 | 2.77 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $65870 | $77464 | $85418 | $113982 | $194363 | $217968 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | 1.54 | 1.55 | 2.54 | 1.79 | 1.54 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | 1.60 | 1.60 | 2.60 | 1.82 | 1.55 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.11 | 4.19 | 3.57 | 2.39 | 2.29 | 2.49 |
|  Portfolio turnover rate\*\* | 134 | 278 | 231 | 167 | 166 | 246 |

---

See footnote summary on page 66-67.

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| | |
|:---|:---|
| 64 AB Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $6.40 | $6.01 | $6.20 | $7.90 | $7.97 | $7.99 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .33 | .29 | .24 | .26 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .03 | .40 | (.15 | (1.68) | (.04 | .03 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | .19 | .73 | .14 | (1.44) | .22 | .30 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.17 | (.34 | (.27 | (.26 | (.29 | (.32 |
|  Return of capital | – 0 | – 0 | (.06 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.17 | (.34 | (.33 | (.26 | (.29 | (.32 |
|  Net asset value, end of period | **$6.42** | **$6.40** | **$6.01** | **$6.20** | **$7.90** | **$7.97** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on: |  |  |  |  |  |  |
|  Net asset value<sup>(e)</sup>\* | 2.97 | 12.33 | 2.02 | (18.60) | 2.73 | 3.80 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000,000's omitted) | $2125 | $2304 | $2172 | $2334 | $4152 | $4097 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .54 | .55 | 1.55 | .79 | .54 | .53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .60 | .60 | 1.61 | .82 | .55 | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.11 | 5.19 | 4.54 | 3.38 | 3.28 | 3.48 |
|  Portfolio turnover rate\*\* | 134 | 278 | 231 | 167 | 166 | 246 |

---

See footnote summary on page 66-67.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 65 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **November 20,**<br> **2019<sup>(g)</sup> to**<br> **2020** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **November 20,**<br> **2019<sup>(g)</sup> to**<br> **2020** |
|  Net asset value, beginning of period | $6.41 | $6.01 | $6.20 | $7.90 | $7.97 | $7.97 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .33 | .29 | .25 | .27 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .02 | .41 | (.15) | (1.69) | (.05 | .03 |
|  Net increase (decrease) in net asset value from operations | .18 | .74 | .14 | (1.44) | .22 | .30 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.17 | (.34 | (.27) | (.26 | (.29 | (.30 |
|  Return of capital | – 0 | – 0 | (.06) | – 0 | – 0 | – 0 |
|  Total distributions | (.17 | (.34 | (.33) | (.26 | (.29 | (.30 |
|  Net asset value, end of period | **$6.42** | **$6.41** | **$6.01** | **$6.20** | **$7.90** | **$7.97** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | 2.81 | 12.51 | 2.02% | (18.57) | 2.78 | 3.89 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $16983 | $12562 | $18861 | $21026 | $30118 | $18492 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .54 | .54 | 1.55% | .78 | .49 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .54 | .54 | 1.55% | .78 | .49 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.13 | 5.18 | 4.56% | 3.44 | 3.32 | 3.49 |
|  Portfolio turnover rate\*\* | 134 | 278 | 231% | 167 | 166 | 246 |

---

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(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 Fund's change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(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 investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

---

| | |
|:---|:---|
| 66 AB Income Fund | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

(f) The expense ratios, excluding interest/bank overdraft expense are:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | | **2024** | **2023** | **2022** | **2021** | **2020** |  |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .77 | %<sup>^</sup> | .77% | .77% | .77% | .77% | .77 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .82 | %<sup>^</sup> | .82% | .83% | .80% | .78% | .79 | % |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.52 | %<sup>^</sup> | 1.52% | 1.52% | 1.52% | 1.52% | 1.52 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.57 | %<sup>^</sup> | 1.57% | 1.58% | 1.55% | 1.53% | 1.54 | % |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .52 | %<sup>^</sup> | .52% | .52% | .52% | .52% | .52 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .57 | %<sup>^</sup> | .57% | .58% | .55% | .53% | .54 | % |
|  **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .51 | %<sup>^</sup> | .51% | .51% | .49% | .47% | .46 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .51 | %<sup>^</sup> | .51% | .52% | .49% | .47% | .46 | %<sup>^</sup> |

---

(g) Commencement of distributions.

\* Includes the impact of proceeds received by the Fund in connection with a trade-error reimbursement from the Adviser, which enhanced performance by .04% for the year ended October 31, 2021. 

^ Annualized.

\*\* The Fund accounts for dollar roll transactions as purchases and sales.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 67 |

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------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Bond Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Income Fund (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 and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to

---

| | |
|:---|:---|
| 68 AB Income Fund | **ABFunds.com** |

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------

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, distribution and brokerage 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.

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 69 |

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------

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 Advisor Class 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 Advisor Class 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 payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median. The directors also noted the Adviser's total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class 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 Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. 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

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| | |
|:---|:---|
| 70 AB Income Fund | **ABFunds.com** |

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------

responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was above the medians. After reviewing and discussing the Adviser's explanation for this, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels and that the Fund's net assets were at the first breakpoint level. Accordingly, the Fund's current effective advisory fee rate would be reduced if the net assets of the Fund increase in the future. 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. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets increase in the future.

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| | |
|:---|:---|
| **ABFunds.com** | AB Income Fund 71 |

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------

#### NOTES

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| | |
|:---|:---|
| 72 AB Income Fund | **ABFunds.com** |

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------

![LOGO](g948826g28a43.jpg)

AB INCOME FUND

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

IF-0152-0425 ![LOGO](g948826g22c48.jpg)

------

#### April 30, 2025
![LOGO](g65833g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB Municipal Bond Inflation Strategy

![LOGO](g65833g50e50.jpg)

------

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

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

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

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

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

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

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

------

#### PORTFOLIO OF INVESTMENTS
**April 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 93.9% |  |  |
| Long-Term Municipal Bonds – 90.0% | Long-Term Municipal Bonds – 90.0% | Long-Term Municipal Bonds – 90.0% |
|  **Alabama – 4.6%** | **Alabama – 4.6%** | **Alabama – 4.6%** |
|  Alabama Special Care Facilities Financing Authority-Birmingham AL<br>(Children's Hospital of Alabama Obligated Group)<br>Series 2015<br>5.00%, 06/01/2028 | $3905 | $3906467 |
|  Black Belt Energy Gas District<br>(BP PLC)<br>Series 2024-D<br>5.00%, 03/01/2055 | 5965 | 6284425 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group)<br>Series 2023-A<br>5.25%, 01/01/2054 | 1830 | 1924856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D<br>4.751% (SOFR + 1.85%), 06/01/2049<sup>(a)</sup> | 2500 | 2538699 |
|  Black Belt Energy Gas District<br>(Morgan Stanley)<br>Series 2022-C<br>5.25%, 02/01/2053 | 1015 | 1061002 |
|  Black Belt Energy Gas District<br>(Pacific Mutual Holding)<br>Series 2024-C<br>5.00%, 05/01/2055 | 1100 | 1149305 |
|  Black Belt Energy Gas District<br>(Royal Bank of Canada)<br>Series 2021<br>4.00%, 06/01/2051 | 16155 | 15846301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D<br>4.00%, 07/01/2052 | 2555 | 2553542 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile<br>(Infirmary Health System Obligated Group)<br>Series 2021<br>4.00%, 02/01/2039 | 1675 | 1547890 |
|  Southeast Alabama Gas Supply District (The)<br>(Pacific Mutual Holding)<br>Series 2024-A<br>5.00%, 08/01/2054 | 2000 | 2089385 |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | 1705 | 1747400 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 1 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District <br>(Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 | $| 1085 | $| 1116894 |
|  Southeast Energy Authority A Cooperative District <br>(Goldman Sachs Group)<br>Series 2022-B<br>5.00%, 05/01/2053 |  | 1000 |  | 1027139 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley)<br>Series 2021-B<br>4.00%, 12/01/2051 |  | 18485 |  | 18173324 |
|  Southeast Energy Authority A Cooperative District<br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 |  | 2000 |  | 2086940 |
|  Southeast Energy Authority A Cooperative District<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 01/01/2054 |  | 3000 |  | 3100017 |
|  |  |  |  | 66153586 |
|  **Alaska – 0.3%** | **Alaska – 0.3%** | **Alaska – 0.3%** | **Alaska – 0.3%** | **Alaska – 0.3%** |
|  Alaska Housing Finance Corp.<br>(Prerefunded – Others)<br>Series 2023<br>4.39%, 07/01/2026<sup>(b)</sup> |  | 4000 |  | 4002675 |
|  **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** |
|  American Samoa Economic Development Authority<br>(Territory of American Samoa)<br>Series 2015-A<br>6.625%, 09/01/2035 |  | 1335 |  | 1345902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>6.50%, 09/01/2028<sup>(b)</sup> |  | 245 |  | 254085 |
|  |  |  |  | 1599987 |
|  **Arizona – 2.5%** | **Arizona – 2.5%** | **Arizona – 2.5%** | **Arizona – 2.5%** | **Arizona – 2.5%** |
|  Arizona Industrial Development Authority<br>(Equitable School Revolving Fund Obligated Group)<br>Series 2020<br>4.00%, 11/01/2030 |  | 935 |  | 941030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 |  | 800 |  | 849681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 |  | 650 |  | 687162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 |  | 900 |  | 948549 |
|  Arizona Industrial Development Authority<br>(Kipp NYC Public Charter Schools)<br>Series 2021-B<br>4.00%, 07/01/2041 |  | 500 |  | 446079 |

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| | |
|:---|:---|
| 2 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>6.50%, 07/01/2026<sup>(c)(d)(e)</sup> | $1000 | $30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2026<sup>(c)(d)(e)</sup> | 1000 | 30000 |
|  Arizona Industrial Development Authority<br>(Phoenix Children's Hospital Obligated Group)<br>Series 2021<br>4.00%, 02/01/2039 | 1800 | 1723038 |
|  Arizona Industrial Development Authority<br>(San Tan Valley AH I LLLP)<br>Series 2024-A<br>5.68%, 01/01/2043<sup>(b)</sup> | 1000 | 935931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.68%, 01/01/2043<sup>(b)</sup> | 215 | 201171 |
|  Chandler Industrial Development Authority<br>(Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2052 | 5000 | 5078018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 2000 | 1988858 |
|  City of Glendale AZ<br>(City of Glendale AZ COP)<br>Series 2021<br>2.542%, 07/01/2033 | 4000 | 3408101 |
|  City of Phoenix Civic Improvement Corp.<br>(Phoenix Sky Harbor Intl Airport)<br>Series 2018<br>5.00%, 07/01/2043 | 4000 | 4015595 |
|  City of Tempe AZ<br>(City of Tempe AZ COP)<br>Series 2021<br>1.951%, 07/01/2031 | 2400 | 2078908 |
|  Industrial Development Authority of the County of Pima (The)<br>(La Posada at Park Centre Obligated Group)<br>Series 2022<br>5.125%, 11/15/2029<sup>(b)</sup> | 1500 | 1500730 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group)<br>Series 2024-D<br>5.00%, 12/01/2043 | 1000 | 1028429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 | 1000 | 1023267 |
|  Salt River Project Agricultural Improvement & Power District<br>(Salt River Project Agricultural Improvement & Power District)<br>Series 2023-B<br>5.25%, 01/01/2053 | 2500 | 2640843 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 3 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  State of Arizona Lottery Revenue<br>(Prerefunded – US Treasuries)<br>Series 2019<br>5.00%, 07/01/2028 | $| 5000 | $| 5288407 |
|  Yuma Industrial Development Authority<br>(Yuma Regional Medical Center Obligated Group)<br>Series 2024<br>5.00%, 08/01/2041 |  | 1600 |  | 1672761 |
|  |  |  |  | 36516558 |
|  **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
|  Arkansas Development Finance Authority<br>(Hybar LLC)<br>Series 2024<br>7.375%, 07/01/2048<sup>(b)</sup> |  | 1000 |  | 1084063 |
|  City of Fayetteville AR Sales & Use Tax Revenue<br>(City of Fayetteville AR Sales & Use Tax Revenue)<br>Series 2022<br>2.875%, 11/01/2032 |  | 925 |  | 903094 |
|  |  |  |  | 1987157 |
|  **California – 8.7%** | **California – 8.7%** | **California – 8.7%** | **California – 8.7%** | **California – 8.7%** |
|  Align Affordable Housing Bond Fund LP<br>(Park Landing LP)<br>Series 2022-2<br>5.66%, 08/01/2052 |  | 2000 |  | 1865341 |
|  Align Affordable Housing Bond Fund LP<br>(SHI – Lake Worth LLC)<br>Series 2021<br>3.25%, 12/01/2051<sup>(b)</sup> |  | 2500 |  | 2202274 |
|  ARC70 II Trust<br>(ARC70 II TRUST)<br>Series 2023<br>4.84%, 04/01/2065<sup>(c)</sup> |  | 4752 |  | 4403258 |
|  California Community Choice Financing Authority<br>(American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 |  | 2000 |  | 2101715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 08/01/2055 |  | 1000 |  | 1048080 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.)<br>Series 2024<br>5.00%, 11/01/2055 |  | 1000 |  | 1030122 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 |  | 3090 |  | 3210305 |

---

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| | |
|:---|:---|
| 4 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group)<br>Series 2023<br>5.25%, 11/01/2054 | $1125 | $1182238 |
|  California Community Choice Financing Authority<br>(Royal Bank of Canada)<br>Series 2024<br>5.00%, 02/01/2055 | 2315 | 2434125 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021-A<br>4.00%, 08/01/2047<sup>(b)</sup> | 3315 | 2553642 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>4.00%, 08/01/2046<sup>(b)</sup> | 985 | 810922 |
|  California Housing Finance Agency<br>(CAHFA 2021-1)<br>Series 2021-1, Class A<br>3.50%, 11/20/2035 | 937 | 891168 |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 4755 | 4664384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035<sup>(f)</sup> | 2377 | 99335 |
|  California Housing Finance Agency<br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 1892 | 1724889 |
|  California State University<br>(California State University)<br>Series 2021-B<br>2.374%, 11/01/2035 | 1000 | 785956 |
|  Central Valley Energy Authority<br>(Pacific Mutual Holding)<br>Series 2025<br>5.00%, 12/01/2055 | 1000 | 1056009 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue)<br>Series 2025-C<br>5.00%, 06/01/2042<sup>(g)</sup> | 4505 | 4822906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043<sup>(g)</sup> | 1500 | 1599736 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 5 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports)<br>Series 2021<br>5.00%, 05/15/2035 | $4000 | $4170453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.00%, 05/15/2028 | 4000 | 4154321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 05/15/2036 | 3365 | 3602984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2044 | 1000 | 1040293 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2046<sup>(b)</sup> | 2000 | 1538336 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.375%, 07/01/2043<sup>(b)</sup> | 3200 | 2562359 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments)<br>Series 2021<br>3.50%, 05/01/2047<sup>(b)</sup> | 2300 | 1889843 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>4.00%, 10/01/2048<sup>(b)</sup> | 2000 | 1424117 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 1000 | 912312 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2024-B<br>5.00%, 07/01/2036 | 1000 | 1053590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1315 | 1378496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1855 | 1941440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 1000 | 1042495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 07/01/2041 | 1700 | 1747823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D<br>5.00%, 07/01/2043 | 2670 | 2712346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 07/01/2039 | 2550 | 2663458 |

---

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| | |
|:---|:---|
| 6 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Los Angeles Dept. of Water & Power Water System Revenue)<br>Series 2020-B<br>4.00%, 07/01/2030 | $1435 | $1444743 |
|  Los Angeles Unified School District/CA<br>(Los Angeles Unified School District/CA)<br>Series 2024-A<br>5.00%, 07/01/2031 | 6500 | 7217493 |
|  Sacramento County Water Financing Authority<br>(Sacramento County Water Agency)<br>NATL Series 2007-B<br>3.639% (CME Term SOFR 3 Month + 0.57%), 06/01/2039<sup>(a)</sup> | 5000 | 4543637 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport)<br>Series 2023-E<br>5.50%, 05/01/2040 | 5000 | 5352808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 05/01/2036 | 5960 | 6269425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 | 2000 | 2090060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2040 | 4975 | 5247765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 | 3380 | 3479983 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 1060 | 1164060 |
|  Southern California Public Power Authority<br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | 1400 | 1455845 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2039 | 1725 | 1794779 |
|  State of California<br>(State of California)<br>Series 2023<br>5.00%, 09/01/2037 | 10000 | 11006279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 | 1200 | 1241680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 03/01/2044 | 1200 | 1285545 |
|  |  | 125915173 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 7 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  **Colorado – 3.4%** |  |  |
|  Arapahoe County School District No. 5 Cherry Creek<br>(Arapahoe County School District No. 5 Cherry Creek COP)<br>Series 2022<br>4.00%, 12/15/2038 | $2655 | $2614178 |
|  City & County of Denver CO Airport System Revenue<br>(City & County of Denver CO Airport System Revenue)<br>Series 2022-A<br>5.00%, 11/15/2031 | 7910 | 8466549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 10000 | 10627504 |
|  City & County of Denver CO Airport System Revenue<br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2028 | 2090 | 2183581 |
|  Colorado Health Facilities Authority<br>(AdventHealth Obligated Group)<br>Series 2021<br>5.00%, 11/15/2041 | 2600 | 2714088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 11/15/2058 | 5280 | 5530071 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health Obligated Group)<br>Series 2019-A<br>5.00%, 08/01/2030 | 1015 | 1066285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 640 | 669247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 750 | 781366 |
|  Colorado Health Facilities Authority<br>(Intermountain Healthcare Obligated Group)<br>Series 2019-B<br>4.00%, 01/01/2040 | 1445 | 1359113 |
|  Colorado Health Facilities Authority<br>(Sanford Obligated Group)<br>Series 2019-A<br>5.00%, 11/01/2033 | 1525 | 1591485 |
|  E-470 Public Highway Authority<br>(E-470 Public Highway Authority)<br>Series 2024-B<br>3.671% (SOFR + 0.75%), 09/01/2039<sup>(a)</sup> | 2000 | 1978989 |
|  Johnstown Plaza Metropolitan District<br>(Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 | 1805 | 1500884 |

---

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| | |
|:---|:---|
| 8 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Platte River Metropolitan District<br>(Platte River Metropolitan District)<br>Series 2023-A<br>6.50%, 08/01/2053<sup>(b)</sup> | $| 292 | $| 290210 |
|  State of Colorado<br>(State of Colorado COP)<br>Series 2022<br>6.00%, 12/15/2041 |  | 6000 |  | 6801688 |
|  Sterling Ranch Community Authority Board<br>(Sterling Ranch Metropolitan District No. 3)<br>Series 2022<br>6.50%, 12/01/2042 |  | 1000 |  | 1036450 |
|  |  |  |  | 49211688 |
|  **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** | **Connecticut – 1.9%** |
|  City of New Haven CT<br>(City of New Haven CT)<br>Series 2018-A<br>5.50%, 08/01/2035 |  | 1920 |  | 2003044 |
|  Connecticut State Health & Educational Facilities Authority<br>(Stamford Hospital Obligated Group)<br>Series 2022<br>4.00%, 07/01/2037 |  | 3665 |  | 3560914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 1500 |  | 1405812 |
|  Connecticut State Health & Educational Facilities Authority<br>(Yale University)<br>Series 2023-A<br>2.80%, 07/01/2048 |  | 7710 |  | 7673720 |
|  State of Connecticut<br>(Prerefunded – Others)<br>Series 2015-B<br>5.00%, 06/15/2028 |  | 2840 |  | 2850744 |
|  State of Connecticut<br>(State of Connecticut)<br>Series 2016-A<br>5.00%, 03/15/2032 |  | 2160 |  | 2184108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>5.00%, 04/15/2028 |  | 1440 |  | 1518075 |
|  State of Connecticut Special Tax Revenue<br>(State of Connecticut Special Tax Revenue)<br>Series 2020<br>5.00%, 05/01/2038 |  | 3040 |  | 3190850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.25%, 07/01/2042 |  | 3000 |  | 3244695 |
|  |  |  |  | 27631962 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 9 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  **District of Columbia – 2.8%** |  |  |  |  |
|  District of Columbia<br>(District of Columbia Intl School Obligated Group)<br>Series 2019<br>5.00%, 07/01/2039 | $| 2400 | $| 2427612 |
|  District of Columbia<br>(District of Columbia)<br>Series 2024-A<br>5.00%, 08/01/2042 |  | 1015 |  | 1079344 |
|  District of Columbia<br>(Plenary Infrastructure DC State Lease)<br>Series 2022<br>5.00%, 08/31/2029 |  | 4765 |  | 4948733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/31/2030 |  | 5025 |  | 5250246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/29/2032 |  | 5475 |  | 5758789 |
|  District of Columbia Income Tax Revenue<br>(District of Columbia Income Tax Revenue)<br>Series 2022-A<br>5.00%, 07/01/2042 |  | 5795 |  | 6071891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2035 |  | 3750 |  | 4180794 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2018-A<br>5.00%, 10/01/2026 |  | 3065 |  | 3134677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2034 |  | 2000 |  | 2127897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 |  | 1000 |  | 1014689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2041 |  | 2000 |  | 2103792 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority State Lease)<br>Series 2023<br>5.00%, 07/15/2040 |  | 2540 |  | 2698985 |
|  |  |  |  | 40797449 |
|  **Florida – 3.9%** | **Florida – 3.9%** | **Florida – 3.9%** | **Florida – 3.9%** | **Florida – 3.9%** |
|  City of Palmetto FL<br>(Renaissance Arts & Education)<br>Series 2022<br>5.125%, 06/01/2042 |  | 2400 |  | 2400212 |
|  County of Broward FL Airport System Revenue<br>(County of Broward FL Airport System Revenue)<br>Series 2019-C<br>2.384%, 10/01/2026 |  | 2600 |  | 2541553 |

---

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| | |
|:---|:---|
| 10 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2024-A<br>5.00%, 10/01/2034 | $3130 | $3334612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 4970 | 5222714 |
|  County of Miami-Dade Seaport Department<br>(County of Miami-Dade Seaport Dept.)<br>Series 2023-A<br>5.00%, 10/01/2036 | 1715 | 1762918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 2835 | 2879265 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2030 | 115 | 92911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 140 | 108476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 74110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 115 | 81355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 125 | 84423 |
|  County of Palm Beach FL Airport System Revenue<br>(County of Palm Beach FL Airport System Revenue)<br>Series 2024-B<br>5.25%, 10/01/2040 | 1710 | 1827492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2041 | 1750 | 1846774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2042 | 1100 | 1150222 |
|  County of Pasco FL<br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group)<br>Series 2023<br>5.00%, 07/01/2030<sup>(b)</sup> | 8000 | 8545576 |
|  Florida Municipal Power Agency<br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)<br>Series 2021<br>1.425%, 10/01/2026 | 500 | 480764 |
|  Florida State Board of Education<br>(Prerefunded – US Treasuries)<br>Series 2015-E<br>5.00%, 06/01/2026 | 1500 | 1501883 |
|  Florida State Board of Governors<br>(Florida State University Athletics Association) BAM Series 2024-A<br>5.00%, 10/01/2042 | 4500 | 4736687 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority)<br>Series 2024<br>5.00%, 10/01/2036 | 2175 | 2304580 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 11 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority)<br>Series 2024<br>5.25%, 10/01/2043 | $| 2000 | $| 2079236 |
|  Hillsborough County Industrial Development Authority<br>(BayCare Obligated Group)<br>Series 2024<br>5.00%, 11/15/2034 |  | 1000 |  | 1101461 |
|  Jacksonville Transportation Authority<br>(Jacksonville Transportation Authority Fuel Tax)<br>Series 2025<br>5.00%, 08/01/2027<sup>(g)</sup> |  | 1000 |  | 1035635 |
|  Miami-Dade County Educational Facilities Authority<br>(University of Miami)<br>Series 2024-A<br>5.00%, 04/01/2045 |  | 1700 |  | 1730163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.25%, 04/01/2040 |  | 1000 |  | 1072271 |
|  Orange County Health Facilities Authority<br>(Orlando Health Obligated Group)<br>Series 2025<br>5.00%, 10/01/2045 |  | 1290 |  | 1310635 |
|  Orange County Health Facilities Authority<br>(Presbyterian Retirement Communities Obligated Group)<br>Series 2023<br>4.00%, 08/01/2036 |  | 1000 |  | 950065 |
|  Polk County Industrial Development Authority/FL<br>(Mineral Development LLC)<br>Series 2020<br>5.875%, 01/01/2033<sup>(b)(d)(e)</sup> |  | 950 |  | 551000 |
|  School Board of Miami-Dade County (The)<br>(Miami-Dade County School Board Foundation COP)<br>Series 2025-A<br>5.00%, 05/01/2026 |  | 3500 |  | 3556799 |
|  Village Community Development District No. 14<br>(Village Community Development District No. 14 Series 2022 Phase I Special Asmnt)<br>Series 2022<br>5.50%, 05/01/2053 |  | 2610 |  | 2646664 |
|  |  |  |  | 57010456 |
|  **Georgia – 3.0%** | **Georgia – 3.0%** | **Georgia – 3.0%** | **Georgia – 3.0%** | **Georgia – 3.0%** |
|  Augusta Development Authority<br>(WellStar Health System Obligated Group)<br>Series 2018<br>5.00%, 07/01/2034 |  | 4490 |  | 4643636 |

---

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| | |
|:---|:---|
| 12 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  City of Atlanta GA Department of Aviation<br>(City of Atlanta GA Dept. of Aviation)<br>Series 2022-B<br>5.00%, 07/01/2038 | $| 3440 | $| 3557349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 |  | 6830 |  | 6917624 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.)<br>Series 2022-A<br>4.00%, 09/01/2052 |  | 2075 |  | 2057166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 12/01/2054 |  | 4000 |  | 4138766 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 07/01/2053 |  | 8000 |  | 8338180 |
|  Metropolitan Atlanta Rapid Transit Authority<br>(Metropolitan Atlanta Rapid Transit Authority Sales Tax)<br>Series 2025-B<br>5.00%, 07/01/2037 |  | 1400 |  | 1598016 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia)<br>Series 2024<br>5.00%, 01/01/2043 |  | 1150 |  | 1193163 |
|  Private Colleges & Universities Authority<br>(Emory University)<br>Series 2023<br>5.00%, 09/01/2033<sup>(b)</sup> |  | 10000 |  | 10969066 |
|  |  |  |  | 43412966 |
|  **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
|  City & County Honolulu HI Wastewater System Revenue<br>(City & County Honolulu HI Wastewater System Revenue)<br>Series 2025<br>5.00%, 07/01/2038 |  | 2000 |  | 2209957 |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue)<br>Series 2025-C<br>5.00%, 07/01/2044 |  | 1000 |  | 1018242 |
|  |  |  |  | 3228199 |
|  **Illinois – 5.6%** |  |  |  |  |
|  Chicago Board of Education<br>(Chicago Board of Education)<br>Series 2018-A<br>5.00%, 12/01/2027 |  | 1200 |  | 1221547 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 13 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 12/01/2030 | $135 | $136816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 265 | 267023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 100 | 100186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 04/01/2033 | 1375 | 1486885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 | 1720 | 1800605 |
|  Chicago Housing Authority<br>(Chicago Housing Authority)<br>Series 2018-A<br>5.00%, 01/01/2034 | 2500 | 2562661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 5260 | 5361108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 | 1000 | 1022902 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport)<br>Series 2016-C<br>5.00%, 01/01/2033 | 5000 | 5026645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2042 | 2000 | 1857893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 680 | 703836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 600 | 634937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 | 3850 | 3896448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 01/01/2039 | 3400 | 3527072 |
|  Illinois Finance Authority<br>(Advocate Aurora Health Obligated Group)<br>Series 2014<br>4.00%, 08/01/2038 | 1000 | 922076 |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad)<br>Series 2024<br>4.125%, 12/01/2043<sup>(b)</sup> | 1000 | 975177 |
|  Illinois Finance Authority<br>(Illinois Institute of Technology)<br>Series 2019<br>5.00%, 09/01/2026 | 100 | 100186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 194537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 96504 |
|  Illinois Finance Authority<br>(Washington & Jane Smith Community – Orland Park)<br>Series 2022<br>4.00%, 10/15/2040 | 9375 | 7648060 |
|  Illinois Housing Development Authority<br>(Circle Park Preservation)<br>Series 2024-H<br>4.00%, 01/01/2042 | 3500 | 3372488 |

---

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| | |
|:---|:---|
| 14 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2022<br>7.17%, 11/01/2038 | $| 125 | $| 125842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.67%, 11/01/2038<sup>(c)</sup> |  | 1190 |  | 1135276 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority)<br>Series 2021-A<br>5.00%, 01/01/2041 |  | 14805 |  | 15522014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 |  | 6700 |  | 6938105 |
|  Regional Transportation Authority<br>(Regional Transportation Authority Sales Tax)<br>Series 2017-A<br>5.00%, 07/01/2025 |  | 2870 |  | 2876459 |
|  State of Illinois<br>(State of Illinois)<br>Series 2022-A<br>5.50%, 03/01/2042 |  | 2945 |  | 3095284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>5.25%, 10/01/2037 |  | 3000 |  | 3185881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 05/01/2038 |  | 1000 |  | 1049089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 |  | 1400 |  | 1436896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 |  | 3000 |  | 3103345 |
|  |  |  |  | 81383783 |
|  **Indiana – 2.6%** | **Indiana – 2.6%** | **Indiana – 2.6%** | **Indiana – 2.6%** | **Indiana – 2.6%** |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029<sup>(d)(e)</sup> |  | 87 |  | 9 |
|  City of Whiting IN<br>(BP PLC)<br>Series 2023<br>4.40%, 11/01/2045 |  | 5000 |  | 5008918 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039<sup>(b)(d)(e)</sup> |  | 2220 |  | 342522 |
|  Indiana Finance Authority<br>(CWA Authority, Inc.)<br>Series 2024<br>5.00%, 10/01/2033 |  | 2000 |  | 2250002 |
|  Indiana Finance Authority<br>(Duke Energy Indiana LLC)<br>Series 2022<br>3.75%, 03/01/2031 |  | 5750 |  | 5738281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2035 |  | 7555 |  | 7583356 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>4.00%, 04/01/2035 | $| 1210 | $| 1140465 |
|  Indiana Finance Authority<br>(Indiana University Health Obligated Group)<br>Series 2021<br>0.70%, 12/01/2046 |  | 7150 |  | 6961023 |
|  Indiana Finance Authority<br>(Ohio Valley Electric)<br>Series 2021-B<br>2.50%, 11/01/2030 |  | 495 |  | 455718 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group)<br>Series 2024-B<br>3.762% (SOFR + 0.71%), 11/01/2046<sup>(a)(c)</sup> |  | 1965 |  | 1951603 |
|  Indiana Finance Authority<br>(University of Evansville)<br>Series 2022<br>5.25%, 09/01/2037 |  | 5000 |  | 5082220 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Indianapolis Local Public Improvement Bond Bank)<br>Series 2023<br>5.00%, 02/01/2043 |  | 1030 |  | 1078590 |
|  |  |  |  | 37592707 |
|  **Iowa – 1.0%** | **Iowa – 1.0%** | **Iowa – 1.0%** | **Iowa – 1.0%** | **Iowa – 1.0%** |
|  Iowa Higher Education Loan Authority<br>(Simpson College)<br>Series 2020<br>5.25%, 11/01/2040 |  | 2275 |  | 2062191 |
|  Iowa Tobacco Settlement Authority<br>(Iowa Tobacco Settlement Authority)<br>Series 2021-A<br>4.00%, 06/01/2034 |  | 500 |  | 494888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 |  | 515 |  | 506501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2040 |  | 500 |  | 471647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 |  | 900 |  | 952000 |
|  PEFA, Inc.<br>(Goldman Sachs Group)<br>Series 2019<br>5.00%, 09/01/2049 |  | 9300 |  | 9425488 |
|  |  |  |  | 13912715 |
|  **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** |
|  Kansas Development Finance Authority<br>(Kansas Development Finance Authority)<br>Series 2020-S<br>5.00%, 05/01/2025 |  | 1645 |  | 1645000 |

---

---

| | |
|:---|:---|
| 16 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Kansas Development Finance Authority<br>(Prerefunded – US Treasuries)<br>Series 2021<br>5.00%, 11/15/2054 | $| 720 | $| 754813 |
|  |  |  |  | 2399813 |
|  **Kentucky – 0.6%** | **Kentucky – 0.6%** | **Kentucky – 0.6%** | **Kentucky – 0.6%** | **Kentucky – 0.6%** |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group)<br>Series 2019<br>5.00%, 02/01/2026 |  | 180 |  | 181315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 |  | 195 |  | 198766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 |  | 125 |  | 130195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 |  | 150 |  | 152713 |
|  Kenton County Airport Board<br>(Kenton County Airport Board)<br>Series 2024-A<br>5.25%, 01/01/2042 |  | 2000 |  | 2085342 |
|  Kentucky Public Energy Authority<br>(Prerefunded – US Treasuries)<br>Series 2018-C<br>4.00%, 12/01/2049 |  | 5600 |  | 5601969 |
|  |  |  |  | 8350300 |
|  **Louisiana – 0.9%** | **Louisiana – 0.9%** | **Louisiana – 0.9%** | **Louisiana – 0.9%** | **Louisiana – 0.9%** |
|  City of New Orleans LA<br>(City of New Orleans LA)<br>Series 2024-A<br>5.00%, 12/01/2041 |  | 1910 |  | 1986709 |
|  Jefferson Sales Tax District<br>(Jefferson Sales Tax District)<br>AGM Series 2017-B<br>5.00%, 12/01/2034 |  | 1800 |  | 1850488 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(LCDA 2023-ELL)<br>Series 2023-ELL, Class A1<br>5.081%, 06/01/2031 |  | 2280 |  | 2313129 |
|  Parish of St. James LA<br>(NuStar Logistics LP)<br>Series 2020<br>5.85%, 08/01/2041<sup>(b)</sup> |  | 340 |  | 340249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038<sup>(b)</sup> |  | 455 |  | 480810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040<sup>(b)</sup> |  | 390 |  | 412130 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.)<br>Series 2024<br>3.30%, 06/01/2037 |  | 1000 |  | 983292 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  State of Louisiana Gasoline & Fuels Tax Revenue<br>(State of Louisiana Gasoline & Fuels Tax Revenue)<br>Series 2022-A<br>3.552% (SOFR + 0.50%), 05/01/2043<sup>(a)</sup> | $| 3965 | $| 3951594 |
|  |  |  |  | 12318401 |
|  **Maryland – 0.6%** | **Maryland – 0.6%** | **Maryland – 0.6%** | **Maryland – 0.6%** | **Maryland – 0.6%** |
|  Maryland Stadium Authority<br>(State of Maryland Built to Learn Revenue State Lease)<br>Series 2024<br>5.00%, 06/01/2038 |  | 2190 |  | 2373735 |
|  State of Maryland<br>(State of Maryland)<br>Series 2017-B<br>5.00%, 08/01/2025 |  | 1000 |  | 1004410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 06/01/2035 |  | 1000 |  | 1095354 |
|  State of Maryland Department of Transportation<br>(Maryland Aviation Administration)<br>AGC Series 2024<br>5.00%, 08/01/2039 |  | 1000 |  | 1038814 |
|  State of Maryland Department of Transportation<br>(State of Maryland Dept. of Transportation)<br>Series 2017<br>5.00%, 05/01/2026 |  | 3210 |  | 3213469 |
|  |  |  |  | 8725782 |
|  **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** | **Massachusetts – 1.5%** |
|  City of Quincy MA<br>(City of Quincy MA)<br>Series 2024<br>5.00%, 07/25/2025 |  | 1000 |  | 999172 |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts)<br>Series 2022-B<br>4.11%, 07/15/2031 |  | 1058 |  | 1050133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 01/01/2040 |  | 2000 |  | 2163070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 05/01/2043 |  | 2000 |  | 2122990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 04/01/2043<sup>(g)</sup> |  | 1500 |  | 1599656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044<sup>(g)</sup> |  | 1000 |  | 1060831 |
|  Massachusetts Development Finance Agency<br>5.25%, 08/15/2045 |  | 1000 |  | 1025101 |

---

---

| | |
|:---|:---|
| 18 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Massachusetts Development Finance Agency<br>(Emerson College)<br>Series 2025<br>5.00%, 01/01/2029 | $| 1175 | $| 1228344 |
|  Massachusetts Development Finance Agency<br>(Southcoast Health System Obligated Group)<br>Series 2021-G<br>4.00%, 07/01/2046 |  | 1000 |  | 872336 |
|  Massachusetts Development Finance Agency<br>(Tufts Medicine Obligated Group)<br>Series 2024<br>8.50%, 10/01/2026 |  | 1000 |  | 1008528 |
|  Massachusetts Port Authority<br>(Massachusetts Port Authority)<br>Series 2019-A<br>5.00%, 07/01/2038 |  | 2500 |  | 2561258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C<br>5.00%, 07/01/2039 |  | 3050 |  | 3115882 |
|  Massachusetts Water Resources Authority<br>(Massachusetts Water Resources Authority)<br>Series 2024-C<br>5.00%, 08/01/2040 |  | 2810 |  | 3058561 |
|  |  |  |  | 21865862 |
|  **Michigan – 1.5%** | **Michigan – 1.5%** | **Michigan – 1.5%** | **Michigan – 1.5%** | **Michigan – 1.5%** |
|  City of Detroit MI<br>(City of Detroit MI)<br>Series 2018<br>5.00%, 04/01/2035 |  | 750 |  | 765584 |
|  City of Detroit MI Sewage Disposal System Revenue<br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>3.655% (CME Term SOFR 3 Month + 0.60%), 07/01/2032<sup>(a)</sup> |  | 2605 |  | 2559120 |
|  Detroit Downtown Development Authority<br>(Detroit Downtown Development Authority Catalyst Development Area)<br>Series 2024<br>5.00%, 07/01/2048 |  | 1125 |  | 1143134 |
|  Great Lakes Water Authority Sewage Disposal System Revenue<br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>Series 2016-B<br>5.00%, 07/01/2025 |  | 2120 |  | 2125057 |
|  Michigan Finance Authority<br>(Bronson Health Care Group Obligated Group)<br>Series 2019<br>3.75%, 11/15/2049 |  | 11080 |  | 11090024 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Michigan Finance Authority<br>(City of Detroit MI)<br>Series 2016-C<br>5.00%, 04/01/2027 | $| 1735 | $| 1777771 |
|  Michigan Finance Authority<br>(Henry Ford Health System Obligated Group)<br>Series 2016<br>5.00%, 11/15/2031 |  | 1785 |  | 1818380 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>3.267%, 06/01/2039 |  | 1000 |  | 932215 |
|  |  |  |  | 22211285 |
|  **Minnesota – 0.7%** | **Minnesota – 0.7%** | **Minnesota – 0.7%** | **Minnesota – 0.7%** | **Minnesota – 0.7%** |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH I LLLP)<br>Series 2023<br>6.205%, 01/01/2042<sup>(b)(h)</sup> |  | 1500 |  | 1515419 |
|  City of St. Cloud MN<br>(CentraCare Health System Obligated Group)<br>Series 2024<br>5.00%, 05/01/2041 |  | 1000 |  | 1035015 |
|  Dakota County Community Development Agency<br>(Rosemont AH I LLLP)<br>Series 2023<br>5.66%, 07/01/2041<sup>(b)</sup> |  | 1000 |  | 946340 |
|  Minneapolis-St. Paul Metropolitan Airports Commission<br>(Minneapolis-St Paul Metropolitan Airports Commission)<br>Series 2022-B<br>4.00%, 01/01/2038 |  | 4250 |  | 4025151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 2105 |  | 2168072 |
|  |  |  |  | 9689997 |
|  **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group)<br>Series 2025<br>5.00%, 07/01/2035 |  | 1000 |  | 1067695 |
|  Mississippi Development Bank<br>(Magnolia Regional Health Center)<br>Series 2021<br>5.00%, 10/01/2033<sup>(b)</sup> |  | 1000 |  | 997641 |
|  |  |  |  | 2065336 |

---

---

| | |
|:---|:---|
| 20 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  **Missouri – 0.3%** |  |  |  |  |
|  Health & Educational Facilities Authority of the State of Missouri<br>(BJC Healthcare Obligated Group)<br>Series 2025-A<br>5.00%, 04/01/2036 | $| 2000 | $| 2216091 |
|  Howard Bend Levee District<br>(Howard Bend Levee District)<br>XLCA Series 2005<br>5.75%, 03/01/2027 |  | 120 |  | 123986 |
|  Lee's Summit Industrial Development Authority<br>(John Knox Village Obligated Group)<br>Series 2016-A<br>5.00%, 08/15/2036 |  | 1675 |  | 1648482 |
|  |  |  |  | 3988559 |
|  **Montana – 0.2%** | **Montana – 0.2%** | **Montana – 0.2%** | **Montana – 0.2%** | **Montana – 0.2%** |
|  Montana Facility Finance Authority<br>(Benefis Health System Obligated Group)<br>Series 2016<br>5.00%, 02/15/2031 |  | 1925 |  | 1960177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 |  | 1350 |  | 1370949 |
|  |  |  |  | 3331126 |
|  **Nebraska – 0.8%** | **Nebraska – 0.8%** | **Nebraska – 0.8%** | **Nebraska – 0.8%** | **Nebraska – 0.8%** |
|  Central Plains Energy Project<br>(Bank of Montreal)<br>Series 2023-A<br>5.00%, 05/01/2054 |  | 2000 |  | 2072601 |
|  Central Plains Energy Project<br>(Royal Bank of Canada)<br>Series 2019<br>4.00%, 12/01/2049 |  | 6115 |  | 6115358 |
|  Lincoln Airport Authority<br>(Lincoln Airport Authority)<br>Series 2021<br>4.00%, 07/01/2035 |  | 3045 |  | 2915367 |
|  |  |  |  | 11103326 |
|  **Nevada – 1.5%** | **Nevada – 1.5%** | **Nevada – 1.5%** | **Nevada – 1.5%** | **Nevada – 1.5%** |
|  Las Vegas Valley Water District<br>(Las Vegas Valley Water District)<br>Series 2022-A<br>4.00%, 06/01/2036 |  | 5000 |  | 5050124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 |  | 6350 |  | 6383798 |
|  Reno-Tahoe Airport Authority<br>(Reno-Tahoe Airport Authority)<br>Series 2024<br>5.00%, 07/01/2036 |  | 1000 |  | 1039947 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 21 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  State of Nevada<br>(Prerefunded – US Govt Agencies)<br>Series 2015-B<br>5.00%, 11/01/2025 | $| 6000 | $| 6000000 |
|  Tahoe-Douglas Visitors Authority<br>(Tahoe-Douglas Visitors Authority)<br>Series 2020<br>5.00%, 07/01/2029 |  | 2625 |  | 2740776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 805 |  | 834158 |
|  |  |  |  | 22048803 |
|  **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** | **New Hampshire – 1.8%** |
|  National Finance Authority<br>(NFA 2024-3)<br>Series 2024-3, Class A<br>4.163%, 10/20/2051 |  | 1991 |  | 1838886 |
|  New Hampshire Business Finance Authority<br>(ARC70 II TRUST)<br>Series 2024<br>4.15%, 10/20/2040 |  | 2000 |  | 1883198 |
|  New Hampshire Business Finance Authority<br>(Bridgeland Water & Utility Districts 490, 491 & 158)<br>Series 2024<br>5.375%, 12/15/2035<sup>(b)</sup> |  | 955 |  | 942510 |
|  New Hampshire Business Finance Authority<br>(Lakes Fresh Water Supply District of Denton County)<br>Series 2024<br>5.00%, 12/01/2028<sup>(b)</sup> |  | 1000 |  | 986975 |
|  New Hampshire Business Finance Authority<br>(New Hampshire Business Finance Authority)<br>Series 2025-A<br>Zero Coupon, 02/01/2035<sup>(b)</sup> |  | 1000 |  | 540248 |
|  New Hampshire Business Finance Authority<br>(NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 |  | 1428 |  | 1414394 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-1)<br>Series 2022-1, Class A<br>4.375%, 09/20/2036 |  | 9629 |  | 9464558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036<sup>(f)</sup> |  | 8185 |  | 163905 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 |  | 4828 |  | 4621068 |

---

---

| | |
|:---|:---|
| 22 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(NFA 2024-1)<br>Series 2024-1, Class X<br>0.547%, 07/01/2051<sup>(f)</sup> | $| 2161 | $| 80668 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2)<br>Series 2024-2, Class X<br>0.595%, 08/20/2039<sup>(f)</sup> |  | 994 |  | 40058 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1)<br>Series 2025<br>5.875%, 12/15/2033<sup>(b)(g)</sup> |  | 2000 |  | 1999761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1<br>4.168%, 01/20/2041 |  | 999 |  | 948794 |
|  New Hampshire Business Finance Authority<br>(Tamarron Project)<br>Series 2024<br>5.25%, 12/01/2035<sup>(b)</sup> |  | 837 |  | 825314 |
|  New Hampshire Business Finance Authority<br>(The Highlands Project)<br>Series 2024<br>5.125%, 12/15/2030 |  | 928 |  | 902541 |
|  |  |  |  | 26652878 |
|  **New Jersey – 4.9%** | **New Jersey – 4.9%** | **New Jersey – 4.9%** | **New Jersey – 4.9%** | **New Jersey – 4.9%** |
|  New Jersey Economic Development Authority<br>(New Jersey-American Water)<br>Series 2023<br>3.75%, 11/01/2034 |  | 2000 |  | 1989612 |
|  New Jersey Educational Facilities Authority<br>(Ramapo College of New Jersey)<br>AGM Series 2022-A<br>4.00%, 07/01/2039 |  | 550 |  | 534333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 750 |  | 723876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 835 |  | 803830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 |  | 845 |  | 917500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 400 |  | 433074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 600 |  | 646673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 |  | 600 |  | 643494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 745 |  | 794546 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 |  | 1480 |  | 1508341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 |  | 4390 |  | 4457356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A<br>5.00%, 06/15/2028 |  | 4170 |  | 4241845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 |  | 17500 |  | 17768502 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | $| 1500 | $| 1521348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 |  | 3000 |  | 3037944 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease)<br>Series 2023-B<br>5.00%, 06/15/2040 |  | 3265 |  | 3439241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2043 |  | 1250 |  | 1292266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>4.00%, 06/15/2042 |  | 3530 |  | 3263839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2037 |  | 3750 |  | 4047082 |
|  New Jersey Turnpike Authority<br>(New Jersey Turnpike Authority)<br>Series 2017-A<br>5.00%, 01/01/2033 |  | 7300 |  | 7460225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>1.713%, 01/01/2029 |  | 1350 |  | 1239022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 01/01/2043 |  | 2400 |  | 2525759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 |  | 1000 |  | 1047413 |
|  State of New Jersey<br>(State of New Jersey)<br>Series 2020<br>5.00%, 06/01/2025 |  | 1875 |  | 1877193 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-A<br>5.00%, 06/01/2030 |  | 4750 |  | 4877659 |
|  |  |  |  | 71091973 |
|  **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
|  State of New Mexico Severance Tax Permanent Fund<br>(State of New Mexico Severance Tax Permanent Fund)<br>Series 2017-A<br>5.00%, 07/01/2025 |  | 1200 |  | 1203009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 07/01/2031 |  | 1000 |  | 1100337 |
|  |  |  |  | 2303346 |
|  **New York – 7.5%** | **New York – 7.5%** | **New York – 7.5%** | **New York – 7.5%** | **New York – 7.5%** |
|  City of New York NY<br>(City of New York NY)<br>Series 2021<br>1.396%, 08/01/2027 |  | 3120 |  | 2942519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 08/01/2041 |  | 2000 |  | 1882951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.25%, 09/01/2050 |  | 3000 |  | 3162340 |

---

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| | |
|:---|:---|
| 24 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  County of Nassau NY<br>(County of Nassau NY)<br>Series 2022-A<br>4.00%, 04/01/2042 | $2205 | $2105217 |
|  Empire State Development Corp.<br>(State of New York Pers Income Tax)<br>Series 2022<br>5.00%, 09/15/2029 | 37115 | 40018855 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority)<br>Series 2016-B<br>5.00%, 11/15/2027 | 1370 | 1403287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 11/15/2025 | 1935 | 1949953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 555 | 569302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 11/15/2027 | 1745 | 1815549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A<br>5.00%, 11/15/2045 | 5120 | 5363835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 11/15/2044 | 2440 | 2499649 |
|  New York City Municipal Water Finance Authority<br>(New York City Municipal Water Finance Authority)<br>Series 2023<br>5.00%, 06/15/2034 | 2000 | 2267696 |
|  New York City Transitional Finance Authority<br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2024<br>5.00%, 11/01/2038 | 6800 | 7427402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 | 1900 | 2055895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H<br>5.00%, 11/01/2044 | 1865 | 1959267 |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC)<br>Series 2014<br>5.375%, 11/15/2040<sup>(b)</sup> | 200 | 200005 |
|  New York State Dormitory Authority<br>(New York State Sales Tax)<br>Series 2018-C<br>5.00%, 03/15/2040 | 2000 | 2040973 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax)<br>Series 2021<br>2.202%, 03/15/2034 | 2000 | 1647490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252%, 03/15/2032 | 2000 | 1732316 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 25 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 03/15/2039 | $| 1000 | $| 963029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 03/15/2039 |  | 2000 |  | 1926335 |
|  New York State Environmental Facilities Corp.<br>(State of New York SRF)<br>Series 2021<br>4.00%, 08/15/2038 |  | 800 |  | 805787 |
|  New York Transportation Development Corp.<br>(JFK Intl Air Terminal)<br>Series 2022<br>5.00%, 12/01/2042 |  | 1610 |  | 1605466 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.00%, 07/01/2046 |  | 345 |  | 337565 |
|  Suffolk Tobacco Asset Securitization Corp.<br>(Suffolk Tobacco Asset Securitization)<br>Series 2021<br>5.00%, 06/01/2028 |  | 2265 |  | 2351342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 |  | 2245 |  | 2364361 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.00%, 05/15/2045 |  | 2945 |  | 2887399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 05/15/2036 |  | 2000 |  | 1614775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.917%, 05/15/2040 |  | 1000 |  | 760049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.971% (SOFR + 1.05%), 04/01/2026<sup>(a)</sup> |  | 6000 |  | 6000073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 11/15/2035 |  | 3000 |  | 3368850 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2025-A<br>5.00%, 03/01/2028 |  | 1000 |  | 1047751 |
|  |  |  |  | 109077283 |
|  **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** |
|  Cumberland County Industrial Facilities & Pollution Control Financing Authority<br>(American Titanium Metal)<br>Series 2024<br>3.75%, 12/01/2027 |  | 2000 |  | 2000455 |
|  Fayetteville State University<br>(Fayetteville State University)<br>Series 2023<br>5.00%, 04/01/2032<sup>(b)</sup> |  | 655 |  | 697583 |

---

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| | |
|:---|:---|
| 26 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  State of North Carolina<br>(State of North Carolina Fed Hwy Grant)<br>Series 2015<br>5.00%, 03/01/2026 | $| 6710 | $| 6716004 |
|  |  |  |  | 9414042 |
|  **Ohio – 2.5%** | **Ohio – 2.5%** | **Ohio – 2.5%** | **Ohio – 2.5%** | **Ohio – 2.5%** |
|  American Municipal Power, Inc.<br>(American Municipal Power Combined Hydroelectric Revenue)<br>Series 2016-A<br>5.00%, 02/15/2036 |  | 5000 |  | 5036477 |
|  City of Chillicothe OH<br>(Adena Health System Obligated Group)<br>Series 2017<br>5.00%, 12/01/2037 |  | 3385 |  | 3407539 |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority)<br>Series 2025<br>5.00%, 01/01/2037 |  | 1125 |  | 1169640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 |  | 2000 |  | 2068719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 |  | 1430 |  | 1472832 |
|  County of Hamilton OH<br>(Christ Hospital Obligated Group)<br>Series 2023<br>5.00%, 06/01/2042 |  | 1000 |  | 1003892 |
|  County of Washington OH<br>(Marietta Area Health Care Obligated Group)<br>Series 2022<br>6.375%, 12/01/2037 |  | 2000 |  | 2131054 |
|  Ohio Higher Educational Facility Commission<br>(University of Dayton)<br>Series 2022<br>5.00%, 02/01/2038 |  | 1250 |  | 1307458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2039 |  | 3860 |  | 4021152 |
|  Reynoldsburg City School District<br>(Reynoldsburg City School District)<br>Series 2013<br>4.919%, 09/01/2030 |  | 885 |  | 899778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014<br>4.939%, 09/01/2032 |  | 910 |  | 930837 |
|  State of Ohio<br>(Cleveland Clinic Health System Obligated Group)<br>Series 2024<br>5.00%, 01/01/2035 |  | 3400 |  | 3769579 |
|  University of Toledo<br>(University of Toledo)<br>Series 2023-B<br>3.896% (SOFR + 0.90%), 06/01/2036<sup>(a)(b)</sup> |  | 9770 |  | 9553676 |
|  |  |  |  | 36772633 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  **Oklahoma – 0.5%** |  |  |  |  |
|  Oklahoma Development Finance Authority<br>(Oklahoma Development Finance Authority)<br>Series 2022<br>4.38%, 11/01/2045 | $| 2500 | $| 2310284 |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group)<br>Series 2022-A<br>5.50%, 08/15/2037 |  | 2000 |  | 2046255 |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority)<br>Series 2025-A<br>5.00%, 01/01/2045 |  | 2000 |  | 2106890 |
|  |  |  |  | 6463429 |
|  **Oregon – 0.8%** | **Oregon – 0.8%** | **Oregon – 0.8%** | **Oregon – 0.8%** | **Oregon – 0.8%** |
|  Deschutes County Hospital Facilities Authority<br>(St. Charles Health System Obligated Group)<br>Series 2016-A<br>4.00%, 01/01/2033 |  | 1000 |  | 993704 |
|  Oregon Health & Science University<br>(Oregon Health & Science University Obligated Group)<br>Series 2021-B<br>5.00%, 07/01/2046 |  | 4750 |  | 4998509 |
|  Port of Portland OR Airport Revenue<br>(Port of Portland OR Airport Revenue)<br>Series 2022-2<br>4.00%, 07/01/2040 |  | 3175 |  | 2902644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.25%, 07/01/2041 |  | 2175 |  | 2282007 |
|  |  |  |  | 11176864 |
|  **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>(FRETE 2024-ML22)<br>Series 2024-ML22, Class AUS<br>4.684%, 10/25/2040 |  | 2484 |  | 2546341 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>(FRETE 2024-ML23)<br>Series 2024-ML23, Class AUS<br>4.70%, 04/25/2042<sup>(b)</sup> |  | 1996 |  | 2000487 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates<br>(FHLM)<br>4.759%, 08/25/2041 |  | 1995 |  | 2064357 |

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| | |
|:---|:---|
| 28 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates<br>(FHLMC Multifamily VRD Certificates)<br>Series 2025-M<br>4.095%, 11/25/2042 | $| 1948 | $| 1910477 |
|  |  |  |  | 8521662 |
|  **Pennsylvania – 6.1%** | **Pennsylvania – 6.1%** | **Pennsylvania – 6.1%** | **Pennsylvania – 6.1%** | **Pennsylvania – 6.1%** |
|  Allegheny County Hospital Development Authority<br>(UPMC Obligated Group)<br>Series 2022<br>4.32% (MUNIPSA + 0.70%), 11/15/2047<sup>(a)</sup> |  | 5000 |  | 4951694 |
|  Berks County Municipal Authority (The)<br>(Tower Health Obligated Group)<br>Series 2024<br>0.00%, 06/30/2044<sup>(h)</sup> |  | 933 |  | 669811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2039 |  | 2200 |  | 2033557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/2034 |  | 325 |  | 325155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>6.00%, 06/30/2034 |  | 155 |  | 161890 |
|  Bucks County Industrial Development Authority<br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021<br>5.00%, 07/01/2032 |  | 1150 |  | 1196833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 1150 |  | 1192088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 |  | 1300 |  | 1343055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 1050 |  | 1080437 |
|  Chester County Industrial Development Authority<br>(Collegium Charter School)<br>Series 2022<br>5.00%, 10/15/2032<sup>(b)</sup> |  | 845 |  | 842882 |
|  City of Philadelphia PA<br>(City of Philadelphia PA)<br>Series 2017<br>5.00%, 08/01/2028 |  | 12990 |  | 13464921 |
|  Hospitals & Higher Education Facilities Authority of Philadelphia (The)<br>(Temple University Health System Obligated Group)<br>AGM Series 2022<br>4.00%, 07/01/2040 |  | 10000 |  | 9393398 |
|  Lancaster County Hospital Authority/PA<br>(St. Anne's Retirement Community Obligated Group)<br>Series 2022<br>5.00%, 03/01/2033 |  | 1600 |  | 1512269 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 29 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  Montgomery County Higher Education & Health Authority<br>(Thomas Jefferson University Obligated Group)<br>Series 2018<br>5.00%, 09/01/2034 | $1500 | $1548974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 05/01/2036 | 1100 | 1070533 |
|  Moon Industrial Development Authority<br>(Baptist Homes Society)<br>Series 2015<br>5.125%, 07/01/2025 | 455 | 451801 |
|  Pennsylvania Economic Development Financing Authority<br>(PA Bridges Finco LP)<br>Series 2015<br>5.00%, 06/30/2042 | 1000 | 997201 |
|  Pennsylvania Economic Development Financing Authority<br>(UPMC Obligated Group)<br>Series 2022-C<br>4.32% (MUNIPSA + 0.70%), 11/15/2047<sup>(a)</sup> | 5000 | 4972951 |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission)<br>Series 2016<br>5.00%, 06/01/2026 | 2000 | 2020747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>5.00%, 12/01/2028 | 1750 | 1817646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 1255 | 1299648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>3.00%, 12/01/2042 | 1245 | 995471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 12/01/2039 | 2000 | 1942748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.00%, 12/01/2036 | 1000 | 1088190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 12/01/2038 | 5800 | 6294165 |
|  Philadelphia Authority for Industrial Development<br>(MaST Community Charter School III)<br>Series 2021<br>5.00%, 08/01/2040 | 1000 | 976023 |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority)<br>AGM Series 2023-C<br>3.852% (SOFR + 0.80%), 09/01/2040<sup>(a)(b)</sup> | 10000 | 9822307 |
|  School District of Philadelphia (The)<br>(School District of Philadelphia/The)<br>Series 2016-F<br>5.00%, 09/01/2034 | 5000 | 5091630 |

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| | |
|:---|:---|
| 30 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.25%, 09/01/2039 | $| 2000 | $| 2143093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2043 |  | 4000 |  | 4189913 |
|  State Public School Building Authority<br>(School District of Philadelphia/The)<br>AGM Series 2016<br>5.00%, 06/01/2025 |  | 3365 |  | 3368478 |
|  |  |  |  | 88259509 |
|  **Puerto Rico – 0.2%** | **Puerto Rico – 0.2%** | **Puerto Rico – 0.2%** | **Puerto Rico – 0.2%** | **Puerto Rico – 0.2%** |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico)<br>Series 2022-C<br>Zero Coupon, 11/01/2043 |  | 17 |  | 9979 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2021-C<br>3.50%, 07/01/2026<sup>(b)</sup> |  | 2000 |  | 1916395 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>AGM Series 2007-V<br>5.25%, 07/01/2031 |  | 970 |  | 955534 |
|  |  |  |  | 2881908 |
|  **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** | **Rhode Island – 0.2%** |
|  Rhode Island Health & Educational Building Corp.<br>(City of Newport RI)<br>Series 2022-C<br>4.00%, 05/15/2040 |  | 3435 |  | 3356380 |
|  **South Carolina – 1.3%** | **South Carolina – 1.3%** | **South Carolina – 1.3%** | **South Carolina – 1.3%** | **South Carolina – 1.3%** |
|  Columbia Housing Authority/SC<br>(Garden Lakes Apartments)<br>Series 2022<br>5.26%, 11/01/2032 |  | 100 |  | 96722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 |  | 1315 |  | 1232636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 |  | 100 |  | 93192 |
|  Last Step Recycling LLC<br>9.50%, 12/15/2028<sup>(c)(i)(j)(k)</sup> |  | 365 |  | 365000 |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.25%, 06/01/2040<sup>(c)(d)(e)</sup> |  | 1000 |  | 150000 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 31 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group)<br>Series 2024<br>4.50%, 11/01/2054 | $| 2000 | $| 1881925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 |  | 2500 |  | 2614739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2050 |  | 2500 |  | 2667938 |
|  South Carolina Ports Authority<br>(Prerefunded – US Treasuries)<br>Series 2015<br>5.25%, 07/01/2055 |  | 1530 |  | 1533690 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority)<br>Series 2016-A<br>5.00%, 12/01/2034 |  | 1000 |  | 1000926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 |  | 1535 |  | 1536204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>5.00%, 12/01/2037 |  | 5040 |  | 5043961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C<br>5.00%, 12/01/2035 |  | 930 |  | 931952 |
|  |  |  |  | 19148885 |
|  **Tennessee – 2.0%** | **Tennessee – 2.0%** | **Tennessee – 2.0%** | **Tennessee – 2.0%** | **Tennessee – 2.0%** |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax)<br>Series 2016-A<br>5.00%, 12/01/2035<sup>(b)</sup> |  | 1410 |  | 1336592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>Zero Coupon, 12/01/2031<sup>(b)</sup> |  | 1000 |  | 694138 |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC)<br>Series 2022<br>8.75%, 11/01/2032<sup>(b)</sup> |  | 1000 |  | 1006995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/01/2042<sup>(b)</sup> |  | 1000 |  | 1003377 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Vanderbilt University Medical Center Obligated Group)<br>Series 2024<br>5.00%, 07/01/2034 |  | 2000 |  | 2175698 |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The)<br>Series 2022-B<br>5.50%, 07/01/2037 |  | 1000 |  | 1086430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2038 |  | 1300 |  | 1404571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2042 |  | 1485 |  | 1571718 |
|  Tennergy Corp./TN<br>(Morgan Stanley)<br>Series 2021-A<br>4.00%, 12/01/2051 |  | 9015 |  | 8996156 |

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| | |
|:---|:---|
| 32 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Tennergy Corp./TN<br>(Nomura Holdings, Inc.)<br>Series 2022-A<br>5.50%, 10/01/2053 | $| 5000 | $| 5240075 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group)<br>Series 2023-A<br>5.00%, 05/01/2053 |  | 4000 |  | 4102776 |
|  Wilson County Health & Educational Facilities Board<br>(Limestone Trail Apartments)<br>Series 2021<br>4.00%, 12/01/2039 |  | 995 |  | 756195 |
|  |  |  |  | 29374721 |
|  **Texas – 4.9%** | **Texas – 4.9%** | **Texas – 4.9%** | **Texas – 4.9%** | **Texas – 4.9%** |
|  Central Texas Regional Mobility Authority<br>(Central Texas Regional Mobility Authority)<br>Series 2021-B<br>5.00%, 01/01/2034 |  | 1575 |  | 1680025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 |  | 1675 |  | 1759258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 1000 |  | 1040777 |
|  Central Texas Turnpike System<br>(Central Texas Turnpike System)<br>Series 2024-A<br>5.00%, 08/15/2038 |  | 1000 |  | 1075444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 08/15/2038 |  | 2200 |  | 2360682 |
|  City of Austin TX Airport System Revenue<br>(City of Austin TX Airport System Revenue)<br>Series 2022<br>5.00%, 11/15/2042 |  | 2500 |  | 2536740 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue)<br>AGM Series 2023<br>5.00%, 07/01/2033 |  | 4000 |  | 4276255 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.)<br>Series 2024-B<br>5.25%, 07/15/2034 |  | 4000 |  | 4036125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 |  | 2495 |  | 2537471 |
|  City of Houston TX Combined Utility System Revenue<br>(City of Houston TX Combined Utility System Revenue)<br>Series 2019-B<br>4.00%, 11/15/2039 |  | 1015 |  | 989874 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 33 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>(City of San Antonio TX Electric & Gas Systems Revenue)<br>Series 2021-A<br>5.00%, 02/01/2038 | $1750 | $1838506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2039 | 2000 | 2094000 |
|  Conroe Local Government Corp.<br>(Conroe Local Govt Conroe Convention Center Hotel)<br>Series 2021<br>4.00%, 10/01/2041 | 905 | 827534 |
|  El Paso Independent School District<br>(Prerefunded – US Govt Agencies)<br>Series 2015<br>5.00%, 08/15/2031 | 1835 | 1843313 |
|  Grand Parkway Transportation Corp.<br>(Grand Parkway Transportation)<br>Series 2018-A<br>5.00%, 10/01/2043 | 2000 | 2027151 |
|  Harris County Cultural Education Facilities Finance Corp.<br>(Memorial Hermann Health System Obligated Group)<br>Series 2022<br>4.47% (MUNIPSA + 0.85%),<br>07/01/2049<sup>(a)</sup> | 1000 | 1000112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2034 | 2000 | 2199700 |
|  Lower Colorado River Authority<br>(LCRA Transmission Services)<br>Series 2021<br>5.00%, 05/15/2029 | 800 | 853506 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Buckingham Senior Living Community Obligated Group)<br>Series 2021<br>2.00%, 11/16/2061<sup>(d)(e)(h)</sup> | 955 | 344247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036<sup>(d)(e)</sup> | 225 | 183213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037<sup>(d)(e)</sup> | 35 | 27397 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027<sup>(c)</sup> | 1245 | 1240197 |

---

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| | |
|:---|:---|
| 34 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group)<br>Series 2022<br>4.00%, 01/01/2042 | $1825 | $1457218 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(SLF CHP LLC)<br>Series 2025<br>5.75%, 07/01/2035<sup>(b)</sup> | 1000 | 979615 |
|  North Texas Tollway Authority<br>(North Texas Tollway System)<br>Series 2021-B<br>4.00%, 01/01/2032 | 1080 | 1085743 |
|  Plano Independent School District<br>(Plano Independent School District)<br>Series 2023<br>5.00%, 02/15/2043 | 1260 | 1314651 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group)<br>Series 2024<br>10.00%, 07/01/2026<sup>(b)</sup> | 1000 | 1027193 |
|  Port of Beaumont Navigation District<br>(Jefferson Railport Terminal II)<br>Series 2021<br>2.00%, 01/01/2027<sup>(b)</sup> | 550 | 528069 |
|  San Antonio Water System<br>(San Antonio Water System)<br>Series 2022-B<br>5.25%, 05/15/2052 | 2160 | 2250268 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(CHRISTUS Health Obligated Group)<br>Series 2018-A<br>5.00%, 07/01/2030 | 2465 | 2569966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 10940 | 11408769 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Tarrant County Cultural Education Facilities Finance)<br>5.00%, 11/15/2025<sup>(d)(e)(j)(k)</sup> | 904 | – 0 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 | 7260 | 7660346 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 35 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 | $| 2000 | $| 2079069 |
|  Texas State University System<br>(Texas State University System)<br>Series 2024<br>5.00%, 03/15/2043 |  | 1000 |  | 1048699 |
|  |  |  |  | 70181133 |
|  **Utah – 0.4%** | **Utah – 0.4%** | **Utah – 0.4%** | **Utah – 0.4%** | **Utah – 0.4%** |
|  Intermountain Power Agency<br>(Intermountain Power Agency)<br>Series 2023<br>5.00%, 07/01/2039 |  | 2000 |  | 2089962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 07/01/2039 |  | 1000 |  | 1053072 |
|  Utah Housing Corp.<br>(Utah Housing Corp.)<br>Series 2020<br>4.58%, 01/01/2040<sup>(b)(h)</sup> |  | 454 |  | 378428 |
|  Utah Transit Authority<br>(Prerefunded – US Treasuries)<br>Series 2015-A<br>5.00%, 06/15/2038 |  | 1765 |  | 1768150 |
|  |  |  |  | 5289612 |
|  **Virginia – 0.8%** | **Virginia – 0.8%** | **Virginia – 0.8%** | **Virginia – 0.8%** | **Virginia – 0.8%** |
|  Chesterfield County Economic Development Authority<br>(County of Chesterfield VA)<br>Series 2024<br>5.00%, 04/01/2042 |  | 2000 |  | 2115280 |
|  Federal Home Loan Mortgage Corp. VA FEDMFH<br>(FMMV M052)<br>Series M052, Class A<br>2.65%, 06/15/2036 |  | 3610 |  | 3160605 |
|  US Bank Trust Co. NA<br>(Park Landing LP)<br>Series 2022-B<br>5.90%, 08/01/2052 |  | 1670 |  | 1488324 |
|  Virginia College Building Authority<br>(Washington & Lee University)<br>Series 2021<br>3.00%, 01/01/2040 |  | 1000 |  | 814579 |
|  Virginia Public Building Authority<br>(Commonwealth of Virginia State Lease)<br>Series 2024-A<br>5.00%, 08/01/2044 |  | 1085 |  | 1145567 |

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| | |
|:---|:---|
| 36 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Virginia Public Building Authority<br>(Virginia Public Building Authority State Lease)<br>Series 2025<br>5.00%, 08/01/2040 | $| 2000 | $| 2181718 |
|  Virginia Small Business Financing Authority<br>(Pure Salmon Virginia LLC)<br>Series 2024<br>4.00%, 11/01/2052 |  | 1000 |  | 999848 |
|  |  |  |  | 11905921 |
|  **Washington – 3.2%** | **Washington – 3.2%** | **Washington – 3.2%** | **Washington – 3.2%** | **Washington – 3.2%** |
|  Energy Northwest<br>(Bonneville Power Administration)<br>Series 2015-C<br>5.00%, 07/01/2026 |  | 2000 |  | 2004653 |
|  Port of Seattle WA<br>(Port of Seattle WA)<br>Series 2018-A<br>5.00%, 05/01/2029 |  | 8280 |  | 8457893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 |  | 6200 |  | 6322431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 |  | 1000 |  | 1003143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 08/01/2041 |  | 13380 |  | 12035434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.25%, 07/01/2043 |  | 1835 |  | 1920140 |
|  State of Washington<br>(State of Washington)<br>Series 2023-R<br>5.00%, 08/01/2025 |  | 7000 |  | 7033700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 02/01/2045 |  | 3000 |  | 3136977 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group)<br>Series 2016<br>5.00%, 01/01/2036<sup>(b)</sup> |  | 2125 |  | 2095225 |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 |  | 941 |  | 865745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.727%, 12/20/2035<sup>(f)</sup> |  | 941 |  | 37788 |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1)<br>Series 2024-1, Class A<br>4.221%, 03/20/2050 |  | 997 |  | 916347 |
|  |  |  |  | 45829476 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 37 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  **West Virginia – 0.4%** |  |  |  |  |
|  City of South Charleston WV<br>(City of South Charleston WV South Charleston Park Place Excise Tax District)<br>Series 2022<br>4.25%, 06/01/2042<sup>(b)</sup> | $| 1180 | $| 918910 |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.875%, 06/01/2049 |  | 2160 |  | 1986573 |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC)<br>Series 2023<br>9.00%, 06/01/2038<sup>(b)</sup> |  | 2500 |  | 2514221 |
|  |  |  |  | 5419704 |
|  **Wisconsin – 1.4%** | **Wisconsin – 1.4%** | **Wisconsin – 1.4%** | **Wisconsin – 1.4%** | **Wisconsin – 1.4%** |
|  St. Croix Chippewa Indians of Wisconsin<br>(St. Croix Chippewa Indians of Wisconsin)<br>Series 2021<br>5.00%, 09/30/2041<sup>(b)</sup> |  | 1000 |  | 868713 |
|  Wisconsin Health & Educational Facilities Authority<br>(Advocate Aurora Health Obligated Group)<br>Series 2023<br>5.00%, 08/15/2054 |  | 1000 |  | 1015096 |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group)<br>Series 2024<br>5.00%, 07/01/2035 |  | 1000 |  | 993660 |
|  Wisconsin Housing & Economic Development Authority<br>(Roers Sun Prairie Apartments Owner)<br>Series 2022<br>4.625%, 03/15/2040<sup>(b)</sup> |  | 280 |  | 239901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>3.875%, 12/01/2039<sup>(b)</sup> |  | 1285 |  | 1092964 |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)<br>Series 2024<br>Zero Coupon, 12/15/2038<sup>(b)</sup> |  | 1000 |  | 441494 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041<sup>(c)</sup> |  | 5000 |  | 4508185 |
|  Wisconsin Public Finance Authority<br>(CFC-SA LLC)<br>Series 2022<br>5.50%, 02/01/2042<sup>(b)</sup> |  | 3100 |  | 3150454 |

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| | |
|:---|:---|
| 38 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(National Senior Communities Obligated Group)<br>Series 2022<br>4.00%, 01/01/2042 | $| 1375 | $| 1236108 |
|  Wisconsin Public Finance Authority<br>(Prerefunded – US Treasuries)<br>Series 2022<br>4.00%, 04/01/2032<sup>(b)</sup> |  | 15 |  | 15197 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC)<br>Series 2024<br>5.50%, 07/01/2044 |  | 1500 |  | 1548027 |
|  Wisconsin Public Finance Authority<br>(Renown Regional Medical Center Obligated Group)<br>Series 2020<br>4.00%, 06/01/2035 |  | 1220 |  | 1194851 |
|  Wisconsin Public Finance Authority<br>(Signorelli Projects)<br>Series 2024<br>5.375%, 12/15/2032<sup>(b)</sup> |  | 961 |  | 956094 |
|  Wisconsin Public Finance Authority<br>(UNC Health Appalachian Obligated Group)<br>Series 2021<br>5.00%, 07/01/2035 |  | 300 |  | 302837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 350 |  | 352019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 375 |  | 373746 |
|  Wisconsin Public Finance Authority<br>(Wisconsin Public Finance Authority)<br>Series 2024-1<br>4.10%, 09/25/2039 |  | 1242 |  | 1173150 |
|  |  |  |  | 19462496 |
|  Total Long-Term Municipal Bonds<br>(cost $1,346,555,553) |  |  |  | 1301039506 |
| Short-Term Municipal Notes – 3.9% | Short-Term Municipal Notes – 3.9% | Short-Term Municipal Notes – 3.9% | Short-Term Municipal Notes – 3.9% | Short-Term Municipal Notes – 3.9% |
|  **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** |
|  Arizona Industrial Development Authority<br>(Phoenix Children's Hospital)<br>Series 2024<br>2.50%, 02/01/2048<sup>(l)</sup> |  | 565 |  | 565000 |
|  **California – 0.6%** | **California – 0.6%** | **California – 0.6%** | **California – 0.6%** | **California – 0.6%** |
|  City of Los Angeles CA<br>(City of Los Angeles CA)<br>Series 2024<br>5.00%, 06/26/2025 |  | 6000 |  | 6011115 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 39 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  County of Los Angeles CA<br>(County of Los Angeles CA)<br>Series 2024<br>5.00%, 06/30/2025 | $| 1000 | $| 1002065 |
|  Nuveen California AMT-Free Quality Municipal Income Fund<br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>4.07%, 10/01/2047<sup>(b)(l)</sup> |  | 1000 |  | 1000000 |
|  |  |  |  | 8013180 |
|  **Colorado – 0.5%** | **Colorado – 0.5%** | **Colorado – 0.5%** | **Colorado – 0.5%** | **Colorado – 0.5%** |
|  Colorado State Education Loan Program<br>(Colorado State Education Loan Program)<br>Series 2024-A<br>5.00%, 06/30/2025 |  | 7000 |  | 7015146 |
|  **Idaho – 0.2%** | **Idaho – 0.2%** | **Idaho – 0.2%** | **Idaho – 0.2%** | **Idaho – 0.2%** |
|  Idaho Health Facilities Authority<br>(St. Luke's Health System Obligated Group/ID)<br>Series 2025<br>2.50%, 03/01/2060<sup>(l)</sup> |  | 2600 |  | 2600000 |
|  **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** | **Michigan – 0.2%** |
|  Green Lake Township Economic Development Corp.<br>(Interlochen Center for the Arts)<br>Series 2023<br>2.45%, 06/01/2034<sup>(l)</sup> |  | 2400 |  | 2400000 |
|  Oakland University<br>(Oakland University)<br>Series 2010<br>2.75%, 03/01/2031<sup>(l)</sup> |  | 1000 |  | 1000000 |
|  |  |  |  | 3400000 |
|  **New Jersey – 0.1%** | **New Jersey – 0.1%** | **New Jersey – 0.1%** | **New Jersey – 0.1%** | **New Jersey – 0.1%** |
|  Essex County Improvement Authority<br>(County of Essex NJ)<br>Series 2024<br>5.00%, 06/18/2025 |  | 2000 |  | 2003551 |
|  **New York – 1.1%** | **New York – 1.1%** | **New York – 1.1%** | **New York – 1.1%** | **New York – 1.1%** |
|  City of New York NY<br>(City of New York NY)<br>Series 2008-L<br>2.60%, 04/01/2038<sup>(l)</sup> |  | 3000 |  | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-D<br>2.50%, 08/01/2040<sup>(l)</sup> |  | 3600 |  | 3600000 |

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| | |
|:---|:---|
| 40 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 08/01/2025 | $| 2590 | $| 2600437 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY)<br>Series 2024<br>4.00%, 08/21/2025 |  | 3470 |  | 3475337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>4.00%, 03/06/2026 |  | 3420 |  | 3443211 |
|  |  |  |  | 16118985 |
|  **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** |
|  Charlotte-Mecklenburg Hospital Authority (The)<br>(Atrium Health Obligated Group)<br>AGM Series 2017-E<br>2.50%, 01/15/2044<sup>(l)</sup> |  | 1595 |  | 1595000 |
|  **Ohio – 0.2%** | **Ohio – 0.2%** | **Ohio – 0.2%** | **Ohio – 0.2%** | **Ohio – 0.2%** |
|  State of Ohio<br>(University Hospitals Health System Obligated Group)<br>Series 2018<br>2.45%, 01/15/2046<sup>(l)</sup> |  | 2230 |  | 2230000 |
|  **Oregon – 0.3%** | **Oregon – 0.3%** | **Oregon – 0.3%** | **Oregon – 0.3%** | **Oregon – 0.3%** |
|  Oregon State Facilities Authority<br>(PeaceHealth Obligated Group)<br>Series 2018-A<br>2.60%, 08/01/2034<sup>(l)</sup> |  | 700 |  | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B<br>2.50%, 08/01/2034<sup>(l)</sup> |  | 4050 |  | 4050000 |
|  |  |  |  | 4750000 |
|  **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** | **Other – 0.4%** |
|  Nuveen AMT-Free Municipal Credit Income Fund<br>(Nuveen AMT-Free Municipal Credit Income Fund)<br>Series 2019<br>4.07%, 03/01/2029<sup>(l)</sup> |  | 2000 |  | 2000000 |
|  Nuveen AMT-Free Quality Municipal Income Fund<br>(Nuveen AMT-Free Quality Municipal Income Fund)<br>Series 2021<br>4.07%, 03/01/2029<sup>(l)</sup> |  | 4000 |  | 4000000 |
|  |  |  |  | 6000000 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 41 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** | **U.S. $ Value** |
|  **South Carolina – 0.2%** |  |  |  |  |
|  Orangeburg County School District<br>(Orangeburg County School District)<br>Series 2024<br>5.00%, 08/13/2025 | $| 2400 | $| 2409274 |
|  Total Short-Term Municipal Notes<br>(cost $56,734,000) |  |  |  | 56700136 |
|  Total Municipal Obligations<br>(cost $1,403,289,553) |  |  |  | 1357739642 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2% |  |  |  |  |
|  **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** | **Agency CMBS – 0.4%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2021-ML10, Class ACA<br>2.046%, 06/25/2038 |  | 951 |  | 780600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML12, Class AUS<br>2.34%, 07/25/2041 |  | 2407 |  | 1983650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XCA<br>0.963%, 07/25/2036<sup>(f)</sup> |  | 1127 |  | 60233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ML13, Class XUS<br>1.005%, 09/25/2036<sup>(f)</sup> |  | 2013 |  | 134062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML24, Class AUS<br>4.299%, 05/25/2041 |  | 1987 |  | 1909190 |
|  |  |  |  | 4867735 |
|  **Non-Agency Fixed Rate CMBS – 0.8%** | **Non-Agency Fixed Rate CMBS – 0.8%** | **Non-Agency Fixed Rate CMBS – 0.8%** | **Non-Agency Fixed Rate CMBS – 0.8%** | **Non-Agency Fixed Rate CMBS – 0.8%** |
|  Illinois Housing Development Authority<br>Series 2019-B, Class 1<br>3.87%, 11/15/2035<sup>(b)</sup> |  | 12301 |  | 11118069 |
|  New Hampshire Business Finance Authority<br>Series 2022-2, Class X<br>0.69%, 10/01/2036<sup>(f)</sup> |  | 4828 |  | 210691 |
|  Washington State Housing Finance Commission<br>Series 2023-1, Class X<br>1.494%, 04/20/2037<sup>(f)</sup> |  | 2961 |  | 297635 |
|  |  |  |  | 11626395 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $20,003,651) |  |  |  | 16494130 |
|  CORPORATES - INVESTMENT GRADE – 0.4% |  |  |  |  |
| Industrial – 0.4% | Industrial – 0.4% | Industrial – 0.4% | Industrial – 0.4% | Industrial – 0.4% |
|  **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** |
|  Baylor Scott & White Holdings<br>Series 2021<br>0.827%, 11/15/2025 |  | 1000 |  | 979910 |

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| | |
|:---|:---|
| 42 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount**<br> (000) | **Principal**<br> **Amount**<br> (000) | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | $| 1000 | $867130 |
|  Hackensack Meridian Health, Inc.<br>Series 2020<br>2.675%, 09/01/2041 |  | 1790 | 1221604 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 |  | 2300 | 1855272 |
|  Sutter Health<br>Series 20A<br>3.161%, 08/15/2040 |  | 1000 | 770780 |
|  Total Corporates - Investment Grade<br>(cost $7,061,770) |  |  | 5694696 |
|  CORPORATES - NON-INVESTMENT GRADE – 0.2% |  |  |  |
| Industrial – 0.2% | Industrial – 0.2% | Industrial – 0.2% | Industrial – 0.2% |
|  **Communications - Media – 0.2%** | **Communications - Media – 0.2%** | **Communications - Media – 0.2%** | **Communications - Media – 0.2%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034<sup>(b)</sup> |  | 1933 | 1626503 |
|  DISH DBS Corp.<br>5.25%, 12/01/2026<sup>(b)</sup> |  | 959 | 872920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(b)</sup> |  | 996 | 837009 |
|  Total Corporates - Non-Investment Grade<br>(cost $3,887,560) |  |  | 3336432 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |  |  |  |
|  **Risk Share Floating Rate – 0.0%** |  |  |  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C02, Class 1M2<br>8.468% (CME Term SOFR + 4.11%), 05/25/2025<sup>(a)</sup><br>(cost $30,790) |  | 31 | 30779 |
|  | **Shares** | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 1.9% |  |  |  |
|  **Investment Companies – 1.9%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>4.17%<sup>(m)(n)(o)</sup><br>(cost $27,383,070) |  | 27383070 | 27383070 |
| Total Investments – 97.6% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,461,656,394) |  |  | 1410678749 |
|  Other assets less liabilities – 2.4% |  |  | 34879962 |
|  **Net Assets – 100.0%** |  |  | $**1445558711** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 43 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed**<br> **Rate**<br> (Pay)<br> **Receive** | **Payment**<br> **Frequency** | **Implied**<br> **Credit**<br> **Spread at**<br> **April 30,**<br> **2025** | **Notional<br>Amount<br>(000)** | **Market**<br> **Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **Buy Contracts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | (5.00)% | Quarterly | 4.12% | USD 9,710 | $(406308) | $(496924) | $90616 |

---

\* Termination date

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** |  | | | | |
| **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) |<br>**Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** | |<br>**Payment<br>Frequency<br>Paid/**<br> **Received** |<br>**Market**<br> **Value** |<br>**Upfront**<br> **Premiums**<br> **Paid**<br> (Received) |<br>**Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  USD | 19310 | 01/15/2028 | 1.230% | CPI | # | Maturity | $4073722 | $– 0 | $4073722 |
|  USD | 14770 | 01/15/2028 | 0.735% | CPI | # | Maturity | 3688421 | – 0 | 3688421 |
|  USD | 12000 | 08/29/2029 | 1.748% | CPI | # | Maturity | 2121247 | – 0 | 2121247 |
|  USD | 4825 | 01/15/2030 | 1.572% | CPI | # | Maturity | 924543 | – 0 | 924543 |
|  USD | 4825 | 01/15/2030 | 1.587% | CPI | # | Maturity | 917425 | – 0 | 917425 |
|  USD | 1670 | 01/15/2030 | 1.714% | CPI | # | Maturity | 296544 | – 0 | 296544 |
|  USD | 1670 | 01/15/2030 | 1.731% | CPI | # | Maturity | 293716 | – 0 | 293716 |
|  USD | 7850 | 01/15/2031 | 2.782% | CPI | # | Maturity | 593555 | – 0 | 593555 |
|  USD | 6150 | 01/15/2031 | 2.680% | CPI | # | Maturity | 530795 | – 0 | 530795 |
|  USD | 5000 | 04/01/2036 | 2.438% | CPI | # | Maturity | 473135 | – 0 | 473135 |
|  USD | 32000 | 04/29/2036 | 2.503% | CPI | # | Maturity | 2675106 | – 0 | 2675106 |
|  USD | 10000 | 05/01/2036 | 2.510% | CPI | # | Maturity | 824068 | – 0 | 824068 |
|  USD | 10000 | 08/03/2036 | 2.488% | CPI | # | Maturity | 716494 | – 0 | 716494 |
|  USD | 20000 | 08/06/2036 | 2.440% | CPI | # | Maturity | 1548659 | – 0 | 1548659 |
|  USD | 40000 | 10/04/2036 | 2.510% | CPI | # | Maturity | 2293292 | – 0 | 2293292 |
|  USD | 25000 | 02/15/2045 | 2.388% | CPI | # | Maturity | (88997) | 58036 | (147033) |
|  |  |  |  |  |  |  | $21881725 | $58036 | $21823689 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) |<br>**Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** |<br>**Payment<br>Frequency<br>Paid/**<br> **Received** |<br>**Market**<br> **Value** |<br>**Upfront**<br> **Premiums**<br> **Paid**<br> (Received) |<br>**Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  USD | 17600 | 10/15/2029 | 1 Day SOFR | 3.785% | Annual | $&nbsp;&nbsp;&nbsp;&nbsp;260513 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;260513 |
|  USD | 6374 | 10/15/2029 | 1 Day SOFR | 3.814% | Annual | 102740 | – 0 | 102740 |
|  USD | 6363 | 10/15/2029 | 1 Day SOFR | 3.740% | Annual | 80203 | – 0 | 80203 |
|  USD | 6363 | 10/15/2029 | 1 Day SOFR | 3.761% | Annual | 86288 | – 0 | 86288 |
|  USD | 2800 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 92472 | – 0 | 92472 |
|  USD | 21800 | 07/31/2031 | 1 Day SOFR | 4.059% | Annual | 639975 | &nbsp;&nbsp;&nbsp;&nbsp;2155 | 637820 |
|  USD | 14400 | 03/31/2033 | 3.553% | 1 Day SOFR | Annual | 3583 | – 0 | 3583 |
|  USD | 15700 | 08/15/2034 | 3.264% | 1 Day SOFR | Annual | 566480 | 444 | 566036 |

---

---

| | |
|:---|:---|
| 44 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) |<br>**Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** |<br>**Payment<br>Frequency<br>Paid/**<br> **Received** |<br>**Market**<br> **Value** |<br>**Upfront**<br> **Premiums**<br> **Paid**<br> (Received) |<br>**Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  USD | 8600 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | $293324 | $– 0 | $293324 |
|  USD | 6700 | 08/15/2034 | 3.272% | 1 Day SOFR | Annual | 231664 | – 0 | 231664 |
|  USD | 6354 | 08/15/2034 | 3.844% | 1 Day SOFR | Annual | (99290) | – 0 | (99290) |
|  USD | 2466 | 08/15/2034 | 3.856% | 1 Day SOFR | Annual | (41016) | – 0 | (41016) |
|  USD | 14000 | 02/15/2035 | 3.747% | 1 Day SOFR | Annual | (133984) | (3486) | (130498) |
|  |  |  |  |  |  | $2082952 | $(887) | $2083839 |

---

#### INFLATION (CPI) SWAPS (see Note D)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** |  | | | | |
| **Swap Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** | | **Payment<br>Frequency<br>Paid/**<br> **Received** | **Market**<br> **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Bank of America NA | USD | 23000 | 04/15/2026 | 2.535% | CPI | # | Maturity | $279340 | $– 0 | $279340 |
|  Bank of America NA | USD | 145000 | 07/15/2030 | 2.730% | CPI | # | Maturity | 1395518 | – 0 | 1395518 |
|  Bank of America NA | USD | 25000 | 02/02/2032 | 2.403% | CPI | # | Maturity | 2448757 | – 0 | 2448757 |
|  Bank of America NA | USD | 50000 | 02/15/2041 | 2.403% | CPI | # | Maturity | 476504 | – 0 | 476504 |
|  Bank of America NA | USD | 9500 | 02/15/2041 | 2.463% | CPI | # | Maturity | 6104 | – 0 | 6104 |
|  Bank of America NA | USD | 20000 | 02/15/2045 | 2.359% | CPI | # | Maturity | 79480 | – 0 | 79480 |
|  Bank of America NA | USD | 16500 | 02/15/2046 | 2.429% | CPI | # | Maturity | (141111) | – 0 | (141111) |
|  Bank of America NA | USD | 11500 | 02/15/2046 | 2.442% | CPI | # | Maturity | (123399) | – 0 | (123399) |
|  Barclays Bank PLC | USD | 16000 | 04/15/2026 | 2.218% | CPI | # | Maturity | 294664 | – 0 | 294664 |
|  Barclays Bank PLC | USD | 20000 | 06/06/2032 | 2.145% | CPI | # | Maturity | 2780685 | – 0 | 2780685 |
|  Barclays Bank PLC | USD | 14000 | 09/01/2032 | 2.128% | CPI | # | Maturity | 2019346 | – 0 | 2019346 |
|  Barclays Bank PLC | USD | 22000 | 08/29/2033 | 2.368% | CPI | # | Maturity | 2118857 | – 0 | 2118857 |
|  Citibank NA | USD | 18000 | 04/15/2026 | 2.155% | CPI | # | Maturity | 353854 | – 0 | 353854 |
|  Citibank NA | USD | 145000 | 07/15/2026 | 2.618% | CPI | # | Maturity | 1136823 | – 0 | 1136823 |
|  Citibank NA | USD | 106000 | 07/15/2026 | 2.733% | CPI | # | Maturity | 591411 | – 0 | 591411 |
|  Citibank NA | USD | 90000 | 07/15/2026 | 3.072% | CPI | # | Maturity | (99878) | – 0 | (99878) |
|  Citibank NA | USD | 12500 | 01/15/2030 | 2.516% | CPI | # | Maturity | 37194 | – 0 | 37194 |
|  Citibank NA | USD | 10000 | 01/15/2030 | 2.509% | CPI | # | Maturity | 33056 | – 0 | 33056 |
|  Citibank NA | USD | 12000 | 11/05/2033 | 2.273% | CPI | # | Maturity | 1350299 | – 0 | 1350299 |
|  Citibank NA | USD | 50000 | 02/15/2035 | 2.410% | CPI | # | Maturity | 137587 | – 0 | 137587 |
|  Citibank NA | USD | 40000 | 02/15/2035 | 2.456% | CPI | # | Maturity | (48010) | – 0 | (48010) |
|  Citibank NA | USD | 15000 | 02/15/2035 | 2.495% | CPI | # | Maturity | (69659) | – 0 | (69659) |
| Goldman Sachs International | USD | 40000 | 07/15/2026 | 2.575% | CPI | # | Maturity | 347002 | – 0 | 347002 |
| Goldman Sachs International | USD | 20000 | 01/15/2027 | 3.534% | CPI | # | Maturity | 1089342 | – 0 | 1089342 |
| Goldman Sachs International | USD | 75000 | 07/15/2030 | 2.413% | CPI | # | Maturity | 335962 | – 0 | 335962 |
| Goldman Sachs International | USD | 18000 | 04/15/2032 | 2.994% | CPI | # | Maturity | 714416 | – 0 | 714416 |
| Goldman Sachs International | USD | 14000 | 02/15/2041 | 2.380% | CPI | # | Maturity | 701961 | – 0 | 701961 |
| Goldman Sachs International | USD | 7000 | 02/15/2041 | 2.413% | CPI | # | Maturity | 315077 | – 0 | 315077 |
| Goldman Sachs International | USD | 21000 | 02/15/2046 | 2.396% | CPI | # | Maturity | (69996) | – 0 | (69996) |
| Goldman Sachs International | USD | 11500 | 02/15/2046 | 2.450% | CPI | # | Maturity | (137345) | – 0 | (137345) |
| JPMorgan Chase Bank NA | USD | 13000 | 03/01/2027 | 2.279% | CPI | # | Maturity | 1651305 | – 0 | 1651305 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 45 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** |  | | | | |
| **Swap Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** | | **Payment<br>Frequency<br>Paid/**<br> **Received** | **Market**<br> **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| JPMorgan Chase Bank NA | USD | 10000 | 07/03/2028 | 2.356% | CPI | # | Maturity | $1132967 | $– 0 | $1132967 |
| JPMorgan Chase Bank NA | USD | 25000 | 11/05/2028 | 2.234% | CPI | # | Maturity | 3144554 | – 0 | 3144554 |
| JPMorgan Chase Bank NA | USD | 18000 | 04/17/2030 | 2.378% | CPI | # | Maturity | 1858741 | – 0 | 1858741 |
| JPMorgan Chase Bank NA | USD | 29000 | 04/15/2032 | 2.944% | CPI | # | Maturity | 1318687 | – 0 | 1318687 |
| JPMorgan Chase Bank NA | USD | 24000 | 11/17/2032 | 2.183% | CPI | # | Maturity | 3185308 | – 0 | 3185308 |
|  |  |  |  |  |  |  |  | $30645403 | $– 0 | $30645403 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Termination**<br> **Date** | **Payments**<br> **made**<br> **by the**<br> **Fund** | **Payments**<br> **received**<br> **by the**<br> **Fund** | **Payment<br>Frequency<br>Paid/**<br> **Received** | **Market**<br> **Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Citibank NA | USD | 11075 | 10/09/2029 | 1.125% | 1 Week<br>SIFMA <br>\* | Quarterly | $735653 | $– 0 | $735653 |

---

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

(a) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2025.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2025, the aggregate market value of these securities amounted to $112,356,512 or 7.8% of net assets.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.96% of net assets as of April 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition**<br> **Date** | **Cost** | **Market**<br> **Value** | **Percentage of**<br> **Net Assets** |
|  ARC70 II Trust<br>(ARC70 II TRUST)<br>Series 2023<br>4.84%, 04/01/2065 | 07/18/2023 | $4751681 | $4403258 | 0.30% |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>6.50%, 07/01/2026 | 06/13/2022 | 1038658 | 30000 | 0.00% |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>6.75%, 07/01/2026 | 07/21/2022 | 1036663 | 30000 | 0.00% |

---

---

| | |
|:---|:---|
| 46 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition**<br> **Date** | **Cost** | **Market**<br> **Value** | **Percentage of**<br> **Net Assets** |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2024<br>5.67%, 11/01/2038 | 10/19/2022 | $1190000 | $1135276 | 0.08% |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group)<br>Series 2024-B<br>3.762%, 11/01/2046 | 06/24/2024 | 1965000 | 1951603 | 0.14% |
|  Last Step Recycling LLC<br>9.50%, 12/15/2028 | 03/26/2025 | 365000 | 365000 | 0.03% |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027 | 02/03/2023 | 1245000 | 1240197 | 0.09% |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC) Series 2021<br>6.25%, 06/01/2040 | 06/16/2021 | 1000000 | 150000 | 0.01% |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041 | 08/03/2021 | 5000000 | 4508185 | 0.31% |

---

(d) Non-income producing security.

(e) Defaulted.

(f) IO – Interest Only.

(g) When-Issued or delayed delivery security.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2025.

(i) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2025.

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

(k) Fair valued by the Adviser.

(l) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

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

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

(o) Affiliated investments.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 47 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

As of April 30, 2025, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.6% and 0.0%, respectively.

Glossary:

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CDX-NAHY – North American High Yield Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

SRF – State Revolving Fund

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

---

| | |
|:---|:---|
| 48 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**April 30, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,434,273,324) | $1383295679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $27,383,070) | 27383070 |
|  Cash collateral due from broker | 12235475 |
|  Unrealized appreciation on inflation swaps | 31334801 |
|  Interest receivable | 18960279 |
|  Receivable for capital stock sold | 1233756 |
|  Unrealized appreciation on interest rate swaps | 735653 |
|  Receivable for variation margin on centrally cleared swaps | 444515 |
|  Receivable for investment securities sold | 238435 |
|  Receivable due from Adviser | 87559 |
|  Affiliated dividends receivable | 70644 |
|  Total assets | 1476019866 |
| Liabilities |  |
|  Due to custodian | 954317 |
|  Payable for investment securities purchased | 14572877 |
|  Cash collateral due to broker | 11743394 |
|  Payable for capital stock redeemed | 1439069 |
|  Unrealized depreciation on inflation swaps | 689398 |
|  Advisory fee payable | 590538 |
|  Distribution fee payable | 78034 |
|  Administrative fee payable | 24928 |
|  Transfer Agent fee payable | 18190 |
|  Directors' fees payable | 5813 |
|  Payable for terminated centrally cleared credit default swaps | 189 |
|  Accrued expenses | 344408 |
|  Total liabilities | 30461155 |
|  Net Assets | $**1445558711** |
| Composition of Net Assets |  |
|  Capital stock, at par | $136443 |
|  Additional paid-in capital | 1514602933 |
|  Accumulated loss | (69180665) |
|  **Net Assets** | $**1445558711** |

---

Net Asset Value Per Share — 30 billion shares of capital stock authorized, $.001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $134116904 | 12620589 | $10.63 \* |
| C | $12811016 | 1206909 | $10.61 |
| Advisor | $571402994 | 53734412 | $10.63 |
| 1 | $496345751 | 47023236 | $10.56 |
| 2 | $230882046 | 21857371 | $10.56 |

---

\* The maximum offering price per share for Class A shares was $10.96 which reflects a sales charge of 3.00%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 49 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended April 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24941342 |  |
|  Dividends—Affiliated issuers | 466660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25408002 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 3580014 |  |
|  Distribution fee—Class A | 168632 |  |
|  Distribution fee—Class C | 68685 |  |
|  Distribution fee—Class 1 | 243622 |  |
|  Transfer agency—Class A | 31586 |  |
|  Transfer agency—Class C | 3238 |  |
|  Transfer agency—Advisor Class | 131399 |  |
|  Transfer agency—Class 1 | 12878 |  |
|  Transfer agency—Class 2 | 6196 |  |
|  Custody and accounting | 88549 |  |
|  Registration fees | 57268 |  |
|  Administrative | 46818 |  |
|  Audit and tax | 43993 |  |
|  Printing | 32353 |  |
|  Legal | 22735 |  |
|  Directors' fees | 19685 |  |
|  Miscellaneous | 22206 |  |
|  Total expenses before bank overdraft expense | 4579857 |  |
|  Bank overdraft expense | 79342 |  |
|  Total expenses | 4659199 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (540302) |  |
|  Net expenses |  | 4118897 |
|  Net investment income |  | 21289105 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (1408688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 8113331 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (21956629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (3105569) |
|  Net loss on investment transactions |  | (18357555) |
|  Net Increase in Net Assets from Operations |  | $**2931550** |

---

See notes to financial statements.

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#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(unaudited)** | **Year Ended<br>October 31, 2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $21289105 | $39227176 |
|  Net realized gain (loss) on investment transactions | 6704643 | (12079561) |
|  Net change in unrealized appreciation (depreciation) of investments | (25062198) | 84314390 |
|  Net increase in net assets from operations | 2931550 | 111462005 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1843629) | (3957926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (135626) | (288658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (8366838) | (15990481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (7062662) | (12678473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (3520792) | (6928342) |
| Capital Stock Transactions |  |  |
|  Net increase (decrease) | 30130987 | (216488578) |
|  Total increase (decrease) | 12132990 | (144870453) |
| Net Assets |  |  |
|  Beginning of period | 1433425721 | 1578296174 |
|  End of period | $**1445558711** | $**1433425721** |

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See notes to financial statements.

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|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 51 |

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#### NOTES TO FINANCIAL STATEMENTS
**April 30, 2025** (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of six portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Municipal Bond Inflation Strategy (the "Fund"), a diversified portfolio. The Fund offers Class A, Class C, Advisor Class, Class 1 and Class 2 shares. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. Class B, Class R, Class K, Class I and Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 3% for purchases not exceeding $500,000. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge 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 and Class 2 shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. Class 1 shares are sold without an initial or contingent deferred sales charge, but are subject to ongoing distribution expenses. All 10 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. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the

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|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 53 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

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

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the

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| 54 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of April 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $1300674506 | $365000 | <sup>(a)</sup> | $1301039506 |
|  Short-Term Municipal Notes | – 0 | 56700136 | – 0 |  | 56700136 |
|  Commercial Mortgage-Backed Securities | – 0 | 16494130 | – 0 |  | 16494130 |
|  Corporates – Investment Grade | – 0 | 5694696 | – 0 |  | 5694696 |
|  Corporates – Non-Investment Grade | – 0 | 3336432 | – 0 |  | 3336432 |
|  Collateralized Mortgage Obligations | – 0 | 30779 | – 0 |  | 30779 |
|  Short-Term Investments | 27383070 | – 0 | – 0 |  | 27383070 |
|  Total Investments in Securities | 27383070 | 1382930679 | 365000 | <sup>(a)</sup> | 1410678749 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 21970722 | – 0 |  | 21970722 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 2357242 | – 0 |  | 2357242 <sup>(c)</sup> |
|  Inflation (CPI) Swaps | – 0 | 31334801 | – 0 |  | 31334801 |
|  Interest Rate Swaps | – 0 | 735653 | – 0 |  | 735653 |

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|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 55 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Liabilities:** |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | $– 0 | $(406308) | $– 0 |  | $(406308)<sup>(c)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (88997) | – 0 |  | (88997)<sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (274290) | – 0 |  | (274290)<sup>(c)</sup> |
|  Inflation (CPI) Swaps | – 0 | (689398) | – 0 |  | (689398) |
|  **Total** | $**27383070** | $**1437870104** | $**365000** | **<sup>(a)</sup>** | $**1465618174** |

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

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

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

3. Taxes

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

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

4. Investment Income and Investment Transactions

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

5. Class Allocations

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

6. Dividends and Distributions

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

7. 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.

8. Segment Information

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund's average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total

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| **ABFunds.com** | AB Municipal Bond Inflation Strategy 57 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

operating expenses (excluding extraordinary expenses, interest expense, and acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest) on an annual basis (the "Expense Caps") to .75%, 1.50%, .50%, .60% and .50% of the daily average net assets for the Class A, Class C, Advisor Class, Class 1 and Class 2 shares, respectively. This fee waiver and/or expense reimbursement agreement will remain in effect until January 31, 2026 and then may be extended by the Adviser for additional one-year terms. For the six months ended April 30, 2025, such reimbursements/waivers amounted to $518,901.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2025, the reimbursement for such services amounted to $46,818.

The Fund 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 Fund. 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 $43,762 for the six months ended April 30, 2025.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $149 from the sale of Class A shares and received $-0- and $140 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2025.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2025, such waiver amounted to $21,401.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Fund's transactions in AB mutual funds for the six months ended April 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>4/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |

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NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares and .10% of the Fund's average daily net assets attributable to Class 1 shares. There are no distribution and servicing fees on the Advisor Class and Class 2 shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund's operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $527,074 and $1,814,648 for Class C and Class 1 shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, and the share class is active, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160140684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150177833 |
|  U.S. government securities | 4041241 | 30000 |

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| **ABFunds.com** | AB Municipal Bond Inflation Strategy 59 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62029778 |
|  Gross unrealized depreciation | (57628223) |
|  Net unrealized appreciation | $4401555 |

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1. Derivative Financial Instruments

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

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

**•** **Swaps:** 

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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

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

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

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

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| **ABFunds.com** | AB Municipal Bond Inflation Strategy 61 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

During the six months ended April 30, 2025, the Fund held interest rate swaps for hedging purposes.

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

During the six months ended April 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

#### Credit Default Swaps:
The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy

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**NOTES TO FINANCIAL STATEMENTS** (continued)

protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2025, the Fund held credit default swaps for hedging purposes.

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

The Fund's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels ("net asset contingent features"). If these levels are triggered, the Fund's OTC counterparty has the right to terminate such trans-

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**NOTES TO FINANCIAL STATEMENTS** (continued)

action and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended April 30, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | $90616 \* |  |  |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 24325365<br> \*  | Payable for variation margin on centrally cleared swaps | $417837<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 735653 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 31334801 | Unrealized depreciation on inflation swaps | 689398 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56486435 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107235 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $7932446 | $(3249075) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 180885 | 143506 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8113331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3105569) |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended April 30, 2025:

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| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $11075000 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175785714 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $115417143 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $246355714 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $17938571 |

---

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of April 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |  |
|  Bank of America NA | $4685703 | $(264510) | $– 0 | $(4281640) | $139553 |  |
|  Barclays Bank PLC | 7213552 | – 0 | (7198500) | – 0 | 15052 |  |
|  Citibank NA | 4375877 | (217547) | (4158330) | – 0 | – 0 |  |
|  Goldman Sachs International | 3503760 | (207341) | – 0 | (3296419) | – 0 |  |
|  JPMorgan Chase Bank NA | 12291562 | – 0 | – 0 | (12291562) | – 0 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32070454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11356830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19869621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154605 | <sup>^</sup> |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $264510 | $(264510) | $– 0 – $| – 0 – $| – 0 |
|  Citibank NA | 217547 | (217547) | – 0 – | – 0 – | – 0 |
|  Goldman Sachs International | 207341 | (207341) | – 0 – | – 0 – | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for Class A, Class C, Advisor Class, Class 1 and Class 2 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br> 2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br> 2024 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 1487184 | 2136396 | $15867301 | $22889300 |
|  Shares issued in reinvestment of dividends | 105736 | 228720 | 1133583 | 2444857 |
|  Shares converted from Class C | 18558 | 54227 | 201203 | 579133 |
|  Shares redeemed | (2131780) | (7361147) | (22865441) | (78759878) |
|  **Net decrease** | **(520302)** | **(4941804)** | $**(5663354)** | $**(52846588)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 45211 | 144757 | $485455 | $1551558 |
|  Shares issued in reinvestment of dividends | 9482 | 20352 | 101585 | 217500 |
|  Shares converted to Class A | (18588) | (54288) | (201203) | (579133) |
|  Shares redeemed | (211036) | (565210) | (2268656) | (6057587) |
|  **Net decrease** | **(174931)** | **(454389)** | $**(1882819)** | $**(4867662)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 11215699 | 19040101 | $120494350 | $204074117 |
|  Shares issued in reinvestment of dividends | 469782 | 909873 | 5033456 | 9738632 |
|  Shares redeemed | (9328247) | (27947357) | (100018782) | (299048243) |
|  **Net increase (decrease)** | **2357234** | **(7997383)** | $**25509024** | $**(85235494)** |
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  Shares sold | 4876352 | 8014259 | $51999922 | $85581583 |
|  Shares issued in reinvestment of dividends | 449076 | 827451 | 4780241 | 8790476 |
|  Shares redeemed | (3598052) | (12980418) | (38374616) | (138177287) |
|  **Net increase (decrease)** | **1727376** | **(4138708)** | $**18405547** | $**(43805228)** |
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  Shares sold | 1118734 | 2897826 | $11922413 | $30871528 |
|  Shares issued in reinvestment of dividends | 197099 | 373686 | 2099717 | 3973568 |
|  Shares redeemed | (1899200) | (6052907) | (20259541) | (64578702) |
|  **Net decrease** | **(583367)** | **(2781395)** | $**(6237411)** | $**(29733606)** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE F

Risks Involved in Investing in the Fund

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

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

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

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

**Interest Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is

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**NOTES TO FINANCIAL STATEMENTS** (continued)

generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

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

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

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

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1601312 | $7006894 |
|  Total taxable distributions | 1601312 | 7006894 |
|  Tax-exempt distributions | 38242568 | 38344734 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39843880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45351628 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed tax-exempt income | $26873 |
|  Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80249826)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 29039663 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $(51183290) |

---

(a) As of October 31, 2024, the Fund had a net capital loss carryforward of $80,249,826.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

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 October 31, 2024, the Fund had a net short-term capital loss carryforward of $73,839,602 and a net long-term capital loss carryforward of $6,410,224 which may be carried forward for an indefinite period.

NOTE I

Subsequent Events

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

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#### FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.76 | $10.28 | $10.24 | $11.03 | $10.30 | $10.24 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .15 | .26 | .21 | .13 | .16 | .22 |
|  Net realized and unrealized gain (loss) on investment transactions | (.13 | .48 | .06 | (.79 | .75 | .07 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .02 | .74 | .27 | (.66 | .91 | .29 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.26 | (.23 | (.13 | (.18) | (.23 |
|  Net asset value, end of period | **$10.63** | **$10.76** | **$10.28** | **$10.24** | **$11.03** | **$10.30** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)(f)</sup> | .14 | 7.29 | 2.60 | (6.06) | 8.89% | 2.85 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $134117 | $141375 | $185881 | $308986 | $364599 | $138454 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | .76 | .75 | .75 | .75 | .75% | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | .85 | .84 | .85 | .82 | .84% | .85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.79 | 2.44 | 2.02 | 1.24 | 1.51% | 2.14 |
|  Portfolio turnover rate | 11 | 25 | 26 | 27 | 10% | 29 |

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See footnote summary on page 76.

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**FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.75 | $10.27 | $10.23 | $11.02 | $10.29 | $10.22 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .18 | .13 | .06 | .08 | .14 |
|  Net realized and unrealized gain (loss) on investment transactions | (.15 | .48 | .06 | (.80 | .74 | .08 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .01 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.04 | .66 | .19 | (.74 | .83 | .22 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.10 | (.18 | (.15 | (.05 | (.10) | (.15 |
|  Net asset value, end of period | **$10.61** | **$10.75** | **$10.27** | **$10.23** | **$11.02** | **$10.29** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)(f)</sup> | (.24 | 6.47 | 1.83 | (6.75) | 8.12% | 2.16 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $12811 | $14848 | $18850 | $25986 | $20086 | $6710 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | 1.51 | 1.50 | 1.51 | 1.50 | 1.50% | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | 1.60 | 1.59 | 1.60 | 1.58 | 1.59% | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.03 | 1.69 | 1.28 | .54 | .75% | 1.43 |
|  Portfolio turnover rate | 11 | 25 | 26 | 27 | 10% | 29 |

---

See footnote summary on page 76.

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| 72 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.77 | $10.29 | $10.25 | $11.04 | $10.31 | $10.24 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .29 | .24 | .16 | .18 | .25 |
|  Net realized and unrealized gain (loss) on investment transactions | (.14 | .48 | .06 | (.80 | .75 | .07 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .01 | – 0 |
|  Net increase (decrease) in net asset value from operations | .02 | .77 | .30 | (.64 | .94 | .32 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.16 | (.29 | (.26 | (.15 | (.21) | (.25 |
|  Net asset value, end of period | **$10.63** | **$10.77** | **$10.29** | **$10.25** | **$11.04** | **$10.31** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)(f)</sup> | .27 | 7.56 | 2.85 | (5.82) | 9.14% | 3.19 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $571403 | $553109 | $610806 | $948603 | $837132 | $185829 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | .51 | .50 | .50 | .50 | .50% | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | .60 | .59 | .60 | .58 | .59% | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.04 | 2.69 | 2.28 | 1.52 | 1.70% | 2.43 |
|  Portfolio turnover rate | 11 | 25 | 26 | 27 | 10% | 29 |

---

See footnote summary on page 76.

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|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 73 |

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**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.69 | $10.21 | $10.18 | $10.97 | $10.25 | $10.19 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .28 | .23 | .15 | .18 | .23 |
|  Net realized and unrealized gain (loss) on investment transactions | (.14 | .48 | .05 | (.79 | .74 | .07 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .02 | .76 | .28 | (.64 | .92 | .30 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.28 | (.25 | (.15 | (.20) | (.24 |
|  Net asset value, end of period | **$10.56** | **$10.69** | **$10.21** | **$10.18** | **$10.97** | **$10.25** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)(f)</sup> | .32 | 7.51 | 2.71 | (5.92) | 9.01% | 3.04 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $496346 | $484090 | $504943 | $594155 | $555642 | $444500 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | .61 | .60 | .61 | .60 | .60% | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | .66 | .65 | .66 | .64 | .66% | .67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.94 | 2.59 | 2.19 | 1.43 | 1.72% | 2.33 |
|  Portfolio turnover rate | 11 | 25 | 26 | 27 | 10% | 29 |

---

See footnote summary on page 76.

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|:---|:---|
| 74 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.69 | $10.22 | $10.19 | $10.98 | $10.25 | $10.19 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .29 | .24 | .17 | .20 | .24 |
|  Net realized and unrealized gain (loss) on investment transactions | (.13 | .47 | .05 | (.80 | .74 | .07 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |
|  Net increase (decrease) in net asset value from operations | .03 | .76 | .29 | (.63 | .94 | .31 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.16 | (.29 | (.26 | (.16 | (.21) | (.25 |
|  Net asset value, end of period | **$10.56** | **$10.69** | **$10.22** | **$10.19** | **$10.98** | **$10.25** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)(f)</sup> | .27 | 7.51 | 2.81 | (5.83) | 9.21% | 3.14 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $230882 | $240004 | $257816 | $315364 | $238315 | $215763 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | .51 | .50 | .51 | .50 | .50% | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | .56 | .55 | .56 | .55 | .56% | .57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.04 | 2.69 | 2.28 | 1.56 | 1.84% | 2.43 |
|  Portfolio turnover rate<sup>.</sup> | 11 | 25 | 26 | 27 | 10% | 29 |

---

See footnote summary on page 76.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 75 |

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**FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(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 Fund's change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(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 investment return does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) Includes the impact of proceeds received by the Fund in connection with a trade-error reimbursement from the Adviser, which enhanced performance by .03% for the year ended October 31, 2021.

(g) The expense ratios presented below exclude interest/bank overdraft expense:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br>**(unaudited)** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .84 | %<sup>^</sup> | .84% | .84% | .82% | .84% | .85% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.59 | %<sup>^</sup> | 1.59% | 1.59% | 1.58% | 1.59% | 1.61% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .59 | %<sup>^</sup> | .59% | .59% | .58% | .59% | .60% |
|  **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .60 | %<sup>^</sup> | .60% | .60% | .60% | .60% | .60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .65 | %<sup>^</sup> | .65% | .65% | .64% | .66% | .67% |
|  **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .55 | %<sup>^</sup> | .55% | .55% | .55% | .56% | .57% |

---

^ Annualized.

See notes to financial statements.

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| 76 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Bond Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Municipal Bond Inflation Strategy (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 and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to

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|:---|:---|
| **ABFunds.com** | AB Municipal Bond Inflation Strategy 77 |

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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.

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

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| 78 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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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 Advisor Class 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 Advisor Class 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 payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median. The directors also noted the Adviser's total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class 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 Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. 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 expense ratio was above the medians. After reviewing

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| **ABFunds.com** | AB Municipal Bond Inflation Strategy 79 |

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and discussing the Adviser's explanations of the reasons for this, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. 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. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

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| 80 AB Municipal Bond Inflation Strategy | **ABFunds.com** |

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![LOGO](g65833g28a43.jpg)

AB MUNICIPAL BOND INFLATION STRATEGY

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

MBIS-0152-0425 ![LOGO](g65833g22c48.jpg)

------

#### April 30, 2025
![LOGO](g945516g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB Tax-Aware Fixed Income Opportunities Portfolio

![LOGO](g945516g50e50.jpg)

------

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

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

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

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

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

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

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

------

#### PORTFOLIO OF INVESTMENTS

#### April 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MUNICIPAL OBLIGATIONS – 105.4% |  |  |
|  Long-Term Municipal Bonds – 99.9% | Long-Term Municipal Bonds – 99.9% | Long-Term Municipal Bonds – 99.9% |
|  **Alabama – 5.9%** | **Alabama – 5.9%** | **Alabama – 5.9%** |
|  Black Belt Energy Gas District<br>(Athene Annuity & Life Co.)<br>Series 2024-A<br>5.25%, 05/01/2055 | $2000 | $2119676 |
|  Black Belt Energy Gas District<br>(BP PLC)<br>Series 2024-D<br>5.00%, 03/01/2055 | 3765 | 3966615 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group)<br>Series 2022-F<br>5.50%, 11/01/2053 | 2000 | 2084836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2<br>5.43%, 06/01/2049<sup>(a)(b)</sup> | 10000 | 10164925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.25%, 01/01/2054 | 2000 | 2103668 |
|  Black Belt Energy Gas District<br>(Morgan Stanley)<br>Series 2022-C<br>5.25%, 02/01/2053 | 1000 | 1045323 |
|  Black Belt Energy Gas District<br>(Nomura Holdings, Inc.)<br>Series 2022-A<br>4.00%, 12/01/2052 | 1000 | 982413 |
|  Black Belt Energy Gas District<br>(Pacific Mutual Holding)<br>Series 2024-C<br>5.00%, 05/01/2055 | 1000 | 1044823 |
|  County of Jefferson AL Sewer Revenue<br>(County of Jefferson AL Sewer Revenue)<br>Series 2024<br>5.25%, 10/01/2049 | 1000 | 1008303 |
|  Homewood Educational Building Authority<br>(CHF - Horizons II LLC)<br>Series 2024<br>5.50%, 10/01/2049 | 250 | 255570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2054 | 250 | 254322 |
|  Mobile County Industrial Development Authority<br>(ArcelorMittal SA)<br>Series 2024<br>4.75%, 12/01/2054 | 1000 | 910942 |
|  Southeast Alabama Gas Supply District (The)<br>(Pacific Mutual Holding)<br>Series 2024-A<br>5.00%, 08/01/2054 | 3000 | 3134077 |

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 1 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Southeast Energy Authority A Cooperative District<br>(Athene Annuity & Life Co.)<br>Series 2025-A<br>5.00%, 01/01/2056 | $1315 | $1347702 |
|  Southeast Energy Authority A Cooperative District<br>(Deutsche Bank AG)<br>Series 2024-A<br>5.00%, 11/01/2035 | 1000 | 1029395 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley)<br>Series 2022-A<br>5.321% (SOFR + 2.42%), 01/01/2053<sup>(c)</sup> | 2000 | 2080194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 | 1000 | 1060031 |
|  Southeast Energy Authority A Cooperative District<br>(Royal Bank of Canada)<br>Series 2023-B<br>5.00%, 01/01/2054 | 10000 | 10434698 |
|  Southeast Energy Authority A Cooperative District<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 01/01/2054 | 1000 | 1033339 |
|  |  | 46060852 |
|  **Alaska – 0.9%** |  |  |
|  Alaska Housing Finance Corp.<br>(Prerefunded - Others)<br>Series 2023<br>4.39%, 07/01/2026<sup>(a)</sup> | 2000 | 2001338 |
|  Municipality of Anchorage AK<br>(Municipality of Anchorage AK)<br>Series 2024-A<br>4.50%, 02/01/2060 | 1000 | 903606 |
|  Municipality of Anchorage AK Solid Waste Services Revenue<br>(Municipality of Anchorage AK Solid Waste Services Revenue)<br>Series 2022-A<br>5.25%, 11/01/2062 | 4000 | 4145899 |
|  |  | 7050843 |
|  **Arizona – 2.1%** |  |  |
|  Arizona Industrial Development Authority<br>(AZIDA 2019-2)<br>Series 2019-2, Class A<br>3.625%, 05/20/2033 | 163 | 152851 |
|  Arizona Industrial Development Authority<br>(ISF Ativo Portfolio Obligated Group)<br>Series 2025<br>6.875%, 03/01/2055<sup>(a)</sup> | 1200 | 1171855 |

---

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| | |
|:---|:---|
| 2 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Arizona Industrial Development Authority<br>(KIPP NYC Public Charter Schools)<br>Series 2021-B<br>4.00%, 07/01/2061 | $1000 | $797806 |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.)<br>Series 2020<br>7.75%, 07/01/2026<sup>(d)(e)(f)</sup> | 1000 | 30000 |
|  Arizona Industrial Development Authority<br>(San Tan Valley AH I LLLP)<br>Series 2024-A<br>5.68%, 01/01/2043<sup>(a)</sup> | 1000 | 935931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.68%, 01/01/2043<sup>(a)</sup> | 215 | 201171 |
|  Chandler Industrial Development Authority<br>(Intel Corp.)<br>Series 2022<br>5.00%, 09/01/2042 | 2000 | 2031738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>4.00%, 06/01/2049 | 2000 | 1988858 |
|  City of Glendale AZ<br>(City of Glendale AZ COP)<br>Series 2021<br>2.222%, 07/01/2030 | 1000 | 902429 |
|  City of Tempe AZ<br>(City of Tempe AZ COP)<br>Series 2021<br>2.521%, 07/01/2036 | 1000 | 786839 |
|  Industrial Development Authority of the City of Phoenix Arizona (The)<br>(GreatHearts Arizona Obligated Group)<br>Series 2014<br>5.00%, 07/01/2044 | 100 | 96208 |
|  Industrial Development Authority of the County of Pima (The)<br>(La Posada at Park Centre Obligated Group)<br>Series 2022<br>6.75%, 11/15/2042<sup>(a)</sup> | 250 | 265828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2057<sup>(a)</sup> | 250 | 263656 |
|  Maricopa County Industrial Development Authority<br>(HonorHealth Obligated Group)<br>Series 2024-D<br>5.00%, 12/01/2042 | 1000 | 1034875 |
|  Salt River Project Agricultural Improvement & Power District<br>(Salt River Project Agricultural Improvement & Power District)<br>Series 2023-B<br>5.25%, 01/01/2053 | 2000 | 2112674 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 3 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Salt Verde Financial Corp.<br>(Citigroup, Inc.)<br>Series 2007<br>5.00%, 12/01/2032 | $2000 | $2102259 |
|  Yuma Industrial Development Authority<br>(Yuma Regional Medical Center Obligated Group)<br>AGC Series 2024<br>5.25%, 08/01/2043 | 1250 | 1319203 |
|  |  | 16194181 |
|  **Arkansas – 0.2%** |  |  |
|  Arkansas Development Finance Authority<br>(Hybar LLC)<br>Series 2024<br>7.375%, 07/01/2048<sup>(a)</sup> | 1300 | 1409282 |
|  Arkansas Development Finance Authority<br>(United States Steel Corp.)<br>Series 2022<br>5.45%, 09/01/2052 | 200 | 200035 |
|  |  | 1609317 |
|  **California – 13.7%** |  |  |
|  Alameda Corridor Transportation Authority<br>(Alameda Corridor Transportation Authority)<br>Series 2022-A<br>0.00%, 10/01/2049<sup>(g)</sup> | 1000 | 560359 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2024<br>Zero Coupon, 10/01/2053 | 1000 | 244912 |
|  Align Affordable Housing Bond Fund LP<br>(Park Landing LP)<br>Series 2022-2<br>5.66%, 08/01/2052 | 500 | 466335 |
|  Align Affordable Housing Bond Fund LP<br>(SHI - Lake Worth LLC)<br>Series 2021<br>3.25%, 12/01/2051<sup>(a)</sup> | 1000 | 880910 |
|  Align Capital Series Trust 2025-1<br>(Align Capital Series Trust 2025-1)<br>Series 2025-2<br>5.75%, 01/01/2052<sup>(a)</sup> | 1000 | 990189 |
|  ARC70 II Trust<br>(ARC70 II TRUST)<br>Series 2021<br>4.00%, 12/01/2059 | 300 | 251653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>4.84%, 04/01/2065<sup>(f)</sup> | 1901 | 1761304 |

---

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| | |
|:---|:---|
| 4 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign<br>(Burbank-Glendale-Pasadena Airport Authority Brick Campaign)<br>AGM Series 2024-B<br>4.50%, 07/01/2054 | $2000 | $1862407 |
|  California Community Choice Financing Authority<br>(American General Life Insurance)<br>Series 2023-D<br>5.50%, 05/01/2054 | 2000 | 2101715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 08/01/2055 | 2800 | 2934623 |
|  California Community Choice Financing Authority<br>(Athene Annuity & Life Co.)<br>Series 2024<br>5.00%, 11/01/2055 | 1000 | 1030122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 01/01/2056 | 560 | 576564 |
|  California Community Choice Financing Authority<br>(Deutsche Bank AG)<br>Series 2023<br>5.25%, 01/01/2054 | 2315 | 2405131 |
|  California Community Choice Financing Authority<br>(Goldman Sachs Group)<br>Series 2023<br>5.00%, 12/01/2053 | 1000 | 1039076 |
|  California Community Choice Financing Authority<br>(Morgan Stanley)<br>Series 2023<br>4.531% (SOFR + 1.63%), 07/01/2053<sup>(c)</sup> | 2000 | 1984620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2<br>5.00%, 07/01/2053<sup>(a)(b)</sup> | 10000 | 10371321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 02/01/2055 | 1000 | 1053395 |
|  California Community Housing Agency<br>(California Community Housing Agency Aster Apartments)<br>Series 2021-A<br>4.00%, 02/01/2056<sup>(a)</sup> | 1000 | 818194 |
|  California Community Housing Agency<br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments)<br>Series 2021<br>4.00%, 02/01/2056<sup>(a)</sup> | 250 | 204219 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park)<br>Series 2021<br>3.00%, 08/01/2056<sup>(a)</sup> | 1000 | 686729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(a)</sup> | 495 | 407519 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 5 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency<br>(California Community Housing Agency Summit at Sausalito Apartments)<br>Series 2021<br>3.00%, 02/01/2057<sup>(a)</sup> | $1000 | $663330 |
|  California Community Housing Agency<br>(California Community Housing Agency Twin Creek Apartments)<br>Series 2022<br>Zero Coupon, 08/01/2065<sup>(a)</sup> | 2500 | 93353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2040<sup>(a)</sup> | 1000 | 877128 |
|  California Housing Finance Agency<br>(CAHFA 2019-2)<br>Series 2019-2, Class A<br>4.00%, 03/20/2033 | 139 | 136822 |
|  California Housing Finance Agency<br>(CAHFA 2021-2)<br>Series 2021-2, Class A<br>3.75%, 03/25/2035 | 951 | 932877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X<br>0.825%, 03/25/2035<sup>(h)</sup> | 951 | 39734 |
|  California Housing Finance Agency<br>(CAHFA 2021-3)<br>Series 2021-3, Class A<br>3.25%, 08/20/2036 | 236 | 215611 |
|  California Infrastructure & Economic Development Bank<br>(Desertxpress Enterprises)<br>Series 2025<br>9.50%, 01/01/2065<sup>(a)</sup> | 2680 | 2586738 |
|  California Infrastructure & Economic Development Bank<br>(PIH Health Obligated Group)<br>Series 2024-A<br>5.00%, 12/01/2054<sup>(a)</sup> | 1000 | 1009982 |
|  California Infrastructure & Economic Development Bank<br>(WFCS Holdings II LLC)<br>Series 2021<br>Zero Coupon, 01/01/2061<sup>(a)</sup> | 985 | 68936 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC)<br>Series 2019<br>5.00%, 05/15/2040 | 250 | 254241 |
|  California Municipal Finance Authority<br>(Samuel Merritt University)<br>Series 2022<br>5.25%, 06/01/2053 | 1000 | 1041339 |

---

---

| | |
|:---|:---|
| 6 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Pollution Control Financing Authority<br>(Channelside Water Resources)<br>Series 2012<br>5.00%, 11/21/2045<sup>(a)</sup> | $250 | $240406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>5.00%, 07/01/2035<sup>(a)</sup> | 1250 | 1310004 |
|  California Pollution Control Financing Authority<br>(San Diego County Water Authority Desalination Project Pipeline)<br>Series 2019<br>5.00%, 11/21/2045<sup>(a)</sup> | 1000 | 1002962 |
|  California Public Finance Authority<br>(ISF Ativo Portfolio Obligated Group)<br>Series 2025<br>6.75%, 03/01/2055<sup>(a)</sup> | 1105 | 1080803 |
|  California School Finance Authority<br>(Classical Academy Obligated Group)<br>Series 2022<br>5.00%, 10/01/2052<sup>(a)</sup> | 1000 | 946547 |
|  California Statewide Communities Development Authority<br>(Enloe Medical Center Obligated Group)<br>AGM Series 2022-A<br>5.375%, 08/15/2057 | 1000 | 1025869 |
|  City of Los Angeles CA Wastewater System Revenue<br>(City of Los Angeles CA Wastewater System Revenue)<br>Series 2025-A<br>5.00%, 06/01/2055<sup>(i)</sup> | 6225 | 6475531 |
|  City of Los Angeles Department of Airports<br>(City of Los Angeles Dept. of Airports)<br>Series 2020-C<br>5.00%, 05/15/2039 | 1000 | 1020399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.25%, 05/15/2047 | 2000 | 2038373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.50%, 05/15/2055 | 1190 | 1246251 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Enclave)<br>Series 2022-A<br>4.00%, 08/01/2058<sup>(a)</sup> | 400 | 294884 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Latitude33)<br>Series 2021-A<br>3.00%, 12/01/2056<sup>(a)</sup> | 210 | 137291 |
|  CMFA Special Finance Agency<br>(CMFA Special Finance Agency Solana at Grand)<br>Series 2021-A<br>4.00%, 08/01/2056<sup>(a)</sup> | 1000 | 837258 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 7 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CMFA Special Finance Agency VIII Elan Huntington Beach<br>(CMFA Special Finance Agency VIII Elan Huntington Beach)<br>Series 2021<br>3.00%, 08/01/2056<sup>(a)</sup> | $1000 | $652949 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.25%, 05/01/2057<sup>(a)</sup> | 1000 | 665299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(a)</sup> | 350 | 240527 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)<br>Series 2021<br>3.25%, 04/01/2057<sup>(a)</sup> | 500 | 351969 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)<br>Series 2021<br>4.00%, 10/01/2056<sup>(a)</sup> | 1000 | 790682 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Altana Apartments)<br>Series 2021<br>4.00%, 10/01/2056<sup>(a)</sup> | 200 | 150097 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)<br>Series 2021<br>3.25%, 07/01/2056<sup>(a)</sup> | 1000 | 667465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(a)</sup> | 1000 | 574689 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Oceanaire Apartments)<br>Series 202<br>1 4.00%, 09/01/2056<sup>(a)</sup> | 1000 | 725603 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Park Crossing Apartments)<br>Series 2021<br>3.25%, 12/01/2058<sup>(a)</sup> | 800 | 529282 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Pasadena Portfolio)<br>Series 2021<br>3.00%, 12/01/2056<sup>(a)</sup> | 1000 | 659457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(a)</sup> | 400 | 291288 |

---

---

| | |
|:---|:---|
| 8 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority The Crescent)<br>Series 2022 4.30%, 07/01/2059<sup>(a)</sup> | $1000 | $789172 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union South Bay)<br>Series 2021-A2<br>4.00%, 07/01/2056<sup>(a)</sup> | 1000 | 766619 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments)<br>Series 2021<br>3.25%, 10/01/2058<sup>(a)</sup> | 1000 | 658830 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Waterscape Apartments)<br>Series 2021-A<br>3.00%, 09/01/2056<sup>(a)</sup> | 1000 | 662815 |
|  Golden State Tobacco Securitization Corp.<br>(Golden State Tobacco Securitization)<br>Series 2021<br>3.85%, 06/01/2050 | 2000 | 1824624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>Zero Coupon, 06/01/2066 | 19320 | 2070922 |
|  Los Angeles Department of Water & Power<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023-E<br>5.00%, 07/01/2038 | 2245 | 2344573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 07/01/2039 | 1000 | 1042495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 07/01/2041 | 1300 | 1336570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 07/01/2039 | 1000 | 1044493 |
|  Los Angeles Department of Water & Power Power System Revenue<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2022<br>5.00%, 07/01/2040 | 1335 | 1364576 |
|  Los Angeles Department of Water & Power Water System Revenue<br>(Los Angeles Dept. of Water & Power Water System Revenue)<br>Series 2022-D<br>5.00%, 07/01/2047 | 4865 | 4884129 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 9 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Los Angeles Unified School District/CA<br>(Los Angeles Unified School District/CA)<br>Series 2024-A<br>5.00%, 07/01/2031 | $3000 | $3331151 |
|  M-S-R Energy Authority<br>(Citigroup, Inc.)<br>Series 2009-B<br>7.00%, 11/01/2034 | 1000 | 1181379 |
|  Northern California Energy Authority<br>(Pacific Mutual Holding)<br>Series 2024<br>5.00%, 12/01/2054 | 1000 | 1047986 |
|  River Islands Public Financing Authority<br>(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 2)<br>Series 2022<br>5.75%, 09/01/2052 | 1000 | 1030799 |
|  San Francisco Intl Airport<br>(San Francisco Intl Airport)<br>Series 2019-A<br>5.00%, 05/01/2044 | 1000 | 1002131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-E<br>5.50%, 05/01/2040 | 1315 | 1407788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.25%, 05/01/2040 | 3400 | 3586412 |
|  San Joaquin Valley Clean Energy Authority<br>(Goldman Sachs Group)<br>Series 2025<br>5.50%, 01/01/2056 | 1000 | 1098170 |
|  Southern California Public Power Authority<br>(American General Life Insurance)<br>Series 2024-A<br>5.00%, 04/01/2055 | 1400 | 1455845 |
|  Southern California Public Power Authority<br>(Los Angeles Dept. of Water & Power Power System Revenue)<br>Series 2023<br>5.00%, 07/01/2048 | 1000 | 1002893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 | 2975 | 3024496 |
|  State of California<br>(State of California)<br>Series 2025<br>5.00%, 03/01/2044 | 1800 | 1928318 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization)<br>Series 2021<br>Zero Coupon, 06/01/2060 | 2000 | 312684 |
|  Tobacco Securitization Authority of Southern California<br>(San Diego County Tobacco Asset Securitization)<br>Series 2006<br>Zero Coupon, 06/01/2046 | 1000 | 241708 |

---

---

| | |
|:---|:---|
| 10 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Yucaipa Valley Water District Financing Authority<br>(Yucaipa Valley Water District Water & Sewer Revenue)<br>Series 2024-A<br>5.00%, 06/01/2026 | $2000 | $2031441 |
|  |  | 106980292 |
|  **Colorado – 1.7%** |  |  |
|  Aurora Highlands Community Authority Board<br>(Aurora Highlands Community Authority Board)<br>Series 2021-A<br>5.75%, 12/01/2051 | 500 | 455831 |
|  Centerra Metropolitan District No. 1<br>(Centerra Metropolitan District No. 1)<br>Series 2022<br>6.50%, 12/01/2053 | 500 | 500195 |
|  City & County of Denver CO<br>(United Airlines, Inc.)<br>Series 2017<br>5.00%, 10/01/2032 | 615 | 614966 |
|  City & County of Denver CO Airport System Revenue<br>(Denver Intl Airport)<br>Series 2018-A<br>5.00%, 12/01/2029 | 1000 | 1034339 |
|  Colorado Educational & Cultural Facilities Authority<br>(James Irwin Educational Foundation Obligated Group)<br>Series 2022<br>5.00%, 09/01/2062 | 1000 | 926313 |
|  Colorado Educational & Cultural Facilities Authority<br>(Lighthouse Building Corp.)<br>Series 2021<br>4.00%, 10/01/2061 | 1000 | 744573 |
|  Colorado Health Facilities Authority<br>(Aberdeen Ridge Obligated Group)<br>Series 2021-A<br>5.00%, 05/15/2049 | 100 | 73432 |
|  Colorado Health Facilities Authority<br>(Christian Living Neighborhoods Obligated Group)<br>Series 2021<br>4.00%, 01/01/2042 | 1000 | 857459 |
|  Colorado Health Facilities Authority<br>(Frasier Meadows Manor Obligated Group)<br>Series 2023-2<br>4.00%, 05/15/2041 | 100 | 88218 |
|  Colorado Health Facilities Authority<br>(Intermountain Healthcare Obligated Group)<br>Series 2024-A<br>5.00%, 05/15/2054 | 2000 | 2039225 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 11 |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Colorado High Performance Transportation Enterprise<br>(Colorado High Performance Transportation Enterprise C-470 Express Lanes System)<br>Series 2017<br>5.00%, 12/31/2056 | $1000 | $972487 |
|  Douglas County Housing Partnership <br>(Bridgewater Castle Rock ALF)<br>Series 2021<br>5.375%, 01/01/2041<sup>(d)(e)(f)</sup> | 250 | 187500 |
|  E-470 Public Highway Authority<br>(E-470 Public Highway Authority)<br>Series 2024-B<br>3.671% (SOFR + 0.75%), 09/01/2039<sup>(c)</sup> | 2000 | 1978989 |
|  Johnstown Plaza Metropolitan District<br>(Johnstown Plaza Metropolitan District)<br>Series 2022<br>4.25%, 12/01/2046 | 544 | 452344 |
|  Platte River Metropolitan District<br>(Platte River Metropolitan District)<br>Series 2023-A<br>6.50%, 08/01/2053<sup>(a)</sup> | 201 | 199768 |
|  Redtail Ridge Metropolitan District<br>(Redtail Ridge Metropolitan District)<br>Series 2025<br>Zero Coupon, 12/01/2032 | 1000 | 573860 |
|  St. Vrain Lakes Metropolitan District No. 4<br>(St. Vrain Lakes Metropolitan District No. 4)<br>Series 2024-A<br>0.00%, 09/20/2054<sup>(a)(g)</sup> | 1000 | 664784 |
|  Sterling Ranch Community Authority Board<br>(Sterling Ranch Metropolitan District No. 3)<br>Series 2022<br>6.50%, 12/01/2042 | 500 | 518225 |
|  Vauxmont Metropolitan District<br>(Vauxmont Metropolitan District)<br>AGM Series 2019<br>5.00%, 12/15/2028 | 380 | 391663 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020<br>5.00%, 12/01/2050 | 100 | 100300 |
|  |  | 13374471 |
|  **Connecticut – 0.4%** |  |  |
|  City of New Haven CT<br>(City of New Haven CT)<br>Series 2018-A<br>5.50%, 08/01/2038 | 615 | 634883 |
|  Connecticut State Health & Educational Facilities Authority<br>(Yale University)<br>Series 2023-A<br>2.80%, 07/01/2048 | 2200 | 2189648 |

---

---

| | |
|:---|:---|
| 12 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Town of Hamden CT<br>(Whitney Center Obligated Group)<br>Series 2022-A<br>7.00%, 01/01/2053 | $100 | $105421 |
|  |  | 2929952 |
|  **Delaware – 0.1%** |  |  |
|  Affordable Housing Tax-Exempt Bond Pass-Thru Trust<br>(Affordable Housing Tax-Exempt Bond Pass-Thru Trust)<br>Series 2023-2<br>6.00%, 10/05/2040<sup>(a)</sup> | 485 | 487365 |
|  **District of Columbia – 3.4%** |  |  |
|  District of Columbia Tobacco Settlement Financing Corp.<br>(District of Columbia Tobacco Settlement Financing)<br>Series 2006<br>Zero Coupon, 06/15/2055 | 2500 | 233726 |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>(Metropolitan Washington Airports Authority Aviation Revenue)<br>Series 2024-A<br>5.50%, 10/01/2054 | 10000 | 10410925 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>(Metropolitan Washington Airports Authority Dulles<br>Toll Road Revenue)<br>Series 2009<br>Zero Coupon, 10/01/2037 | 10000 | 5735702 |
|  Washington Metropolitan Area Transit Authority<br>(Washington Metropolitan Area Transit Authority State Lease)<br>Series 2023<br>5.25%, 07/15/2053 | 10000 | 10440029 |
|  |  | 26820382 |
|  **Florida – 6.3%** |  |  |
|  Bexley Community Development District<br>(Bexley Community Development District)<br>Series 2016<br>4.875%, 05/01/2047 | 100 | 93382 |
|  Capital Projects Finance Authority/FL<br>(Navigator Academy of Leadership Obligated Group)<br>Series 2024<br>5.00%, 06/15/2034<sup>(a)</sup> | 535 | 536970 |
|  Capital Projects Finance Authority/FL<br>(PRG - UnionWest Properties)<br>Series 2024<br>0.00%, 06/01/2062<sup>(a)(g)</sup> | 4710 | 708274 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 13 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2049<sup>(a)</sup> | $1360 | $1296452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2058<sup>(a)</sup> | 1135 | 1059485 |
|  Capital Trust Agency, Inc.<br>(Educational Growth Fund)<br>Series 2021<br>Zero Coupon, 07/01/2061<sup>(a)</sup> | 2000 | 123177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056<sup>(a)</sup> | 1090 | 959599 |
|  City of Palmetto FL<br>(Renaissance Arts & Education)<br>Series 2022<br>5.375%, 06/01/2057 | 1000 | 1001302 |
|  City of Tampa FL<br>(State of Florida Cigarette Tax Revenue)<br>Series 2020-A<br>Zero Coupon, 09/01/2053 | 1000 | 217497 |
|  County of Lake FL<br>(Waterman Communities)<br>Series 2020<br>5.75%, 08/15/2055 | 200 | 186071 |
|  County of Lee FL Airport Revenue<br>(County of Lee FL Airport Revenue)<br>Series 2024<br>5.25%, 10/01/2054 | 1000 | 1008255 |
|  County of Miami-Dade FL<br>(Prerefunded - US Govt Agencies)<br>Series 2015-A<br>5.00%, 06/01/2028 | 780 | 780814 |
|  County of Miami-Dade FL Aviation Revenue<br>(County of Miami-Dade FL Aviation Revenue)<br>Series 2015-A<br>5.00%, 10/01/2031 | 265 | 265273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 10/01/2034 | 5400 | 5753004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.50%, 10/01/2055 | 1345 | 1402347 |
|  County of Miami-Dade Seaport Department<br>(County of Miami-Dade Seaport Dept.)<br>Series 2023-A<br>5.00%, 10/01/2034 | 1000 | 1041780 |
|  County of Osceola FL Transportation Revenue<br>(County of Osceola FL Transportation Revenue)<br>Series 2020-A<br>Zero Coupon, 10/01/2036 | 230 | 140502 |
|  County of Palm Beach FL<br>(Provident Group - LU Properties II)<br>Series 2024<br>8.50%, 06/01/2033 | 100 | 101370 |
|  County of Palm Beach FL<br>(Provident Group - LU Properties)<br>Series 2024<br>6.00%, 06/01/2044 | 1000 | 973244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/01/2054 | 1000 | 963104 |

---

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| | |
|:---|:---|
| 14 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  County of Palm Beach FL<br>(Provident Group-PBAU Properties)<br>Series 2019<br>5.00%, 04/01/2051<sup>(a)</sup> | $1000 | $877451 |
|  County of Palm Beach FL Airport System Revenue<br>(County of Palm Beach FL Airport System Revenue)<br>Series 2024-B<br>5.25%, 10/01/2043 | 1000 | 1039618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 | 1100 | 1136206 |
|  County of Pasco FL<br>(H Lee Moffitt Cancer Center & Research Institute Obligated Group)<br>Series 2023<br>5.00%, 07/01/2030<sup>(a)</sup> | 3000 | 3204591 |
|  Escambia County Housing Finance Authority<br>(4900 S. Rio Grande Ave)<br>Series 2023-A<br>6.88%, 11/01/2053<sup>(a)</sup> | 100 | 105159 |
|  Florida Development Finance Corp.<br>(Assistance Unlimited)<br>Series 2022<br>6.00%, 08/15/2057<sup>(a)</sup> | 350 | 327020 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida)<br>AGM Series 2024<br>5.25%, 07/01/2053 | 2500 | 2510552 |
|  Florida Development Finance Corp.<br>(Cornerstone Charter Academy Obligated Group)<br>Series 2022<br>5.00%, 10/01/2042<sup>(a)</sup> | 1000 | 957704 |
|  Florida Development Finance Corp.<br>(Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding)<br>Series 2021<br>4.00%, 07/01/2051<sup>(a)</sup> | 100 | 80282 |
|  Florida Development Finance Corp.<br>(GFL Solid Waste Southeast)<br>Series 2024<br>4.375%, 10/01/2054<sup>(a)</sup> | 1000 | 992845 |
|  Florida Development Finance Corp.<br>(Seaside School Consortium)<br>Series 2022<br>5.75%, 06/15/2047 | 1000 | 1018070 |
|  Greater Orlando Aviation Authority<br>(Greater Orlando Aviation Authority)<br>Series 2024<br>5.00%, 10/01/2034 | 1015 | 1090359 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 15 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hillsborough County Aviation Authority<br>(Hillsborough County Aviation Authority)<br>Series 2024<br>5.50%, 10/01/2049 | $1000 | $1051888 |
|  Hillsborough County Industrial Development Authority<br>(BayCare Obligated Group)<br>Series 2024<br>4.125%, 11/15/2051 | 2000 | 1821089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2054 | 1000 | 1069678 |
|  Jacksonville Transportation Authority<br>(Jacksonville Transportation Authority Fuel Tax)<br>Series 2025<br>5.00%, 08/01/2027<sup>(i)</sup> | 1000 | 1035635 |
|  Lee County Industrial Development Authority/FL<br>(Cypress Cove at Healthpark Florida Obligated Group)<br>Series 2022<br>5.25%, 10/01/2052 | 500 | 440725 |
|  Miami-Dade County Educational Facilities Authority<br>(University of Miami)<br>Series 2025-B<br>5.25%, 04/01/2040 | 1000 | 1072271 |
|  Miami-Dade County Industrial Development Authority<br>(AcadeMir Charter School Middle & Preparatory Academy Obligated Group)<br>Series 2022<br>5.50%, 07/01/2061<sup>(a)</sup> | 1000 | 935149 |
|  North Broward Hospital District<br>(North Broward Hospital District)<br>Series 2017-B<br>5.00%, 01/01/2037 | 100 | 100569 |
|  Orange County Health Facilities Authority<br>(Orlando Health Obligated Group)<br>Series 2025<br>5.00%, 10/01/2045 | 1250 | 1269995 |
|  Orange County Health Facilities Authority<br>(Presbyterian Retirement Communities Obligated Group)<br>Series 2023<br>4.00%, 08/01/2042 | 1000 | 886145 |
|  Palm Beach County Educational Facilities Authority<br>(Palm Beach Atlantic University Obligated Group)<br>Series 2021<br>4.00%, 10/01/2041 | 1000 | 868699 |
|  Palm Beach County Health Facilities Authority<br>(Federation CCRC Operations Obligated Group)<br>Series 2022<br>4.25%, 06/01/2056 | 200 | 159076 |

---

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| | |
|:---|:---|
| 16 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Palm Beach County Health Facilities Authority<br>(Green Cay Life Plan Village)<br>Series 2022<br>11.50%, 07/01/2027<sup>(a)</sup> | $100 | $133158 |
|  Palm Beach County School District<br>(Palm Beach County School District COP)<br>Series 2022-B<br>5.25%, 08/01/2039 | 1000 | 1077092 |
|  Pinellas County Industrial Development Authority<br>(Pinellas County Industrial Development Authority)<br>Series 2019<br>5.00%, 07/01/2039 | 1000 | 974924 |
|  School Board of Miami-Dade County (The)<br>(Miami-Dade County School Board Foundation COP)<br>Series 2025-A<br>5.00%, 05/01/2026 | 4000 | 4064913 |
|  Village Community Development District No. 13<br>(Village Community Development District No. 13 Phase I Series 2019 Special Assmnts)<br>Series 2019<br>3.55%, 05/01/2039 | 595 | 519906 |
|  Village Community Development District No. 15<br>(Village Community Development District No. 15 Series 2023 Phase I Special Assmnt)<br>Series 2023<br>5.25%, 05/01/2054<sup>(a)</sup> | 100 | 100067 |
|  |  | 49532738 |
|  **Georgia – 3.3%** |  |  |
|  Atlanta Development Authority (The)<br>(City of Atlanta GA Westside Tax Allocation District Gulch Area)<br>Series 2024<br>0.00%, 12/15/2048<sup>(a)(g)</sup> | 1000 | 860760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.50%, 04/01/2039<sup>(a)</sup> | 1000 | 1002823 |
|  Augusta Development Authority<br>(WellStar Health System Obligated Group)<br>Series 2018<br>5.00%, 07/01/2025 | 145 | 145255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1065 | 1108410 |
|  Fayette County Development Authority<br>(United States Soccer Federation)<br>Series 2024<br>5.25%, 10/01/2054 | 1000 | 1028621 |
|  Gainesville & Hall County Hospital Authority<br>(Northeast Georgia Health System Obligated Group)<br>Series 2024<br>5.00%, 10/15/2034 | 1000 | 1098137 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 17 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.)<br>Series 2019-C<br>4.00%, 03/01/2050 | $3215 | $3215688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A<br>5.00%, 06/01/2053 | 3000 | 3103522 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada)<br>Series 2023<br>4.621% (SOFR + 1.70%), 12/01/2053<sup>(c)</sup> | 2000 | 2001895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.00%, 07/01/2053 | 1000 | 1042273 |
|  Main Street Natural Gas, Inc.<br>(Toronto-Dominion Bank)<br>Series 2024-D<br>5.00%, 04/01/2054 | 1000 | 1050207 |
|  Municipal Electric Authority of Georgia<br>(Municipal Electric Authority of Georgia)<br>Series 2019<br>5.00%, 01/01/2049 | 2000 | 1981514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.50%, 07/01/2063 | 1500 | 1543034 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2023<br>5.00%, 07/01/2064 | 1000 | 1017954 |
|  Private Colleges & Universities Authority<br>(Emory University)<br>Series 2023<br>5.00%, 09/01/2033<sup>(a)</sup> | 5000 | 5484533 |
|  |  | 25684626 |
|  **Guam – 0.2%** |  |  |
|  Antonio B Won Pat International Airport Authority<br>(Antonio B Won Pat Intl Airport Authority)<br>Series 2024-A<br>5.00%, 10/01/2029 | 1300 | 1342042 |
|  **Hawaii – 0.5%** |  |  |
|  City & County Honolulu HI Wastewater System Revenue<br>(City & County Honolulu HI Wastewater System Revenue)<br>Series 2020-A<br>2.624%, 07/01/2045 | 1000 | 661872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>5.00%, 07/01/2035 | 2000 | 2265937 |
|  State of Hawaii Airports System Revenue<br>(State of Hawaii Airports System Revenue)<br>Series 2025-C<br>5.00%, 07/01/2045 | 1000 | 1014497 |
|  |  | 3942306 |

---

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| | |
|:---|:---|
| 18 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Idaho – 0.1%** |  |  |
|  Idaho Health Facilities Authority<br>(North Canyon Medical Center)<br>Series 2023<br>7.125%, 11/01/2057 | $1000 | $1058617 |
|  **Illinois – 5.3%** |  |  |
|  Chicago Board of Education<br>(Chicago Board of Education)<br>Series 2012-A<br>5.00%, 12/01/2042 | 240 | 222828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-B<br>5.00%, 12/01/2033 | 1000 | 1000064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>7.00%, 12/01/2046<sup>(a)</sup> | 1000 | 1032566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>7.00%, 12/01/2042<sup>(a)</sup> | 1000 | 1034468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 12/01/2029 | 100 | 102527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 100 | 101345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B<br>5.00%, 12/01/2033 | 100 | 100186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 12/01/2033 | 1000 | 1015867 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare Intl Airport)<br>Series 2024-A<br>5.50%, 01/01/2053 | 3245 | 3369700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.25%, 01/01/2041 | 1980 | 2094951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 | 2000 | 2101142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E<br>5.00%, 01/01/2029 | 1000 | 1043910 |
|  County of Cook IL<br>(County of Cook IL)<br>Series 2021-B<br>4.00%, 11/15/2025 | 1000 | 1002787 |
|  Illinois Finance Authority<br>(Centerpoint Joliet Terminal Railroad)<br>Series 2024<br>4.125%, 12/01/2043<sup>(a)</sup> | 1000 | 975177 |
|  Illinois Finance Authority<br>(DePaul College Prep)<br>Series 2023<br>5.625%, 08/01/2053<sup>(a)</sup> | 1000 | 1024525 |
|  Illinois Finance Authority<br>(Illinois Institute of Technology)<br>Series 2019<br>4.00%, 09/01/2035 | 100 | 87543 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 19 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Illinois Finance Authority<br>(Lake Forest College)<br>Series 2022-A<br>5.50%, 10/01/2047 | $1000 | $1006640 |
|  Illinois Finance Authority<br>(Park Place of Elmhurst Obligated Group)<br>Series 2021<br>5.125%, 05/15/2060 | 140 | 100480 |
|  Illinois Finance Authority<br>(Silver Cross Hospital & Medical Centers Obligated Group)<br>Series 2015-C<br>5.00%, 08/15/2035 | 250 | 250371 |
|  Illinois Housing Development Authority<br>(Circle Park Preservation)<br>Series 2024-2<br>4.00%, 01/01/2042<sup>(a)(b)</sup> | 10000 | 9642136 |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East)<br>Series 2022<br>7.17%, 11/01/2038<br>| 100 | 100674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.67%, 11/01/2038<sup>(f)</sup> | 955 | 911083 |
|  Illinois State Toll Highway Authority<br>(Illinois State Toll Highway Authority)<br>Series 2009<br>6.184%, 01/01/2034 | 1000 | 1063592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 01/01/2026 | 1500 | 1518994 |
|  Metropolitan Pier & Exposition Authority<br>(Metropolitan Pier & Exposition Authority)<br>Series 2015-B<br>5.00%, 12/15/2045 | 600 | 600018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>0.00%, 12/15/2042<sup>(g)</sup> | 1000 | 709794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 12/15/2042 | 1000 | 885428 |
|  Metropolitan Pier & Exposition Authority<br>(State of Illinois McCormick Place Expansion Project Fund Lease)<br>Series 2020<br>5.00%, 06/15/2042 | 640 | 648910 |
|  State of Illinois<br>(State of Illinois)<br>Series 2010<br>7.35%, 07/01/2035 | 196 | 210954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2026 | 930 | 950452 |

---

---

| | |
|:---|:---|
| 20 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.50%, 03/01/2047 | $1000 | $1029698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>5.50%, 10/01/2045 | 1000 | 1036789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 02/01/2031 | 1345 | 1429665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>4.25%, 05/01/2046 | 1000 | 874906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 | 1000 | 1049089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 | 1000 | 1034448 |
|  |  | 41363707 |
|  **Indiana – 2.5%** |  |  |
|  City of Fort Wayne IN<br>(Do Good Foods Fort Wayne Obligated Group)<br>10.75%, 12/01/2029<sup>(d)(e)</sup> | 33 | 3 |
|  City of Valparaiso IN<br>(Green Oaks of Valparaiso)<br>Series 2021<br>5.375%, 12/01/2041<sup>(a)</sup> | 150 | 131496 |
|  City of Whiting IN<br>(BP PLC)<br>Series 2023<br>4.40%, 11/01/2045 | 1000 | 1001784 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana)<br>Series 2019<br>7.00%, 03/01/2039<sup>(a)(d)(e)</sup> | 1070 | 165090 |
|  Indiana Finance Authority<br>(Good Samaritan Hospital Obligated Group)<br>Series 2022<br>5.00%, 04/01/2029 | 100 | 103395 |
|  Indiana Finance Authority<br>(Greencroft Goshen Obligated Group)<br>Series 2021<br>4.00%, 11/15/2043 | 1000 | 840734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2<br>4.00%, 11/15/2037 | 100 | 91944 |
|  Indiana Finance Authority<br>(Marquette Manor)<br>Series 2015-A<br>5.00%, 03/01/2030 | 190 | 190003 |
|  Indiana Finance Authority<br>(Ohio Valley Electric)<br>Series 2021-B<br>2.50%, 11/01/2030 | 165 | 151906 |
|  Indiana Finance Authority<br>(Parkview Health System Obligated Group)<br>Series 2024-B<br>3.762% (SOFR + 0.71%), 11/01/2046<sup>(c)(f)</sup> | 9825 | 9758013 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 21 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(SFP-PUFW I LLC)<br>Series 2024<br>5.00%, 07/01/2054 | $1000 | $966156 |
|  Indiana Finance Authority<br>(University of Evansville)<br>Series 2022<br>5.25%, 09/01/2057 | 1000 | 943027 |
|  Indiana Housing & Community Development Authority<br>(Vita of Marion LLC)<br>Series 2021-A<br>5.25%, 04/01/2041<sup>(a)</sup> | 1000 | 842059 |
|  Indianapolis Local Public Improvement Bond Bank<br>(Pan Am Plaza Hotel)<br>Series 2023<br>5.75%, 03/01/2043 | 330 | 344763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2053 | 250 | 261130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-F<br>7.75%, 03/01/2067 | 250 | 274569 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM Series 2023<br>5.25%, 03/01/2067 | 3000 | 3085501 |
|  |  | 19151573 |
|  **Iowa – 0.2%** |  |  |
|  Iowa Finance Authority<br>(Wesley Retirement Services Obligated Group)<br>Series 2021<br>4.00%, 12/01/2031 | 100 | 93630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 | 170 | 135980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 | 115 | 85046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 | 205 | 143912 |
|  Iowa Tobacco Settlement Authority<br>(Iowa Tobacco Settlement Authority)<br>Series 2021-B<br>Zero Coupon, 06/01/2065 | 1000 | 146936 |
|  PEFA, Inc.<br>(Goldman Sachs Group)<br>Series 2019<br>5.00%, 09/01/2049 | 1000 | 1013493 |
|  |  | 1618997 |
|  **Kansas – 0.2%** |  |  |
|  City of Colby KS<br>(Citizens Medical Center)<br>Series 2024<br>5.50%, 07/01/2026 | 1000 | 1001154 |
|  City of Overland Park KS Sales Tax Revenue<br>(City of Overland Park KS Sales Tax Revenue)<br>Series 2022<br>6.00%, 11/15/2034<sup>(a)</sup> | 100 | 103453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/2042<sup>(a)</sup> | 300 | 310917 |
|  |  | 1415524 |

---

---

| | |
|:---|:---|
| 22 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Kentucky – 0.8%** |  |  |
|  City of Ashland KY<br>(Royal Blue Health Obligated Group)<br>Series 2019<br>4.00%, 02/01/2034 | $385 | $368603 |
|  City of Henderson KY<br>(Pratt Paper KY LLC)<br>Series 2022<br>3.70%, 01/01/2032<sup>(a)</sup> | 265 | 255782 |
|  Kenton County Airport Board<br>(Kenton County Airport Board)<br>Series 2024-A<br>5.25%, 01/01/2049 | 3000 | 3063063 |
|  Kentucky Economic Development Finance Authority<br>(Baptist Healthcare System Obligated Group)<br>Series 2017-B<br>5.00%, 08/15/2037 | 175 | 177175 |
|  Kentucky Economic Development Finance Authority<br>(Carmel Manor, Inc.)<br>Series 2022<br>4.50%, 10/01/2027 | 1000 | 999672 |
|  Kentucky Economic Development Finance Authority<br>(CommonSpirit Health Obligated Group)<br>Series 2019-A<br>4.00%, 08/01/2039 | 160 | 149371 |
|  Kentucky Economic Development Finance Authority<br>(Masonic Homes of Kentucky Obligated Group)<br>Series 2012<br>5.375%, 11/15/2042 | 65 | 51943 |
|  Kentucky Economic Development Finance Authority<br>(Owensboro Health Obligated Group)<br>Series 2017-A<br>5.00%, 06/01/2037 | 425 | 426180 |
|  Kentucky Housing Corp.<br>(Churchill Park LLLP)<br>Series 2022-A<br>4.65%, 05/01/2025<sup>(a)</sup> | 130 | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2040<sup>(a)</sup> | 600 | 591436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>6.75%, 11/01/2040<sup>(a)</sup> | 100 | 98663 |
|  Louisville/Jefferson County Metropolitan Government<br>(Norton Healthcare Obligated Group)<br>Series 2016<br>5.00%, 10/01/2033 | 225 | 227734 |
|  |  | 6539622 |
|  **Louisiana – 1.7%** |  |  |
|  City of New Orleans LA Water System Revenue<br>(City of New Orleans LA Water System Revenue)<br>AGM<br>Series 2021<br>2.889%, 12/01/2041 | 1000 | 744949 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 23 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Louisiana Utilities Restoration ELL System Restoration Revenue)<br>Series 2023<br>5.048%, 12/01/2034 | $1000 | $1022815 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>(Woman's Hospital Foundation)<br>Series 2017<br>5.00%, 10/01/2036 | 675 | 681565 |
|  Louisiana Public Facilities Authority<br>(Calcasieu Bridge Partners)<br>Series 2024<br>5.00%, 09/01/2066 | 1000 | 963253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2064 | 2000 | 2074795 |
|  Louisiana Public Facilities Authority<br>(ElementUS Minerals LLC)<br>Series 2023<br>5.00%, 10/01/2043<sup>(a)</sup> | 2000 | 2006305 |
|  Louisiana Public Facilities Authority<br>(Geo Prep Mid-City of Greater Baton Rouge)<br>Series 2022<br>6.125%, 06/01/2052<sup>(a)</sup> | 1025 | 1033029 |
|  Louisiana Public Facilities Authority<br>(Louisiana Pellets, Inc.)<br>Series 2014-A<br>7.50%, 07/01/2023<sup>(d)(j)</sup> | 250 | 3 |
|  Louisiana Public Facilities Authority<br>(Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue)<br>Series 2019<br>5.00%, 07/01/2059 | 1335 | 1335048 |
|  New Orleans Aviation Board<br>(New Orleans Aviation Board)<br>Series 2017-B<br>5.00%, 01/01/2043 | 215 | 215144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 01/01/2035 | 1000 | 1059451 |
|  Parish of St. John the Baptist LA<br>(Marathon Oil Corp.)<br>Series 2024<br>3.30%, 06/01/2037 | 1000 | 983292 |
|  State of Louisiana Gasoline & Fuels Tax Revenue<br>(State of Louisiana Gasoline & Fuels Tax Revenue)<br>Series 2022-A<br>3.552% (SOFR + 0.50%), 05/01/2043<sup>(c)</sup> | 965 | 961737 |
|  |  | 13081386 |

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| | |
|:---|:---|
| 24 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Maryland – 1.5%** |  |  |
|  Maryland Economic Development Corp.<br>(Air Cargo Obligated Group)<br>Series 2019<br>4.00%, 07/01/2044 | $600 | $515866 |
|  Maryland Economic Development Corp.<br>(Maryland Econ Dev Corp-Morgan View & Thurgood Marshall Student Hsg)<br>Series 2022<br>6.00%, 07/01/2058 | 1000 | 1068394 |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners)<br>Series 2022<br>5.25%, 06/30/2047 | 2090 | 2096987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2052 | 1000 | 988873 |
|  Maryland Health & Higher Educational Facilities Authority<br>(Adventist Healthcare Obligated Group)<br>Series 2021<br>5.00%, 01/01/2036 | 500 | 511521 |
|  Maryland Stadium Authority<br>(Baltimore City Public School Construction Financing Fund)<br>Series 2020<br>5.00%, 05/01/2050 | 2200 | 2332449 |
|  Maryland Stadium Authority<br>(State of Maryland Built to Learn Revenue State Lease)<br>Series 2024<br>5.00%, 06/01/2038 | 2000 | 2167794 |
|  State of Maryland Department of Transportation<br>(Maryland Aviation Administration)<br>AGC Series 2024<br>5.00%, 08/01/2038 | 1000 | 1044808 |
|  State of Maryland Department of Transportation<br>(State of Maryland Dept. of Transportation)<br>Series 2017<br>5.00%, 05/01/2026 | 1315 | 1316421 |
|  |  | 12043113 |
|  **Massachusetts – 2.8%** |  |  |
|  City of Quincy MA<br>(City of Quincy MA)<br>Series 2024<br>5.00%, 07/25/2025 | 2000 | 1998344 |
|  Commonwealth of Massachusetts<br>(Commonwealth of Massachusetts)<br>Series 2024<br>5.00%, 12/01/2054 | 10000 | 10347807 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 25 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A<br>5.00%, 04/01/2044<sup>(i)</sup> | $2000 | $2121662 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue<br>(Massachusetts Bay Transportation Authority Sales Tax Revenue)<br>Series 2023-A<br>5.25%, 07/01/2048 | 5195 | 5499854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.25%, 07/01/2052 | 1000 | 1057370 |
|  Massachusetts Development Finance Agency<br>(Lifespan Obligated Group)<br>Series 2025<br>5.50%, 08/15/2050<sup>(i)</sup> | 1000 | 1039804 |
|  |  | 22064841 |
|  **Michigan – 1.3%** |  |  |
|  City of Detroit MI<br>(City of Detroit MI)<br>4.813%, 06/15/2049<sup>(d)(e)</sup><br>| 649 | 681298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-B<br>4.00%, 04/01/2044<sup>(g)</sup> | 244 | 191643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 04/01/2038 | 75 | 76045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>5.00%, 04/01/2046 | 2000 | 2007955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>3.644%, 04/01/2034 | 200 | 180184 |
|  City of Detroit MI Sewage Disposal System Revenue<br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>3.655% (CME Term SOFR 3 Month + 0.60%),<br>07/01/2032<sup>(c)</sup> | 1000 | 982388 |
|  Michigan Finance Authority<br>(Corewell Health Obligated Group)<br>Series 2016<br>5.00%, 11/01/2044 | 1000 | 997421 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Tobacco Settlement Revenue)<br>Series 2020-A<br>3.267%, 06/01/2039 | 1000 | 932214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B<br>Zero Coupon, 06/01/2065 | 1000 | 103883 |
|  Michigan State Hospital Finance Authority<br>(Corewell Health Obligated Group)<br>Series 2025-A<br>5.00%, 08/15/2046<sup>(i)</sup> | 2000 | 2049120 |

---

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| | |
|:---|:---|
| 26 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund - I 75 Improvement Project)<br>AGM Series 2018<br>4.125%, 06/30/2035 | $1610 | $1563920 |
|  Michigan Tobacco Settlement Finance Authority<br>(Tobacco Settlement Financing Corp/MI)<br>Series 2008-C<br>Zero Coupon, 06/01/2058 | 7750 | 233154 |
|  |  | 9999225 |
|  **Minnesota – 1.2%** |  |  |
|  City of Bloomington MN<br>(City of Bloomington MN)<br>Series 2024-A<br>6.18%, 07/01/2041<sup>(a)</sup> | 1000 | 952904 |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH I LLLP)<br>Series 2023<br>6.205%, 01/01/2042<sup>(a)(g)</sup> | 1000 | 1010279 |
|  City of Brooklyn Park MN<br>(Brooklyn Park AH II LLLP)<br>Series 2024<br>6.26%, 07/01/2041<sup>(a)</sup> | 1000 | 958843 |
|  City of Center City MN<br>(Hazelden Betty Ford Foundation)<br>Series 2025<br>5.00%, 11/01/2044 | 1000 | 1022651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2047 | 1000 | 1013399 |
|  City of Columbus MN<br>(Adalyn Avenue LLLP)<br>Series 2023<br>5.98%, 12/01/2041<sup>(a)</sup> | 1000 | 980171 |
|  City of St. Cloud MN<br>(CentraCare Health System Obligated Group)<br>Series 2024<br>5.00%, 05/01/2042 | 1000 | 1027310 |
|  Dakota County Community Development Agency<br>(Rosemont AH I LLLP)<br>Series 2023<br>5.66%, 07/01/2041<sup>(a)</sup> | 585 | 553609 |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota<br>(Minnesota Math & Science Academy)<br>Series 2021<br>4.00%, 06/01/2051<sup>(f)</sup> | 225 | 105750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2056<sup>(f)</sup> | 100 | 47000 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 27 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Minneapolis-St. Paul Metropolitan Airports Commission<br>(Minneapolis-St Paul Metropolitan Airports Commission)<br>Series 2024<br>5.00%, 01/01/2041 | $1000 | $1021675 |
|  Minnesota Municipal Gas Agency<br>(Royal Bank of Canada)<br>Series 2022-A<br>4.00%, 12/01/2052 | 1000 | 999305 |
|  |  | 9692896 |
|  **Mississippi – 0.4%** |  |  |
|  City of Gulfport MS<br>(Memorial Hospital at Gulfport Obligated Group)<br>Series 2025<br>5.00%, 07/01/2034 | 1000 | 1068168 |
|  Mississippi Business Finance Corp.<br>(Alden Group Renewable Energy Mississippi)<br>Series 2022<br>8.00%, 12/01/2029<sup>(f)</sup> | 500 | 371816 |
|  Mississippi Development Bank<br>(Magnolia Regional Health Center)<br>Series 2021<br>4.00%, 10/01/2035<sup>(a)</sup> | 1800 | 1572448 |
|  |  | 3012432 |
|  **Missouri – 0.1%** |  |  |
|  Kansas City Industrial Development Authority<br>(Platte Purchase Project)<br>Series 2019<br>5.00%, 07/01/2040<sup>(a)</sup> | 160 | 141319 |
|  Lee's Summit Industrial Development Authority<br>(John Knox Village Obligated Group)<br>Series 2021-A<br>5.00%, 08/15/2056 | 300 | 255780 |
|  Taney County Industrial Development Authority<br>(Taney County Industrial Development Authority Lease)<br>Series 2023<br>6.00%, 10/01/2049<sup>(a)</sup> | 100 | 94689 |
|  |  | 491788 |
|  **Montana – 0.1%** |  |  |
|  County of Gallatin MT<br>(Bozeman Fiber, Inc.)<br>Series 2025<br>0.00%, 10/15/2055<sup>(a)(g)</sup> | 1000 | 763669 |
|  **Nebraska – 0.1%** |  |  |
|  Central Plains Energy Project<br>(Bank of Montreal)<br>Series 2023-A<br>5.00%, 05/01/2054 | 1000 | 1036300 |

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| | |
|:---|:---|
| 28 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Nevada – 0.6%** |  |  |
|  City of Reno NV<br>(County of Washoe NV Sales Tax Revenue)<br>Series 2018-C<br>Zero Coupon, 07/01/2058<sup>(a)</sup> | $2000 | $282957 |
|  City of Sparks NV<br>(City of Sparks NV Sales Tax)<br>Series 2019-A<br>2.75%, 06/15/2028<sup>(a)</sup> | 270 | 260203 |
|  Reno-Tahoe Airport Authority<br>(Reno-Tahoe Airport Authority)<br>Series 2024<br>5.00%, 07/01/2032 | 1300 | 1373234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2054 | 2000 | 2021938 |
|  State of Nevada Department of Business & Industry<br>(Desertxpress Enterprises)<br>Series 2025<br>9.50%, 01/01/2065<sup>(a)</sup> | 1175 | 1131232 |
|  |  | 5069564 |
|  **New Hampshire – 1.8%** |  |  |
|  National Finance Authority<br>(NFA 2024-3)<br>Series 2024-3, Class A<br>4.163%, 10/20/2051 | 1991 | 1838886 |
|  New Hampshire Business Finance Authority<br>(ARC70 II TRUST)<br>Series 2024<br>4.15%, 10/20/2040 | 2000 | 1883198 |
|  New Hampshire Business Finance Authority<br>(Lakes Fresh Water Supply District of Denton County)<br>Series 2024<br>5.00%, 12/01/2028<sup>(a)</sup> | 1000 | 986975 |
|  New Hampshire Business Finance Authority<br>(New Hampshire Business Finance Authority)<br>Series 2025-A<br>Zero Coupon, 02/01/2035<sup>(a)</sup> | 1000 | 540248 |
|  New Hampshire Business Finance Authority<br>(NFA 2020-1)<br>Series 2020-1, Class A<br>4.125%, 01/20/2034 | 197 | 195559 |
|  New Hampshire Business Finance Authority<br>(NFA 2022-1)<br>Series 2022-1, Class A<br>4.375%, 09/20/2036 | 1926 | 1892912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class X<br>0.35%, 09/20/2036<sup>(h)</sup> | 963 | 19283 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 29 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Hampshire Business Finance Authority<br>(NFA 2022-2)<br>Series 2022-2, Class A<br>4.00%, 10/20/2036 | $966 | $924214 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-1)<br>Series 2024-1, Class A<br>4.25%, 07/01/2051 | 652 | 620895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class X<br>0.547%, 07/01/2051<sup>(h)</sup> | 842 | 31412 |
|  New Hampshire Business Finance Authority<br>(NFA 2024-2)<br>Series 2024-2, Class A<br>3.625%, 08/20/2039 | 1989 | 1819555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class X<br>0.595%, 08/20/2039<sup>(h)</sup> | 1989 | 80116 |
|  New Hampshire Business Finance Authority<br>(NFA 2025-1)<br>Series 2025<br>5.875%, 12/15/2033<sup>(a)(i)</sup> | 2000 | 1999761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1<br>4.168%, 01/20/2041 | 999 | 948794 |
|  |  | 13781808 |
|  **New Jersey – 3.1%** |  |  |
|  New Jersey Economic Development Authority<br>(New Jersey-American Water)<br>Series 2023<br>3.75%, 11/01/2034 | 1000 | 994806 |
|  New Jersey Economic Development Authority<br>(State of New Jersey Lease)<br>Series 2023<br>5.398%, 03/01/2033 | 1000 | 1022465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-S<br>5.00%, 06/15/2034 | 1000 | 1091674 |
|  New Jersey Economic Development Authority<br>(United Airlines, Inc.)<br>Series 2012<br>5.25%, 09/15/2029 | 180 | 180007 |
|  New Jersey Educational Facilities Authority<br>(Stevens Institute of Technology Intl)<br>Series 2020-A<br>5.00%, 07/01/2045 | 100 | 101384 |
|  New Jersey Health Care Facilities Financing Authority<br>(Inspira Health Obligated Group)<br>Series 2017-A<br>5.00%, 07/01/2036 | 280 | 285213 |

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| | |
|:---|:---|
| 30 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant)<br>Series 2016<br>5.00%, 06/15/2027 | $1520 | $1549107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 550 | 558439 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease)<br>AGM Series 2006-C<br>Zero Coupon, 12/15/2033 | 2000 | 1427494 |
|  New Jersey Transportation Trust Fund Authority<br>(State of New Jersey Lease)<br>Series 2023-B<br>5.00%, 06/15/2040 | 1250 | 1316708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>4.00%, 06/15/2042 | 3530 | 3263839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2037 | 3750 | 4047082 |
|  New Jersey Turnpike Authority <br>(New Jersey Turnpike Authority)<br>Series 2017-B<br>5.00%, 01/01/2032 | 540 | 561713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>4.00%, 01/01/2035 | 1500 | 1547737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 1000 | 1111099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C<br>5.00%, 01/01/2043 | 1000 | 1052400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 | 1000 | 1047414 |
|  Tobacco Settlement Financing Corp./NJ<br>(Tobacco Settlement Financing Corp/NJ)<br>Series 2018-B<br>5.00%, 06/01/2046 | 3045 | 2951960 |
|  |  | 24110541 |
|  **New Mexico – 0.2%** |  |  |
|  New Mexico Hospital Equipment Loan Council<br>(Haverland Carter Lifestyle Obligated Group)<br>Series 2019<br>5.00%, 07/01/2049 | 1000 | 881424 |
|  New Mexico Municipal Energy Acquisition Authority<br>(New Mexico Municipal Energy Acquisition Authority)<br>Series 2025<br>5.00%, 06/01/2054 | 1000 | 1047581 |
|  |  | 1929005 |
|  **New York – 7.2%** |  |  |
|  Build NYC Resource Corp.<br>(KIPP NYC Public Charter Schools)<br>Series 2023<br>5.25%, 07/01/2062 | 1000 | 1002631 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 31 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of New York NY<br>(City of New York NY)<br>Series 2024-D<br>4.00%, 04/01/2045 | $1000 | $911881 |
|  Hempstead Town Local Development Corp.<br>(Evergreen Charter School)<br>Series 2022-A<br>5.50%, 06/15/2057 | 2000 | 2004861 |
|  Long Island Power Authority<br>(Long Island Power Authority)<br>Series 2023-E<br>5.00%, 09/01/2048 | 1000 | 1016082 |
|  Metropolitan Transportation Authority<br>(Metropolitan Transportation Authority)<br>Series 2020-A<br>5.00%, 11/15/2045 | 1000 | 1047624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C<br>5.00%, 11/15/2050 | 1000 | 1002994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2055 | 1000 | 1020855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E<br>4.00%, 11/15/2026 | 1155 | 1166357 |
|  Monroe County Industrial Development Corp./NY<br>(Academy of Health Sciences Charter School)<br>Series 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2057<sup>(a)</sup> | 1000 | 1001216 |
|  Monroe County Industrial Development Corp./NY<br>(St. Ann's of Greater Rochester Obligated Group)<br>Series 2019<br>5.00%, 01/01/2040 | 550 | 510974 |
|  New York City Transitional Finance Authority<br>(New York City Transitional Finance Authority Future Tax Secured Revenue)<br>Series 2025-H<br>5.00%, 11/01/2044 | 1000 | 1050546 |
|  New York City Transitional Finance Authority Building Aid Revenue<br>(New York City Transitional Finance Authority Building Aid Revenue State Lease)<br>Series 2018-S<br>5.00%, 07/15/2032 | 865 | 900843 |
|  New York Counties Tobacco Trust V<br>(New York Counties Tobacco Trust V)<br>Series 2005<br>Zero Coupon, 06/01/2050 | 350 | 52244 |
|  New York Liberty Development Corp.<br>(3 World Trade Center LLC)<br>Series 2014<br>5.00%, 11/15/2044<sup>(a)</sup> | 1215 | 1207623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/2040<sup>(a)</sup> | 115 | 115003 |

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| | |
|:---|:---|
| 32 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New York Power Authority<br>(New York Power Authority SFP Transmission Project)<br>AGM Series 2023<br>5.00%, 11/15/2053 | $2000 | $2036412 |
|  New York State Dormitory Authority<br>(Cornell University)<br>Series 2024-A<br>5.50%, 07/01/2054 | 2000 | 2160018 |
|  New York State Dormitory Authority<br>(Garnet Health Medical Center Obligated Group)<br>Series 2017<br>5.00%, 12/01/2034<sup>(a)</sup> | 1000 | 972912 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax)<br>Series 2022<br>5.00%, 03/15/2055 | 10000 | 10204571 |
|  New York Transportation Development Corp.<br>(JFK Millennium Partners)<br>Series 2024<br>5.50%, 12/31/2060 | 1000 | 1015110 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2024<br>0.00%, 12/31/2054<sup>(g)</sup> | 2000 | 1225388 |
|  New York Transportation Development Corp.<br>(JFK NTO LLC)<br>Series 2024<br>5.50%, 06/30/2054 | 2000 | 2029130 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2023<br>5.00%, 06/30/2049 | 1000 | 1003247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/30/2060 | 2000 | 2009067 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2024<br>5.00%, 06/30/2049 | 4800 | 4813404 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners)<br>Series 2016-A<br>5.00%, 07/01/2041 | 150 | 150011 |
|  Onondaga Civic Development Corp.<br>(Syracuse University)<br>Series 2025<br>5.50%, 12/01/2056<sup>(i)</sup> | 1000 | 1072991 |
|  Suffolk Regional Off-Track Betting Co.<br>(Suffolk Regional Off-Track Betting)<br>Series 2024<br>6.00%, 12/01/2053 | 1000 | 1021523 |
|  Triborough Bridge & Tunnel Authority<br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)<br>Series 2021-A<br>2.917%, 05/15/2040 | 500 | 380024 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 33 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2<br>3.60%, 04/01/2026<sup>(a)(b)</sup> | $10000 | $10000168 |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2025-A<br>5.00%, 03/01/2028 | 1500 | 1571626 |
|  TSASC, Inc./NY<br>(TSASC, Inc./NY)<br>Series 2016<br>5.00%, 06/01/2045 | 300 | 272677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2048 | 180 | 162415 |
|  Ulster County Capital Resource Corp.<br>(Woodland Pond at New Paltz)<br>Series 2017<br>5.00%, 09/15/2037 | 120 | 107699 |
|  Western Regional Off-Track Betting Corp.<br>(Western Regional Off-Track Betting)<br>Series 2021<br>4.125%, 12/01/2041<sup>(a)</sup> | 100 | 86982 |
|  |  | 56307109 |
|  **North Carolina – 1.1%** |  |  |
|  City of Charlotte NC Airport Revenue<br>(City of Charlotte NC Airport Revenue)<br>Series 2023<br>5.00%, 07/01/2048 | 2800 | 2809966 |
|  Cumberland County Industrial Facilities & Pollution Control Financing Authority<br>(American Titanium Metal)<br>Series 2024<br>3.75%, 12/01/2027 | 1000 | 1000227 |
|  Fayetteville State University<br>(Fayetteville State University)<br>Series 2023<br>5.00%, 04/01/2038<sup>(a)</sup> | 1045 | 1090119 |
|  Greater Asheville Regional Airport Authority<br>(Greater Asheville Regional Airport Authority)<br>AGM Series 2023<br>5.25%, 07/01/2048 | 2500 | 2567368 |
|  North Carolina Turnpike Authority<br>(North Carolina Turnpike Authority)<br>Series 2017<br>5.00%, 01/01/2032 | 500 | 510129 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2024<br>Zero Coupon, 01/01/2053 | 1000 | 241158 |
|  University of North Carolina at Charlotte (The)<br>(University of North Carolina at Charlotte/The)<br>AGM Series 2021<br>2.802%, 04/01/2045 | 1000 | 681092 |
|  |  | 8900059 |

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| | |
|:---|:---|
| 34 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **North Dakota – 0.3%** |  |  |
|  City of Grand Forks ND<br>(Altru Health System Obligated Group)<br>AGM Series 2023-A<br>5.00%, 12/01/2048 | $1000 | $1012214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2053 | 1250 | 1256293 |
|  |  | 2268507 |
|  **Ohio – 3.9%** |  |  |
|  Buckeye Tobacco Settlement Financing Authority<br>(Buckeye Tobacco Settlement Financing Authority)<br>Series 2020-B<br>Zero Coupon, 06/01/2057 | 2000 | 190765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 | 2850 | 2486828 |
|  City of Chillicothe OH<br>(Adena Health System Obligated Group)<br>Series 2017<br>5.00%, 12/01/2047 | 175 | 171142 |
|  Columbus Regional Airport Authority<br>(Columbus Regional Airport Authority)<br>Series 2025<br>5.25%, 01/01/2044 | 10000 | 10343595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 | 1050 | 1081450 |
|  County of Allen OH Hospital Facilities Revenue<br>(Bon Secours Mercy Health)<br>Series 2017-A<br>5.00%, 08/01/2042 | 1120 | 1116377 |
|  County of Cuyahoga OH<br>(MetroHealth System/The)<br>Series 2017<br>5.00%, 02/15/2042 | 205 | 199328 |
|  County of Hamilton OH<br>(Christ Hospital Obligated Group)<br>Series 2023<br>5.00%, 06/01/2042 | 1000 | 1003892 |
|  County of Marion OH<br>(United Church Homes Obligated Group)<br>Series 2019<br>5.125%, 12/01/2049 | 100 | 74597 |
|  County of Montgomery OH<br>(Trousdale Foundation Obligated Group)<br>Series 2018-A<br>6.25%, 04/01/2049<sup>(d)(e)(f)</sup> | 80 | 4017 |
|  County of Washington OH<br>(Marietta Area Health Care Obligated Group)<br>Series 2022<br>6.625%, 12/01/2042 | 1000 | 1069357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2052 | 250 | 267442 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 35 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Jefferson County Port Authority/OH<br>(JSW Steel USA Ohio, Inc.)<br>Series 2021<br>3.50%, 12/01/2051<sup>(a)</sup> | $| 1000 | $| 733871 |
|  Ohio Housing Finance Agency<br>(Ohio Housing Finance Agency)<br>Series 2024<br>7.50%, 03/01/2049 |  | 1000 |  | 1206267 |
|  Port of Greater Cincinnati Development Authority<br>(IDEA Greater Cincinnati)<br>Series 2021<br>4.375%, 06/15/2056 |  | 100 |  | 98534 |
|  Reynoldsburg City School District<br>(Reynoldsburg City School District)<br>Series 2014<br>4.939%, 09/01/2032 |  | 905 |  | 925722 |
|  University of Toledo<br>(University of Toledo)<br>Series 2023-2<br>4.63%, 06/01/2036<sup>(a)(b)</sup> |  | 9765 |  | 9557633 |
|  |  |  |  | 30530817 |
|  **Oklahoma – 0.9%** | **Oklahoma – 0.9%** | **Oklahoma – 0.9%** | **Oklahoma – 0.9%** | **Oklahoma – 0.9%** |
|  Oklahoma Development Finance Authority<br>(OU Medicine Obligated Group)<br>Series 2018-B<br>5.50%, 08/15/2052 |  | 1000 |  | 1003236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.50%, 08/15/2044 |  | 1000 |  | 988837 |
|  Oklahoma Turnpike Authority<br>(Oklahoma Turnpike Authority)<br>Series 2025-A<br>5.50%, 01/01/2054 |  | 1430 |  | 1540105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 01/01/2039<sup>(i)</sup> |  | 1780 |  | 1921317 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2025-A<br>4.25%, 01/01/2055 |  | 2000 |  | 1872457 |
|  |  |  |  | 7325952 |
|  **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** |
|  Clackamas County Hospital Facility Authority<br>(Rose Villa Obligated Group)<br>Series 2020-A<br>5.375%, 11/15/2055 |  | 1000 |  | 933379 |
|  **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>(FRETE 2024-ML22)<br>Series 2024-ML22, Class AUS<br>4.684%, 10/25/2040 |  | 993 |  | 1018537 |

---

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| | |
|:---|:---|
| 36 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>(FRETE 2024-ML23)<br>Series 2024-ML23, Class AUS<br>4.70%, 04/25/2042<sup>(a)</sup> | $| 998 | $| 1000243 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>(FHLM)<br>4.759%, 08/25/2041 |  | 1995 |  | 2064357 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>(FHLMC Multifamily VRD Certificates)<br>Series 2025-M<br>4.095%, 11/25/2042 |  | 1298 |  | 1273651 |
|  |  |  |  | 5356788 |
|  **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** |
|  Allegheny County Hospital Development Authority <br>(UPMC Obligated Group)<br>Series 2022<br>4.32% (MUNIPSA + 0.70%), 11/15/2047<sup>(c)</sup> |  | 2000 |  | 1980678 |
|  Allentown Neighborhood Improvement Zone Development Authority <br>(Allentown Neighborhood Improvement Zone Center City Investment Revenue)<br>Series 2022<br>5.25%, 05/01/2042<sup>(a)</sup> |  | 465 |  | 451710 |
|  Berks County Municipal Authority (The)<br>(Tower Health Obligated Group)<br>Series 2024<br>0.00%, 06/30/2044<sup>(g)</sup> |  | 497 |  | 334134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2039 |  | 700 |  | 647041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/2039 |  | 280 |  | 243372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/30/2034 |  | 110 |  | 110052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>6.00%, 06/30/2034 |  | 100 |  | 104445 |
|  Bucks County Industrial Development Authority <br>(Grand View Hospital/Sellersville PA Obligated Group)<br>Series 2021<br>4.00%, 07/01/2051 |  | 1000 |  | 801330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 |  | 250 |  | 233941 |
|  Chester County Industrial Development Authority<br>(Collegium Charter School)<br>Series 2022<br>5.625%, 10/15/2042<sup>(a)</sup> |  | 250 |  | 251127 |
|  Lancaster County Hospital Authority/PA<br>(St. Anne's Retirement Community Obligated Group)<br>Series 2020<br>5.00%, 03/01/2040 |  | 1000 |  | 874079 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 37 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Montgomery County Higher Education & Health Authority<br>(Thomas Jefferson University Obligated Group)<br>Series 2022<br>5.00%, 05/01/2052 | $2000 | $1954158 |
|  Pennsylvania Economic Development Financing Authority<br>(Commonwealth of Pennsylvania Dept. of Transportation)<br>Series 2022<br>5.25%, 06/30/2053 | 1000 | 990127 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2022<br>5.75%, 12/31/2062 | 1000 | 1036429 |
|  Pennsylvania Economic Development Financing Authority<br>(Iron Cumberland LLC)<br>Series 2022<br>7.00%, 12/01/2029 | 760 | 747700 |
|  Pennsylvania Economic Development Financing Authority<br>(PA Bridges Finco LP)<br>Series 2015<br>5.00%, 12/31/2038 | 100 | 100292 |
|  Pennsylvania Economic Development Financing Authority<br>(UPMC Obligated Group)<br>Series 2022-C<br>4.32% (MUNIPSA + 0.70%), 11/15/2047<sup>(c)</sup> | 3000 | 2983771 |
|  Pennsylvania Higher Educational Facilities Authority<br>(Thomas Jefferson University Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 1000 | 918860 |
|  Pennsylvania Turnpike Commission<br>(Pennsylvania Turnpike Commission)<br>Series 2024<br>5.00%, 12/01/2038 | 1000 | 1085201 |
|  Pennsylvania Turnpike Commission Registration Fee Revenue<br>(Pennsylvania Turnpike Commission Registration Fee Revenue)<br>Series 2023-2<br>4.73%, 07/15/2041<sup>(a)(b)</sup> | 10000 | 9978416 |
|  Philadelphia Authority for Industrial Development<br>(Philadelphia Performing Arts Charter School)<br>Series 2020<br>5.00%, 06/15/2040<sup>(a)</sup> | 1000 | 967314 |

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| | |
|:---|:---|
| 38 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pittsburgh Water & Sewer Authority<br>(Pittsburgh Water & Sewer Authority)<br>AGM Series 2023-2<br>4.53% (SOFR + 0.80%), 09/01/2040<sup>(a)(b)(c)</sup> | $10000 | $9832059 |
|  |  | 36626236 |
|  **Puerto Rico – 2.5%** |  |  |
|  Children's Trust Fund<br>(Children's Trust Fund)<br>Series 2008-B<br>Zero Coupon, 05/15/2057 | 5000 | 285368 |
|  Commonwealth of Puerto Rico<br>(Commonwealth of Puerto Rico)<br>Series 2022-A<br>Zero Coupon, 11/01/2051 | 768 | 407909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/2051 | 7600 | 2259500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%, 11/01/2051 | 2429 | 1488007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>Zero Coupon, 11/01/2043 | 7479 | 4468889 |
|  GDB Debt Recovery Authority of Puerto Rico<br>(GDB Debt Recovery Authority of Puerto Rico)<br>Series 2018<br>7.50%, 08/20/2040 | 81 | 78465 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority<br>(Puerto Rico Commonwealth Aqueduct & Sewer Authority)<br>Series 2021-C<br>3.50%, 07/01/2026<sup>(a)</sup> | 2000 | 1916395 |
|  Puerto Rico Electric Power Authority<br>(Puerto Rico Electric Power Authority)<br>Series 2007-T<br>5.00%, 07/01/2032<sup>(d)(e)</sup> | 85 | 47175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(d)(e)</sup> | 600 | 333000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W<br>5.00%, 07/01/2028<sup>(d)(e)</sup> | 245 | 135975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008WW<br>5.375%, 07/01/2024<sup>(d)(j)</sup> | 125 | 69375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A<br>5.25%, 07/01/2029<sup>(d)(e)</sup> | 100 | 55500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030<sup>(d)(e)</sup> | 15 | 8325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C<br>5.00%, 07/01/2024<sup>(d)(j)</sup> | 25 | 13875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2027<sup>(d)(e)</sup> | 150 | 83250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028<sup>(d)(e)</sup> | 305 | 169275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-X<br>5.25%, 07/01/2040<sup>(d)(e)</sup> | 820 | 455100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2036<sup>(d)(e)</sup> | 625 | 346875 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 39 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010DDD<br>5.00%, 04/30/2025 | $| 15 | $| 8325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010ZZ<br>5.25%, 07/01/2018<sup>(d)(j)</sup> |  | 150 |  | 83250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2024<sup>(d)(j)</sup> |  | 40 |  | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A<br>5.00%, 07/01/2029<sup>(d)(e)</sup> |  | 50 |  | 27750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042<sup>(d)(e)</sup> |  | 100 |  | 55500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/01/2042<sup>(d)(e)</sup> |  | 110 |  | 61050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A<br>7.00%, 07/01/2033<sup>(d)(e)</sup> |  | 100 |  | 55500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/01/2040<sup>(d)(e)</sup> |  | 100 |  | 55500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-V<br>5.25%, 07/01/2027 |  | 1000 |  | 994656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2031 |  | 375 |  | 369408 |
|  Puerto Rico Housing Finance Authority<br>(El Mirador LLC)<br>Series 2023<br>5.00%, 03/01/2027 |  | 2000 |  | 2024639 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(AES Puerto Rico LP)<br>Series 2023-A<br>6.625%, 01/01/2027 |  | 32 |  | 31258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/01/2028 |  | 242 |  | 237016 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>(San Juan Cruise Port LLC)<br>Series 2024<br>6.75%, 01/01/2045 |  | 1000 |  | 1117870 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>(Puerto Rico Sales Tax Financing Sales Tax Revenue)<br>Series 2018-A<br>Zero Coupon, 07/01/2027 |  | 17 |  | 15541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2046 |  | 2111 |  | 677245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 07/01/2058 |  | 867 |  | 827795 |
|  |  |  |  | 19286761 |
|  **South Carolina – 1.9%** | **South Carolina – 1.9%** | **South Carolina – 1.9%** | **South Carolina – 1.9%** | **South Carolina – 1.9%** |
|  Charleston County Airport District<br>(Charleston County Airport District)<br>Series 2024-A<br>5.25%, 07/01/2043 |  | 1600 |  | 1668046 |
|  Columbia Housing Authority/SC<br>(Garden Lakes Apartments)<br>Series 2022<br>5.26%, 11/01/2032 |  | 100 |  | 96722 |

---

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| | |
|:---|:---|
| 40 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 | $310 | $290583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 | 100 | 93192 |
|  Greenville Housing Authority/SC<br>(Victor Verdae Apartments)<br>Series 2023<br>6.16%, 05/01/2063<sup>(a)</sup> | 1000 | 897455 |
|  Last Step Recycling LLC<br>(Last Step Recycling LLC)<br>9.50%, 12/15/2028<sup>(f)(k)(l)(m)</sup> | 150 | 150000 |
|  Patriots Energy Group Financing Agency<br>(Sumitomo Mitsui Financial Group)<br>Series 2023-A<br>5.25%, 10/01/2054 | 1000 | 1046153 |
|  South Carolina Jobs-Economic Development Authority<br>5.25%, 11/01/2044 | 2000 | 2081699 |
|  South Carolina Jobs-Economic Development Authority<br>(FAH Pelham LLC)<br>Series 2023-A<br>6.50%, 02/01/2056<sup>(a)</sup> | 565 | 575647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>7.50%, 08/01/2047<sup>(a)</sup> | 210 | 206644 |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021<br>6.25%, 06/01/2040<sup>(d)(e)(f)</sup> | 100 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2051<sup>(d)(e)(f)</sup> | 300 | 45000 |
|  South Carolina Jobs-Economic Development Authority<br>(Novant Health Obligated Group)<br>Series 2024<br>4.00%, 11/01/2042 | 1000 | 941458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/2044 | 2000 | 2091791 |
|  South Carolina Jobs-Economic Development Authority<br>(PSG Patriot's Place Apartments)<br>Series 2022<br>0.00%, 06/01/2052<sup>(g)</sup> | 410 | 290049 |
|  South Carolina Public Service Authority<br>(South Carolina Public Service Authority)<br>Series 2016-A<br>5.00%, 12/01/2036 | 265 | 265208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A<br>5.00%, 12/01/2038 | 1100 | 1161933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B<br>5.00%, 12/01/2041 | 1100 | 1133712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B<br>5.00%, 12/01/2045 | 2000 | 2017941 |
|  |  | 15068233 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 41 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **South Dakota – 0.0%** | **South Dakota – 0.0%** | **South Dakota – 0.0%** |
|  South Dakota Housing Development Authority<br>(Schuett Spearfish LP)<br>Series 2023<br>6.15%, 09/01/2039 | $150 | $150893 |
|  **Tennessee – 1.6%** | **Tennessee – 1.6%** | **Tennessee – 1.6%** |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax)<br>Series 2016-A<br>5.00%, 12/01/2035<sup>(a)</sup> | 1070 | 1014293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2042<sup>(a)</sup> | 1000 | 929279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2031<sup>(a)</sup> | 150 | 104121 |
|  Knox County Industrial Development Board<br>(Tompaul Knoxville LLC)<br>Series 2022<br>9.25%, 11/01/2042<sup>(a)</sup> | 200 | 200675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2052<sup>(a)</sup> | 400 | 401220 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(EC Burning Tree LLC)<br>Series 2025<br>5.00%, 10/01/2028 | 1000 | 1036442 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board<br>(Vanderbilt University Medical Center Obligated Group)<br>Series 2016<br>5.00%, 07/01/2035 | 215 | 216389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 07/01/2034 | 1000 | 1087849 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>(Trousdale Foundation Obligated Group)<br>Series 2018-A<br>6.25%, 04/01/2049<sup>(d)(e)(f)</sup> | 108 | 5423 |
|  Metropolitan Government Nashville & Davidson County Sports Authority<br>(Metropolitan Govt of Nashville & Davidson County TN)<br>AGM Series 2023-A<br>5.25%, 07/01/2053 | 1000 | 1042457 |
|  Metropolitan Government of Nashville & Davidson County Industrial Development Board<br>(Nashville & Davidson County TN South Nashville Central Business Improvement Dist)<br>Series 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/01/2043<sup>(a)</sup> | 955 | 365153 |

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| | |
|:---|:---|
| 42 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Metropolitan Nashville Airport Authority (The)<br>(Metropolitan Nashville Airport Authority/The)<br>Series 2022-B<br>5.50%, 07/01/2052 | $| 3500 | $| 3612944 |
|  Tennergy Corp./TN<br>(Nomura Holdings, Inc.)<br>Series 2022-A<br>5.50%, 10/01/2053 |  | 1000 |  | 1048015 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group)<br>Series 2023-A<br>5.00%, 05/01/2053 |  | 1000 |  | 1025694 |
|  Wilson County Health & Educational Facilities Board<br>(Limestone Trail Apartments)<br>Series 2021<br>4.00%, 12/01/2039 |  | 200 |  | 151999 |
|  |  |  |  | 12241953 |
|  **Texas – 5.2%** | **Texas – 5.2%** | **Texas – 5.2%** | **Texas – 5.2%** | **Texas – 5.2%** |
|  Abilene Convention Center Hotel Development Corp.<br>(City of Abilene TX Abilene Convention Center Revenue)<br>Series 2021-A<br>4.00%, 10/01/2050 |  | 250 |  | 190105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>5.00%, 10/01/2050<sup>(a)</sup> |  | 500 |  | 405374 |
|  Arlington Higher Education Finance Corp.<br>(BASIS Texas Charter Schools)<br>Series 2021<br>4.50%, 06/15/2056<sup>(a)</sup> |  | 500 |  | 497670 |
|  Arlington Higher Education Finance Corp.<br>(Magellan School/The)<br>Series 2022<br>6.25%, 06/01/2052<sup>(a)</sup> |  | 200 |  | 201556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/01/2062<sup>(a)</sup> |  | 250 |  | 252449 |
|  Austin Convention Enterprises, Inc.<br>(Austin Convention Enterprises)<br>Series 2017-A<br>5.00%, 01/01/2034 |  | 500 |  | 491602 |
|  Baytown Municipal Development District <br>(Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax)<br>Series 2021<br>5.00%, 10/01/2050<sup>(a)</sup> |  | 400 |  | 300010 |
|  Board of Regents of the University of Texas System<br>(Board of Regents of the University of Texas System)<br>Series 2019-B<br>5.00%, 08/15/2049 |  | 2915 |  | 3130158 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 43 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Brazoria County Industrial Development Corp.<br>(Aleon Renewable Metals)<br>Series 2022<br>10.00%, 06/01/2042<sup>(f)</sup> | $500 | $425000 |
|  Central Texas Turnpike System<br>(Central Texas Turnpike System)<br>Series 2024-C<br>5.00%, 08/15/2038 | 1300 | 1394948 |
|  City of Dallas Housing Finance Corp.<br>(DHFC The Briscoe Apartments)<br>Series 2022<br>Zero Coupon, 12/01/2062<sup>(a)</sup> | 4760 | 283587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2062 | 555 | 506898 |
|  City of Dallas Housing Finance Corp.<br>(DHFC The Dylan Apartments)<br>Series 2022<br>6.00%, 12/01/2062<sup>(a)</sup> | 270 | 242517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/2054<sup>(a)</sup> | 100 | 85799 |
|  City of Houston TX<br>(City of Houston TX Hotel Occupancy Tax)<br>Series 2015<br>5.00%, 09/01/2031 | 160 | 160172 |
|  City of Houston TX Airport System Revenue<br>(City of Houston TX Airport System Revenue)<br>Series 2018-B<br>5.00%, 07/01/2026 | 2000 | 2043841 |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.)<br>Series 2024-B<br>5.50%, 07/15/2038 | 2345 | 2371122 |
|  Conroe Local Government Corp.<br>(Conroe Local Govt Conroe Convention Center Hotel)<br>Series 2021<br>4.00%, 10/01/2046 | 1000 | 880382 |
|  County of Harris TX Toll Road Revenue<br>(County of Harris TX Toll Road Revenue)<br>Series 2024-A<br>4.00%, 08/15/2054 | 1000 | 876442 |
|  County of Travis TX<br>(County of Travis TX)<br>Series 2024<br>5.00%, 03/01/2028 | 1250 | 1317594 |
|  Dallas County Flood Control District No. 1<br>(Dallas County Flood Control District No. 1)<br>Series 2015<br>5.00%, 04/01/2028<sup>(a)</sup> | 100 | 99148 |

---

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| | |
|:---|:---|
| 44 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Harris County Cultural Education Facilities Finance Corp.<br>(Memorial Hermann Health System Obligated Group)<br>Series 2022<br>4.47% (MUNIPSA + 0.85%), 07/01/2049<sup>(c)</sup> | $1000 | $1000112 |
|  Hidalgo County Regional Mobility Authority<br>(Hidalgo County Regional Mobility Authority)<br>Series 2022-A<br>Zero Coupon, 12/01/2050 | 1000 | 255212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>Zero Coupon, 12/01/2042 | 1400 | 537059 |
|  Love Field Airport Modernization Corp.<br>(Dallas Love Field)<br>Series 2015<br>5.00%, 11/01/2032 | 500 | 500709 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018<br>4.625%, 10/01/2031<sup>(a)</sup> | 450 | 446237 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Dwyer Workforce Development)<br>Series 2023<br>8.50%, 09/01/2027<sup>(f)</sup> | 835 | 831779 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Legacy at Midtown Park Obligated Group)<br>Series 2018-A<br>5.50%, 07/01/2054 | 300 | 212496 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group)<br>Series 2020<br>5.00%, 01/01/2055 | 100 | 82728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 01/01/2047 | 100 | 74163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2057 | 200 | 163913 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Outlook at Windhaven Forefront Living Obligated Group)<br>Series 2022<br>6.875%, 10/01/2057 | 1000 | 963551 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(SLF CHP LLC)<br>Series 2025<br>6.25%, 07/01/2045<sup>(a)</sup> | 1000 | 934542 |
|  Port of Beaumont Navigation District<br>(Jefferson 2020 Bond Lessee & Borrower Obligated Group)<br>Series 2024<br>10.00%, 07/01/2026<sup>(a)</sup> | 1000 | 1027193 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 45 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Port of Beaumont Navigation District<br>(Jefferson Railport Terminal II)<br>Series 2021<br>2.625%, 01/01/2031<sup>(a)</sup> | $| 300 | $| 270287 |
|  San Antonio Water System<br>(San Antonio Water System)<br>Series 2022-B<br>5.25%, 05/15/2052 |  | 2000 |  | 2083582 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Stayton at Museum Way)<br>Series 2024-A<br>5.75%, 12/01/2054 |  | 329 |  | 279766 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Tarrant County Cultural Education Facilities Finance)<br>5.00%, 11/15/2025<sup>(d)(e)(k)(l)</sup> |  | 552 |  | – 0 |
|  Texas Municipal Gas Acquisition & Supply Corp. II<br>(JPMorgan Chase & Co.)<br>Series 2007<br>3.926% (CME Term SOFR 3 Month + 1.05%), 09/15/2027<sup>(c)</sup> |  | 2410 |  | 2417738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C<br>3.70% (CME Term SOFR 3 Month + 0.86%), 09/15/2027<sup>(c)</sup> |  | 2395 |  | 2395006 |
|  Texas Municipal Gas Acquisition & Supply Corp. III<br>(Macquarie Group Ltd.)<br>Series 2021<br>5.00%, 12/15/2029 |  | 1000 |  | 1037406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 |  | 1000 |  | 1044079 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>(BP PLC)<br>Series 2023-A<br>5.50%, 01/01/2054 |  | 600 |  | 633086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B<br>5.50%, 01/01/2054 |  | 3000 |  | 3220553 |
|  Texas Municipal Gas Acquisition & Supply Corp. V<br>(Bank of America Corp.)<br>Series 2024<br>5.00%, 01/01/2055 |  | 2000 |  | 2079069 |
|  Trinity River Authority Red Oak Creek System Revenue<br>(Trinity River Authority Red Oak Creek System Revenue)<br>Series 2021<br>4.00%, 02/01/2029 |  | 1800 |  | 1840168 |
|  |  |  |  | 40486808 |
|  **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** |
|  City of Salt Lake City UT Airport Revenue<br>(City of Salt Lake City UT Airport Revenue)<br>Series 2017-A<br>5.00%, 07/01/2042 |  | 2000 |  | 2002085 |

---

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| | |
|:---|:---|
| 46 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Grapevine Wash Local District<br>(Grapevine Wash Local District Assessment Area No. 1)<br>Series 2024-A<br>5.25%, 12/01/2044<sup>(a)</sup> | $| 1000 | $| 922496 |
|  Military Installation Development Authority<br>(Military Installation Development Auth Military Recreation Fac Project Area)<br>Series 2021-A<br>4.00%, 06/01/2052 |  | 500 |  | 378609 |
|  Utah Housing Corp.<br>(Utah Housing Corp.)<br>Series 2020<br>4.58%, 01/01/2040<sup>(a)(g)</sup> |  | 439 |  | 365952 |
|  Utah Infrastructure Agency<br>(Utah Infrastructure Agency)<br>Series 2022<br>5.00%, 10/15/2046 |  | 1000 |  | 987690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>5.00%, 10/15/2027 |  | 465 |  | 476126 |
|  Wohali Public Infrastructure District No. 1<br>(Wohali Public Infrastructure District No. 1 Assessment Area No. 1)<br>Series 2023<br>7.00%, 12/01/2042<sup>(a)</sup> |  | 200 |  | 193581 |
|  Wolf Creek Infrastructure Financing District No. 1<br>(Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1)<br>Series 2025<br>5.75%, 12/01/2044 |  | 1000 |  | 970974 |
|  |  |  |  | 6297513 |
|  **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** | **Vermont – 0.1%** |
|  Vermont Economic Development Authority<br>(Casella Waste Systems)<br>Series 2022<br>5.00%, 06/01/2052<sup>(a)</sup> |  | 500 |  | 505998 |
|  **Virginia – 1.3%** | **Virginia – 1.3%** | **Virginia – 1.3%** | **Virginia – 1.3%** | **Virginia – 1.3%** |
|  Atlantic Park Community Development Authority<br>(Atlantic Park Community Development Authority District)<br>Series 2023<br>6.25%, 08/01/2045<sup>(a)</sup> |  | 615 |  | 558238 |
|  Federal Home Loan Mortgage Corp. VA FEDMFH<br>(FMMV M052)<br>Series M052, Class A<br>2.65%, 06/15/2036 |  | 375 |  | 328318 |

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 47 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  US Bank Trust Co. NA<br>(Park Landing LP)<br>Series 2022-B<br>5.90%, 08/01/2052 | $| 420 | $| 374309 |
|  Virginia College Building Authority<br>(Marymount University)<br>Series 2015-A<br>5.00%, 07/01/2045<sup>(a)</sup> |  | 1000 |  | 764234 |
|  Virginia College Building Authority<br>(Washington & Lee University)<br>Series 2021<br>3.00%, 01/01/2040 |  | 2000 |  | 1629158 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC)<br>Series 2022<br>4.00%, 01/01/2048 |  | 1000 |  | 834857 |
|  Virginia Small Business Financing Authority<br>(Elizabeth River Crossings OpCo)<br>Series 2022<br>4.00%, 07/01/2034 |  | 2000 |  | 1913535 |
|  Virginia Small Business Financing Authority<br>(P3 VB Holdings LLC)<br>Series 2023<br>8.50%, 12/01/2052<sup>(a)</sup> |  | 430 |  | 408707 |
|  Virginia Small Business Financing Authority<br>(Pure Salmon Virginia LLC)<br>Series 2024<br>4.00%, 11/01/2052 |  | 2000 |  | 1999697 |
|  Virginia Small Business Financing Authority<br>(Total Fiber Recovery @ Chesapeake)<br>Series 2022<br>8.50%, 06/01/2042<sup>(d)(e)(f)</sup> |  | 615 |  | 526830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.706% (SOFR + 5.50%), 06/01/2029<sup>(c)(d)(e)(f)</sup> |  | 530 |  | 450041 |
|  |  |  |  | 9787924 |
|  **Washington – 1.1%** | **Washington – 1.1%** | **Washington – 1.1%** | **Washington – 1.1%** | **Washington – 1.1%** |
|  Energy Northwest<br>(Bonneville Power Administration)<br>Series 2015-C<br>5.00%, 07/01/2026 |  | 1000 |  | 1002326 |
|  Grays Harbor County Public Hospital District No. 1<br>(Grays Harbor County Public Hospital District No. 1)<br>Series 2023<br>6.875%, 12/01/2053 |  | 100 |  | 109396 |
|  Pend Oreille County Public Utility District No. 1 Box Canyon<br>(Pend Oreille County Public Utility District No. 1 Box Canyon)<br>Series 2018<br>5.00%, 01/01/2044 |  | 280 |  | 282078 |

---

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| | |
|:---|:---|
| 48 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Port of Seattle WA<br>(Port of Seattle WA)<br>Series 2015-C<br>5.00%, 04/01/2033 | $| 510 | $| 510187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>5.50%, 08/01/2047 |  | 1500 |  | 1559071 |
|  Vancouver Housing Authority<br>(Vancouver Housing Authority)<br>Series 2025<br>4.25%, 02/01/2038 |  | 1000 |  | 973588 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group)<br>Series 2013<br>5.25%, 01/01/2043<sup>(a)</sup> |  | 1000 |  | 858988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>5.00%, 01/01/2055<sup>(a)</sup> |  | 1000 |  | 856980 |
|  Washington State Housing Finance Commission<br>(WSHFC 2021-1)<br>Series 2021-1, Class A<br>3.50%, 12/20/2035 |  | 268 |  | 246737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class X<br>0.727%, 12/20/2035<sup>(h)</sup> |  | 941 |  | 37788 |
|  Washington State Housing Finance Commission<br>(WSHFC 2024-1)<br>Series 2024-1, Class A<br>4.221%, 03/20/2050 |  | 1993 |  | 1832695 |
|  |  |  |  | 8269834 |
|  **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** | **West Virginia – 0.5%** |
|  City of South Charleston WV<br>(City of South Charleston WV South Charleston Park Place Excise Tax District)<br>Series 2022<br>4.25%, 06/01/2042<sup>(a)</sup> |  | 250 |  | 194684 |
|  County of Monongalia WV<br>(Monongalia County Building Commission Development District No. 4)<br>Series 2023<br>5.75%, 06/01/2043<sup>(a)</sup> |  | 880 |  | 906606 |
|  Monongalia County Commission Excise Tax District<br>(Monongalia County Commission Excise Tax District)<br>Series 2023<br>0.00%, 06/01/2053<sup>(a)(g)</sup> |  | 490 |  | 100042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/2043<sup>(a)</sup> |  | 100 |  | 102398 |
|  Tobacco Settlement Finance Authority/WV<br>(Tobacco Settlement Finance Authority/WV)<br>Series 2020<br>4.006%, 06/01/2040 |  | 2000 |  | 1620778 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 49 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  West Virginia Economic Development Authority<br>(Wyoming County Coal LLC)<br>Series 2023<br>9.00%, 06/01/2038<sup>(a)</sup> | $| 1000 | $| 1005689 |
|  |  |  |  | 3930197 |
|  **Wisconsin – 3.3%** | **Wisconsin – 3.3%** | **Wisconsin – 3.3%** | **Wisconsin – 3.3%** | **Wisconsin – 3.3%** |
|  KDC Agribusiness LLC<br>(KDC Agribusiness LLC)<br>12.00%, 09/14/2023<sup>(d)(j)(k)(l)</sup> |  | 284 |  | – 0 |
|  St. Croix Chippewa Indians of Wisconsin<br>(St. Croix Chippewa Indians of Wisconsin)<br>Series 2021<br>5.00%, 09/30/2041<sup>(a)</sup> |  | 200 |  | 173743 |
|  Wisconsin Center District<br>(Wisconsin Center District Ded Tax)<br>Series 2022<br>5.25%, 12/15/2061<sup>(a)</sup> |  | 200 |  | 191319 |
|  Wisconsin Health & Educational Facilities Authority<br>(Chiara Housing & Services Obligated Group)<br>Series 2024<br>5.875%, 07/01/2055 |  | 1000 |  | 969682 |
|  Wisconsin Health & Educational Facilities Authority<br>(Marshfield Clinic Health System Obligated Group)<br>BAM Series 2024<br>5.25%, 02/15/2054 |  | 2500 |  | 2585874 |
|  Wisconsin Health & Educational Facilities Authority<br>(Oakwood Lutheran Senior Ministries Obligated Group)<br>Series 2021<br>4.00%, 01/01/2047 |  | 100 |  | 80932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 |  | 1000 |  | 747870 |
|  Wisconsin Health & Educational Facilities Authority<br>(St. John's Communities Obligated Group)<br>Series 2022<br>4.00%, 09/15/2036 |  | 775 |  | 718885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2041 |  | 765 |  | 670948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2045 |  | 650 |  | 541646 |
|  Wisconsin Housing & Economic Development Authority<br>(Roers Sun Prairie Apartments Owner)<br>Series 2022<br>4.625%, 03/15/2040<sup>(a)</sup> |  | 100 |  | 85679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>3.875%, 12/01/2039<sup>(a)</sup> |  | 460 |  | 391256 |
|  Wisconsin Public Finance Authority<br>(21st Century Public Academy)<br>Series 2020<br>3.75%, 06/01/2030<sup>(a)</sup> |  | 350 |  | 322660 |

---

---

| | |
|:---|:---|
| 50 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Alpha Ranch Water Control & Improvement District of Denton & Wise Counties)<br>Series 2024<br>Zero Coupon, 12/15/2038<sup>(a)</sup> | $1000 | $441494 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago/The)<br>Series 2021<br>5.75%, 07/25/2041<sup>(f)</sup> | 1000 | 901637 |
|  Wisconsin Public Finance Authority<br>(CFC-SA LLC)<br>Series 2022<br>6.00%, 02/01/2062<sup>(a)</sup> | 1000 | 1026180 |
|  Wisconsin Public Finance Authority<br>(Crossroads Health Project)<br>Series 2023<br>8.00%, 07/01/2053<sup>(a)</sup> | 1000 | 996818 |
|  Wisconsin Public Finance Authority<br>(FAH Tree House LLC)<br>Series 2023<br>6.50%, 08/01/2053<sup>(a)</sup> | 500 | 475753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 02/01/2046<sup>(a)</sup> | 375 | 320258 |
|  Wisconsin Public Finance Authority<br>(Gannon University)<br>Series 2017<br>5.00%, 05/01/2042 | 1315 | 1253874 |
|  Wisconsin Public Finance Authority<br>(Inperium Obligated Group)<br>Series 2024<br>5.00%, 12/01/2034<sup>(a)</sup> | 1000 | 1002934 |
|  Wisconsin Public Finance Authority<br>(KDC Agribusiness LLC)<br>Series 2022<br>15.00%, 04/30/2023<sup>(d)(f)(j)(k)(l)</sup> | 600 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>15.00%, 04/30/2023<sup>(d)(f)(j)(k)(l)</sup> | 175 | 2 |
|  Wisconsin Public Finance Authority<br>(Lackland Project)<br>Series 2024<br>Zero Coupon, 02/01/2031 | 849 | 554494 |
|  Wisconsin Public Finance Authority<br>(Lehigh Valley Health Network)<br>Series 2023<br>7.25%, 12/01/2042<sup>(a)</sup> | 265 | 267246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/2052<sup>(a)</sup> | 160 | 162827 |
|  Wisconsin Public Finance Authority<br>(McLemore Resort Manager)<br>Series 2021<br>4.50%, 06/01/2056<sup>(a)</sup> | 295 | 215778 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 51 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(Montgomery County Municipal Utility District Nos 123 & 153)<br>Series 2024<br>Zero Coupon, 12/15/2034<sup>(a)</sup> | $1000 | $559406 |
|  Wisconsin Public Finance Authority<br>(North San Gabriel Municipal Utility District No. 1)<br>Series 2023<br>Zero Coupon, 09/01/2029<sup>(a)</sup> | 148 | 107998 |
|  Wisconsin Public Finance Authority<br>(Prerefunded - US Treasuries)<br>Series 2020<br>5.00%, 04/01/2050<sup>(a)</sup> | 25 | 26870 |
|  Wisconsin Public Finance Authority<br>(Puerto Rico Tollroads LLC)<br>Series 2024<br>5.75%, 07/01/2054 | 1000 | 1042608 |
|  Wisconsin Public Finance Authority<br>(QCF Behavioral Hospitals I Obligated Group)<br>Series 2024<br>7.50%, 07/01/2059<sup>(a)</sup> | 1000 | 1100301 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte)<br>Series 2022<br>5.25%, 03/01/2042 | 1000 | 991985 |
|  Wisconsin Public Finance Authority<br>(RBS Evolution LLC)<br>Series 2023<br>10.00%, 11/01/2038<sup>(a)</sup> | 1000 | 1134024 |
|  Wisconsin Public Finance Authority<br>(Samaritan Housing Foundation Obligated Group)<br>Series 2021<br>4.00%, 06/01/2056<sup>(a)</sup> | 500 | 368473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>4.00%, 06/01/2049<sup>(a)</sup> | 100 | 77473 |
|  Wisconsin Public Finance Authority<br>(Southeast Overtown Park West Community Redevelopment Agency)<br>Series 2024<br>5.00%, 06/01/2041<sup>(a)</sup> | 1000 | 1000269 |
|  Wisconsin Public Finance Authority<br>(Southeastern Regional Medical Center Obligated Group)<br>Series 2022<br>4.00%, 02/01/2034 | 1300 | 1163586 |
|  Wisconsin Public Finance Authority<br>(Triad Math & Science Academy)<br>Series 2025<br>5.50%, 06/15/2055 | 1000 | 984842 |

---

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| | |
|:---|:---|
| 52 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority<br>(UMA Education, Inc.)<br>Series 2019<br>5.00%, 10/01/2025<sup>(a)</sup> | $| 100 | $| 100044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> |  | 130 |  | 131089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 100 |  | 101107 |
|  Wisconsin Public Finance Authority<br>(Washoe Barton Medical Clinic)<br>Series 2021<br>4.00%, 12/01/2051<sup>(a)</sup> |  | 1000 |  | 818121 |
|  Wisconsin Public Finance Authority<br>(Waterstone Projects)<br>Series 2024<br>5.50%, 12/15/2038<sup>(a)</sup> |  | 1000 |  | 977935 |
|  |  |  |  | 25785920 |
|  Total Long-Term Municipal Bonds <br>(cost $800,910,348) |  |  |  | 780294856 |
|  Short-Term Municipal Notes – 5.5% |  |  |  |  |
|  **California – 0.1%** | **California – 0.1%** | **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
|  Nuveen California AMT-Free Quality Municipal Income Fund<br>(Nuveen California AMT-Free Quality Municipal Income Fund)<br>Series 2017<br>4.07%, 10/01/2047<sup>(a)(n)</sup> |  | 1000 |  | 1000000 |
|  **Colorado – 0.1%** | **Colorado – 0.1%** | **Colorado – 0.1%** | **Colorado – 0.1%** | **Colorado – 0.1%** |
|  Colorado Educational & Cultural Facilities Authority<br>(Jewish Federation of South Palm Beach County)<br>Series 2008<br>2.45%, 02/01/2038<sup>(n)</sup> |  | 690 |  | 690000 |
|  **Florida – 0.7%** | **Florida – 0.7%** | **Florida – 0.7%** | **Florida – 0.7%** | **Florida – 0.7%** |
|  Florida Gulf Coast University Financing Corp.<br>(Florida Gulf Coast University Financing)<br>Series 2009-A<br>3.62%, 02/01/2039<sup>(n)</sup> |  | 1000 |  | 1000000 |
|  Hillsborough County Industrial Development Authority<br>(BayCare Obligated Group)<br>Series 2020<br>2.50%, 11/01/2038<sup>(n)</sup> |  | 4320 |  | 4320000 |
|  |  |  |  | 5320000 |
|  **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** |
|  Idaho Health Facilities Authority<br>(St. Luke's Health System Obligated Group/ID)<br>Series 2018-C<br>2.70%, 03/01/2048<sup>(n)</sup> |  | 1000 |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025<br>2.50%, 03/01/2060<sup>(n)</sup> |  | 1500 |  | 1500000 |
|  |  |  |  | 2500000 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 53 |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Illinois – 0.9%** | **Illinois – 0.9%** | **Illinois – 0.9%** |
|  Illinois Finance Authority<br>(University of Chicago Medical Center Obligated Group)<br>Series 2023<br>2.45%, 08/01/2043<sup>(n)</sup> | $1505 | $1505000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>2.45%, 08/01/2044<sup>(n)</sup> | 5415 | 5415000 |
|  |  | 6920000 |
|  **Kentucky – 0.1%** | **Kentucky – 0.1%** | **Kentucky – 0.1%** |
|  Kentucky Economic Development Finance Authority<br>(St. Elizabeth Community Health Support)<br>Series 2018<br>2.80%, 05/01/2033<sup>(n)</sup> | 935 | 935000 |
|  **Maryland – 0.1%** |  |  |
|  Maryland Health & Higher Educational Facilities Authority<br>(University of Maryland Medical System Obligated Group)<br>Series 2008<br>2.50%, 07/01/2041<sup>(n)</sup> | 1075 | 1075000 |
|  **Michigan – 0.3%** | **Michigan – 0.3%** | **Michigan – 0.3%** |
|  Grand Traverse County Hospital Finance Authority<br>(Munson Healthcare Obligated Group)<br>Series 2019<br>2.47%, 07/01/2041<sup>(n)</sup> | 2000 | 2000000 |
|  **New Jersey – 0.3%** | **New Jersey – 0.3%** | **New Jersey – 0.3%** |
|  City of Hoboken NJ<br>(City of Hoboken NJ)<br>Series 2025-A<br>4.00%, 03/10/2026 | 2405 | 2423401 |
|  **New York – 0.5%** | **New York – 0.5%** | **New York – 0.5%** |
|  Metropolitan Transportation Authority Dedicated Tax Fund<br>(Metropolitan Transportation Authority Dedicated Tax Fund)<br>Series 2022-E<br>2.50%, 11/01/2026<sup>(n)</sup> | 1000 | 1000000 |
|  New York City Health & Hospitals Corp.<br>(New York City Health & Hospitals)<br>Series 2008-D, Class C<br>2.80%, 02/15/2026<sup>(n)</sup> | 235 | 235000 |
|  Town of Oyster Bay NY<br>(Town of Oyster Bay NY)<br>Series 2025<br>4.00%, 03/06/2026 | 2000 | 2013573 |

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|:---|:---|
| 54 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Triborough Bridge & Tunnel Authority<br>(Triborough Bridge & Tunnel Authority)<br>Series 2022-B<br>2.60%, 01/01/2033<sup>(n)</sup> | $| 250 | $| 250000 |
|  |  |  |  | 3498573 |
|  **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** |
|  Charlotte-Mecklenburg Hospital Authority (The)<br>(Atrium Health Obligated Group)<br>AGM Series 2017-E<br>2.50%, 01/15/2044<sup>(n)</sup> |  | 1100 |  | 1100000 |
|  **Oregon – 0.6%** | **Oregon – 0.6%** | **Oregon – 0.6%** | **Oregon – 0.6%** | **Oregon – 0.6%** |
|  Oregon State Facilities Authority<br>(PeaceHealth Obligated Group)<br>Series 2018-B<br>2.50%, 08/01/2034<sup>(n)</sup> |  | 4700 |  | 4700000 |
|  **Other – 0.6%** |  |  |  |  |
|  Nuveen AMT-Free Municipal Credit Income Fund<br>(Nuveen AMT-Free Municipal Credit Income Fund)<br>Series 2019<br>4.07%, 03/01/2029<sup>(n)</sup> |  | 2000 |  | 2000000 |
|  Nuveen AMT-Free Quality Municipal Income Fund<br>(Nuveen AMT-Free Quality Municipal Income Fund)<br>Series 2021<br>4.07%, 03/01/2029<sup>(n)</sup> |  | 2500 |  | 2500000 |
|  |  |  |  | 4500000 |
|  **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** | **Pennsylvania – 0.1%** |
|  Delaware Valley Regional Finance Authority<br>(Delaware Valley Regional Finance Authority)<br>Series 2024-B<br>2.50%, 09/01/2059<sup>(n)</sup> |  | 400 |  | 400000 |
|  **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** | **Rhode Island – 0.0%** |
|  Rhode Island Health & Educational Building Corp.<br>(Bryant University)<br>Series 2008<br>2.80%, 06/01/2035<sup>(n)</sup> |  | 300 |  | 300000 |
|  **Texas – 0.3%** | **Texas – 0.3%** | **Texas – 0.3%** | **Texas – 0.3%** | **Texas – 0.3%** |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Methodist Hospitals of Dallas Obligated Group)<br>Series 2008A, Class F<br>2.40%, 10/01/2041<sup>(n)</sup> |  | 2500 |  | 2500000 |

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 55 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Wisconsin – 0.4%** | **Wisconsin – 0.4%** | **Wisconsin – 0.4%** |
|  Public Finance Authority<br>(Kaiser Obligated Group)<br>Series 2023-B<br>2.45%, 10/01/2055<sup>(n)</sup> | $3255 | $3255000 |
|  |  | 3255000 |
|  Total Short-Term Municipal Notes <br>(cost $43,131,185) |  | 43116974 |
|  Total Municipal Obligations <br>(cost $844,041,533) |  | 823411830 |
|  CORPORATES - INVESTMENT GRADE – 0.7% |  |  |
|  Industrial – 0.5% | Industrial – 0.5% | Industrial – 0.5% |
|  **Consumer Cyclical - Entertainment – 0.2%** | **Consumer Cyclical - Entertainment – 0.2%** | **Consumer Cyclical - Entertainment – 0.2%** |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(a)</sup> | 400 | 381884 |
|  YMCA of Greater New York<br>2.303%, 08/01/2026 | 1000 | 968620 |
|  |  | 1350504 |
|  **Other Industrial – 0.3%** | **Other Industrial – 0.3%** | **Other Industrial – 0.3%** |
|  Trustees of Columbia University in the City of New York (The)<br>Series 2024<br>4.355%, 10/01/2035 | 3000 | 2864400 |
|  |  | 4214904 |
|  Financial Institutions – 0.2% | Financial Institutions – 0.2% | Financial Institutions – 0.2% |
|  **Banking – 0.2%** | **Banking – 0.2%** | **Banking – 0.2%** |
|  Bank of New York Mellon Corp. (The)<br>Series H<br>3.70%, 03/20/2026<sup>(o)</sup> | 100 | 97656 |
|  Citigroup, Inc.<br>Series Z<br>7.375%, 05/15/2028<sup>(o)</sup> | 1000 | 1012700 |
|  Fifth Third Bancorp<br>Series L<br>4.50%, 09/30/2025<sup>(o)</sup> | 100 | 98845 |
|  Huntington Bancshares, Inc./OH<br>Series F<br>5.625%, 07/15/2030<sup>(o)</sup> | 100 | 98459 |
|  Truist Financial Corp.<br>Series Q<br>5.10%, 03/01/2030<sup>(o)</sup> | 100 | 95915 |
|  Wells Fargo & Co.<br>Series BB<br>3.90%, 03/15/2026<sup>(o)</sup> | 100 | 98155 |
|  |  | 1501730 |
|  Total Corporates – Investment Grade <br>(cost $5,893,630) |  | 5716634 |

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| 56 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4% |  |  |
|  **Agency CMBS – 0.3%** | **Agency CMBS – 0.3%** | **Agency CMBS – 0.3%** |
|  California Housing Finance Agency<br>Series 2021-3, Class X<br>0.792%, 08/20/2036<sup>(h)</sup> | $946 | $44077 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates<br>Series 2022-ML13, Class XUS<br>1.005%, 09/25/2036<sup>(h)</sup> | 1150 | 76607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML21, Class AUS<br>4.615%, 08/25/2041 | 1285 | 1328248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ML24, Class AUS<br>4.299%, 05/25/2041 | 994 | 954595 |
|  |  | 2403527 |
|  **Non-Agency Fixed Rate CMBS – 0.1%** | **Non-Agency Fixed Rate CMBS – 0.1%** | **Non-Agency Fixed Rate CMBS – 0.1%** |
|  New Hampshire Business Finance Authority<br>Series 2022-2, Class X<br>0.69%, 10/01/2036<sup>(h)</sup> | 966 | 42138 |
|  Washington State Housing Finance Commission<br>Series 2023-1, Class X<br>1.494%, 04/20/2037<sup>(h)</sup> | 1974 | 198424 |
|  |  | 240562 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $2,692,070) |  | 2644089 |
|  CORPORATES - NON-INVESTMENT GRADE – 0.2% |  |  |
|  Financial Institutions – 0.0% | Financial Institutions – 0.0% | Financial Institutions – 0.0% |
|  **Banking – 0.0%** | **Banking – 0.0%** | **Banking – 0.0%** |
|  Comerica, Inc.<br>5.625%, 07/01/2025<sup>(o)</sup> | 100 | 99202 |
|  **REITs – 0.0%** | **REITs – 0.0%** | **REITs – 0.0%** |
|  Bridgewater Castle Rock ALF LLC<br>9.50%, 06/30/2025 | 60 | 60457 |
|  |  | 159659 |
|  Industrial – 0.2% | Industrial – 0.2% | Industrial – 0.2% |
|  **Communications – Media – 0.1%** | **Communications – Media – 0.1%** | **Communications – Media – 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034<sup>(a)</sup> | 309 | 260005 |
|  DISH DBS Corp.<br>5.25%, 12/01/2026<sup>(a)</sup> | 240 | 218458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> | 250 | 210092 |
|  |  | 688555 |

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 57 |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** | **Consumer Cyclical - Entertainment – 0.1%** |
|  Wild Rivers Water Park<br>8.50%, 11/01/2051<sup>(k)(l)</sup> | $1225 | $758595 |
|  **Services – 0.0%** | **Services – 0.0%** | **Services – 0.0%** |
|  Trousdale Issuer LLC<br>Series A<br>6.50%, 04/01/2025<sup>(d)(j)(k)(l)</sup> | 161 | 10283 |
|  |  | 1457433 |
|  Utility – 0.0% | Utility – 0.0% | Utility – 0.0% |
|  **Electric – 0.0%** | **Electric – 0.0%** | **Electric – 0.0%** |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(a)(o)</sup> | 225 | 227365 |
|  Total Corporates – Non-Investment Grade <br>(cost $2,395,205) |  | 1844457 |
|  ASSET-BACKED SECURITIES – 0.1% |  |  |
|  **Autos - Fixed Rate – 0.1%** | **Autos - Fixed Rate – 0.1%** | **Autos - Fixed Rate – 0.1%** |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(a)</sup> | 785 | 796624 |
|  **Other ABS - Fixed Rate – 0.0%** | **Other ABS - Fixed Rate – 0.0%** | **Other ABS - Fixed Rate – 0.0%** |
|  Domino's Pizza Master Issuer LLC<br>Series 2021-1A, Class A2I<br>2.662%, 04/25/2051<sup>(a)</sup> | 195 | 181068 |
|  **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** | **Other ABS - Floating Rate – 0.0%** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth<br>12.50% (PRIME 1 Month + 4.00%),<br>03/04/2026<sup>(c)(k)(l)</sup> | 8 | 7647 |
|  Total Asset-Backed Securities <br>(cost $986,815) |  | 985339 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% | COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
|  **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 1M2<br>11.218% (CME Term SOFR + 6.86%), 08/25/2028<sup>(c)</sup> | 33 | 34540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>10.468% (CME Term SOFR + 6.11%), 09/25/2028<sup>(c)</sup> | 26 | 26839 |

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|:---|:---|
| 58 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class 2M2<br>7.318% (CME Term SOFR + 2.96%), 11/25/2029<sup>(c)</sup> | $123 | $123850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>8.468% (CME Term SOFR + 4.11%), 05/25/2025<sup>(c)</sup> | 19 | 19237 |
|  Total Collateralized Mortgage Obligations <br>(cost $196,429) |  | 204466 |
|  | **Shares** |  |
|  PREFERRED STOCKS – 0.0% | PREFERRED STOCKS – 0.0% | PREFERRED STOCKS – 0.0% |
|  Industrials – 0.0% | Industrials – 0.0% | Industrials – 0.0% |
|  **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
|  AES Guayama Holdings <br>0.00%<sup>(d)(k)(l)</sup> <br>(cost $96,592) | 5320 | 15481 |
|  | **Principal<br>Amount<br>(000)** |  |
|  COLLATERALIZED LOAN OBLIGATIONS – 0.0% |  |  |
|  **CLO - Floating Rate – 0.0%** | **CLO - Floating Rate – 0.0%** | **CLO - Floating Rate – 0.0%** |
|  THL Credit Wind River CLO Ltd.<br>Series 2014-2A, Class AR<br>5.658% (CME Term SOFR 3 Month + 1.40%), 01/15/2031<sup>(a)(c)</sup> <br>(cost $3,356) | $3 | 3356 |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 0.7% | SHORT-TERM INVESTMENTS – 0.7% | SHORT-TERM INVESTMENTS – 0.7% |
|  **Investment Companies – 0.7%** | **Investment Companies – 0.7%** | **Investment Companies – 0.7%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.17%<sup>(p)(q)(r)</sup> <br>(cost $5,010,549) | 5010549 | 5010549 |
|  Total Investments – 107.5% <br>(cost $861,316,179) |  | 839836201 |
|  Other assets less liabilities – (7.5)% |  | (58571581) |
|  **Net Assets – 100.0%** |  | $**781264620** |

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 59 |

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**PORTFOLIO OF INVESTMENTS** (continued)

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | (5.00)% | Quarterly | 4.12% | USD 7,400 | $(309648) | $(406538) | $96890 |

---

\* Termination date

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 21340 | 10/15/2028 | CPI# | 2.565% | Maturity | $(96864) | $– 0 | $(96864) |
| USD | 19750 | 10/15/2029 | 2.569% | CPI# | Maturity | 16734 | – 0 | 16734 |
| USD | 19000 | 10/15/2029 | 2.485% | CPI# | Maturity | 91905 | – 0 | 91905 |
| USD | 14592 | 10/15/2029 | 2.516% | CPI# | Maturity | 49068 | – 0 | 49068 |
| USD | 14579 | 10/15/2029 | 2.451% | CPI# | Maturity | 93893 | – 0 | 93893 |
| USD | 14579 | 10/15/2029 | 2.499% | CPI# | Maturity | 60816 | – 0 | 60816 |
| USD | 22410 | 10/15/2030 | CPI# | 2.531% | Maturity | 6292 | – 0 | 6292 |
|  |  |  |  |  |  | $221844 | $– 0 | $221844 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 7900 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | $262875 | $– 0 | $262875 |
| USD | 16300 | 12/03/2031 | 1 Day SOFR | 4.178% | Annual | 671974 | – 0 | 671974 |
| USD | 12800 | 12/03/2031 | 1 Day SOFR | 3.711% | Annual | 172568 | 1372 | 171196 |
| USD | 9140 | 12/03/2031 | 1 Day SOFR | 4.057% | Annual | 307139 | – 0 | 307139 |
| USD | 18900 | 03/12/2032 | 1 Day SOFR | 3.704% | Annual | 248570 | – 0 | 248570 |
| USD | 8300 | 08/15/2034 | 3.264% | 1 Day SOFR | Annual | 299477 | 235 | 299242 |
| USD | 6700 | 08/15/2034 | 3.304% | 1 Day SOFR | Annual | 228520 | – 0 | 228520 |
| USD | 6120 | 08/15/2034 | 3.314% | 1 Day SOFR | Annual | 187324 | – 0 | 187324 |
| USD | 6000 | 08/15/2034 | 3.446% | 1 Day SOFR | Annual | 124629 | – 0 | 124629 |
| USD | 3000 | 08/15/2034 | 3.187% | 1 Day SOFR | Annual | 126434 | – 0 | 126434 |
| USD | 21500 | 02/15/2035 | 3.838% | 1 Day SOFR | Annual | (365959) | (6175) | (359784) |
| USD | 12300 | 02/15/2035 | 3.747% | 1 Day SOFR | Annual | (117715) | (3063) | (114652) |
| USD | 12110 | 02/15/2035 | 3.923% | 1 Day SOFR | Annual | (289335) | – 0 | (289335) |
| USD | 3800 | 02/15/2035 | 3.603% | 1 Day SOFR | Annual | – 0 | (292) | 292 |
|  |  |  |  |  |  | $1856501 | $(7923) | $1864424 |

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|:---|:---|
| 60 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| **Swap Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | USD | 10000 | 05/21/2025 | MMD 5 Year^ | 3.320% | Maturity | $111196 | $– 0 | $111196 |
|  Bank of America NA | USD | 1500 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | (34314) | – 0 | (34314) |
|  Citibank NA | USD | 2220 | 10/09/2029 | 1.125% | 1 Week SIFMA\* | Quarterly | 147480 | – 0 | 147480 |
|  JPMorgan Chase Bank NA | USD | 5000 | 06/04/2025 | MMD 5 Year^ | 3.340% | Maturity | 96456 | – 0 | 96456 |
|  JPMorgan Chase Bank NA | USD | 5000 | 06/27/2025 | MMD 5 Year^ | 3.200% | Maturity | 58622 | – 0 | 58622 |
|  JPMorgan Chase Bank NA | USD | 2000 | 03/16/2026 | MMD 10 Year^ | 3.460% | Maturity | (25511) | – 0 | (25511) |
|  JPMorgan Chase Bank NA | USD | 1500 | 04/23/2026 | MMD 10 Year^ | 3.840% | Maturity | 31253 | – 0 | 31253 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 05/09/2025 | MMD 5 Year^ | 3.050% | Maturity | 9237 | – 0 | 9237 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 05/27/2025 | MMD 5 Year^ | 3.310% | Maturity | 88193 | – 0 | 88193 |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 08/29/2025 | MMD 10 Year^ | 3.040% | Maturity | (71699) | – 0 | (71699) |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 10/23/2025 | MMD 10 Year^ | 3.240% | Maturity | (43033) | – 0 | (43033) |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 12/19/2025 | MMD 10 Year^ | 3.300% | Maturity | (41133) | – 0 | (41133) |
|  Morgan Stanley Capital Services LLC | USD | 1500 | 03/12/2026 | MMD 10 Year^ | 3.350% | Maturity | (34314) | – 0 | (34314) |
|  Morgan Stanley Capital Services LLC | USD | 3000 | 03/26/2026 | MMD 10 Year^ | 3.640% | Maturity | 11900 | – 0 | 11900 |
|  Morgan Stanley Capital Services LLC | USD | 5000 | 04/13/2026 | MMD 10 Year^ | 3.890% | Maturity | 131799 | – 0 | 131799 |
|  |  |  |  |  |  |  | $436132 | $– 0 | $436132 |

---

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

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2025, the aggregate market value of these securities amounted to $186,307,404 or 23.8% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2025.

(d) Non-income producing security.

(e) Defaulted.

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 61 |

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**PORTFOLIO OF INVESTMENTS** (continued)

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 2.13% of net assets as of April 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  ARC70 II Trust <br>(ARC70 II TRUST) <br>Series 2023 <br>4.84%, 04/01/2065 | 07/18/2023 | $1900673 | $1761304 | 0.23% |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.) <br>Series 2020 <br>7.75%, 07/01/2026 | 08/12/2020 -<br> 07/20/2022 | 1101588 | 30000 | 0.00% |
|  Brazoria County Industrial Development Corp. <br>(Aleon Renewable Metals) Series 2022 <br>10.00%, 06/01/2042 | 06/08/2022 | 489970 | 425000 | 0.05% |
|  County of Montgomery OH <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049 | 04/07/2020 | 41774 | 4017 | 0.00% |
|  Douglas County Housing Partnership <br>(Bridgewater Castle Rock ALF) <br>Series 2021 <br>5.375%, 01/01/2041 | 01/14/2021 | 246505 | 187500 | 0.02% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>4.00%, 06/01/2051 | 07/14/2021 -<br> 03/07/2025 | 154602 | 105750 | 0.01% |
|  Housing & Redevelopment Authority of The City of St. Paul Minnesota <br>(Minnesota Math & Science Academy) <br>Series 2021 <br>4.00%, 06/01/2056 | 07/14/2021 | 101628 | 47000 | 0.01% |
|  Illinois Housing Development Authority<br>(Drexel Court & Lake Park East) <br>Series 2024 <br>5.67%, 11/01/2038 | 10/19/2022 | 955000 | 911083 | 0.12% |
|  Indiana Finance Authority <br>(Parkview Health System Obligated Group) <br>Series 2024-B <br>3.762%, 11/01/2046 | 06/24/2024 | 9825000 | 9758013 | 1.25% |
|  Last Step Recycling LLC <br>(Last Step Recycling LLC) <br>9.50%, 12/15/2028 | 03/26/2025 | 150000 | 150000 | 0.02% |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049 | 08/29/2018 | $107716 | $5423 | 0.00% |
|  Mississippi Business Finance Corp. <br>(Alden Group Renewable Energy Mississippi) <br>Series 2022 <br>8.00%, 12/01/2029 | 12/13/2022 | 494602 | 371816 | 0.05% |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Dwyer Workforce Development) <br>Series 2023 <br>8.50%, 09/01/2027 | 02/03/2023 | 835000 | 831779 | 0.11% |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) Series 2021 <br>6.25%, 06/01/2040 | 07/20/2022 | 84555 | 15000 | 0.00% |
|  South Carolina Jobs-Economic Development Authority <br>(Last Step Recycling LLC) Series 2021 <br>6.50%, 06/01/2051 | 06/16/2021 -<br> 10/20/2022 | 269304 | 45000 | 0.01% |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake) <br>Series 2022 <br>8.50%, 06/01/2042 | 06/08/2022 | 615000 | 526830 | 0.07% |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake) <br>Series 2022 <br>8.706%, 06/01/2029 | 06/08/2022 | 530000 | 450041 | 0.06% |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago/The) <br>Series 2021 <br>5.75%, 07/25/2041 | 08/03/2021 | 1000000 | 901637 | 0.12% |
|  Wisconsin Public Finance Authority <br>(KDC Agribusiness LLC)<br>Series 2022 <br>15.00%, 04/30/2023 | 11/10/2022 | 600000 | – 0 | 0.00% |
|  Wisconsin Public Finance Authority <br>(KDC Agribusiness LLC)<br>Series 2023 <br>15.00%, 04/30/2023 | 03/16/2023 | 775000 | 2 | 0.00% |

---

(g) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2025.

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**PORTFOLIO OF INVESTMENTS** (continued)

(h) IO – Interest Only.

(i) When-Issued or delayed delivery security.

(j) Defaulted matured security.

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

(l) Fair valued by the Adviser.

(m) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2025.

(n) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

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

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

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

(r) Affiliated investments.

As of April 30, 2025, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 6.4% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

AMT – Alternative Minimum Tax (subject to)

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CHF – Collegiate Housing Foundation

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MUNIPSA – SIFMA Municipal Swap Index

REIT – Real Estate Investment Trust

FHLMC – Federal Home Loan Mortgage Corporation

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.

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#### STATEMENT OF ASSETS & LIABILITIES

#### April 30, 2025 (unaudited)

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| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $856,305,630) | $834825652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $5,010,549) | 5010549 |
|  Cash | 11128 |
|  Cash collateral due from broker | 3216639 |
|  Receivable for investment securities sold | 10392854 |
|  Interest receivable | 10357812 |
|  Receivable for capital stock sold | 971481 |
|  Unrealized appreciation on interest rate swaps | 686136 |
|  Receivable for variation margin on centrally cleared swaps | 97519 |
|  Receivable due from Adviser | 29984 |
|  Affiliated dividends receivable | 17055 |
|  Receivable for newly entered centrally cleared interest rate swaps | 292 |
|  Total assets | 865617101 |
| Liabilities |  |
|  Payable for floating rate notes issued<sup>(a)</sup> | 51490000 |
|  Payable for investment securities purchased | 30100475 |
|  Payable for capital stock redeemed | 1574801 |
|  Advisory fee payable | 284523 |
|  Cash collateral due to broker | 271000 |
|  Unrealized depreciation on interest rate swaps | 250004 |
|  Administrative fee payable | 27163 |
|  Distribution fee payable | 22170 |
|  Dividends payable | 6930 |
|  Directors' fees payable | 2835 |
|  Transfer Agent fee payable | 2828 |
|  Accrued expenses and other liabilities | 319752 |
|  Total liabilities | 84352481 |
|  Net Assets | $**781264620** |
| Composition of Net Assets |  |
|  Capital stock, at par | $74940 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812205327 |
|  Accumulated loss | (31015647) |
|  **Net Assets** | $**781264620** |

---

Net Asset Value Per Share—21 billion shares of capital stock authorized, $.001 par value

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| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $71265908 | 6836015 | $10.43 \* |
| C | $9627511 | 923515 | $10.42 |
| Advisor | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700371201 | 67180097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 |

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\* The maximum offering price per share for Class A shares was $10.75 which reflects a sales charge of 3.00%. 

(a) Represents short-term floating rate certificates issued by tender option bond trusts (see Note I).

See notes to financial statements.

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#### STATEMENT OF OPERATIONS

#### Six Months Ended April 30, 2025 (unaudited)

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| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16475039 |  |
|  Dividends—Affiliated issuers | 236932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16711971 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1585694 |  |
|  Distribution fee—Class A | 73179 |  |
|  Distribution fee—Class C | 46966 |  |
|  Transfer agency—Class A | 8705 |  |
|  Transfer agency—Class C | 1401 |  |
|  Transfer agency—Advisor Class | 94619 |  |
|  Custody and accounting | 66019 |  |
|  Registration fees | 56957 |  |
|  Administrative | 46983 |  |
|  Audit and tax | 32467 |  |
|  Printing | 23322 |  |
|  Legal | 17838 |  |
|  Directors' fees | 13272 |  |
|  Miscellaneous | 10728 |  |
|  Total expenses before interest/bank overdraft expense | 2078150 |  |
|  Interest/bank overdraft expense | 1020605 |  |
|  Total expenses | 3098755 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (207201) |  |
|  Net expenses |  | 2891554 |
|  Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13820417 |
| Realized and Unrealized Gain (Loss) on Investment Transactions |  |  |
|  Net realized loss on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (1438341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (402717) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (15393602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 1043906 |
|  Net loss on investment transactions |  | (16190754) |
|  Net Decrease in Net Assets from Operations |  | $**(2370337)** |

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See notes to financial statements.

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#### STATEMENT OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(unaudited)** | **Year Ended**<br>**October 31, 2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $13820417 | $22763686 |
|  Net realized loss on investment transactions | (1841058) | (1852162) |
|  Net change in unrealized appreciation (depreciation) of investments | (14349696) | 41189782 |
|  Net increase (decrease) in net assets from operations | (2370337) | 62101306 |
| Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1060078) | (1632708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (134576) | (265467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (12305304) | (20142326) |
| Capital Stock Transactions | Capital Stock Transactions | Capital Stock Transactions |
|  Net increase | 149335768 | 198036189 |
|  Total increase | 133465473 | 238096994 |
| Net Assets |  |  |
|  Beginning of period | 647799147 | 409702153 |
|  End of period | $**781264620** | $**647799147** |

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See notes to financial statements.

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#### NOTES TO FINANCIAL STATEMENTS

#### April 30, 2025 (unaudited)
NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of six portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Tax-Aware Fixed Income Opportunities Portfolio (the "Fund"), a diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class T, Class 1 and Class 2 shares. Class B, Class T, Class 1 and Class 2 shares are currently not offered. Class A shares are sold with a front-end sales charge of up to 3% for purchases not exceeding $500,000. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge 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 without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven 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. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including

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**NOTES TO FINANCIAL STATEMENTS** (continued)

broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

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

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are

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**NOTES TO FINANCIAL STATEMENTS** (continued)

determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of April 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $780144854 | $150002 | <sup>(a)</sup> | $780294856 |
|  Short-Term Municipal Notes | – 0 | 43116974 | – 0 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43116974 |
|  Corporates – Investment Grade | – 0 | 5716634 | – 0 |  | 5716634 |
|  Commercial Mortgage-Backed Securities | – 0 | 2644089 | – 0 |  | 2644089 |
|  Corporates –Non-Investment Grade | – 0 | 1075579 | 768878 |  | 1844457 |
|  Asset-Backed Securities | – 0 | 977692 | 7647 |  | 985339 |
|  Collateralized Mortgage Obligations | – 0 | 204466 | – 0 |  | 204466 |
|  Preferred Stocks | – 0 | – 0 | 15481 |  | 15481 |
|  Collateralized Loan Obligations | – 0 | 3356 | – 0 |  | 3356 |
|  Short-Term Investments | 5010549 | – 0 | – 0 |  | 5010549 |
|  Total Investments in Securities | 5010549 | 833883644 | 942008 | <sup>(a)</sup> | 839836201 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 318708 | – 0 |  | 318708 <sup>(c)</sup> |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  Centrally Cleared Interest Rate Swaps |  | $2629510 | $– 0 |  | $2629510 <sup>(c)</sup> |
|  Interest Rate Swaps | $– 0 | 686136 | – 0 |  | 686136 |
|  **Liabilities:** |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (309648) | – 0 |  | (309648)<sup>(c)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (96864) | – 0 |  | (96864)<sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (773009) | – 0 |  | (773009)<sup>(c)</sup> |
|  Interest Rate Swaps | – 0 | (250004) | – 0 |  | (250004) |
|  **Total** | $**5010549** | $**836088473** | $**942008** | **<sup>(a)</sup>** | $**842041030** |

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

<sup>(a)</sup> The Portfolio held securities with zero market value at period end.

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 73 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

9. Segment Information

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the excess over $2.5 billion up to $5 billion and .35% in excess of $5 billion of the Fund's average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with securities sold short, acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the "Expense Caps") to .75%, 1.50% and .50%, of average daily net assets for Class A, Class C and Advisor Class shares, respectively. For the six months ended April 30, 2025, such reimbursements/waivers amounted to $196,124. The Expense Caps may not be terminated before January 31, 2026.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2025, the reimbursement for such services amounted to $46,983.

The Fund 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 Fund. ABIS may make payments to intermediaries that provide omnibus account

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|:---|:---|
| 74 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $23,506 for the six months ended April 30, 2025.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $216 from the sale of Class A shares and received $7,550 and $99 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2025.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2025, such waiver amounted to $11,077.

A summary of the Fund's transactions in AB mutual funds for the six months ended April 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>4/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |

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NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund's average daily net assets attributable to Class A shares and 1% of the Fund's average daily net assets attributable to Class C shares. The fees are accrued daily and paid monthly. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund's operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 75 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

by the Fund in the amount of $57,653 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, and the share class is active, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273744103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126612263 |
|  U.S. government securities | 3393458 | 950 |

---

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

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| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176271 |
|  Gross unrealized depreciation | (29036959) |
|  Net unrealized depreciation | $(18860688) |

---

1. Derivative Financial Instruments

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

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

**•** **Swaps** 

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

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| 76 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 77 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

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

During the six months ended April 30, 2025, the Fund held interest rate swaps for hedging purposes.

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

During the six months ended April 30, 2025, the Fund held inflation (CPI) swaps for hedging purposes.

#### Credit Default Swaps:
The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund,

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| 78 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2025, the Fund held credit default swaps for hedging purposes.

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| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 79 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

During the six months ended April 30, 2025, the Fund had entered into the following derivatives:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | $96890 \* |  |  |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 2946903<br> \*  | Payable for variation margin on centrally cleared swaps | $860635<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 686136 | Unrealized depreciation on interest rate swaps | 250004 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729929 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110639 |

---

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

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| 80 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(756416) | $947016 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 353699 | 96890 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402717) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043906 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended April 30, 2025:

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $64148571 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $90833286 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106107143 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $11200000 <sup>(a)</sup> |

---

(a) Positions were open for two months during the period.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of April 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $111196 | $(34314) | $– 0 | $– 0 – $| 76882 |
|  Citibank NA | 147480 | – 0 | (147480) | – 0 – | – 0 |
|  JPMorgan Chase Bank NA | 186331 | (25511) | – 0 | – 0 – | 160820 |
|  Morgan Stanley Capital Services LLC | 241129 | (190179) | – 0 | – 0 – | 50950 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288652 |

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| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 81 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $34314 | $(34314) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  JPMorgan Chase Bank NA | 25511 | (25511) | – 0 – | – 0 – | – 0 |
|  Morgan Stanley Capital Services LLC | 190179 | (190179) | – 0 – | – 0 – | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250004) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

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

---

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

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NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31, 2024 | Six Months Ended<br>April 30, 2025<br>(unaudited) | Year Ended<br>October 31,<br> 2024 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 3164816 | 1597133 | $33516670 | $16828492 |
|  Shares issued in reinvestment of dividends | 67001 | 97718 | 709635 | 1033492 |
|  Shares converted from Class C | 12748 | 11902 | 132075 | 125108 |
|  Shares redeemed | (651543) | (1999755) | (6886296) | (20908868) |
|  **Net increase (decrease)** | **2593022** | **(293002)** | $**27472084** | $**(2921776)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 192011 | 319495 | $2031732 | $3372704 |
|  Shares issued in reinvestment of dividends | 9909 | 20682 | 105079 | 218696 |
|  Shares converted to Class A | (12748) | (11902) | (132075) | (125108) |
|  Shares redeemed | (164611) | (253690) | (1748370) | (2677711) |
|  **Net increase** | **24561** | **74585** | $**256366** | $**788581** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 20307900 | 32744187 | $214365189 | $343679845 |
|  Shares issued in reinvestment of dividends | 645462 | 1071309 | 6841873 | 11336146 |
|  Shares redeemed | (9480337) | (14745608) | (99599744) | (154846607) |
|  **Net increase** | **11473025** | **19069888** | $**121607318** | $**200169384** |

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| 82 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE F

Risks Involved in Investing in the Fund

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

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

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

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

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| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 83 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

**Tax Risk**—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund's net asset value, or NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund's yield.

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

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

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of

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| 84 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

the Fund's distributions. This risk is significantly greater for fixed-income securities with longer maturities.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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

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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2025.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1513214 | $1847447 |
|  Total taxable distributions | 1513214 | 1847447 |
|  Tax-exempt distributions | 20527287 | 14099844 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22040501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15947291 |

---

As of October 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | |
|:---|:---|
|  Accumulated capital and other losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10948476)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (4191004)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $(15139480)<sup>(c)</sup> |

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(a) As of October 31, 2024, the Fund had a net capital loss carryforward of $10,948,476.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of tender option bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

(c) The 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 October 31, 2024, the Fund had a net short-term capital loss carryforward of $8,749,006 and a net long-term capital loss carryforward of $2,199,470, which may be carried forward for an indefinite period.

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| 86 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE I

Floating Rate Notes Issued in Connection with Securities Held

The Fund may engage in tender option bond ("TOB") transactions in which the Fund transfers a fixed rate bond ("Fixed Rate Bond") into a Special Purpose Vehicle (the "SPV", which is generally organized as a trust). The Fund buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation ("Inverse Floater"). The SPV also issues floating rate notes ("Floating Rate Notes") which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Fund, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in its statement of assets and liabilities. Interest expense related to the Fund's liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Fund's expense ratio. At April 30, 2025, the amount of the Fund's Floating Rate Notes outstanding was $51,490,000 and the related interest rate was 3.25% to 3.50%. For the six months ended April 30, 2025, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were $49,594,972 and 3.91%, respectively.

The Fund may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the Fund's portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Fund's financial statements as a secured borrowing.

NOTE J

Subsequent Events

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

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| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 87 |

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#### FINANCIAL HIGHLIGHTS

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.65 | $9.76 | $9.87 | $11.56 | $10.82 | $11.09 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .19 | .40 | .36 | .21 | .22 | .29 |
|  Net realized and unrealized gain (loss) on investment transactions | (.22 | .87 | (.10 | (1.69) | .75 | (.23 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.03 | 1.27 | .26 | (1.48) | .97 | .06 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.38 | (.37 | (.21) | (.23 | (.33 |
|  Net asset value, end of period | **$10.43** | **$10.65** | **$9.76** | **$9.87** | **$11.56** | **$10.82** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (.39 | 13.13 | 2.43 | (12.93)% | 9.02 | .63 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $71266 | $45168 | $44249 | $29037 | $29381 | $16463 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | 1.04 | 1.06 | .88 | .76% | .76 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.10 | 1.16 | 1.00 | .91% | 1.08 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.71 | 3.75 | 3.48 | 1.91% | 1.88 | 2.68 |
|  Portfolio turnover rate | 18 | 31 | 34 | 33% | 30 | 63 |

---

See footnote summary on page 91.

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| 88 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.65 | $9.76 | $9.87 | $11.56 | $10.83 | $11.09 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .32 | .28 | .12 | .11 | .20 |
|  Net realized and unrealized gain (loss) on investment transactions | (.24 | .87 | (.09 | (1.68) | .77 | (.21 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.08 | 1.19 | .19 | (1.56) | .88 | (.01 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.30 | (.30 | (.13) | (.15 | (.25 |
|  Net asset value, end of period | **$10.42** | **$10.65** | **$9.76** | **$9.87** | **$11.56** | **$10.83** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (.76 | 12.29 | 1.67 | (13.59)% | 8.22 | (.03 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $9628 | $9570 | $8042 | $5964 | $7943 | $1794 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | 1.79 | 1.81 | 1.63 | 1.51% | 1.51 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.85 | 1.91 | 1.75 | 1.66% | 1.81 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.96 | 3.00 | 2.73 | 1.08% | .96 | 1.91 |
|  Portfolio turnover rate | 18 | 31 | 34 | 33% | 30 | 63 |

---

See footnote summary on page 91.

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| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 89 |

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**FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.65 | $9.76 | $9.87 | $11.56 | $10.83 | $11.09 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .21 | .42 | .38 | .24 | .24 | .31 |
|  Net realized and unrealized gain (loss) on investment transactions | (.23 | .88 | (.09 | (1.69) | .75 | (.21 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.02 | 1.30 | .29 | (1.45) | .99 | .10 |
|  Less: Dividends |  |  |  |  |  |  |
|  Dividends from net investment income | (.20 | (.41 | (.40 | (.24) | (.26) | (.36 |
|  Net asset value, end of period | **$10.43** | **$10.65** | **$9.76** | **$9.87** | **$11.56** | **$10.83** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (.17 | 13.42 | 2.80 | (12.71)% | 9.20% | .97 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $700371 | $593061 | $357411 | $276044 | $159988 | $57110 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .79 | .81 | .63 | .51% | .51% | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .85 | .91 | .75 | .66% | .82% | .99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.96 | 3.99 | 3.72 | 2.23% | 2.05% | 2.87 |
|  Portfolio turnover rate | 18 | 31 | 34 | 33% | 30% | 63 |

---

See footnote summary on page 91.

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| 90 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) 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 investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) The expense ratios presented below exclude interest/bank overdraft expense:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025**<br> (unaudited) | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (unaudited) | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %<sup>^</sup> | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .81 | %<sup>^</sup> | .85% | .87% | .90% | 1.07% | 1.23% |
|  **Class C** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50 | %<sup>^</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.56 | %<sup>^</sup> | 1.60% | 1.62% | 1.65% | 1.79% | 1.98% |
|  **Advisor Class** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50 | %<sup>^</sup> | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .56 | %<sup>^</sup> | .60% | .62% | .65% | .80% | .96% |

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| | |
|:---|:---|
| + | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.  |

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^ Annualized.

See notes to financial statements.

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#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Bond Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Tax-Aware Fixed Income Opportunities 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 and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

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

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment

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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 retained 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.

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

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| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 93 |

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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 Advisor Class 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 Advisor Class 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 and their discussion with the Adviser of the reasons for the Fund's underperformance in the most recent period, 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 payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser's 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 Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class 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 Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. 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

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|:---|:---|
| 94 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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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 expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. 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. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

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|:---|:---|
| **ABFunds.com** | AB Tax-Aware Fixed Income Opportunities Portfolio 95 |

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#### NOTES

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|:---|:---|
| 96 AB Tax-Aware Fixed Income Opportunities Portfolio | **ABFunds.com** |

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![LOGO](g945516g28a43.jpg)

AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

TAFIO-0152-0425 ![LOGO](g945516g22c48.jpg)

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 **ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**<br>

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.**<br>

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

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 **ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**<br>

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.**<br>

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.**<br>

Not applicable to the registrant.

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant.

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| | |
|:---|:---|
| **ITEM 19.** | **EXHIBITS.**  |

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The following exhibits are attached to this Form N-CSR:

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| | |
|:---|:---|
| EXHIBIT<br>NO. | DESCRIPTION OF EXHIBIT |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d935537dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d935537dex99cert.htm) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d935537dex99906cert.htm) |

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SIGNATURES

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

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| | |
|:---|:---|
| (Registrant): AB Bond Fund, Inc. | (Registrant): AB Bond Fund, Inc. |
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | June 27, 2025 |

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

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | June 27, 2025 |
|  By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | June 27, 2025 |

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## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Bond Fund, Inc.;

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

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

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

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

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

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

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: June 27, 2025

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

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**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AB Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Bond Fund, Inc.;

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

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

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

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

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

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

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: June 27, 2025

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| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

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## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Bond Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 27, 2025

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

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

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